DIRS.INFO The most relevant business & tech news

☆ No case for more jumbo rate cuts by the Fed, strategists say
▼ + stars: | 2024-10-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +4 min

A television broadcasts the Federal Reserve's interest rate cut on the floor of the New York Stock Exchange on Sept. 18, 2024. Roche said the figures made the Fed's "jumbo interest rate cut look silly, populist and panicky." 1 is that [it gives the impression that] the economy is more fragile than it is ... and the economy is fine, thank you very much, and doesn't need jumbo rate cuts," he told CNBC's "Squawk Box Europe." And headline and core inflation will stay above the Fed target of 2%, so the case for aggressive rate cuts [is not there]," he said. "Yes there is a case for modest rate cuts, there is a case for 25 to 50 basis point cuts by January next year, but a case for 50 basis point cut at the next meeting just does not exist," Parker said.

Persons: Michael Nagle, David Roche, Roche, CNBC's, " Roche, Bob Parker, Parker, Dave Pierce Organizations: New York Stock Exchange, Bloomberg, Getty, Federal Reserve, CNBC, Quantum, Federal, Market, International Capital Markets Association, Fed, Global, Capital, Dow Jones Industrial Locations: Israel, U.S

☆ Israel marks the anniversary of October 7 Hamas attacks with tears and anger
▼ + stars: | 2024-10-07 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +10 min

To mark the anniversary of his death, his family huddled around the memorial on Monday, hugging each other and David’s picture. War rages onMonday marked the first anniversary of the Hamas terror attacks, and a year since Israel began its war against the militant group in Gaza. Throughout the morning, loud booms of outgoing fire reverberated throughout southern Israel as the IDF hit targets in the Gaza strip. Indeed, as the anniversary events got under way, several rockets were fired from Gaza towards Israel, injuring two people. Time stopped here,” Amat Moshe, whose grandparents were residents of the kibbutz, told CNN at the Nir Oz cemetery.

Persons: revelers, Amit Itzhak David, Inbar Parnassa, “, ”, Parnassa, Anat Magnezi, Amit Magnezi, Amit, Gabriel Barel’s, Yeoda, Jim Urquhart, Nir Oz, Dolev Yehud, Daniel Lifshitz, Yehud, Yehud’s, Sigal, Arbel, Ariel Cunio, David, David’s, Sharon Alony Cunio, Alony Cunio, Lifshitz, Oded, Yocheved, Yocheved Lifshitz, Nurit Cooper, Amiram Cooper, ” Amat Moshe, Nir, Moshe’s, Adina Moshe, Adina, Maya Shoshani Moshe, Moshe, Benjamin Netanyahu, Netanyahu, Amir Cohen, Jonathan Shimriz, Alon Shimriz Organizations: Israel CNN, Nova Music, CNN, Nova, Israel Defense Forces, Hamas, United Nations, Israel, Israel’s, Reuters Locations: Tel Aviv, Israel, Gaza, South America, Jerusalem, Kibbutz Mefalsim

☆ Rodrigo Duterte: Former Philippine president to run as mayor despite drug killings legacy
▼ + stars: | 2024-10-07 | by ( Story The Associated Press | ) edition.cnn.com time to read: +3 min

Manila, Philippines (AP) — The Philippines’s former President Rodrigo Duterte registered Monday to run for mayor of his southern home city despite his notorious legacy over his brutal anti-drugs crackdown that the International Criminal Court is investigating as a possible crime against humanity. His son – incumbent Davao city Mayor Sebastian Duterte – would run as his vice-mayor in next year’s mid-term elections, officials said. More than 6,000 people, mostly poor drug suspects, were killed under a massive police-enforced crackdown against illegal drugs that Duterte oversaw when he was president, according to government pronouncements. Duterte has denied condoning extrajudicial killings of drug suspects, although he has openly threatened suspects with death and has ordered police to shoot suspects who dangerously resist arrest. During his presidency, Duterte nurtured cozy ties with Chinese President Xi Jinping and Russian leader Vladimir Putin while lambasting the security policies of the United States and other Western governments.

Persons: Rodrigo Duterte, Mayor Sebastian Duterte –, Duterte, Sara Duterte, Ferdinand Marcos Jr, Marcos, Marcos administration’s, China’s, Xi Jinping, Vladimir Putin Organizations: Mayor, ICC Locations: Manila, Philippines, Davao city, Davao, Duterte, China, United States

☆ 'Next dragon': Fund manager names an under-the-radar, 'very cheap' market to play right now
▼ + stars: | 2024-10-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

Emerging markets on the MSCI list include Brazil, China, Greece, India, Indonesia, South Korea, Malaysia, Mexico, the Philippines, Qatar and Thailand. One fund manager, however, is looking outside that list, at an "up and coming emerging market and the next dragon in Asia" — Vietnam. "It's in a sweet spot in terms of economic growth, urbanization, labor market participation and having the right government policy. In spite of its strong growth, Vietnam is still not part of the MSCI Emerging Markets Index. A 'big theme' Mafli is betting on "high growth sectors" and stocks "doing well in underperforming sectors."

Persons: Li Mafli, Eric Sturdza, Mafli —, Mafli Organizations: Eric Sturdza Investments, Vietnam Prosperity, CNBC Pro, General Statistics Office, International Monetary Fund, FTSE, Index, Mobile World Investment, Infrastructure Locations: Brazil, China, Greece, India, Indonesia, South Korea, Malaysia, Mexico, Philippines, Qatar, Thailand, Asia, Vietnam

☆ The cost of Boeing's strike keeps rising as talks continue
▼ + stars: | 2024-10-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing is set to resume negotiations with union bosses on Monday. Thousands of members of the IAM union have been on strike since September 13. A group of Bank of America analysts, led by Ron Epstein, estimated that the strike was costing Boeing $50 million a day. Some 33,000 Boeing workers represented by the International Association of Machinists and Aerospace Workers have been on strike since September 13. Nearly 95% of union members voted against Boeing's initial offer of a 25% pay rise across the four-year contract.

Persons: —, Ron Epstein, Kelly Ortberg, Boeing's Organizations: Boeing, Analysts, IAM, Service, Bank of America, International Association of Machinists, Aerospace Workers, Reuters, Business Insider

☆ How the October 7 attacks became a turning point for US politics
▼ + stars: | 2024-10-07 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

Like the September 11 attacks in 2001, the Hamas horror set off a chain of events that affected countless lives, unleashing political disturbances thousands of miles away. At home, the fallout of the Hamas attacks has coincided with the toxic politics of a presidential election year. Deep domestic political aftershocksThe Hamas terror attacks – and Israel’s response – have laid bare and widened splits in American society and domestic politics. He has found common interest with Republicans who sought to use the war to damage Biden as the election loomed. Many American Jews have felt unsafe at home amid antisemitism provoked both by Hamas’ attacks and some of the protests over Israel’s response.

Persons: CNN —, Joe Biden, Kamala Harris, Donald Trump, Israel, Biden, Harris, it’s, Benjamin Netanyahu, Antony Blinken, William Burns, Netanyahu, Yahya Sinwar, Weeks, outlast Biden, bequeath, Trump, –, Fury, Joe, “, ” Harris, ”, Clinton, ’, Israel shouldn’t, goading Netanyahu, ” Trump, Jonathan Greenblatt, he’d, ” Greenblatt, Dana Bash, What’s, bedeviled Biden Organizations: CNN, Hezbollah, Democratic Party, Trump, CIA, US, Republicans, Democratic, Arab American, CBS, Washington, GOP, Defamation League, ADL Locations: Israel, America, Iran, United States, Yemen, Red, Washington, Jordan, Gaza, Russia, China, Lebanon, Michigan, North Carolina, “ State

☆ Tunisia heads to the polls with a fading reputation as the Arab Spring’s only success story
▼ + stars: | 2024-10-06 | by ( Associated Press | ) edition.cnn.com time to read: +9 min

Not long ago, Tunisia was hailed as the Arab Spring’s only success story. He advanced to a runoff promising to usher in a “New Tunisia” and hand more power to young people and local governments. Seventeen potential candidates filed paperwork to run and Tunisia’s election authority approved only three: Saied, Zouhair Maghzaoui and Ayachi Zammel. That includes the 83-year-old leader of Tunisia’s most well organized political party Ennahda, which rose to power after the Arab Spring. People stand in line outside a polling station during the presidential election in the capital Tunis, Tunisia, on October 6, 2024.

Persons: Press — Tunisians, Kais Saied, El, Ben Ali —, Zouhair Maghzaoui, Saied, Saied’s, Zouhair, Ayachi, Jihed Abidellaoui, Rached Ghannouchi, party’s, Abir, Ennahda —, Tunisians, Zoubeir Souissi, Yassine Mahjoub, who’ve, Tunisia won’t Organizations: Press, Abid, Authorities, Reuters, Free Destourian Party, World Bank, European Union, Today, International Monetary Fund, Reuters Economic, Tunisia's, Independent Authority, Elections, Getty, Initiative, Saied Locations: TUNIS, Tunisia, Egypt, Libya, Yemen, Tunis, Europe, Saharan Africa, Africa, AFP, ”, Iran, Russia, Saied, Israel

☆ Pope picks 21 new cardinals in move that broadens pool of who will choose his successor
▼ + stars: | 2024-10-06 | by ( Christopher Lamb | ) edition.cnn.com time to read: +3 min

CNN —Pope Francis has chosen 21 new cardinals in a move that once again shows his determination to reshape the group of churchmen who will elect his successor. Also among the new cardinals announced by the pope on Sunday are bishops from Indonesia, Algeria, Japan and the Ivory Coast. At the time of the pope’s announcement, there were 122 cardinals under 80 and able to vote in a future conclave. Church law technically limits the number of such cardinals to 120, but previous popes have also gone over that number. Cardinals are second only to the pope in the church hierarchy, hold senior positions in the Vatican and act as the pope’s main advisers.

Persons: Pope Francis, Francis, Dominique Mathieu, Francis ’, ” Francis, Mykola Bychok, Frank Leo, Timothy Radcliffe, ” Organizations: CNN, Ukrainian Greek Catholic, Cardinals Locations: Israel, Belgian, Iran, Australia, Ukrainian, Oceania, Italy, Indonesia, Algeria, Japan, Ivory Coast, Toronto, British, Gaza, Lebanon

☆ Use of ‘suicide capsule’ suspended pending criminal probe after American woman dies
▼ + stars: | 2024-10-06 | by ( Story The Associated Press | ) edition.cnn.com time to read: +3 min

Editor’s Note: Help is available if you or someone you know is struggling with suicidal thoughts or mental health matters. Globally, the International Association for Suicide Prevention and Befrienders Worldwide have contact information for crisis centers around the world. AP —Advocacy groups behind a so-called suicide capsule said Sunday they have suspended the process of taking applications to use it — which numbered over 370 last month — as a criminal investigation into its first use in Switzerland is completed. On the same day as the woman died, Swiss Health Minister Elisabeth Baume-Schneider told parliament that use of the Sarco would not be legal. “Only after the Sarco was used was it learned that Ms. Baume-Schneider had addressed the issue,” the advocacy groups said in the statement Sunday.

Persons: Florian Willet, Willet, Philip Nitschke, Elisabeth Baume, Schneider, Baume Organizations: International Association for Suicide Prevention, Befrienders, AP, Exit International, U.S . Midwest, Swiss Locations: Switzerland, Australia, ”, Schaffhausen, Netherlands

☆ Stock futures are little changed after sluggish start to October: Live updates
▼ + stars: | 2024-10-06 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Stock futures were flat on Sunday evening as Wall Street looks to keep the momentum from Friday's rally. S&P 500 futures added less than 0.1%. Nasdaq 100 futures were also up less than 0.1%, while Dow Jones Industrial Average futures ticked up 26 points, or less than 0.1%. The S&P 500 added 0.22% for the week, while the Nasdaq Composite inched up 0.10% and the Dow added 0.09%. "Two old adages on Wall Street: don't fight the trend and don't fight the Federal Reserve.

Persons: Keith Lerner, Lerner, JPMorgan Chase Organizations: Nasdaq, Dow Jones Industrial, Dow, Federal, Federal Reserve, Delta Air Lines, JPMorgan Locations: U.S

☆ What a hot job market means for inflation
▼ + stars: | 2024-10-06 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —The US job market is still piping hot. That comes after the Federal Reserve last month cut interest rates by a jumbo half-point, signaling that it is turning its attention from tamping down inflation to keeping the job market steady. But some warn that a still-strong labor market could make it more difficult for inflation to continue cooling. That’s because a low unemployment rate and hot job market underline a strong American consumer, whose spending helps drive up the cost of goods and services. Consumer inflation eased to its slowest annual pace since February 2021 in August, continuing a trend of cooling down in recent months.

Persons: FactSet, ”, Seema Shah, “, Gina Bolvin Organizations: New, New York CNN, Bureau of Labor Statistics, Federal Reserve, Investors, “, Fed, Asset Management, Labor Statistics, Bolvin Wealth Management Group, International Longshoremen’s Association, United States Maritime Alliance Locations: New York, July’s, Israel, Iran, Russia, Ukraine

☆ As Trump returns to assassination attempt site, Secret Service is “at a breaking point,” officials say
▼ + stars: | 2024-10-05 | by ( Sarah Fitzpatrick | Sarah Fitzpatrick Is A Senior Investigative Producer | Story Editor For Nbc News. She Previously Worked For Cbs News | ) www.nbcnews.com time to read: +11 min

As Donald Trump visits Butler, Pa., today for the first time since he narrowly survived an assassination attempt there, current and former Secret Service agents fear another security lapse. One law enforcement official told NBC News that the Secret Service is “stretched virtually to the breaking point.”“I hate to say it, they are going to hit rock bottom fast” said one former Secret Service agent. “The Secret Service is upside down on that, maybe operational 99% and 1% training," the former official said. Current and former officials are also concerned about a mass exodus of Secret Service personnel over the next 18 months. U.S. officials say that the challenges at the Secret Service will require a range of changes to ensure long-term stability.

Persons: Donald Trump, Butler, ”, ” Anthony Guglielmi, Paul Eckloff, Obama, President Trump, Eckloff, Camp David, ” Guglielmi, Ron Rowe, Barack Obama, “, Daniel Slim, Kamala Harris, it’s, you’re Organizations: Secret, Secret Service, NBC News, Trump, Service, Agents, United Nations General Assembly, Homeland Security, Getty, U.S . Navy Locations: Pa, “, United States, Camp, New York, AFP, U.S, ”

☆ Scientists grow mystery tree from 1,000-year-old seed
▼ + stars: | 2024-10-05 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

But it doesn’t mean that scientists aren’t interested in bringing the past back to life in some form. Dig thisThe tree, which the study authors believe may have a biblical connection, is seen at 12 years old. Remarkably, the tree thrived and now stands 10 feet (3 meters) tall, although it has never flowered or produced fruit. Using DNA sequencing, the researchers identified the mystery tree as part of the Commiphora genus, but its exact species is unknown and likely extinct. Scientists aim to extract DNA from the remains to learn more about those buried there and whether they were related.

Persons: — it’s, aren’t, Guy Eisner, Sarah Sallon, Louis, Tom Little, Alfred Nobel, didn’t, Johannes Fritz, —, Ashley Strickland, Katie Hunt Organizations: CNN, Natural Medicine Research, Reuters Archaeologists, Vikings, International Union for Conservation of, NASA, —, US Navy, — Marvel, CNN Space, Science Locations: ”, Judean, Jerusalem, India, Åsum, Denmark, Denmark’s, Swedish, Morocco, Europe, Austrian

☆ Here are all the winners in the port strike deal
▼ + stars: | 2024-10-05 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

New York CNN —The deal reached Thursday evening that ended a strike by 50,000 portworkers has a lot of winners and few if any losers. But that wage deal stopped what could have become the most disruptive US strike in decades had it lasted weeks or months. The strike halted the flow of imports and exports across dozens of ports, what could have been a massive blow had the strike continued. Not that this was the deal that the the United States Maritime Alliance, the group that negotiates on behalf of ship lines, terminal operators and ports, wanted. But it was the one they could settle for after the Biden administration made clear it wasn’t going to intervene.

Persons: portworkers, Harold Daggett, Daggett, Sal Mercogliano, “, ” Mercogliano, Mercogliano, Bryan R, Smith, Biden, Joe Biden, Taft, Hartley, Kamala Harris, Pete Buttigieg —, Democrats ’, Julie Su, ”, – Organizations: New, New York CNN, International Longshoremen’s Association, ILA, Campbell University, National Retail Federation, United States Maritime Alliance, Getty, Transportation, Democrats, Labor Locations: New York, West Coast, AFP, New Jersey

☆ Nikolaj Sørensen: Canadian ice dancer suspended for a minimum of six years for alleged ‘sexual maltreatment’
▼ + stars: | 2024-10-04 | by ( Ben Morse | ) edition.cnn.com time to read: +5 min

CNN —Canadian ice dancer Nikolaj Sørensen has been suspended for a minimum of six years for “sexual maltreatment,” Canada’s Office of the Sport Integrity Commissioner (OSIC) announced on Wednesday. It’s unclear whether the alleged assault was ever reported to police, or if an investigation by law enforcement ever took place. While the report made by the alleged victim to the OSIC has not been released to the public, Hogshead tells CNN the alleged sexual assault occurred after a party in Hartford, Connecticut, in 2012. Sørensen and Laurence Fournier Beaudry perform their free dance in the ice dance competition at the 2024 world championships. Sørensen competed at the 2022 Winter Olympic Games in Beijing, finishing ninth in the ice dance competition with Beaudry.

Persons: Nikolaj Sørensen, ”, –, Nancy Hogshead –, Sørensen, “, ” Hogshead, Hogshead, Laurence Fournier Beaudry, Graham Hughes Organizations: CNN, Sport, of Canada, Skate, International Skating Union, ISU, Canadian Press, AP, Instagram, Canadian National, Games, Beaudry Locations: Canadian, American, Skate Canada, Hartford , Connecticut, Shanghai, China, Beijing

☆ CNBC Daily Open: Stocks can’t defy October’s gravity
▼ + stars: | 2024-10-04 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] How to play the jobs report The U.S. jobs report for September, coming out later today, will indicate if the economy will be able to achieve a soft landing or is headed toward a recession. Analysts at JPMorgan break down how the S&P 500 could react , depending on the number of jobs added for September. With the jobs report out in about 12 hours, it's too late for second guessing, in any case.

Persons: AI's, Nvidia's, Blackwell, Jensen Huang, Dow Jones, David Kelly, Kelly, it's, –, Jeff Cox, Alex Harring, Pia Singh Organizations: New York Stock Exchange, CNBC, JPMorgan, Nvidia, Port, U.S, International Longshoremen's Association, United States Maritime Alliance, Dow Jones Industrial, Nasdaq, Dow, U.S . Federal Reserve, Asset Management Locations: New York City, U.S, East, Gulf Coast

☆ Stellantis files federal lawsuit against UAW union over strike threats
▼ + stars: | 2024-10-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning. The lawsuit argues that if the union does strike, the court "should award Stellantis monetary damages" that result from a breach of contract. UAW President Shawn Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract. The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit. Stellantis, in the lawsuit, called the grievances a sham designed to "justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause."

Persons: Carlos Tavares, Tobin Williams, Stellantis, Shawn Fain, Kamala Harris, Tim Walz, Fain, it's, it's Stellantis Organizations: Stellantis NV, UAW, Parts Distribution, International, North, DETROIT, United Auto Workers, Atlantic, CNBC, U.S, Democratic, Central District of, Stellantis Locations: Sochaux, France, Los, North America, California, Romulus , Michigan, U.S, Central District, Central District of California, Detroit

☆ Maersk slumps 7% as the end of U.S. port strikes weighs on European shipping stocks
▼ + stars: | 2024-10-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

An aerial view of the Dundalk Marine Terminal October 03, 2024 in Baltimore, Maryland. Shares of Moller-Maersk slumped more than 8% on the Friday market open as European shipping companies fell on the conclusion of a U.S. port strike. A prolonged strike would have provided a boost for European shippers to take a larger share of global supply chain demands. Maersk shares pared losses slightly to trade down 7.05% by 9:05 a.m. London time. Thursday's deal ended a strike that had choked U.S. East Coast and Gulf Coast ports since the start of the week and threatened U.S. supply of fruits, pharmaceuticals and automobiles, among other goods.

Persons: Germany's Hapag Lloyd, Nagel Organizations: Dundalk Marine, Moller, Maersk, U.S, dockworkers, United States Maritime Alliance, International Longshoremen's Association Locations: Dundalk, Baltimore , Maryland, U.S, London, Swiss, East Coast, Gulf Coast

☆ Russia is facing a 'time bomb' at the heart of its economy, economist says
▼ + stars: | 2024-10-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia is breaking down institutions and "borrowing from the future," Konstantin Sonin says. The economist notes Russia is taking measures to exert more control over its economy. But those actions are hurting Moscow's economic future, Sonin said. Konstantin Sonin, a professor at the University of Chicago Harris School of Public Policy, said he foresaw a dark economic future ahead for Russia. Putin's war not only imposes on today's Russians a worse life than they otherwise would have had.

Persons: Konstantin Sonin, Sonin, — Organizations: Service, University of Chicago Harris School of Public, Syndicate, Heineken, International Monetary Fund Locations: Russia, Ukraine, Moscow

☆ Israel’s economy is paying a high price for its widening war
▼ + stars: | 2024-10-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —In late September, as Israel’s nearly year-long war widened and its credit rating was downgraded yet again, the country’s finance minister, Bezalel Smotrich, said that, while Israel’s economy was under strain, it was resilient. Israel’s economy could shrink even more than that, based on a worst-case estimate by the Institute for National Security Studies at Tel Aviv University. Before the October 7 attack and ensuing Israel-Hamas war, the International Monetary Fund forecast that Israel’s economy would grow by an enviable 3.4% this year. Smotrich, the finance minister, is confident that Israel’s economy will bounce back once the war ends, but economists are concerned the damage will far outlast the conflict. Florion Goga/ReutersOther sectors of Israel’s economy, while less important than tech, have been hit much harder.

Persons: London CNN —, Bezalel Smotrich, ” Smotrich, Hassan Nasrallah, ratcheting, Karnit, ‘, Menahem Kahana, ”, “ Israel, “, Smotrich —, Flug, Ahmad Gharabli, Fitch, —, Coface, Avi Hasson, Hasson, Florion Goga, Yaron Liberman, ” Liberman Organizations: London CNN, CNN, West Bank, United Nations, BMI, Fitch Solutions, Institute for National Security, Tel Aviv University, International Monetary Fund, of Israel, Getty, Bank of Israel, Israel Democracy Institute, Institute for National Security Studies, Moody’s, Startup Nation Locations: Lebanon’s, Beirut, Israel, Lebanon, Gaza, Israel’s, Iran, AFP, Egypt, Syria, Golan, Jerusalem's Old City, United States, Tel Aviv, housebuilding . Tourism

☆ A lasting U.S. ports strike deal is far from done, with automation a big hurdle in ILA/USMX negotiations
▼ + stars: | 2024-10-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Dockworkers strike in a picket line outside of the Port of Houston Authority on October 01, 2024 in Houston, Texas. The strike, affecting 36 ports, marked a historic event and was the first by the union since 1977. (Photo by Brandon Bell/Getty Images)The tentative agreement to suspend the International Longshoremen's Association strike may have consumers and businesses breathing a sigh of relief. In a statement Friday, the ILA said it wants to tighten the language related to the use of automation at ports. It is only a tentative agreement and automation at ports will remain a major stumbling block," said Peter Sand, chief shipping analyst at supply chain intelligence firm Xeneta.

Persons: Brandon Bell, Peter Sand, Harold Daggett, Daggett, Dennis Daggett, Harold Daggett's, that's, Sand, Dr, Michael Nacht, Larry Henry Organizations: Port, Houston Authority, International Longshoreman's Association, United States Maritime Alliance, International Longshoremen's Association, ILA, CNBC, Office, GAO, Public, University of California, Defense, ContainerTrac, International, Warehouse Union, Pacific Maritime Association Locations: Houston , Texas, U.S, Berkeley, Long Beach, Los Angeles , California, West Coast

☆ Stellantis sues UAW in US federal court over strike threats
▼ + stars: | 2024-10-04 | by ( ) edition.cnn.com time to read: +3 min

CNN —Chrysler parent Stellantis filed a federal lawsuit against the United Auto Workers, saying the union has violated its contract by threatening to strike over the company’s delays in planned investment. The automaker filed the suit on Thursday asking the US District Court in the Central District of California to declare the decision by UAW Local 230 in Los Angeles to take a strike authorization vote violates terms of the contract reached last fall. Stellantis seeks to hold the UAW and the local union chapter liable for any potential revenue loss and other damages resulting from lost production due to any strike. On Thursday, a supermajority of UAW members at Stellantis’ Los Angeles Parts distribution center voted to request strike authorization if the company and union can’t settle a grievance over planned company investments. “The UAW acted in bad faith by disregarding this language, filing sham grievances, and calling a strike authorization vote to pressure Stellantis to proceed with planned investments,” the company said in the lawsuit.

Persons: Stellantis, Shawn Fain, Fain, ” Fain, Carlos Tavares, “ Organizations: CNN, Chrysler, United Auto Workers, Court, Central District of, UAW Local, UAW, Los Angeles Parts, can’t, Stellantis, The Energy Department, Plant Locations: Central District, Central District of California, Los Angeles, Belvidere , Illinois, Belvidere, Indiana, Kokomo

☆ Stocks making the biggest moves premarket: Spirit Airlines, Summit Therapeutics, Rivian and more
▼ + stars: | 2024-10-04 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Spirit Airlines , JetBlue – Spirit plunged more than 38% following a report from The Wall Street Journal that the discount airliner is considering filing for bankruptcy. Shares of peer airline firm JetBlue, which was previously in talks to merge with Spirit, advanced nearly 6%. Zim Integrated Shipping Services – The international shipping company's stock fell more than 9% after U.S. dockworkers and the United States Maritime Alliance agreed to a tentative deal to end the strike on the East Coast and Gulf Coast ports. CVS Health – The company's shares added 1.5% as it is considering breaking itself up and undergoing a strategic review of its business. Chubb – The insurance company slipped more than 1% after Bank of America downgraded shares to underperform from neutral.

Persons: Hapag, Lloyd, Rivian, Chubb, SilverCrest, —, Jesse Pound, Brian Evans, Hakyung Kim, Pia Singh, Michelle Fox Theobald Organizations: Spirit Airlines, JetBlue, Wall Street Journal, Food and Drug Administration, Zim Integrated Shipping Services, U.S, dockworkers, United States Maritime Alliance, CVS Health, CVS, Bank of America, SilverCrest Metals, Coeur Locations: East Coast, Gulf Coast

☆ The port strike is over. Here’s what happens next
▼ + stars: | 2024-10-04 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

Then union members will get additional $4-per-hour raises every year during the life of the six-year tentative deal. The union had been willing to consider the $4-an-hour deal before the strike, union boss Harold Daggett said on the picket line outside the Port of New York and New Jersey early Tuesday, soon after the start of the strike. Thursday’s deal likely is the end of the strike, but it doesn’t close the door on a new strike in the future. Should the members vote against the deal, the strike might start once again. But union members voted nearly unanimously to reject it and have remained on strike since September 13.

Persons: Harold Daggett, Bryan R, Smith, Helene, Bethann Rooney, ”, Rooney Organizations: New, New York CNN, United, International Longshoremen’s Association, United States Maritime Alliance, Getty, Port Authority of New, Hurricane Sandy, International Association of Machinists, Boeing Locations: New York, United States, East, Gulf Coast, Port of New York, New Jersey, Maine, Texas, Virginia, Port Newark, AFP, Port Authority of New York, Port, NY, NJ, Hurricane

Days after thousands of dockworkers went on the biggest strike in decades, the union announced a tentative agreement on wages Thursday and extended a deadline for bargaining. "The International Longshoremen’s Association and the United States Maritime Alliance, Ltd. have reached a tentative agreement on wages," the union and the alliance said in a joint statement. "Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume," the union said. The International Longshoremen’s Association, known as the ILA, argued that big global cargo carriers have raked in huge profits since pandemic-era supply-chain snags drove up freight rates, and that workers haven’t sufficiently shared in those gains. United States Maritime Alliance, or USMX, represents major ocean freight and port operators.

Persons: dockworkers, snags, haven’t Organizations: Longshoremen’s Association, United States Maritime Alliance, Ltd, ILA

Search resuls for: "The International"

25 mentions found