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The news is a particular blow to Vice President Kamala Harris, since the union was the first to endorse Joe Biden's presidential bid in 2020. In a statement, Edward A. Kelly, the union's president, said that the group's executive board voted on Thursday by 1.2% not to endorse. Both presidential campaigns made personal appeals to the union’s members at a convention in Boston in August, with Minnesota Gov. Last month, the Teamsters union, which represents over 1 million truck drivers, freight workers and others, also declined to endorse a presidential candidate. The AFL-CIO and the United Auto Workers union — which represent millions of workers combined — have each endorsed Harris this cycle.

Persons: Kamala Harris, Joe Biden's, Edward A, Kelly, Tim Walz, Ohio Sen, JD Vance, Harris, Biden, Trump, I’ll, Walz, Vance, Trump's, ” Vance, Matt, “ Organizations: International Association of Fire Fighters, Minnesota Gov, Ohio, Washington , D.C, WIN, Teamsters, AFL, United Auto Workers union, Trump Locations: U.S, Canada, Boston, Washington ,, Dayton , Ohio

☆ Ship queue grows at U.S. ports as dockworker strike enters third day
▼ + stars: | 2024-10-03 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +3 min

One alternative would be to sail to West Coast ports on the other side of the country, likely using the Panama Canal, a journey of thousands of miles that would hike costs and add weeks to delivery times. Bryan R. Smith / AFP - Getty Images fileThe ILA is seeking a big pay raise along with commitments to halt port automation projects it fears will kill jobs. The USMX had offered a 50% pay bump, but the ILA said it was insufficient to address its concerns. The strike affects 36 ports — including New York, Baltimore and Houston — that handle a range of containerized goods. Biden’s administration has repeatedly said it will not use federal powers to halt the strike.

Persons: ”, Everstream’s Jena Santoro, Bryan R, Smith, USMX, ” USMX, “, Joe Biden’s, Morgan Stanley Organizations: International Longshoremen’s Association, Reuters, ILA, United States Maritime Alliance, Getty, Houston, National Retail Federation Locations: U.S, East Coast, Gulf Coast, West Coast, Panama, Maine, Texas, Bayonne , New Jersey, AFP, New York, Baltimore

AUBURN HILLS, Mich. — No more “Midwest nice.”Sen. JD Vance of Ohio, back on the campaign trail after his matchup with Minnesota Gov. Tim Walz, eschewed the debate-stage niceties that marked their relatively cordial meeting and went back on the offensive Wednesday. “Now, we, of course, had a debate last night — a vice presidential debate. “He said that Tim Walz said that he was friends with school shooters twice, and that’s something I actually didn’t notice, that Tim Walz had said that on the debate stage,” Vance said, recounting the conversation. “In some ways, I’ve got the easiest job in American politics,” Vance said, likening the role of a vice presidential running mate to salesman for the campaign.

Persons: ” Sen, JD Vance, Tim Walz, Donald Trump, “, Vance, —, ” Vance, Walz, Kamala Harris, Harris, Trump, MAGA, Vance weaved, Gus, I’ve, it’s, ”, he’s Organizations: AUBURN, Minnesota Gov, Fox News, Republican, Auburn Hills, Trump, Democratic, International Association of Fire Fighters, Vance Republican Party Locations: AUBURN HILLS, Mich, —, Ohio, Detroit, Auburn, New York, Washington, Boston, Minneapolis, Grand Rapids, United States of America

☆ Amazon plans to hire 250,000 workers for the holidays, same as last year
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: +2 min

It was unclear what percentage of the 250,000 seasonal workers, which include staff in sort centers, fulfillment centers and delivery stations, would be in fulfillment centers or transport employees. The transport employees will not include delivery service partners or their teams, according to a company spokesperson. Online holiday shoppers are expected to spend a record $240.8 billion, up 4.9% from last year. While Amazon's hiring plans remain flat compared to last year, the company is still outpacing big box competitor Target, which will tack on 100,000 workers for the season. An Amazon spokesperson said the Teamsters have "misrepresented the facts" as the union accuses Amazon of retaliating against BTS for drivers unionizing.

Persons: Sandy Gordon Organizations: Global Operations, Mastercard, National Labor Relations Board, International Brotherhood of Teamsters, Amazon, Teamsters, BTS, unionizing Locations: Tracy , Calif

☆ CNBC Sport: A responsible look at women's sports exuberance
▼ + stars: | 2024-10-03 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +28 min

Media landscape shifts Most of the value in professional sports is propelled by media rights deals, and we're in an unusual sweet spot right now for sports. Still, gaining access to 11 teams' media rights is probably in the league's long-run best interest. You have the WNBA rights term worth $2.2 billion over 11 years with league expansion going from 12 to 15 teams. Media landscape shifts Most of the value in professional sports is propelled by media rights deals, and we're in an unusual sweet spot right now for sports. Still, gaining access to 11 teams' media rights is probably in the league's long-run best interest.

Persons: Alex Sherman, Jeff Zucker, Patrick Whitesell, Zucker, Scripps –, it's, Alex Michael, he's, Michael, they're, There's, Caitlin Clark, Michael said, weathers, AEW, I'm, Tony Khan —, he'd, Khan, US Networks Kathleen Finch, Max, hasn't, Finch, Rob Manfred, doesn't, CNBC's Lillian Rizzo, Craig Kilborn, Barrett, Jackson, Caitlin Clark's, You've, Soccer League's Nielsen, Tom Brady, Father, Brady, Jess Golden, Michael Jordan, Libs, Jim France, OneFootball, Lionel Messi, Jessica Pegula, CNBC's, Venu, Fubo, Venu …, Nike, Matthew Friend, John Donahoe, Elliott Hill, Sabrina Ionescu –, Jane Hali, Jessica Ramirez, AE1, Gabrielle Fonrouge, Ariel Atkins, DiDi Richards, Craig Hudson Organizations: CNBC, Endeavor, WNBA, NCAA, National Women's Soccer League, Amazon, CBS, ESPN, Scripps, NBA, Fox, NBC, Apple, Google, MLS, Clark, Warner Bros ., TNT, TBS, Warner Bros, Discovery, US Networks, Diamond Sports Group, U.S, Bankruptcy, Southern, Southern District of, Major League Baseball, Atlanta Braves, MLB, Holdings, UFC, WWE, WME Sports, ATP, Miami, NCAA Women's, Soccer, Angel City FC, NFL, Premier League, Netflix, Tech, CNBC Sport, Father Time, NASCAR, Motorsports, Major League Soccer, American, NHL, Buffalo Sabres, Bills, Disney, International Center for Law & Economics, Nike, New York Liberty, Air Force, Air Jordan, League Men's NCAA, Gonzaga, Pac, West Coast Conference, FloSports, Sports, Indiana Fever, Washington Mystics, Capital, Washington , D.C, Washington Post Locations: York City, Southern District, Southern District of Texas, OpenBet, U.S, Kobe, Washington ,

☆ October surprises are piling up, but a toss-up race seems impervious to shocks
▼ + stars: | 2024-10-03 | by ( Stephen Collinson | ) edition.cnn.com time to read: +14 min

The trio of tests facing Harris comes with potential economic, political and humanitarian consequences if the administration errs. And the new scrutiny of Trump’s behavior after the 2020 election could cause some voters to again question his fitness for the Oval Office. Former President Donald Trump speaks during a campaign event at Dane Manufacturing in Waunakee, Wisconsin, October 1, 2024. NONE OF THIS HAPPENED WHILE I WAS PRESIDENT!” Trump wrote on Truth Social on Tuesday. But Trump has already tried to manipulate the tragedy for political gain, accusing Biden of “sleeping” following the storm.

Persons: Donald Trump, Kamala Harris, Biden, Hurricane Helene, Trump, Jack Smith, ’, Harris, Kamil Krzaczynski, Trump’s, ” Smith, Smith, ” Trump, Steven Cheung, JD Vance couldn’t, Augusta Mayor Garnett Johnson, Brendan Smialowski, Joe Biden, Helene, Amir Cohen, Hassan Nasrallah, Benjamin Netanyahu’s, Netanyahu’s, Netanyahu, “, ”, There’s, egging Netanyahu, Spencer Platt, “ Donald Trump …, Still, Mandel Ngan, they’ve, Brian Kemp, ” Biden, we’re Organizations: CNN, Oval, Dane Manufacturing, Getty, Trump, ”, Radical Democrats, Republican, Augusta, Democratic, White, Reuters, Wednesday, Democratic Party, Port, International Longshoremen’s Association, Biden, Republican Party, GOP, Raleigh Emergency Operations Center, Pentagon, National Guard, Georgia Republican Gov Locations: Hurricane, Waunakee , Wisconsin, AFP, Meadowbrook, Augusta , Georgia, Iran, Israel, United States, Tehran, Russia, Ukraine, Ashkelon, Lebanon, Gaza, Islamic Republic, Washington, Michigan, New York, Newark, Staten Island , New York, Gulf Coast, Raleigh , North Carolina, Georgia, North Carolina

☆ Massive East Coast port strike: five things to know
▼ + stars: | 2024-10-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +6 min

New York CNN —A massive port strike along the East and Gulf Coasts that kicked off on Tuesday has the potential to become one of America’s most disruptive work stoppages in recent times. Here’s the latest information you need to know about the port strike. People are panic-buying toilet paper, reports on social media show, displaying empty store shelves where toilet paper and sometimes paper towels used to be. Unlike toilet paper, bananas go bad, so shippers weren’t able to ship large volumes in advance of strikes. On Wednesday, Biden starkly warned against the “man-made disaster” caused by the ongoing port strike and urged the two sides to come to an agreement to avoid significant economic impacts.

Persons: ”, Harold Daggett, Dockworkers, USMX, Biden, Joe Biden, Taft, Hartley, “, ” Biden, Kamala Harris, didn’t, Donald Trump’s, Trump, Kamala Harris ’, Joint Base Andrews, “ We’re, Betsy Klein, Allison Morrow, Chris Isidore, Vanessa Yurkevich, Kayla Tausche, Arlette Saenz Organizations: New, New York CNN, Gulf Coasts, International Longshoremen’s Association, United States Maritime Alliance, CNN, ILA, Anderson Economic, American Farm Bureau Federation, Democratic, ”, NLRB, American, Wednesday, Joint Base Locations: New York, East, USMX, Maine, Texas, Canada, Mexico, Taft, America

☆ From Walmart and Ikea to Heineken, here are the companies whose imports may be most impacted by the port strike
▼ + stars: | 2024-10-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

The port workers' strike could disrupt business for big retailers, according to ImportGenius data. Walmart, Ikea and Samsung are some of the biggest importers at ports affected, the data show. JPMorgan predicted the strike could cost the US up to $5 billion daily. AdvertisementMajor retailers are pivoting their shipping plans and preparing for the financial impact of the ongoing port strike. The chart doesn't include data from shipping companies that handle cargo from multiple businesses or anonymous shipments.

Persons: —, Alan Murphy, William George, General Motors, Jess Dankert, Dankert Organizations: Walmart, Ikea, Samsung, JPMorgan, Service, Intelligence, CNBC, Research, Arbor Research, Lading, Customs, Business, General, Home, Retail Industry, Association, International Longshoremen's Locations: Gulf Coast, ImportGenius, West, Maine, Texas

☆ There's already a queue of cargo ships backing up at US ports
▼ + stars: | 2024-10-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

AdvertisementCargo vessels (green dots) and tankers (red dots) at anchor outside Eastern US ports. AdvertisementCargo vessels (green dots) and tankers (red dots) along the Mid-Atlantic. Cargo vessels (green dots) and tankers (red dots) along the Gulf Coast. Cargo vessels (green dots) and tankers (red dots) outside Savannah, Georgia, and Charleston, South Carolina. Cargo vessels (green dots) and tankers (red dots) outside Norfolk, Virginia.

Persons: —, Andrew Coggins, Coggins, MarineTraffic.com Burt Flickinger, MarineTraffic.com, Brandon Daniels, Daniels, Taft, Hartley, Hurricane Helene Organizations: Industry, Service, International Longshoreman's Association, Reuters, Pace University, MarineTraffic.com, Strategic Resource, ILA, US Marine Alliance Locations: East, Gulf Coast, New York, Virginia Beach, Savannah, Miami , New Orleans, Houston, Gulf, Western, Savannah , Georgia, Charleston , South Carolina, Norfolk , Virginia, Hurricane

☆ Sources: Striking port workers to return to work Friday as negotiators reach an agreement on wages
▼ + stars: | 2024-10-03 | by ( Vanessa Yurkevich | Chris Isidore | ) edition.cnn.com time to read: +4 min

Terms of the tentative deal on wages were not immediately available Thursday evening. A tentative deal would still need to be ratified by the rank-and-file ILA members before it would take effect. But with ships stuck at sea unable to come into US ports to unload and load goods, the union has agreed to have workers return to work on Friday. Still, 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: Biden, Joe Biden, Taft, Hartley, Kamala Harris, Transportation Pete Buttigieg, John McCown, containerization, USMX, Harold Daggett, Daggett Organizations: New, New York CNN —, International Longshoremen’s Association, United States Maritime Alliance, International Association of Machinists, Boeing, Business, Transportation, ILA, Shipping Locations: New York, Maine, Texas, United States

☆ Alec Baldwin fired a gun on the set of 'Rust,' killing its cinematographer. Here's a timeline of the shocking incident.
▼ + stars: | 2024-10-03 | by ( Jason Guerrasio | Tom Murray | ) www.businessinsider.com time to read: +20 min

On October 21, 2021, Alec Baldwin fired a gun while rehearsing a scene for the movie "Rust" that killed cinematographer Halyna Hutchins and injured director Joel Souza. Prop masters union said the gun Baldwin fired contained live roundsAn email from the International Alliance of Theatrical Stage Employees Local 44 to its members revealed that the gun Baldwin fired had a live round, according to Indiewire. The email from the union also confirmed that the shot Baldwin fired hit both Hutchins and Souza. The Times also reported that a search warrant was issued of the "Rust" set and that a judge has ordered that all equipment be searched for evidence. AdvertisementPrevious reports from the "Rust" set say two accidental gun discharges happened the weekend before the fatal shooting of Hutchins.

Persons: Alec Baldwin, Halyna Hutchins, Joel Souza, Hannah Gutierrez, Reed, Baldwin, —, Hutchins, Souza, Christus St, Mark Sagliocco, KOAT, Instagram, halynahutchins Baldwin, Dave Halls, ANNE LEBRETON, Juan Rios, Rios, armorer Hannah Gutierrez, Ryan Kiera Armstrong, Nicolas Cage, Gutierrez, Reed's, armorer, Armstrong, Hollywood armorer Thell Reed, Mamie Mitchell, Mitchell, Jim Spellman, Halyna, Kevin Mohatt, Rust, Matt Hutchins, Joel, Alec, Jae C, Sam Wasson, Santa Fe Sheriff Adan Mendoza, Facebook Armorer Gutierrez, Hannah, Jason Bowles, Robert Gorence, Stu Brumbaugh, Serge Svetnoy, Facebook Hutchins, George Stephanopoulos, Stephanopoulos Organizations: Service, Santa Fe New, Los Angeles Times, University of New, University of New Mexico Hospital, Christus, Vincent Regional Medical Center, International Alliance, Construction, New, The New York Times, Associated Press, Times, Getty, New York Times, LA Times, Daily, Metro, Santa Fe Sheriff's, CNN, REUTERS, Albuquerque Civic, The New York, New York, American Film Institute, AP, Police, Office, Halls, The, ABC Locations: Poland, Western, EnergaCamerimage, Here's, Santa, Santa Fe, Santa Fe , New Mexico, University of New Mexico, New Mexico, AFP, Santa Fe County, Albuquerque , New Mexico, Albuquerque, Fe, Mexico

☆ A week after Helene struck the Southeast, power outages and impassable roads stymie recovery as death toll reaches 200
▼ + stars: | 2024-10-03 | by ( Steve Almasy | ) edition.cnn.com time to read: +19 min

In some Georgia counties and one in North Carolina, utilities say more than 90% of their customers are still in the dark. Friends help Sam Soughail, third from left, clear out his Casablanca Cigar Bar in Asheville, North Carolina, on Tuesday, October 1. Mike Stewart/AP Emily Ogburn, right, hugs her friend Cody Klein after he brought her a meal in Swannanoa, North Carolina, on Wednesday. Joe Raedle/Getty Images Hurricane Helene is seen in a satellite photo Thursday afternoon. Marco Bello/Reuters In pictures: Hurricane Helene unleashes its fury Prev NextHundreds of roads remain closed, hampering efforts to send aid to hard-hit communities.

Persons: Helene, ”, Sam Soughail, Melissa Sue Gerrits, Mike Stewart, Jonathan Drake, Emily Ogburn, Cody Klein, Van Hutchins, Dennis Rector, Josh Morgan, Hurricane Helene, Andy Brown, Jeffrey Collins, Len Frisbee, Jeff Roberson, Christian Monterrosa, Ashley Dillinger, Marco Bello, Reuters Linda Bandy, Carissa Sheehan, Kathy Kmonicek, Janice Whitley, Terry Wilson, Sean Rayford, Melinda, Kathleen Flynn, Paul Hennessy, Gerald Herbert, Elmira Glover, Joe Raedle, John Falchetto, Cassandra Randall, Jessica Downey, Greg Lovett, Hailey Morgan, Phelan M, Megan Varner, Sarah Cribbins, Michael, Luis Santana, Miguel J, Rodriguez Carrillo, Richard Burkhart, Mike Carlson, Candice Ocvil, Jibri Tolen, Erik S, Cristobal Herrera, Candace Redwine, Guy Ford, George G, Tapper, Ricardo Arduengo, Joe Burbank, Carol Poulson, Andrew West, Cynthia Centeno, Reuters Charles Starling, Stephen M, Dowell, Chandan Khanna, Thomas Simonetti, Pete Beach, Ramon Espinosa, Paola Chiomante, it’s, “, Patrick Fitzsimmons, Joe Biden, Biden, Kamala Harris, Katie Button’s, Button, José Andrés, “ We’re, ” Button, ” ‘ We’ve, Robert Gaudet, We’ve, Helene Media, Hurricane, ” Gaudet, ” Starlink, Deanne Criswell, CNN’s Jim Acosta, Criswell, ” Criswell Organizations: CNN, Hurricane, Duke Energy, Georgia county, Getty, Homes, AP, Reuters, & Sons Department, USA, AP Local, New York Times, Town, Anadolu, Workers, North Carolina Department of Transportation, . North Carolina Department of Transportation, Tampa Bay Times, AFP, East, Savannah Morning, United States Coast Guard, Walt Disney, Orlando Sentinel, Tribune, Service, Fairview Middle School, Fishel, State Emergency Operations Center, Washington Post, NOAA, La, Cajun Navy, Maxar Technologies, Technologies, Twitter, FEMA, Federal Emergency Management Agency Locations: Florida, Gulf, North Carolina, United States, Georgia, Carolinas, Asheville , North Carolina, Rock , North Carolina, Barnardsville , North Carolina, Lure , North Carolina, Swannanoa , North Carolina, Marshall , North Carolina, Lure, Columbus , North Carolina, Hurricane, Augusta , Georgia, Springs , North Carolina, Old Fort , North Carolina, Bat Cave, Morganton , North Carolina, Old Fort, Fletcher , North Carolina, Steinhatchee , Florida, Tampa , Florida, Steinhatchee, Boone , North Carolina, Asheville, ., Treasure Island , Florida, Horseshoe Beach , Florida, Boone, Valdosta , Georgia, AFP, Horseshoe Beach, Laurel, Vilas , North Carolina, Crystal River , Florida, Crystal River, Peachtree Creek, Atlanta, , Florida, Savannah , Georgia, Savannah, Shore, St . Petersburg , Florida, Key , Florida, Tarpon Springs , Florida, Watauga, Sugar Grove , North Carolina, Port Saint Joe , Florida, Bay Lake , Florida, St . Petersburg, Fort Myers Beach , Florida, Tallahassee, Leon County , Florida, Eastpoint , Florida, Villages, Tallahassee , Florida, Gulfport , Florida, St, Cross City , Florida, Guanimar, Cuba, Panacea , Florida, Puerto Juarez, Mexico, Clearwater , Florida, Weaverville, Fort Liberty, South Carolina, La Bodega, Maui

☆ A trifecta of global crises could snarl supply chains and increase prices
▼ + stars: | 2024-10-03 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

The dockworkers' strike threatens supply chains, while Hurricane Helene caused costly damage. Devastation from Hurricane Helene, a dockworkers' strike, and escalating conflict in the Middle East all threaten to scramble supply chains and inflate prices. How much the strike impacts prices depends on how much of a cushion companies have built to deal with any bottlenecks. Bottlenecks also encourage carriers to raise their prices, increasing retail and consumer goods prices, Kent said. The hurricane has also disrupted some supply chains, including healthcare supplies and high-purity quartz needed for semiconductor manufacturing.

Persons: Helene, —, Israel ramped, Douglas Kent, Dockworkers, dockworkers, Morgan Stanley, Kent, Fazili, Lauren Saidel, Baker, she's, Biden, Hurricane Helene, Adam Kamins Organizations: Service, Association for Supply Chain Management, JPMorgan, National Economic, Biden, ITR, International Longshoremen's Association —, United States Maritime Alliance, Homeowners Locations: Israel, Iran, Hurricane, Lebanon, Maine, Texas, East Coast, Gulf, Kent, West Coast, North Carolina, Florida

☆ $100 oil could be the October surprise no one wanted
▼ + stars: | 2024-10-03 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —The Middle East is in chaos, and the oil market is remarkably calm about it. The chill reaction in the oil market reflects a boy-who-cried-wolf mindset that has set in. Even just two years ago, oil prices skyrocketed to $130 a barrel in March 2022 after Russia invaded Ukraine. Oil prices skyrocketed in 2019 when Saudi oil facilities were damaged in an attack that US officials blamed on Iran. A disruption in the Strait of Hormuz could send oil prices above $100 a barrel, according to ClearView.

Persons: ”, Bob McNally, “, It’s, McNally, George W, Bush, Israel, ” Helima, Joe Biden, Croft, internationalize, Kevin Book, ClearView, it’s, Biden Organizations: New, New York CNN, Investors, Rapidan Energy Partners, Israel, RBC Capital Markets, CNN, CIA, ClearView Energy Partners, International Energy Agency, RBC, Strategic Petroleum Reserve, Citigroup, Citi Locations: New York, Iran, China, OPEC, Saudi Arabia, Russia, United States, ” Helima Croft, Ukraine, Israel, Saudi, Strait, Hormuz, Riyadh, Persian

☆ Meet Harold Daggett, the colorful and controversial union boss leading the port strike
▼ + stars: | 2024-10-03 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

Daggett is the president of the International Longshoremen’s Association, which has nearly 50,000 union members on strike at three dozen different port facilities. This is the union’s first strike in 47 years, but Daggett participated in the previous strike as a rank-and-file dock worker. A sea of hundreds of union members parted amid cheers as made his way to the top of a small grassy knoll, with idle shipping containers as a backdrop. Unwanted attentionBut increasing attention on Daggett and the strike has brought harassment and death threats, according to a statement from the union. Members of the International Longshoremen's Association union, which represents roughly 45,000 workers, on strike outside the Port of New York and New Jersey on the first day of the strike.

Persons: Harold Daggett, Daggett, ”, Bryan R, Smith, “ We’re, Dennis Daggett, ” Daggett, Shawn Fain, don’t, Donald Trump, Trump, Kamala Harris, Joe Biden, Biden, Julie Su, John McCown, Shannon Stapleton Organizations: New, New York CNN, International Longshoremen’s Association, Navy, Sporting, International Longshoremen's Association, Port, Gulf Coasts, Getty, ILA, United Auto Workers, UAW, Queens, Trump, Mar, Lago, Democratic, Labor Locations: New York, East, Gulf Coasts, That’s, United States, Vietnam, Europe, Port of New York, New Jersey, Gulf, AFP, Elizabeth , New Jersey, New York City, ”, OpenSecrets

☆ Oil prices could surge 161% if Middle East conflict wipes out Iran's energy infrastructure, commodity chief says
▼ + stars: | 2024-10-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Oil prices could surge past $200 a barrel if Iran's oil installations are taken offline, a chief commodities expert said. AdvertisementOil prices could roar past $200 a barrel if escalating tensions in the Middle East decimate Iran's crude output, a chief commodities analyst told CNBC. In the $200 per barrel scenario, Brent crude, the international benchmark, would gain 161% from its current price. Still, some investors are betting on the possibility of damaged oil output, Bloomberg reports. These restrictions were introduced to prop up oil prices, but have cost the alliance market share.

Persons: —, SEB's Bjarne Schieldrop, Schieldrop, Brent, Bob McNally, haven't Organizations: Service, CNBC, Traders, Bloomberg Locations: Iran, Hormuz, Israel, Lebanon, Libya, OPEC, Saudi Arabia, Riyadh

☆ Stock futures are little changed as Wall Street awaits September jobs report: Live updates
▼ + stars: | 2024-10-03 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

U.S. stock futures were flat on Thursday night as traders looked ahead to the widely anticipated release of September's jobs report on Friday morning. S&P 500 futures and Nasdaq 100 futures were also unchanged. These moves came after the major averages ended Thursday's trading session with losses. U.S. oil futures climbed about 5% Thursday, weighing on the major averages. Indeed, all three major averages are already on pace for weekly losses.

Persons: Dow Jones, Barbara Doran, I'd, it's, Doran Organizations: New York Stock Exchange, Dow Jones, Nasdaq, International Longshoremen's Association, United States Maritime Alliance, Dow, BD8 Capital Partners Locations: New York City . U.S, U.S, East, Iran, Israel

☆ Dockworkers on the East and Gulf Coasts have agreed to suspend the strike after reaching a deal for better pay
▼ + stars: | 2024-10-03 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

The International Longshoremen's Association and the United States Maritime Alliance reached a deal. Port employers and striking dockworkers reached a tentative agreement on wages, according to a joint statement. The strike will be suspended until January to allow time to work out the specifics of a new contract. The 62% increase would up the hourly rate for port workers from $39 to $63 in the coming years, according to the outlet. AdvertisementThe three-day strike shuttered ports across the East and Gulf Coast, disrupting the supply chain and impacting consumer items like fruits and car parts.

Persons: dockworkers, — Organizations: Longshoremen's Association, United States Maritime Alliance, Service, CNN, Associated Press, Street Journal, White, The, CBS News, International Longshoremen's Association Locations: Maine, Texas, West, East, Gulf

☆ Port strike ends as workers agree to tentative deal on wages and contract extension
▼ + stars: | 2024-10-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

A major union for U.S. dockworkers and the United States Maritime Alliance have agreed to a tentative deal on wages and have extended their existing contract through Jan. 15 to provide time to negotiate a new contract. The move ends a strike that had snarled East Coast and Gulf Coast ports since the beginning of the week and threatened U.S. supply of fruits, automobiles, and other goods. During the week, the strike had already started to stress the U.S. supply chain. The strike was the first by the ILA since 1977, and it impacted operations at 14 different ports. About 50,000 of the union's 85,000 members were on strike this week.

Persons: Harold Daggett Organizations: U.S, dockworkers, United States Maritime Alliance, Longshoremen's Association, Ltd, CNBC, Shipping, ILA Locations: East Coast, Gulf Coast, U.S

☆ Chaos is building for shippers as U.S. port strike continues and costs rise
▼ + stars: | 2024-10-03 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

Brashier said some clients had containers that were once destined for the Port of Savannah diverted to the Port of Norfolk in the last hours before the strike began. More than a dozen container vessels are currently waiting in the port anchorage area of Freeport, Everstream Analytics data shows. MSC, the largest containership company in the world, has diverted two vessels, according to Vizion. A container ship departs the Port of Newark for the Atlantic Ocean on September 30, 2024 seen from New York City. Christian Roeloffs, cofounder and CEO of Container xChange, said the timing of this strike is especially challenging for shippers.

Persons: Eric Adams, Spencer Platt, Biden, Paul Brashier, Brashier, Jose Luis Gonzalez, Mirko Woitzik, Lloyd, Hermann Schulte, Port, Harold Daggett, Daggett, Stew Leonard, Jr, Stew Leonard's, Leonard, Brandon Daniels, Daniels, Christian Roeloffs Organizations: International Longshoremen’s Association, ILA, Getty, International Longshoremen's Association, United States Maritime Alliance, ITS Logistics, CNBC, Trucking, Port, Portsmouth, Reuters, Dresden, Turkey East Coast Express Service, America, Schulte Group, MSC, USMX, Local, Virginia International, Walmart, Depot, Folgers Company, Nike, Container, Analytics Locations: Brooklyn, Brooklyn , New York, Gulf Coast, Savannah, Port of Norfolk, Virginia, Portsmouth , Virginia, U.S, Vizion, East Coast, Port of Norfolk , Virginia, Savannah , Georgia, Egypt, America, Charleston, Port, Freeport, Bahamas, Cristobal, Port of New York, New Jersey, Halifax, Canada, Newark, New York City, New York, Savannah , Norfolk, West Coast, demurrage, China, Israel

The Biden administration has announced it is planning to deploy dozens of ground-based Starlink devices that connect with satellites to provide internet services to remote areas. “Since the Hurricane Helene disaster, SpaceX has sent as many Starlink terminals as possible to help areas in need,” Musk wrote on X Tuesday. “Earlier today, @realDonaldTrump alerted me to additional people who need Starlink Internet in North Carolina. In addition to Starlink and SpaceX, Musk also owns Tesla and X, formerly Twitter — and he has bragged about the power he now exerts. “Between Tesla, Starlink & Twitter, I may have more real-time global economic data in one head than anyone ever,” Musk posted on X last year.

Persons: Hurricane Helene, Biden, Elon Musk, Donald Trump, Joe Biden, Kamala Harris, Musk, Starlinks, Trump, ” Musk, ” It’s, ” Organizations: SpaceX, Federal Emergency Management Agency, Trump, Hurricane, Russian, Pentagon, Chinese Communist Party, CNN, Institute for National Defense and Security Research, Times, U.S ., NASA, Twitter Locations: Appalachia, Hurricane, North Carolina, “, Ukrainian, Sevastopol, ”, U.S, Ukraine, Taiwan, China, Washington

Israelis take cover as projectiles launched from Iran are being intercepted in the skies over in Rosh HaAyin, Israel, on October 1, 2024. The Pentagon said the attack on Tuesday was twice as large as Iran’s last barrage against Israel in April. Tehran said the barrage was a response to the killing of Hezbollah leader Hassan Nasrallah and others. It opted for a limited response back in April following pleas by the US and other allies to exercise restraint. But the words used by Israeli officials on Tuesday suggests the reaction might be more forceful this time.

Persons: Maya Alleruzzo, Benjamin Netanyahu, ”, Yemen —, Hassan Nasrallah, Israel, Daniel Hagari, ” Hagari, Israel didn’t, —, CNN’s Nic Robertson Organizations: Israel, Pentagon, Israel Defense Forces Locations: Iran, Rosh HaAyin, Israel, Tehran, Gaza, Hezbollah, Lebanon, Yemen, Syria

☆ Israel could launch a counterattack on Iran within days — but there's a key reason Netanyahu has less to fear this time
▼ + stars: | 2024-10-02 | by ( Mikhaila Friel | Thibault Spirlet | ) www.businessinsider.com time to read: +7 min

Iran launched a massive missile attack on Israel on Tuesday. AdvertisementIsrael may carry out a revenge attack on Iran within days, targeting oil sites, nuclear facilities, and key political figures, according to security experts. It comes in the wake of Iran's attack on Tuesday, in which Tehran reportedly fired nearly 200 missiles at Israel. "It is likely that the Israeli leadership has already anticipated the Iranian attack and has prepared for it," Voller said. Israeli Prime Minister Benjamin Netanyahu holds a meeting with the Security Cabinet after Iran's missile attacks on Israel in West Jerusalem on October 1, 2024.

Persons: Benjamin Netanyahu, —, Chris Doyle, Israel, Clionadh, underestimating, Doyle, Voller, Avi Ohayon, Axios, Ameneh, who's, ACLED Organizations: Service, Business, UK's University of Kent, Council, Center for Strategic, International Studies, Getty, US Central Command, Islamic Revolutionary Guard Corps Locations: Iran, Israel, Tehran, Israeli, Middle East, Lebanon, British, Clionadh Raleigh, West Jerusalem, Anadolu, United States, East, Raleigh

☆ The economy is in an industrial recession and higher oil prices could spark a full downturn, Wall Street economist says
▼ + stars: | 2024-10-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US is in an industrial recession, according to Piper Sandler economist Jake Oubina. A spike in oil prices could be enough to tip the economy into a full recession, Oubina added. But in general, the economy's showing an industrial recession," Oubina said in an interview with Fox Business on Tuesday. AdvertisementThe economy could slip into a broader recession if there's a spike in oil and energy prices, Oubina added. "Oil prices spiking, energy prices spiking in the past, have been enough to tip the economy from a slowing into a recession.

Persons: Piper Sandler, Jake Oubina, —, That's, Oubina, Brent Organizations: Service, Institute of Supply Management, Fox Business, Atlanta Fed, Bank of America Locations: Iran, Israel

☆ Russia's economy faces 'near stagnation' with sanctions whittling down annual GDP growth, European economist says
▼ + stars: | 2024-10-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia's economy is staring at "near stagnation," according to Anders Åslund. That's according to Anders Åslund, a Swedish economist who says Russia's economy is taking a bigger hit from Western sanctions than some believe. "My own view is that the current sanctions regime shaves off 2-3% of GDP each year, condemning Russia to near stagnation. AdvertisementRussia's GDP technically grew 3.6% last year, with another 3.2% real GDP growth expected in 2024, according to estimates from the International Monetary Fund. Consumer prices rose 8.5% year-per-year the week of September 17, according to official figures from Russia's Economic Development Ministry.

Persons: Anders Åslund, —, Putin, Åslund, SWIFT Organizations: Service, Ukraine, Syndicate, International Monetary Fund, Labor, Economic Development Ministry, Soviet Union, Wealth Fund Locations: Swedish, Moscow, Ukraine, Russia, Soviet

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