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☆ Dockworkers are waging a battle against automation. The rest of us may want to take notes
▼ + stars: | 2024-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Here’s the deal: The East Coast port strike is getting a lot of attention for its potential disruption to the economy — which is precisely the point. No dockworkers means no bananas (or whatever), which means no profits for the companies that produce and ship them. While research shows automation has obvious benefits, like lower operating costs and fewer human-related errors, port automation does not, on its own, significantly improve performance, according to a 2018 McKinsey report. But automation anxiety is rapidly spilling over into office work, where managers are adopting AI in the hopes of replacing human work or amplifying production. As Washington Post columnist Heather Long wrote Tuesday, the strike is “an early battle of well-paid workers against advanced automation.

Persons: CNN Business ’, It’s, ”, Dennis Daggett, Mark Felix, Sameera Fazili, Biden, it’s, …, ” Fazili, Heather Long Organizations: CNN Business, New York CNN, Hollywood, McKinsey, International Longshoremen’s Association, Economic, Getty, National Economic Council, Washington Locations: New York, East Coast, China, Singapore, Europe, Port of New York, New Jersey, Long Beach, Los Angeles, AFP

☆ Another setback for Elon Musk's SpaceX after mishap with NASA rescue mission
▼ + stars: | 2024-10-02 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

SpaceX launched its mission to rescue the two Starliner astronauts — but it didn't go entirely according to plan. The company's Falcon 9 rocket has been grounded after a booster landed in the wrong place. It's the third time in three months that the Falcon 9 has been grounded. AdvertisementSpaceX's workhorse rocket has been grounded for the third time in three months after malfunctioning during a mission to rescue two astronauts stuck in space. The rocket was also briefly grounded by the FAA in August after failing an attempt to land back on Earth.

Persons: —, Boeing's Starliner, Elon Musk, Musk, Butch Wilmore, Suni Williams Organizations: SpaceX, Service, Federal Aviation Administration, FAA, Elon, Boeing, NASA, Crew

☆ Stock market today: Indexes extend losses as traders watch Middle East tensions
▼ + stars: | 2024-10-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Oil prices surged after Iran attacked Israel, fueling the sell-off. AdvertisementUS stocks dropped Wednesday as traders continued to monitor escalating tensions in the Middle East. Major indexes slumped in early morning trading while oil prices spiked for a second day, with the international crude benchmark up 2.7% to $75.63 a barrel. Investors sold stocks Tuesday after Iran launched a missile attack on Israel early Tuesday, causing some to flee to risk-off assets. "The stock market impact of geopolitical tensions largely centers around oil prices, and as long as oil prices remain below $100 per barrel and corporate profits remain strong, that is supportive of higher stock prices."

Persons: —, Mary Ann Bartels, Bartels Organizations: Service, Lombard, Sanctuary Wealth, Fed 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

☆ What are the missiles in Iran’s arsenal and how does Israel counter them?
▼ + stars: | 2024-10-02 | by ( Brad Lendon | Gianluca Mezzofiore | ) edition.cnn.com time to read: +7 min

Here’s a look at Iran’s ballistic missile capabilities and the defensive systems employed by Israeli and other forces in the region. The Shahab-3 is the foundation for all Iran’s medium-range ballistic missiles using a liquid propellant, according to Patrick Senft, a research coordinator at Armament Research Services (ARES). But analysts point out that almost all ballistic missiles reach hypersonic speed during their flights, especially as they dive towards their targets. Some 180 ballistic missiles had been launched from Iran against Israel and intercepted in the sky across Israel on October 1, 2024. Meanwhile, the Arrow 3 uses hit-to-kill technology to intercept incoming ballistic missiles in space, before they reenter the atmosphere on their way to targets.

Persons: Kenneth McKenzie, Patrick Senft, Fabian Hinz, Hinz, “, ”, Trevor Ball, “ Israel, There’s, Israel, Israel’s RAFAEL, Matan Golan, Cole, Bulkeley, Pat Ryder, CNN’s Gianluca Mezzofiore, Haley Britzky Organizations: CNN, Missile, Center for Strategic, International Studies, US Air Force, Iran Watch, Wisconsin, Control, Armament Research Services, International Institute for Strategic Studies, US Army, country’s Missile Defense Organization, Defense System, Raytheon, CSIS, Missile Defense Advocacy Alliance, US, Navy, Pentagon, Aegis, Iranian Locations: Iran, Israel, United States, Jordan, Tehran, Jordanian

☆ 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

☆ Fears of automation are at the heart of the dockworkers strike
▼ + stars: | 2024-10-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Automation is a core issue at play in the ongoing dockworker strike at Eastern US ports. AdvertisementStriking dockworkers at US ports say they're worried that jobs could plummet as shipping companies increasingly turn to automation. Picketing workers gathered at ports in New York and Miami carrying signs reading "Machines don't feed families" and "Fight automation, Save jobs." AdvertisementThe union's objection to the way shipping companies are using automation now is a key sticking point in the negotiations for a new labor contract. The move eventually contributed to the ILA earning the unusual distinction of being a labor union being named in an unfair labor practices complaint filed by management.

Persons: —, USMX, Harold Daggett, Jesus Olarte, Daggett, it's, Stephen Edwards, Dominick Organizations: Service, International Longshoremen's Association, US Maritime Alliance, Business, Port, Getty, Maersk, APM, New York Times, ILA Locations: Eastern, New York, Miami, East Coast, Anadolu, Mobile , Alabama, Port of Virginia, Norfolk, Baltimore

☆ Saudi minister says crude prices could fall 33% if OPEC members don't stop pumping so much
▼ + stars: | 2024-10-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi Arabia's oil minister says crude prices could fall as low as $50 per barrel. AdvertisementSaudi Arabia's oil minister says oil prices could fall as low as $50 per barrel if OPEC+ keeps overproducing, according to a Wall Street Journal report. $50 per barrel oil would drag Brent crude, the international benchmark, down 33% from current levels. The Saudi minister called out Iraq, which surpassed its quota by 400,000 barrels per day in August, according to S&P Global Ratings data. The OPEC leader caused prices to fall below $10 per barrel in 1986 after boosting output to penalize other producers.

Persons: —, Prince Abdulaziz bin, Brent, That's Organizations: Service, Wall, Financial Times, OPEC Locations: Saudi, Lebanon, Iran, Kazakhstan, Riyadh, Iraq, Saudi Arabia, OPEC

☆ Biden and other government officials are telling port companies to get a better offer to striking workers ASAP
▼ + stars: | 2024-10-02 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

President Joe Biden called for port companies to offer fair deals to striking dockworkers. He and the acting labor secretary, Julie Su, urged dock workers and companies to negotiate. AdvertisementPresident Joe Biden and other government officials are urging port companies to offer stronger contracts to the 45,000 dockworkers on strike at East and Gulf Coast ports. The message from the Biden administration is clear: Companies need to offer a fair deal to the striking workers as soon as possible. Su said the port workers' sacrifices and importance during the pandemic and in helping communities recover from Hurricane Helene weren't fairly reflected in their salaries.

Persons: Joe Biden, Pete Buttigieg, Julie Su, —, Biden, Hurricane Helene, Buttigieg, he'd, she'd, Su, Hurricane Helene weren't, Taft, Hartley Organizations: Service, JPMorgan, Federal Maritime Commission, US Maritime Alliance, International Longshoremen's Association, Associated Press, dockworkers, Department of Labor, Department of Transportation, Business Insider Locations: East, Gulf Coast, Hurricane

☆ Carlos Alcaraz defeats world No. 1 Jannik Sinner in epic China Open final
▼ + stars: | 2024-10-02 | by ( Ben Church | ) edition.cnn.com time to read: +3 min

CNN —The men’s final of this year’s China Open was billed as a battle between two titans and it definitely didn’t disappoint. 1 Jannik Sinner, winning 6-7 6-4 7-6 to claim his 16th ATP Tour title. Of shots, physically, mentally, he’s a beast.”Both men shared all four grand slam titles this year – Sinner winning the Australian Open and US Open, while Alcaraz won Wimbledon and the French Open. Sinner, however, started to find his rhythm and survived three set points to edge a first-set tiebreak. Sinner pushed Alcaraz all the way during the China Open final on Wednesday.

Persons: Spain’s Carlos Alcaraz, “ Jannik, Sinner, Alcaraz, GREG BAKER, ‘ I’m, Alacaraz, “ I’m, ” Alcaraz, WADA Organizations: CNN, ATP, Wimbledon, Getty, Doping Agency, Sport, Tennis Integrity Agency Locations: China, AFP, Indian

WASHINGTON — A dockworkers strike threatens to harm shipping, manufacturing, pre-holiday retail inventories — and Vice President Kamala Harris' bid for the presidency. They have been at an impasse with the United States Maritime Alliance, or USMX, which represents shipping and port operations companies. As polls show Harris trailing Trump on the question of who is best suited to handle the economy, the work stoppage puts Democrats in a bind. Harold Daggett, center, with picketing workers outside of the APM container terminal at the Port of Newark in New Jersey, on Tuesday. "President Trump promised to support the ILA in its opposition to automated terminals in the U.S.," Daggett said in the statement.

Persons: WASHINGTON, Kamala Harris, Harris, Tim Walz, Donald Trump's, Sen, JD Vance, Ohio, —, Joe Biden, Pete Buttigieg, Julie Su, Lael Brainard, Trump, Harold Daggett, ” Daggett, Biden, Taft, Hartley, They've, Daggett, Joe Biden’s, “, Michael Nagle, ” Trump, Tim Ryan, Vance, didn't, ” Organizations: Longshoreman's Association, Minnesota Gov, United States Maritime Alliance, Trump, ILA, AFL, Teamsters, Fox News, Democratic, USMX, APM, Port, Bloomberg, Getty, Democratic Party, Federal, Senate Locations: Gulf of Mexico, New York, Washington, Taft, U.S, Delaware, Palm Beach , Florida, Queens, Newark, New Jersey, Trump's

☆ FAA grounds SpaceX's Falcon 9 rocket after a malfunction on its return to Earth
▼ + stars: | 2024-10-01 | by ( ) www.nbcnews.com time to read: +3 min

Before that, groundings were rare for Falcon 9, SpaceX’s centerpiece rocket, which much of the Western world relies on for accessing space. SpaceX is likely to seek FAA approval to resume flights in a similar manner, while its engineering investigation continues with oversight by the FAA. The agency regulates rocket launches and rocket re-entries to the extent they may affect public safety. Falcon 9’s first stage is reusable, but its second stage is not. The Falcon 9 grounding does not directly affect Starship, SpaceX’s giant, next-generation rocket system that it has tested four times since 2023.

Organizations: U.S . Federal Aviation Administration, NASA, SpaceX, Saturday, International Space Station, ISS, FAA, Falcon

☆ U.S. port strike could have huge impact on global supply chain
▼ + stars: | 2024-10-01 | by ( Sam Meredith | ) www.nbcnews.com time to read: +5 min

Workers at ports stretching from Maine to Texas went on strike early Tuesday in a dispute over wages and automation. So, the unpredictability of this issue here is really in play and it has the magnitude to really throw a giant wrench in global supply chains,” she added. Ocean supply chains have already been hit hard this year by conflict in the Red Sea, a lengthy drought affecting the Panama Canal and the Baltimore bridge collapse. You might say it is a perfect storm, but it is also a really good negotiating position for those people wanting a strike,” Sand said. “Frequent shocks to supply chains in recent years have left producers more attuned to the risks of running low inventories,” Saunders said on Sept. 25.

Persons: ” Lisa DeNight, Newmark, CNBC’s, DeNight, Peter Sand, Sand, ” Sand, — “, ”, Maersk, Bradley Saunders, Joe Biden, Biden, Taft, Hartley, ” Saunders Organizations: U.S, Workers, International Longshoremen’s Association, ILA, United States Maritime Alliance, Maersk, North America Economist, Capital Economics Locations: East, Gulf, Maine, Texas, U.S, Red, Panama, Baltimore, Gulf Coast, Europe, Asia, Danish, East Coast

Israel launches a ground operation in Lebanon. North Carolina residents raise questions over disaster responseNorth Carolina residents are only beginning to pick up the pieces after Helene roared through the western part of the state, causing devastating flooding and catastrophic damage. At least 49 people have died and dozens of others are missing in western North Carolina, which includes hard-hit Asheville. But some North Carolina residents are criticizing what they view as a lack of preparation for the storm. In recent weeks, Israel has launched attacks using exploding pagers and walkie talkies, unleashed heavy bombings in Lebanon and killed longtime Hezbollah leader Hassan Nasrallah.

Persons: Vance, Tim Walz, Helene, Roy Cooper, ”, Deanne Criswell, Sara Legatski, “, Hassan Nasrallah, Read, Sen, JD Vance, Donald Trump’s, Walz, Kamala Harris ’, Vance’s, —, Biden, Harris, longshoremen, Carter, Jimmy Carter, Claudia Sheinbuam, Pete Rose, League Baseball’s, Sing, Jon, Adrian Velazquez, Gadiel del Orbe, del Orbe, — Sandra Lilley, Elizabeth Robinson Organizations: NBC, Asheville . North Carolina Gov, FEMA, Spokespeople, Reuters, AFP, Getty Israel, Lebanon's, Israel Defense Forces, Minnesota Gov, CBS, Getty, Vance’s Yale Law, Democratic Party, International Longshoremen’s Association, United States Maritime Alliance, Workers, League, Sing Sing, del, Vanderbilt University Locations: Asheville , North Carolina, Israel, Lebanon, North Carolina, Carolina, Asheville ., Asheville, Florida, Buncombe County, didn’t, Beirut, Ohio, New York, Springfield , Ohio, East Coast, Gulf Coast, Georgia, NYPD, Kentucky, Spain

☆ How Japan’s Shinkansen bullet trains changed the world of rail travel
▼ + stars: | 2024-10-01 | by ( Ben Jones | ) edition.cnn.com time to read: +12 min

This was the dawn of Japan’s “bullet train” era, widely regarded as the defining symbol of the country’s astonishing recovery from the trauma of World War II. A map of Japan's high-speed rail lines. Japan’s high-speed rail revolutionFast train: Japan's distinctive Shinkansen "bullet trains" have been plying the country's high-speed railways since 1964. Toru Yamanaka/AFP/Getty Image TGV: France's answer to the Bullet Train, the Train à Grand Vitesse, began operating between Paris and Lyon in 1981. Mehdi Fedouach/AFP/Getty Images China's rail expansion: China has now eclipsed the rest of the world when it comes to high-speed rail.

Persons: Yoshikazu Tsuno, Jiji Press, Toru Yamanaka, Mehdi Fedouach, Wang He, ”, Christopher P, Hood Organizations: CNN, Olympic Games, Hitachi, Toshiba, Mount, Getty, Mount Fuji, Tokyo, Lions, Hulton, Keystone, Jiji, West Japan Railway, Ltd, Fuji, Vitesse, Lyon, JR EAST, Eurostar, JR EAST Japan, “ Locations: Tokyo, Osaka, Japan, Shin, Kobe, Kyoto, Hiroshima, Nagano, AFP, North America, Europe, Korea, Russia, Honshu, Kyushu, Hokkaido, Sanrio, Paris, China, France, Spain, Belgium, South Korea, United Kingdom, Morocco, France’s, Bordeaux, Italy, Germany, Netherlands, Taiwan, Turkey, Saudi Arabia, London, Brussels, Amsterdam, India, Thailand, Wuhan, Western Europe, Nagoya, British

☆ Port strike could reignite inflation, with larger economic impact dependent on how long it lasts
▼ + stars: | 2024-10-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Port of Miami dockworkers strike near the port entrance and demand a new labor contract, on October 1, 2024 in Miami, Florida. One rule of thumb is that for each strike day, it takes nearly a week to get ports operating at normal levels. watch now"We think fears around the potential economic impacts are overdone," wrote Bradley Saunders, North America economist at Capital Economics. "Frequent shocks to supply chains in recent years have left producers more attuned to the risks of running low inventories. "There is little chance that the administration would risk jeopardizing its recent economic successes less than two months before a tightly-contested election," he said.

Persons: Giorgio Viera, Joe Biden, Taft, Hartley, Joseph Brusuelas, Andrew Hollenhorst, Bradley Saunders, Saunders, there's Organizations: Afp, Getty, International Longshoreman's Association, U.S . Maritime Alliance, Labor, RSM, Atlanta Federal Reserve, Citigroup, New, New York Fed, Capital Economics, ILA Locations: Miami, Miami , Florida, East, Gulf, U.S, United States, West Coast, New York, North America

☆ The biggest stock market winners and losers of the US port strike
▼ + stars: | 2024-10-01 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Port workers are demanding a 61.5% raise and oppose the adoption of automation in new contract negotiations. According to Stifel analyst Bruce Chan, the ramifications of the port strike won't be sizable unless the strike is drawn out for more than two weeks. Robinson Worldwide and Expeditors International of Washington have seen gains of 4% and 5% in the past week, respectively, as investors anticipate increased business due to the port strike. Biggest losersThe biggest losers, so far, appear to be shipping container companies that are directly exposed to the port strike. That means railroads and trucking companies with significant exposure to the east coast could take a hit.

Persons: —, Bruce Chan, Chan, It's, Robinson, Biden, Hartley Organizations: Air, UPS, FedEx, Service, Workers, International Longshoremen's Association, Yahoo Finance, ILA, Expeditors International of Washington, ZIM Integrated Shipping Services, Lease, Taft, CSX, NSC, Walmart, Costco, Target Locations: Gulf, East, West, Canada, Taft, Coast

☆ US port workers strike starts across the East and Gulf Coasts
▼ + stars: | 2024-10-01 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

The strike, which was confirmed by the Port Authority of New York and New Jersey as well as the Port of Virginia, began at midnight. The strike will stop the flow of a wide variety of goods over the docks of almost all cargo ports from Maine to Texas. The ports involved include the Port of New York and New Jersey, the nation’s third-largest port by volume of cargo handled. Port Wilmington in Delaware describes itself as the nation’s leading banana port, bringing in a large share of America’s favorite fruit. President George W. Bush applied the act in 2002 to halt an 11-day lockout of union members at West Coast ports.

Persons: haven’t, USMX, ” Harold Daggett, containerization, John McCown, Biden, ”, Joe Biden, Taft, Hartley, George W, Bush, “, ” Biden, ” It’s, Daggett, “ It’s, Peter Tirschwell, ’ ” Organizations: New, New York CNN, International Longshoremen’s Association, Port Authority of New, United States Maritime Alliance, American Farm Bureau, Retailers, ILA, “, P Global Market Intelligence, CNN Locations: New York, Gulf Coast, Port Authority of New York, New Jersey, of Virginia, Maine, Texas, of New York, Port Wilmington, Delaware, West Coast, Taft

☆ Silicon Valley has a plan to save humanity: Just flip on the nuclear reactors
▼ + stars: | 2024-10-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

No, the tech that’s going to save humanity will be powered by the tech that very nearly destroyed it. The tech industry’s solution, for now, is nuclear energy, which is more stable than wind or solar and is virtually carbon-emission-free. Amazon is working on putting a data center campus right on the site of a Talen Energy nuclear power plant in Northeast Pennsylvania. And while AI doomer predictions often get brushed off as alarmist forecasts, you can’t as readily dismiss the folks who are concerned about nuclear energy. Bottom line: There’s no AI future without a serious uptick in our power supply, which makes the expansion of nuclear power practically unavoidable.

Persons: CNN Business ’, Sam Altman, Peter Thiel, Anna Erickson, ” Organizations: CNN Business, New York CNN, Nvidia, International Energy Agency, JPMorgan, Microsoft, Energy, Financial Times, Founders Fund, Georgia Tech, Big Locations: New York, Harrisburg , Pennsylvania, Northeast Pennsylvania, Idaho, Big Tech

☆ East and Gulf Coast ports strike, with ILA longshoremen walking off job from New England to Texas, stranding billions in trade
▼ + stars: | 2024-10-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. Billions in trade came to a screeching halt at U.S. East Coast and Gulf Coast ports after members of the International Longshoremen's Association (ILA) began walking off the job after 12:01 a.m. In a video posted to an ILA Instagram account, Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey. "Helene caused ports to delay openings at the ports of Charleston and Savannah, as well as power losses at intermodal facilities in Savannah, Charleston, and Atlanta," said Wray. Both economists and logistics executives say the impact of the strike depends on how long the work stoppage lasts.

Persons: Kathy Hochul, Harold Daggett, —, Daggett, Shana Wray, Hurricane Helene, Helene, Wray, Adam Kamins, Kamins Organizations: Gulf, International Longshoremen’s Association, United States Maritime Alliance, International Longshoremen's Association, ILA, Port Authority of New, Maher, CNBC, Logistics, Moody's, Federal Reserve Locations: Port, Newark, New York City, East, U.S, East Coast, Gulf Coast, New York, New Jersey, Boston , New York, Philadelphia, Wilmington , North Carolina, Baltimore, Norfolk, Charleston, Savannah, Jacksonville, Tampa , Miami , New Orleans, Mobile, Houston . New, Maine, Texas, Port Authority of New York, Elizabeth , New Jersey, Hurricane, Savannah , Charleston, Atlanta, Gulf, West Coast

☆ Investors hope October paves way for records as cryptocurrency enters historically strong month
▼ + stars: | 2024-10-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

A September surprise has given bitcoin a head start on a potential run to record highs in the fourth quarter. The cryptocurrency posted a 7.7% gain for September — historically its weakest month of the year — and its best month since May. The month has become known to native crypto investors as "Uptober." … As crypto becomes increasingly correlated with traditional markets, it's expected to be another strong month." Investors expect bitcoin's price will be driven by rate cuts, more inflows into bitcoin ETFs by institutions and clarity following the election.

Persons: Ether, Bitcoin, Jerome Powell, James Davies, " Davies, David Duong, Duong, we've, bitcoin, it's, — CNBC's Michael Bloom, Nick Wells Organizations: U.S, International Longshoremen's Association, Gulf Coasts, bitcoin Locations: U.S, China

☆ CNN launches a digital paywall, charging some users to read articles for the first time
▼ + stars: | 2024-10-01 | by ( Brian Stelter | ) edition.cnn.com time to read: +4 min

New York CNN —CNN, one of the most popular news websites in the world, is starting to ask some of its visitors to pay $3.99 a month for access. The average visitor to CNN’s website, who may only read a few articles a month, will not be prompted to pay at this time. “Only after users consume a certain number of free articles will they be prompted to subscribe,” MacCallum explained. Under previous management, CNN developed a streaming video product called CNN+ in 2022 to create direct-to-consumer relationships with fans of the network. Some content, though, will remain fully accessible without a subscription, including the CNN homepage; breaking news live stories; standalone video pages; and sponsored articles.

Persons: ” Alex MacCallum, “, ” MacCallum, Mark Thompson, Thompson, Greg Piechota, ” Piechota, Piechota, ” Organizations: New, New York CNN, CNN, The New York Times, CNN.com’s, ”, Warner Bros, Reuters Institute for, Journalism, University of Oxford, International News Media Association, Media Locations: New York, United States

☆ Bitcoin tumbles back to the $60,000 level as tensions in the Middle East heighten
▼ + stars: | 2024-10-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Around 4:45 p.m. Eastern time, bitcoin slid to as low as $60,175. Crypto exchange Coinbase dropped about 1% and bitcoin proxy MicroStrategy lost 2%, after closing lower by 7.4% and 3.5%, respectively. Stock Chart Icon Stock chart icon Crypto assets tumble to start October and the fourth quarterRising tensions in the Middle East dampened investors' risk appetite as the new trading month and quarter began. "Surging unrest across the Middle East has propelled oil prices upward and reinforced the dollar's strength, casting a shadow over bitcoin and other speculative investments," said Chris Kline, chief operating officer and co-founder of Bitcoin IRA. "Meanwhile, a global monetary tug-of-war is unfolding as various central banks slash interest rates and expand their money supplies."

Persons: Jonathan Raa, Cryptocurrencies, bitcoin, Coinbase, MicroStrategy, Hassan Nasrallah, Chris Kline Organizations: Nurphoto, Getty, bitcoin, Metrics, International Longshoremen's Association, Gulf Coasts Locations: Iran, Israel, Iranian, Lebanon

☆ The port strike will tip the US into recession if it lasts more than a month, researcher says
▼ + stars: | 2024-10-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The port strike could spark a US recession if it lasts four weeks or longer, Sea-Intelligence's Alan Murphy said. AdvertisementThe economy could see a hard landing if the ongoing port strike lasts long enough, according to one industry researcher. Alan Murphy, the CEO of the liner research firm Sea-Intelligence, estimates the US could tip into recession if the port strike lasts longer than a month. AdvertisementIf the strike lasts longer than a week, importers will likely have a "manageable crisis" on their hands, Murphy said. "By estimates, it's almost certain to push the US into a recession this year if it lasts longer than a month," he added.

Persons: Alan Murphy, —, Murphy, Biden Organizations: Shipping, Service, Intelligence, NBC, International Longshoremen's Association, US Maritime Alliance Locations: Gulf Coast

☆ These consumer products are most likely to be impacted by the port strike
▼ + stars: | 2024-10-01 | by ( Dominick Reuter | Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

US port workers are on strike following the expiration of their labor contract Monday night. The work stoppage at Eastern and Gulf Coast facilities will impact a host of consumer products. AdvertisementUS port workers with the International Longshoremen's Association are on strike following the expiration of their union's contract Monday night. In the latest development of the ongoing labor dispute, the work stoppage at Eastern and Gulf Coast facilities is expected to impact a host of consumer products. Continental Tire, Michelin, and Goodyear are all top importers through East and Gulf Coast ports, Pacula noted.

Persons: —, Margaret Kidd, Brian Pacula, West, Tim Ryan, Pacula, Dali, Francis Scott Key, Hurricane Helene, Michael Yamartino, Chris Butler Organizations: Gulf, Service, International Longshoremen's, Conference Board, University of Houston, Walmart, Wall, Jefferies, Continental Tire, Michelin, Goodyear, Port, National Tree Company Locations: Gulf Coast, West Coast, Central, South America, West Monroe, Florida, Peru, Miami, Asia, East, Europe, Baltimore, Hurricane

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