DIRS.INFO The most relevant business & tech news

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

But there’s a good chance at least some of them, at a mix of plants and companies, will walk out. Those limited, targeted strikes could be enough to grind production to a halt at America’s three unionized automakers. One advantage for the union of a targeted strike is the potential to save resources and extend a possible walkout. Striking union members are eligible for $500 a week from the union’s strike fund. The companies did not respond to questions Wednesday about their plans if faced with the targeted strikes Fain described on Wednesday.

Persons: Shawn Fain, Fain, Jeff Schuster, ”, Schuster, Jim Farley, Farley, Bill Ford, ” Farley, “, ” Ford, can’t, “ We’re, Patrick Anderson, Anderson, That’s, Ford Organizations: Detroit CNN, General Motors, Ford, United Auto Workers, UAW, America ’, GlobalData, GM, Detroit Auto, Jeep, Dodge, Chrysler, Anderson Economic Group, Fiat Chrysler, PSA Group Locations: America, Detroit, North America, Michigan, Edmunds, That’s, European

VIRGINIA WATER, England (AP) — Europe’s 12 Ryder Cup players delivered a mixed bag of scores in the first round of the BMW PGA Championship. Of the Europeans heading to Rome for the Ryder Cup in two weeks, Matt Fitzpatrick (66), Ludvig Åberg (68) and Tyrrell Hatton (68) posted the best rounds at Wentworth. “I think we are all a little bit in the Ryder Cup mindset,” said No. Fitzpatrick, who went out with Robert MacIntyre and Justin Rose (both 72), played the best of the Ryder Cup squad after starting with four birdies in his first six holes. “I’ll start focusing on the Ryder Cup once Sunday finishes.”They are all chasing the 26-year-old Helligkilde, who is coming to the end of his second season on the European tour.

Persons: —, Marcus Helligkilde, Dane, Matt Fitzpatrick, Ludvig Åberg, Tyrrell Hatton, Nicolai Hojgaard, Luke Donald, Adrian Meronk, Rory McIlroy, Jon Rahm, ”, Viktor Hovland, Marco Simone, ” Hovland, McIlroy, Swede, Åberg, ” Åberg, “ Ludvig, “, Hovland, Donald, Shane Lowry, Tommy Fleetwood, Sepp Straka, Fitzpatrick, Robert MacIntyre, Justin Rose, Richie Ramsay, ” Fitzpatrick, birdies, Helligkilde Organizations: Ryder, BMW PGA, Wentworth Locations: VIRGINIA, England, Rome, “

☆ Why It’s Alarming That Poland Can Test Women for Abortion Pills - The New York Times
▼ + stars: | 2023-09-14 | by ( Patrick Adams | ) www.nytimes.com time to read: +3 min

Women who suffer miscarriages and stillbirths in El Salvador are sometimes accused of homicide and sentenced to years or even decades in prison. Now that Roe has been overturned, U.S. abortion-rights advocates are bracing for cases like these to become increasingly common in America. A small but growing group of abortion “abolitionists” are calling for women who get abortions to be charged with murder and criminally punished — even put to death. Amid these concerns, reproductive rights activists need to prepare for the possibility that testing for abortion drugs could happen here, too. Should prosecutors in Poland inspire copycats in American states, no health care provider should enable or support such a move.

Persons: Roe, ”, —, what’s, it’s, United States “, Glen P, Jackson Organizations: Republican, Food, West Virginia University Locations: Europe, El Salvador, America, Poland, copycats, Wroclaw, United States

☆ A top Amazon exec reveals how she's using 'Thursday Night Football' to rope in new brands for the tech giant's $38 billion ads business
▼ + stars: | 2023-09-13 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Non-endemic advertisers have been a crucial part of Amazon's ability to expand its ad business more broadly, which totaled $38 billion in 2022. Last year, Amazon made custom ads for DraftKings with "TNF" analysts Ryan Fitzpatrick and Richard Sherman previewing a same-game betting parlay. The matchup will be shown for free on Prime Video, offering advertisers a wider audience than those with an Amazon Prime membership (Amazon ended 2022 with 168 million members , according to CIRP). In another move that will have big implications for some advertisers, Amazon is exploring dynamic advertising, a more targeted form of messaging that's tailored to the individual (i.e. Beyond non-endemic ads featuring "TNF" talent, fans can also expect to see more spots featuring themes of gender equality.

Persons: Amy McDevitt, they've, McDevitt, It's, General Mills, Raquel Navarrski, Navarrski, Ryan Fitzpatrick, Richard Sherman, you've, Amazon's Organizations: Amazon, NFL, General, Miami Dolphins, New York Jets, Brands

A targeted strike could shut operations for each company, depending on which plants and facilities are struck. One advantage for the union of a targeted strike is the potential to save resources and extend a possible strike. The union members who are on strike are eligible for $500 a week in strike benefits from the union’s strike fund. With targeted strikes, it’s possible that the companies will shut down operations and lay off members who are not technically on strike. GM’s statement did not address what it planned to do if their operations are disrupted by a targeted strike.

Persons: Shawn Fain, Fain, Jeff Schuster, ”, “, ” Fain, Patrick Anderson, John Hatline, Hatline Organizations: Detroit CNN — United Auto Workers, General Motors, Ford, GlobalData, Jeep, Dodge, Chrysler, UAW, Anderson Economic, CNN Locations: America, Michigan, Detroit

☆ How 500 votes made Shawn Fain one of America’s most important people
▼ + stars: | 2023-09-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Shawn Fain is one of the most important people in the US economy today. United Auto Workers President Shawn Fain, middle, walks in the Labor Day parade in Detroit, Monday. Fain finished second in the first vote, with 38%, but only 600 votes behind Curry, or less than 1%. This time Fain edged out Curry by less than 500 votes. “The fact that Shawn Fain was the first popularly elected president is significant,” said Patrick Anderson, CEO of Anderson Economic Group, a Michigan research firm.

Persons: Shawn Fain, Fain, ”, “, He’s, he’s, Ray Curry, Paul Sancya, Curry, Wheaton, ” Wheaton, it’s, Patrick Anderson, ” Fain, ’ Fain, Jim Cramer, CNN’s Jake Tapper, “ It’s, we’ve Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, Jeep, Dodge, Chrysler, Big, ”, UAW, Fiat Chrysler, Labor, Cornell University’s School of Industrial and Labor Relations, Anderson Economic Group, Bloomberg Locations: New York, Detroit, Kokomo , Indiana, Indiana, Buffalo, Wheaton, Michigan

AUSTIN, Texas (AP) — Texas Attorney General Ken Paxton 's impeachment trial on abuse of power charges could be in the hands of the jury as soon as this week, the presiding officer said Monday. Paxton, who has pleaded not guilty, was again not in the Texas Senate for the testimony. The jury is the Republican-controlled state Senate, where Paxton was once a senator before becoming attorney general in 2015 and still has conservative allies. Paul, who was indicted this summer on charges of defrauding banks, had accused FBI agents and a judge of wrongdoing. ___Find AP’s full coverage of the impeachment of Texas Attorney General Ken Paxton at: https://apnews.com/hub/ken-paxton

Persons: Ken Paxton, Paxton, Gov, Dan Patrick, Patrick, Sen, Angela Paxton, Mark Penley, Nate Paul, Paul, Penley, ” Penley, paxton Organizations: —, FBI, Texas Senate, Republican, Senate Locations: AUSTIN, Texas, — Texas

☆ The 4 key reasons why the UAW could strike GM, Ford and Stellantis this week
▼ + stars: | 2023-09-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

He admits the union’s demands are “ambitious” but he insists they’re justified given the automakers’ strong profits in recent years. The automakers have balked at most of the union’s demands, according to the UAW. RaisesThe union demands an immediate 20% raise, and then four additional raises of 5% each. The UAW wants a return of traditional pension payment plans and retiree health care for all UAW members. GM put the cost of the six-week strike by the UAW in 2019 at $2.9 billion.

Persons: Shawn Fain, they’re, Fain, ”, Wheaton, It’s, Patrick Anderson, Anderson, ” Anderson, “, ” Wheaton, Cornell’s Wheaton, ’, What’s, Gavin Strassel, Walter Reuther Organizations: New, New York CNN, United Auto Workers, UAW, Ford, Jeep, Dodge, Chrysler, Cornell University’s, Industrial and Labor Relations, GM, Anderson Economic Group, Pensions, Workers, Big Three, Anderson Economic, Walter, Walter Reuther Library, Wayne State University, Hollywood Locations: New York, Buffalo, Michigan, Wheaton, Belvidere , Illinois, Stellantis, Ohio, Detroit

☆ 2023 Ryder Cup teams: Shock selections, ‘criminal’ absences: Everything you need to know about the squads
▼ + stars: | 2023-09-06 | by ( Jack Bantock | ) edition.cnn.com time to read: +13 min

CNN —The teams are in – and Ryder Cup fever has officially taken hold. Team USACaptain: Zach JohnsonA member of five US teams as a player, Johnson is a veteran of the Ryder Cup. Consistency” – who accumulated more Ryder Cup points than the next two closest players combined since the start of 2022. Subsequently, selecting Koepka for his fourth Ryder Cup appearance was an “easy pick” for his captain. Rounding out the American roster are Ryder Cup rookie Burns and Morikawa, who went 3-0-1 on his debut two years ago.

Persons: Zach Johnson, Luke Donald, Marco Simone Golf, It’s, Johnson, Steve Stricker, Stricker, Davis Love III, Jim Furyk, Fred Couples, Stewart Cink, Jonathan Bachman, Scottie Scheffler, Wyndham Clark, Brian Harman, Patrick Cantlay, Max Homa, Xander Schauffele, Scheffler, Ezra Shaw, Clark, Harman, Homa, Schauffele, ” Homa, ” Harman, ” Johnson, Sam Burns, Rickie Fowler, Brooks Koepka, Collin Morikawa, Jordan Spieth, Justin Thomas It’s, LIV, Koepka, “, “ Brooks, CNN Thomas, he’s, JT, ” Thomas, Thomas, Ryder, ” Cameron Young, Keegan Bradley, Denny McCarthy, “ Zach, Ross Kinnaird, Spieth, Fowler, Burns, Morikawa, Marco Simone, that’s, Luke Donald He, Donald, Henrik Stenson, Francesco Molinari, Edoardo –, Thomas Bjørn, Nicolas Colsaerts, María, Sergio Garcia, Andrew Redington, Rory McIlroy, Jon Rahm, Viktor Hovland, Tyrrell Hatton, Matt Fitzpatrick, Robert MacIntyre, McIlroy, Rahm, Fitzpatrick, compatriot Hatton, MacIntyre, ” Donald, ”, Paul Ellis, Captain’s, Tommy Fleetwood, Sepp Straka, Shane Lowry, Justin Rose, Nicolai Højgaard, Ludvig Aberg, Swede, Ludvig, “ He’s, Fabrice Coffrini, Adrian Meronk, Paul Goydos, Adrian, There’s, Straka, Rose, Lowry Organizations: CNN, Ryder, United States, Country Club, Team Europe, Team USA, Whistling, Davis Love, Tour, PGA, CNN Sport, FedEx, Getty, USA, ” Team, Northern, Scottish, Hovland, European, Fleetwood Locations: –, Rome, Italy, Whistling Straits, Hazeltine, Saudi, Europe, Hovland, Norwegian, AFP, Switzerland, Crans Montana

Just don't look for Ludvig Aberg to be sprinting and strutting and leaping into the arms of his teammates at the Ryder Cup. He doesn't let distractions get him off.”One such distraction might be playing with the Ryder Cup captain in his third start as a pro. They are the only two players to turn pro in the same year they debut in the Ryder Cup. Over the next two decades, he smashed the Ryder Cup record for most points. The Ryder Cup figures to be the ultimate test.

Persons: Sergio Garcia, Ludvig Aberg, ” Luke Donald, Matt Fitzpatrick, “, ” Donald, Greg Sands, Aberg, ” Sands, Donald, Edoardo Molinari, ” Aberg, “ I've, Marco Simone, Rome, Garcia, ”, Nicolai Hojgaard, It's Organizations: Ryder, Texas Tech, U.S, Scandinavian, PGA Tour, Aberg, Rocket, Detroit Golf, Czech Masters, Irish, PGA, BMW PGA, Wentworth Locations: Switzerland, Dubai, Medinah, Europe, Whistling Straits, Denmark, Italy, Detroit, Brookline

☆ Auto Strike Looms, Threatening to Shut Detroit’s Big 3
▼ + stars: | 2023-09-03 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

“If that happens, even a short strike would impact economies throughout Michigan and across the nation,” said Patrick Anderson, the chief executive of the Anderson Economic Group in East Lansing, Mich. The terms of the new contract will determine how both autoworkers and the companies fare in an E.V.-centric industry. deserves a contract that sustains the middle class” and has named a White House liaison to the union and the automakers. An agreement before the contracts expire on Sept. 14 is still possible, and talks could continue beyond that date without a walkout. But Mr. Fain has repeatedly said he views Sept. 14 as a deadline — the day a strike could begin.

Persons: ”, Patrick Anderson, Biden, Fain Organizations: Anderson Economic Group Locations: Michigan, East Lansing, Mich

☆ A company that counts billionaires Marc Andreessen and Laurene Powell Jobs as investors says it's bought 50,000 acres of land to build a new 'walkable' city in northern California. Here's everything w
▼ + stars: | 2023-09-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

California Forever says it wants to build a "walkable" city with new jobs, surrounded by an agricultural greenbelt. The company, Flannery Associates, has been quiet until now, but its parent company California Forever just launched a new website detailing its master plan. Solano County sits between Sacramento, San Francisco, and Napa Valley, and has a population of around 450,000 across just over 900 square miles. Sramek founded California Forever in 2017 and recently bought a family home there. "Now that we're no longer limited by confidentiality, we are eager to begin a conversation about the future of Solano County," it says.

Persons: Goldman Sachs, Marc Andreessen, Laurene Powell Jobs, Flannery, Jan Sramek, he'd, Jan, Sramek, it's, Who's, Chris Dixon, John Doerr, Nat Friedman, Daniel Gross, Reid Hoffman, Michael Moritz, Andreessen Horowitz, Patrick, John Collison Organizations: Goldman, Service, Flannery Associates, California Forever, Travis Air Force Base, California Forever's, California Delta, California Locations: San Francisco, California, Wall, Silicon, Solano County, Sacramento, Napa Valley, Solano, Fairfield, Rio Vista, walkable

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. "They almost certainly have to hike again this year because today's inflation data shows there's still more work to do." INFLATION WATCHGovernment bond yields in the euro zone rose broadly after inflation data suggested the ECB may still have to hike rates again. Germany's two-year bond yields rose 7 bps to 3.09% . Spanish inflation rose 2.6% in August, as economists polled by Reuters had expected.

Persons: Issei Kato, Patrick Armstrong, there's, SEB, Elisabet Kopelman, Jerome Powell's, Naomi Rovnick, Shashwat Chauhan, Mark Potter, Chizu Organizations: REUTERS, European Central Bank, ECB, Nasdaq, Wall, SEB Group, Fed, Reuters, Bank's, U.S, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, Spain, North Rhine Westphalia, Germany's, United States, Gulf, Mexico, Bengaluru

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsSYDNEY, Aug 25 (Reuters) - Australia's second-largest pension fund plans to open its first overseas office by mid-2024, its chief investment officer said on Friday, the latest retirement manager to look overseas as the country's pension sector outgrows the home market. The team will "almost certainly" be based in London and only be small because ART relies mostly on external managers, Patrick said, adding the office would likely open between now and mid-2024. A decision on a second overseas office would be made 12 to 24 months after the first opens. ART invests roughly two-thirds of all new money funds overseas.

Persons: Hollie Adams, Ian Patrick, Patrick, HarbourVest, Neuberger Berman, Lewis Jackson, Praveen Menon, Jacqueline Wong Organizations: REUTERS, Rights, Reuters, Stepstone, AustralianSuper, Nikkei, Thomson Locations: City, London, Britain, New York, China

☆ Viktor Hovland breaks course record to clinch astonishing victory at the BMW Championship
▼ + stars: | 2023-08-21 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

Hovland shot 10 birdies – including seven across the last nine holes – to card an unprecedented nine-under 61 and edge Fitzpatrick and world No. It means Hovland will tee off two shots behind Scheffler, who was left to rue yet another strong performance that ultimately reaped no silverware. With six runner-up finishes across his last two PGA Tour seasons, only Cameron Young has finished second as often, though Scheffler’s six wins during that period undoubtedly soften the blow. Joe Robbins/Icon Sportswire/Getty ImagesRory McIlroy finished three shots behind Fitzpatrick and Scheffler in fourth after also shooting 66. Paired with Hovland for the final round, the Northern Irishman had a front row seat to a historic showing.

Persons: Matt Fitzpatrick, Viktor Hovland, stupefied, Hovland, Fitzpatrick, Scottie Scheffler, –, ” Hovland, Dylan Buell, Scheffler, Cameron Young, Michael Reaves, ”, “ Viktor, Hovland’s, “, ” Fitzpatrick, Joe Robbins, Rory McIlroy, Viktor, ” McIlroy Organizations: CNN, Olympia Fields Country Club, BMW, PGA, Sky Sports, Torrey, Getty, Oklahoma State University, Europe’s Ryder, East, FedEx, American, Northern, Ryder Locations: Olympia, Norwegian, Illinois, Torrey Pines, East Lake, Atlanta

☆ Looming auto workers strike could cost $5 billion in just 10 days, new analysis says
▼ + stars: | 2023-08-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit with Sen. Bernie Sanders, of Vermont, far left, Sept. 25, 2019. "However, with current inventories hovering around only 55 days, the industry looks different than it did during the last UAW strike." The automaker said the strike cost it about $3.6 billion that year in earnings. He said the union has no plans to extend the current contracts to allow for bargaining to continue without a strike, which was previously common practice. AEG's estimates do not include UAW strike pay or assessments for strike pay, unemployment benefits or unemployment taxes, income taxes on wages and other potential effects such as settlement bonuses.

Persons: Sen, Bernie Sanders, Tyler Theile, hasn't, Patrick Anderson, Shawn Fain, Tom Narayan, GM's Organizations: United Auto Workers, General Motors, Hamtramck Assembly, DETROIT, Detroit's Big, UAW, Ford Motor, Anderson Economic Group, AEG, Consumer, Detroit automakers, GM, Automotive Press Association, Ford, RBC Capital Locations: Detroit, Hamtramck, Vermont, Michigan

The lawsuit says Kennedy's screenplay and "Stranger Things" have several similarities in their characters, plot, dialogue and themes. Kennedy accused an artist who developed concept art for both his project and "Stranger Things" of sharing his work with the Duffer Brothers. Netflix and the makers of "Stranger Things" denied the allegations in court filings and said the stories are "objectively different" by "virtually every imaginable measure." "Most glaringly, Stranger Things features a core group of children who fight off evil monsters while navigating teenage social issues," the defendants said. The case is Irish Rover Entertainment LLC v. Sims, U.S. District Court for the Central District of California, No.

Persons: Ross, Matt Duffer, Mario Anzuoni, Jeffrey Kennedy's, Ross Duffer, Kennedy, Patrick Arenz, Robins Kaplan, Jeremy Osher, Boren Osher, David Grossman, Loeb, Kelly Klaus, Munger Tolles, Blake Brittain Organizations: REUTERS, Netflix, Rover Entertainment, Irish Rover, Irish Rover Entertainment, U.S, Central, Central District of, Luftman, Olson, Thomson Locations: Los Angeles , California, U.S, Los Angeles, Indiana, South Bend , Indiana, Central District, Central District of California, Washington

☆ Open Championship: Controversial new par-three 17th hole at Royal Liverpool splits opinion
▼ + stars: | 2023-07-20 | by ( Jack Bantock | ) edition.cnn.com time to read: +10 min

It may be the shortest hole on the course, but Royal Liverpool’s par-three 17th hole is already proving a tall order for some players at the 151st edition of the tournament. When Rory McIlroy lifted the Claret Jug in 2014, the 17th hole was a 458-yard par four. General view across the 17th tee as crowds look on during a practice round prior to The 151st Open at Royal Liverpool Golf Club. Though an opening one-over 72 marked a disappointing start to his latest pursuit of a second major, he did birdie the 17th hole. Herbert’s strong start crumbled after his 17th tee drive skewed left to settle at the bottom of the green’s slope.

Persons: –, Lucas Herbert, ” Herbert, Martin Ebert, ‘, ’, Rory McIlroy, it’s, Stuart Franklin, …, ”, Martin Slumbers, “, Cameron Smith, Andrews, Slumbers ’, “ That’s, ” Smith, There’s, ” England's Oliver Wilson, Glyn Kirk, Billy Foster, caddie, Matt Fitzpatrick, ” Foster, ” Fitzpatrick, Fitzpatrick, Stuart Kerr, Pete Cowen, Brooks Koepka, They’ll, ” Cowen, Cowen, Foster, Cowen’s, Koepka, Pete, Kevin C, Cox, Herbert’s, It’s, ” Jordan Spieth, Jon Rahm –, Spieth, ” England’s Jason Day, “ There’s, Matthew Jordan, ” Jordan Organizations: CNN —, Royal Liverpool, 151st, Royal Liverpool Golf Club, TPC, Royal, St, Getty, coy, May’s, CNN, Oak Hill Country, Merseyside Locations: Augusta, It’s, AFP, , New York

☆ Study estimates a 10-day UPS strike could be most costly in US history at $7.1 billion
▼ + stars: | 2023-07-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —A 10-day UPS strike could cost the US economy $7.1 billion. The union has said it will go on strike August 1 without an agreement on a new contract. The Teamsters union did not have an immediate comment on the study. The $7.1 billion cost estimates would nearly double the $4.2 billion total economic hit of the costliest recent strike, the 2019 strike at General Motors. He said that the cost of the strike would be limited if it only lasts a couple of days, but would increase rapidly after that.

Persons: ”, Glenn Zaccara, Patrick Anderson, Anderson Organizations: New, New York CNN, UPS, Anderson Economic Group, Teamsters, Anderson Economic, General Motors Locations: New York, Michigan

That estimate from Michigan-based Anderson Economic Group (AEG) includes UPS customer losses of $4 billion and lost direct wages of more than $1 billion. A 15-day UPS strike in 1997 disrupted the supply of goods, cost the world's biggest parcel delivery firm $850 million and sent some customers to rivals like FedEx (FDX.N). Roughly 340,000 union-represented UPS workers handle about a quarter of U.S. parcel deliveries and serve virtually every city and town in the nation. A strike could delay millions of daily deliveries, including Amazon.com (AMZN.O) orders, electronic components and lifesaving prescription drugs, shipping experts warned. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations.

Persons: Patrick Anderson, Anderson, GM's, Bruce Chan, Chan, Lisa Baertlein, Priyamvada, Pooja Desai, Jonathan Oatis, David Gregorio Our Organizations: United Parcel Service, Anderson Economic Group, AEG, UPS, FedEx, stoke, International Brotherhood of Teamsters, Teamsters, Consumers, UAW, Teamster, Thomson Locations: U.S, Michigan, Los Angeles, Bengaluru

☆ French central bank head warns against raising ECB inflation target
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

AIX-EN-PROVENCE, France, July 9 (Reuters) - France's central bank head Francois Villeroy de Galhau pushed back on Sunday against a suggestion from some French economists to raise the European Central Bank's (ECB) 2% inflation target. The aim is to bring inflation down to the 2% target by 2025, Villeroy said at an economics conference in the southern French city of Aix-en-Province. Former IMF chief economist, Frenchman Olivier Blanchard, has long called for a higher inflation target than the 2% shared by most major central banks, arguing that the increased flexibility that would provide would outweigh the costs. In response, Villeroy said that a higher inflation target was a "false good idea" and would lead to higher rather than lower borrowing costs. "If we announced our inflation target is no longer 2% but 3%, lenders would immediately demand higher interest rates, at least 1% (more)" in anticipation of higher inflation and uncertainty Villeroy said.

Persons: Francois Villeroy de Galhau, Villeroy, Frenchman Olivier Blanchard, Patrick Artus, Bruno Le Maire, Andrew Bailey, Leigh Thomas, William Schomberg, Elaine Hardcastle, Alexander Smith Organizations: Bank's, Former IMF, Veteran, French Finance, Bank of England, Thomson Locations: PROVENCE, France, French, Aix, Province, London

☆ These workers say they're saving time by using ChatGPT to write blogs, emails, and contracts: 'It's a game changer'
▼ + stars: | 2023-07-08 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Workers said they're using ChatGPT to write blogs, manage emails, and fine-tune contracts. Amid the gloomy projections, however, some workers are finding ways to make the potentially job-stealing tools work for them. Nick Patrick, who owns the music production company Primal Sounds Productions, said he used the bot to create contracts and help write social posts. He said he'd been using the chatbot to write blogs, emails, and for idea generation among other things. Using ChatGPT saved him about three to four hours per client.

Persons: Nick Patrick, it's, Patrick, Nick Patrick ., he's, he'd, ChatGPT Organizations: Workers, Morning, Primal Sounds Productions Locations: ChatGPT

☆ The US economy can’t function smoothly without UPS. That’s why a strike will hurt
▼ + stars: | 2023-07-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

That’s why there is so much at stake in contract negotiations between UPS and the Teamsters union. Without a deal, 340,000 Teamsters are preparing to go on strike at the nation’s largest trucking company starting August 1. A UPS strike could spread disruptions like that across much of the country. Their ability to adjust and find alternatives, it’s going to be challenging.”The economy has changed radically in the 26 years since the last UPS strike in 1997. UPS won’t comment on its contingency plans, saying it is focused on reaching a deal that would avoid a strike.

Persons: ”, Patrick Anderson, It’s, “, Sean O’Brien, O’Brien, it’s, Holly Wade, Satish Jindel, Mike Eisner, Jindel, Eisner, Tommy Storch, you’ll, it’ll, ” Storch Organizations: New, New York CNN, UPS isn’t, UPS, Teamsters, Anderson Economic Group, CNN, “ Shipping, National Federation of Independent Business, FedEx, US Postal Service, Postal Service, USPS Locations: New York, Michigan

☆ Big Tech fund manager reveals how to trade expensive valuations — and the stocks to buy
▼ + stars: | 2023-06-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Investors should focus on trading momentum rather than worry too much about lofty valuations in Big Tech stocks, according to chief investment officer Patrick Armstrong. "I've kept the mega-cap tech stocks that have really been the driver of returns for my portfolio and for the market," Armstrong told CNBC's Squawk Box Europe Monday. Yet Big Tech valuations have pushed the index's forward average price-to-earings ratio to 21 times, its highest level since 2004, barring a brief period in 2018 and 2021, according to FactSet data. Despite his discomfort about these steep valuations, Armstrong said he's not selling yet for two reasons. Armstrong added that if the economy slips into a recession, the recent tech rally could become a period of stagnation, with Big Tech stocks treading water as they attempt to grow into their lofty valuations.

Persons: Patrick Armstrong, Armstrong, I've, CNBC's, It's, he's, you've Organizations: Global Equity Strategy, Big Tech, Tech, Microsoft, Apple, Adobe, Investors Locations: Big Tech

Search resuls for: "Patrick A"

25 mentions found