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☆ Aussie stocks open higher as investors digest China economic data, await Fed rate verdict
▼ + stars: | 2024-09-16 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Asian markets were set to open mixed Monday as investors digested the downbeat economic data from China released over the weekend, while several key markets were closed for holidays. Investors also await the Federal Reserve's policy meeting on Tuesday and Wednesday where the central bankers are expected to make their first interest rate cut since 2020. China released a slew of worrying economic data, with August factory output, retail sales and investment numbers missing expectations. Urban jobless rate rose to a six-month high while year-on-year home prices fell at the fastest pace in nine years. Reaction to China's disappointing economic data will be likely seen in the Hong Kong market.

Locations: China, South Korea, Japan, Hong Kong

BRUSSELS (AP) — Trade unions and thousands of disgruntled workers are set to demonstrate through the Belgian capital Monday to protest the threat of thousands of layoffs in a state-of-the-art Brussels car factory and other key industries. There was a tide over the past year,” affecting major industries all over Belgium, said ACV union representative Lieve De Preter. To counter the industrial decline, unions are insisting on better company coordination across the 27-nation EU and more say of employees in the running of businesses. The demonstration is set to cause gridlock throughout Brussels for much of the day. This material may not be published, broadcast, rewritten or redistributed.

Persons: Lieve De Preter Organizations: — Trade, Belgian, Audi, EU, Associated Press Locations: BRUSSELS, Brussels, Belgium

☆ Drugmakers bet billions that targeted radiation could become the next cancer breakthrough
▼ + stars: | 2024-09-16 | by ( Angelica Peebles | In Angelicapeebles | ) www.cnbc.com time to read: +9 min

watch nowDrugmakers are betting that delivering radiation directly to tumors will become the next big cancer breakthrough. That can allow the treatment to deliver radiation to cancer cells and spare the rest of the body from the level of damage that comes with many cancer drugs. For Pluvicto, patients come in once every six weeks for up to six treatments. One opportunity Bristol Myers Squibb sees is combining radiopharmaceuticals with existing cancer drugs like immunotherapy, said Robert Plenge, Bristol's chief research officer. But she thinks the technology will become an important part of cancer drugs in the next decade.

Persons: Eli Lilly, They've, Michael Schmidt, Schmidt, Franco Origlia, Jacob Van Naarden, Eli Lilly's, Lilly, Biopharma, Van Naarden, Radiopharmaceuticals, Bristol Myers, Ben Hickey, RayzeBio, Hickey, Victor Bulto, Bulto, Timothy Korytko, Ronald Coy, Sharon, Ronald Coy Ronald Coy, Coy, who's, Coy hasn't, she's, we've, Eli Lilly's Van Naarden, Bristol Myers Squibb, Robert Plenge, Susan Galbraith, Galbraith Organizations: Bristol Myers Squibb, AstraZeneca, Guggenheim Securities, Novartis, NSA, Pharmaceutical, Bassett Healthcare Network, Bristol, Fusion Pharmaceuticals, Guggenheim Locations: Aedea Rome, Italy, radiopharmaceuticals, Swiss, FactSet, Bristol, Indiana, U.S, New York, Bassett

CNN —At least eight people have died after some of the heaviest rain in years hit central and eastern Europe, causing flooding and widespread disruption. Rescuers have been working hard to rescue hundreds of people left stranded by heavy rainfall there. Garages and a house flooded in the town of Kłodzko, in Poland's southwest, Sunday, Sept. 15, 2024, after days of unusually heavy rain. Krzysztof Zatycki/APRising water along the Wien River during heavy rain on September 15, 2024, in Vienna, Austria. Many municipalities in Lower Austria have declared a state of emergency as heavy rainfall continued into Sunday.

Persons: Boris, Prudnicka, Cătălin Predoiu, Predoiu, Sofia Basalic, “, Gica Stan, Storm Boris, Krzysztof Zatycki, Christian Bruna, Donald Tusk, Tusk, Petr Pavel, Vlček, Miroslav Binar, Gabriel Kuchta, Tomas Benedikovic, Sergei Gapon, Ursula von der Leyen Organizations: CNN, Residents, AFP, Storm, Poland’s, ”, European Union, CNN Prima, Fire, Getty, European Commission Locations: Europe, Vienna, Bratislava, Prague, Poland, Germany, Czech Republic, Austria, Slovakia, Klodzko county, Moszczanka, Romania, Galati, Kłodzko, Poland's, Sunday, Wien, Klodzko, Klodzko County, Czech, ”, Krnov, Jesenik, AFP, Glucholazy, Benešově nad Černou, Saxony, Lower Austria

☆ What this Boeing strike is really all about
▼ + stars: | 2024-09-14 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —At the heart of the Boeing strike that began Friday is a story about what happens when penny-pinching executives lose the plot and it falls to workers to get everyone back on track. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy. Years of pent-up resentment over Boeing’s mismanagement, combined with pandemic-era inflation and a resurgent labor movement, made this strike inevitable. Ahead of the strike, Ortberg urged workers not to strike while acknowledging their anger over nearly two decades of past contracts that downsized their retirement and health care benefits. Almost exactly one year ago, the United Auto Workers union won historic guarantees from the Big Three automakers after a seven-week strike.

Persons: —, ”, Richard Aboulafia, James McNerney, Aboulafia, Kelly Ortberg, missteps, Ortberg, Jon Holden, “, — who’ve, Dave Calhoun’s, Holden, haven’t, ” Holden, Sharon Block Organizations: New, New York CNN, Boeing, SpaceX, International Association of Machinists, United Auto Workers, Big, UAW, hardball, Harvard Law School’s Center for Labor Locations: New York, January’s, Renton , Washington, Seattle, Virginia, South Carolina, Washington, United States

☆ A defense startup says it can fix America's ammo problem with China using a new low-cost cruise missile
▼ + stars: | 2024-09-13 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. "This is not designed to go specifically and rigidly at one specific problem," Anduril's chief strategy officer, Chris Brose, told DefenseScoop. "We have designed Barracuda to be able to range across a series of targets — from ground-based targets to maritime targets to others." Anduril did not immediately respond to a request for comment sent outside regular business hours by Business Insider.

Persons: —, Anduril, Chris Brose, DefenseScoop, Diem Salmon, Salmon, Palmer Luckey, hyperscale, Brose Organizations: Service, Barracuda, Business, Pentagon, US Air Force, Enterprise, Oculus Locations: China, Russia, America

☆ Boeing workers are set to strike — and it could cost the company billions
▼ + stars: | 2024-09-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The walkout depressed revenues in the period by $4.3 billion, Boeing said at the time. Another strike of that length would cost Boeing at least $3 billion, according to a TD Cowen research note cited by The New York Times. The rejected deal would have cost Boeing an extra $900 million a year if passed, they noted. A Boeing strike in 1989 cost the company $2.5 billion in lost revenue, and the next one in 2005 cost it about $1 billion, the American Action Forum noted in a paper this week. "This may be because Boeing generally delays orders rather than losing them, so their revenue is time-shifted rather than diminished."

Persons: —, Cowen, Kelly Ortberg, they're Organizations: Service, Boeing, International Association of Machinists, Aerospace Workers, IAM, Business, The New York Times, Jefferies, CNBC, American Action, AAF

☆ Tesla Semi fire in California took 50,000 gallons of water to extinguish
▼ + stars: | 2024-09-13 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +1 min

A single-vehicle collision last month involving a Tesla Semi electric truck took 50,000 gallons of water to extinguish and required aircraft to dump fire retardant overhead, according to a preliminary report on Friday from the National Transportation Safety Board. The Tesla truck, driven by an employee, was headed to the company's battery factory in Sparks, Nevada, from a warehouse in Livermore, California, the report said. Tesla CEO Elon Musk first showed off the Semi truck design at an event in November 2017, promising it would come to market in 2020. "Preparation of Semi factory continues and is on track to begin production by end of 2025," Tesla said in its second-quarter earnings report in July. The NTSB report confirmed that Tesla's driver-assistance systems, which are marketed as Autopilot and Full Self-Driving (Supervised) in the U.S., were not "operational" at the time of the Semi collision and fire.

Persons: Tesla, Elon Musk Organizations: National Transportation Safety Board, NTSB, CAL Locations: Lake Tahoe, reigniting, Sparks , Nevada, Livermore , California, Nevada, U.S

☆ Stocks making the biggest moves midday: Moderna, Uber, Boeing, Adobe and more
▼ + stars: | 2024-09-13 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Oracle — The stock rose nearly 2% after the database software company raised its fiscal 2026 revenue outlook . Uber — Shares of the ride-sharing company advanced more than 5% following news that it plans to expand its partnership with Alphabet's Waymo . Adobe — Shares tumbled 9% after the software company issued weaker-than-expected guidance for the current quarter. Unity Software — Shares of the game engine company added nearly 7%. Discovery — Shares advanced about 9% after the media conglomerate entered an early renewal agreement with Charter Communications.

Persons: Kevin Clark, RH —, Gary Friedman, Alphabet's Waymo, Uber, Stifel, Biden, David Zaslav, —, Jesse Pound, Sean Conlon, Samantha Subin, Hakyung Kim Organizations: JPMorgan, Oracle, Aptiv, — Stock, Adobe, Boeing, Unity, Holdings, PDD Holdings, Redfin Corporation, Federal Reserve, U.S, Home, Warner Bros, —, Charter Communications, Discovery Locations: U.S, Austin , Texas, Atlanta, China

☆ Stocks making the biggest moves premarket: Boeing, Oracle, Moderna and more
▼ + stars: | 2024-09-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Boeing — The stock sank 4% after Boeing factory workers went on strike early Friday after rejecting a new labor contract. Oracle — Shares of the database software company rallied more than 6%. Oracle lifted its fiscal 2026 revenue forecast and shared strong guidance for the 2029 fiscal year. RH — Shares of the home furnishings retailer surged 21% after a stronger-than-expected second quarter. Adobe — Shares sank more than 8% after the company issued softer-than-expected guidance for the current quarter.

Persons: Max, Kevin Clark, — CNBC's Michelle Fox, Lisa Han, Sarah Min, Jesse Pound Organizations: Boeing, Oracle —, Oracle, Moderna —, JPMorgan, —, Adobe —, Adobe, Aptiv, U.S . Securities, Exchange Commission, AstraZeneca —, Deutsche Bank

☆ Elon Musk now travels with up to 20 bodyguards who refer to him by the code name 'Voyager,' report says
▼ + stars: | 2024-09-13 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's the code name that Elon Musk's security team uses to refers to him, The New York Times reported as part of an investigation into the Tesla CEO's protective services. This story is available exclusively to Business Insider subscribers. AdvertisementIn 2022, Business Insider revealed that Musk secretly bought a house after his former address became public knowledge. Related storiesA Tesla SEC filing revealed that Musk's security company billed the company $2.4 million in 2023 and another $500,000 through February 2024, representing just a portion of Musk's total security expenses.

Persons: —, Musk, He's, Errol, Mark Zuckerberg's, Tim, Tesla, Zachary Kirkhorn Organizations: Service, NASA, Elon, New York Times, Business, Times, SEC, Errol's, Apple, Tesla's Locations: bitcoin, Nevada, Texas

☆ Boeing warns strike will 'jeopardize' recovery, hurt aircraft production
▼ + stars: | 2024-09-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Union members hold picket signs during a news conference following a vote count on the union contract at the IAM District 751 Main Union Hall in Seattle, Washington, US, on Thursday, Sept. 12, 2024. Boeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and "jeopardize" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job. West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes. Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.

Persons: Brian West, West, Sheila Kahyaoglu, Kelly Ortberg Organizations: IAM, Hall, Boeing, Max, Jefferies, International Association of Machinists, Aerospace Workers Locations: Seattle , Washington, US

☆ Boeing workers overwhelmingly reject contract, prepare to strike
▼ + stars: | 2024-09-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing Co. workers and supporters hold signs outside the Aerospace Machinists Union District 751 Hall ahead of a vote on the union contract in Renton, Washington, US, on Thursday, Sept. 12, 2024. More than 30,000 Boeing workers were set to strike Friday, halting production of most of the company's aircraft after staff overwhelmingly rejected a new labor contract. Workers in the Seattle area and in Oregon voted 94.6% against a tentative agreement that Boeing and the International Association of Machinists and Aerospace Workers unveiled Sunday. They voted 96% to strike, far more than the two-thirds vote required for a work stoppage. He characterized it as an "unfair labor practice strike," alleging that factory workers had experienced "discriminatory conduct, coercive questioning, unlawful surveillance and we had unlawful promise of benefits."

Persons: Jon Holden, Boeing didn't Organizations: Boeing Co, Aerospace Machinists, Boeing, Workers, International Association of Machinists, Aerospace Workers Locations: Renton , Washington, US, Seattle, Oregon

☆ Boeing strike 2024: IAM union members set to strike early Friday after vote against proposed deal
▼ + stars: | 2024-09-13 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

New York CNN —Union members at Boeing overwhelmingly rejected a proposed a four-year contract with the troubled aircraft manufacturer, authorizing the first strike at the company in 16 years, said the International Association of Machinist (IAM) union. It also increased job security for union members, because Boeing promised to build its next commercial jet, which has yet to be announced, at a unionized plant. But 95% of members of the IAM union voted against the deal. In a separate vote 96% voted to authorize a strike, easily clearing the two-thirds threshold needed to approve a walkout. Boeing has nearly 150,000 US employees, including the 33,000 IAM union members.

Persons: ”, Jon Holden, Kelly Ortberg, “, Max, Holden, we’ve Organizations: New, New York CNN — Union, Boeing, International Association of, IAM, Alaska Airlines, Federal Aviation Administration, US Justice Department Locations: New York, Alaska

☆ Why VW investing $5 billion in Rivian might be transformative for both companies — and the auto industry
▼ + stars: | 2024-09-12 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

Electric truck maker Rivian's $5 billion deal with Volkswagen Group nets Rivian some much-needed cash. But it also gives Volkswagen a path to a future in the auto industry it has struggled to gain on its own. As of the second quarter, Rivian was losing somewhere around $1.5 billion per quarter — or about $30,000 to $43,000 on every truck it sold in the past five quarters. Financial strain and instability in the EV market and the broader economy have led to multiple rounds of layoffs at Rivian. But there are still challenges: Automotive history is littered with failed partnerships, Rivian and VW are still competitors, and the EV transition has proven rockier than many forecasters had expected.

Persons: Rivian, Joe McCabe, Alex Potter, Piper Sandler Organizations: Volkswagen Group, Volkswagen, AutoForecast Solutions, EV, VW Locations: Georgia

☆ UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

David Dee Delgado | ReutersDETROIT – Stellantis ' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business. "The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results." Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023. It's part of his "Dare Forward 2030" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.

Persons: Carlos Tavares, David Dee Delgado, Tavares, Kevin Farrish, Farrish, Ford Stellantis, Stellantis, Shawn Fain, Kamala Harris, Tim Walz, Rebecca Cook Organizations: New York, Auto, Reuters DETROIT, United Auto Workers, Chrysler, Dodge, Investor, Bloomberg, Stellantis, GM, Fiat Chrysler, France's PSA Groupe, UAW, U.S, Democratic Locations: Manhattan , New York, U.S, Virginia, Romulus , Michigan

☆ Boeing faces strike threat as workers vote on new contract
▼ + stars: | 2024-09-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing workers are voting on a new labor contract on Thursday, setting up the potential for a crippling strike if staff members decide to reject the deal just as the plane maker is trying to ramp up its production. "I know the reaction to our tentative agreement with the IAM has been passionate," he wrote in his staff note. The union, which represents about 33,000 Boeing factory workers in the Seattle area and in Oregon had sought some 40% pay raises from Boeing. But the 25% increase would be in line with the United Auto Workers' deal last year that followed strikes at Ford , General Motors and Chrysler parent Stellantis. If approved, the Boeing deal would follow a series of union-negotiated pay increases across industries ranging from Hollywood to airlines.

Persons: Kelly Ortberg, Jon Holden Organizations: Boeing, International Association of Machinists, Aerospace Workers, IAM, United Auto Workers, Ford, General Motors, Chrysler Locations: Seattle, Renton , Washington, Everett , Washington, Ortberg, Oregon, Hollywood

☆ Jensen Huang says if 'anything were to happen' in Taiwan, Nvidia could have GPUs made somewhere else
▼ + stars: | 2024-09-12 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

When Nvidia CEO Jensen Huang spoke to Goldman Sachs CEO David Solomon on Wednesday, the banker raised this relationship — and how precarious it is due to rising tension in the Taiwan Strait. This story is available exclusively to Business Insider subscribers. Last year, Huang said he felt "perfectly safe" relying on manufacturing in Taiwan. Though Samsung has some of the same capabilities required to produce the most advanced chips, TSMC is the clear leader. Huang went on to praise TSMC for scaling up to meet the demand that created Nvidia's "hockey stick" earnings in recent years.

Persons: —, Jensen Huang, Goldman Sachs, David Solomon, Solomon, Huang, Dylan Patel, Chris Miller, TSMC, Patel Organizations: Service, Nvidia, Wednesday, Business, Samsung, Intel, SEC, Blackwell Locations: Taiwan, Asia, China, Pacific, TSMC, South, Arizona

☆ Boeing faces strike threat as union members vote on tentative labor deal today
▼ + stars: | 2024-09-12 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

Among other benefits increases, the contract would increase union members’ pay by last least 25% over four years. Union members have launched a series of protests this week outside of Boeing plants and may ultimately reject the new contract union leaders negotiated with Boeing management. The deal will be officially approved if more than 50% of the members vote in favor of the tentative agreement. That would prevent a strike, no matter how many workers vote to strike. If just more than a third of members vote against a strike, then the contract takes effect, no matter the results of the ratification vote.

Persons: we’ve, Kelly Ortberg, Jon Holden, ” Holden, Ortberg, “, ”, Holden Organizations: New, New York CNN —, Boeing, Union, Alaska Airlines, International Association of Machinists, IAM, The Seattle Times, CNN Locations: New York, Oregon, Seattle, What’s, Washington

☆ Russian ship suspected of delivering Iranian ballistic missiles seen at Caspian Sea port
▼ + stars: | 2024-09-11 | by ( Tim Lister | Gianluca Mezzofiore | ) edition.cnn.com time to read: +5 min

CNN —A Russian cargo ship suspected of carrying Iranian ballistic missiles for Moscow’s war against Ukraine was seen at a Russian port on the Caspian Sea a week ago, satellite imagery shared with CNN shows. The ship had previously been in the Iranian port of Amirabad on August 29, according to ship tracking data. Period.”The Ukrainian Foreign Ministry summoned the Iranian charge d’affaires, Shahriar Amouzegar, this week following the reports of ballistic missiles being sent to Russia. By September 6, it had left the Russian port for another voyage. Ukrainian President Volodymyr Zelensky has frequently appealed to Kyiv’s allies for greater latitude in using Western missiles against targets inside Russia.

Persons: “, ”, Antony Blinken, Seyed Abbas Araghchi, Shahriar, Amouzegar, Blinken, Sergei Shoigu, Ababil, ” Blinken, Volodymyr Zelensky, Joe Biden, Keir Starmer, Victoria Butenko, Natasha Bertrand, Kylie Atwood Organizations: CNN, Maxar Technologies, US Treasury, Russian Ministry of Defense, Treasury, Russia, Iranian Fatah, Islamic, Ukrainian Foreign Ministry, Washington, Iran, US, Russian Defense, Islamic Revolutionary Guard Corps, Western, UK Locations: Russian, Ukraine, Olya, Port Olya, Astrakhan ., Amirabad, Iran, Russia, London, Iranian, Islamic Republic, France, Germany, Washington, Astrakhan, The, United States

☆ U.S. says Iran is sending ballistic missiles to Russia in a 'dramatic escalation'
▼ + stars: | 2024-09-10 | by ( Dan De Luce | Dan De Luce Is A Reporter For The Nbc News Investigative Unit. | ) www.nbcnews.com time to read: +3 min

Iran has sent short-range ballistic missiles to Russia for its war against Ukraine in a “dramatic escalation” that will let Moscow strike deeper inside Ukrainian territory, U.S. Secretary of State Antony Blinken said Tuesday. “Russia has now received shipments of these ballistic missiles and will likely use them within weeks in Ukraine against Ukrainians,” Blinken told reporters. “Dozens of Russian military personnel have been trained in Iran to use the Fath-360 close-range ballistic missile system, which has a maximum range of 75 miles,” he said. Confirmation from Washington that Iran is now arming Russia with sophisticated short-range ballistic missiles will likely increase pressure on the Biden administration to ease restrictions on how Ukraine can use weapons to strike at targets inside Russia. Iran has denied it is providing missiles to Russia and has called for countries to halt any weapons shipments to either side in the conflict.

Persons: Antony Blinken, David Lamy, ” Blinken, Blinken, “ We’ve, we’ve, ”, Biden, Andrii, Naser Kanaani, Dmitry Peskov, “, Lamy, Behnam Ben Taleblu Organizations: Ukraine, Blinken, British, Firefighters, U.S, Iran Air, Iranian Foreign Ministry, ISNA, Kremlin, Foundation for Defense of Democracies Locations: Iran, Russia, Moscow, U.S, Britain, London, Ukraine, Washington, Kyiv, Russian, Kharkiv, Gaza, Iranian, Tehran

☆ After 9 rejections, she landed her dream job as a Singapore Airlines flight attendant. Six years later, she quit to open a hawker stall.
▼ + stars: | 2024-09-10 | by ( Erin Liam | ) www.businessinsider.com time to read: +8 min

But the dream of becoming a flight attendant never went away, and she continued to apply after graduation. Tan applied to be a flight attendant on Singapore Airlines 10 times. Flying began to feel mundane, and she was uncertain about the job stability and career progression of being a flight attendant, she said. As a flight attendant, Tan got around a day off after working for two or three days a week. AdvertisementNo easy business to break intoThe hawker business is challenging to succeed in.

Persons: —, Cherry Tan, Tan, Duncan Hsu, Hsu, Erin Liam, KF, Hawker, " Tan, I'm, Tan doesn't, hawkers Organizations: Service, Singapore Airlines, Singapore Institute of Technology, Business, Urban, Factory, UNESCO, Intangible, Heritage, National Environment Locations: Singapore, Taiwan, Urban Hawker, New York City, hawker, India

☆ Hundreds of workers strike at major Samsung factory in India
▼ + stars: | 2024-09-10 | by ( Story Reuters | ) edition.cnn.com time to read: +4 min

Production at a key Samsung Electronics plant in southern India was disrupted by hundreds of employees striking for higher wages on Tuesday, as top executives sought to resolve a rare episode of labor unrest. Posters saying “Indefinite Strike” went up outside the factory near the city of Chennai, where hundreds of workers in company uniforms set up tents to shade themselves from the heat. People shop inside a store selling Samsung mobile phones and electronics at Mumbai, India on March 6, 2023. A spokesperson for Samsung India said on Monday that it actively engaged with workers “to address any grievances they may have and comply with all laws and regulations.”Around 800 workers signed a register outside the factory to record their protest. One poster outside the factory exhorted state labor officials not to support management, advising instead: “Discuss and solve demands from the labor union with union officials.”

Persons: E, Muthukumar, Francis Mascarenhas, Veera Raghava Rao, “, ”, Prabhu Ram Organizations: Samsung Electronics, Samsung, India’s, LG Electronics, Reuters, Centre of Indian Trade Unions, Samsung’s Southwest, JB, India, Samsung India, Cybermedia Research Locations: India, South Korea, Sriperumbudur, Chennai, Seoul, Samsung’s, Samsung’s Southwest Asia, Gurugram, New Delhi, Mumbai

☆ Workers at Samsung India plant strike, partly hitting production
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: +1 min

Samsung employs under 2,000 workers at its Sriperumbudur plant near the city of Chennai which makes refrigerators and washing machines. The strike comes after Samsung Electronics' biggest union in South Korea held a four-day strike in August demanding higher wages and bonuses after talks with management fell through. Hundreds of workers at a Samsung Electronics plant in southern India have begun an indefinite strike to demand higher wages, partly hitting production on Monday, a union leader told Reuters. E. Muthukumar, who heads the Samsung India union, said many people dressed in company uniform sat outside the plant and demanded a wage hike and better working hours. A Samsung India spokesperson said in an email the company actively engages with "workers to address any grievances they may have and comply with all laws and regulations".

Persons: Muthukumar Organizations: Samsung, Samsung Electronics, Reuters, Samsung India Locations: Chennai, South Korea, India, Samsung India, Noida, Uttar Pradesh

☆ People in China still aren't buying enough stuff — so exporters are slashing prices to push more overseas sales
▼ + stars: | 2024-09-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewChina's exports are booming, but profits could be under pressure, recent data from the country showed. China's exports rose 8.7% in August from a year ago to nearly $309 billion — a two-year high, official data showed on Tuesday. Imports, meanwhile, edged up by just 0.5% in August from a year ago — a sign that domestic demand was still weak. While China's robust exports have been supporting the country's flagging economy amid weak demand, data suggest that exporters have been slashing prices to stay competitive — a trend some economists have flagged. Meanwhile, official data released on Monday showed China's Producer Price Index — which measures the price of goods at the factory gate — falling 1.8% from a year ago.

Persons: —, it's Organizations: Service, Reuters, Business, PPI, Bank of America, European Union Locations: China, Beijing

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