U.S. Dockworkers Strike Suspended as Tentative Deal Offers 62
WEB1 day ago · A historic strike by dockworkers that brought East and Gulf Coast ports to a standstill has been temporarily halted as the International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) reached a tentative agreement on wage increases. The proposed deal includes a 62% wage hike over six years, significantly higher than the 50% initially offered by shipping companies.
Rivian Slashes Production Forecast Due to Parts Shortage, Shares …
WEB21 hours ago · Rivian Automotive, the electric vehicle (EV) startup backed by Amazon, has reduced its full-year production forecast, citing supply chain disruptions and a shortage of key components. The company also missed third-quarter delivery expectations, causing its stock to drop by about 4% in early trading on Friday. Rivian now expects to produce between 47,000 and 49,000 vehicles in 2024, a sharp ...
Business Times - Business & Financial News, China & International ...
WEBTesla Reportedly Opts Out of Performance-Based Stock Incentives for Employees Amid Cost-Cutting Measures. Business Times is a digital global news publication that provides comprehensive coverage and analysis of the most important business, economic, financial, political and technological issues from China and around the world.
US Labor Market Holds Steady, But Strikes and Storm Loom as …
WEB1 day ago · Nonfarm payrolls are expected to increase by 140,000 in September, according to a survey by Reuters. This is slightly below August's gain of 142,000, as the labor market continues to cool in response to the Fed's earlier rate hikes. The unemployment rate is projected to hold steady at 4.2%, up from 3.4% in April, in part due to a surge in ...
U.S. Economy Surges with 254,000 Jobs Added in September, …
WEB22 hours ago · The U.S. labor market surged in September, as employers added 254,000 jobs, significantly surpassing economists' expectations and easing concerns about the economic outlook. The job gains, released by the Bureau of Labor Statistics (BLS) on Friday, highlighted the resilience of the U.S. economy despite ongoing challenges, and the unemployment rate fell to 4.1% from 4.2%.
Port Strike Halts U.S. Shipping, Threatens $5 Billion Daily Hit to ...
WEB3 days ago · The recent strike by the International Longshoremen's Association (ILA) has disrupted half of the U.S.'s ocean shipping network, stalling goods ranging from food to automobiles and sparking concerns about significant economic ramifications. President Joe Biden's administration has put pressure on port employers to raise their offer to dockworkers, following the collapse of negotiations for a ...
Fed Chair Powell Signals More Rate Cuts but Warns Against …
WEB4 days ago · Despite some positive signs, Powell's remarks made it clear that the Fed is prepared to act more aggressively if the economic outlook deteriorates. During the Q&A, Powell stated that while the base case for policy is a slower pace of rate cuts, the central bank will respond quickly if necessary. "We will do what it takes in terms of the speed ...
James Comer Subpoenas DHS Chief Mayorkas Amid Allegations of …
WEB3 days ago · Comer's inquiry is fueled by claims from a whistleblower that a non-classified group chat among DHS personnel includes information pertinent to the investigation of Walz's ties to China. In a letter accompanying the subpoena, Comer stated, "The Committee has learned that further relevant information regarding Governor Walz has been memorialized ...
With $1.5 Billion Loan, Michigan’s Palisades Aims for Historic …
WEB4 days ago · The Palisades nuclear plant in Michigan has taken a significant step toward becoming the first nuclear reactor in U.S. history to restart operations after a shutdown. On Monday, the Department of Energy (DOE) announced that Palisades has secured a $1.5 billion federal loan to support the ambitious revival, which is being driven by Holtec International, the plant's owner.
Dollar Gains Ground as Powell Signals Caution on Rate Cuts, Yen ...
WEB4 days ago · The U.S. dollar strengthened broadly on Tuesday as Federal Reserve Chair Jerome Powell tempered expectations of aggressive interest rate cuts, pushing back against the speculation that has gripped financial markets in recent weeks. The dollar index rose by 0.4%, reaching 101.11, while Powell's remarks reshaped the outlook for future monetary policy as traders recalibrated their expectations ...