| General Motors and Stellantis NV are said to have agreed to provide 25% wage increases to United Auto Workers members, matching the same offer by Ford to possibly end a historic six-week strike in which the union held the industry to account for sacrifices made during the financial crisis. The GM proposal is also said to include cost-of-living increases over the more-than-four-year contract. The UAW strike began Sept. 15 and grew to include more than 45,000 workers from GM, Ford and Stellantis at eight assembly plants and 38 parts-distribution facilities in 22 states. The walkouts have cost the auto industry billions of dollars, with Ford's deal earlier this week ramping up pressure on its Detroit rivals to finish their negotiations and get back to work. —David E. Rovella A new day, a new data point. While yesterday there were indications US inflation was cooling at a faster rate than predicted, today there are numbers pointing the other way. The Federal Reserve's preferred measure of underlying inflation accelerated to a four-month high in September as consumer spending picked up. The core personal consumption expenditures price index, which strips out the volatile food and energy components, rose 0.3% in September, according to a new Bureau of Economic Analysis report. Inflation-adjusted consumer spending jumped 0.4% last month. Still, the Fed is expected to keep its finger on the pause button when it meets to mull interest rates next week.  When it comes to saving money or saving the species, it seems American consumers have spoken: They'll take the money. The electric-vehicle boom that spawned multibillion-dollar startups overnight is starting to flounder as a key theme from this earnings season is waning demand. First was Tesla's grim earnings report last week, followed by dour commentary from GM, Mercedes-Benz, Honda and car-rental company Hertz. The shift has been sobering for investors, as the valuations of most EV stocks assume a rapid industry expansion. The integrity of one of the largest single sources of credits in the $2 billion carbon market faces serious doubt following the collapse of the partnership behind Kariba, a mega-project in Zimbabwe backed by the world's top seller of carbon offsets. South Pole, the company that sold most of the credits tied to the forest-protection project, said on Friday that it terminated its contract with Carbon Green Investments, which owns and develops the site. Dozens of corporate giants, including Volkswagen, Nestle, L'Oreal, Gucci and McKinsey, have purchased credits from Kariba representing millions of tons of greenhouse gas emissions. Israel says its forces are expanding their activity in the Gaza Strip as Palestinians there lose access to internet and phone service. Meanwhile the bombing campaign that Gaza health officials report has already killed 7,000 Palestinians is intensifying. On the ground, only about 2% of needed humanitarian aid is reaching Gaza, and it can't be properly distributed because of fuel shortages, according to the United Nations, which is calling for a ceasefire. European Union leaders are also calling for pauses in the fighting to ensure more supplies and to help hostage negotiations with Hamas, which Israel said took more than 200 Israelis captive after killing 1,400 in a surprise attack that triggered the war.  Volunteers from Qatar and Egypt unload aid destined for Palestinians in the Gaza Strip at Egypt's el-Arish airport in northern Sinai earlier this week. Photographer: Callum Paton/AFP Saudi Arabia is looking to sign more free trade agreements and is still considering joining the BRICS club of emerging nations, as it looks to boost non-oil exports, the kingdom's minister of economy and planning said. Authorities are exploring trade deals with an "ambitious" list of countries, Faisal Al Ibrahim said in an interview. "Exports are growing, but not as much as we want them in terms of non-oil exports," Al Ibrahim said. "We want them to grow faster." The Philippines will no longer pursue Chinese loans to fund three railway projects valued at more than $5 billion, and has started discussions with other Asian countries for alternative financing deals. "We saw that China appeared to be no longer interested, so we'll look for other partners," Transportation Secretary Jaime Bautista said. Prime Minister Justin Trudeau's government is introducing new measures to tighten standards on colleges, responding to criticism that Canada's education sector is bringing in so many foreign students that it's boosting pressure on housing and the labor market. It's part flex, part gripe, and increasingly part and parcel of the job search process. From career fairs to social-media posts, the claim of having applied to hundreds of roles is coming to represent growing frustration with today's job market. While US Labor Department data continue to show a preponderance of openings, it's gotten tougher for many applicants to land a new gig—a big shift from the heady days of the pandemic's "great resignation." And with new features on job sites that allow hopefuls to apply more easily than ever—sometimes with the click of a single button—there's more of a chance of rejection than ever before.  Laney Coletti-Saracino Photographer: Angus Mordant/Bloomberg Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg's flagship briefing in your mailbox daily—along with our Weekend Reading edition on Saturdays. Bloomberg's Technology Transformation & the Strategic C-Suite: Join us in New York on Nov. 2 as CFOs and other senior leaders in corporate finance and operations gather for a special evening briefing on the ways they can transform and amplify the impact of their departments. New York: Register here. | 
No comments:
Post a Comment