The clock is ticking for autoworkers and the Big Three automakers Ford (F), GM (GM), and Stellantis (STLA) to reach a deal. If a deal cannot be agreed to by midnight Thursday, the UAW says it will strike. Wayne State University Professor of Business Marick Masters tells Yahoo Finance Live this is "very unchartered" territory, adding that the tactic the UAW is using, called the "stand up strike," is "risky." Masters says that given the strategy, the strike "could last for a long period of time," but that it's possible that the companies could lock workers out in a bid to end the strike sooner.
UAW, Big Three talks: This is 'very uncharted' territory, expert says
09/14/2023 22:49
The clock is ticking for autoworkers and the Big Three automakers Ford (F), GM (GM), and Stellantis (STLA) to reach a deal. If a deal cannot be agreed to by midnight Thursday, the UAW says it will strike. Wayne State University Professor of Business Marick Masters tells Yahoo Finance Live this is "very unchartered" territory, adding that the tactic the UAW is using, called the "stand up strike," is "risky." Masters says that given the strategy, the strike "could last for a long period of time," but that it's possible that the companies could lock workers out in a bid to end the strike sooner.
Bloomberg
Caesars Entertainment Paid Millions to Hackers in Attack
(Bloomberg) -- Caesars Entertainment Inc. paid tens of millions of dollars to hackers who broke into the company’s systems in recent weeks and threatened to release the company’s data, according to two people familiar with the matter. Most Read from BloombergCaesars Entertainment Paid Millions to Hackers in AttackRay Dalio Says He Doesn’t Want to Hold Bonds, Cash ‘Is Good’Citi Plans Job Cuts as It Revamps Top Management StructureRussian Elite Bring Back $50 Billion of Assets as Havens DwindleChi
Reuters
UAW preparing to strike at Detroit Three automakers, rejects new offers
The United Auto Workers on Wednesday outlined plans for a series of strikes targeting individual U.S. auto plants in what would be its first-ever simultaneous strike against the Detroit Three automakers if agreements are not reached by late Thursday. "To win, we're likely going to have to take action," UAW President Shawn Fain said in a Facebook Live address, adding the UAW was not planning company-wide walkouts if no deal was reached but would escalate if negotiations did not improve. Fain said the Detroit Three automakers had offered 146,000 U.S. autoworkers pay raises of as much as 20% over four and a half years but called the hikes inadequate.
AP Finance
A look at where the United Auto Workers union, Detroit's three automakers stand in contract talks
With a deadline looming just before midnight Thursday, the United Auto Workers union and Detroit’s three automakers, General Motors, Ford and Stellantis, remain far apart in contract talks and the union is preparing to strike. In addition to general wage increases, the union is seeking restoration of cost-of-living pay raises, an end to varying tiers of wages for factory jobs, a 32-hour week with 40 hours of pay, the restoration of traditional defined-benefit pensions for new hires who now receive only 401(k)-style retirement plans, pension increases for retirees and other items. Union President Shawn Fain said the final decision on which plants to strike won’t be announced until 10 p.m. Eastern time.
TechCrunch
Hackers claim MGM cyberattack as outage drags into fourth day
MGM Resorts continues to battle a widespread outage after a cyberattack forced it to shut down systems across its properties. The hotel and entertainment giant, which operates a number of hotels and casinos on the Las Vegas Strip including the Bellagio, Aria and Cosmopolitan, shut down large parts of its internal networks on Sunday. This resulted in widespread disruption across the company’s hotels and casinos, with guests reporting that ATMs and slot machines are out of order, along with room digital key cards and electronic payment systems.
Bloomberg
MGM and Caesars Hacked by Same Group in Span of a Few Weeks
(Bloomberg) -- MGM Resorts International was hacked by the same group of attackers that breached Caesars Entertainment Inc. weeks earlier, according to four people familiar with the matter.Most Read from BloombergCaesars Entertainment Paid Millions to Hackers in AttackRay Dalio Says He Doesn’t Want to Hold Bonds, Cash ‘Is Good’Citi Plans Job Cuts as It Revamps Top Management StructureRussian Elite Bring Back $50 Billion of Assets as Havens DwindleChina Sows Fresh Confusion About Apple With Secur
Bloomberg
Police Raid Stockholm’s Stock Exchange in Market Abuse Probe
(Bloomberg) -- Sweden’s Economic Crime Authority has raided Stockholm’s stock exchange to collect evidence for an ongoing investigation related to market abuse.Most Read from BloombergCaesars Entertainment Paid Millions to Hackers in AttackRay Dalio Says He Doesn’t Want to Hold Bonds, Cash ‘Is Good’Citi Plans Job Cuts as It Revamps Top Management StructureRussian Elite Bring Back $50 Billion of Assets as Havens DwindleChina Sows Fresh Confusion About Apple With Security RemarksThe Nordic region’
Reuters
Detroit Three strike deadline nears as sides remain far apart
U.S. automakers and union negotiators offered little hope a deal would be reached on Thursday to avoid a midnight walk-off that would be the United Auto Workers' first-ever simultaneous strike against the Detroit Three carmakers. The UAW on Wednesday outlined plans for a series of strikes targeting individual, undisclosed U.S. auto plants if agreements are not reached by 11:59 p.m. EDT on Thursday (0359 GMT on Friday), rather than a full walkout. "To win, we're likely going to have to take action," UAW President Shawn Fain said on Wednesday.
AP Finance
Venice faces possible UNESCO downgrade as it struggles to manage mass tourism
A scowling gondoliere ferrying sightseers 10 at a time across the mouth of Venice's Grand Canal scolds passengers to sit still and frets over being shorted the bargain 2-euro fare. The brief journey perched along the sides of a packed gondola is a far cry from romantic scenes of gondolieres serenading couples as they ply Venice’s picturesque canals but is emblematic of the city's plunge into mass tourism. A declassification would appear an indictment of the city’s management of tourism, after it escaped a downgrade two years ago when the Rome government enacted a ban on cruise ships off St. Mark’s Square and in the Giudecca canal.
Reuters
Auto union chief Shawn Fain quotes Malcolm X, shines on Facebook as takes on Detroit Three
With just over 30 hours to go before a strike deadline he set, United Auto Workers President Shawn Fain on Wednesday rolled out the latest, unprecedented twist in his unorthodox campaign to win a historic contract for nearly 150,000 workers at the Detroit Three automakers. For the first time in the UAW's history, the union could order members at all three of Detroit's automakers -- General Motors, Ford and Stellantis NV -- to walk off the job starting after their contracts expire at 11:59 p.m. ET on Thursday, Fain said in a Facebook video address Wednesday evening.
The Wall Street Journal
Trump’s Georgia Trial Won’t Come Next Month
Judge rules that trial against two co-defendants in RICO case will be severed from Trump’s, countering bid by district attorney to try all 19 defendants together