UAW’s clash with Big 3 automakers shows off a more confrontational union as strike deadline looms
DETROIT (AP) — A 46% pay raise. A 32-hour week with 40 hours of pay. A restoration of traditional pensions. The demands that a more combative United Auto Workers union has pressed on General Motors, Stellantis and Ford are edging it closer to a strike when its contract ends Sept. 14. The automakers, which are making billions in profits, have dismissed the UAW’s wish list. They argue that its demands are unrealistic at a time of fierce competition as the world shifts from internal combustion engines to electric vehicles. The wide gulf between the sides could mean a strike against one or more of the automakers, which could send already-inflated vehicle prices even higher.
United Airlines says it fixed the technology problem that briefly held up all its departing flights
United Airlines says it has fixed the technology problem that briefly prevented its flights nationwide from taking off. The airline said Tuesday it is focusing on getting delayed passengers to their destinations. The Federal Aviation Administration says United asked it to stop all its departures. The FAA says that United crews were unable to contact airline dispatchers through normal means. The issue is limited to United and its subsidiaries. Shares of the Chicago-based airlines’ parent company are down almost 3% in afternoon trading.
Stock market today: Wall Street ends lower following two weeks of gains
Stocks closed lower on Wall Street as traders return from a long holiday weekend. The S&P 500 fell 0.4% Tuesday. The index is coming off its second weekly gain. The Dow lost 0.6% and the Nasdaq slipped 0.1%. Crude oil prices rose. Markets are looking ahead to a quieter week with company earnings reports winding down and just a trickle of government economic reports expected, including data on manufacturing, layoffs and trade. DocuSign, GameStop, Dave & Buster’s and Kroger are set to report their most recent quarterly financial results this week.
US moves to force recall of 52 million air bag inflators that can explode and hurl shrapnel
DETROIT (AP) — The U.S. government is taking a big step toward forcing a defiant Tennessee company to recall 52 million air bag inflators that could explode, hurl shrapnel and injure or kill people. The National Highway Traffic Safety Administration on Tuesday said it has made an initial decision that the inflators made by ARC Automotive Inc., and under license by another company, are defective. The agency scheduled a public hearing for Oct. 5, a required step before deciding to seek a court-ordered recall. In May the agency asked ARC to recall the inflators, which it says are responsible for at least seven injuries and two deaths in the U.S. and Canada since 2009. But ARC has refused to issue a full-scale recall. Messages were left Tuesday seeking comment from ARC.
Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of the year. The dual announcements from Riyadh and Moscow on Tuesday said the two countries would trim 1.3 million barrels of crude out of the global market. Their move pushed benchmark Brent crude above $90 a barrel in afternoon trading, a price unseen in the market since November. It could increase costs for motorists at gas stations and put new pressure on Saudi Arabia’s relationship with the United States. President Joe Biden warned Saudi Arabia last year there would be unspecified “consequences” for the kingdom partnering with Russia on cuts as Moscow wages war on Ukraine.
Biden celebrates unions and job creation during a Philadelphia Labor Day appearance
PHILADELPHIA (AP) — President Joe Biden says he doesn’t think an auto workers union strike is going to happen and tells a crowd gathered in Philadelphia for a Labor Day parade he’s celebrating union jobs. The Democratic president was at the Tri-State Labor Day Parade on Monday. This Labor Day comes against the backdrop of increasingly emboldened U.S. unions and a potential strike by 146,000 United Auto Workers union members. Biden tells reporters he doesn’t think the UAW members will strike. Biden likes to say he’s the most pro-union president ever. The president has used executive actions to promote worker organizing and has authorized federal funding to aid union members’ pensions.
The US government is eager to restore powers to keep dangerous chemicals out of extremists’ hands
WASHINGTON (AP) — When Congress returns this week, Homeland Security officials and those in the chemical industries will be watching to see if a program regulating the chemical sector will be on its agenda. The Chemical Facility Anti-Terrorism Standards program lets Homeland Security officials regulate security at high-risk chemical facilities. The goal is tracking chemical materials and keeping them away from extremists or other bad actors who want to steal them and turn them into weapons. The program expired July 28 after Congress failed to renew its authority. Homeland Security Secretary Alejandro Mayorkas told the Chemical Security Summit in Virginia the risk extremists could access and weaponize dangerous chemicals produced at the facilities “increases by the day.”
___ The S&P 500 fell 18.94 points, or 0.4%, to 4,496.83. The Dow Jones Industrial Average fell 195.74 points, or 0.6%, to 34,641.97. The Nasdaq composite fell 10.86 points, or 0.1%, to 14,020.95. The Russell 2000 index of smaller companies fell 40.38 points, or 2.1%, to 1,880.45.