Saturday, April 13

Economy

Economy

Bernie Sanders Condemns Corporate Greed at U.A.W. Detroit Rally

At a rally in downtown Detroit on Friday, just a couple of hundred yards from the headquarters of General Motors, Senator Bernie Sanders of Vermont addressed a cheering crowd of United Auto Workers members, capping a day of walkouts by the union with an effort to rally support for the strike.Mr. Sanders echoed the populist talking points of his campaigns for president in 2016 and 2020, speaking about income inequality in the United States, and he criticized the chief executives of the Big Three automakers — G.M., Stellantis and Ford Motor — for their compensation.“The fight you are waging here is not just about decent wages and working conditions and pensions in the auto industry,” Mr. Sanders said. “It’s a fight to take on corporate greed and tell the people on top the country belongs to ...
Economy

Battle Over Electric Vehicles Is Central to Auto Strike

A battle between Detroit carmakers and the United Auto Workers union, which escalated on Friday with targeted strikes in three locations, is unfolding amid a once-in-a-century technological upheaval that poses huge risks for both the companies and the union.The strike has come as the traditional automakers invest billions to develop electric vehicles while still making most of their money from gasoline-driven cars. The negotiations will determine the balance of power between workers and management, possibly for years to come. That makes the strike as much a struggle for the industry’s future as it is about wages, benefits and working conditions.The established carmakers — General Motors, Ford Motor and Stellantis, which owns Chrysler, Jeep and Ram — are trying to defend their profits and t...
Economy

A Spirited Start to the U.A.W. Strike at a Ford Plant Near Detroit

Rodney Cornett got up at 4:30 a.m. on Friday, hopped in his F-150 pickup and reported as usual for a morning shift at the Ford Motor plant in Wayne, a gritty city just west of Detroit.But this morning Mr. Cornett, 56, a veteran union member who has worked at Ford for 28 years, wasn’t heading to the axle assembly area where he’s a team leader. Instead, his work was putting in six hours on the picket line with a dozen co-workers at the plant’s Gate 1 as part of the strike called by the United Auto Workers late Thursday.“We really haven’t had much of a raise in 15 years,” Mr. Cornett said, holding a sign that read, “Fair Pay Now!” while cars and trucks constantly whizzed by, honking in support of the strikers. “We’ve gone through several contracts, and the company keeps saying how they’re hur...
Economy

U.A.W. Strike Halts Work at 3 Big Automaker Plants: Live Updates

President Biden forcefully sided with the striking United Auto Workers on Friday, dispatching two of his top aides to Detroit and calling for the three biggest American car companies to share their profits with employees whose wages and benefits he said have been unfairly eroded for years.In brief remarks from the White House hours after the union began what they called a targeted strike, Mr. Biden acknowledged that the automakers had made “significant offers” during contract negotiations, but he left no doubt his intention to make good on a 2020 promise to always have the backs of unions.“Over generations, autoworkers sacrificed so much to keep the industry alive and strong, especially the economic crisis and the pandemic,” Mr. Biden said. “Workers deserve a fair share of the benefits the...
Economy

What Retail Sales and Other Data Say About China’s Economy

China’s trains, planes, stores and beaches were a little fuller last month than a year ago, and the pace of activity picked up at factories, particularly those making mobile phones and semiconductors.A batch of numbers released on Friday by China’s National Bureau of Statistics showed a modest improvement in the country’s overall retail sales and industrial production during August. A series of small steps taken by the government over the summer, including two rounds of interest rate cuts, seems to be yielding a slightly better-than-expected improvement in the country’s economy.“The national economy has accelerated its recovery, production and supply have increased steadily, market demand has gradually improved,” Fu Linghui, China’s director of national economic statistics, said at a news ...
Economy

Iowa Teen Found Guilty of Fatally Shooting 2 Students

An Iowa teenager was found guilty on Thursday of second-degree murder and manslaughter in the shooting deaths of two students in January at an educational program for at-risk youths.The teenager, Preston Walls, 19, of Des Moines, fatally shot a 16-year-old and an 18-year-old who were part of the Starts Right Here program on Jan. 23, the authorities said. The police said at the time that Mr. Walls was a gang member and that the victims were members of an opposing gang.Mr. Walls had been charged with first-degree murder for both killings, but jurors appeared to partially agree with Mr. Walls’s claim during trial that he had shot both teenagers because he feared for his life.During the episode, Mr. Walls also shot William Holmes, 49, who founded Starts Right Here. In that shooting, the jury f...
Economy

Meet the Man Making Big Banks Tremble

Yelling at Michael Barr, the Federal Reserve’s top banking regulator, has never been particularly effective, his friends and co-workers will tell you. That hasn’t stopped America’s biggest banks, their lobbying groups and even his own colleagues, who have reacted to his proposal to tighten and expand oversight of the nation’s large lenders with a mix of incredulity and outrage.“There is no justification for significant increases in capital at the largest U.S. banks,” Kevin Fromer, the president of the Financial Services Forum, said in a statement after regulators released the draft rules spearheaded by Mr. Barr. The proposal would push up the amount of easy-access money that banks need to have at the ready, potentially cutting into their profits.Even before its release, rumors of what the ...
U.A.W. Prepares for Partial Strike Against Detroit Automakers on Friday
Economy

U.A.W. Prepares for Partial Strike Against Detroit Automakers on Friday

Barely 24 hours before the contract deadline, the United Auto Workers leader said Wednesday that his members were prepared for a strike against the three Detroit automakers — first at a limited number of factories, with the walkout expanding if talks remain bogged down.The U.A.W. president, Shawn Fain, also ruled out any extension of the existing four-year contracts with General Motors, Ford Motor and Stellantis after they expire on Thursday night. “September 14 is a deadline, not a reference point,” he declared in an address to union members on Facebook Live.He said the initial strike locations would be “limited and targeted,” and would be communicated to members on Thursday night ahead of a Friday walkout.This tactic — a departure from the union’s usual strategy of staging an all-out str...
Bill Gates, Marie Kondo and World Bank Head Will Speak at Times Climate Event
Economy

Bill Gates, Marie Kondo and World Bank Head Will Speak at Times Climate Event

Climate change is an issue that stretches across borders, touching every facet of our lives. Addressing it likewise requires shifts in almost every industry and institution. On Sept. 21, The New York Times will bring together newsmakers, including innovators, activists, scientists and policymakers, for an all-day event examining the actions needed to confront climate change.Times subscribers can register for the livestream.Sessions will include:Ajay Banga, president of the World Bank GroupAl Gore, former vice president of the United StatesBill Gates, founder of Breakthrough Energy and co-chair of the Bill & Melinda Gates FoundationEbony Twilley Martin, executive director of Greenpeace USAEleni Myrivili, global chief heat officer to U.N.-Habitat and the Arsht-Rock Resilience CenterGilbe...