Business

After the end of the first major strike in decades that affected tens of thousands of longshoremen on the East Coast and Gulf of Mexico, the union and employers have reached a tentative agreement on higher wages. The strike, which lasted for several days, had significant repercussions for the country’s largest ports, which could have negative economic consequences ahead of the national elections.

The Biden administration has been working hard to get both sides to reach an agreement. The tentative agreement ultimately calls for a 62% wage increase over six years, with the current contract extended until mid-January to discuss remaining issues, including the use of automated equipment at the ports, which the union sees as a threat to jobs. It is the first strike of this scale since 1977.

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Kamala Harris, the Vice President of the United States, responded to Donald Trump’s claims at a recent rally in Flint, Michigan, that she wants to ban gasoline cars entirely. She stressed, “I will never tell you what kind of car you should drive.” The focus has been on legislative initiatives to move toward more electric vehicles.

Harris sought to reassure voters by reminding them of the necessary investments in manufacturing communities like Flint, which has historically suffered from the effects of auto plant closures in the 1980s. She also added that she does not support tough mandates for electric vehicles.

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The main risk is rising oil prices. Since the October 7 Hamas attack on Israel and the outbreak of fighting in the Gaza Strip, experts have warned of the possibility of a major conflict that could reduce global oil supplies and send shock waves through the global economy. Markets have largely ignored these threats: oil prices remained low, as traders were confident of stable global supplies. However, after Iran fired rockets at Israel, oil prices began to rise, reflecting concerns about a regional escalation.

Particularly noticeable was the rise in Brent crude, which recorded its largest weekly gain in a year after President Biden’s statements of support for Israel. Tina Fordham, a former Citi analyst, noted that investors have begun to pay attention to the Middle East, anticipating the possibility of negative impact on markets. The main concern is that any attack on Iran’s oil infrastructure could make the situation much worse.

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Chinese online retailer Pinduoduo’s penchant for cutting prices has made it one of the fastest-growing apps in the country and reflects broader economic woes. When Lin Yunyun started selling diapers on Pinduoduo two years ago, she faced constant pressure to follow price changes. The platform automatically alerted her when competitors were offering lower prices, forcing her to lower prices and threatening her profits.

Pinduoduo is a leading symbol of China’s deflation, luring shoppers with its discounts. The app is fueling what it calls “low-spending,” encouraging frugality among Chinese consumers amid a housing crisis and labor market instability. Consumers are spending less and saving more, driving down prices and squeezing profits.

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The cement industry is a major polluter, responsible for around 7% of global carbon emissions. At its plant in Brevik, Norway, Heidelberg Materials is working on a carbon capture project to reduce the environmental impact. In spring 2023, the plant completed the construction of a CO₂ capture facility.

Every ton of cement produced emits more than half a ton of carbon dioxide, and these emissions are now planned to be utilized. The gas will be cooled to a liquid state and sent to a terminal in Bergen, from where it will be pumped into underground tanks 70 miles offshore.

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