The daily business briefing: September 18, 2023

UAW strike continues after union rejects latest offer, China detains some Evergrande wealth management staff, and more

UAW members strike
UAW members strike
(Image credit: Bill Pugliano / Getty Images)

1. UAW chief rejects Stellantis offer of 21% pay hike

United Auto Workers President Shawn Fain on Sunday rejected Stellantis' offer of a 21% pay increase over four years, signaling that the union's historic limited strike against Detroit's Big Three automakers would continue into a fourth day on Monday. Both Ford and General Motors have offered 20% raises. Stellantis, the Netherlands-based company created by a merger of Fiat Chrysler and France's Peugeot, said its proposed raise was "highly competitive," but Fain said on CBS's "Face the Nation" the Stellantis proposal was "definitely a no go." He added: "We've asked for 40% pay increases. And the reason we asked for 40% pay increases is because in the last four years alone, the CEO pay went up 40%." The Washington Post

2. Evergrande investors rattled after China detains wealth management staff

Shares of embattled Chinese property developer Evergrande fell by as much as 25% on Monday after police detained some of the company's wealth management staff. The arrests potentially added to a crisis in the country's crucial real estate sector that has already rattled world markets. The stock recovered later in the day, closing down 1.6%. Some staff in Evergrade's wealth management unit are suspected of failing to repay investors, in the first potential criminal case involving Evergrande since the start of its massive debt crisis in late 2021. Trading in shares of Evergrande, the most indebted property developer in the world, was suspended for 17 months, and only resumed on Aug. 28. Reuters, CNN

3. Erdogan asks Musk to build Tesla plant in Turkey

Turkish President Recep Tayyip Erdogan has asked Tesla CEO Elon Musk to build the electric-vehicle maker's next factory in Turkey, the country's communications directorate said Monday, according to Reuters. Turkey said Musk has identified the country as a contender for a Tesla plant. The company did not immediately respond to Reuters' requests for comment. Erdogan is in New York for the United Nations General Assembly this week, and he and Musk spoke in a meeting at Turkish House, a skyscraper near the U.N., according to Turkey's state-owned Anadolu news agency. Musk and Erdogan are also discussing licensing Musk's SpaceX to offer its Starlink satellite internet service in Turkey. Reuters

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4. Stock futures inch up as Fed meeting looms

U.S. stock futures were little changed early Monday as investors showed caution ahead of a Federal Reserve meeting expected to end with interest rates remaining steady. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the Nasdaq were up 0.1% at 6:30 a.m. ET. Most investors predict Fed policymakers will hold off on another rate hike now that inflation is showing signs of easing, but they will pay close attention to what the central bank's leaders say about whether they might have to nudge borrowing costs higher later this year. Whether the pause is "presented with a dovish or hawkish tilt is what matters most for financial markets," Quincy Krosby, chief global strategist for LPL Financial, told CNBC. CNBC

5. Drew Barrymore apologizes, delays talk show's return until strike ends

Drew Barrymore announced Sunday she was putting off the return of her talk show after facing sharp criticism for resuming production in the middle of a TV and film writers strike. "I have listened to everyone, and I am making the decision to pause the show's premiere until the strike is over," Barrymore wrote in a statement posted on Instagram. "I have no words to express my deepest apologies to anyone I have hurt." CBS, home network of "The Drew Barrymore Show," said it supported the decision. Another CBS show, "The Talk," also said Sunday it was postponing its scheduled Sept. 18 season premiere. CNN, Variety

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Harold Maass

Harold Maass is a contributing editor at He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons.