The daily business briefing: September 25, 2023
Hollywood writers reach deal that would end strike, Canadian autoworkers ratify a new contract with Ford, and more
1. Hollywood writers reach tentative deal with studios to end strike
The Writers Guild of America declared victory on Sunday after reaching a tentative deal with the major Hollywood studios that would end a months-long strike. The proposed three-year contract, which must still be ratified by the union’s 11,500 members, would boost pay and residual checks for streaming shows and impose new rules about the use of artificial intelligence. WGA leaders said they were going through the contract details to ensure that "the last 'i' is dotted." The studios are expected to focus now on breaking an impasse to end a tandem strike by the actors union, SAG-AFTRA. The rare dual strikes forced studios to delay TV and movie productions, as well as major film releases because striking actors can't promote their films. Los Angeles Times
2. Canadian autoworkers ratify contract with Ford
Canada's autoworkers union Unifor announced Sunday that its members ratified a new contract with Ford. "Priorities met! Pattern set," Unifor said in a post on X, formerly Twitter. The three-year agreement covers more than 5,600 workers. Under the new contract, Ford is offering union members up to 25% higher wages and improvements to their pension plans, Unifor said. There will be "general wage increases in each year of the agreement with 10% in year one, 2% in year two and 3% in year three," Unifor said. The agreement came as the United Auto Workers union expanded its U.S. strike against General Motors and Stellantis but spared Ford additional walkouts due to what UAW President Shawn Fain called "serious" progress in negotiations. Axios
3. House GOP leaders pressure holdouts to help avert shutdown
Republican leaders in Congress stepped up pressure on far-right lawmakers to drop their resistance to a stopgap funding bill that would prevent a government shutdown starting Oct. 1. House Speaker Kevin McCarthy (R-Calif.) plans to push for approval of four big bills this week, including military and homeland security funding legislation, to demonstrate progress to GOP holdouts demanding deep spending cuts. None of those bills would avert a shutdown. Biden administration officials warned of dire consequences if Congress fails to act. Transportation Secretary Pete Buttigieg said a shutdown could "impact everything from food safety to cancer research to Head Start programs for children," adding it was "time for Republicans to start doing the job America elected them to do." Reuters, The New York Times
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
4. Stock futures struggle as rough September winds down
U.S. stock futures were little changed early Monday at the start of the last week in a rough September. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down 0.1% and the Nasdaq was down 0.2% at 7 a.m. ET, after fluctuating between slight gains and losses. The major indexes fell on Friday, with the Dow and the S&P 500 closing down 0.3% and 0.2%, respectively, and the tech-heavy Nasdaq falling 0.1%. Stocks struggled in September as the Federal Reserve signaled it might hold interest rates higher for longer to bring inflation down to its 2% target. The S&P 500 and the tech-heavy Nasdaq are heading for what could be their worst months since December. CNBC, MarketWatch
5. Meta to release AI chatbots
Meta Platforms plans to release artificial intelligence chatbots across its social media apps as soon as this week, The Wall Street Journal reported Sunday, citing internal documents and people familiar with the matter. Facebook's parent company has developed generative AI bots, including a "sassmaster general" robot that answers questions, in a bid to drive engagement and woo young users, a priority for Meta since the emergence of teenager favorite TikTok, according to the Journal. E-commerce giant Amazon said Monday it would invest up to $4 billion and take a minority ownership stake in artificial intelligence firm Anthropic, which developed the Claude chatbots and is a rival of ChatGPT developer Open AI. The Wall Street Journal, CNBC
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
'Is the death penalty racist? Of course it is.'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Today's political cartoons - May 8, 2024
Cartoons Wednesday's cartoons - social media guilt, gag orders, and more
By The Week US Published
-
Boy Scouts changes name to Scouting America
Speed Read The organization is rebranding, citing inclusivity
By Peter Weber, The Week US Published
-
Downtown St. Louis is in a real estate 'doom loop'
Under the Radar The city is rife with abandoned buildings and vacant lots, with its real estate market in dire straits
By Justin Klawans, The Week US Published
-
How will the FTC's ban on noncompete agreements affect the workforce?
The explainer Short answer: Competition will only get fiercer
By Devika Rao, The Week US Published
-
Why is Tesla stumbling?
In the Spotlight More competition, confusion about the future and a giant pay package for Elon Musk
By Joel Mathis, The Week US Published
-
The wine industry is getting pressed as young people drink less
Under the Radar The once-dominating drink is not aging well
By Anya Jaremko-Greenwold, The Week US Published
-
The largest insurance company payouts
In The Spotlight Fights over insurance have been in the spotlight following the collapse of the Francis Scott Key Bridge in Baltimore
By Justin Klawans, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published