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
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.
-
Today's political cartoons - November 10, 2024
Cartoons Sunday's cartoons - civic duty, uncertain waters, and more
By The Week US Published
-
5 ladylike cartoons about women's role in the election
Cartoons Artists take on the political gender gap, Lady Liberty, and more
By The Week US Published
-
The right to die: what can we learn from other countries?
The Explainer A look at the world's assisted dying laws as MPs debate Kim Leadbeater's proposed bill
By The Week Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
TD Bank accepts $3B fine over money laundering
Speed Read The US retail bank pleaded guilty to multiple criminal charges
By Peter Weber, The Week US Published
-
The pros and cons of globalization
Pros and Cons Globalization can promote economic prosperity but also be exploitative
By Justin Klawans, The Week US Published
-
The pros and cons of labor unions
Pros and Cons Joining a labor union can have positives — and negatives
By Justin Klawans, The Week US Published
-
The rise and fall of Tupperware
Under The Radar The byword for food storage has filed for bankruptcy – was it a victim of its own success?
By Chas Newkey-Burden, The Week UK Published
-
Boar's Head plant closure leaves another small town looking for answers
The Explainer The Jarratt, Virginia, Boar's Head plant has been shuttered indefinitely after a listeria outbreak
By Justin Klawans, The Week US Published
-
The rise of the world's first trillionaire
in depth When will it happen, and who will it be?
By Justin Klawans, The Week US Published