Bloomberg - Evening Briefing - Hurricane Fain

In recent years, Detroit automakers managed to survive a pandemic and a semiconductor shortage while finally embracing the historic transition to electric vehicles. Helped along by billions of dollars in subsidies from the Biden administration, the industry has watched the profits roll in. Then came Shawn Fain.

United Auto Workers members on a picket line outside the Stellantis NV Toledo Assembly Complex in Ohio on Monday.  Photographer: Emily Elconin/Bloomberg

The walkout led by the United Auto Workers president at General Motors, Ford, and Stellantis factories is no ordinary labor-versus-industry clash. Fain, a 54-year-old former Chrysler electrician, is pushing for a dramatic reset of wage scales and working conditions that have arguably long favored corporations. Fain is looking to meaningfully change the economics of car manufacturing. In the process, he’s put executives on the back foot with demands for 40% pay increases over four years and a 32-hour-work week—not unheard of in other developed nations, but certainly foreign to America.—Natasha Solo-Lyons

Prime Minister Justin Trudeau said there are “credible allegations” that agents of the Indian government were involved in the killing of a prominent Sikh leader in Canada. Hardeep Singh Nijjar was slain in June outside a temple in Surrey, British Columbia, raising tensions between Sikh separatists and the Hindu nationalist Indian government. Nijjar’s death sparked protests among supporters of the separatist movement, who alleged New Delhi was behind the killing. Trudeau said he raised his concerns “personally and directly” with Indian Prime Minister Narendra Modi on the sidelines of the Group of 20 meeting last week. “In no uncertain terms, any involvement of a foreign government in the killing of a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty,” Trudeau said. Melanie Joly, Canada’s foreign minister, said she has expelled a top Indian diplomat from the country.

Citigroup debuted a token service that’s part of a broader push to offer digital assets to institutional clients. The product—known as Citi Token Services—will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world. The service is housed in the firm’s treasury and trade solutions division, which has so far focused on using it to improve cash-management and trade-finance capabilities.

Amazon is said to be hiring Microsoft’s product chief Panos Panay to run the division responsible for Alexa and the Echo smart speakers. Panos Panay, who led Microsoft’s Windows team and was central to the company’s hardware push with its Surface computers, said he was leaving Microsoft.

Panos Panay Photographer: Mark Kauzlarich/Bloomberg

Americans can barely afford homes. Record-low US housing affordability is squeezing homebuyers and renters while threatening to spill into presidential politics. In markets Monday, stocks, bonds and the dollar saw small moves at the start of a busy week for major central banks. The S&P 500 closed near 4,450. Here’s your markets wrap. 

GOP House Speaker Kevin McCarthy’s latest proposal to avert a US government shutdown is already facing stiff resistance from far-right Republicans whose votes he needs for passage. McCarthy was working Monday to salvage the plan he announced late Sunday that would cut domestic agencies’ budgets by 8% and resume construction of a wall on the southern border. At least 10 far-right Republicans announced their opposition to the measure. 

Ukraine’s anti-corruption watchdog wrote to German authorities and a Bavarian-based company seeking to halt the delivery to Russia of high-end machinery used by ammunition manufacturers.

The US military is asking for the public’s help to find the missing remains of a $100 million F-35 fighter jet that crashed after the pilot ejected during a training mission over South Carolina.

Lockheed Martin’s F-35, subject of the most expensive US defense program in history, has long been plagued by defects and massive cost overruns. Photographer: United States Marine Corp/Getty Images North America

• MBAs are spurning McKinsey to buy small companies.
• AI startup writer raises $100 million to pen corporate content.
• US holiday hiring may be its lowest since 2008, firm says.
• Fidelity’s billionaire Johnson family backs consumer VC fund.
• Bloomberg Opinion: Dalio’s Shakespearean turn is a sign of the times.
• Bloomberg Opinion: Many Gen Z farmers will never touch dirt.
• Even luxury shoppers are looking for holiday season discounts.

Real estate mogul Jeffrey Soffer has waited 23 years for this moment. On Dec. 13, the Florida-based developer will open Las Vegas’ newest resort, a $3.7 billion palace with seven pools, 36 restaurants and bars, as well as a private club on the top floor with spectacular views of the skyline. What really stands out about the Fontainebleau Las Vegas isn’t the height—at 67 stories it’s the tallest hotel in Nevada—or the 46-foot sculpture by Swiss artist Urs Fischer in the south lobby. It’s how long it took to get built. 

The Fontainebleau Las Vegas Photographer: Kyle Grillot/Bloomberg

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