Bloomberg - Evening Briefing - UAW’s early victory

The United Auto Workers’ unprecedented strategy to simultaneously target all three legacy carmakers is showing results. The union said that it clinched key concessions from Ford and would spare the company more pain even as it expanded the strike to 38 additional facilities run by rivals GM and Stellantis. That carrot-and-stick approach as the union seeks structural increases in pay and benefits could give it more leverage than in the past, when it singled out one automaker and used that deal to pattern agreements with the other two. The fresh tactics are a hallmark of new UAW President Shawn Fain, who has kept carmakers guessing about his next move. —David E. Rovella

Goldman Sachs and Citadel Securities each reached multimillion-dollar settlements with the US  Securities and Exchange Commission on Friday over how they labeled millions of trades. Goldman agreed to pay a $6 million fine for sending inaccurate or incomplete trading data to the SEC on at least 163 million transactions over the course of a decade. Meanwhile, the regulator said a coding error at Citadel led to short sales being labeled as longs, and vice versa, and that Ken Griffin’s market-making firm would pay $7 million.

Ken Griffin Photographer: Eva Marie Uzcategui/Bloomberg

For stock investors this year, the trillion-dollar promise of artificial intelligence has masked a threat amid Federal Reserve hawkishness: Real-world borrowing costs have jumped. Now, Wall Street is fretting after Fed Chair Jerome Powell unsurprisingly signaled his resolve to keep the policy stance tight—sparking a rout across Big Tech and beyond. The tech fantasy, in other words, is fading. Here’s your markets wrap.

Longer lines at airports, missed paychecks, shuttered national parks and delayed economic data—those are some of the potential impacts of a US government shutdown being threatened by far-right Republicans and supported by GOP candidate Donald Trump. Not quite the catastrophe that would have been the debt default the party almost triggered earlier this year, a shutdown would nevertheless wreak havoc.

US Senator Robert Menendez from New Jersey was indicted in a sweeping corruption probe alleging that the Democrat and his wife protected three businessmen who showered them with gifts of gold bars, hundreds of thousands in cash, mortgage payments and a Mercedes convertible.

Bob Menendez Photographer: Ting Shen/Bloomberg

John Giannandrea, a former top Google executive who decamped to Apple to head its AI business, pointed out a quiet change in the latest iPhone software update that allows users to select a search engine other than Google.

Microsoft’s $69 billion acquisition of Activision Blizzard looks set to clear its final regulatory hurdle after the UK competition authorities signaled they will accept the latest concessions, ending a wait of more than a year and a half to complete the biggest ever gaming deal.

The Luksic family, South America’s wealthiest with a combined fortune of about $25 billion, is reaping the benefits of a bet on global shipping and port logistics more than a decade after it first entered the industry. An initial 2011 investment was met with skepticism from analysts and investors. But the family doubled down, and in the end, the global supply chain crackup triggered by the pandemic did the rest.

Andronico Luksic and Jean Paul Luksic Source: Quiñenco

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For years, the Harvard College China Forum brought business moguls en masse to the university’s oak-paneled rooms. There at the invitation of students, some of whom also happen to be the children of Chinese billionaires, the moneyed classes of the world’s two largest economies would hobnob every year, demonstrating wealth’s power to bridge geopolitical rifts. Now, US-China tensions are so fraught that even the world’s richest are struggling to bring the two sides together. Only a handful of executives from mainland China came in person this year. As for the elite students who lifted the profile of the China Forum in the past, many are headed home.

Illustration: Joseph Gough

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