Bloomberg - Evening Briefing - UAW’s early victory

Bloomberg Evening Briefing

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. 

Here are today’s top stories

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

What you’ll need to know tomorrow

China’s Rich Gen Zs Go Home Amid US Tension

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

Older messages

Bad week for Wall Street

Thursday, September 21, 2023

Bloomberg Evening Briefing View in browser Bloomberg A bad week on Wall Street turned dismal Thursday after the relentless surge in Treasury yields sapped demand for risk assets. In the end, US stocks

Spreading strikes

Wednesday, September 20, 2023

Bloomberg Evening Briefing View in browser Bloomberg There was little movement in the standoff between Big Auto and unionized workers looking to level up on pay and benefits in what could become one of

‘The answer is no’

Tuesday, September 19, 2023

Bloomberg Evening Briefing View in browser Bloomberg “If we allow Ukraine to be carved up, is the independence of any nation secure?” US President Joe Biden asked world leaders gathered Tuesday at the

Hurricane Fain

Monday, September 18, 2023

Bloomberg Evening Briefing View in browser Bloomberg In recent years, Detroit automakers managed to survive a pandemic and a semiconductor shortage while finally embracing the historic transition to

Country Garden’s next test

Sunday, September 17, 2023

Bloomberg Evening Briefing View in browser Bloomberg Distressed Chinese developer Country Garden Holdings is approaching another deadline for voting by bondholders on its request to extend repayment on

Skip the bonds

Friday, December 8, 2023

Bloomberg Evening Briefing View in browser Bloomberg After the beating they've taken in bonds over the last two years, investors could be forgiven for wondering if it was ever a good idea to rely

🦘 Australia has energy

Friday, December 8, 2023

US job data muddied the inflation waters | Australian energy companies discussed a multi-billion-dollar merger | Finimize TOGETHER WITH Hi Reader, here's what you need to know for December 9th in 3

Should you go for the gold?

Friday, December 8, 2023

Here's what to know going into 2024 ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Goods are getting cheaper

Friday, December 8, 2023

Here's why you probably haven't noticed. View in browser BUSINESS INSIDER BUSINESS INSIDER Subscribe INSIDE SCOOP Jenny Chang-Rodriguez/Business Insider Many things are actually getting cheaper

Battle of the Buttons

Friday, December 8, 2023

How PayPal, Amazon and Shopify are Changing the Checkout ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Insider Today: Ivy League ultimatum

Friday, December 8, 2023

Plus: Mr. Bezos' neighborhood, and Elon vs. Iger. View in browser December 8, 2023 • 6 min read with Dan DeFrancesco Happy Friday! National Geographic's Pictures of the Year are here, and they

Tech’s grim new look

Thursday, December 7, 2023

Bloomberg Evening Briefing View in browser Bloomberg Silicon Valley tells the world its empires are built on ingenuity and determination. In the tech boom of the past decade, however, much of its

👩‍⚖️ Europe's regulating AI

Thursday, December 7, 2023

European lawmakers agreed on AI regulatory rules | British homes got pricier again | Finimize TOGETHER WITH Hi Reader, here's what you need to know for December 8th in 3:13 minutes. ⚡️ If AI is

Give yourself the gift of a good night’s sleep

Thursday, December 7, 2023

Start 2024 with comfort, quality and affordability. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Wall Street's lonely bankers

Thursday, December 7, 2023

Junior bankers share their stories of loneliness. View in browser BUSINESS INSIDER BUSINESS INSIDER Subscribe INSIDE SCOOP Arantza Pena Popo/Insider Wall Street's loneliness crisis Junior bankers