Associated Press Business Briefs - Nov. 6, 2024
Boeing factory strike ends as workers vote to accept contract
SEATTLE (AP) — A strike by 33,000 Boeing factory workers is coming to an end after more than seven weeks. The aerospace giant's unionized machinists voted on Monday to accept a company contract offer that includes a 38% wage increase over four years. The International Association of Machinists and Aerospace Workers says 59% of its members who cast ballots agreed to approve the third Boeing offer put to a vote. The strike started in mid-September and deprived the company of much-needed cash by shutting down production at its factories in the Pacific Northwest. The union says the machinists it represents can return to work as soon as Wednesday. President Joe Biden congratulated the two sides.
Strike at Boeing was part of a new era of labor activism long in decline at US work places
Aircraft assembly workers at Boeing factories near Seattle and elsewhere ended a seven-week strike overnight. Over the last few years, organized labor drew a line in the sand, demanding more pay and better benefits during negotiations. Union leaders demanded that U.S. companies make good after what they viewed as sacrifices made by workers during turbulent, industry specific economic times, and also during the COVID-19 pandemic. From Detroit automakers to Las Vegas casinos, here's a look at some recent company negotiations with their unions and how it played out.
China files complaint at World Trade Organization over EU tariffs on Chinese electric vehicles
GENEVA (AP) — China has moved forward with a complaint at the World Trade Organization that alleges the European Union has improperly set anti-subsidy tariffs on new Chinese-made electric vehicles. The Chinese diplomatic mission to the WTO said Monday it "strongly opposes" the measures. It insisted its move was designed to protect the EV industry and support a global transition toward greener technologies. The European bloc announced last week it was imposing import duties of up to 35% on electric vehicles from China.
South Korea fines Meta $15 million for illegally collecting information on Facebook users
SEOUL, South Korea (AP) — South Korea's privacy watchdog has fined Meta 21.6 billion won for illegally collecting Facebook users' sensitive personal information, including data about their political views and sexual orientation, and sharing it with thousands of advertisers for targeted advertisements. It was the latest in a series of penalties against Meta by South Korean authorities in recent years as they increase their scrutiny of how the company handles private information. South Korea's Personal Information Protection Commission concluded that Meta unlawfully collected sensitive information of around 980,000 Facebook users, including their religion, political views and whether they were in same-sex unions, and shared the data with 4,000 advertisers.
Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
DUBAI, United Arab Emirates (AP) — Saudi Arabian oil giant Aramco has reported third-quarter profits of $27.5 billion, down about 15% from last year as low oil prices ate into its revenues. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter. That's according to a company filing Tuesday on Riyadh's Tadawul stock exchange. It made $113 billion the same quarter last year. Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before. Oil prices have been depressed in recent days as tensions in the Middle East appear to have receded slightly and as China's economy has slowed. Benchmark Brent crude traded Tuesday at around $75 a barrel.
Many retailers offer 'returnless refunds.' Just don't expect them to talk much about it
It's one of the most under-publicized policies of some of the biggest U.S. retailers: sometimes they give customers full refunds and let them keep unwanted items too. Returnless refunds are a tool that more retailers are using to keep online shoppers happy and to reduce shipping fees, processing time and other ballooning from mountains of returned products. Companies such as Amazon, Walmart and Target have decided some items are not worth the cost or hassle of getting back. Think a $20 T-shirt that might cost $30 in shipping and handling to recover. While the practice is not exactly a trade secret, the way it works is shrouded in mystery.