More than 1,100 workers at DHL Express’s global air cargo hub at the Cincinnati/Northern Kentucky International Airport went on strike on Thursday after months of failed negotiations with the parcel carrier. A group of DHL workers at the hub who load and unload planes voted in April to unionize with the International Brotherhood of Teamsters,…
The United States and Mexico sought to project a united front on Thursday in their efforts to deepen economic ties and crack down on illicit drug smuggling as the Biden administration looks to solidify its North American supply chain and reduce reliance on China. At the conclusion of three days of meetings in Mexico City,…
WeWork raised more than $11 billion in funding as a private company. Olive AI, a health care start-up, gathered $852 million. Convoy, a freight start-up, raised $900 million. And Veev, a home construction start-up, amassed $647 million. In the last six weeks, they all filed for bankruptcy or shut down. They are the most recent…
The News The European Union plans to postpone strict local-content rules that would have led to costly tariffs imposed on cars traded between the bloc and Britain beginning Jan. 1. “This removes the threat of tariffs on export of E.U. electric vehicles to the U.K. and vice versa,” Maros Sefcovic, the European Union’s executive vice…
The Biden administration has been trying to jump-start the domestic supply chain for electric vehicles so cleaner cars can be made in the United States. But the experience of one Texas company, whose plans to help make an all-American electric vehicle were upended by China, highlights the stakes involved as the administration finalizes rules governing…
Why It Matters: The state of the labor market affects interest rate policy. The labor market is closely watched by the Federal Reserve as it mulls its interest rate policy. A cooling labor market tends to fuel predictions that the Fed will not further increase rates, which have risen to a range of 5.25 to…
The United Automobile Workers union announced Wednesday that it was undertaking an ambitious drive to organize plants owned by more than a dozen nonunion automakers, including Tesla and several foreign companies — a goal that has long eluded it. The move comes weeks after the U.A.W. won new contracts from General Motors, Ford Motor and…
A closely watched measure of inflation showed continued signs of fading in October, encouraging news for the Federal Reserve as officials try to gauge whether they need to take further action in order to fully stamp out rapid price increases. The Personal Consumption Expenditures inflation measure, which the Fed cites when it says it aims…
Jerome H. Powell, the chair of the Federal Reserve, suggested on Friday that the central bank may be done raising interest rates if inflation and the economy continue to cool as expected, saying that central bankers could raise interest rates further if that became necessary. “It would be premature to conclude with confidence that we…
The Biden administration proposed new rules on Friday aimed at shifting more production of electric vehicle batteries and the materials that power them to the United States, in an attempt to build up a strategic industry now dominated by China. The rules are meant to limit the role that firms in China can play in…
