Business Highlights: GM workers vote on contract; retail sales slip in October
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Vote on tentative contract with General Motors too close to call as more tallies are reported
DETROIT (AP) — Voting on the tentative contract agreement between General Motors and the United Auto Workers union appears to be too close to call as tallies at more factories were announced. The union on Wednesday hadn’t posted final vote totals yet, but workers at several large factories who finished voting in the past few days have turned down the four year and eight month deal by fairly large margins. A factory in Arlington, Texas, with about 5,000 workers voted more than 60% in favor of the deal, however. Voting continues at Ford. The contract was passing overwhelmingly in early voting at Stellantis. The union’s vote tracker shows that 79.7% voted in favor with many large factories yet to finish.
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Retail sales slip in October as consumers pull back after summer splurges
NEW YORK (AP) — Americans cut back on retail spending in October, ending six straight months of gains, though the decline was partly driven by falling prices for both gasoline and cars. Retail sales declined 0.1% last month after jumping a strong 0.9% in September, according to a report released Wednesday by the Commerce Department. September’s figure was revised higher from an initial report of a 0.7% gain. Excluding sales of gas and autos, retail sales ticked up 0.1%.
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China’s Xi tells Biden as talks open: ‘Planet Earth is big enough for the two countries to succeed’
WOODSIDE, Calif. (AP) — President Joe Biden and China’s Xi Jinping have plunged into their first-face-to-face meeting in more than a year. The two leaders are working to stabilize fraught relations during the talks that have far-reaching implications for the world. They’re meeting Wednesday at a bucolic Northern California estate during the annual conference of the Asia-Pacific Economic Cooperation. Biden says there is no substitute for face-to-face communications. Xi told Biden that ‘Planet Earth is big enough for the two countries to succeed.’
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FCC adopts rules to eliminate ‘digital discrimination’ for communities with poor internet access
WASHINGTON (AP) — The Federal Communications Commission is implementing new rules banning internet providers from discrimination in how they provide service to communities based on income level, race and other protected classes. The new rules, enacted Wednesday, are the first major use of anti-discrimination in the digital era. The independent agency adopted the rules as a result of the bipartisan infrastructure law President Joe Biden signed in 2021, which contained a provision calling on the agency to “ensure” all Americans have equal access to broadband service. The move has disgruntled many in the telecommunications industry, who believe the agency overstepped its mandate from Congress, while civil rights groups are calling on the administration to do more to expand access.
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China leads list of labor abusers, sometimes akin to slavery, detected on fishing vessels worldwide
MIAMI (AP) — A new report has identified nearly 500 industrial fishing vessels where workers face hazardous, forced conditions sometimes akin to slavery. The research by the Washington, D.C.-based Financial Transparency Coalition is the most comprehensive attempt to date to identify the vessels and companies responsible for abuses at sea. A quarter of the suspected ships are flagged to China. But the owner of many of the vessels are unknown because of a lack of transparency and regulatory oversight in the fishing industry, the authors say.
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Senate looks to speed ahead on temporary funding to avert government shutdown through the holidays
WASHINGTON (AP) — The Senate is pushing toward a swift vote on a temporary government funding package as lawmakers seek to keep the holiday season free from any suspense over a government shutdown. Senate approval Wednesday would set up a final confrontation on the government budget in the new year. Top Republicans and Democrats in the Senate appear ready to pass the bill with days to spare before government funding expires Saturday, though any single senator could still hold up the bill’s passage. The spending package would keep government funding levels at current levels for roughly two more months while a long-term package is negotiated.
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Stock market today: Wall Street adds some more to its stellar week and November so far
NEW YORK (AP) — Wall Street added a bit more to its big rally from a day before and to its gains so far for November. The S&P 500 rose 0.2% Wednesday. The Dow climbed 163 points, and the Nasdaq composite edged up 0.1%. Target soared after reporting much stronger profit than analysts expected. Another big retailer, TJX, fell after giving a forecast for the holiday season that fell short of estimates. The market moved more tentatively following its best day since April. Treasury yields rose after one report said inflation was easing at the wholesale level but another indicated sales at retailers were stronger than expected.
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A record Russian budget will boost defense spending, shoring up Putin’s support ahead of election
LONDON (AP) — Russia’s State Duma passed a record federal budget in its second reading which aims to increase spending by around 25% in 2024, with record amounts going on defense. Defense spending is expected to overtake social spending next year for the first time in modern Russian history at a time when the Kremlin is keen to shore up support for President Vladimir Putin as Russia prepares for a presidential election in March. Record unemployment, higher wages and targeted social spending should help the Kremlin ride out the domestic impact of pivoting the economy to a war footing, but analysts say this could pose a problem in the long-term.
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FTC warns food industry trade groups and influencers about disclosures on paid social media posts
NEW YORK (AP) — The Federal Trade Commission says it issued warnings to two food and beverage industry groups, as well as to a dozen online influencers and dieticians for failing to adequately disclose paid social media posts that promoted a sweetener and sugary products. The letters point to Instagram and TikTok posts made by the influencers who were apparently hired by the American Beverage Association and the Canadian Sugar Institute. The warnings follow updated guidelines the agency released this summer requiring influencers to prominently disclose advertisements and payments for social media posts promoting products for companies. The American Beverage Association and the Canadian Sugar Institute did not immediately reply to a request for comment.
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The S&P 500 rose 7.18 points, or 0.2%, to 4,502.88. The Dow Jones Industrial Average gained 163.51 points, or 0.5%, to 34,991.21. The Nasdaq composite added 9.45 points, or 0.1%, to 14,103.84. The Russell 2000 index of smaller companies advanced 2.90 points, or 0.2% to 1,801.22.