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After GM talks hit impasse, UAW workers to strike as of Sunday night

The United Auto Workers (UAW) said on Sunday that its roughly 48,000 hourly workers at General Motors Co facilities would go on strike as of midnight Sunday after labor contract talks reached an impasse over wide-ranging issues from wages to health care benefits and temporary workers.

UAW to strike against GM starting Sunday evening

The United Auto Workers (UAW) said that its members will go on strike against General Motors Co as of Sunday evening, after a lack of progress in contract talks on key issues from wages to health care benefits, temporary employees, job security and profit sharing.

After LSE’s sharp rebuff, HKEX begins investor charm offensive

Hong Kong Exchanges and Clearing is embarking on a three-week charm offensive with London Stock Exchange investors as the Asian trading house tries to salvage its proposed $39 billion takeover offer.

Saudi, Gulf stocks fall after attacks on Aramco oil plants

Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry a day earlier knocked out more than half of Saudi crude output.

UAW walkout turns up heat on GM as contract expires

Leaders of the United Auto Workers (UAW) turned up the pressure on General Motors Co on Sunday, ordering 850 maintenance workers at five GM facilities to walk off the job ahead of a meeting in Detroit on whether to call a wider strike.

Analyst View: Saudi attacks raise specter of oil at $100/barrel

The oil market will rally by $5-10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said.

Fed trades ‘remarkably positive’ for ‘no precedents’ after volatile year

A year ago, U.S. Federal Reserve Chair Jerome Powell held a “remarkably positive outlook” for an economy enjoying a “historically rare” combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue.

WeWork IPO spells rough landing for CEO Neumann

Adam Neumann showed he can capitalize on troubled times a decade ago, tapping into demand for workspace by those forced out of jobs in the aftermath of the financial crisis to grow WeWork into a global brand commanding a $47 billion valuation.

Saudi, Gulf stocks fall after attack on Aramco oil plants

Saudi stocks plunged 2.3% as the market opened on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry a day earlier knocked out more than half of Saudi crude output.

UAE regulator not optimistic on Boeing 737 MAX return this year

The head of the United Arab Emirates’ General Civil Aviation Authority said on Sunday he was not optimistic that the Boeing 737 MAX would return to operations this year and that the first quarter of 2020 was more likely.

Attacks on Saudi facilities threaten spare oil capacity, price hikes

Saturday’s attacks on key Saudi Arabia processing plants will test the world’s ability to handle a supply crisis as it faces the temporary loss of more than 5% of global supply from the world’s biggest crude exporter.

UAE aviation authority not optimistic Boeing 737 MAX will return this year

The head of the United Arab Emirates’ General Civil Aviation Authority said on Sunday he was not optimistic the Boeing 737 MAX would return to operations in the fourth quarter of this year and it was more likely to be in the first quarter of 2020.

Global spare oil capacity in U.S. hands after Saudi outage

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country’s production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

Factbox: U.S. readies emergency oil reserves in wake of Saudi attacks

The Trump administration said on Saturday it stood ready to tap U.S. emergency oil reserves if needed after attacks in Saudi Arabia shut more than half the crude output in the world’s largest oil exporter.

UAW says no GM contract extension, union leaders to meet Sunday

The United Auto Workers (UAW) said late on Saturday it would not extend its contract with General Motors Co and would decide on a course of action at a meeting of union leaders in Detroit Sunday morning that could result in talks resuming or possibly workers going out on strike.

UAW will not extend GM contract, but no decision on strike

The United Auto Workers said late on Saturday that it will not extend its contract with General Motors Co that was set to expire in hours, but would continue to work pending a meeting of senior union officials.

Companies ask judge in U.S. opioid trial to recuse himself

Major drug wholesalers and retailers facing a massive lawsuit for allegedly fostering the nation’s opioid crisis asked the judge hearing the case to recuse himself on Saturday.

BMW engine development expert Duesmann set to become Audi chief in April: report

BMW’s engine development and purchasing expert, Markus Duesmann, is set to become the CEO of Volkswagen’s Audi premium brand, after BMW dropped its opposition to his early departure, a German newspaper reported on Saturday.

Overshadowed by U.S. corruption probe, UAW, GM near contract deadline

A federal corruption probe of top union officials stirred growing uncertainty about collective bargaining talks on Saturday, as the current labor contract between the United Auto Workers (UAW) and General Motors Co was set to expire at the stroke of midnight.

Factbox: What needs to happen before Boeing’s 737 MAX can fly again

(In September 13 story, corrects name of European Union Aviation Safety Agency from European Aviation and Space Agency in paragraph 15)

House panel wants Boeing CEO to allow employee interviews on 737 MAX crashes

(In September 12 story, corrects name of European Union Aviation Safety Agency from European Aviation and Space Agency in paragraph 10)

Disney CEO Bob Iger resigns from Apple board as TV battle looms

Apple Inc said on Friday that Walt Disney Co Chief Executive Officer Bob Iger had resigned from the company’s board of directors on Sept. 10 as the two companies prepare to compete head-to-head in the streaming television business.

UPS to pay $8.4 million to resolve U.S. overcharging probe

United Parcel Service Inc has agreed to pay the United States $8.4 million to resolve allegations it overcharged federal agencies for package delivery services, the U.S. Justice Department said on Friday.

Apple has sour reaction to Goldman Sachs’ analyst note

Apple Inc struck out at a Goldman Sachs Group Inc analyst on Friday in a relatively rare public dust-up between a blue chip Wall Street firm and its client.

Apple counters Goldman call on ‘negative impact’ of Apple TV+ trial

Apple Inc on Friday disputed a Goldman Sachs research note which stated that the company’s plans to account for the trial of its new streaming service Apple TV+ will have a “material negative impact” on its results.

Exclusive: WeWork considers dramatic valuation cut in IPO

WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.

S&P edges lower as Apple weighs, trade tensions ease

The S&P 500 ended the day down slightly on Friday but less than 1% below its all-time high as a drop in Apple stock countered cooling U.S.-China trade tensions.

Disney CEO Bob Iger resigns from Apple board

Apple Inc said on Friday Walt Disney Co Chief Executive Officer Bob Iger had resigned from the company’s board of directors on Sept. 10.

Citigroup stands by card strategy despite economic clouds

Some Wall Street analysts have begun to question whether Citigroup Inc’s big bet on credit cards will backfire if the U.S. economy enters a recession, despite the bank saying it is underwriting responsibly.

Global stocks, bond yields lifted by U.S.-China trade hopes

A gauge of global stocks rose for an eighth straight day and benchmark government bond yields climbed on Friday after signs of progress in U.S.-China trade talks, as well as a solid U.S. retail sales report, allayed recession worries.

S&P ends lower as Apple weighs, trade tensions ease

The S&P 500 ended the day down slightly but less than 1% below its all-time high as a drop in Apple stock countered easing U.S.-China trade tensions.

ECB hawks rally against Draghi’s farewell stimulus

Conservative policymakers slammed the European Central Bank’s lavish stimulus measures on Friday, voicing doubts about the need and effectiveness of a package that could consume most of the bank’s remaining firepower.

U.S. appeals court says Trump cannot dodge foreign corruption lawsuit

A U.S. federal appeals court on Friday revived a lawsuit alleging President Donald Trump violated the U.S. Constitution by profiting from foreign and domestic officials who patronized his hotels and restaurants, moving a watchdog group closer to obtaining financial records from his real estate company.

U.S.-China trade optimism boosts stocks, bond yields

A gauge of global stocks was on track for an eighth straight day of gains and benchmark government bond yields advanced on Friday after signs of progress in U.S.-China trade talks, as well as a solid U.S. retail sales report, allayed recession worries.

Wall Street mixed as trade hopes capped by Apple drop

Wall Street was mixed on Friday, with the S&P 500 and the Dow hovering just below all-time highs as cautious optimism regarding easing U.S.-China trade tensions was held in check by a drop in Apple stock.

Tech companies won’t wait for U.S. to act on social media laws, Microsoft’s president says

Microsoft Corp President and Chief Legal Officer Brad Smith said on Friday that technology companies are likely to change how they moderate online platforms in response to new laws from foreign governments, regardless of whether U.S. lawmakers act to change a U.S. law that has allowed social media platforms to flourish.

Crisis-hit Boeing readies huge effort to return 737 MAX to the skies

As Boeing Co sets its sights on winning approval to fly its 737 MAX within weeks, following a six-month safety ban, engineers around the world are rolling out plans for one of the biggest logistical operations in civil aviation history.

PG&E settles wildfire claims with insurers for $11 billion

PG&E Corp said on Friday it has reached an $11 billion settlement to resolve most claims by insurance carriers related to 2017 and 2018 wildfires in California.

Solid U.S. retail sales calm some worries about economy

U.S. retail sales increased more than expected in August, pointing to solid consumer spending that should continue to support a moderate pace of economic growth.

IMF has a decision to make in Argentina: rock or hard place?

The International Monetary Fund has a tough choice to make in Argentina: Unlock over $5 billion in funds under the country’s loan deal as the government strains to stave off default, or hold the money back and risk sparking more market panic.

VW CEO shifts strategy from empire building to efficiency

Volkswagen has abandoned its decades-old obsession with empire building and no-expense-spared engineering to free up resources for the development and mass production of electric cars, its CEO Herbert Diess told Reuters.

Apple, Broadcom rein in Wall Street gains on trade optimism

Losses in shares of U.S. technology majors Apple and Broadcom set Wall Street for a subdued end to the week, as traders balanced the latest indicators of uncertain global growth outlook with perceived progress in Sino-U.S. trade relations.

Hong Kong exchange vows to press on with $39 billion LSE bid after rebuff

Hong Kong’s exchange refused to give up on its bid to take over the London Stock Exchange after the British bourse emphatically rejected its $39 billion takeover offer on Friday.

Indian’s top trader body seeks ban on Amazon, Flipkart’s festive season sale

A leading Indian trader body asked the government on Friday to ban upcoming festive sales on Amazon’s local unit and its rival Flipkart, saying their deep discounts violate the country’s foreign investment rules for online retail.

U.S. appeals court rules against Trump in foreign payments case

A U.S. federal appeals court on Friday revived a lawsuit alleging President Donald Trump violated the U.S. Constitution by profiting from foreign and domestic officials who patronized his hotels and restaurants, adding to the corruption claims against Trump.