Thursday, April 18, 2024

by BIZ Magazine

Detroit automakers and auto workers remain far from a deal as end-of-day strike deadline approaches

DETROIT (AP) — With a deadline looming just before midnight Thursday, the United Auto Workers union and Detroit’s three automakers are far apart in contract talks and the union is preparing to strike. President Shawn Fain says General Motors, Ford and Stellantis have raised their initial wage offers, but have rejected some of the union’s other demands. The union is threatening to strike any company that hasn’t reached an agreement by 11:59 p.m. Thursday. Talks are ongoing, but it both sides are still far apart. Ford’s CEO and Stellantis accused the union of failing to respond to offers. The union is planning targeted strikes at small numbers of plants. It would be the first time the union has walked out at all three companies at the same time.

Europe’s central bank hikes interest rates again even as threat of recession grows

FRANKFURT, Germany (AP) — The European Central Bank has piled on a 10th straight interest rate increase. It’s pressing forward in its fight against stubbornly high inflation that’s been plaguing consumers, even as worries grow that higher borrowing costs could help push the economy into recession. The increase Thursday of a quarter-percentage point comes as central banks around the world try to judge how much anti-inflation medicine is too much. They’re trying to figure out what’s the right point to halt their swift series of rate rates before the economy tips into a downturn and people lose their jobs.

Biden’s rules on clean cars face a crucial test as Republican-led challenges go to an appeals court

WASHINGTON (AP) — Efforts by the Biden administration to limit tailpipe pollution from automobiles face a crucial test as legal challenges brought by Republican-led states head to a federal appeals court. The U.S. Court of Appeals for the District of Columbia will hear arguments Thursday and Friday on three cases challenging Biden administration rules targeting cars and trucks. Transportation is the largest source of greenhouse gas emissions that contribute to global warming. Republicans say the lawsuits are needed to curtail government overreach. Environmental groups and the Democratic administration say an adverse ruling could jeopardize U.S. action against climate change. The cases could go to the Supreme Court.

China says EU probe into Chinese electric vehicle exports, subsidies is protectionist

HONG KONG (AP) — China’s Commerce Ministry has protested a decision by the European Union to investigate exports of Chinese electric vehicles, saying it is a protectionist action aimed at distorting the supply chain. The EU announced Wednesday it will probe government subsidies provided to Chinese automakers that the EU contends keep EV prices artificially low. The Ministry of Commerce said the EU’s move was intended to “protect its own industry in the name of ‘fair competition.'” China has become the biggest market for electric vehicles after investing billions in subsidies to gain an edge. Automakers like BYD and Geely have quickly gained market share after launching sales of EVs to Japan and Europe.

Johnson & Johnson is getting rid of its script logo after more than 130 years

Johnson & Johnson is signing off on a new logo, more than 130 years after creating the old one. The health care giant said Thursday that it will replace the well-known signature script with a modern look that reflects its sharpened focus on pharmaceuticals and medical devices. The original script dates to the 1880s and was based on the signature of a company co-founder. It will still be seen for now on consumer health products like baby shampoo from Kenvue. That’s a new company created in a spinoff from J&J.

Offshore wind energy plans advance in New Jersey amid opposition

ATLANTIC CITY, N.J. (AP) — Two major offshore wind power projects are taking steps forward in New Jersey. The owners of one, Community Offshore Wind, are bringing the federal government in on their environmental monitoring plans at an earlier stage than has ever been done. And federal regulators have determined that plans for Orsted’s wind farm off Ocean City are not expected to kill or seriously injure marine life. They come as New Jersey continues to grow as a hub of opposition to offshore wind projects from residents’ groups and their political allies, mostly Republicans. The state’s Democratic-controlled Legislature supports offshore wind and Gov. Phil Murphy’s drive to make the state the center of the industry on the U.S. East Coast.

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