Business Highlights: Boeing gets $52B contract in Dubai; Hyundai factory workers win big pay raise
___
New rule would make it easier for millions of Americans to unionize, but businesses are pushing back
A federal rule that goes into effect next month could make it easier for millions of workers to unionize at big companies like McDonald’s. The National Labor Relations Board rule sets new standards for determining when two companies should be considered “joint employers.” It could force big companies like Burger King or Amazon to participate in labor negotiations alongside their franchisees or contractors. Some business groups have already sued to halt the rule, which is scheduled to go into effect Dec. 26. Democratic Sen. Joe Manchin of West Virginia is also trying to reverse it through legislation. But labor unions say the rule is needed.
___
Hyundai joins Honda and Toyota in raising wages after auto union wins gains in deals with Detroit 3
Hyundai has joined Honda and Toyota in raising factory worker wages after the United Auto Workers union reached new contract agreements with Detroit automakers. Hyundai said Monday that it will raise factory worker pay 25% by 2028. That matches the general wage increase won by the UAW during that period. Toyota raised factory pay 9% to 10% starting in January, while Honda said it will increase wages 11% during the same period. Labor experts say the increases are at least in part aimed at thwarting UAW President Shawn Fain’s strategy of organizing U.S. auto plants run by foreign automakers and Tesla. About 146,000 UAW members are voting on new contracts with General Motors, Ford and Jeep maker Stellantis that give them 25% general wage increases by April of 2028.
___
Long-haul carrier Emirates opens Dubai Air Show with $52 billion aircraft purchase from Boeing
DUBAI, United Arab Emirates (AP) — Long-haul carrier Emirates says it will buy Boeing Co. aircraft in a deal worth $52 billion. Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum made the announcement on Monday at the Dubai Air Show. He says the deal will see the carrier purchase 90 Boeing 777 aircraft. Emirates also plans to buy an additional five Boeing Dreamliners. Its sister carrier, the low-cost airline FlyDubai, said it would order 30 Boeing 787-9 Dreamliners, the first wide-body aircraft in its fleet, for $11 billion. The sales show how aviation has bounced back after the groundings of the coronavirus pandemic even as Israel’s war with Hamas clouds regional security.
___
White House releases plan to grow radio spectrum access, with possible benefits for internet, drones
WASHINGTON (AP) — The White House is releasing a strategy to potentially expand the availability of radio spectrum needed for cellphones, satellites, navigation, space travel and other emerging technologies. The increasingly digitized and mobile economy has put pressure on the available range of frequencies used for wireless communication. The spectrum is also vital for national security and responding to disasters. The strategy will help to coordinate and guide how spectrum is allocated by the Federal Communications Commission, an independent government agency. The federal government will perform a two-year study on how to possibly repurpose 2,786 megahertz of spectrum. That swath of the spectrum could be used for wireless broadband, drones, and satellites.
___
International students have returned to US colleges, fueled by a surge from India
WASHINGTON (AP) — International students attended U.S. universities in surging numbers last year, rebounding from a pandemic slump with the help of a 35% jump in students coming from India. A new study from the State Department and the Institute of International Education finds that international students in the U.S. grew by 12% in the 2022-23 academic year, the largest jump in more than 40 years. More than 1 million students came from abroad, the most since the 2019-20 school year. American colleges enrolled nearly 269,000 students from India, more than ever and second only to China. Most came for graduate programs, often in science, technology and business fields.
___
Tea and nickel are on the agenda as Biden hosts Indonesia’s president
WASHINGTON (AP) — President Joe Biden is sitting down with Indonesian President Joko Widodo at the White House. Monday’s meeting comes one day before Biden leaves for San Francisco to attend a summit of Asian leaders. Biden also is scheduled to meet with Chinese President Xi Jinping on Wednesday. Indonesia is a key player in Southeast Asia and is the world’s third-largest democracy after India and the United States. However, the Middle East will also be on the agenda. Widodo will be arriving in the U.S. after attending a summit in Riyadh, Saudi Arabia, where Muslim leaders denounced Israel’s invasion and bombardment of Gaza.
___
In crowded field of psychedelic startups, Filament CEO makes case for ‘natural’ drugs
More drugmakers are seeking to harness the medical potential of psychedelics for treating depression, addiction and other hard-to-treat conditions. In this crowded field, Vancouver-based Filament Health has a unique approach: extracting drugs from natural sources, including mushrooms, rather than synthesizing the ingredients in a laboratory. Filament is studying its drugs for use in treating addiction. And more than a dozen other companies and academic centers are using the company’s products in trials. Filament CEO Benjamin Lightburn spoke with The Associated Press about the case for using naturally derived psychedelics.
___
The APEC summit is happening this week in San Francisco. What is APEC, anyway?
WASHINGTON (AP) — The United States is hosting the annual Asia-Pacific Economic Cooperation conference this week for the first time since 2011. Leaders from the 21-member APEC group will gather in San Francisco to talk about how to better spur trade and economic growth across the Pacific region. But the main event will actually play out on the sidelines as President Joe Biden and Chinese leader Xi Jinping meet face-to-face. The conference is happening against the backdrop of the frosty relationship between China and the U.S., and global turmoil from the Israel-Hamas war and Russia’s invasion of Ukraine.
___
The S&P 500 fell 3.69 points, or 0.1%, to 4,411.55. The Dow Jones Industrial Average rose 54.77 points, or 0.2%, to 34,337.87. The Nasdaq composite fell 30.36 points, or 0.2%, to 13,767.74. The Russell 2000 index of smaller companies rose 0.18 points, or less than 0.1% to 1,705.50.