Business Highlights: Workers approve contract with GM; Starbucks staff strikes on busy Red Cup Day
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General Motors becomes 1st Detroit automaker to seal deal with unionized workers
DETROIT (AP) — United Auto Workers union members have voted to approve a new contract with General Motors, making the company the first Detroit automaker to get a ratified deal that could end a contentious and lengthy labor dispute. A vote-tracking spreadsheet on the union’s website shows that with all local union offices reporting, the contract passed by just over 3,400 votes, with 54.7% in favor. A union spokesman on Thursday confirmed that the spreadsheet had the official totals. On Thursday the contract had a big lead in voting at Ford and Stellantis, with 66.7% in favor at Ford and 66.5% voting for it at Stellantis.
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Thousands of Starbucks workers strike on one of the chain’s busiest days of year
NEW YORK (AP) — Workers at more than 200 U.S. Starbucks stores walked off the job Thursday. Organizers say it’s the largest strike yet in the two-year-old effort to unionize the company’s stores. The Workers United union chose Starbucks’ annual Red Cup Day to stage the walkout since it’s usually one of the busiest days of the year. Starbucks expects to give away thousands of reusable cups Thursday to customers who order holiday drinks. The union says it’s expecting more than 5,000 workers to take part in its “Red Cup Rebellion.” Around 30 stores also staged walkouts on Wednesday.
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Walmart attracts more shoppers seeking to cut spending in Q3, but muted expectations spook investors
NEW YORK (AP) — Walmart extended its streak of strong quarterly gains heading into the holiday season as its low-prices continue to attract shoppers looking for deals in a tough economic environment. Walmart reported that it swung to a profit of $453 million in the three-month period ended Oct. 31. Adjusted earnings totaled $1.53 per share. Revenue rose 5.2% to $160.84 billion. Analysts were expecting $1.52 per share on sales of $159.65 billion, according to FactSet estimates. Walmart, the nation’s largest retailer, is among the first batch of major U.S. retailers to report quarterly results. Industry analysts are dissecting the data, seeking to shed more light on how consumers are feeling as the holiday approaches.
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U.S. applications for jobless claims rise as labor market begins to show signs of cooling
More Americans filed for jobless claims last week, and while the labor market remains broadly healthy, there have been recent signs that it may finally be cooling. Applications for unemployment benefits rose by 13,000 to 231,000 for the week ending Nov. 11, the Labor Department reported Thursday. That’s the most in three months. Overall, 1.87 million people were collecting unemployment benefits the week that ended Nov. 4, about 32,000 more than the previous week and the most in almost two years. It was the sixth straight week that continuing claims rose.
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Eating less meat would be good for the Earth. Small nudges can change behavior
NEW YORK (AP) — One of the thorniest problems of the 21st century is how to get people to eat less meat. A new poll conducted by The Associated Press-NORC Center for Public Affairs Research found that most U.S. adults said they eat meat at least several times a week. About two-thirds said they eat chicken or turkey that often, and 43% eat beef that frequently. Experts agree that the urgency of climate change and the demands of a surging global population call for an overhaul of how humans get their protein. That will require changing consumer behavior. One answer? Small nudges to eat less meat.
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Amazon will allow US customers to buy cars on its site from local car dealers starting next year
NEW YORK (AP) — Want to buy a car on Amazon? Well, now you might get your chance. The e-commerce giant will launch vehicle sales in the U.S. next year and allow local car dealers to sell directly to customers on its site. In a joint announcement with car manufacturer Hyundai on Thursday, the two companies said Amazon will begin by offering Hyundai vehicles. The idea is to have customers purchase a new car online and pick it up – or have it delivered – from their local dealer. Amazon did not say how many dealers would be participating in the program or if customers across the U.S. would be able to make purchases.
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TikTok and Meta challenge Europe’s new rules that crack down on digital giants
LONDON (AP) — TikTok and Meta are filing legal challenges against new European Union rules designed to counter the dominance of digital giants and make online competition fairer by giving consumers more choice. TikTok said in a blog post Thursday that it’s appealing being classified as an online “gatekeeper” by the Digital Markets Act. It argues it’s playing the role of a new competitor in social media that’s taking on entrenched players. Meta said a day earlier that it disagrees with the EU decision to include its Marketplace and Messenger as gateway services under the new law. The Digital Markets Act will take effect by March, with a list of dos and don’ts for big tech companies.
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Biden tells Asia-Pacific leaders US ‘not going anywhere’ as he looks to build economic ties
SAN FRANCISCO (AP) — President Joe Biden has made America’s case to CEOs attending the Asia-Pacific summit in San Francisco that the United States is committed to high standards in trade that will benefit economies across the Pacific. Fresh off his meeting with Chinese President Xi Jinping, Biden also told business leaders that the U.S. was “de-risking and diversifying” but not “decoupling.” from Beijing. But he did not mince words in suggesting the U.S. and other Pacific nations could offer businesses a better option than China. Biden’s comments came as he was courting world leaders at the Asia-Pacific Economic Cooperation summit.
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The S&P 500 rose 5.36 points, or 0.1%, to 4,508.24. The Dow Jones Industrial Average fell 45.74 points, or 0.1%, to 34,945.47. The Nasdaq composite rose 9.84 points, or 0.1%, to 14,113.67. The Russell 2000 index of smaller companies fell 27.46 points, or 1.5% to 1,773.76.