Will be a of strike of consumers. This will be a massive of strike of consumers. Ti 3 china to pick up more containers you have a huge shortage of shipping capacity, i6% of shortage of shipping capacity, i6% of the world s capacity of ocean container ships goes through these ports on an annual basis, so these last few weeks you will start to see major backups and shortages, it would be really bad for the economy. Would be really bad for the economy would be really bad for the econom. , ~ ~~~ economy. Openai has a $6. 6 billion as economy. Openai has a $6. 6 billion as they economy. Openai has a $6. 6 billion as they continue economy. Openai has a $6. 6 billion as they continue to. Economy. Openai has a $6. 6| billion as they continue to bet on artificial intelligence. This brings a value of chat bt of the chat bt maker to the amount similarto of the chat bt maker to the amount similar to goldman sachs. It s one of them would microsoft. Openai s latsko banker and they ar
And what would you do with a spare 25 Billion Euros . Thats the question facing the irish Government Today as it delivers its budget following a huge Tax Windfall from Tech Firms. Live from london, this is business today. Im lukwesa burak. We start in the us where in the last 30 minutes tens of thousands of East And Gulf Coast Port workers have started striking for the first time in nearly 50 years. This comes after the international longshoremen s association and the us Maritime Alliance were unable to reach an agreement on the terms of their contract. The strikes will halt trade in a wide range of goods and disrupt the Countrys Economy just as we enter the final weeks before the president ial election. Our North America Business correspondent Ritika Gupt the two major sticking points between international longshoreman s association and the us Maritime Alliance are wages and automation for the workers are unhappy with the current contract which spanned the pandemic and dockworkers st
0ur Correspondent Michelle Fleury is at the Port Of Newark in newjersey. Tell us what s going on there and all along the coast. We know the strike is about wages and automation, what s going on with the talks . Right now theres not much going on on on the docks, normally you might see some of the grains over their moving, containers being loaded, and off loaded from giant containerships, but all of that stopped at midnight last night. That is when the Master Contract between the union workers and the us Maritime Alliance expired, and the fight over wages and automation continues to rage and there is little agreement between them on this issue. So right now we are one of the Picket Lines here in newjersey, where workers have gathered short while ago, they stood in a long line singing, no automation, no automation. And we ve heard from the White House in the last few hours 7 what are they saying . How does this get solved . When it comes to critical infrastructure which ports are, and as
From raw materials and pharmaceuticals, clothes and toys, accounting for more than half import in containers. If it extends for weeks, it could lead to shortages and high prices ahead of the presidential election. That is something the new york governor rained in on. The something the new york governor rained in om rained in on. The potentialfor disruption rained in on. The potentialfor disruption is rained in on. The potentialfor disruption is significant. Rained in on. The potentialfor disruption is significant. We. Disruption is significant. We have not had an event like this in our port since 1977 and that lasted 12 days. We are deeply concerned about the impact that a strike could have on our supply chains, especially when it comes to critical goods like medical supplies and others. Under the 19110 78, president biden has the authority to order workers back to work but the current administration said it would not intervene and encourages all party to keep negotiating in good
And pharmaceuticals, to clothes and toys, with ports accounting for more than half imports in containers. If it extends for weeks, it could lead to shortages and high prices ahead of the presidential election. That is something the new york governor weighed in on. The potential for disruption is significant. We have not had an event like this in our ports since 1977 and that lasted 12 days. We are deeply concerned about the impact that a strike could have on our supply chains, especially when it comes to critical goods like medical supplies and others. Under the 1947 act, president biden has the authority to order workers back to work but the current administration said it would not intervene and encourages all parties to keep negotiating in good faith. The chairman of the federal reserve has dampened hopes of another big rate cut. He was speaking in tennessee and added the central bank was not in a hurry to cut rates. Indexes saw price falls during the speech but have since recovered.