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WSJ What’s News

Drought Strains the Panama Canal and Global Trade

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 18 September 2023

⏱️ 16 minutes

🧾️ Download transcript

Summary

A.M. Edition for Sept. 18. The worst drought in a century has forced the Panama Canal’s operators to limit the number of ships passing through the strategic waterway. WSJ video journalist Amber Bragdon says that’s sending shipping prices higher and threatening global supply chains. Plus, historic auto strikes enter a fourth day. And why the Fed’s rate moves are dragging tech stocks lower. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:10.8

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0:20.1

Historic auto strikes enter a fourth day. Plus, why the Fed's future rate moves have been dragging

0:27.6

tech stocks lower and drought backs up one of the world's major trade routes.

0:33.6

Some bulk carriers are already looking at alternate routes around the Panama Canal as a result of

0:38.7

these 20-day plus long delays. Looking ahead, this is going to have an impact on global trade and

0:45.6

prices for consumers. It's Monday, September 18th. I'm Luke Vargas for the Wall Street Journal,

0:50.9

and here is the AM edition of What's News, the top headlines and business stories moving your world.

0:58.0

Today auto maker Stellantis and members of the United Auto Workers Union are set to meet today

1:08.0

for talks as a historic UAW strike against Stellantis, Ford, and GM continues for a fourth day.

1:16.2

GM and Ford negotiators met with the UAW for bargaining over the weekend.

1:22.1

So far, targeted strikes have idled three plants, each of which make mid-size pickup trucks

1:28.2

part of a union effort to spread pain evenly across the three companies.

1:33.1

That is, according to people with knowledge of the plans, who said the union avoided

1:37.3

hitting companies with strikes and factories that produce money-making large pickups and SUVs,

1:43.0

in order to signal its intent to keep bargaining and reach a deal. Though auto execs have still

1:48.5

been quick to vent frustration with the move. White House senior adviser Jean Sparling and

1:54.0

acting Labor Secretary Julie Sue are due in Detroit in the coming days to encourage the two

1:59.6

sides to reach an agreement. Shares in Chinese property giant Evergrande have slipped today,

2:06.8

after police in China detained staff at its wealth management unit and urged the public to

2:12.4

report any cases of suspected fraud. The police said the investigation is continuing,

...

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