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Wall Street Breakfast

Gulf, East coast port strike looms as talks stall

Wall Street Breakfast

Seeking Alpha

Business News, News, Business, Investing

4.11K Ratings

🗓️ 18 September 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

East, Gulf coast port strike looks inevitable as talks stall; Biden unlikely to intervene. (00:24) BlackRock (BLK), Microsoft (MSFT), Nvidia (NVDA) team up to launch $30B AI infrastructure fund. (02:10) Coca-Cola (KO) makes a new alcohol move with a test run of Bacardi rum and coke drinks. (03:08)

Episode transcripts seekingalpha.com/wsb.

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Transcript

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0:00.0

Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

0:08.0

Good morning. Today is Wednesday, September 18th, I'm Julie Morgan.

0:13.4

Is another strike on the horizon?

0:15.8

Black Rock, Microsoft, and Invidia are teaming up,

0:19.7

and this popular cocktail is soon to be an all in one.

0:24.0

Around 45,000 dock workers are threatening to go on strike next month at East Coast and Gulf of Mexico ports.

0:32.0

Negotiations for a new labor contract have stalled,

0:35.6

raising supply chain concerns ahead of the busy holiday season.

0:39.6

The International Longshoremen's Association warned that a strike on October 1st seems more likely

0:45.8

as time is running out to get a new contract with USMX.

0:50.2

The group is demanding better wages, automation protections, and benefits.

0:54.8

Their current contract expires on September 30th.

0:58.4

United States Maritime Alliance or USMX represents Port Employers like Marisk and Zem.

1:05.4

ILA's leadership said earlier this month that inflation has completely eaten into any raises

1:11.3

and wages and that USMX's corporate greed has made them delusional.

1:16.6

USMX said it is disappointing that the ILA is unwilling to reopen dialogue unless all demands are met, adding that employers are

1:25.8

willing to resume talks at any time.

1:28.6

It also called on the Biden administration to be ready to step in if a strike occurs.

1:34.0

However, an administration official told Reuters that Biden is not considering stepping in.

1:40.0

A walkout could affect more than 50% of US imports while diverted shipments will likely strain

1:46.7

West Coast ports. Sh shipments from Europe and Latin America to the East and Gulf coasts would likely be stranded, given few options to reroute.

1:56.1

The National Retail Federation says retailers have already been preparing for a potential strike

...

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