Workers Agree to End Massive U.S. Port Strike

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 4 October 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for Oct. 4. Dockworkers agree to return to work after port operators offer a 62% wage increase over six years, ending a shutdown that threatened to disrupt the economy. But there’s still a lot to be hashed out between the union and employers, the WSJ’s Paul Berger says. Plus, Spirit Airlines explores a bankruptcy filing. And, the WSJ’s Rebecca Feng explains why China’s ghost cities are haunting policymakers. Azhar Sukri hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	O. C.I. is the single platform for your infrastructure, database, application development, and AI needs.
0:06.0	Do more and spend less like Uber 8 by 8 and Databrics Mosaic.
0:11.0	Take a free test drive of OCI at oracle.com
0:14.4	slash Wall Street.
0:17.0	US dock workers head back to work after reaching a deal with employers.
0:25.0	And Israel bombs Beirut as it goes after Hezbollah's likely next leader.
0:30.6	Plus we'll look at the ghost cities haunting China's economy and why rebalancing the property
0:36.8	market is so tricky.
0:38.9	We came to the estimates of more than 90 million empty housing units and this problem right now is
0:45.3	colliding with another massive problem which is China's population is
0:49.2	expected to fall by 204 million over the next 30 years.
0:54.2	It's Friday, October the 4th.
0:56.0	I'm Azhar Sukri for the Wall Street Journal
0:58.5	filling in for Luke Vargas.
1:00.6	Here is the 8m edition of What's News, the top headlines and business stories moving
1:05.8	your world today.
1:08.0	US dock workers have agreed to return to work, ending a three-day strike that had closed
1:17.1	container ports from Maine to Texas and threatened to rattle the American economy.
1:22.8	According to people familiar with the matter, a breakthrough was reached yesterday
1:26.9	after Port employers offered workers a 62% increase in wages over six years. They sweetened their offer from a 50% proposed
1:36.7	raise after the White House pressed the large shipping lines and cargo terminal operators
1:41.9	who employed the longshore workers to make a new offer.
	...

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