Unifor has reached a tentative agreement for 9,000 workers at Fiat Chrysler Automobiles in Canada, a deal the union says could see the automaker invest $1.5 billion and add 2,000 jobs. Unifor national president Jerry Dias said Thursday the 11th-hour deal was hammered out "moments before midnight" Wednesday, averting a strike at six plants across the country. The three-year collective agreement must now be voted on and approved by workers. It's the second of the three Detroit-based automaker negotiations in 2020 for Canada's largest private sector union. Unifor members working at Ford Motor Company of Canada, Ltd. voted in favour of a new three-year deal last month in a deal that created a template for talks with the other automakers. Negotiations with General Motors of Canada Co. are up next.
Regulators in China could be a major barrier in Nvidia’s attempt to buy U.K. chipmaker Arm from SoftBank for $40 billion, according to analysts. The mega-deal, which would create the largest chip company in the West by market value and global reach, was announced at the start of September. But it is far from being home and dry, with multiple regulators able to weigh in including China’s Ministry of Commerce (MOFCOM) and China’s State Administration for Market Regulation (SAMR). It wouldn’t be the first time Chinese regulators have prevented a U.S. chip firm from buying a European player. In 2018, SAMR blocked Qualcomm’s attempt to buy Dutch chipmaker NXP.
Democratic presidential nominee Joe Biden on Thursday refused to rule out the prospect of increasing the number of justices on the Supreme Court, and said he would announce a firm position on the issue before Election Day. Biden has previously criticized the idea of changing Senate rules in order to clear the way for a president to appoint additional justices to the Supreme Court who share that president’s ideological leanings. Biden said his position on whether to add seats to the Supreme Court would depend heavily on how Republicans handled the current confirmation process for Judge Amy Coney Barrett to fill the seat left open by the death of Justice Ruth Bader Ginsburg. Senate Republicans are squeezing Barrett’s nomination, hearings and confirmation vote process, which typically takes months, into a matter of days in order to get it done before Election Day on Nov. 3.
Europe’s aviation regulator has declared Boeing’s 737 Max aircraft safe to fly after it was grounded in March 2019 following two accidents that left 346 people dead. Patrick Ky, executive director of the European Union Aviation Safety Agency, told Bloomberg Friday that he’s satisfied with the changes Boeing has made to the aircraft, adding that the aircraft could return to the region’s skies before the end of 2020. The announcement comes even though Boeing is yet to implement a software upgrade that his agency demanded. It could be two years before it’s ready.After more than half a year with no orders, Boeing announced that it had sold two 737 Max planes to Polish charter airline Enter Air in August.
As China recovers from the coronavirus pandemic, the country’s central bank is more open to increasing loans to an already debt-heavy system than it is to cutting back. The People’s Bank of China on Wednesday disclosed data for the first three quarters of the year that showed steady loan growth. Total social financing, a broad measure of credit and liquidity in the economy, rose by nearly 3.5 trillion yuan ($522 billion) in September to a total of 280.07 trillion yuan. That was a 13.5% increase from a year ago – faster than the 12.8% pace recorded at the end of the second quarter, and 2.8 percentage points above the same period last year. The head of the central bank’s statistics department, Ruan Jianhong, pushed back against the idea that the pace of debt increase in the third quarter was “rapid,” saying it was still “reasonable,”.