Dockworkers' Strike Suspended As Tentative Agreement Reached

Newsletter Oct 4, 2024

Quick Six

Dockworkers' strike suspended as tentative deal reached
Two days after U.S. dockworkers went on strike, the stoppage was suspended Thursday after a tentative deal was reached. The International Longshoremen's Association, which went on strike Tuesday for the first time since 1977, will go back to work Friday amid a new labor contract with the U.S. Maritime Association. The strike was suspended until Jan. 15, 2025, as dockworkers agreed to a continuation of their latest contract until a new agreement is approved, allowing time-sensitive shipments such as fresh fruits and vegetables, medications and other goods to be delivered.
WHAT THE LABOR DEAL MEANS FOR THE US ECONOMY

Oil prices spike after Biden admits to talk of Israeli targets
President Joe Biden said he was "discussing" possible Israeli strikes on Iranian oil facilities, in comments that sent oil prices spiking Thursday just a month before the US presidential election. Biden told reporters at the White House that he was not expecting Israel to launch any retaliation for Tehran's missile barrage on Israel, before Thursday at least. When asked if he supported Israel striking Iran's oil facilities, Biden said "we're discussing that. I think that would be a little... anyway." Oil prices jumped 5% over concerns of a broader war in the Middle East after Biden spoke.
SEE HOW SPIKING OIL PRICES COULD SWING ELECTION

Tesla stops selling its most popular and affordable Model 3
Tesla is no longer selling its popular and most affordable Model 3 compact sedan in the U.S. This comes as the electric carmaker reported a smaller-than-expected rise in third-quarter deliveries. Tesla removed the Standard Range Rear-Wheel Drive Model 3 version from its website as of Wednesday. Due to the Biden administration's recent tariffs on Chinese imports, including a 100% tariff on electric vehicles and a 25% tariff on EV batteries and key minerals, importing these components has grown costly.
WHY TOYOTA IS ALSO DISCONTINUING A LINE OF ITS EVS

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Death toll tops 200 in Helene's aftermath

More than 200 people are confirmed dead after Hurricane Helene carved a path of destruction through the US southeast, making it the second deadliest storm to hit the US mainland in more than half a century. President Joe Biden made his second straight day of visits to grieve with residents of a region traumatized by a disaster that has upended life for millions. The storm flooded towns, made countless roads impassable, knocked out power and water service, and left communities shell-shocked as the official death toll climbed to 201.

SEE WHICH STATES ARE STILL DEALING WITH HELENE DAMAGE

Melania Trump's book backs abortion rights

In the book that comes out Tuesday, former first lady Melania Trump reveals that she supports abortion and a woman's right to choose, saying the decision should be "free from any intervention or pressure from the government" -- a stance in stark contrast to her husband who helped overturn of Roe V. Wade. Former President Donald Trump has touted on the campaign trail that he appointed three justices on the Supreme Court that overturned the landmark abortion ruling in 2022.

SEE HOW DONALD TRUMP REACTED TO ABORTION BAN ISSUE

Starbucks farms to protect 'future of coffee'

Starbucks said that it expanded its coffee innovation network to new farms in Costa Rica and Guatemala to protect the "future of coffee" from the effects of climate change. The first-company farm's goal is to increase productivity, support profitability for farmers and build climate resistance. Future farms are also planned for Africa and Asia, as the company will have a network that spans the three main growing regions of the "Coffee Belt" - Latin America, Africa and Asia Pacific.

HOW STARBUCKS WILL USE THE FARMS TO PROTECT SUPPLY

Extra point

When and where did the first Starbucks franchise open outside the US?

Thursday's answer: Gerald Ford was he only person to serve as vice president and president without being elected to either office. He replaced VP Spiro Agnew in 1973 and President Richard Nixon in 1974.

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