Business
Boeing Workers Strike After Rejecting 25% Pay Rise Amid Tensions
Boeing workers in Seattle and Portland have gone on strike after rejecting a tentative agreement that included a 25% pay increase. More than 30,000 employees walked off the job at midnight Pacific Time on Friday, in a significant setback for the aircraft manufacturer.
The strike was triggered by an overwhelming 95% of union members voting against the pay deal, with 96% backing strike action until a new agreement is reached. The workers, represented by the International Association of Machinists and Aerospace Workers (IAM) District 751, are responsible for producing critical Boeing models like the 737 Max and 777.
Jon Holden, president of IAM District 751, stated, “Our members spoke loud and clear tonight. We strike at midnight.” The workers’ dissatisfaction comes as Boeing continues to grapple with financial losses and the fallout from two fatal crashes that tarnished its safety record.
The strike also presents a major challenge for Boeing’s new CEO, Kelly Ortberg, who took over last month with the task of restoring the company’s performance and reputation. Boeing acknowledged the workers’ concerns, stating, “The message was clear that the tentative agreement we reached with IAM leadership was not acceptable to the members. We are ready to get back to the table to reach a new agreement.”
As negotiations are expected to resume, the strike adds further pressure on the company, already facing delays and production challenges.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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