Business

Boeing on Monday sweetened its contract offer and said it was its “best and final” proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant’s aircraft production, entered its second week. The new offer raised pay, reinstated annual bonuses and increased a bonus that would be given upon the contract’s ratification, among other changes, Boeing said ...

The Federal Trade Commission said Friday that it is suing three drug middlemen, accusing them of inflating insulin prices. The FTC accused the ‘Big Three’ pharmacy benefit managers (PBMs) — UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts — of ‘engaging in anticompetitive and unfair rebating practices that have artificially inflated the list price of insulin drugs, ...

During a recent event celebrating Foot Locker’s 50th anniversary in New York City, it was hard to imagine that the legacy sneaker chain was appearing on bankruptcy watch lists as recently as March. Grammy-nominated rapper Coi Leray was there to celebrate the company with a special performance of her hit song “Players” as influencers, journalists and handpicked members of the company’s revamped ...

RENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive. In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side ...

A major strike is on the horizon for thousands of maritime workers, posing a threat to East Coast ports responsible for billions of dollars of goods.  The International Longshoremen’s Association (ILA), the largest union of maritime workers in North America, has vocalized plans to go on strike at all of its Atlantic and Gulf Coast ports Oct. 1 if a ...

Elon Musk’s X faces steep daily fines in Brazil for allegedly evading a ban on the service there, according to a statement from the country’s supreme court on Thursday. The fines, imposed by Brazil’s supreme court (Supremo Tribuno Federal or STF) amount to $5 million in Brazilian reals, about $920,000, a day. The court said it would continue to impose “joint liability” on Starlink, the ...

The main national body of the Teamsters union may have declined to endorse a candidate for the 2024 presidential election, but that hasn’t stopped local units from doing so. According to the Kamala Harris campaign, almost two dozen local Teamsters unions and joint councils representing approximately 1 million Teamster-affiliated workers have endorsed the vice president in recent days, including ones ...

A unit of Pennsylvania’s Three Mile Island nuclear plant will be restarted as part of a new energy-sharing agreement with Microsoft, which plans to use it to power the data centers it operates as part of its push into artificial intelligence. In a joint release, Microsoft and Constellation Energy, Pennsylvania’s main utility, said Three Mile Island Unit 1, a unit ...

Boeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees on Wednesday. The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said. The plan came less than a week after Boeing’s more than 30,000 machinists in the Seattle area and ...

JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees. The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned. Associates and analysts ...