Dow Today – Business Highlights: Starbucks union vote, poll on economy
In a first, Starbucks workers agree to union in Buffalo, NY
BUFFALO, N.Y. (AP) — Starbucks workers at a store in Buffalo, New York, voted to unionize on Thursday, a first for the 50-year-old coffee retailer in the U.S. and the latest sign that the labor movement is stirring after decades of decline. The National Labor Relations Board said Thursday that workers voted 19-8 in favor of a union at one of three locations in Buffalo. If the labor board certifies the vote, it would be the first for any Starbucks-owned store in the U.S. to unionize. A second store rejected the union in a vote of 12-8. The results of a third store could not be determined because of several challenged votes. Starbucks has actively fought unionization at its stores for decades.
AP-NORC Poll: Income is up, but Americans focus on inflation
WASHINGTON (AP) — Americans’ overall income has accelerated since the pandemic, but so has inflation — and a new poll finds that far more people are noticing the higher prices than the pay gains. Two-thirds say their household costs have risen since the pandemic, compared with only about a quarter who say their incomes have increased, according to a poll by The Associated Press-NORC Center for Public Affairs Research. Half say their incomes have stayed the same. Roughly a quarter report that their incomes have dropped. The fast-rising prices that have been surging through the economy have forced many Americans to change their spending habits.
Senate advances bill easing way for debt limit increase
WASHINGTON (AP) — The Senate is moving ahead with a fast-track plan for raising the debt limit. A key hurdle was cleared on Thursday with the support of 14 Republicans and 50 Democrats, and that likely averts another last-minute rush to avoid a federal default. Senate Majority Leader Chuck Schumer calls it the responsible path forward. The bill establishes a one-time, expedited process for the Senate to pass a debt ceiling increase by a specific amount with a simple majority. Democrats are likely to have enough votes now to lift the debt ceiling on their own. Treasury Secretary Janet Yellen says the limit needs to be raised by Dec. 15.
Drivers playing video games? US is looking into Tesla case
DETROIT (AP) — Last August, Vince Patton was watching a YouTube video of a Tesla owner who had made a startling observation: Tesla drivers could now play a video game on their car’s touch-screen dashboard — while the vehicle is moving. Curious to see for himself, Patton drove his own 2021 Tesla Model 3 to an empty parking lot and did a few loops. “I was just dumbfounded that, yes, sure enough, this sophisticated video game came up,” he said. Patton, who says he has nothing against Tesla, worries that drivers will play games and become dangerously distracted. Which is why Patton decided to file a complaint with the National Highway Traffic Safety Administration. ___
American cites Boeing delay in trimming international plans
DALLAS (AP) — American Airlines is dropping some international flights from its plans for next summer because Boeing has failed to deliver planes that the airline ordered. That’s according to a memo that went out Thursday to American Airlines employees. Boeing has been unable to deliver its 787 jetliner, which it calls the Dreamliner, for about a year because of a series of manufacturing problems. American had expected 13 more Dreamliners in its fleet by this winter. Without those planes, American will drop plan to fly from the U.S. to places in Scotland, Ireland and Hong Kong next summer and will reduce flights to other places.
2021 is now the highest-winning year ever for US casinos
ATLANTIC CITY, N.J. (AP) — America’s casinos have won more money this year than ever before, according to figures released Thursday from a national gambling trade association. The American Gaming Association says U.S. casinos have already broken the record for most money won in a single year at over $44 billion. Those figures are based on revenue reports through October, as well as a handful of states that have released results from November. The total surpassed the record set in all of 2019, which was $43.6 billion. Americans wagered a record $7 billion on sports in October, bringing the year-to-date total amount bet to over $42 billion.
Lee Enterprises rejects takeover bid from Alden hedge fund
Newspaper publisher Lee Enterprises has rejected a takeover offer from the Alden Global Capital hedge fund that is one of the largest newspaper owners in the country with a reputation for intense cost cuts and layoffs. Lee said Thursday that its board unanimously rejected Alden’s offer to buy the company for $24 per share or about $141 million because it “grossly undervalues” Lee. Also Thursday, Lee reported $5.3 million fiscal fourth-quarter profit this year, rebounding from a $1.3 million loss a year ago, as the number of digital-only subscribers at the company grew 65% to 402,000.
Metropolitan Museum of Art cuts Sackler name amid opioid ire
NEW YORK (AP) — The Metropolitan Museum of Art is dropping the Sackler name from seven exhibition spaces amid growing outrage over the role the family may have played in the opioid crisis. The museum and the Sackler family jointly announced on Thursday that the institution and their once-deep pocketed benefactors would part ways, removing the Sackler name from the iconic building, including the wing that houses the Temple of Dendur. In recent years, the Guggenheim, the Louvre in Paris, the Tate in London and the Jewish Museum in Berlin have all distanced themselves from the family.
The S&P 500 fell 33.76 points, or 0.7%, to 4,667.45. The Dow Jones Industrial Average dropped 0.06 points, or less than 0.1%, to 35,754.69. The Nasdaq shed 269.62 points, or 1.7%, to 15,517.37. The Russell 2000 index of smaller companies gave back 51.50 points, or 2.3%, to 2,220.21.