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Striking Boeing workers have overwhelmingly rejected a new pay offer from the aerospace giant, which proposed a 35% pay increase over four years. According to the International Association of Machinists and Aerospace Workers (IAM) union, 64% of its members voted against the deal.

The strike, which began on September 13, has seen more than 30,000 Boeing employees walk off the job after an initial offer was also turned down. The ongoing work stoppage reflects deep-seated frustrations among workers regarding pay and working conditions, which union representatives described as a consequence of “mistreatment” by the company over the years.

In a statement, the IAM emphasized the importance of worker rights, calling the vote “workplace democracy” and indicating a clear message to the company regarding its treatment of employees. Boeing has not commented on the rejection of the latest offer.

This rejection marks the second time in a month that workers have turned down a proposed deal. In the previous vote, 95% of workers opposed the initial offer, showcasing widespread discontent among the workforce.

Boeing’s new CEO, Kelly Ortberg, who assumed the role in August, warned that the company is at a “crossroads” as it grapples with mounting financial losses, which have surged to approximately $6 billion (£4.6 billion). Ortberg noted that despite ten years of sacrifices by employees, there remains significant ground to cover, and he expressed hope for resumed negotiations.

“This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,” Ortberg stated, emphasizing the need for stabilizing the company after its reputation has been marred by various manufacturing and safety concerns. The latest crisis began in January when a significant piece of one of its passenger planes experienced a mid-air blowout.

The strike has exacerbated Boeing’s challenges, leading to a notable slowdown in production. Ortberg indicated that the company is currently “saddled with too much debt” and has disappointed customers due to lapses in performance across its business sectors. The commercial aircraft division reported an operating loss of $4 billion in the past three months, while the defense unit incurred nearly $2.4 billion in losses.

The ongoing strike has significant financial implications for Boeing, costing the company an estimated $100 million per day. Industry expert Anna McDonald from Aubrey Capital Management highlighted the severity of the situation, noting the “significant” cash burn the company is facing.

Despite these challenges, Ortberg assured investors that Boeing has a strong backlog of approximately 5,400 aircraft orders. However, he cautioned that restarting production will be complex, stating, “It’s much harder to turn this on than it is to turn it off.”

As part of its cost-cutting measures, Boeing announced plans earlier this month to reduce its workforce by about 10%. Additionally, thousands of staff are currently on a rolling furlough due to the strike, which is also impacting suppliers. Spirit AeroSystems, a key Boeing supplier, has already implemented a 21-day furlough for 700 workers and warned of potential layoffs if the strike persists.

Ortberg emphasized his commitment to changing Boeing’s corporate culture, stating that the company must address underlying issues to prevent future disputes and improve collaboration among employees.

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Trump Names Brooke Rollins as Agriculture Secretary, Finalizing Cabinet Roster

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Former President Donald Trump announced Brooke Rollins as his nominee for Secretary of Agriculture, marking the completion of his cabinet lineup. The nomination, revealed late Saturday, sees Rollins, a longtime Trump ally and head of the America First Policy Institute, poised to lead the department responsible for U.S. farm policy.

“As our next Secretary of Agriculture, Brooke will spearhead the effort to protect American farmers, who are truly the backbone of our Country,” Trump said in a statement.

Who Is Brooke Rollins?

Rollins, a prominent figure in Trump’s political orbit, co-founded and leads the America First Policy Institute, a think tank aligned with Trump’s “Make America Great Again” agenda. She previously served as director of the White House Office of American Innovation and acting director of the Domestic Policy Council during Trump’s first administration.

Her roots in agriculture trace back to her upbringing on a farm, where she participated in programs like Future Farmers of America and 4-H. A graduate of Texas A&M University with a degree in agricultural development, Rollins also has a background in law.

If confirmed by the Senate, Rollins would oversee farm subsidies, nutrition programs, meat inspections, and forestry policies. She would also play a pivotal role in trade negotiations, including the U.S.-Mexico-Canada Agreement, potentially implementing Trump’s proposed tariffs.

Completing the Cabinet

Rollins’ nomination concludes Trump’s series of cabinet picks, a process that has drawn significant attention for its mix of loyalists and controversial figures. The 15-member cabinet comprises leaders of executive departments, all requiring Senate confirmation.

Some of Trump’s choices have sparked debates, including Robert Kennedy Jr., nominated to head the Department of Health and Human Services. Kennedy, a former environmental lawyer and vaccine skeptic, previously ran against Trump as an independent before endorsing him.

Other selections faced turbulence, such as former Florida congressman Matt Gaetz, nominated for attorney general. Gaetz withdrew his nomination amid allegations of sexual misconduct and drug use, which he denies. Senators reportedly expressed concerns about his confirmability. Trump swiftly replaced Gaetz with Pam Bondi, a former Florida attorney general.

Pete Hegseth, Trump’s pick for another cabinet role, also faced scrutiny over allegations of sexual assault from 2017, which he denies. Education Secretary nominee Linda McMahon, a former WWE executive, has been criticized for her lack of experience in education.

With Rollins’ nomination, Trump has solidified his cabinet team, though the confirmation process promises to be a contentious battle in the Senate.

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Bitcoin Nears $100,000 as Record-Breaking Rally Continues

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Bitcoin surged to unprecedented levels, crossing $99,000 overnight, marking a dramatic rally that has seen the cryptocurrency rise over 40% in just two weeks. Trading at $98,882 early Friday, according to CoinDesk, the digital asset is on the cusp of breaching the symbolic $100,000 threshold, a stark recovery from its $17,000 low after the collapse of FTX two years ago.

Drivers of the Rally

The rally comes as the cryptocurrency industry anticipates a more favorable regulatory environment under President-elect Donald Trump. A vocal supporter of cryptocurrency in recent months, Trump has pledged to make the United States the “crypto capital of the planet,” with plans for a bitcoin “strategic reserve.” His campaign’s acceptance of cryptocurrency donations and his appearance at a bitcoin conference have further boosted sentiment in the market.

Additionally, the approval of spot bitcoin exchange-traded funds (ETFs) earlier this year has attracted significant institutional and retail investment. These ETFs recorded $6 billion in trade volume during election week, according to data from Kaiko, further propelling bitcoin’s rise.

Regulatory Shifts and Economic Context

Market players are hopeful for regulatory clarity as Gary Gensler, the SEC chair who led a crackdown on crypto companies under President Joe Biden, is set to step down on January 20. Many in the industry view Gensler’s departure as an opportunity for a policy shift from enforcement-focused measures to more comprehensive legislative frameworks.

However, the bullish sentiment comes amid lingering concerns about the long-term stability of the market. Citi macro strategist David Glass noted that while current momentum is promising, the impact of regulatory changes will take time to materialize.

Risks and Volatility

Cryptocurrency remains inherently volatile, with past performance showcasing dramatic price fluctuations. For instance, bitcoin fell from nearly $69,000 in November 2021 to below $17,000 by late 2022 during the Federal Reserve’s aggressive rate hikes and the fallout from FTX’s collapse.

Experts caution that while bitcoin’s rally has been extraordinary, risks of corrections persist. “There’s no magic eight ball,” said Adam Morgan McCarthy, a research analyst at Kaiko. He advised investors to remain cautious, especially those with smaller portfolios, emphasizing the importance of managing risk responsibly.

Environmental Concerns

Bitcoin mining’s environmental impact continues to draw scrutiny. A recent study by the United Nations University found that the carbon footprint of global bitcoin mining in 2020-2021 was equivalent to the emissions from burning 84 billion pounds of coal. Despite increased use of cleaner energy, critics argue that bitcoin’s reliance on pollutive sources like coal remains significant.

As bitcoin approaches the $100,000 milestone, the cryptocurrency market faces a mix of optimism and caution. Investors and industry players alike are watching closely to see whether the rally can sustain its momentum in the coming weeks.

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EU New Car Registrations Rise in October, But Electric Vehicle Sales Struggle

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New car registrations across the European Union rose slightly in October, driven by strong performances in Germany and Spain, according to the latest data from the European Automobile Manufacturers’ Association (ACEA). The EU saw a 1.1% increase in new car registrations for the month, with notable growth in two major markets.

Germany’s car registrations rebounded by 6%, reversing three months of declines, while Spain experienced a robust 7.2% increase. However, not all countries saw growth. Italy’s new car registrations fell by 9.1%, and France also experienced a decline, with a 11.1% drop in registrations.

Looking at the year so far, new car registrations in the EU have risen by 0.7% from January to October, reaching approximately 8.9 million units. Italy saw a modest increase of 0.9%, while Spain posted a 4.9% rise. However, both Germany and France have faced declines in new car registrations, with Germany down by 0.4% and France experiencing a 2.7% drop over the same period.

Sigrid de Vries, ACEA’s director general, commented on the trend, highlighting the challenges faced by the electric vehicle (EV) market. “The latest year-to-date figures on market volume for battery electric (-4.9%) and plug-in hybrid cars (-7.9%) underline the urgent need to increase efforts to support the transition to zero-emissions vehicles,” de Vries said. She stressed the need for greater incentives and an expanded network of charging stations to encourage consumer adoption.

Battery-electric vehicles (BEVs) have seen a decline in sales, with a 4.9% drop in registrations in the first 10 months of 2024 compared to the same period last year. This decrease was primarily driven by a significant 26.6% drop in registrations in Germany. However, BEV registrations in October saw a slight uptick, increasing by 2.4% to 124,907 units.

Similarly, plug-in hybrid vehicle registrations also faced challenges. These vehicles dropped by 7.9% year-to-date, with disappointing performances in Italy and France. In October, plug-in hybrid car registrations fell 7.2%, reducing their market share to 7.7%, down from 8.4% in October 2023.

The slump in EV sales can be attributed to a combination of factors, including rising energy prices, insufficient incentives, and a lack of charging infrastructure. Additionally, higher tariffs on Chinese electric vehicles, following concerns over government subsidies, have made these cars significantly more expensive in Europe. This price increase, along with ongoing economic uncertainty and rising interest rates, has led to a dampened consumer appetite for electric vehicles.

With global economic pressures and geopolitical uncertainty also weighing on consumer sentiment, the EU faces significant hurdles in meeting its ambitious targets for the transition to zero-emissions vehicles.

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