The risk run by striking unions, of course, is that public sentiment could reverse if their walkouts drag on and economic pain mounts. Consider that California’s economy has lost over $5 billion from the Hollywood shutdown, according to Gov. Gavin Newsom, or that a protracted auto strike could potentially push the U.S. into a recession.
HERE’S WHAT’S HAPPENING
A top Nomura banker is said to be barred from leaving mainland China. Charles Wang Zhonghe, the Japanese bank’s chair of investment banking in China, has been hit by an exit ban in connection with an investigation into Bao Fan, one of China’s top tech dealmakers, according to The Financial Times. The apparent restrictions on Wang, who is based in Hong Kong, come as the confidence of Western businesses operating in China has plunged. Bao hasn’t been seen for months.
Poultry giants are under investigation over work done by migrant children. The Labor Department opened the investigation into Tyson Foods and Perdue Farms after The New York Times Magazine reported that contractors forced children as young as 13 to clean slaughterhouses. The investigation hinges on whether corporations can be considered employers in instances like these.
Sanctions on Russia’s oil exports are reportedly falling short. Russia has been able to sell about three-quarters of its oil above the $60-a-barrel cap set by the Group of Seven, according to The Financial Times, lifting revenues as crude prices soar. The Kremlin announced recently that it would significantly increase spending next year, with a big boost to defense.
The A.I. arms race heats up
Amazon has upped its bet on artificial intelligence, saying on Monday that it will invest up to $4 billion in Anthropic, a start-up founded two years ago that is one of a wave of young companies pulling in big money from big tech.