- China holds off on fresh stimulus but 'confident' will hit growth target
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
- 'Invisibility' and quantum computing tipped for physics Nobel
- Oil prices extend gains on Mideast tensions, Wall Street falls
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
CMSD | -0.09% | 24.79 | $ | |
CMSC | -0.53% | 24.57 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
NGG | -1.56% | 65.48 | $ | |
GSK | -0.49% | 38.63 | $ | |
RBGPF | 100% | 60.52 | $ | |
SCS | -0.15% | 12.95 | $ | |
BTI | -0.26% | 35.2 | $ | |
AZN | -0.78% | 76.87 | $ | |
RIO | -0.11% | 69.62 | $ | |
BCC | 1.68% | 141.27 | $ | |
JRI | -0.76% | 13.18 | $ | |
VOD | 0.31% | 9.69 | $ | |
BCE | -0.54% | 33.53 | $ | |
RELX | -0.54% | 46.04 | $ | |
BP | 0.78% | 33.14 | $ |
Congress must step in to prevent 'devastating' US rail strike: Biden
US President Joe Biden on Monday called on Congress to intervene urgently to prevent a strike by railroad workers that he warned would "devastate our economy."
Biden asked Congress to deploy rarely used legislative powers to force adoption of a preliminary deal which freight rail companies and workers had struck in September before some of the trade unions backed off, returning to their threat to go on strike.
While noting his pro-union credentials, the Democratic party leader said there was no alternative to forcing through the contested deal, which covers wage increases and working conditions.
"Let me be clear: a rail shutdown would devastate our economy. Without freight rail, many US industries would shut down. My economic advisors report that as many as 765,000 Americans -- many union workers themselves -- could be put out of work in the first two weeks alone," Biden said in a statement.
If an agreement is not reached by December 9, the world's largest economy could see nearly 7,000 freight trains grind to a halt, at a cost of more than $2 billion a day, according to the American Association of Railroads.
Alluding to the crucial role played by trains in serving the continent-spanning country, Biden said a strike would mean that "communities could lose access to chemicals necessary to ensure clean drinking water. Farms and ranches across the country could be unable to feed their livestock."
- December 9 deadline -
A dispute between workers and freight companies has been simmering for months. A strike was narrowly averted in September after Biden and his top aides intervened in marathon negotiations.
However four of the 12 unions involved later failed to ratify the deal, sparking the new crisis.
"As a proud pro-labor president, I am reluctant to override the ratification procedures and the views of those who voted against the agreement," Biden said. "But in this case -- where the economic impact of a shutdown would hurt millions of other working people and families -- I believe Congress must use its powers to adopt this deal."
Biden acknowledged union concerns over lack of sick leave in the deal but said now was not the time to try and fix an issue plaguing workplaces across the economy.
"I share workers' concern," he said, "but at this critical moment for our economy, in the holiday season, we cannot let our strongly held conviction for better outcomes for workers deny workers the benefits of the bargain they reached, and hurl this nation into a devastating rail freight shutdown."
Biden urged Congress to pass the legislation "well in advance of December 9th so we can avoid disruption."
Nancy Pelosi, the Democratic speaker of the House until January, when Republicans take over, said the bill would be put to a vote "this week."
It will then go to the Senate, where the Democrats hold a narrow majority.
P.Schmidt--CPN