UAW, General Dynamics reach deal
DETROIT (AP) — UAW says it has reached a tentative contract agreement for its workers at General Dynamics.
The union, which represents UAW members at manufacturing plants in Ohio, Pennsylvania and Michigan, did not disclose details of the agreement Monday. The union said it must first brief its members on those details.
General Dynamics, based in Falls Church, Virginia, is the country’s fifth-biggest defense contractor.
UAW also came to a tentative contract agreement last week with General Motors. Workers there had been on strike for more than a month. That agreement will be used as a template for workers at Ford and Fiat Chrysler.
The deal struck with General Dynamics Corp. is completely separate from talks in the auto industry.
China seeks $2.4 billion in penalties
BERLIN (AP) — China is asking the World Trade Organization for the right to impose $2.4 billion in annual penalties on the United States in a case over Chinese subsidies dating back years.
A document published Monday showed China has called for the matter to be considered by the WTO’s Dispute Settlement Body next Monday. The matter would be referred to a WTO arbitrator if the U.S. objects to the amount China proposes.
The request stems from a July WTO appellate decision in a case dating to before the Trump administration, and unrelated to the tariffs it has slapped on Chinese goods. Washington criticized that decision, which it said recognizes that China uses state-owned enterprises to subsidize and distort its economy but contends the U.S. must use “distorted Chinese prices” to measure subsidies.
Boeing shares slide again
NEW YORK – Boeing’s stock keeps falling after revelations about internal concern over a flight system tied to two deadly crashes.
Credit Suisse and UBS downgraded Boeing to “neutral” on Monday, citing Friday’s disclosure of a senior Boeing test pilot’s messages about the 737 Max. The pilot told a co-worker he struggled to handle a system called MCAS in a flight simulator and “unknowingly” lied to regulators.
MCAS triggered a nose-down pitch of the planes before accidents in Indonesia and Ethiopia that killed 346 people.
The shares fell $11.99, or 3.5%, to $332.01 in midday trading after dropping 6.8% Friday.