Latest Developments

Europe
The Guardian

‘Historic’: Canadian warehouse workers sign first-ever union deal with Walmart

Members of Unifor rally outside a Walmart in Canada on 10 September 2024. Photograph: Unifor CanadaView image in fullscreenMembers of Unifor rally outside a Walmart in Canada on 10 September 2024. Photograph: Unifor CanadaWalmart‘Historic’: Canadian warehouse workers sign first-ever union deal with WalmartUnion says collective agreement is just the start of a broader fight to unionize major employers across the country Canadian warehouse workers have signed the first-ever collective agreement with Walmart, a breakthrough labour organizers are calling a “historic and powerful step”. But the union says the deal with a corporation long hostile to organized labour is only an opening salvo in a broader fight to unionize major employers across the country. In May, workers in Mississauga, Ontario, signed a contract with Walmart, the world’s largest employer, that includes a pay bump, guarantees over working conditions and a lump sum payout to settle allegations of unfair labour practices. “These members were determined to have workplace democracy and they stuck with it,” said Lana Payne, president of Unifor, Canada’s largest private sector union. “Their courage and determination, their decision to be part of a collective bargaining table with one of the biggest corporations in the world, is why they made labour history.” Workers at the high-volume distribution warehouse – which serves one of the biggest markets for Walmart in Canada – first decided to unionize in 2024. It took two years before both sides agreed on a contract. Payne said the victory came amid a deliberate strategy by the union to target parts of the business workers that could exert the most influence. While retail locations have unionized in the past, the powerful distribution centres that supply more than 100 brick and mortar stores and oversee online orders have proven elusive. “We felt that we needed to put serious effort into targeting the entirety of the supply chain,” she said. “This victory will create momentum across the warehouse sector.” In the case of the Mississauga effort, Walmart raised wages for other workers in the region but not the distribution centre that had unionized. As part of the newly signed collective agreement, Walmart will pay a lump sum to settle an unfair labour practice complaint. The company did not respond to a request for comment. The dramatic transformation of the economy in recent years has raised the power of technology and e-commerce companies, reshaping the nature of how workers organize, said Payne. “Our labour laws are not built to be able to contend with massive corporations who can fight unionization, and so they frustrate the system,” she said. “When you look at the situation we’re in, it’s not unlike what workers faced 70 years ago, when unions were really making kind of groundbreaking strides with auto workers or steelworkers or mining workers.” Unifor has already opened a second front in its battle: an Amazon facility in British Columbia, a province where laws are friendlier to organized labour.

‘Historic’: Canadian warehouse workers sign first-ever union deal with Walmart
Europe
BBC Business

US stocks slump as fears over Big Tech shake Wall Street

Stock markets suffered a sharp drop on Friday, with the tech-heavy Nasdaq index seeing its biggest one-day drop since April 2025. With fears mounting that gains so far this year may be unsustainable, a surprisingly strong US jobs report for April sparked a selloff, with the major US markets ending the week in the red. The data stoked fresh fears among investors that the Federal Reserve will keep interest rates higher for longer, especially as inflation remains stubborn. The Nasdaq index fell by more than 4%, the S&P 500 closed 2.6% lower and the Dow Jones Industrial Average dropped 1.35%. Digital assets also suffered a sharp selloff on Friday. Bitcoin, the biggest cryptocurrency, dropped sharply as investors rushed to offload riskier assets across the board. While a strong jobs market is usually good news for the economy, it means the Federal Reserve is less likely to cut borrowing costs anytime soon. David Doyle, head of economics at Macquarie Group, said Friday's jobs report was potentially "too good", especially against a backdrop of high inflation. He said the figures raised the likelihood the Federal Reserve will raise interest rates this year, contributing to the stock market selloff. It meant investors who had been holding out for rate cuts were forced to quickly change their plans. However, Friday's selloff did not mark a global market panic. Instead, it saw investors shifting away from tech stocks, which critics have warned are overvalued and could crash in the same way as the dotcom bubble in the early 2000s. Major investment funds pulled money out of AI and microchip companies, which have seen their share prices soar in recent years. Instead of leaving the market entirely, investors piled instead into traditionally safer investments. Sectors such as healthcare, utilities, and consumer staples, including Kraft Heinz and Keurig Dr Pepper, saw a boost as traders looked for stability.

US stocks slump as fears over Big Tech shake Wall Street
North America
CNBC Finance

Family offices bet on sports, from pickleball leagues to smart soccer balls

Last month, investment firms of the ultra wealthy went all-in on sports and played on multiple fronts. At the beginning of May, billionaire Tom Dundon's namesake family office partnered with Apollo's new sports fund to invest $225 million in Pickleball Inc., the parent company of Major League Pickleball and the PPA Tour. Dundon is already an owner of the Portland Trail Blazers NBA team and the NHL's Carolina Hurricanes. As for the major leagues, Michael Dell, as part of an investor group led by Silver Lake's Egon Durban, bought a 25% stake in the Las Vegas Raiders football team. Dell is also a minority investor in the NBA's San Antonio Spurs and the Austin Gamblers, a professional bull riding team. Family offices made 51 direct investments in companies in May, holding steady from April's deal tally, according to data provided exclusively to CNBC by Fintrx, a private wealth intelligence platform. A Goldman Sachs survey released last fall found that 25% of family offices have invested in sports or related assets like ticketing or arenas and another quarter are interested in doing so. Asides from love of the game, many investors are drawn to the sector as an inflation hedge. Student housing mogul David Adelman has used his family office to extend his reach into the sports economy. Adelman is a part-owner of the NBA's Philadelphia 76ers, English Premier League club Crystal Palace and the New Jersey Devils ice hockey team and an investor in sports merchandise giant Fanatics. In May, his investment firm Darco Capital co-led a $12 million Series A round for PlayerData along with David Blitzer's family office Bolt Ventures and venture capital firm Pentland Ventures. The UK startup makes GPS-enabled vests and soccer balls that help athletes track their performance. Adelman told CNBC that some teams in his portfolio use PlayerData products. Crystal Palace, for instance, uses the vests and smart soccer balls in training its academy players. The technology's application for athletes at all levels, including youth sports, was part of the startup's draw, according to Adelman. "What stood out to me was the ability to take something complex and make it simple, practical, and accessible," Adelman said. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Family offices bet on sports, from pickleball leagues to smart soccer balls
Europe
The Guardian

US added 172,000 jobs in May as labor market shows signs of resilience

A ‘We’re hiring’ sign at a restaurant in Manhattan. Photograph: Spencer Platt/Getty ImagesView image in fullscreenA ‘We’re hiring’ sign at a restaurant in Manhattan. Photograph: Spencer Platt/Getty ImagesUS economyUS added 172,000 jobs in May as labor market shows signs of resilienceGovernment figures show unemployment rate at 4.3% amid rising inflation and economic uncertainty from Iran war US employers added 172,000 jobs in May while the country’s unemployment rate held steady at 4.3%, a sign of a resilient labor market despite rising inflation and economic uncertainty brought on by continued conflict in the Middle East. Despite the positive update on the labor market, US stocks fell sharply by Friday afternoon after a big sell-off of AI chip stocks. The tech-heavy Nasdaq index closed 4% down, the largest single-day drop in over a year. The S&P 500 and and Dow were also down 2.6% and 1.3%, respectively. Economists initially predicted there would be about 80,000 new jobs and a steady unemployment rate of 4.3%. Job figures for March and April were also revised up 29,000 and 64,000, respectively, a 93,000 boost compared with initial figures. Job growth was seen in leisure and hospitality, which was boosted by 70,000 jobs in May, including 48,000 jobs in food services and drinking places. Employment in local government and healthcare also rose last month. The new data from the Bureau of Labor Statistics is the latest in a number of reports that have pointed to strong hiring in recent months, despite a strained economy and an increase in inflation. The labor department announced earlier this week that the number of job openings in April increased to 7.6m, while the number of people quitting, laid off and discharged changed little. Private employers added 122,000 jobs in May, according to payroll firm ADP, which found that employers of all sizes and most industries – with the exception of the information and natural resource sectors – were hiring. “Hiring was more broad-based in May than we’ve seen in the last few years,” Dr Nela Richardson, ADP’s chief economist, said in a statement. “The labor market continues to show sustained momentum going into the summer hiring season.” Economists are predicting that the Fed will hold rates steady at its meeting 16-17 June, but Trump and his advisers have made it clear they expect Warsh to be receptive to their continued calls for rate cuts. “We’ve got a Warsh Fed now,” the US treasury secretary, Scott Bessent, said at a news conference last week. “It’s a new day at the Fed … I had my first breakfast with Chair Warsh this morning, and I believe that he will do the right thing to balance inflation and growth.” Economists say even if the chair supports a rate cut, it’s unlikely that a majority of the Fed’s 12 voting members would agree. At the Fed’s last meeting in April, just one member voted for lowering the target range for rates.

US added 172,000 jobs in May as labor market shows signs of resilience
North America
CNBC Finance

Broadway's $1.9 billion season is the latest sign of consumers splurging on experiences

Broadway just wrapped its highest-grossing season on record, offering another sign that consumers are willing to spend on experiences even as concerns about inflation and economic uncertainty linger. The 2025-2026 show season topped the prior year's record and generated nearly $1.91 billion in ticket sales, according to industry data from The Broadway League. "Even in a challenging economic environment, Broadway remained notably on par with last season, reflecting both the resilience of this industry and the connection audiences feel to these productions," said Jason Laks, president of The Broadway League, in a press release. Adjusting for the extra week that was included in the prior season, Broadway grosses this year rose 3.5%, attendance increased 1.8% and average ticket prices climbed 1.7%. This comes ahead of Sunday's Tony Awards, setting a high-stakes background for the industry's biggest night. The awards often lead to further ticket sales for winning shows. While consumers have pulled back in some discretionary categories, demand for live entertainment has remained remarkably strong — from concerts and sporting events to theater. The New York Fed's beige book has made explicit mentions of Broadway nearly a dozen times over the last two decades as an economic indicator, most recently in April saying "ticket sales remained strong." But Broadway's record year highlights a growing question: Have live performances become too expensive to balance rising production costs? The average Broadway ticket cost $131 this season. For a family of four attending a musical, tickets alone can easily exceed $500 before accounting for transportation, meals and other expenses. In many cases, premium seats cost significantly more. At higher rates, the total expenses start to rival a one-day trip to Disney World for a family of four. The industry's growth is increasingly being driven by high-priced plays featuring major celebrities rather than traditional blockbuster musicals. The 2025-2026 season opened 35 new productions: 12 musicals, 21 plays, and two specials. Existing intellectual property counts for three of the four nominated best new musicals, including an adaptation of the Apple TV series "Schmigadoon," the 1980s cult-classic film "Lost Boys" and a parody of the Oscar-winning film "Titanic," titled "Titanique." "Producers are becoming far more selective about the economics of a project," said Broadway producer Jim Kierstead. "There's greater emphasis on recognizable titles, built-in audiences, limited runs, strategic casting, and productions that can generate additional life beyond Broadway through touring, licensing, or international productions."

Broadway's $1.9 billion season is the latest sign of consumers splurging on experiences
Europe
BBC Business

Hospitality jobs boom as US prepares for World Cup

The US economy created 172,000 jobs in May as pubs, bars and restaurants ramped up hiring ahead of the World Cup. They were primarily created in leisure and hospitality, local government, and health care, according to the Bureau of Labor Statistics (BLS). The figures cover the lead-up to this summer's tournament, being jointly hosted by the US, Mexico and Canada. Employment in the financial sector dropped, while the overall unemployment rate held at 4.3%. Rehan Alam, who owns The Red Lion pub and restaurant in downtown New York City, has hired seven extra bartenders to manage an expected surge in attendance when the World Cup begins next week. He told the BBC the business was overwhelmed when the tournament was held in Qatar four years ago, and he expects an even bigger boost due to it being hosted in nearby New Jersey. "Four years ago, when we had the World Cup, we didn't expect it to get that crazy, and it did. It brought a lot of attention to what we've always been trying to do with the soccer," he said. Alam has installed seven new TVs, paid sound engineers to prepare the venue and "beefed up the staffing quite a bit". Alam said the boost is "definitely needed" as firms grapple with rising costs amid the fallout from the US-Israel war with Iran. "Our costs have skyrocketed," he said, pointing to everything from direct energy costs to other charges being passed through in bills. "A boost like this is definitely going to give us that uplift of spirits," he added. The BLS said leisure and hospitality businesses created 70,000 jobs in May, a jump from the average monthly increase of 14,000 for the prior year. Firms selling food and drink specifically were responsible for 48,000 of those, it added.

Hospitality jobs boom as US prepares for World Cup
North America
CNBC Finance

Boeing to start 737 Max production on new assembly line July 6, CEO says

"We're adding another production line, it's really a carbon copy of what you see here in Renton," Ortberg said. "We'll be loading our first airplane on July 6, so just about a month from now, we'll be bringing that [fourth] line alive." The new 737 Max final assembly line in Everett, Washington, will serve as a catalyst for increasing Max production to 52 jets per month — a pace that's expected to begin next year. Boeing is currently building 47 Maxes per month after ramping output from 42 a month earlier this year. While Boeing wants to build and deliver more 737 Max planes, its production is capped by the Federal Aviation Administration, which put limits on its manufacturing after a door plug blew out on an Alaska Airlines plane in January 2024. That incident prompted lengthy reviews of safety and quality issues in the manufacturing process at Boeing. "We're trying to reset that track record, and I think we've done a good job as we've come back up here in the last 18 months and increased rate, and we've done it differently," Ortberg said. "We've made sure that we're not moving until the production system is stable. We're not pushing work down the production line like we were before. So I think that gives us all optimism." Ortberg and Boeing leadership have set a long-term goal for Max production of 63 per month, if the supply chain can support the increase. The new assembly line will start with production of the 737 Max 10, a stretch version of the single aisle plane that is expected to be certified by the FAA before the end of the year, clearing the way for the first 737 Max 10 deliveries. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Boeing to start 737 Max production on new assembly line July 6, CEO says
Europe
The Guardian

Mamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’

Zohran Mamdani, mayor of New York, left, and Sam Levine, commissioner of the New York City department of consumer and worker protection, during an announcement on junk fees in New York on 21 January 2026. Photograph: Adam Gray/Bloomberg via Getty ImagesView image in fullscreenZohran Mamdani, mayor of New York, left, and Sam Levine, commissioner of the New York City department of consumer and worker protection, during an announcement on junk fees in New York on 21 January 2026. Photograph: Adam Gray/Bloomberg via Getty ImagesConsumedZohran MamdaniMamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’New York City’s new commissioner of consumer and worker protection is launching an “aggressive” campaign to fight junk fees and deceptive practices New York mayor Zohran Mamdani’s top consumer watchdog has one gripe about New Yorkers – he would like them to complain more. “We get about 30,000 complaints a year,” said Samuel AA Levine, New York City’s new commissioner of consumer and worker protection. “I’d really like to get the number up.” From downtown Manhattan, he has renewed a war on junk fees and deceptive subscriptions that he started in Washington DC as the Federal Trade Commission’s consumer protection director during the Biden presidency, banned hotels’ hidden charges, and cracked down on delivery companies’ “design tricks” that lower wages and predatory debt collection. Since January, his office has sued self-storage companies and won millions from Uber Eats and Amazon. June could see a new “click to cancel” rule that would make New York the first municipality in the US with a law on subscriptions that are maddeningly difficult to get out of. The United States has suffered a decades-long “epidemic of corporate lawbreaking with very few repercussions”, Levine told the Guardian in a recent interview from his office, decorated with a caustic New York Post editorial that features Levine and Mamdani eating Munchkins as they announce an $1.8m settlement with a Dunkin’ Donuts franchisee over worker violations. Critics, and corporate law firms, are raising alarms about New York’s new “aggressive enforcement posture”, warning that Levine is a local analogue to a state attorney general or the Federal Trade Commission (FTC). “Corporations that rip people off need to face consequences. I don’t think that’s radical. I think it’s common sense,” said Levine. In the broadest sense, why do you think American consumers are so unhappy right now? I think certain companies have too much power. I think small businesses have too little power. But you’ve had such lax merger enforcement over the last four decades since the Reagan administration. You look at most industries today, there are three, maybe four players. And any policy you want to get done in Washington, those players effectively have a veto over. Consumers describe feeling increasingly under attack by companies that are not acting in good faith. Wall Street and other pressures have long pushed executives to squeeze as much money as they can out of customers. What specifically do you think has changed recently?

Mamdani’s consumer watchdog takes on ‘epidemic of corporate lawbreaking’
Europe
BBC Business

Trump to meet AI leaders to discuss US investment in their companies

US President Donald Trump is planning to meet the bosses of some of the country's most notable artificial intelligence (AI) companies to discuss the government taking a financial stake in their future. Speaking on Air Force One, Trump said the goal of the US government investing in AI companies was to "create almost a partnership with the American public". He expects to meet leaders of major AI companies at the White House - likely next week. Although the president did not name specific companies, the biggest companies in the US working on AI are Google, Microsoft, OpenAI, SpaceX and Anthropic - the latter two of which are expected to go public in the coming weeks. A spokesman for Microsoft declined to comment. Representatives of the other four companies did not respond to requests for comment. Trump compared the prospective investment in AI to the US government last year taking a 10% stake in Intel, a company that makes computer chips. He claimed the US has already made money on that investment. Part of the US investing directing in AI companies, however, would be to improve Americans' views of the technology, which have grown increasingly negative. "We're talking about it,"Trump said, referring to conversations with AI leaders "where the American people can benefit from the success of AI, the American people will like it better". Sam Altman, chief executive of OpenAI, this week travelled to Washington DC and met Senator Bernie Sanders. Sanders recently said he intended to propose a sort of sovereign wealth fund in which the US would take a 50% stake in AI companies. Asked about Sanders' plan, President Trump insisted he had been considering the US investing in AI companies for a year, but did not dismiss the senator's notion. "Where economics are concerned, we have things that aren't that far apart," Trump said.

Trump to meet AI leaders to discuss US investment in their companies