The daily business briefing: October 11, 2023

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TheWeek The Week US Edition US UK SUBSCRIBE & SAVE Less than $3 per week × Search Sign in View Profile Sign out Daily Briefing Talking Points The Week Recommends Newsletters Cartoons From the Magazine The Week Junior More Politics World News Business Health Science Food & Drink Travel Culture History Personal Finance Puzzles Photos All Categories Newsletter sign up Newsletter Business The daily business briefing: October 11, 2023 Union calls off strike at GM plants in Canada, Caroline Ellison testifies that Sam Bankman-Fried ordered others to take money from FTX customers, and more Newsletter sign up Newsletter Caroline Ellison outside Sam Bankman-Fried trial (Image credit: Stephanie Keith / Bloomberg via Getty Images) Jump to category: 1. Canadian union ends brief strike against GM 2. Caroline Ellison testifies that Bankman-Fried ordered others to commit crimes 3. Utah sues TikTok over alleged harm to children 4. Stock futures edge up ahead of inflation data 5. Biden administration targets junk fees By Harold Maass published 11 October 2023 Sign up to our 10 Things You Need to Know Today newsletter A free daily digest of the biggest news stories of the day – and the best features from our website Name: Your Email Address Contact me with news and offers from other Future brands Receive email from us on behalf of our trusted partners or sponsors Thank you for signing up to TheWeek. You will receive a verification email shortly. There was a problem. Please refresh the page and try again. By submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over. 1. Canadian union ends brief strike against GM The Canadian trade union Unifor put its hours-long strike against General Motors “on hold” Tuesday after reaching a tentative agreement with the automaker. The strike was halted at three GM facilities while union members vote on the proposed deal, which affects 4,300 workers. Unifor President Lana Payne said the union called the strike because GM “stubbornly” refused to agree to terms similar to those accepted by Ford Motor Co., including pension improvements, retiree benefits and the status of temporary full-time employees. GM Canada President Marissa West said the agreement “recognizes the many contributions of our represented team members with significant increases in wages, benefits and job security.” The Detroit News, CBC 2. Caroline Ellison testifies that Bankman-Fried ordered others to commit crimes Caroline Ellison, former CEO of Sam Bankman-Fried’s hedge fund, testified at his fraud trial Tuesday that he directed her and others to take money from customers of his cryptocurrency exchange, FTX, without their knowledge. Ellison said the hedge fund, Alameda Research, took $10 billion in FTX customer funds to finance its own investments and repay debts. Ellison, who once dated Bankman-Fried, said the hedge fund accessed the money through a $65 billion line of credit on the exchange, and from FTX customer deposits into an Alameda bank account at a time when FTX didn’t have its own account. “He was the one who directed us to take customer money to repay our loans,” Ellison said. She testifies again Wednesday. Reuters 3. Utah sues TikTok over alleged harm to children Utah on Tuesday filed a lawsuit against TikTok, accusing the popular video-sharing platform of harming the mental health of children and teens. State officials also said TikTok, owned by China’s ByteDance, deceived parents by saying the app is safe for young users. State Attorney General Sean Reyes said Tuesday that TikTok has also misled the public by downplaying the role of ByteDance, which he said “effectively controls” TikTok. The company said the lawsuit was misguided and it “has industry-leading safeguards for young people, including an automatic 60-minute time limit for users under 18 and parental controls for teen accounts.” Axios Subscribe to The Week Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives. SUBSCRIBE & SAVE Sign up for The Week’s Free Newsletters From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. Sign up 4. Stock futures edge up ahead of inflation data U.S. stock futures edged higher early Wednesday ahead of wholesale inflation data. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.2% at 7 a.m. ET. Nasdaq futures were up 0.3%. Stocks gained on Tuesday as Treasury yields retreated from recent highs, although investors showed caution due to concerns about an escalation of the conflict between Israel and Hamas, according to Bloomberg. The benchmark 10-year Treasury yield dropped 13 basis points to 4.65%. “If rates continue to move lower, I think that will be the primary driver of a reasonable rebound in the equity market,” Lauren Goodwin, director of portfolio strategy at New York Life Investments, said on CNBC’s “Closing Bell.” CNBC, Bloomberg 5. Biden administration targets junk fees The Federal Trade Commission on Wednesday announced a proposed rule that would bar companies from charging hidden or misleading junk fees often added to everything from airline tickets to utility bills. Under the rule, companies would have to disclose all fees upfront. “All too often, Americans are plagued with unexpected and unnecessary fees they can’t escape,” FTC Chair Lina Khan said in a statement. “By hiding the total price, these junk fees make it harder for consumers to shop for the best product or service and punish businesses who are honest upfront.” President Biden is expected to tout the measures and announce $2 billion in savings and $140 million in consumer refunds from previous junk-fee crackdowns from the Consumer Financial Protection Bureau. The Washington Post, CNN Explore More Business News Business Briefing Breaking News Continue reading for free We hope you’re enjoying The Week’s refreshingly open-minded journalism. sign up to continue reading Already have an account ? Sign in here Subscribed to The Week? Register your account with the same email as your subscription. Sign up to our 10 Things You Need to Know Today newsletter A free daily digest of the biggest news stories of the day – and the best features from our website Contact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over. Harold Maass Social Links Navigation Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons. 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