Biden urges UAW to stick with it on picket line
President Biden joined United Auto Workers on the picket line in Michigan urging a significant wage rise as a broad show of labor support. He visited a GM parts center ahead of Trump’s visit, saying no deal, no wheels and backing a 40 percent raise amid a 12th day of strike.
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Judge Rules Trump Defrauded Banks in NY Civil Case
Judge Arthur Engoron ruled that Donald Trump and his company defrauded lenders and insurers by overstating asset values and net worth on financial statements used to obtain financing. He ordered partial license rescissions and a monitor. a nonjury trial will proceed in October with penalties up to 250 million and a ban on business in New York sought by Attorney General Letitia James.
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Amazon faces wide FTC antitrust suit in Washington state
The Federal Trade Commission and 17 states sue Amazon in federal court, alleging anti competitive practices to inflate prices off and on its platform, deter lower offers on rival sites, and extract high seller fees. The action seeks a permanent injunction to restore competition and curb alleged monopolistic control.
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Stocks slump as September deepens on New York markets
U.S. equities extend September decline with the S&P 500 down 1.5 percent, the Dow off 388 points and the Nasdaq 1.6 percent. Bond yields rise to levels unseen since 2007 as investors weigh sustained high rates and inflation risk. Household spending, housing, and manufacturing data show weakness while the Fed signals slower rate cuts amid looming government shutdown concerns.
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