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The International Longshoremen's Association, representing 45,000 U.S. dockworkers, has agreed to suspend a three-day strike until January 15th to allow for contract negotiations. The union will resume work immediately, and a tentative wage increase agreement has been reached, raising the offer from 50% to 62% over six years. However, details remain undisclosed, and any wage increase must be ratified by union members. The strike, which began after the expiration of the previous contract, was prompted by disputes over pay and automation at 36 ports from Maine to Texas. "With the grace of God, and the goodwill of neighbors, it's gonna hold," said President Joe Biden. Until January 15th, workers will operate under the old contract, which expired on September 30th.

 

New Jersey Herald

Missoulian

Los Angeles Times

Wall Street Journal

A PwC poll of 4,042 business and technology executives from 77 countries has found that just 2% of organizations have fully implemented cyber resilience actions across all areas surveyed. The 2025 Global Digital Trust Insights survey found that critical areas lacking implementation include the establishment of a resilience team; the development of a cyber recovery playbook for IT-loss scenarios; and the mapping-out of technology dependencies. Only 15% are measuring the financial impact of cyber risks to a significant extent. Another significant issue highlighted in the report is the limited involvement of chief information security officers (CISOs) in key business activities. Less than 50% of CISOs are involved to a large extent in strategic planning on cyber investments, board reporting, and overseeing tech deployments. The findings underscore the need for a more strategic, enterprise-wide approach to cybersecurity. Organizations are urged to address the identified gaps in resilience, CISO involvement, and risk quantification to better position themselves to face the evolving threat landscape.

 

The CFO

Ben la Grange, the former finance director of  Steinhoff, has been sentenced to 10 years in prison, with five suspended on condition that he is not found guilty of fraud, for his role in a €6.5bn accounting scandal, making him the highest-ranking executive convicted in the case. Acting on the instructions of deceased former chief executive and alleged kingpin of the fraud Markus Jooste, la Grange created documentation that supported fraudulent transactions used to inflate and falsify the Steinhoff Group’s annual financial statements for the 2016 financial year. 

 

Bloomberg

Financial Times

IOL

News 24

U.S. service providers expanded in September at the fastest pace since February 2023. The Institute for Supply Management (ISM)’s index of services advanced 3.4 points to 54.9 last month, taking it further away from the 50-mark separating expansion from contraction. The gauge of new orders leapt by more than six points, a sign of healthy demand for services. By contrast, the employment index edged down, suggesting some weakness in the sector’s jobs market. Twelve industries reported growth over the month, led by real estate, corporate services, and accommodation & food services. Only five reported contraction, including agriculture, fishing and wholesale trade. Relatedly, the S&P Global U.S. PMI Composite was revised lower to 54 in September from the preliminary estimate of 54.4 and August's reading of 54.6. "Encouragingly, inflows of new business in the service sector grew at a rate only marginally shy of August’s 27-month high," said Chris Williamson, chief business economist at S&P Global Market Intelligence. "Lower interest rates have already been reported by survey contributors as having buoyed demand, notably for financial services which, alongside healthcare, remains an especially strong performing sector."

 

Seeking Alpha

Bloomberg

Wall Street Journal

The number of Americans who applied for unemployment benefits last week rose by 6,000 in the seven days to September 28th, according to the Labor Department, confirming that layoffs remain surprisingly low even though many companies have pulled the plug on hiring. Economists polled by the Wall Street Journal had forecast new claims to total 220,000. The four-week moving average of new applications fell to 224,250, while continuing claims were essentially unchanged at 1.83m. New jobless claims fell in 28 of the 53 states and territories that report the figures to the federal government, while 25 showed relatively small increases. Hurricane Helene-afflicted Georgia and Florida saw the largest declines, and North Carolina, South Carolina and Tennessee had smaller decreases. “The hurricane effect will reverse going forward, as people thrown out of work by storm damage will likely push up the tally for a few weeks," said Stephen Stanley, chief economist at Santander U.S. Capital Markets. His sentiment was echoed by Thomas Simons, U.S. economist at Jefferies LLC, who said there is nothing "particularly worrisome" about the latest figures, which were released ahead later today of the September jobs report.

 

Bloomberg

Market Watch

The Commerce Department has reported a 0.2% drop in factory orders in August, missing the 0.2% rise expected by economists and down from the revised 4.9% rise seen in July. The modest decrease by factory orders came as orders for non-durable goods slid by 0.5%, offsetting a slight uptick in orders for durable goods. The report also said shipments of manufactured goods fell by 0.5% in August after climbing by 0.8% in July. Inventories of manufactured goods inched up by 0.1%. The inventories-to-shipments ratio crept up to 1.46 in August from 1.45 in July.  

 

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RTT News

A new survey commissioned by KPMG has found that almost 60% of Canada's chief executives see economic uncertainty as their biggest current challenge. The proportion of top executives who expressed confidence in the three-year growth outlook for Canada’s economy was 83%, a decline of six percentage points from last year. Executives of smaller businesses appear to be a little more optimistic than the heads of larger companies about growth for the economy and for their own firms, the survey said. 

 

Bloomberg

Amazon has been accused by the National Labor Relations Board (NLRB) of illegally refusing to negotiate with a union representing drivers employed by Battle Tested Strategies (BTS). The NLRB's complaint asserts that Amazon is a "joint employer" of these drivers and employed illegal tactics to suppress union activities at a facility in Palmdale, California. Following their unionization last year, BTS drivers became the first Amazon delivery contractors to join the International Brotherhood of Teamsters. Teamsters President Sean O'Brien said: “This decision brings us one step closer to getting Amazon workers the pay, working conditions, and contracts they deserve." The case will be heard by an administrative judge in Los Angeles. In other Amazon news, the company is planning to hire 250,000 transportation and warehouse workers this holiday shopping season, the same number as last year, the company said on Thursday. "Although there is an anticipated increase in the demand and the volume, we feel like the 250,000 is the right number to continue to grow and advance with our operations," explained Amazon vice president Sandy Gordon. 

 

The Hill

Bloomberg

Reuters

Levi Strauss is contemplating the offloading of its struggling Dockers brand, which has suffered a 15% decline in sales during the third quarter. Chief executive Michelle Gass said: “We are narrowing our focus to realise the full potential of the Levi's brand as well as accelerate Beyond Yoga”. The company aims to enhance growth through its core denim offerings and direct-to-consumer sales. Despite Dockers' challenges, Levi's has seen a 10% increase in direct-to-consumer sales, particularly in women's clothing. The company anticipates fourth-quarter revenue growth in the mid-single-digit percentage range, lower than previous estimates due to Dockers' performance and reduced consumer spending in China. Levi has engaged Bank of America as a financial adviser for the strategic review of Dockers, with no set deadline for completion.

 

CNBC

Market Watch

The Globe and Mail

Starbucks is buying two new research farms that will test everything from drones to microbes as it seeks to make coffee more resilient to climate change. A farm in Costa Rica will look at solutions including how technology can help growers, while in Guatemala Starbucks will replicate the challenges facing the small farms that make up 97% of its supply chain. It said future farm investments are also planned for Africa and Asia, noting that the company will have a network that spans the three main growing regions of the "Coffee Belt" - Latin America, Africa and Asia Pacific. The company aims to study the different cultures, landscapes and growing methods that contribute to growing coffee.

 

Bloomberg

International Business Times

According to an EY report, capital has emerged as the primary risk for the mining industry in 2025, surpassing environmental concerns. Theo Yameogo, EY Americas and Canada Mining and Metals Leader, said: “We need about $1tn in investment to produce enough metals for the energy transition.” The report highlights that 41% of mining companies are considering commodity traders for funding, while 40% are looking at supplier funding. The report also notes a shift in capital strategies, with companies focusing on fewer metals and exploring M&A to consolidate resources. Environmental stewardship remains a significant concern, with 46% of respondents prioritizing nature-positive initiatives. The report underscores the need for miners to adapt their strategies to secure funding and meet the growing demand for critical minerals amid rising costs and regulatory challenges.

 

Mining