Nvidia CEO: E.I. Will Be as Common as Cars Today

E.I. isn't science fiction anymore. It's already here. And one little-known company is quietly supplying the systems behind it. This stock is still under Wall Street's radar... but not for long. You'll get the name, the ticker, and the full thesis inside.

US dockworkers threaten to strike against automation, creating economic uncertainty

PAUL WISEMAN
January 07, 2025

WASHINGTON (AP) -- Vowing to stop machines from taking their jobs, 45,000 U.S. longshoremen are threatening to go on a strike that would shut down ports on the East and Gulf coasts and could damage the American economy just as President-elect Donald Trump returns to the White House.

If the standoff sounds familiar, it's because the same dockworkers -- members of the International Longshoremen's Association -- staged a three-day walkout last fall. In October, they suspended the strike until Jan. 15 after reaching a tentative agreement with ports and shipping companies for a 62% pay raise over six years. But union members must approve a final contract before receiving the higher wages.

That's where things get complicated.

Negotiations resume Tuesday between the ILA and the U.S. Maritime Alliance, which represents ports and shippers. The sticking point is a familiar one at America's ports: machines replacing human labor, specifically semi-automated cranes operated by software or employees working remotely to guide containers onto trucks or trains. Conventional cranes have a human at the controls.

The union and its president, Harold Daggett, are dead set against allowing additional automation at East and Gulf coast ports. They argue that the machines aren't any more efficient than human labor.

"This isn't about meeting operational needs,'' Daggett's son Dennis Daggett, the union's executive vice president, wrote last month. "It's about replacing workers under the guise of progress while maximizing corporate profits at the expense of good-paying, family-sustaining U.S. jobs.''

Port operators and shipping companies argue that U.S. ports are falling behind more automated ports such as those in Rotterdam, Dubai and Singapore.

Facing the Jan. 15 strike deadline, the two sides will have barely a week to reach an agreement. "They're not giving themselves a whole lot of time,'' said Jonathan Gold, a vice president at the National Retail Federation who handles issues involving supply chains and trade.

Trump has already weighed in for the union. After meeting Harold Daggett at the Mar-a-Lago club in Palm Beach, Florida, the president-elect posted on social media that additional automation of ports would hurt workers: "The amount of money saved is nowhere near the distress, hurt and harm it causes for American workers, in this case, our Longshoremen.'' Trump also asserted that he knows "just about everything there is to know about'' automation.

The stakes are high for the U.S. economy. Ports on the East and Gulf coasts handle more than half the nation's traffic in shipping containers, the steel boxes at the center of world trade, which carry everything from smartphones to fresh fruit to automobiles.

"A strike that lasts less than a week won't have a material impact on the broader economy,'' said Mark Zandi, chief economist at Moody's Analytics. "Inventories are generally ample, which will forestall shortages ... However, a strike that lasts much longer than a week will cause increasing disruptions and shortages that will result in mounting economic costs, rising from an estimated $500 million a day to over $2 billion a day if the strike lasts more than a month.''

The retail federation's Gold says it take three to five days for supply chains to recover from a one-day disruption. "If you go anywhere longer than five days, then you're into serious difficulties,'' he said. "Then you're into weeks of serious recovery.'' An 11-day shutdown at West Coast ports in 2002, he said, "took close to six months to recover from.''

"A longer strike could hurt retail profitability as there would be delay in future deliveries, with seasonal and fashion goods arriving past their peak selling period, resulting in lower sales and an increase in markdowns to clear these goods,'' said Christina Boni of Moody's Ratings, a credit agency. The short strike last fall didn't last long enough to do much damage to the economy and ended before it could disrupt shipments for the holiday season.

Companies are taking steps to pre-empt potential damage from a strike. Some are rerouting shipments to the West Coast or to Canada. The Danish shipping giant Maersk last week urged its customers to pick up loaded containers from ports before Jan. 15, noting that "this proactive measure will help mitigate any potential disruptions at the terminals.''

Some shippers are hitting their customers with strike-related fees. The German transportation company Hapag-Lloyd, for instance, has announced a "work disruption surcharge,'' effective Jan. 20, of $850 on 20-foot containers and $1,700 on 40-foot containers.

Under their existing contract with the Maritime Alliance, the top-paid dockworkers earn $39 an hour, or $81,000 a year. The top hourly wage would rise to more than $60 an hour under the deal tentatively struck in October.

A 2019-2020 report by the Waterfront Commission, which oversees New York Harbor, found that a third of the longshoremen based there made $200,000 or more annually including overtime pay. That did not include workers' share of royalties on the cargo that moves through the ports, payments that can come to thousands of dollars a year.

There's little consensus on whether automation improves efficiency at ports - or hurts dockworkers.

IIn 2023, researchers at the Center for Innovation in Transport in Barcelona, Spain, concluded that "there is no clear evidence confirming that automated terminals outperform conventional ones'' -- though they conceded that technological advances could change things in the future.

Continue Reading...

Popular

Marjorie Taylor Greene Buys Blue Chip Stock Near 52-Week Low

Marjorie Taylor Greene is known for buying multiple stocks at a time, based on recent disclosures. A new filing shows one stock bought in November.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before November 18's bombshell.

Indians who fled a Myanmar cyberscam center are being flown home from Thailand

MAE SOT, Thailand (AP) — is repatriating on Thursday the first batch of hundreds of its nationals who last month fled to Thailand from Myanmar, where most had been working at a .

Purdue Pharma's deal means money for some victims, end of Purdue company name. Here's what to know

A judge said Friday that he planned to approve a deal and members of the Sackler family who own the company to settle thousands of lawsuits over the toll of opioids, allowing money to start flowing to victims as soon as next spring.

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

Forget Amazon's 1997 IPO... This Could Be 287 Times Bigger - Ad

Since Amazon's IPO in 1997, it climbed enough to turn $100 into $250,000. Now, one man says Elon Musk could be gearing up to take his internet satellite giant public... in what Fortune magazine says will be the biggest IPO in history! James Altucher is sharing how ANYONE can get a pre-IPO stake... with as little as $100!

Serbia passes a special bill enabling Trump's son-in-law to build luxury complex despite opposition

BELGRADE, Serbia (AP) — Serbian lawmakers on Friday passed a special law clearing the way for a proposed real estate project that would be financed by an investment company linked to Donald Trump’s son-in-law despite and legal hurdles.

140% Dividends from stocks like Tesla? Discover How for Just $9! - Ad

For Black Friday, get the full details of an unique dividend strategy that works with giants like Tesla, Apple, and Amazon - at a 82% discount! Don't miss out on this special offer.

Warren Buffett Opens Up About The Biggest Investing Blunders Of His Career — Here They Are

Over the decades, the "Oracle of Omaha" has shared candid reflections on his biggest blunders, from emotional decisions to missed opportunities, all of which provide timeless investing insights.

Get a 59% Dividend from Bitcoin-No Crypto Required! - Ad

Our Black Friday special reveals the "Bitcoin Income Vault," a strategy that lets you collect dividends from Bitcoin - without buying a single coin or trade options. Start with as little as $50 and have the chance to enjoy almost monthly payouts. Get the full strategy for just $9 (82% OFF for Black Friday).

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

NEW YORK (AP) — AT&T has reached a combined $177 million settlement over two . And impacted consumers have a little over a month left to file a claim for their chunk of the money.

Attackers board a ship off the coast of Somalia after firing rocket-propelled grenades

DUBAI, United Arab Emirates (AP) — Attackers firing machine guns and rocket-propelled grenades boarded a ship off the coast of on Thursday, British officials said, likely the latest assault by resurgent Somali pirates operating in the region.

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Can Solana Do What Bitcoin Can't? Amplify's New ETF Aims For 36% Income

Amplify ETFs, the issuer known for thematic and income-driven fund products, has just launched the Amplify Solana 3% Monthly Option Income ETF (BATS:SOLM), a first-of-its-kind product combining the growth momentum in Solana (CRYPTO:

Another Gold High? Here's the Move Wall Street Is Missing ... - Ad

Gold just surged past $4,200, up 45% in a year - but Sean Brodrick says $6,900 could be next. History shows when gold booms, one hidden play has delivered far bigger gains - 21x, 49x, even 1,386x. The same strategy once handed 26,000% profits. And Sean says it's back on the table now.

Trump Rolls Back Tariffs On Coffee, Beef And More As Price Debate Heats Up— Here's What You Need To Know

President Donald Trump signed an executive order on Friday that retroactively lowers tariffs on beef, coffee, bananas, and tomatoes, among other agricultural imports.

Trump Touts 'Really Good Deal' With China As US Stock Futures Rally — Dow Up 91 Points While Gold, US Dollar Remain Flat

U.S. stock futures are surging on Sunday evening, following greater clarity and easing trade tensions between the United States and China over the weekend, following the summit between President Donald Trump and Chinese President Xi Jinping in South Korea last week.

The AI Arms Race Could Send This Obscure Firm Soaring - Ad

The AI arms race could be a massive boom to ONE company that's doing something truly unprecedented. Its new device could become the cornerstone of the next wave of the AI revolution... And early investors could make a substantial sum of money as this story hits the mainstream.

Elon Musk Tells Joe Rogan: 'Trump Actually Is Not Perfect, but He's Not Evil'

In a Friday appearance on The Joe Rogan Podcast, Elon Musk defended President Donald Trump, stating that while Trump is "not perfect," he is also "not evil."

All 14 victims identified from fiery UPS cargo plane crash in Louisville

LOUISVILLE, Ky. (AP) — A grandfather and his young granddaughter. An electrician with two young children. A woman standing in line at a scrap metal business.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as January 29.

Robinhood Beats Earnings Expectations — Yet HOOD Drops 10%

Robinhood doubles revenue but shares drop 6% after CFO Jason Warnick announces retirement, raising concerns over leadership stability.

Hedera Gets Its First ETF: Canary's HBAR Fund Lets Investors Tap Into The Tokenization Boom

Canary Capital Group’s new fund, the Canary HBAR ETF (NASDAQ:HBR), launched on Oct 28, marking a significant expansion of investors’ access to digital assets outside of Bitcoin and Ethereum.

Nvidia CEO: E.I. Will Be as Common as Cars Today - Ad

E.I. isn't science fiction anymore. It's already here. And one little-known company is quietly supplying the systems behind it. This stock is still under Wall Street's radar... but not for long. You'll get the name, the ticker, and the full thesis inside.

Norway transport firm steps up controls after tests show Chinese-made buses can be halted remotely

OSLO, Norway (AP) — A leading Norwegian public transport operator has said it will introduce stricter security requirements and step up anti-hacking measures after a test on new Chinese-made electric buses showed the manufacturer could remotely turn them off.

How To Earn $500 A Month From Applied Materials Stock Ahead Of Q4 Earnings

Applied Materials, Inc. is expected to report lower quarterly earnings and revenue on Nov. 13. Analysts recommend buying with a $250 target.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit before November 18's bombshell.

Forge Global Stock Rockets 53% After Hours On Charles Schwab Buyout Buzz

Forge Global shares surged over 53% in after-hours trading Wednesday to $40 following acquisition reports.

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

Embed-Graphic-Musk-Pay Package-Explainer, ADVISORY

MUSK-PAY PACKAGE-EXPLAINER — Graphic. Elon Musk turned off potential buyers of his Tesla cars and sent sales plunging by spouting off about politics, but he says the company can’t do without him and should pay him more — a lot more. The following digital embed shows the milestones required for Elon Musk to receive a desired $1 trillion pay package from Tesla. This graphic is current as of Nov. 4, 2025 and will not update. Source: Tesla; FactSet

South Korean solar firm cuts pay and hours for Georgia workers as US officials detain imports

ATLANTA (AP) — A South Korean solar company says it will temporarily reduce pay and working hours for about 1,000 of its 3,000 employees in Georgia because U.S. customs officials have been detaining imported components needed to make solar panels.

Forget Amazon's 1997 IPO... This Could Be 287 Times Bigger - Ad

Since Amazon's IPO in 1997, it climbed enough to turn $100 into $250,000. Now, one man says Elon Musk could be gearing up to take his internet satellite giant public... in what Fortune magazine says will be the biggest IPO in history! James Altucher is sharing how ANYONE can get a pre-IPO stake... with as little as $100!

Visa Launches Stablecoin Payouts For The Gig Economy As Traders Eye $343

Visa Inc. (NYSE:V) is shaking up digital payments with a new pilot program that lets creators, freelancers, and gig workers receive instant USDC stablecoin payouts

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service