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And what would you do with a spare 25 Billion Euros . Thats the question facing the irish Government Today as it delivers its budget following a huge Tax Windfall from Tech Firms. Live from london, this is business today. Im lukwesa burak. We start in the us where in the last 30 minutes tens of thousands of East And Gulf Coast Port workers have started striking for the first time in nearly 50 years. This comes after the international longshoremen s association and the us Maritime Alliance were unable to reach an agreement on the terms of their contract. The strikes will halt trade in a wide range of goods and disrupt the Countrys Economy just as we enter the final weeks before the president ial election. Our North America Business correspondent Ritika Gupt the two major sticking points between international longshoreman ....
The two major sticking points between the international longshoremen S Association and us Maritime Alliance are wages and automation. Workers are unhappy with the current contract, which spanned the pandemic, when Dock Workers stayed on the job and endured months of soaring inflation on automation, the Union Boss has been warning Dock Workers that their jobs could be replaced by machines. In response, the us Maritime Alliance has said its offering to keep the current ban on fully automated equipment. A strike could cost the us economy 5 Billion a day, according to Jp Morgan analysts. A range of Goods Flow through the East And Gulf coast ports, everything from raw materials and pharmaceuticals to clothes and toys, with the ports accounting for more than half of containerised imports. While consumers may not feel the impact of the strikes right away, if it extends for weeks, it could lead to shortages and higher prices ahead of the pres ....
Impossible, do you think . Well, it all depends impossible, do you think . Well, it all depends on impossible, do you think . Well, it all depends on What impossible, do you think . Well, it all depends on What starmer i it all depends on What starmer means by resetting relations. I think there is a lot of room for resetting What has been quite acrimonious relations since brexit but that doesnt really mean going all the way to of course rejoining the eu or even single market. I mean the Customs Union could perhaps be the trophy, and even that i think has been denied by starmer, so we have room that the room is limited, and i think that is What hes going to pursue in germany. Lets not forget that germany was always the country in the European Union, orat least the country in the European Union, or at least the largest country in the European Union Supporting Brexit to the very end, sorry, supporting britain, not brexit, to the very end. So i think germany is the place to go to get some ....
Higher. Eurodollar up by 0. 4 . Is the ecb getting worried at this point . 1. 2163. The dollar is broadly lower. The pound just taking out 1. 35. We havent been at these levels since this time last year. What is fascinating here is what is happening with bond markets as well. Weve basically got yields and stocks moving in the same direction. That is something that is pretty interesting now. It certainly points to this reflation trade at the moment, with the catalyst still having legs. Alix the question is how long is that last. Lets dig into some of the top stories guy was minting. Germany extending its partial lockdown. Sweden shutting some schools as well. Joining us with more is sam fazeli, Bloomberg Intelligence senior pharmaceutical analyst. We have seen more targeted lockdowns and extensions. Is any of that working now in europe . Sam yes, they are. Funny that we have countries going at different paces which is norma ....
Minute. Veterans day yesterday in america with the bond market shut down. There is no other backstory in america right now than the pandemic. It has pushed everything aside, including this election. Francine i agree. We will have play more on that. Lets get straight to the bloomberg first word news. Here is rick a group to ritika gupta. Ritika the state of georgia will conduct a hand count a recount by hand. Joe biden leaves by leads by roughly 14,000 votes. The Trump Campaign alleged there were widespread election regulators, but there was no proof. President elect joe biden is naming longtime aide ron klain as white house chief of staff. Klain played a leading role during the economic and Public Health crises of the Obama Administration, leading the the job the job is one of the most powerful in washington. Dharna ....