Investments and Business

Rodney Cornett got up at 4:30 a.m. on Friday, hopped in his F-150 pickup and reported as usual for a morning shift at the Ford Motor plant in Wayne, a gritty city just west of Detroit.But this morning Mr. Cornett, 56, a veteran union member who has worked at Ford for 28 years, wasn’t heading to the axle assembly area where he’s a team leader. Instead, his work was putting in six hours on the picket line with a dozen co-workers at the plant’s Gate 1 as part of the strike called by the United Auto Workers late Thursday.“We really…

The United Auto Workers union and the three Detroit automakers on Saturday resumed negotiations on a new labor contract as a targeted strike entered its second day.The union is striking against all three manufacturers — General Motors, Ford and Stellantis — but for now has limited the work stoppages to one plant at each of the companies: a Ford plant in Michigan, a G.M. plant in Missouri and a Stellantis plant in Ohio.“We had reasonably productive conversations with Ford today,” the union said in a statement. It made no mention of its talks with G.M. and Stellantis.On Friday Ford said…

A battle between Detroit carmakers and the United Auto Workers union, which escalated on Friday with targeted strikes in three locations, is unfolding amid a once-in-a-century technological upheaval that poses huge risks for both the companies and the union.The strike has come as the traditional automakers invest billions to develop electric vehicles while still making most of their money from gasoline-driven cars. The negotiations will determine the balance of power between workers and management, possibly for years to come. That makes the strike as much a struggle for the industry’s future as it is about wages, benefits and working conditions.The…

MDMA-assisted therapy seems to be effective in reducing symptoms of post-traumatic stress disorder, according to a study published on Thursday.The research is the final trial conducted by MAPS Public Benefit Corporation, a company that is developing prescription psychedelics. It plans to submit the results to the Food and Drug Administration as part of an application for approval to market MDMA, the psychedelic drug, as a treatment for PTSD, when paired with talk therapy.If approved, “MDMA-assisted therapy would be the first novel treatment for PTSD in over two decades,” said Berra Yazar-Klosinski, the senior author of the study, which was published…

At a rally in downtown Detroit on Friday, just a couple of hundred yards from the headquarters of General Motors, Senator Bernie Sanders of Vermont addressed a cheering crowd of United Auto Workers members, capping a day of walkouts by the union with an effort to rally support for the strike.Mr. Sanders echoed the populist talking points of his campaigns for president in 2016 and 2020, speaking about income inequality in the United States, and he criticized the chief executives of the Big Three automakers — G.M., Stellantis and Ford Motor — for their compensation.“The fight you are waging here…

Rarely do so many parts of a president’s political identity collide in one place.Friday’s walkout by the United Auto Workers is a real-time test of President Biden’s economic agenda: his call for higher wages for the middle class; his unapologetic pro-union stand; his climate-driven push to reimagine an electric vehicle future for car companies — centered in Michigan, a state that he must win in 2024 to remain in the Oval Office.The targeted strike by some members of the 150,000-member union is designed to disrupt one of America’s oldest industries at a time that Mr. Biden is sharpening the contrast…

Thousands of members of the United Automobile Workers union went on strike Friday at three plants in three Midwestern states in what was the first strike simultaneously affecting all three Detroit automakers.The union and the companies — General Motors, Ford Motor and Stellantis, the parent of Chrysler — remained deadlocked in negotiations over a new collective bargaining agreement when the current contract expired at 11:59 p.m. on Thursday.As the deadline neared, workers started to fan out at the targeted plants — in Michigan, Missouri and Ohio — to protest.At the outset, the strike will idle one plant owned by each…

At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.“I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”He added: “And the truth is that I did what I thought was right.”After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling…

Yelling at Michael Barr, the Federal Reserve’s top banking regulator, has never been particularly effective, his friends and co-workers will tell you. That hasn’t stopped America’s biggest banks, their lobbying groups and even his own colleagues, who have reacted to his proposal to tighten and expand oversight of the nation’s large lenders with a mix of incredulity and outrage.“There is no justification for significant increases in capital at the largest U.S. banks,” Kevin Fromer, the president of the Financial Services Forum, said in a statement after regulators released the draft rules spearheaded by Mr. Barr. The proposal would push up…