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<ul class="summary-list"><li>Boeing is set to resume negotiations with union bosses on Monday.</li><li>The strike is costing Boeing $50 million a day, a BofA analyst estimated.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/boeing-union-criticizes-new-offers-blatant-show-of-disrespect-2024-9">Boeing and union bosses</a> are set to return to the negotiating table Monday, over three weeks since workers took to the picket lines.A group of Bank of America analysts, led by Ron Epstein, estimated that the strike is costing Boeing $50 million a day. Some 33,000 Boeing workers represented by the International Association of Machinists and Aerospace Workers have been on strike since September 13."A resolution with the IAM stands as a priority for me, and our team is ready to resume mediated talks this Monday," Boeing CEO Kelly Ortberg told employees Friday, per <a target="_blank" class="" href="https://www.reuters.com/business/aerospace-defense/boeing-striking-union-negotiators-return-table-oct-7-2024-10-04/">Reuters</a>.When reached by Business Insider, Boeing did not comment beyond confirming that negotiations will resume Monday.The planemaker has <a target="_blank" class="" href="https://www.businessinsider.com/boeing-furloughs-employees-strike-cut-costs-memo-2024-9">furloughed some staff</a> and barred all workers, including executives, from <a target="_blank" class="" href="https://www.businessinsider.com/boeing-executives-barred-from-business-class-travel-cost-cutting-strikes-2024-9">flying business class</a> to save money during the strike.Nearly 95% voted against <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-iam-factory-workers-planes-losses-revenue-billions-union-2024-9">Boeing's initial offer</a> of a 25% pay rise across the four-year contract.After 10 days on strike, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-final-best-offer-workers-bonus-salary-raise-2024-9">Boeing </a><a target="_blank" href="https://www.businessinsider.com/boeing-strike-final-best-offer-workers-bonus-salary-raise-2024-9">increased the offer</a> to a 30% wage hike plus doubling the contract-signing bonus to $6,000.However, IAM District 751's union negotiating committee slammed Boeing's "direct dealing tactics" as "a blatant show of disrespect" — saying this offer was sent to the media while union leaders were still reviewing the details.They added that they wouldn't be able to table a vote on the renewed offer before the deadline.Union members have said one key issue is the desire to win back a defined benefit pension lost in 2014 contract negotiations and replaced with 401(k) contributions.However, District 751 said in an earlier statement that Boeing "remains adamant that it will not unfreeze the defined benefit plan."Many on the picket line appear willing to continue striking, buoyed by debit cards with a weekly pay of $250 funded by the union.Boeing is due to report its third-quarter results on October 23. Its stock is down nearly 8% over the past month — and 38% since the start of the year.Do you work at Boeing? Reach out to this reporter at psyme@businessinsider.com

The cost of Boeing's strike keeps rising as talks continue 

<ul class="summary-list"><li>Unionized Boeing workers on Monday voted to accept a contract proposal, ending a seven-week strike.</li><li>The deal increases pay by 38% over four years and gives workers a bonus for ratifying the contract.</li></ul>Boeing union workers approved a labor contract proposal on Monday that will increase pay by 38% over four years and end a seven-week strike.According to the <a target="_blank" class="" href="https://x.com/IAM751/status/1853664063429189635">International Association of Machinists and Aerospace Workers Local 751,</a> 59% of employees voted yes to the proposal. This was <a target="_blank" class="" href="https://www.businessinsider.com/boeing-union-iam-endorses-contract-pay-raise-strike-2024-10">after Boeing union leaders endorsed</a> the offer on Thursday."This contract also creates a new foundation to build on for the future and that future begins today," Jon Holden and Brandon Bryant, presidents of IAM districts 751 and W24 respectively, said in a joint statement on Monday."We are ready to help Boeing change direction and return to building the highest quality and safest airplanes in the world," the statement added.The win, which also includes a $12,000 ratification bonus, comes after Boeing machinists shot down two other offers since September 13.The first was when over 30,000 union <a target="_blank" class="" href="https://www.businessinsider.com/boeing-workers-preparing-to-strike-rejected-contract-wage-increase-2024-9">workers voted to strike</a> after being displeased with the 25% pay increase they were originally offered.The second rejection was in <a target="_blank" class="" href="https://www.businessinsider.com/boeing-workers-reject-latest-proposal-with-35-wage-hike-union-2024-10">late October. It included a 35% pay hike</a> and a $7,000 bonus. Still, workers will not get a highly-demanded <a target="_blank" class="" href="https://www.businessinsider.com/seattle-boeing-workers-unhappy-raise-pension-contract-negotiations-25-increase-2024-9">pension plan that was taken away a decade ago.</a>This was Boeing's fourth offer overall. The company's second offer with a 30% pay increase was <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-negotiations-union-leaders-break-down-after-two-days-2024-10">withdrawn after talks broke down.</a>"This agreement represents a new standard in the aerospace industry — one that sends a clear statement that aerospace jobs must be middle class careers in which workers can thrive," Brian Bryant, IAM's international president, said in a statement on Monday.The win for Boeing means it can restart its production line as <a target="_blank" class="" href="https://www.businessinsider.com/ryanair-earnings-profits-drop-boeing-delays-criticism-consumer-2024-11">airlines continue to complain about delayed deliveries.</a>New Boeing CEO Kelly Ortberg, who started in August, can also fully implement his <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">culture turnaround plan</a> as union factory employees return to work.According to a Bank of America analyst estimate, Boeing lost about $50 million a day due to the strike.The strike also led to an announced 10% staff cut, a <a target="_blank" class="" href="https://www.businessinsider.com/boeing-777x-why-so-important-delays-future-airlines-2024-7">further delay to Boeing's 777X program</a>, and a halt in much of Boeing's production in Seattle.This has snowballed the problems at the <a target="_blank" class="" href="https://www.businessinsider.com/timeline-of-boeing-problems-alaska-airlines-strike-layoffs-starliner-max-2024-10">already embattled planemaker</a>, which started with a door plug blowing off a new 737 Max in January. That was followed by a safety audit, a CEO change, and at least three whistleblowers who reported quality concerns on the assembly lines.Representatives for Boeing and IAM Districts 751 and W24, the union branches representing the striking workers, did not immediately respond to requests for comment from Business Insider.

Boeing workers approve labor contract, ending a bruising 7-week strike

<ul class="summary-list"><li>The Boeing strike is growing increasingly ill-tempered as both sides have filed NLRB complaints.</li><li>Talks resumed on Monday but collapsed the following day.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">Boeing</a> filed a complaint on Thursday with the National Labor Relations Board against the union representing 33,000 of its workers.Seattle-area members of the International Association of Machinists and Aerospace Workers have been on strike for four weeks. They walked out in September after rejecting a new pay deal from Boeing.Negotiations between <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-negotiations-union-leaders-break-down-after-two-days-2024-10">Boeing and the IAM</a> fell apart on Tuesday, having restarted the previous day. Both sides have since filed charges with the NLRB, each saying the other is bargaining in bad faith.Rising tensions are palpable, and a longer strike would continue to hurt Boeing.Bank of America analyst Ron Epstein estimated that the strike is costing Boeing $50 million a day. The planemaker is also at risk of having its <a target="_blank" href="https://www.businessinsider.com/boeing-credit-downgrade-sp-moodys-strike-production-cash-debt-2024-10">bonds downgraded to junk status</a> by credit rating agencies.Boeing has implemented cost-cutting measures like asking some staff to take a rolling furlough of one week every four weeks.The union is asking for a 40% pay rise and hopes to win back a defined benefit pension that was replaced with a 401(k) in 2014 negotiations.<a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-iam-factory-workers-planes-losses-revenue-billions-union-2024-9">Boeing's first offer</a> included a 25% pay rise but was overwhelmingly rejected by workers. Its second offer on September 23 was upped to 30%, plus increased 401(k) contributions, but the <a target="_blank" class="" href="https://www.businessinsider.com/boeing-union-criticizes-new-offers-blatant-show-of-disrespect-2024-9">union accused Boeing</a> of "a blatant show of disrespect."It said Boeing used direct-dealing tactics by sharing the offer with the media while union leaders were still reviewing the details and that the planemaker didn't engage in discussions about it.In a memo to employees last Friday, seen by Business Insider, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">CEO Kelly Ortberg</a> said a resolution "stands as a priority for me" ahead of resuming discussions on Monday.However, Boeing withdrew its second offer and said the union was making unreasonable demands."Given that position, further negotiations do not make sense at this point," Stephanie Pope, CEO of Boeing Commercial Airplanes, told employees in an email Tuesday.Reinstating the pension plan remains a key issue for many on the picket line — but Boeing's chief negotiator, Mike Fitzsimmons, told <a target="_blank" class="" href="https://www.seattletimes.com/business/boeing-aerospace/boeing-raises-its-offer-to-the-machinists-to-try-to-end-the-strike">The Seattle Times</a> there is "no scenario" where this will happen.In a statement shared with BI, Boeing said it remains committed to reaching a compromise."The union's public narrative is misleading and making it difficult to find a solution for our employees," it added.IAM District 751 did not immediately respond to a request for comment from BI.Do you work at Boeing? Reach out to this reporter at <a target="_blank" href="mailto:psyme@businessinsider.com">psyme@businessinsider.com</a>

Tensions are rising in the Boeing strike after the planemaker filed a complaint against the union

<ul class="summary-list"><li>Boeing is "eliminating" first and business-class travel for executives, per a memo seen by BI.</li><li>The aviation giant is battling to cut costs after thousands of workers went on strike.</li></ul>Boeing's executives have been barred from flying business class as the company battles to cut costs amid an ongoing strike.In a memo to employees on Monday, which has been viewed by Business Insider, Boeing CFO Brian West laid out the actions that the company is taking to preserve cash as <a target="_blank" class="" href="https://www.businessinsider.com/boeing-workers-preparing-to-strike-rejected-contract-wage-increase-2024-9">thousands of its workers go on strike</a>.West said the company would eliminate all first—and business-class travel for workers, including executives. He also said the company has implemented a hiring freeze and would consider furloughing some workers.It comes after more than 30,000 of its workers in the US rejected a new pay offer and voted to strike on Friday.The planemaker said it's also pausing pay increases for managers and execs and asking suppliers to halt shipments of parts for some planes.Boeing is even stopping all non-customer-related catering services at its offices, per the memo, with West warning that Boeing's business is entering a "difficult period."Previous strikes have badly hit Boeing's bottom line, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-iam-factory-workers-planes-losses-revenue-billions-union-2024-9">costing the aviation giant billions and delaying plane deliveries</a>.A research note from investment bank TD Cowen <a target="_blank" class="" href="https://www.nytimes.com/2024/09/13/business/economy/boeing-strike-union-contract.html">cited by The New York Times</a> predicted that a strike of the same length as Boeing's last walkout in 2008, which lasted nearly two months, would cost the company as much as $3 billion.It's unclear whether Boeing's restrictions on executive travel extend to private jet usage. <a target="_blank" class="" href="https://www.businessinsider.com/boeing-private-jets-ceo-flights-fuel-emissions-2024-4">BI previously reported</a> that Boeing's fleet of corporate planes spent around 4,500 hours in the sky last year at a cost of about $14 million in fuel.The strike is a further blow to Boeing, which is facing scrutiny over safety and an <a target="_blank" class="" href="https://www.businessinsider.com/boeing-737-max-blowout-alaska-flight-attendant-doesnt-feel-safe-2024-8">ongoing federal investigation</a> following the midair <a target="_blank" rel="" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">Alaska Airlines 737 Max 9 door plug blowout</a> in January.Boeing referred to West's comments and declined to comment further.

Boeing execs barred from flying business class to save money during strike

<ul class="summary-list"><li>Nvidia stock is set for more gains as demand for its GPU chips surges, Morgan Stanley says.</li><li>Nvidia's Blackwell GPU is on schedule and is sold out for the next 12 months, the company said. </li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> stock is poised for more gains as its GPU chip business continues to see surging demand.That's according to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a>, which hosted meetings with Nvidia CEO Jensen Huang, CFO Colette Kress, and other members of the chip maker's management team for three days in New York City this week.The key takeaway is that "every indication from management is that we are still early in a long term AI investment cycle," Morgan Stanley analyst Joseph Moore said.The bank reiterated its "Overweight" and "Top Pick" ratings and $150 price target, representing potential upside of 12% from current levels.Moore said Nvidia's production ramp of its next-generation Blackwell GPU chip is "progressing on schedule," adding that the product is sold out for the next 12 months."Any new Blackwell orders now that aren't already in queue will be shipped late next year, as they are booked out 12 months, which continues to drive strong short term demand for Hopper which will still be a major factor through the year," Moore explained.Hopper is Nvidia's previous generation of AI-enabled GPU chips, which are being sold in clusters to cloud "hyperscalers" like Amazon, Microsoft, and Meta Platforms.And Nvidia has a new "element" to its story, according to Moore, which is the view that inference computing "is starting to solve much more complex problems which will require a much richer mix of hardware."That should be a boon for Nvidia's GPU chip product set, according to the note."The longer term vision is that deep thinking will allow every company in the world to hire large numbers of "digital AI employees" that can execute challenging tasks," Moore said.He added: "The notion that a more thoughtful, task oriented inference would cause an exponential jump in inference complexity strikes us an important new avenue for growth, and another clear area where NVIDIA's full stack approach to solving these problems adds to the company's considerable lead."Nvidia CEO Jensen Huang made it clear to Morgan Stanley that the company expects to see meaningful growth in 2025 that spills over into 2026, "though he did not quantify," Moore said.Nvidia's shares have increased since the start of October, rising about 10%. Nvidia stock is up 172% since the start of this year.

Morgan Stanley recently met with Nvidia's management team. Here are the biggest takeaways as the bank eyes another 12% upside for the stock.

<ul class="summary-list"><li>A man is accused of robbing a bank after handing a note to a teller, who gave him more than $2,000.</li><li>He was acquitted by a jury a few days earlier in a strikingly similar case.</li></ul>A man recently declared innocent of bank robbery robbed a different bank within days of the verdict, according to federal prosecutors.Mohamed Worku, 31, is accused of bank robbery and theft after silently handing a demand note to a teller at an Illinois Citibank on January 22, court documents show.Less than a week earlier, Worku was found not guilty in a strikingly similar case dating back to December 2021.The federal complaint from that time said that Worku showed up at an Illinois branch of Fifth Third Bank and approached the counter with a note saying something to the effect of "give me the money," prompting an employee to hand over $595.Worku's defense argued that his request was not intimidating enough to qualify as robbery, whose legal definition includes the use or threat of force, <a target="_blank" href="https://www.chicagotribune.com./news/criminal-justice/ct-second-bank-robbery-chicago-federal-20240123-2dhgvppkbfhx5cbfqsmzghnksi-story.html">the Chicago Tribune reported</a>.There was "no implicit or explicit threats of any kind," Worku's attorney, Mary Judge, said, according to the paper.A federal jury found him not guilty.Prosecutors have now said that on Monday, three days after his acquittal, Worku handed a Citibank teller a note that read: "Please give me the money. I'll pay it back soon. Banker's gife to me in advance."<div type="image" title="A penciled note on white paper allegedly written by Mohamed Worku and shown to an Illinois Citi Bank employee on January 22, 2024 saying: &quot;please give me the money. I'll pay it back soon. Banker's gie to me in advance.&quot;" height="1203" width="1000" msid="107154355" hostid="261"></div>The filing said that the teller "concerned about the possible escalation of the situation" handed him just over $2,000.Worku then left the building and was caught by police roughly 45 minutes later, it said.Federal officers, in an apparent attempt to prevent a replay of Worku's previous argument, have not only charged Worku with robbery but also theft, which does not need to involve intimidation.

A man robbed a bank days after being found not guilty of robbing a different bank, prosecutors say

<ul class="summary-list"><li>The Fed's rate hikes have had "zero impact" on the job market, Barry Sternlicht said.</li><li>The real estate mogul pointed to job growth in rate-sensitive areas of the economy.</li></ul>The Federal Reserve's aggressive inflation fight hasn't worked to cool off the job market, and the central bank risks sparking a "serious" <a target="_blank" href="https://www.businessinsider.com/recession-outlook-hard-landing-economy-consumer-spending-slowdown-growth-gdp-2024-5">downturn for US consumers</a>, according to real estate billionaire investor Barry Sternlicht.The Starwood Capital Group CEO pointed to the Fed's steep rate hikes in 2022 and 2023, which tightened financial conditions and helped <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-food-energy-gas-prices-consumer-price-index-2024-5">lower high prices</a> in the economy.Sternlicht said high interest rates haven't loosened the job market even in the most rate-sensitive areas like construction. That growth poses a problem for central bankers, who are looking for more evidence of a cooling economy before easing monetary policy.<a target="_blank" href="https://fred.stlouisfed.org/series/CES6562000101">Jobs in the healthcare</a> industry have climbed 1.4 million since March 2022, the month the Fed first began raising interest rates. <a target="_blank" href="https://fred.stlouisfed.org/series/USCONS">Jobs in construction</a>, meanwhile, grew by half a million in that time frame, according to data from the Bureau of Labor Statistics."He's had zero impact," Sternlicht said of Fed Chair Jerome Powell, speaking to <a target="_blank" href="https://www.youtube.com/watch?v=RYwBMjSfZC4">CNBC</a> on Wednesday. "He's not getting layoffs in the parts of the market that are the most sensitive."In aggregate, <a target="_blank" href="https://www.businessinsider.com/labor-market-april-unemployment-rate-job-growth-wages-2024-5">job growth has cooled</a> since the hiring spree in 2023. The <a target="_blank" href="https://fred.stlouisfed.org/series/UNRATE">unemployment rate</a> has ticked higher over the past year, clocking in at 3.9% in April, but is still at the lowest level in decades. <a target="_blank" href="https://www.challengergray.com/blog/job-cuts-announced-by-us-based-companies-surge-136-to-82307-to-begin-2024-financial-tech-lead/">Job cut announcements</a> also spiked at the start of the year, with plans to lay off working rising 136% over the month of January, according to a report from Challenger, Gray &amp; Christmas.The Fed keeping interest rates higher for longer risks further weakening the job market. If job losses begin to hit the services sector, that could easily push the US into a hard landing, given it's outsized impact on the economy, Sternlicht warned.71% of non-farm employees in the US <a target="_blank" href="https://www.bls.gov/news.release/empsit.t17.htm">work in the services sector</a>, according to the latest jobs report."If he hits that, he creates a great recession. If he's going to knock those jobs out, which is a big category, he's going to have to have a serious consumer recession, which I don't think he can stop," Sternlicht said, adding he foresaw "aggressive" Fed rate cuts.Other Wall Street forecasters have been warning of the risk of recession, especially as interest rates look poised to stay <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-powell-fomc-inflation-relief-2024-4">higher for longer</a>. Rates are hovering at their highest levels since 2001. Meanwhile, the New York Fed sees a 52% chance the <a target="_blank" href="https://www.newyorkfed.org/medialibrary/media/research/capital_markets/Prob_Rec.pdf">US could enter a recession within the next 12 months</a>.

Fed policy hasn't cooled the labor market and a 'serious consumer recession' could strike if services jobs tumble, real estate billionaire Barry Sternlicht says

<ul class="summary-list"><li>GM has the most workers on strike of all the Detroit 3.</li><li>The company narrowly avoided a fourth shutdown Friday.</li></ul>The ongoing <a target="_blank" href="https://www.businessinsider.com/how-the-united-auto-workers-uaw-strike-can-affect-tesla-2023-9">United Auto Workers strike</a> is taking a multi-million dollar toll on all three Detroit-based automakers, but <a target="_blank" href="https://www.businessinsider.com/uaw-strike-union-demands-could-increase-electric-vehicle-prices-5000-ford-gm-2023-9">General Motors might be hit</a> the hardest so far.UAW members have been on strike for more than three weeks <a target="_blank" href="https://www.businessinsider.com/uaw-auto-union-strike-could-change-industry-forever-2023-9">against Ford, GM, and Jeep-maker Stellantis</a>, demanding hefty wage increases, an end to the tiered wage system, and more job security in the EV age, among other key issues.The UAW, led by President Shawn Fain, is taking a new approach as the union strikes all three companies at once for the first time. He has announced three targeted work stoppages since the strike began September 15, and <a target="_blank" href="https://www.businessinsider.com/uaw-auto-union-strike-strategy-longer-walkouts-2023-9">GM is the only company that has been targeted</a> all three times. Ford and Stellantis, meanwhile, have only been hit twice each.GM narrowly avoided a fourth strike Friday with an offer that delayed Fain's weekly update for members. The union president added no new strike targets, despite being prepared to shut down production at GM's highly profitable SUV factory in Arlington, Texas. In the face of this threat, Fain said, the UAW nabbed a win on union representation for future battery plants."Today under the threat of a major financial hit, (GM) leapfrogged the pack in terms of a just transition" to EVs, Fain told members on a Friday livestream.The UAW demands "would <a target="_blank" href="https://www.businessinsider.com/uaw-strike-union-demands-could-increase-electric-vehicle-prices-5000-ford-gm-2023-9">ultimately be a torpedo to the future business models</a>" for the Detroit automakers, especially related to electrification, Wedbush Securities analyst Dan Ives said in a recent note.That's a threat particularly to CEO Mary Barra's company, which is pouring a whopping $35 billion into future tech, including EVs, in the coming years. The company has also been slow to release truly affordable EVs, a blow <a target="_blank" href="https://www.businessinsider.com/chevy-bolt-ev-euv-cheapest-electric-car-discontinued-dead-2023-4">considering their least expensive EV isn't available</a> right now, leading shoppers to rival Tesla.This is also <a target="_blank" href="https://www.businessinsider.com/uaw-strike-history-what-happened-during-2019-gm-union-stoppage-2023-9">the second time in four years</a> that <a target="_blank" href="https://www.businessinsider.com/uaw-strike-tesla-pay-gap-gm-ford-stellantis-labor-hourly-wages-2023-9">GM has experienced a strike</a>. The current work stoppage has <a target="_blank" href="https://www.cnn.com/2023/10/04/business/gm-auto-workers-strike-cost/index.html#:~:text=The%20United%20Auto%20Workers%20union,which%20closed%20on%20September%2030.">cost GM upwards of $200 million</a> already, and it could go on for much longer."Obviously, higher labor costs could have an impact on margins but until we have a ratified agreement, we don't know what it will be," GM spokesman Jim Cain wrote in an email to Insider. "Don't discount our ability to find offsets."Cain also pointed to the pressure <a target="_blank" href="https://www.businessinsider.com/how-the-united-auto-workers-uaw-strike-can-affect-tesla-2023-9">a stronger UAW contract can have on the broader industry</a> – pushing up average wages and benefits for everyone – which can change the equation on competitiveness.<h2>Comparisons</h2>Ford, which has the most UAW-represented employees of all the Detroit Three, has already taken a number of hits this year.The company's <a target="_blank" href="https://insideevs.com/news/677641/ford-loses-3-6-billion-market-value/">stock dropped after it announced significant price cuts</a> to its F-150 Lightning (an effort to stay cost-competitive with rival EV products), and its <a target="_blank" href="https://www.businessinsider.com/ford-ev-production-slow-thanks-to-tesla-price-war-2023-7">loss from EVs this year is estimated to widen</a> from $3 billion to $4.5 billion. Ford has even pulled back on its plans to electrify, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/gas-electric-hybrid-vehicles-get-boost-us-ford-others-2023-08-23/">recently stressing a greater focus on hybrid EVs</a>.The Blue Oval will most certainly be impacted by the strike, but with 88 days' supply available for the Ford brand and 124 for Lincoln as of the end of September for dealers to sell (<a target="_blank" href="https://www.coxautoinc.com/market-insights/new-vehicle-inventory-september-2023/">per Cox Automotive</a>) it has some padding to absorb the blow. Meanwhile, some of Ford's has so far led on wage offers to UAW leadership, setting a potentially painful pattern for its two crosstown rivals.It's smart for the UAW to target Ford for bargaining wins, while making an example of GM on the picket line, said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions."GM is a large, faceless corporation while Ford is smaller and family-owned," Fiorani said. "They're more likely to negotiate because there's a person behind the name."Stellantis, <a target="_blank" href="https://www.businessinsider.com/jeep-sales-falling-iconic-brand-inventory-piling-up-2023-8">whose power in the US market has waned</a> as non-domestic automakers gain market share, is seemingly less concerned about the labor stoppage. It has <a target="_blank" href="https://www.freep.com/restricted/?return=https%3A%2F%2Fwww.freep.com%2Fstory%2Fmoney%2Fcars%2F2023%2F10%2F01%2Fuaw-strike-contract-bargaining-stellantis-jobs%2F71004764007%2F">been the slowest in terms of UAW negotiations</a>, dragging its feet on major proposals. It's also been <a target="_blank" href="https://www.businessinsider.com/jeep-maker-stellantis-buyout-offer-blames-electric-cars-2023-4">the least aggressive of the three</a> in its <a target="_blank" href="https://www.businessinsider.com/stellantis-jeep-ceo-world-doesnt-have-enough-raw-materials-electric-car-batteries-2023-3">US electrification targets</a>.Stellantis brands had the most days' supply of the Detroit 3, with Jeep, Ram, Chrysler, and Dodge at 103, 108, 127, and 142 days of inventory, respectively, as of last month, according to Cox. (For context, the national average in September was 60 days.)Some analysts suggest it might actually behoove Stellantis to have to use up some of that supply. <a target="_blank" href="https://www.reuters.com/business/autos-transportation/stellantis-puts-michigan-plants-critical-status-ahead-union-talks-2023-06-28/">Stellantis also put some of its plants under critical status to up production</a> in preparation of extended union talks.<h2>GM's fate in the wings</h2>Meanwhile, GM is the worst off in terms of inventory, with Buick, GMC, Chevrolet, and Cadillac at 82, 63, 57, and 46 days-worth on dealer lots, respectively, says Cox. GM wasn't shoring up inventory ahead of the labor shortage; in fact, it <a target="_blank" href="https://www.businessinsider.com/automakers-low-inventory-maximize-profits-supply-chain-constraints-car-buyers-2023-5">limited it to maintain a supply-and-demand imbalance</a> that raked in record profits during the pandemic.GM has lost more than 31,000 vehicles of production since the start of the strike, according to a Deutsche Bank estimate on Friday, compared with Ford's 19,000 and Stellantis' 17,000.And of the three automakers, GM also has the <a target="_blank" href="https://www.autonews.com/manufacturing/uaw-strike-effects-detroit-3-and-supplier-workers">most striking workers</a> and has temporarily laid off the most workers due to the strike."In totality, it does seem like they're faring a bit worse," Edmunds executive director of insights Jessica Caldwell told Insider. But, "For once it's really hard to see how things will shake out ultimately," she added, "because the industry is fundamentally changing."

GM is shaping up to be the hardest hit by the UAW strike

NEW DELHI: Some of the essential services related to banking, transportation, railways and electricity are likely to be impacted during a two-day nationwide strike called by a joint forum of central trade unions beginning Monday. Talking to PTI, All Indian Trade Union Congress General Secretary <keyword id="366518" type="General" weightage="20" keywordseo="amarjeet-kaur" source="Orion">Amarjeet Kaur</keyword> said, "We are expecting participation of over 20 crore formal and informal workers with mass mobilisation of workers across the country during the strike on March 28 and 29 to protest against government policies." She said that the strike is expected to hit the rural parts also, where informal workers of farming and other sectors will join the protest. The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance. Unions in railways and defence sector will carry out mass mobilization in support of the strike at several places, the joint forum said. The unions' demands include scrapping of the proposed changes in labour laws, privatisation of any form and the national monetisation pipeline. Increased allocation of wages under MNREGA (<keyword id="1194612" type="General" weightage="20" keywordseo="mahatma-gandhi-rural-employment-guarantee-act" source="Orion">Mahatma Gandhi Rural Employment Guarantee Act</keyword>) and regularisation of contract workers are also part of their demands. Workers of roadways, transport and electricity departments have also decided to join the strike in spite of the impending threat of ESMA (Essential Services Maintenance Act) which is likely to be imposed in Haryana and Chandigarh, the joint forum said in a statement. Trade unions, including INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC are part of the joint forum. Meanwhile, the <keyword id="6375040" type="General" weightage="20" keywordseo="power-ministry" source="Orion">power ministry</keyword> on Sunday advised all the state-run utilities and other agencies to be on high alert and ensure round-the-clock electricity supply and stability of the national grid. "The Centre of Indian Trade Unions (CITU) have called for a nationwide strike with effect from 06:00 hrs of March 28 to 06:00 hrs of March 30, 2022," an advisory issued by the power ministry said. The advisory has been issued to all states, central public sector undertakings, central electricity authority, national load dispatch centre and regional load dispatch centres. In the interest of the consumers of electricity, it is advised that all the power utilities shall take necessary measures to ensure round-the-clock functioning of the electricity grid and availability of all plants, transmission lines and substations, the ministry said, adding that all regional/state control room executives should be vigilant and on high alert. The ministry also suggested measures to be taken to ensure secure and reliable grid operations. Shutdown activities planned during March 28-29 may be rescheduled to suitable future dates to the extent possible, it said and asked all concerned officials to ensure close supervision of their regional network/control area. Also, manpower may be deployed at all critical sub-stations/power station 24X7 to handle any emergency situation, it said. Power supply to those engaged in essential services such as hospitals, defence, and railways must be ensured, it added and suggested setting up of a 24x7 control room for information dissemination and handling any kind of contingency. Bank employees' unions said they will support the strike. All <keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword> Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam said the union demands the government to stop privatisation of public sector banks and strengthen them. Bank employees also demand speedy recovey of bad loans, higher deposit rates by banks, lower service charges on customers as well as restoration of old pension scheme for staff. A number of public sector banks, including country's largest lender SBI, have said that their services may get impacted to a limited extent due to the strike. SBI said it has made necessary arrangements to ensure normal functioning in its branches and offices during the strike. "It is likely that work at our bank may be impacted, to a limited extent, by the strike," SBI said. New Delhi-headquartered Punjab National Bank (<keyword id="13478968" type="COMPANY" weightage="20" keywordseo="pnb" source="Orion" meta.marketcap="38923.93999753" meta.tagname="Punjab National Bank" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="11585" meta.tagseoname="punjab-national-bank" meta.sector="Banks" meta.tagnameorg="Punjab National Bank">PNB</keyword>) said, AIBEA, Bank Employees Federation of India (BEFI) and All India Bank Officers' Association (AIBOA) have served notices to go on strike on March 28-29. "While bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to a limited extent by the strike," PNB said. Bengaluru-based <keyword id="13478969" type="COMPANY" weightage="20" keywordseo="canara-bank" source="Orion" meta.marketcap="40836.07197252" meta.tagname="Canara Bank" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="9218" meta.tagseoname="canara-bank" meta.sector="Banks" meta.tagnameorg="Canara Bank">Canara Bank</keyword> said it is taking all necessary steps to ensure smooth functioning of bank branches and offices. However, the functioning of the bank may be impacted, Canara Bank added. Private lender <keyword id="2179992" type="General" weightage="50" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> said its bank unions are affiliated to AIBOA and AIBEA, and the employees associated with these unions may participate in the strike. "The bank will take all necessary steps for smooth functioning of the bank's branches/offices on the days of strike. However, it is likely that some of our branches would also be impacted by the strike," <keyword id="13478967" type="COMPANY" weightage="20" keywordseo="rbl" source="Orion" meta.marketcap="491.27195140500004" meta.tagname="Rane Brake Lining Ltd" meta.tagpopularcount="0" meta.sectorid="506" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="21601" meta.tagseoname="rane-brake-lining-ltd" meta.sector="Auto Ancillaries" meta.tagnameorg="Rane Brake Lining Ltd.">RBL</keyword> said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pvr-and-inox-leisure-announce-merger/articleshow/90476756.cms">PVR and INOX Leisure announce merger</a> <a href="https://www.businessinsider.in/business/startups/news/how-this-former-vedantu-cofounder-is-taking-on-instagram-and-snapchat-to-build-social-media-for-teens/articleshow/90443442.cms">How this former Vedantu cofounder is taking on Instagram and Snapchat to build social media for teens</a>

Two-day Bharat Bandh: Essential services likely to be affected

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Almost to the weekend! Changing phone chargers is already a massive headache, but now you have the bonus of <a href="https://www.businessinsider.com/using-the-wrong-charger-could-damage-ruin-your-iphone-2023-9">electrocuting your new iPhone 15</a> if you use the wrong USB-C plugin.Speaking of shocks, Citigroup announced a massive overhaul on Wednesday that'll <a href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">reportedly lead to job cuts</a>. It's the latest example of the pressure big banks are under to keep their place atop Wall Street. More in today's big story.What's on deck: <ul><li>Markets: Why <a href="https://www.businessinsider.com/fire-movement-limitations-cons-early-retirees-back-to-work-2023-9">retiring early</a> isn't always as fun as it sounds.</li><li>Tech: Some founders are fed up with the <a href="https://www.businessinsider.com/startup-founders-are-bootstrapping-instead-of-raising-money-from-vcs-2023-9">"debilitating" influence</a> that comes with VC money.</li><li>Business: <a href="https://www.businessinsider.com/online-shopping-hidden-junk-fees-getting-worse-sneakier-prices-tickets-2023-9">Online shopping's</a> hidden fees are becoming an epidemic.</li></ul>But first, we're going to switch things up.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a><a href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9"></a><div type="image" title="Citi logo" height="1333" width="1778" msid="103665795" hostid="261" sizebytes="204518"></div>The big story<h2>Citigroup shuffle</h2>Ready or not, changes are coming to Citigroup. The bank announced a massive overhaul Wednesday that'll reduce management layers and almost certainly lead to job cuts. Insider's Jennifer Sor <a href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">has more on the reorg</a>, deemed by CEO Jane Fraser as the most consequential change to Citigroup in nearly 20 years. Citigroup is pitching the move as a way to simplify its structure. Case in point: Fraser said the changes eliminated 35 committees. Changes like these are bound to ruffle some feathers, but Fraser isn't bothered by it. The reorg will "make some of our people very uncomfortable," but the CEO said she's "absolutely fine with that." That might seem like a harsh stance, but understand the bank needs tough love. Citigroup's share price is down nearly 40% since Fraser took over as CEO in March 2021. To be fair, Fraser's tenure has been an uphill battle. She inherited plenty of headaches from her predecessor, Michael Corbat. That included the bank <a href="https://www.businessinsider.com/citibank-revlon-loan-900-million-mistake-payment-how-it-happened-2021-2">accidentally wiring $900 million</a>, which is the type of thing that's typically frowned upon in banking. But two-plus years later, problems persist. Before the announcement, the bank's share price was down almost 9% this year, trailing all of its fellow big bank peers in the US except Bank of America. Citi's overhaul represents how big banks are scrambling to stay on top of a financial world passing them by. When news of Citi's reorg broke, I immediately thought of <a href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">Goldman Sachs</a>. The prestigious investment bank has also grabbed headlines for its <a href="https://www.businessinsider.com/goldman-sachs-restructuring-david-solomon-mark-nachmann-winners-2022-10">multiple reorgs</a> amid a failed push into <a href="https://www.businessinsider.com/goldman-sachs-investor-day-david-solomon-addresses-consumer-banking">consumer banking</a> under <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-defends-himself-dj-cnbc-2023-9">CEO David Solomon</a>. Meanwhile, my colleague <a href="https://www.businessinsider.com/author/rebecca-ungarino">Rebecca Ungarino</a> pointed out that Wells Fargo has faced continued setbacks from a <a href="https://www.businessinsider.com/wells-fargo-scandal-bank-overdraft-late-fees-foreclosure-settlement-history-2022-12">slew of fines</a> over the years as <a href="https://www.businessinsider.com/latest-wells-fargo-news-hirings-layoffs">CEO Charlie Scharf</a> continues to work to right the ship. Even the big bank having the best year — <a href="https://www.businessinsider.com/jamie-dimon-jp-morgan-ceo-first-republic-bank-rescue-2023-3">JPMorgan</a> — isn't completely happy. CEO Jamie Dimon <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-bank-stocks-fed-capital-rules-economic-outlook-2023-9">recently quipped</a> he "wouldn't be a big buyer of a bank" in reference to proposed regulations requiring big banks to <a href="https://www.businessinsider.com/big-banks-capital-requirements-regulation-basel-2023-6">keep more money on the sidelines.</a> But banks' retrenchment could just signal an opportunity for others to fill in the gaps. Whether it's <a href="https://www.businessinsider.com/most-promising-financial-startups-fintechs-2023">fintechs</a> or so-called <a href="https://www.businessinsider.com/private-credit-shadow-banking-silicon-valley-bank-collapse-lending-2023-3">shadow banks</a>, there's no shortage of players looking to offer services previously dominated by big banks. That could be a welcome change, but there are risks to moving those services outside the walls of a highly regulated institution. Sometimes, the devil you know is better than the one you don't.<a href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">Read the full story. </a>3 things in marketsBefore the opening bell: US futures rise <a href="https://newsletter.businessinsider.com/click/32703884.1358088/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vcHJlbWFya2V0P3V0bV9tZWRpdW09bmV3c2xldHRlciZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9jYW1wYWlnbj1JbnNpZGVyX1RvZGF5/63c964d0fd0e8ffc6308a4aeB0c0d0067" target="_blank" rel="noopener">early Thursday</a> after stocks <a href="https://newsletter.businessinsider.com/click/32703884.1358088/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3Mvc3RvY2stbWFya2V0LW5ld3MtdG9kYXktaW5mbGF0aW9uLWF1Z3VzdC1jcGktZmVkLXJhdGUtaGlrZS0yMDIzLTk_dXRtX21lZGl1bT1uZXdzbGV0dGVyJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX2NhbXBhaWduPUluc2lkZXJfVG9kYXk/63c964d0fd0e8ffc6308a4aeBcd67c613" target="_blank" rel="noopener">finished mixed</a> on Wednesday.<a href="https://www.businessinsider.com/us-inflation-economy-cpi-august-data-2023-9"></a><div type="image" title="older woman browsing Costco medicine aisle" height="750" width="1000" msid="103665797" hostid="261" sizebytes="141900"></div><ol><li>Inflation is sticking around. The <a href="https://www.businessinsider.com/us-inflation-economy-cpi-august-data-2023-9">Consumer Price Index rose</a> by 0.6% month over month in August, while core CPI increased 0.3%. The latest numbers mean there's a decent chance of another rate hike before the end of the year, <a href="https://markets.businessinsider.com/news/stocks/recession-outlook-federal-reserve-rate-hike-august-cpi-inflation-investors-2023-9" target="_blank" rel="noopener">according to some estimates</a>.</li><li>Stock picks for bears and bulls. Bank of America analysts believe the economy has turned the corner and identified <a href="https://www.businessinsider.com/stocks-to-buy-economy-recovery-recession-investing-bank-of-america-2023-9" target="_blank" rel="noopener">50 stocks positioned to excel</a> during a recovery. But if you're feeling bearish, Morgan Stanley picked <a href="https://www.businessinsider.com/investing-stocks-to-buy-now-upside-market-correction-morgan-stanley-2023-9">nine stocks</a> that'll allow you to hedge against the risk of a downturn. </li><li>The FIRE movement — Financial Independence, Retire Early — isn't always lit. Retiring young sounds great, but it can come with its own set of challenges. <a href="https://www.businessinsider.com/fire-movement-limitations-cons-early-retirees-back-to-work-2023-9">Five early retirees</a> detailed problems with managing their money and finding a sense of purpose.</li></ol>3 things in tech<a href="https://www.businessinsider.com/incredibly-lonely-high-paying-tech-job-seattle-2023-9"></a><div type="image" title="photo compilation of person looking out on Seattle skyline" height="960" width="1280" msid="103665799" hostid="261" sizebytes="188396"></div><ol><li>"I moved to Seattle for a high-paying tech job. It turned out to be the loneliest time of my life." A recent grad moved from New York City for a software engineering role at Amazon, but nobody told him <a href="https://www.businessinsider.com/incredibly-lonely-high-paying-tech-job-seattle-2023-9">how difficult making friends</a> would be. </li><li> Startup funding woes. VC funding for young startups is becoming more scarce — it's fallen for the <a href="https://www.businessinsider.com/seed-startups-venture-capital-funding-rounds-decline-2023-9">fourth quarter in a row</a>. Meanwhile, many startup founders are beginning to <a href="https://www.businessinsider.com/startup-founders-are-bootstrapping-instead-of-raising-money-from-vcs-2023-9">turn away from VC funding</a> due to their "debilitating" influence after investing.</li><li> Apple's iPhone 15 event was revealing about its business. Wall Street had a pretty <a href="https://markets.businessinsider.com/news/stocks/apple-iphone-15-launch-event-wall-street-reactions-aapl-stock-2023-9">mixed reception</a> of the new device. And while Apple celebrates the launch publicly, it's internally grappling with an increased reliance on China that could <a href="https://www.businessinsider.com/apple-dependent-on-china-economy-manufacturing-problem-2023-9">cost the company billions</a>.</li></ol>3 things in business<a href="https://www.businessinsider.com/online-shopping-hidden-junk-fees-getting-worse-sneakier-prices-tickets-2023-9"></a><div type="image" title="Digital illustration of $10 with a hidden 0.00 behind it (making it $100.00)" height="960" width="1280" msid="103665801" hostid="261" sizebytes="92718"></div><ol><li>Hidden fees are about to get a lot more hidden. The recent push to eliminate junk fees means they're now folded into the upfront price — making it even <a href="https://www.businessinsider.com/online-shopping-hidden-junk-fees-getting-worse-sneakier-prices-tickets-2023-9" target="_blank" rel="noopener">harder to see them</a>. </li><li>A tiny-home startup endorsed by Elon Musk and Post Malone has got a regulator's attention. Three former Boxabl employees told Insider they were <a href="https://www.businessinsider.com/boxabl-tiny-homes-securities-and-exchange-commission-sec-2023-9">recently contacted and interviewed</a> by the SEC. The news comes after an <a href="https://www.businessinsider.com/boxabl-tiny-home-casita-production-governance-galiano-paolo-tiramani-spending-2023-2" target="_blank" rel="noopener">Insider report earlier this year</a> about production problems and questionable governance at Boxabl.</li><li>Some workers are super commuting to avoid moving. Amid the return-to-office push, some workers — <a href="https://www.businessinsider.com/workers-commute-plane-hybrid-work-rto-2023-9">from interns to CEOs</a> — are making extra-long commutes multiple times a week instead of moving closer to the office.</li></ol>In other news<a href="https://www.businessinsider.com/hunter-biden-sues-former-trump-aide-garrett-ziegler-illegal-data-hacking-2023-9"></a><div type="image" title="Hunter Biden and Garrett Ziegler" height="1080" width="1440" msid="103665803" hostid="261" sizebytes="60660"></div><ul><li>Hunter Biden is suing a Trump aide over claims of <a href="https://www.businessinsider.com/hunter-biden-sues-former-trump-aide-garrett-ziegler-illegal-data-hacking-2023-9">hacking his data</a>.</li><li>The <a href="https://www.insider.com/vmas-celebrities-best-red-carpet-fashion-looks-2023-9">best and most daring looks</a> from the VMAs.</li><li>Google cut jobs in its <a href="https://www.businessinsider.com/google-layoffs-recruiting-job-cuts-2023-9">recruiting division</a>.</li><li>Leaked documents: Microsoft managers need to distribute employee performance <a href="https://www.businessinsider.com/microsoft-new-employee-review-system-stack-ranking-2023-9">across a scale</a>.</li><li>Kristin Cavallari wants to introduce her true self through <a href="https://www.insider.com/kristin-cavallari-podcast-laguna-beach-divorce-interview-2023-9" target="_blank" rel="noopener">her new podcast</a>.</li><li>Adtech firm GroundTruth hires bankers to <a href="https://www.businessinsider.com/groundtruth-hires-jegi-clarity-to-explore-possible-sale-2023-9">possibly pursue a sale</a>.</li><li>Warren Buffett is just <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-stock-wealth-page-gates-ellison-musk-billionaires-2023-9">a few billion dollars away</a> from matching the fortunes of Bill Gates and Larry Ellison.</li></ul>What's happening today<ul><li>General Motors, Stellantis, and Ford auto workers could go on strike. Walking out could <a href="https://www.businessinsider.com/auto-industry-uaw-strike-effects-inflation-michigan-recession-biden-election-2023-9">drive up inflation</a>, push Michigan into a recession, and even hurt Biden's re-election.</li><li>Nintendo Direct is hosting a livestream. It'll highlight Nintendo Switch games coming out this winter. The livestream will start at around 10 a.m. ET.</li><li>Earnings today: Adobe <a href="https://markets.businessinsider.com/earnings-calendar">and other companies</a>.</li></ul><a href="https://www.insider.com/what-to-pack-for-train-trip-from-frequent-train-traveler-2023-9"></a><div type="image" title="the author editing photos on her laptop during a 30-hour train ride in October 2021" height="975" width="1300" msid="103665807" hostid="261" sizebytes="123230"></div>For your bookmarks<h2>Train ride starter pack</h2>"I've spent 117 hours traveling 4,700 miles by train." This seasoned train traveler always brings essentials like <a href="https://www.insider.com/what-to-pack-for-train-trip-from-frequent-train-traveler-2023-9">sunglasses and motion sickness medicine.</a>The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

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