Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Eastern US ports could largely halt operations if a maritime workers union goes on strike Tuesday.</li><li>As the likelihood of a stoppage has increased, retailers like Costco have taken steps to plan ahead.</li></ul>US ports on the East Coast and Gulf Coast could largely come to a halt as soon as Tuesday when the largest union of maritime workers in North America is set to go on strike.Retailers like Costco have taken steps to plan ahead as the likelihood of a stoppage has increased.The International Longshoremen's Association, which says it represents 85,000 members, said Sunday that a strike at dozens of facilities at 14 US ports is set to begin on October 1 as contract negotiations with the United States Maritime Alliance stalled."The port strike is something we've been watching very closely for some time," Costco CEO Ron Vachris said last week during the company's <a target="_blank" href="https://www.businessinsider.com/costco-hot-dog-chicken-deals-help-membership-fee-increase-2024-9">fourth-quarter earnings call</a>.While the CEO acknowledged that the strike "could be disruptive," he said the company had been preparing.Vachris noted that Costco's imports are primarily non-food items, which gives the company relatively more flexibility in adjusting its strategy to anticipate the October 1 deadline."We have done a little bit of everything," the Costco CEO said. "We've cleared the ports, we've pre-shipped, we've done several different things that we could to get holiday goods in ahead of this timeframe, and looked at alternate plans that we could execute with moving goods to different ports and coming across the country if needed."A key question Vachris and other experts are weighing is less about whether a strike will occur, but how long it will last."I can't tell you until we know the length and what could happen out there, but it is in our sights," Vachris said. "Our buyers are all over it. They're watching it closely and we've taken as many preemptive measures as we could to prepare for this."Association for Supply Chain Management CEO Abe Eshkenazi told Business Insider that <a target="_blank" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">a prolonged stoppage could lead to months of backlogs</a> in the flow of goods."The supply chain is inextricably linked, and as we enter the busiest shopping season of the year, businesses, retailers, and consumers alike will feel the impact of a stoppage," Eshkenazi said.White House officials, including Transportation Secretary Pete Buttigieg, met with representatives of the United States Maritime Alliance on Friday in an effort to move the negotiations forward.The dockworkers are seeking higher pay to address what they describe as a "half-century of wage subjugation," while the association representing employers says it has been unable to schedule an in-person bargaining meeting with the union.

A major port strike is looming. Costco says it's prepared.

<ul class="summary-list"><li>The <a target="_blank" class="" href="https://www.businessinsider.com/dockworkers-port-strike-ila-impacts-2024-10">port workers' strike</a> could disrupt business for big retailers, according to ImportGenius data.</li><li>Walmart, Ikea and Samsung are some of the biggest importers at ports affected, the data show.</li></ul>Major retailers are pivoting their shipping plans and preparing for the financial impact of the ongoing <a target="_blank" class="" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">port strike</a>.Each day that dockworkers and maritime workers aren't moving along cargo, companies that import goods at the East and Gulf Coast ports will experience disruptions to supply chains.Alan Murphy, the CEO of the liner research firm Sea-Intelligence, said on CNBC on Tuesday that if the strike lasts more than a month, it will tip the US into a <a target="_blank" class="" href="https://www.businessinsider.com/port-strike-impact-costs-us-economy-recession-outlook-shipping-delay-2024-10">recession</a>. It's unclear how long it will go on, but even a week of delays would present challenges to global corporations.The retail companies who are heavily exposed — those that import the most at the affected ports — are a mix of big box stores, furniture sellers, and some phone makers, according to data from ImportGenius, which Arbor Research and Trading, a fixed-income research and brokerage firm, compiled into a chart. Walmart and Ikea are the most exposed, the data show.<div type="image" title="Arborb Data Science chart" height="800" width="1000" msid="113905565" hostid="261" sizebytes="33422"></div>William George, director of research at ImportGenius, told Business Insider that the firm pulled Bills of Lading (essentially receipts) from US Customs to determine the companies.The chart doesn't include data from shipping companies that handle cargo from multiple businesses or anonymous shipments.Business Insider reached out to all the companies named. A spokesperson for General Motors said the company has "contingency plans in place" as it monitors the situation.Home Depot tapped Jess Dankert, vice president of supply chain at the Retail Industry Leaders Association, to provide insight into how the strikes could impact retail giants."In most cases, retailers activated their supply chain contingency plans in advance of the strike, rerouting shipments to the West Coast or moving shipment dates up to avoid significant delays," Dankert said.Bob's Discount Furniture declined to provide a statement; the rest of the companies didn't comment to BI.JPMorgan analysts estimated that <a target="_blank" class="" href="https://www.businessinsider.com/port-strike-could-wreck-us-economy-with-price-increases-scarcity-2024-10">the strike could cost the US</a> up to $5 billion a day. Ultimately, it's consumers who will pay the price.Some of the <a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">products</a> that experts say could be affected are perishable food, tires, salt, and liquor.Until the International Longshoremen's Association can reach a contract deal for higher wages and more benefits with employers, ports from Maine to Texas will continue to have costly disruptions."It is critical for the parties to reach an agreement and reopen the gateways that handle roughly half of US imports and exports," Dankert told BI.

From Walmart and Ikea to Heineken, here are the companies whose imports may be most impacted by the port strike

<ul><li><keyword id="19894961" type="General" weightage="100" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> has introduced several ports in the past</li><li>iPhone 15 saw us bidding adieu to the <keyword id="22891333" type="General" weightage="20" keywordseo="lightning-port" source="keywords">lightning port</keyword> forever</li><li>MagSafe was introduced with the MacBook in 2006</li></ul> Last year, while unveiling the iPhone 15 series, Apple made an announcement that caught the entire world’s eye. The Cupertino-based tech giant had shifted to <keyword id="20987565" type="General" weightage="20" keywordseo="USB-Type-C" source="keywords">USB Type-C</keyword> charging for its iPhones, bidding adieu to the lightning port permanently. This meant good news for Apple users across the globe as they would now no longer have to carry a separate charger for their <keyword id="20113477" type="General" weightage="20" keywordseo="macbooks" source="keywords">MacBooks</keyword> and iPhones. The company also launched the AirPods Pro with the USB Type C during the event. Now, Apple’s approach to ports and connectors has evolved significantly over the years, reflecting broader technological shifts, consumer demands, and the company’s relentless pursuit of simplicity and efficiency. As we gear up for the launch of the <keyword id="19899647" type="General" weightage="20" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> in less than a month, let us take a look at how Apple has introduced various ports across its devices all these years. <h2>Back to the beginning: Serial ports and ADB</h2> In the early years of personal computing, connectivity was a complex affair, with various proprietary connectors and interfaces in use. Apple’s earliest computers, like the Apple II (released in 1977), used serial ports and parallel ports for connecting peripherals like printers and modems. <div type="image" title="apple mac" msid="112735350" hostid="261" caption="&amp;lt;p&amp;gt;Representative Image&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> In 1986, Apple introduced the Apple Desktop Bus (ADB) with the <keyword id="20332872" type="General" weightage="20" keywordseo="macintosh" source="keywords">Macintosh</keyword> II and the Apple IIGS. ADB was a proprietary interface that allowed users to connect keyboards, mice, and other low-speed input devices. ADB remained a standard in Macintosh computers until it was eventually phased out in favour of USB in the late 1990s. <h2>The floppy disk drive and SCSI era</h2> Apple’s early computers also prominently featured floppy disk drives. The original Macintosh 128K (1984) famously included a 3.5-inch floppy disk drive, which became an industry standard. To connect external storage devices and other peripherals, Apple also adopted the Small Computer System Interface (SCSI) in 1986 with the Macintosh Plus. SCSI allowed for the connection of hard drives, scanners, and other high-speed devices, offering a significant leap in performance over older interfaces. <h2>The speed revolution with <keyword id="22891334" type="General" weightage="20" keywordseo="FireWire" source="keywords">FireWire</keyword></h2> The late 1990s saw the introduction of FireWire, a technology that Apple helped to develop. First introduced on the Power Macintosh G3 in 1999, FireWire was designed for high-speed data transfer, making it ideal for video editing, external storage, and other demanding applications. It became a popular standard in the creative industries, particularly for digital video cameras. FireWire was available in two versions: FireWire 400 and FireWire 800, the latter of which doubled the data transfer rate. <h2>The introduction of USB</h2> One of the most significant shifts in Apple’s approach to ports came with the adoption of USB (Universal Serial Bus). Apple was one of the first major companies to embrace USB, beginning with the iMac G3 in 1998. <div type="image" title="1" msid="112735684" hostid="261"></div> The iMac turned out to be a colourful, all-in-one machine that looked like it belonged in a futuristic candy store. But it wasn’t just the design that caught everyone’s eye; it was Apple’s decision to ditch its long-used Apple Desktop Bus (ADB) connector in favour of USB, the Universal Serial Bus. This was a big deal. The colourful, translucent iMac famously omitted the floppy disk drive and instead offered USB ports as the primary means of connecting peripherals. USB was a game-changer, offering a universal and user-friendly interface for connecting everything from keyboards and mice to printers and external storage. The widespread adoption of USB across the tech industry led to a vast ecosystem of compatible devices, further solidifying Apple’s commitment to this standard. <h2>The MAGnetic connection</h2> MagSafe, introduced with the MacBook in 2006, was a game-changer in laptop charging. The magnetic connector snapped into place, making it easy to connect and disconnect your charger without worrying about tripping over the cable and sending your laptop flying. MagSafe went through a few iterations, including MagSafe 2, which was slimmer to fit Apple’s increasingly thin laptops. But in 2015, with the shift to USB-C, Apple discontinued MagSafe on its laptops, much to the disappointment of fans. In 2021, MagSafe returned to the MacBook Pro, but this time, it’s known as MagSafe 3. While it’s a welcome return for many, it’s not backward compatible with older MagSafe chargers, meaning you’ll need a new one if you’ve been holding onto an older model. <h2>Speed boost with Thunderbolt</h2> In 2011, Apple introduced Thunderbolt, a high-speed interface developed in collaboration with Intel. Thunderbolt combined data, video, and power in a single connection, offering unprecedented versatility. The first Apple devices to feature Thunderbolt were the MacBook Pro and iMac released in early 2011. <div type="image" title="2" msid="112735740" hostid="261"></div> Thunderbolt evolved over the years, with Thunderbolt 2 and Thunderbolt 3 offering even faster data transfer rates and greater versatility. Thunderbolt 3, introduced in 2016, merged with the USB-C standard, creating a single, compact port capable of handling a wide range of tasks, including charging, data transfer, and video output. <h2>The 30-pin dock connector</h2> As the company’s product lineup expanded to include mobile devices like the iPod, iPhone, and iPad, Apple developed new connectors tailored to the needs of these smaller, portable devices. The 30-pin dock connector, introduced with the 3rd-generation iPod in 2003, became the standard for connecting and charging iPods, iPhones, and iPads for nearly a decade. This wide, flat connector was designed to do it all—charging, syncing, and connecting to a variety of accessories. It became the go-to interface for millions of iPods, iPhones, and iPads over the next decade. But as convenient as the 30-pin connector was, it had its downsides. It was proprietary to Apple, meaning that if you had a non-Apple device, you were out of luck. And if you wanted to use the latest accessories, you often had to buy new cables or adapters. <h2>The famous lightning port</h2> Then, in 2012, Apple introduced the Lightning connector with the iPhone 5. Lightning was smaller, reversible, and more durable than the 30-pin connector, making it ideal for the increasingly slim and sleek designs of Apple’s mobile devices. Lightning also supported faster data transfer and charging speeds, helping Apple’s mobile devices keep pace with technological advancements. Lightning quickly became the standard across Apple’s mobile lineup, including iPhones, iPads, and even accessories like the AirPods and Apple Pencil. Despite its proprietary nature, Lightning was embraced by users for its ease of use and reliability. <div type="image" title="lighting port" height="900" width="1200" msid="112735839" hostid="261"></div> The lightning port served Apple devices for many years before being replaced by the USB Type C phones in iPhones last year. <h2> Shifting to USB Type-C</h2> After lightning port, Apple began to transition its devices from lightning and other proprietary connectors to USB-C. USB-C is a versatile and widely adopted standard that supports high-speed data transfer, video output, and power delivery in a compact, reversible form factor. Apple first adopted USB-C with the 12-inch MacBook in 2015, a move that was initially met with some resistance due to the need for adapters and dongles. However, Apple’s commitment to USB-C has grown over time, with the port now standard on all MacBook models, as well as the iPad Pro, iPad Air, and iPad Mini. As mentioned already, the most significant shift came with the introduction of the iPhone 15 series that marked the end of the Lightning connector and the complete transition to USB-C across Apple’s mobile devices. This change not only aligns the iPhone with Apple’s other devices but also with the broader tech industry, where USB-C has become the standard for everything from smartphones to laptops. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/decades-of-leading-tech-innovation-a-look-back-at-apples-wwdc-journey-and-its-major-announcements/articleshow/109024488.cms" data-type="tilCustomLink" target="_blank">Decades of leading tech innovation: A look back at Apple’s WWDC journey and its major announcements</a><a href="https://www.businessinsider.in/author_articles_all.cms?query=479266566&amp;author=divyanshi%20sharma=&amp;page=1" class="artishow_author"></a> <a href="https://www.businessinsider.in/heres-how-dependent-some-companies-are-on-apples-success/articleshow/58173712.cms" data-type="tilCustomLink" target="_blank">Here's how dependent some companies are on Apple's success</a>

From FireWire in Macs to Type-C in iPhones - the Apple Connect

<ul class="summary-list"><li>Ukraine may have launched its biggest drone attack ever, per the Kyiv Independent.</li><li>Russia shot down a total of 102 aerial and six naval sea drones overnight, it said.</li></ul>Ukraine appears to have launched its biggest drone attack ever, with reports of explosions at two major Russian ports.In a Telegram <a target="_blank" href="https://t.me/mod_russia/38828">post</a>, Russia's Defense Ministry said its air defenses intercepted 51 drones over Crimea, 44 drones over the Krasnodar region, and six drones over the Kursk region on Thursday night.It also said its naval aviation and Black Sea Fleet patrol boats destroyed six uncrewed surface vessels, or USVs, in the Black Sea.This would amount to a total of 102 aerial and six naval drones shot down in just one night, and if true, would be Ukraine's largest drone attack since the start of Russia's full-scale invasion in February 2022, according to the <a target="_blank" href="https://kyivindependent.com/massive-ukrainian-drone-attack-on-novorossiysk-port-and-oil-depots-russia-claims-over-100-downed/">Kyiv Independent</a>.Business Insider couldn't independently verify these numbers.The independent Russian media outlet Astra, citing its own sources and footage, <a target="_blank" href="https://t.me/astrapress/55667">reported</a> drones hit at least two oil depots and two terminals in the port city of Novorossiysk and neighboring villages on Thursday night.Novorossiysk residents told the outlet that more than 35 explosions occurred in the city, causing power outages. The outlet shared multiple videos of what appeared to be the blasts.The outlet also shared a <a target="_blank" href="https://t.me/astrapress/55656">photo</a> of a refinery on fire in Tuapse, east of Novorossiysk.Veniamin Kondratyev, the regional governor, <a target="_blank" href="https://t.me/kondratyevvi/7140">said</a> Russian air defense forces shot down more than 10 drones over Novorossiysk on Thursday night.Meanwhile, Russian forces shot down dozens of drones and more than five sea drones in the port of Sevastopol last night, with drone debris hitting the city's substation and causing power outages, Mikhail Razvozhaev, the Russian-installed regional governor, said in a Telegram <a target="_blank" href="https://t.me/razvozhaev/6441">post</a>.A <a target="_blank" href="https://www.youtube.com/watch?v=o7X07GTOrto&amp;t=9s">video</a> shared by Astra appears to show blasts in Sevastopol. BI could not independently verify the footage in the reports. The Security Service of Ukraine SBU and Ukraine's intelligence agency GUR launched a joint operation to strike Russian military and logistics facilities in Novorossiysk and occupied Sevastopol, the Associated Press <a target="_blank" href="https://apnews.com/article/russia-ukraine-war-news-5-17-2024-ce31e2e73cbb8dd59aa73baa6cd87d68">reported</a>, citing an unnamed Ukrainian intelligence official.Ukraine has ramped up <a target="_blank" href="https://www.businessinsider.com/russias-black-sea-fleet-headquarters-hit-another-blow-forces-crimea-2023-9">attacks</a> on <a target="_blank" href="https://www.businessinsider.com/ukraine-missile-attack-naval-base-helps-make-crimea-untenable-russia-2023-9">Russian warships</a> in occupied Crimea, inflicting <a target="_blank" href="https://www.businessinsider.com/russia-upgrading-black-sea-naval-base-after-ukraine-attacks-uk-2024-4">significant losses</a> on Russia's Black Sea Fleet and forcing it to <a target="_blank" href="https://www.businessinsider.com/russia-moving-black-sea-fleet-operations-away-crimea-uk-ukraine-2023-10">relocate</a> some maritime activities to Novorossiysk.Admiral Sir Tony Radakin, the head of the UK Armed Forces, <a target="_blank" href="https://www.businessinsider.com/putin-doesnt-want-nato-war-russia-would-lose-quickly-uk-2024-2">said</a> in February that 25% of Russia's Black Sea boats had been sunk or damaged.The fleet was "functionally inactive" after Ukraine claimed to have <a target="_blank" href="https://www.businessinsider.com/ukraine-taken-out-another-2-ships-russias-black-sea-fleet-2024-3">struck</a> two of its ships in March, the UK's Ministry of Defence <a target="_blank" href="https://www.businessinsider.com/russia-black-sea-fleet-functionally-inactive-after-ukraine-strikes-uk-2024-3">said</a> at the time.Satellite images from April <a target="_blank" href="https://www.businessinsider.com/russia-upgrading-black-sea-naval-base-after-ukraine-attacks-uk-2024-4">shared</a> by the UK's MoD showed Russia upgrading the defenses of its Black Sea Fleet naval base in Novorossiysk, confirming that most of its ships and submarines have been relocated further eastwards.Ukraine's GUR did not immediately reply to a request for comment by BI.

Ukraine appears to have launched its biggest drone attack ever, with reports of explosions at two major Russian ports

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. JD Vance and Tim Walz displayed their best versions of Midwest Nice last night as they raced to appeal to moderate voters, BI's Brent D. Griffiths writes. In what was largely a civil discussion, the pair didn't trade serious blows ... <a target="_blank" rel="noopener noreferrer" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=J2V25MjXJsEukwEdJIqu5ugxEbEKt6oTd&amp;_e=LGLcfOvG4iKBFawBIOcmJ23s3xLTYBTL4h8-DroVXNYgQ68H5rj6rv_Rywv4dSKExCduRGyldWH9P-pHoN66o5lTRoD61e98MEsGQ5OmJe6fQIDCy4tHdUcJHHTfIlxC_ZaqHWn8V4QI8OUX9G6Whr077odpUzsd3Lao9MlHsNulyJAwmRuP1pqis84zbzbd1b8gtmoRaEpCwBvsLzKBsbkMrHFyKAq8D_FbJopV7OIj3sD9G4y_UggRHkbMPMP1cU4V8sMJpTmvITwns7VUjNV3DZyCPoDPToHtuTF2KgUoFhp28V8lQLcNRHNcbtYt4pGZKD2g2MOd7oOc_brQA8U9hf61spGYuaB18kAOznJNWeox7gvO1WOACrvRBwo3lGXWjLQtzaSjy6_dFdGrkA%3D%3D">until the end</a>.In today's big story, the market reacts to the <a target="_blank" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">escalating situation between Israel and Iran</a>.What's on deck:<ul><li>Markets: China's stimulus package was a good start, but <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-stimulus-fiscal-consumer-support-deflation-stephen-roach-2024-10">there's more work to be done</a>.</li><li>Tech: Amazon's "safer than ChatGPT" <a target="_blank" href="https://www.businessinsider.com/amazon-cedric-safer-ai-chatbot-employees-2024-9">chatbot for employees</a>.</li><li>Business: High interest rates and hidden fees mean it's a particularly <a target="_blank" href="https://www.businessinsider.com/high-credit-card-interest-rates-americans-debt-bills-fees-spending-2024-10">bad time to be carrying credit-card debt</a>.</li></ul>But first, a trifecta of economic trouble.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">An attack, a strike, a hurricane</h2><div type="image" title="Iran's ballistic missile attack on Israel" height="1333" width="2000" msid="113879619" hostid="261" sizebytes="135984"></div>A Middle East conflict escalates. A dockworkers strike begins. A hurricane's devastation continues.In a word: Chaos.In less than a week, three crises have complicated the path forward for the US economy just as things seemed to be back on track.Let's start in the Middle East, where Iran launched <a target="_blank" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">a massive missile attack</a> on Israel.The strike, which reportedly included nearly 200 missiles, came after the Israeli military killed Hamas and Hezbollah leaders. It appears to have largely been an "ineffective" attack; as was the case earlier this year, US Navy warships <a target="_blank" href="https://www.businessinsider.com/us-navy-warships-downed-iranian-missiles-massive-attack-on-israel-2024-10">shot down multiple Iranian missiles</a>.Geopolitical risks were already a top-of-mind concern for investors, particularly after last year's October 7 attacks in Israel. But <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-israel-iran-missiles-gold-oil-crude-bonds-2024-10">markets reacted sharply</a> to reports of Iran's imminent attack, with major indices dropping and safe-haven assets like gold climbing.Meanwhile, oil prices surged, a U-turn from a recent slump following reports Saudi Arabia would ramp up supply.Back in the States, a dockworkers strike could <a target="_blank" href="https://www.businessinsider.com/port-strike-could-wreck-us-economy-with-price-increases-scarcity-2024-10">upend an economy</a> finally on the mend.Tuesday morning marked the start of a dockworkers strike that will shutter dozens of US ports that handle about half of all US ocean imports. Depending on who you ask, the shutdown's daily economic cost could be anywhere from $540 million to upwards of $4 billion and <a target="_blank" href="https://www.businessinsider.com/dockworkers-port-strike-ila-impacts-2024-10">has plenty of knock-on effects</a>.The tipping point appears to be the two-week mark. If the strike extends beyond that, the impact gets exponentially worse. Should things continue past a month, <a target="_blank" href="https://www.businessinsider.com/port-strike-impact-costs-us-economy-recession-outlook-shipping-delay-2024-10">the economy could slip into a recession</a>, according to one researcher.The entire saga is also set to crown <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-port-strike-biggest-stock-market-winners-losers-investing-analysis-2024-10">winners (air cargo businesses) and losers (shipping container companies)</a> in the market as companies work to find alternate supply-chain routes.It's all happening while the Southeast grapples with the <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-destroyed-safe-haven-maples-coffee-shop-north-carolina-2024-10">wreckage left by Hurricane Helene</a>, which killed more than 100 people. Some roads and highways are impassable or difficult to navigate, <a target="_blank" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">creating more supply-chain issues</a>.As terrifying as this is for an economy trying to hit its stride, it's not hopeless. The Iranian attack was largely thwarted, and the dockworkers strike could be short-lived.But it's a reminder of the fine line the economy is balancing as it tries to finally nail its soft landing.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>A top US security official says America will make sure Iran faces '<a target="_blank" rel="noopener" href="https://www.businessinsider.com/us-warns-severe-consequences-for-iran-after-attack-on-israel-2024-10">severe consequences</a>' for escalating its conflict with Israel.</li><li>The biggest moments from JD Vance's and Tim Walz's <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/vance-walz-vp-vice-presidential-debate-highlights-2024-10">first and only faceoff</a>.</li><li>Exclusive: Health startup Roon is <a target="_blank" href="https://www.businessinsider.com/health-startup-roon-raising-funding-sequoia-2024-10">raising $15 million from Sequoia to replace 'Dr. Google.'</a></li><li>This iPhone feature is 'saving lives' <a target="_blank" href="https://www.businessinsider.com/apple-iphone-satellite-message-feature-saving-lives-during-hurricane-helene-2024-10">during Hurricane Helene aftermath</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A graph/plug trending upwards toward electrical plug" height="1500" width="2000" msid="113879626" hostid="261" sizebytes="93554"></div><ol><li>A spike in electric demand will send these energy stocks surging. Power consumption is on the rise in the US, thanks to everything from AI to the electrification of transportation. Bank of America <a target="_blank" href="https://markets.businessinsider.com/news/stocks/energy-stocks-to-buy-utility-artificial-intelligence-data-center-bofa-2024-9">identified five sleepy utility stocks</a>, like Sempra and Northwestern Energy, that stand to benefit.</li><li>A Bridgewater vet is launching his own fund. Paul Podolsky, who spent 15 years at Bridgewater Associates, plans to go live with Kate Capital on November 1. The $200 million fund <a target="_blank" href="https://www.businessinsider.com/inside-former-bridgewater-leader-paul-podolsky-new-fund-kate-capital-2024-10">will maintain between 50 and 60 positions across the globe</a>.</li><li>China needs a two-step to avoid deflation. Chinese markets have been riding high thanks to Beijing's recent stimulus efforts, but the country risks falling into a deflationary lull, a Yale economist warned. It now needs <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-stimulus-fiscal-consumer-support-deflation-stephen-roach-2024-10">fiscal stimulus and structural reform</a> to stave off that fate.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of Elon Musk next to a Tesla factory" height="500" width="1000" msid="113879617" hostid="261" sizebytes="57746"></div><ol><li>Musk &amp; Co. could get their mojo back. Wall Street <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-preview-wall-street-expects-beat-mojo-returns-2024-9">expects some good news for Tesla</a> ahead of its robotaxi reveal on October 10: Q3 vehicle deliveries exceeding expectations. That's thanks in part to strong demand in China.</li><li>One fix could save Google's ad biz. Things have been looking grim for the search giant ever since the DOJ and 17 state attorneys general launched an antitrust suit against its ad business. But one research firm argues Google could save it by converting it to <a target="_blank" href="https://www.businessinsider.com/google-adtech-should-be-spun-off-b-corp-arete-analysts-2024-9">a spin-off business worth $150 billion</a>.</li><li>Meet Cedric, Amazon's AI chatbot that's SFW. According to internal documents obtained by BI, Amazon workers are encouraged to use the <a target="_blank" href="https://www.businessinsider.com/amazon-cedric-safer-ai-chatbot-employees-2024-9">new internal chatbot that's "safer than ChatGPT."</a> Cedric's launch is aimed at boosting employee productivity and job satisfaction, the documents state.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Doormat with Airbnb logo and cash." height="455" width="910" msid="113879622" hostid="261" sizebytes="52802"></div><ol><li>Hey Airbnb, welcome to my crib. Gen Z has a new side hustle: Airbnb superhosting. On TikTok and Instagram, precocious twenty-somethings not-so-humbly brag about subletting their rentals, and promise to show you how to get rich like them. <a target="_blank" href="https://www.businessinsider.com/gen-z-new-side-hustle-getting-rich-airbnb-super-hosts-2024-10">Critics — and in some cases, the law — be damned</a>.</li><li>Your credit card is overcharging you. It's easy for consumers to be lured in by credit-card companies' glitzy rewards and points. But with the average credit-card interest rate now over 21% — and the hidden fees to boot — card issuers have the power to <a target="_blank" href="https://www.businessinsider.com/high-credit-card-interest-rates-americans-debt-bills-fees-spending-2024-10">exploit consumers like never before</a>.</li><li>The real reason Amazon ordered RTO. Amazon's RTO mandate might be a move to cut headcount without the consequences of formal layoffs, Stanford economist Nicholas Bloom told BI. <a target="_blank" href="https://www.businessinsider.com/amazon-return-to-office-backdoor-layoffs-rto-nick-bloom-2024-10">It's a "backdoor layoff" strategy</a> that could cut costs but risks harming areas like AI, where recruiting top talent is tough.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>New York mag's Olivia Nuzzi <a target="_blank" rel="noopener" href="https://www.businessinsider.com/olivia-nuzzi-accuses-ex-fiance-blackmail-amid-rfk-jr-scandal-2024-10">accuses her ex-fiancé of blackmail</a> amid the RFK Jr. scandal.</li><li>DirecTV's CEO says its Dish acquisition 'isn't so much about bullying' media giants — <a target="_blank" href="https://www.businessinsider.com/directv-dish-deal-cable-bundle-pay-tv-disney-cord-cutting-2024-10">but it's definitely about playing hardball</a>.</li><li>Not hearing back on job applications? Some career consultants suggest <a target="_blank" href="https://www.businessinsider.com/job-applications-send-dm-ceo-hiring-director-executives-advice-2024-10">a bold new tactic</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>New York City mayor Eric Adams appears in court on charges of bribery and fraud.</li><li>G7 interior ministers meet.</li><li>Earth's temporary "micro moon" is visible.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

The US economy teeters after it's hit by a triple threat: Middle East escalation, port closures, and Hurricane Helene

<ul class="summary-list"><li>Around 45,000 dockworkers are on strike, shutting down East and Gulf Coast ports.</li><li>The damage wreaked on the supply chain by Hurricane Helene may give dockworkers the upper hand.</li></ul>The devastation wreaked by Hurricane Helene may be giving 45,000 <a target="_blank" class="" href="https://www.businessinsider.com/longshoremen-strike-leaves-east-and-gulf-coast-ports-shuttered-2024-9">striking dockworkers</a> a major advantage in their negotiations.The strike, the first of its kind since 1977, shut down ports on the East and Gulf Coasts. It is expected to put a <a target="_blank" rel="" href="https://www.businessinsider.com/port-strike-could-wreck-us-economy-with-price-increases-scarcity-2024-10">$5 billion</a> dent in the economy per day, according to analysts from JPMorgan.Alan Murphy, the CEO of the liner research firm Sea-Intelligence, estimates the <a target="_blank" class="" href="https://www.businessinsider.com/port-strike-impact-costs-us-economy-recession-outlook-shipping-delay-2024-10">US could tip into recession</a> if the port strike lasts longer than a month.It comes during the peak shipping season for holiday goods and at a time when <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">Hurricane Helene's impact</a> is also disrupting the economy and supply chain.Helene, which made landfall in Florida on Thursday, has ravaged six south-eastern states. More than 150 people have died and hundreds more are still missing.In a Monday report, Moody's Analytics <a target="_blank" href="https://www.investors.com/news/hurricane-helene-34-billion-price-tag-stock-market-impact/">projected the damage</a> from the hurricane to be between $20 billion and $34 billion, per Investor's Business Daily. Weather forecaster AccuWeather <a target="_blank" class="" href="https://www.accuweather.com/en/hurricane/4-days-after-hurricane-helene-the-numbers-are-even-more-astounding/1698452">projected</a> a much larger number, as high as $160 billion in damage from the storm.<h2 id="d7340713-f2eb-4afd-a0d8-e19552a72f51">A double hit</h2>Jon Davis, the chief meteorologist at Everstream Analytics, which focuses on supply-chain risk, this week told <a target="_blank" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">Business Insider's</a> <a target="_blank" href="https://www.businessinsider.com/author/tim-paradis">Tim Paradis</a> that the storm and the strike would have massive "compounding effects.""It's not one plus one equals two," he said. "One plus one equals a lot more than that."The strike could <a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">severely impact</a> the shipping of consumer products like beer, wine, liquor, fruits, and toys.Three experts <a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">told BI</a> that with less than two months until Black Friday, the likelihood that the strike could impact holiday shopping was high.Any slowdown in the US's critical supply chains could also <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">fan inflation.</a>William Brucher, an assistant professor of labor studies and employment relations at Rutgers University, told <a target="_blank" href="https://apnews.com/article/dockworkers-strike-ports-ila-longshoremen-91703e4798dbc9ee82185e983f31a3f6">Associated Press. </a>that "this is a very opportune time" for striking workers."I think this work group has a lot of bargaining power," said Harry Katz, a professor of collective bargaining at Cornell University, according to <a target="_blank" href="https://apnews.com/article/dockworkers-strike-ports-ila-longshoremen-91703e4798dbc9ee82185e983f31a3f6">AP. </a>"They're essential workers that can't be replaced, and also the ports are doing well."<h2 id="a12a5771-281a-40f1-b1eb-20c74f5be86b">Pressure mounts on Biden</h2>Although the strike has only lasted a day so far, the pressure is clearly mounting on the Biden administration on what could be a <a target="_blank" class="" href="https://www.businessinsider.com/dockworkers-strike-biden-test-unions-harris-trump-election-2024-10">key issue in the upcoming election</a>.<a target="_blank" href="https://apnews.com/article/longshoremen-strike-pay-automation-ports-jobs-consumers-3aa66e0a05db25a49645fad404a5f000">According to the AP</a>, the International Association of Longshoremen wants a 77% increase in pay over the course of a six-year contract and limits on port automation.In a Tuesday post on <a target="_blank" rel=" nofollow" href="https://x.com/POTUS/status/1841261609106260053">X</a>, Biden pushed for ocean carrier companies to offer "a strong and fair contract" that reflects workers' contribution to the economy since the pandemic and to these companies' record profits.The US Maritime Alliance, representing the ports, offered employees a 50% <a target="_blank" rel="" href="https://www.businessinsider.com/dockworkers-strike-biden-test-unions-harris-trump-election-2024-10">wage increase</a> over six years, but the ILA has remained firm on its demands.

Hurricane Helene could give 45,000 striking dockworkers a major advantage

<ul class="summary-list"><li>Chinese property stocks climbed 7% on Monday three major cities eased homebuying rules.</li><li>The surge comes amid an economic-stimulus blitz that started last week.</li></ul>Chinese property stocks got some positive news on Monday as three major cities announced easing of home-purchase restrictions.The Hang Seng Mainland Properties Index soared 7% in Chinese trading. The climb was led by real-estate developers like Hong Kong-listed Longfor Group Holdings and Hang Lung Properties, which were up roughly 10% and 12%, respectively.The surge comes after the cities of Shanghai, Shenzhen, and Guangzhou loosened homebuying restrictions, and after nation's central bank said it will allow refinancing of mortgages. The moves are part of China's new stimulus package meant to reinvigorate its slowing economy and weak property sector.In Guangzhou, policymakers eliminated all restrictions on homebuying, removing evaluations of buyer eligibility and limitations on the number of properties owned.The Sunday move made the port city the first major city to ease restrictions following the national government's pledge last week to make the property sector "stop declining."Previously, Guangzhou required migrant families to pay taxes or social insurance for at least six months before purchasing a maximum of two homes.Shanghai and Shenzhen, meanwhile, also said they would ease restrictions for non-local buyers. Shanghai decreased the required tax-paying period from three years to one year, and Shenzhen increased the number of homes migrant families can buy from one home to two.Shanghai and Shenzhen also announced plans to decrease the minimum downpayment ratios for first homes to no lower than 15%.Shenzhen also allowed local buyers to purchase more properties, allowing purchases of one more apartment in some districts, compared to previous restrictions of a maximum of two homes for families and one for individuals.The central bank, meanwhile, announced plans to refinance existing mortgages, with homeowners able to renegotiate terms with their lenders starting November 1. That brings lower costs for $5.3 trillion in mortgages.The moves come after leaders in Beijing unveiled <a target="_blank" href="https://www.businessinsider.com/china-economy-stock-market-bazooka-liquidity-stimulus-sparks-panic-speculation-2024-9#:~:text=China%20is%20eying%20a%20GDP,will%20be%20difficult%20to%20achieve.">aggressive stimulus measures</a> to support China's struggling economy in a rare move last week.China's economy has faced weak consumer demand in recent months, and continues to face headwinds from its struggling property sector, which has seen <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3">slowing property sales</a>, high vacancy rates in its existing supply, and huge <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1#:~:text=Evergrande's%20liquidation%20comes%20as%20China's%20economy%20faces%20significant%20headwinds%20from,dash%20for%20the%20exit%20door.">developer defaults</a>.With the sector accounting for <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-real-estate-property-banks-crisis-debt-default-2024-1">nearly a third of the country's GDP</a>, recovering it is crucial for the country to hit its "around 5%" year-end growth target, which analysts have <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">previously said is unlikely</a>.The newest policies are a good start at easing those headwinds, but analysts warn that the policies could take time to actually see an impact."It may take time and could still prove challenging to turn around residents' bearish views with existing policies," Morgan Stanley analyst Stephen Cheung wrote in a Sunday note.The new policies helped fuel a broader stock market rally, with mainland China's benchmark CSI 300 closing 8.5% higher on Monday in its <a target="_blank" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*qxyjdx*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNzcwMzU4Mi4yMDIuMS4xNzI3NzAzODQzLjUzLjAuMA..">biggest daily gain since 2008</a>.

Chinese property stocks surge after 3 major cities relax restrictions on homebuying

<ul class="summary-list"><li>I went on a 13-day cruise aboard <a target="_blank" class="" href="https://www.businessinsider.com/norweigan-cruise-line-not-worth-it-says-frequent-cruiser-2023-8">Norwegian Cruise Line</a>'s Jewel that left little time for relaxation.</li><li>We only spent two days at sea which left me missing out on the ship's perks and feeling exhausted.</li></ul>As a frequent cruiser, I've been on a few <a target="_blank" class="" href="https://www.businessinsider.com/things-to-never-do-on-cruise-ship-from-former-employee-2024-4">port-heavy itineraries</a>, but none hit me quite as hard as Norwegian Cruise Line's 13-day Asia cruise last fall.The cruise departed from Keelung in northeast Taiwan and stopped at 10 ports in six Asian countries, including the Philippines, <a target="_blank" class="" href="https://www.businessinsider.com/malaysia-king-billionaire-vintage-cars-jets-sultan-iskandar-johor-ibrahim-2024-2">Malaysia</a>, and Brunei — places I hadn't been to and definitely didn't want to skip.I knew the itinerary was packed, but I didn't realize how intense it would feel with only two of the 13 days spent at sea. The ambitious schedule left me, a <a target="_blank" class="" href="https://www.businessinsider.com/which-cruise-lines-should-i-choose-skip-expert-2024">seasoned cruiser</a>, exhausted.Here's why this itinerary was tough for me and why they're not ideal for every type of traveler.<h2 id="13f96ab2-c721-48ef-bba0-e43590512bc9">I felt pressure to enjoy every minute in port</h2><div type="image" title="Overview of cruise ship deck with Sapphire pool and hot tubs on Norweigan Cruise Line Jewel" height="960" width="1280" msid="115228920" hostid="261" sizebytes="129568"></div>With only one day in each port, I didn't want to skip going ashore for fear of missing out.I tried to maximize my time by researching each destination and carefully planning my schedule before the cruise. Still, I felt tired from long days exploring new places in the heat day after day.Sometimes, I wanted to sleep in, take an afternoon nap, or return to the ship early — things I enjoy doing on sea days. Instead, I woke up early for either a <a target="_blank" class="" href="https://www.businessinsider.com/what-you-should-never-do-on-cruise-former-crew-member-2022-10">cruise-arranged excursion</a> or my own exploration and then returned to the ship six to nine hours later.This gave me about four to six hours to eat dinner, go to the gym, and then see a show, relax in the thermal suite, or explore the ship before getting prepared for the next day.Because I have severe FOMO, early every hour of my day was allocated to doing something, just like when I'm not traveling. I didn't end up relaxing or resting even though I was on vacation.<h2 id="672b0924-309d-43c7-b324-c9f537605c26">Plus, I didn't get to fully enjoy the ship and its amenities</h2><div type="image" title="Overview of Magnum's Champagne and Wine Bar on Norweigan Cruise Line Jewel with curved chairs placed around tables on patterned carpet " height="960" width="1280" msid="115228923" hostid="261" sizebytes="228544"></div>With a self-imposed regimented schedule, I felt like I was on a hop-on, hop-off tour of Asia and constantly in go-go-go mode.When the first sea day finally came more than halfway through the cruise, I was too tired to explore the ship and participate in onboard activities like trivia, lounge by the pool, or indulge in spa treatments.Worse, the Norwegian Jewel isn't even very large and I still couldn't efficiently experience its amenities and offerings. The Jewel is one of <a target="_blank" class="" href="https://www.businessinsider.com/norwegian-cruise-line-prima-old-new-ships-compared-photos-review-2024-2">Norwegian's smaller ships</a> at 965-feet and I still only ate in half of its 11 restaurants and drank at a handful of its 13 bars.<h2 id="99ee9e54-547c-4f5f-b2a1-af217ff2f5b2">First-time cruisers may be overwhelmed by such a port-heavy cruise</h2>My trip was packed with excitement, but I disembarked feeling exhausted and like I needed a vacation from my vacation.Ultimately, I think adding one or two sea days to the itinerary would've improved the experience and given me space to relax.Although it's nice to check off a ton of destinations in one sailing, itineraries with more sea days allow travelers to experience all the amenities ships have to offer without having to sacrifice time at a port.Plus, multiple sea days in a row can provide beginner or <a target="_blank" class="" href="https://www.businessinsider.com/best-cruise-tips-for-first-timers-from-someone-sailed-years-2023-12">first-time cruisers</a> insight into whether they like them. This can be useful to anyone contemplating trans-Atlantic and trans-Pacific crossings that can have seven or more sea days in a row.That said, cruises with port-heavy itineraries and hardly any sea days could be a good choice for <a target="_blank" class="" href="https://www.businessinsider.com/river-cruise-great-if-you-dont-like-cruises-opinion">people who don't like cruising</a> but love travel since more time may be spent on land than at sea.For me, after going on more than 25 cruises — including a 105-day sailing — I've found the best cadence of busy port days to relaxing sea days is a ratio of 2:1. I'll definitely be looking for that ratio when booking future travels.

I've been on 105-day cruises, but this 13-day one was the toughest. Its itinerary had a major flaw I'll avoid on future trips.

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

<ul class="summary-list"><li>If Congress doesn't pass a stopgap bill by September 30, there will be a partial government shutdown.</li><li>East Coast and Gulf Coast ports will also shut down if a union contract isn't renegotiated by the same date.</li></ul>September 30 could be a consequential day for the US economy if two <a target="_blank" class="" href="https://www.businessinsider.com/us-government-shutdown-looms-ahead-harris-trump-presidential-election-2024-9">major negotiations</a> don't get hammered out in time.Congress must pass a stopgap spending bill by the last day of this month to avoid a partial government shutdown. September 30 is also the deadline for the <a target="_blank" class="" href="https://www.businessinsider.com/port-la-dock-workers-longshoremen-make-100k-salary-overtime-2021-9">International Longshoremen's Association</a> and several East Coast and Gulf Coast ports to strike a contract.If a government shutdown happens and/or a strike is not averted, substantial chunks of the <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">US economy</a> could impacted a little more than a month before the 2024 presidential election.Of course, there's still time for members of Congress to negotiate a stopgap spending bill. On Wednesday, September 18, the House of Representatives rejected a bill brought by GOP House Speaker Mike Johnson that would have funded the government for another six months. On Thursday, Johnson and other GOP leaders signaled that they were interested in keeping the government open.There's also time for the International Longshoremen's Association to hash out a contract with the United States Maritime Alliance — though, as of Wednesday, there had been no negotiations thus far, nor are any on the books, The Wall Street Journal <a target="_blank" class="" href="https://www.wsj.com/articles/u-s-importers-are-pulling-in-goods-early-as-possible-port-strike-draws-closer-fff1930b">reported</a> this week.The two potential crises are unrelated beyond sharing an ominous deadline. Here's what's happening with each.<h2 id="83f582ee-541a-4bfa-871e-733af4d870b8">A government shutdown</h2>The rejection of <a target="_blank" class="" href="https://www.businessinsider.com/mike-johnson-trump-rally-shooting-political-rhetoric-election-2024-7">Johnson's</a> plan on Wednesday ratcheted up tensions in Congress as the September 30 deadline draws ever nearer.The 220-202 vote saw fourteen Republicans join with Democrats to block the bill, which is opposed by both the White House and Democrats in the Senate.While the bill had been expected to fail for days, former President <a target="_blank" class="" href="https://www.businessinsider.com/immigration-border-security-biden-trump-2024-election">Donald Trump</a> likely didn't help Johnson's cause by pushing Republicans to include the entirety of a voting registration bill that requires proof of citizenship to vote in national elections or move forward with a shutdown.As Johnson is now forced to work across the aisle, Democrats will likely propose a three-month continuing resolution, The Washington Post <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/09/18/house-bill-government-shutdown-funding/">reported</a>. On Thursday, The Wall Street Journal reported that GOP leaders were in discussions over a bill that would keep the government open until mid-December.The fallout of a pre-presidential election government shutdown would be bad for both parties, but Senate Minority Leader <a target="_blank" class="" href="https://www.businessinsider.com/mitch-mcconnell-trump-relationship-now-endorsement-senate-gop-2024-6">Mitch McConnell</a> told reporters on Wednesday that he thinks Republicans would bear the brunt of the blame.Should Congress fail to pass a bill by September 30, the government would be partially<a target="_blank" class="" href="https://www.businessinsider.com/who-is-affected-by-government-shutdown-parks-social-security-tsa-2023-9"> shut down</a> on October 1, meaning federal agencies that were not funded would discontinue all non-essential work until new funding legislation is passed and signed into law.During a shutdown, nonessential government workers are furloughed, social services programs like Social Security, Medicare, and veteran's benefits may experience disruptions, and national parks close to the public.The 2018-2019 shutdown that lasted 35 days reduced GDP by $11 billion, according to an <a target="_blank" href="https://www.cbo.gov/publication/54937">estimate</a> from the Congressional Budget Office.The previous three shutdowns, which occurred in 2013, 2018, and again in 2018-2019, cost taxpayers nearly $4 billion, <a target="_blank" class="" href="https://www.appropriations.senate.gov/news/majority/senator-murray-details-harms-of-a-needless-and-costly-shutdown-as-she-pushes-to-get-final-funding-bills-across-finish-line#:~:text=Shutdowns%20cost%20taxpayers.&amp;text=The%20last%20three%20shutdowns%20cost,late%20fees%20on%20interest%20payments.">according</a> to the Senate Appropriations Committee.<h2 id="82e4510d-0e5a-4c3f-a3b2-c6aad708ad11">A shutdown of the docks</h2>Meanwhile, the likelihood that 45,000 dockworkers at ports spanning Maine to Texas grows likelier with each day.The dockworkers' contract expires at the end of this month, and the International Longshoremen's Association has said its members will strike if a deal is not met.The union is asking for a 77% wage increase over six years, The Journal reported.The looming economic threat is prompting US importers to get a jump-start on <a target="_blank" class="" href="https://www.businessinsider.com/supply-chain-crisis-holiday-products-arriving-late-what-happens-2021-12">holiday shipping</a>, with millions of dollars worth of items being rushed to try to avoid the possible walkout, according to the outlet.A strike would likely lead to mass cargo diversions to West Coast ports, which could clog up gateways, per The Journal.Should these high-traffic ports cease operations ahead of the peak holiday season, the economic consequences for retailers and consumers could be dire.A walkout could result in mass delays, increased shipping costs, and potential shortages, all of which could affect the broader economy, according to the Retail Industry Leaders Association.Some analysts have predicted that every day of a strike would require five days to deal with the backlog, <a target="_blank" class="" href="https://www.rila.org/blog/2024/09/looming-port-strike-what-means-us-economy">according</a> to the industry group.The government could step in to help the two sides reach a deal, though the Longshoremen have said they don't want government intervention. President Joe Biden could also "request a court order for an 80-day cooling-off period under the Taft-Hartley Act," according to RILA. This would pause the strike while negotiations continued.

You Searched For "major ports" and got 10 results

A major port strike is looming. Costco says it's prepared.

Dominick Reuter

From Walmart and Ikea to Heineken, here are the companies whose imports may be most impacted by the port strike

Jordan Hart

From FireWire in Macs to Type-C in iPhones - the Apple Connect

Divyanshi Sharma

Ukraine appears to have launched its biggest drone attack ever, with reports of explosions at two major Russian ports

Thibault Spirlet

The US economy teeters after it's hit by a triple threat: Middle East escalation, port closures, and Hurricane Helene

Dan DeFrancesco

Hurricane Helene could give 45,000 striking dockworkers a major advantage

Hannah Abraham

Chinese property stocks surge after 3 major cities relax restrictions on homebuying

Kelly Cloonan

I've been on 105-day cruises, but this 13-day one was the toughest. Its itinerary had a major flaw I'll avoid on future trips.

Lauren Mack

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

PTI

The US economy could get hit by a double whammy on September 30, if 2 major negotiations are not hammered out

Erin Snodgrass

Popular Keywords

Buying Guides