UAW's next target? Tesla and Elon Musk look enticing to the union
Several major automakers, such as Toyota and Volkswagen, have auto plants in the U.S. that employ non-union workers, but there’s one particularly enticing target for the UAW: Tesla.
Will mortgage rates go down? Experts weigh in
Jeff Ostrowski | Bankrate.com (TNS)
The average rate on 30-year fixed mortgages remained at generational highs this week, climbing to 8.01%, up from 7.99% the previous week, according to Bankrate’s weekly national survey of large lenders.
The average rate on 30-year home loans hit its highest point since August 2000, according to Bankrate research. That was before the Sept. 11 terror attacks led the Federal Reserve to slash interest rates, and well before the Great Recession spurred the Fed to keep rates low throughout the 2010s.
The current run-up in mortgage rates reflects a variety of factors: a resilient U.S. economy, the Fed’s ongoing war on inflation and, more recently, a sharp rise in 10-year Treasury yields, which serve as an informal benchmark for 30-year mortgage rates. The 8% barrier stands as just one more unwelcome milestone in the upward trajectory of borrowing costs.
“We’ve seen a tremendous run-up in rates,” says Tom Wind, head of Consumer Lending at U.S. Bank. “It’s kind of a shock.”
Tesla shares slip as production cut by battery supplier Panasonic fans EV demand fears
Panasonic said its production suffered from slowing uptake for high-end EVs in North America, echoing Tesla CEO Elon Musk’s comments from earlier this month that higher-for-longer borrowing costs would take a toll on vehicle demand.
Disney: DeSantis district hasn’t provided needed documents for lawsuit
Walt Disney World’s governing district made up of Gov. Ron DeSantis’ appointees is dragging its feet in providing requested documents to Disney in a lawsuit over who has design and construction powers over the company’s sprawling theme park resort in central Florida, Disney said in court papers.
Disney last week accused the Central Florida Tourism Oversight District of “dodging its obligations” and asked a Florida judge to delay any decision on whether the case should proceed until the company gets documents and conducts depositions needed to argue against a summary judgment requested by the district.
A hearing is scheduled for mid-December. Disney is seeking a delay of two and a half months.
The district has “failed to produce a single document for nearly two months following Disney’s requests, broke commitments to agreed-upon deadlines, and remains in possession of discovery that Disney needs to develop its summary judgment opposition,” Disney said in court papers.
A spokesman for the district did not respond to a response for comment.
Royal Caribbean’s massive Icon of the Seas finishing up sea trials before Miami debut
Royal Caribbean’s new Icon of the Seas heads into the home stretch before the cruise line takes delivery. That includes a second and final round of sea trials that began this week.
The ship under construction at the Meyer Turku shipyard in Turku, Finland performed its first round of sea trials in June, and Royal Caribbean will get its hands on it for a trip across the Atlantic on Dec. 23 for arrival to its year-round homeport in Miami where it will begin sailing with passengers in January 2024.
This final set of sea trials will take place over several days in the open ocean to test out all the parts in place including pushing through extremes the engines of what will officially become the world’s largest cruise ship. Other on-board features will get the run-through as well including the waterpark with its six waterslides, all seven pools and the waste-to-energy plant, according to the cruise line.
The new class will take the size title from the line’s Oasis-class, coming in at 20 decks, 250,800 gross tons and 1,198 feet long. It’s the first of three announced ships in the Icon class with the next two set to be delivered in 2025 and 2026.