The Biden-era retirement rule, designed to protect savers from biased investment advice, faces potential repeal under President-elect Trump's second term. Legal experts warn that ongoing court challenges, particularly from the insurance industry, could lead to its demise, as two Texas courts have already stalled its implementation. The rule aimed to enforce a fiduciary standard for rollover recommendations, but many investors may still lack adequate protection due to the nature of one-time advice under existing laws.
Boeing's ongoing machinist strike, which began on September 13, 2024, is expected to significantly impact the upcoming U.S. jobs report, with economists predicting a reduction of at least 50,000 jobs due to the strike and recent hurricanes. The company plans to cut 10% of its global workforce, or 17,000 jobs, as new CEO Kelly Ortberg aims to streamline operations. The Biden administration is involved in negotiations, urging both sides to reach a resolution.
Boeing faces a pivotal moment as over 32,000 striking machinists vote on a new contract proposal that includes significant raises and bonuses, following a five-week work stoppage costing the company $1 billion monthly. New CEO Kelly Ortberg is expected to outline a restructuring plan during his first earnings call, as the company grapples with substantial financial losses and aims to regain trust after recent safety issues. The aerospace industry is urging President Biden to help resolve the strike, highlighting its widespread impact on suppliers nationwide.
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