The AFL-CIO is enduring a budget shortfall so severe that its own workers are taking two days of unpaid leave to avoid layoffs, even as the labor federation attempts to mobilize its largest-ever political campaign. Dubbed “solidarity days,” the days off were agreed to over the summer in contract negotiations between managers and the union representing about 200 workers at the AFL-CIO, an umbrella organization of 64 international unions. Managers also have agreed to take the unpaid time.
China’s auto industry opened a new era as exporter of premium-priced cars Friday when Volkswagen unveiled the first sedan made in China for sale to upscale Western drivers. Most foreign automakers setting up operations in China are focusing on a domestic market that is the fastest-growing in the world. For decades, the country has exported low-priced trucks, buses and other vehicles – mostly to developing countries. But so far, the economics of automaking in the top ranks of the industry have worked against exports. Most components are imported, and strong demand has kept prices high. So Volkswagen’s decision to produce 600 Polos for export to Australia was seen as significant.
The euro broke through $1.20 for the first time in its nearly five-year history Friday, surging amid fears about the U.S. trade and budget deficits in thin post-Thanksgiving trading. The 12-country currency hit $1.2015 in European trading – the highest since it was introduced on Jan. 1, 1999 – then slipped back to $1.1995. It started the European trading day at around $1.19, then headed steadily up, breaking through the previous high of $1.1979 from Nov. 19. In New York, the euro traded at $1.1987 late Friday. Economists and currency strategists said short-term trading tactics and thin volume on the day after the U.S. Thanksgiving holiday played a role.
The European Union and its allies have agreed to a nine-day delay before imposing billions of dollars in trade sanctions against the United States over illegal steel tariffs, World Trade Organization officials said Friday. The EU, Japan and Norway had threatened to impose import duties on U.S. goods beginning Dec. 6 unless Washington dropped tariffs of up to 30 percent on imported steel. But trade organization officials said Friday that all the countries involved agreed to delay imposing the retaliatory tariffs until Dec. 15. A WTO appeals panel on Nov. 10 upheld an earlier WTO decision that said the U.S. duties violated the trade organization’s rules.
Herald wire services
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