Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
You can save money by doing a quick check and unsubscribing from apps you no longer use.Technologyread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Sen. Bernie Sanders pledged his support for Pennsylvania workers who started striking Tuesday following the spinoff of a General Electric unit.
About 1,700 employees at an Erie, Pennsylvania, locomotive plant — represented by the United Electrical, Radio and Machine Workers of America union — started their strike early Tuesday. The workers were unable to come to terms with Wabtec, the western Pennsylvania-based rail transport company that took over the facility in its merger with GE Transportation. GE announced the more than $11 billion merger deal last year as part of a broad restructuring.
Sanders, a Vermont independent who routinely rails against companies that he says give workers a raw deal, said he was "proud to stand" with the workers. In a tweeted statement Tuesday, Sanders said, "Americans are sick and tired of corporate America and their wealthy CEOs ripping off working families."
The senator has built a political following in part due to his broadsides against corporations and business leaders such as Amazon and its CEO, Jeff Bezos. He has frequently pushed American corporations such as McDonald's and Walmart to boost minimum wages and offer better benefits.
His involvement in the Wabtec fight brings more political intrigue than usual.
Sanders recently launched a 2020 presidential campaign as a Democrat. The strike takes place in a state carried by President Donald Trump in 2016 that Democrats may need to win in order to take back the White House. By slamming free-trade deals and attempting to revise them, Trump has tried to appeal to disillusioned manufacturing workers in areas similar to Erie, a city on the northwestern edge of Pennsylvania.
Sanders' support for the striking workers has "absolutely" nothing to do with his presidential ambitions, his spokesman Josh Miller-Lewis said. The senator has "stood with working people and against the greed of large, profitable corporations his entire life," he added.
The union, known as UE, has a history with Sanders. It endorsed the senator in 2016 in his bid for the Democratic presidential nomination. Last week, Sanders wrote a letter to Wabtec CEO Raymond Betler in part arguing that Wabtec is "not a poor company" and "is not going broke."
UE says it was "not able to convince [Wabtec] to negotiate an acceptable short-term agreement that preserves the wages, benefits, and working conditions negotiated with GE" after the merger became official Monday. The plant had employed GE workers for about 80 years before the industrial giant's overhaul.
UE has several grievances with the new employer at the Erie plant. The union says Wabtec's terms "include the introduction of mandatory overtime and arbitrary schedules, wage reductions of up to 38 percent for recalled and newly-hired workers, and the right to use temporary workers for up to 20 percent of the work in the plant."
In response to the criticism, Wabtec pointed to an opinion piece written by executive Greg Sbrocco. He wrote that Wabtec's proposal would keep current wages of $35 per hour, a rate that he said went "beyond anything in this region."
He wrote that the company would continue to offer competitive benefits. Sbrocco also said the proposal falls in line with conditions and benefits seen at a facility it runs in Wilmerding, a borough near Pittsburgh where its headquarters is located. He also noted that Wabtec finished negotiations with four separate unions except UE.