Boeing factory workers decide to go on strike as gold prices reach all-time high – live updates from the business world

Boeing factory workers have voted to go on strike, rejecting a new contract that would have raised their pay by 25% over four years. This is the first walkout in 16 years and threatens aircraft deliveries and production delays for the troubled aircraft manufacturer. The International Association of Machinists and Aerospace Workers reported that 94.6% of voting workers rejected the contract and 96% approved the strike, surpassing the required two-thirds majority. The strike was set to begin today in the US and could impact Boeing’s ability to reach production targets for their MAX jet. Boeing CEO Kelly Ortberg warned that the strike could jeopardize the company’s recovery, while S&P Global Ratings flagged that it could hurt Boeing’s overall credit rating. The strike puts pressure on Boeing to offer more generous terms and comes as the company is trying to address quality issues in its manufacturing processes. While an extended strike could be detrimental, a shorter strike may be manageable for the company.
In other news, the gold price has reached a new all-time high, driven by a weakening US dollar and optimism that the US central bank will cut interest rates. The dollar has slipped as traders speculate on the size of the rate cut, with a quarter-point or half-point reduction expected. The gold price has gained about 3% this week and 25% so far this year, reflecting bullish sentiment towards the precious metal. Retail sales data, industrial production numbers, and consumer confidence reports are also on the agenda for today.

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