Tens of Thousands of U.S. Dockworkers Prepare to Strike
Tens of thousands of dockworkers in the United States are preparing to strike on Tuesday after failing to meet their demands during negotiations for a new labor contract. This move could disrupt international trade just weeks before the U.S. presidential election.
Topic
United States
Negotiations, which began in May, stalled several weeks ago. The U.S. Maritime Alliance, representing employers at major ports on the East Coast and Gulf of Mexico, confirmed that the dockworkers’ union is refusing to return to the negotiating table.
On Thursday, the alliance reached out to the Department of Labor, calling for an “immediate court order requiring the union to resume discussions.” They also condemned what they called unfair practices. However, the union appears determined to strike as soon as the agreement expires at midnight on Monday, citing that the “financial proposals are unacceptable.” The union is also demanding guarantees against the use of automation.
Germany
Expectations for Further Economic Contraction in Germany in 2024
German economic institutes announced on Thursday that Germany is expected to see another decline in GDP in 2024 by 0.1%, as it remains unable to overcome its industrial model crisis. Geraldine Dany-Kindlick from the DIW Institute in Berlin stated, “In addition to the weak economic cycle, structural transformation is also weighing on the German economy.” Germany’s GDP had already shrunk by 0.3% in 2023. Compared to their spring forecasts, this represents a 0.2 percentage point decline for 2024 and a 0.6 percentage point drop for 2025.
Crypto
U.S. Imposes Sanctions on Russian Crypto Platforms Over Alleged Money Laundering
The U.S. government has taken action against two Russian individuals and two cryptocurrency exchanges over allegations of illicit financing. The Treasury, Justice, and State Departments, along with a group of international law enforcement agencies, participated in these actions. The Financial Crimes Enforcement Network (FinCEN) within the U.S. Treasury Department identified the Russian cryptocurrency platform “PM2BTC” and its associated individual Sergey Ivanov as entities of “primary concern for money laundering.” Simultaneously, the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on “Ivanov” and the cryptocurrency exchange “Cryptex.” “PM2BTC” is accused of processing proceeds from ransomware attacks and other illegal activities. According to FinCEN, half of its transactions are linked to unlawful operations. Data from “Chainalysis” shows that “PM2BTC” shares a wallet structure with the Universal Anonymous Payment System (UAPS), a system used for processing illegal payments.
Tens of Thousands of U.S. Dockworkers Prepare to Strike