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The Jakarta Post BUSINESS WEDNESDAY October 2, 2024 5
US dockworkers launch Hot yields
strike after labor
contract expires
Move could cost US economy billions of dollars
John Biers marched to the port carrying chul said on Monday port of-
signs that read “no work without ficials were scrambling to clear
Agence France-Presse/New York, a fair contract,” videos shared on out as many items as possible
United States social media showed. before the impending stoppage.
Dockworkers at major ports along CNN broadcast similar images Other ports, such as New
the United States East and Gulf from Philadelphia, while a New York Orleans and Savannah, had of-
Coasts went on strike Tuesday after Times video showed Daggett ad- fered extended hours in recent
last-minute negotiations yielded dressing workers on the picket lines. days ahead of the deadline.
no new labor contract, a stoppage “We are making history,” he The union is pressing for
expected to drag on the world’s said in New Jersey, as dockwork- protections against automa-
largest economy just ahead of the ers held signs saying “Profit over tion-related job loss and for
November presidential election. people is unacceptable.” hefty wage hikes after dock- Antara/Abdan Syakura
The International Longshore- A possible stoppage had been workers kept providing essen- Members of the Berseri women farmers group (KWT) harvest bird’s eye chili on Tuesday at a commu-
men’s Association (ILA) said the telegraphed for months, with the tial services throughout the nity garden in Central Cimahi district, Cimahi, West Java. The group empowers women in the agricul-
walkout by its workers marks the odds rising in recent weeks as the COVID-19 pandemic. ture sector to cultivate vegetable crops on idle land of around 100 square meters, producing up to 20
first “coast wide strike in almost two sides described themselves as USMX said Monday its lat- kilograms of bird’s eye chili each harvest season.
50 years”. far apart. est offer would “increase wag-
The shutdown would halt ship- USMX said on Monday it was es by nearly 50 percent, tri-
ments of an array of goods from “hopeful” after the two sides ex- ple employer contributions to
food to electronics and could cost changed counter-offers. employee retirement plans,
the US economy billions of dol-
lars a week.
However, there was still no
deal when the six-year contract
strengthen our health care op-
tions and retain the current Firms urge G7 to unify cloud security norms
“We are prepared to fight as long expired at midnight. language around automation
as necessary, to stay out on strike The walkout marks the ILA’s first and semi-automation”.
for whatever period of time it takes, since 1977 and follows other high- Media reports say the ILA is Agence France-Presse icy at BSA. puting has sparked governments
to get the wages and protections profile strikes at US automakers, asking for a 77 percent wage Greater unity among G7 na- worldwide to implement cloud
against automation our ILA mem- Boeing and other employers. increase over six years. Washington tions could also “hopefully lead security certification require-
bers deserve,” Harold Daggett, who The contract directly affects “A port strike would para- A leading tech industry group on to a recognition that localization ments to mitigate risks associat-
heads the 85,000-member union, about 25,000 ILA members at 14 lyze US trade and raise prices Tuesday called on Group of Seven doesn’t aid security”, he added. ed with widespread cloud adop-
said in a statement. large US ports, including New at a time when consumers and (G7) nations to harmonize cloud “But that’s not specifically what tion, such as cyberattacks, data
The ILA said it had “shut down York/New Jersey, Boston, Phila- businesses are starting to feel security certification across the this proposal is about.” theft or legal problems.
all ports from Maine to Texas at delphia, Savannah, New Orleans relief from inflation,” said Erin world’s richest nations, in an ef- The G7 nations are the Unit- While these certifications
12:01 a.m. on Tuesday” after it and Houston. McLaughlin, senior economist fort to stoke cooperation and ed States, the United Kingdom, have a lot in common, some
rejected a final proposal from Oxford Economics estimated at the Conference Board. counter calls that data should Canada, Japan and European countries, notably G7-member
the US Maritime Alliance (USMX) that the strike would dent US gross “There’s no easy Plan B. stay within national borders. Union member states France, France, are insisting that cyber-
shipping group. domestic product by $4.5 billion While shippers have already be- Industry group, The Software Germany and Italy. security standards come with
“USMX brought on this strike to $7.5 billion per week. The over- gun diverting some cargo to the Alliance (BSA), which represents Reliance on cloud computing, strict geographic requirements
when they decided to hold firm all economic hit depends on the West Coast, capacity for such al- tech giants including Microsoft instead of companies or gov- in order to not leave sensitive or
to foreign-owned ocean carri- length of the strike, analysts say. ternative options are limited.” and IBM, argues that its initia- ernments running software on- private data in foreign hands.
ers earning billion-dollar profits” A lengthy strike could also New York officials empha- tive would reduce compliance site, is regarded as computing’s France’s position has helped
without compensating “workers pose political challenges. sized that any strike would not burdens for cloud service pro- new reality. cause the delay of the EU’s long
who perform the labor that brings US President Joe Biden, a close lead to shortages of basic goods. viders while maintaining robust This has been further ce- promised cybersecurity stan-
them their wealth,” Daggett said. ally of organized labor, has so far “We don’t anticipate short- security standards. mented in recent years due to dard, known as EUCS, with sev-
USMX did not respond to a re- ruled out federal intervention, ages of essential goods any- “We encourage governments the intense processing needed eral EU member countries op-
quest for comment. citing the need to respect collec- time soon,” Hochul said. “Peo- to look at where their cloud re- to deliver artificial intelligence posing Paris.
ILA members began walking tive bargaining rights. ple do not need to rush out to quirements are effectively the capabilities, with few companies BSA also opposes that stance,
the picket lines at 14 major ports But business lobbies are sure the grocery store and stockpile same, but using different lan- able to alone provide the data instead arguing that cybersecurity
on the East and Gulf coasts soon to amplify calls for action if the goods like they did during the guage,” said Aaron Cooper, se- infrastructure necessary. agencies across friendly nations
after the announcement. strike drags out. pandemic.” nior vice president of global pol- The growth of in-cloud com- should find ways to cooperate.
In Boston, dockworkers New York Governor Kathy Ho-
Reuters/Caitlin Ochs
Looming load: Shipping containers are stacked on Monday at
Port Newark in New Jersey, the busiest container terminal on the
United States’ East Coast, which falls under the Port Authority of
New York and New Jersey.
Eurozone inflation dips
below 2 percent
Balazs Koranyi cently but a dismal string of
growth data, moderating wage
Reuters/Frankfurt, Germany pressures and inflation readings
Eurozone inflation dipped be- below the ECB’s own projections
low 2 percent for the first time have all added to the urgency.
since mid-2021 in September, Bolstering the case for a cut,
reinforcing an already solid case services inflation—perhaps the
for a European Central Bank most closely watched compo-
(ECB) rate cut this month as a nent of price growth—slowed a
three-year battle to tame run- touch to 4 percent from 4.1 per-
away price growth nears its end. cent, easing but not complete-
Inflation in the 20 coun- ly erasing fears that domestic
tries sharing the euro currency price pressures are stuck at a
eased to 1.8 percent in Septem- high level.
ber from 2.2 percent in August, Rapid wage growth has driv-
Eurostat data showed on Tues- en services costs for years but
day, coming below expectations economists have long predicted
for 1.9 percent in a Reuters poll, a slowdown given softening la-
primarily on falling energy costs bor markets, weak growth and
and muted goods prices. smaller pay increases.
A more closely watched figure Falling energy costs re-
on underlying prices referred to mained the biggest contributor
as core inflation, meanwhile, to disinflation, while non-ener-
dipped to 2.7 percent from 2.8 gy industrial goods prices rose
percent on slower services price just 0.4 percent compared with
growth, coming below expecta- a year earlier, also pulling the
tions for 2.8 percent. overall number down.
Price growth has been above Lagarde has already said that
the central bank’s target for years inflation is now under the base-
now with surging energy costs, line predicted by the ECB, a sig-
production bottlenecks in the nal that challenges the bank’s
post pandemic reopening, cor- own narrative of durable price
porate opportunism and copious pressures and a return to the 2
fiscal support all lifting inflation percent target at the end of 2025.
to over 10 percent by late 2022. Investors raised their bets
But a record string of interest on quicker cuts after Lagarde’s
rate hikes from the central bank comments and markets now
has tamed price growth relative- price an 85 percent chance of a
ly quickly, and policymakers are rate cut on Oct. 17, up from 25
now debating just how fast they percent at the start of last week.
should ease borrowing costs. They also price just over 50 ba-
The ECB has already reduced sis points of moves until the end
rates in June and September, of the year, meaning back-to-
and ECB President Christine La- back cuts are now fully priced in.
garde sent the clearest signal This has prompted a whole
yet on Monday that another cut range of bank economists to
may come later this month giv- change their predictions, with
en sanguine price trends. most big banks now betting on
Such a quick follow-up rate cuts in both October and Decem-
cut was not expected until re- ber, and possibly January as well.
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