Auto Strike Gets Even Bigger & Tinder Lets Your Friends Play Matchmaker
Oct 24, 2023
27:27
auto_awesome Snipd AI
This podcast covers topics such as the UAW strike, the impact of the strike on Stellantis, the spike in Treasury yields, an off-duty pilot's attempt to sabotage an Alaska air flight, pilots' mental health, Tesla's investigation, and Tinder's new matchmaking feature and expensive subscription service.
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Quick takeaways
The United Auto Workers strike has expanded to include workers from a Stellantis plant, focusing on the production of Ram 1500 pickup trucks, costing Stellantis $110 million a week.
Chevron's acquisition of HESS Corp for $53 billion enables them to establish a strong presence in Guyana's oil-rich region and capitalize on the rapidly growing market.
Deep dives
United Auto Workers Strike Targets Ram 1500 Pickup Trucks
The United Auto Workers strike is expanding, with 6,800 more workers from a Stellantis plant in Sterling Heights, Michigan joining. The latest strike focuses on the production of Ram 1500 pickup trucks, Stellantis' best-selling vehicle in the US. This plant shutdown will cost Stellantis an estimated $110 million a week. The UAW received a new offer from Stellantis, but believes they can secure better terms.
10-Year Treasury Yield Hits 5% Amid Bond Sell-Off
The 10-year US Treasury yield hit 5%, the highest level in 16 years. The spike in yields is believed to be in anticipation of the Federal Reserve keeping interest rates higher for longer and concerns about US finances. However, some prominent investors think the bond sell-off is too fast and has detached from reality. Billionaire investor Bill Ackman believes more investors will buy bonds as a safe haven due to geopolitical tensions. After Ackman's announcement, bond yields fell below 5% to about 4.8%.
Chevron Acquires HESS Corp for $53 Billion, Expands Presence in Guyana
Chevron has agreed to acquire HESS Corp for $53 billion, gaining a significant foothold in Guyana's oil-rich region. Guyana is a newly producing oil nation and Chevron wants to establish itself there alongside Exxon, which already owns 45% of the production in the area. With oil production expected to triple by the end of the decade, Chevron aims to capitalize on this rapidly growing market. The deal reflects the ongoing land grab in the oil industry, with Guyana and the Permian Basin being the fastest-growing production zones outside of OPEC.
Episode 176: Neal and Toby have the latest news surrounding the UAW strike and why workers walked out of a Ram 1500 truck plant. Plus, Bill Ackman doesn't want to bet on bonds and Chevron spends billions in another oil mega deal. The guys also recap stories including the off-duty pilot who tried to take over an Alaska Airlines flight, what happened at a Chinese beer company and the latest lawsuit against Tesla. Finally, Toby shares his favorite trends and Tinder wants your friends to help you swipe.