UAW gets tentative deal with Fiat Chrysler
The United Auto Workers union and Fiat Chrysler have reached a tentative deal on a new contract for about 40,000 workers that will serve as a pattern for pacts with General Motors and Ford. Terms of the deal were not disclosed. The union was seeking hourly pay raises for longtime workers who haven't had one in a decade. It also wanted to at least close the gap between new hires who start at about half the $29 per hour that longtime workers are paid. Fiat Chrysler wanted to hold its hourly labor costs steady while GM and Ford wanted to cut theirs to be more competitive with foreign automakers.
Automakers push U.S. factory output down
Automakers cut back sharply on production in August, lowering overall factory output and highlighting one of the economy's weak spots a day before a key Federal Reserve meeting. Manufacturing production dropped 0.5 percent, the biggest decline since January 2014, the Federal Reserve said. The drop in auto output accounted for most of the decline. Production of computers, airplanes and furniture also fell. Fed policymakers will begin a two-day meeting Wednesday to consider whether to raise short-term interest rates for the first time in nine years. Slowing overseas growth and the strong dollar, which are holding back factory output, could cause them to delay a rate hike.
Obama nominates No. 2 official to lead FDA
President Obama nominated the Food and Drug Administration's second-highest ranking official, Dr. Robert Califf, to lead the agency, which regulates consumer products ranging from medications to seafood. If confirmed by the Senate, Califf will take the reins at a critical juncture for the agency, which is under pressure from Republicans in Congress to streamline regulations for medical products. Califf, 63, joined the FDA as deputy commissioner in March after more than 30 years as a cardiologist and medical researcher at Duke University. His nomination comes after former Commissioner Dr. Margaret Hamburg announced she would step down.
Taco Bells in Chicago, S.F. to serve alcohol
What kind of wine pairs best with a chalupa? Taco Bell customers in Chicago and San Francisco will soon be able to find out. The chain will open a location that serves wine, beer, sangria and frozen mixed drinks in Chicago next week, marking the first time it will serve alcohol in the United States. The new restaurant will also feature trends Taco Bell says it is seeing among millennials: "tapas-style" appetizers and an open kitchen. A similar location will open in San Francisco later this month, according to Taco Bell, which is owned by Yum Brands Inc. Aside from the alcohol and appetizers, Taco Bell says the menu will be the same as regular locations.