Morning Business Report: Hollywood braces for a potential writers strike
The entertainment industry’s writers, major networks, streamers, and studios are struggling to agree on their next contract. The issue at hand is job security and pay in the age of streaming. If a deal isn’t reached by the end of the day, the writers are expected to go on strike for only the second time in four decades.
The DOW gained more than two-hundred and fifty points Friday as the index finishes its best month since January.
All the major indexes were higher for the month.
Investors have sued Adidas over its partnership with Ye, formerly known as Kanye West. They say the company was aware of the rapper’s behavior. Adidas ended its partnership with Ye in October following the designer’s antisemitic remarks on social media and in interviews.
Regulators worked into the night to find a buyer for First Republic Bank. The Federal Deposit Insurance Corporation invited several big banks to make bids for First Republic, including JPMorgan Chase, Bank of America, and PNC Financial. Bloomberg reports that Bank of America decided against a bid and U.S. Bancorp declined to make an offer at all.
Americans believe that they’ll never have enough saved for retirement. A poll, conducted by OnePoll on behalf of Prudential, found that fifty-two percent say they’ve fallen short of the savings they planned to have by now. Despite approaching their sixties, thirty percent of Gen Xers say they won’t be retiring within the next ten years.