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Bath Iron Works shipbuilders vote to strike

Workers walked by the Advanced Gun System, covered in shrink wrap, alongside a Zumwalt-class destroyer being built in the shipyard at Bath Iron Works in Bath, Maine.
Workers walked by the Advanced Gun System, covered in shrink wrap, alongside a Zumwalt-class destroyer being built in the shipyard at Bath Iron Works in Bath, Maine.Robert F. Bukaty/Associated Press/File 2018/Associated Press


Workers vote to strike at Bath Iron Works

Production workers at one of the Navy’s largest shipbuilders overwhelmingly voted to strike, rejecting Bath Iron Works’ three-year contract offer Sunday and threatening to further delay delivery of ships. The first strike by Machinists Union Local S6 in two decades comes as production already has fallen six months behind, partly because of the pandemic. The private shipyard in Bath, Maine, is one of two that make guided-missile destroyers for the Navy. The contract expires at midnight Sunday for 4,300 workers represented by the union, about two-thirds of the workforce. The vote was 87 percent in favor of strike authorization, a union official said. The three-year proposal by Bath Iron Works would have given the production workers a 3 percent raise during each year. But the union objected to more than a dozen changes that it considered to be concessions — including hiring of subcontractors. The union also considered a proposal to change preferences for shifts and locations to be an attack on seniority. The shipyard is one of the Navy’s five largest shipbuilders and a major employer in Maine with 6,800 workers. — ASSOCIATED PRESS


Asia’s richest man joins world’s top 10 club

The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion, making him the only Asian tycoon among the world’s top 10 richest people, according to the Bloomberg Billionaires Index. He holds the number nine spot. Ambani has benefited from a flurry of investment in the company’s digital unit, Jio Platforms Ltd. Shares of the Indian conglomerate have doubled from a low in March, just as other billionaires on the list have been hit by the coronavirus pandemic. The rise of the 63-year-old as India heads for its worst-ever recession is a reminder of the nation’s deep economic divide: The top 10 percent hold more than three-quarters of total wealth. Ambani lives in a 27-story mansion in Mumbai that has three helipads, a 50-seat movie theater, three floors of hanging gardens, and a health spa and fitness center. Reliance last year surpassed state-owned Indian Oil Corp. to become the country’s largest company by revenue. Jeff Bezos, of Amazon, heads the top 10 list, with $160 billion, followed by Bill Gates (Microsoft, $112 billion) and Mark Zuckerberg (Facebook, 90.6 billion). — BLOOMBERG NEWS



American Airlines aims to raise $1.5b

American Airlines Group is seeking to raise $1.5 billion by selling shares and convertible notes, said people with knowledge of the matter, as it shores up liquidity after months of disruption from the pandemic. Deliberations are ongoing, and the timing and details of any deal could change, the people said. American declined to comment. The airline also plans a junk bond offering to raise about $2 billion at a yield of 11 percent, Bloomberg News reported Friday. It’s working with Citigroup on the debt offering, which could be launched this week. Delta Air Lines, Southwest Airlines, and JetBlue Airways have tapped debt investors in recent weeks to boost liquidity. American’s stock fell 44 percent this year through June 19. American to date has depended largely on $5.8 billion in employee payroll support from the US government and is in talks to close a separate $4.75 billion federal loan. — BLOOMBERG NEWS



Daimler may be planning 10,000 more job cuts

Daimler AG’s chief executive, Ola Kaellenius, is looking to cut an additional 10,000 jobs through 2025, the Automobilwoche reported. The carmaker aims to outsource information technology services and cut positions in research and development, the magazine said. The company in November announced a plan to reduce its workforce by 10,000 through 2022 to cut spending on personnel spending by 1.4 billion euro ($1.6 billion). Daimler, with about 299,000 employees at the end of 2019, disputed the report. — BLOOMBERG NEWS



Maker of Eskimo Pie ice cream will retire ‘inappropriate’ name

The name attached to Eskimo Pie, the chocolate-covered ice cream treat that has been around nearly a century, will be retired, the latest product to yield to pressure to remove or rethink brands considered racist or culturally insensitive. “We are committed to being a part of the solution on racial equality, and recognize the term is inappropriate,” said Elizabell Marquez, head of marketing for Dreyer’s Grand Ice Cream. The company plans to have a new name by year’s end and will discontinue the Eskimo character. The term Eskimo is commonly used in Alaska to refer to all Inuit and Yup’ik people but is considered derogatory by many who associate it with racist, non-Native colonizers who settled in the Arctic. — NEW YORK TIMES


Facebook may take over Neiman Marcus space at Hudson Yards

Facebook Inc. is considering taking over Neiman Marcus’s retail space at Hudson Yards in Manhattan, Women’s Wear Daily reported, citing a person familiar with the matter it didn’t identify. The operator of high-end department stores filed for Chapter 11 bankruptcy protection on May 7, which would allow it to back out of its 188,000-square-foot store lease free of penalties. If Facebook takes over the space, it would add to the lease the tech giant signed last year for more than 1.5 million square feet of space in the same development. — BLOOMBERG NEWS