Business Briefs – December 11, 2019

U.S. Budget Deficit Rises to $209 Billion in November

WASHINGTON (AP) – The U.S. budget deficit rose by 2% last month to $209 billion, another step in a journey back toward $1 trillion-a-year budget shortfalls. The Treasury Department reported the federal government took in $225 billion in tax and other revenue. However, it spent a record $434 billion in November, the second month of the government’s 2020 budget year. In the 2019 budget year, the government ran up a deficit of $984.4 billion, the most in seven years.

FAA Analysis Predicted Many More Max Crashes Without a Fix

WASHINGTON (AP) – An FAA analysis after the first crash of a Boeing 737 Max predicted there would be more disasters without a fix of critical automated flight-control system. Safety officials estimated there could be 15 more crashes of the Max over the next few decades. Yet the Federal Aviation Administration did not ground the plane until a second deadly crash five months later. The disclosure came as the House Transportation Committee questioned the head of the FAA about his agency’s oversight of Boeing and the Max. Committee Chairman Peter DeFazio says the FAA failed to do its job.

EU to Offer Billions to Help Poorer EU Nations Cut Emissions

The president of the European Commission wants to offer 100 billion euros ($130 billion) to help member countries cut climate-warming emissions. Ursula von der Leyen took office this month at the helm of the EU’s powerful executive arm and has made the fight against climate change her top priority. She has pledged to make the EU the world’s first climate-neutral continent by 2050 and wants the 28-country bloc to reduce carbon emission by at least 50% by 2030 compared with 1990 levels. That is part of the “European Green Deal” she unveiled Wednesday.

Firm Hands Out $10M in Holiday Bonuses to 198 Employees

BALTIMORE (AP) – A commercial real estate developer is handing out a total of $10 million in bonuses to its 198 employees. Edward St. John is the founder and chairman of St. John Properties. He said he couldn’t think of a better way to show his thanks for his employees’ hard work. The bonuses are based on tenure. The average is $50,000, but some longtime employees are getting more than $250,000.

UAW Workers Ratify New Contract With Fiat Chrysler

DETROIT (AP) – Unionized workers at Fiat Chrysler have voted overwhelmingly to approve a new four-year contract with the company. The ratification means the United Auto Workers union has settled with all three Detroit automakers. General Motors workers ratified an agreement in October after a 40-day strike, while Ford Workers settled in November.

About 71% of Fiat Chrysler workers voted in favor of the deal, the UAW said Wednesday. The union has about 47,000 members at Fiat Chrysler.