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“I’m proud of her,” the president told reporters Monday in Rehoboth Beach, Delaware. “Workers have the right to determine the conditions under which they work or do not work.”

Biden, who also recently met with Amazon (AMZN) and Starbucks (SBUX) union organizers, added that because of the unions, “everyone is better off, including the end product.” Apple (AAPL) store workers at Towson Town Center, a mall near Baltimore, voted by a majority of nearly two to one to form a union, according to the National Labor Relations Board’s balance sheet on Saturday.

The organizers call their union the Apple Coalition of Organized Retail Employees, or AppleCORE for short, and have received support from the larger union, the International Association of Machinists and Aerospace Workers.

The Machinists Union thanked Biden for his support on Monday. “Worker power is spreading across the country,” the union said in a tweet.

An Apple spokesman did not immediately respond to CNN Business’s request for comment Monday. “We are fortunate to have incredible retail team members and we really appreciate everything they bring to Apple,” the company said in a previous statement. “We are pleased to offer full-time and part-time employees very strong compensation and benefits, including healthcare, tuition reimbursement, new parental leave, paid family leave, annual stock awards and many other benefits.”

A worker organizer at the Apple Store in Maryland told CNN Business shortly after Saturday’s vote count that forming a union at Apple is a big part of having a seat at the table. “Compensation is important when you factor in the cost of living in general and inflation, but the most important thing is to have a say,” said Christie Pridgen, a technical expert at the store and one of the organizers. “That was the most important thing for me.” The union effort at Apple comes amid a broader movement of workplace activism that has emerged during the pandemic. The health crisis is putting a new spotlight on workplace safety in the United States, and pay and equity concerns in the technology sector in particular. In the meantime, the job market has been tight Employees new levers to negotiate with their employers. Last month, the President announced a Video of his meeting with Chris Smalls, chairman of the Amazon Labor Union, shortly after the union’s landmark victory at one of the e-commerce company’s Staten Island facilities.

“Chris Smalls is causing trouble and is helping to inspire a new labor movement across the country,” the president wrote on Twitter. “Let us continue.”

Texas-based American Airlines will cancel flights to Ithaca and Islip, New York, and Toledo, Ohio, in September, blaming a shortage of pilots, according to local reports.

“In response to the regional pilot shortage affecting the airline industry, American Airlines has made the difficult decision to suspend service,” American Airlines spokeswoman Andrea Koos told the Dallas Morning News.

“We are very grateful for the care and service our team members have provided to our customers in Islip, Ithaca and Toledo and have been working closely with them during this time.”

Flight service to these cities will end on September 7th. American Airlines said it will be reaching out to customers scheduled to fly to or from those cities after that date.

In Toledo, the permanently suspended service will have a particularly large impact and leave many options for the aviators. American Airlines is the only major airline that flies to the city. Allegiant is the only other airline that flies to Toledo. The nearest airport is in Detroit, about 80 km away.

Airline giant American Airlines will cancel flights to Ithaca and Islip, New York. Marie Uzcategui/Bloomberg via Getty Images

The Toledo-Lucas County Port Authority called American Airlines’ departure “incredibly disappointing” in a statement to WTVG, but said it was working to add other flight options.

“Please note that this decision was made solely by the airline, mainly due to a shortage of regional pilots. Unfortunately, we understand that this is a current ongoing trend in the airline industry. The Port Authority continues to meet with representatives from various airlines several times a year to improve air traffic outside of TOL,” the airport said in a statement.

Across the board, the industry is facing a pilot shortage caused by thousands of retirements and buyouts to save airlines money during the COVID-19 pandemic when travel had declined. Post-pandemic travel grew faster than airlines expected, leaving airlines struggling to find people who could fly planes.

Service for listed cities ends September 7.Photo only via Getty Images

The staff shortage resulted in another chaotic weekend for travellers. On the holiday Sunday of June 16, 921 flights were canceled nationwide. Another 6,228 domestic flights were delayed.

Regional airlines like American Eagle have been hardest hit by the pilot drought. These pilots are often recruited to work with larger airlines where the pay, benefits and schedules are better.

According to aviation consultancy Oliver Wyman, the pilot shortage is expected to get worse. It will need 19,000 pilots worldwide by the end of this year, the company told the Dallas Morning News. By 2029, 60,000 pilots will be needed to keep up with travel demand as baby boomer pilots who earned their wings in the military must retire at 65.

The New York Mets continued to take Major League Baseball by storm Monday in the 2022 season. This time, they easily defeated the Miami Marlins 6-0 at Citi Field. See highlights of the encounter in the video above.

With that latest win, the Big Apple’s formation still has the second-best performance in the major leagues, with a 45-24 record, behind only that other New York formation: the Yankees (49-17).

Against the Marlins, pitcher David Peterson did well, knocking out seven batters. He was eventually replaced after five and a third inning after allowing six hits and two walks.

Offensively, Eduardo Escobar showed a strong game and scored half of his team’s points. He pinned JD Davis to the plate first in the fourth inning with a sacrificial fly. He returned to offense in the eighth inning when his single allowed Davis and Luis Guillorme to complete their lap on the trails.

Bitcoin’s Thursday-Saturday sell-off marked the largest-ever realized loss for the top cryptocurrency by market cap, with investors recording $7.3 billion in committed losses.

About 555,000 bitcoin traded in the $18,000-$23,000 range over three days, with many sellers originally buying BTC at much higher prices, according to research firm Glassnode.

Short-term holders achieved a spent output profit ratio that matched that of the 2018 bear market, meaning their overall gains have declined, while some long-term holders experienced “deep capitulation” after buying and selling at bitcoin’s all-time high of nearly $69,000 for closer to $18,000, per glass node.

The last three consecutive days have been the largest USD denominated realized losses in #Bitcoin Story.

Over $7.325 billion $BTC Losses were caught as investors spent coins that were accumulated at higher prices.

A thread that explores this in more detail 🧵
1/9 pic.twitter.com/O7DjSK2rEQ

— Glass Node (@glassnode) June 19, 2022

“Almost all wallet cohorts, from shrimp to whales, are now showing massive unrealized losses, worse than in March 2020. The least profitable wallet cohort holds 1-100 BTC,” Glassnode reported.

GlobalBlock cryptocurrency analyst Marcus Sotiriou said Bitcoin may be on the verge of a temporary bottom as the cryptocurrency has historically bottomed when its supply percentage of profit (PSP) is reached 40% to 50%.

Finally, we can see that when prices touched the lows of $17.7K yesterday, only 49% of the $BTC The offer was profitable.

Historic bear markets have bottomed and consolidated with gains between 40% and 50% of supply.#Bitcoin Investors’ conviction will be seriously tested

9/9 pic.twitter.com/qRQRrxWkng

— Glass Node (@glassnode) June 19, 2022

“It’s important to note when looking at this historical data that Bitcoin has not experienced a period of sustained inflation,” Sotiriou said in a statement Monday. “We may be nearing a generational low as more forced liquidations occur, but we cannot be confident of a sustained uptrend until inflation convincingly slows.”

Yuya Hasegawa, an analyst at Japanese cryptocurrency exchange Bitbank, also sees more potential downsides as Bitcoin’s PSP is just over 50%.

“Bitcoin’s weekend decline wasn’t deep enough, to put it simply,” Hasegawa wrote in a report Monday. “Bitcoin still has downside potential, but if its PSP falls below 50%, the price could finally bottom.”

The US economy will most likely slide into recession this year as the Federal Reserve tightens monetary policy to cool decades of high inflation, economists warned on Monday.

“Disruptions in the energy and food sectors, coupled with falling consumer sentiment, are contributing to a looming economic slowdown in the U.S. and abroad,” Nomura economists Aichi Amemiya and Robert Dent wrote in a note Monday.

Meanwhile, the Fed’s stronger-than-expected rate hikes are likely to weigh on growth in the near term.

“With growth momentum slowing rapidly and a Fed committed to restoring price stability, we think a mild recession from the fourth quarter of 2022 is more likely than not,” the investment bank said in a statement, according to Bloomberg.

Nomura economists now expect U.S. economic growth to slow in fiscal 2022, with real gross domestic product (GDP) growing just 1.8%, compared to a previous forecast of 2.5%. The U.S. economy is expected to contract 1% in fiscal 2023, instead of growing 1.3% as the bank originally expected.

Still, according to economists, the recession is likely to be mild as Americans have built strong balance sheets and accumulated savings. The funds will allow consumers to weather the downturn despite tightening Fed policy that will make credit and other forms of borrowing more expensive.

Critics have argued that President Biden’s policies have exacerbated inflation. AFP via Getty Images

Nomura economists expect GDP to decline in 2023. Getty Images

The Fed raised interest rates by three-quarters of a percentage point earlier this month, the largest hike for the central bank since 1994. Similar moves are expected at Fed meetings and into July and possibly beyond if prices remain elevated.

The Fed’s move was announced days after May’s consumer price index showed inflation rising 8.6% – the highest rate since 1981.

“With monthly inflation likely to remain high into 2022, we believe the Fed’s response to the downturn will be muted initially,” Nomura economists added.

Nomura’s note is the latest sign that economists and investors are skeptical of the Fed’s ability to “soft-land” the economy by raising interest rates without triggering a recession.

President Biden has insisted a recession is still avoidable. Getty Images

Former Treasury Secretary Larry Summers warned earlier this month that a recession is “more likely than not” within the next two years. And famous Allianz economist Mohamed El-Erian argued in May that “stagflation” — a period of slowing economic growth and persistently high prices — is “inevitable” even if the economy dodges a recession.

Despite the dire warnings, President Biden and current Treasury Secretary Janet Yellen have insisted a recession is not inevitable.

“Well, I expect the economy will slow down, it’s been growing very quickly as the economy – as the labor market has recovered and we’ve reached full employment, of course now expected we’re going to make a transition to a steady and expect stable growth. But I don’t think a recession is inevitable.” Yellen continued ABC News’ “This Week” on Sunday.

Gas prices have hit an all-time high in recent weeks. Getty Images

Biden has also expressed optimism about the economic outlook despite mounting criticism from Republicans and others who say his policies have contributed to inflation.

“First, it’s not inevitable,” Biden said last week. “Second, we are in a stronger position than any other nation in the world to overcome this inflation.”

Quebec on Monday announced $3.7 million in financial support for the Exploramer museum in Haute-Gaspésie, dedicated to the diverse marine ecosystems of the Saint Lawrence River.

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The announcement was made in Sainte-Anne-des-Monts by the Minister for Agriculture, Fisheries and Food, André Lamontagne.

The funds come from the Tourism Industry Recovery Program, which aims to help businesses adjust and improve their service offerings in the wake of the pandemic.

As such, the Exploramer Museum will use this $3,765,500 in aid to “enhance the experience provided to visitors.”

Specifically, the museum institution, located between Rimouski and Gaspé, will improve its offer thanks to new facilities, including a pavilion dedicated to the sharks of the Saint Lawrence River.

“Today’s news structures not only Exploramer, but all of Gaspésie. The project carried out here will make it possible to offer an original, innovative and trendy tourist product, in line with our scientific mission. The shark theme is current and attractive and we are very proud of it!” said Gilles Thériault, President of Exploramer.

Former Assistant Secretary of the Treasury. Christine McDaniel assesses the threat of a recession and ways to combat runaway inflation.

Tesla drivers in China will soon be banned from entering the coastal district of Beidaihe, the area where Chinese Communist Party leaders will gather for their annual meeting, police say.

The ban comes into effect on July 1 and will last for at least two months, an official with the Beidaihe Traffic Police Brigade told Reuters on Monday. The police officer, who did not give his name, said without further explanation that the ban on Tesla cars was about “national matters”.

A Tesla logo is seen at a Tesla showroom in Shanghai, China, 7 January 2019. (REUTERS/Aly Song / Reuters Photos)

Beidaihe, in northeast China, traditionally hosts a secret annual summer conclave of China’s top leaders behind closed doors.

The decision to ban Tesla cars in Beidaihe comes just weeks after Tesla cars were banned from driving on certain roads in Chengdu. The ban coincided with a visit to the city center by Chinese President Xi Jinping.

TESLA ACTIVITIES DEMAND CHINA SHOWROOM CLOSURE

The ban in Chengdu was not officially announced and only came to light after videos surfaced on social media of police diverting Tesla cars out of certain areas.

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China is one of the automaker’s largest markets and production bases. Tesla’s Shanghai plant manufactured around 936,000 vehicles that the US automaker shipped worldwide in 2021. In recent months, production has been dampened by Shanghai’s draconian COVID-19 lockdown.

The Quebec Chamber of Commerce is sounding the alarm about the dramatic consequences of the Legault government’s plan to relocate 5,000 civil servant jobs to the regions and predicts colossal losses for the capital.

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The relocation “will result in significant economic consequences for the Quebec region,” ruled the Quebec Chamber of Commerce and Industry (CCIQ), which commissioned a study on the subject and received the results. This was carried out by Aviseo Conseil.

economic losses

The company has quantified the potential economic losses to the region from the displacement of these jobs. She valued them at $526.8 million. That amount includes $371 million less distributed in wages and $155 million in lost consumer spending for the region.

In the face of this alarming observation, the CCIQ “calls on the government to introduce measures to mitigate the negative impact of the government’s regionalization plan on the Capitale-Nationale region, or even to abandon it”.

On the other hand, Aviseo has calculated that the job cuts will be even larger than the 5,000 civil servant jobs. In fact, the spouses of the civil servants and the suppliers directly affected are added to this number. Result: The Quebec City region will lose 7,079 full-time jobs, the company concludes.

These are mostly well-paid jobs. Civil servants have an average salary of $20,000 more than the average salary in Quebec.
In conclusion, the CCIQ notes that this relocation of jobs will have a significant impact on the hospitality and retail sectors, already badly hit by the pandemic.

The mayor supports the CCIQ

On Monday, Quebec Mayor Bruno Marchand responded to the disclosure of that study. He supports the CCIQ in its demands. “I understand the government’s desire to support the regions. What we’re asking is that it doesn’t negatively impact Quebec very quickly. In his opinion, it would be relevant to spread the move over time so that the shock to Quebec is not too great.

-In collaboration with Jean-Luc Lavallée.