K&L Gates becomes tenant of One Congress tower under construction


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LABOR

Starbucks says it will bargain in good faith with unionized Buffalo workers

Starbucks says it will negotiate in good faith with workers at the first store to unionize in the company’s 50-year history. In a letter sent to all American employees. Rossann Williams, executive vice president, said Starbucks has never promoted unionization and always prefers to speak directly to employees, but respects the legal process and wants to work with those in Buffalo who voted for union representation. “If we fail sometimes, we want to keep hearing from you,” Williams wrote to employees. “That way we can work together to make the improvements needed to give you the best possible partner experience. Workers at a store in Buffalo voted to unionize two weeks ago, a first for any Starbucks store. A second store rejected unionization, but the union said it could challenge that result as it was not sure all eligible votes were counted. The results of a third store could not be determined as the two sides contested seven separate votes. ASSOCIATED PRESS

PRICES

US backs down on Spanish olives to avoid EU trade battle

President Joe Biden closed another chapter on his predecessor’s trade disputes with the European Union by refusing to appeal an unfavorable World Trade Organization ruling on US tariffs on Spanish olives. At a WTO dispute meeting in Geneva on Monday, the United States agreed to adopt the ruling, according to which the United States imposed illegal anti-subsidy duties on Spanish olives. Washington had the option of appealing to the WTO Appellate Body. The move avoids a potentially damaging fight with the EU and ends a year of restoring transatlantic peace on trade, which has resulted in the suspension of tariffs on around $ 22 billion in trade resulting from the disputes of the Trump era on steel and aluminum, and aircraft subsidies. at Airbus and Boeing. Had the United States appealed the ruling, it could have sparked a new trade feud between Washington and Brussels. The EU had previously pledged to use a new trade defense tool to retaliate against countries that effectively veto WTO rulings by appealing them in a legal vacuum. The United States will now cancel its countervailing duties, which can reach 27%, on various Spanish olive producers. Spain is the world’s largest producer of olives – used primarily as a garnish for pizzas and salads – exporting for $ 500 million in 2020. – BLOOMBERG NEWS

CRYPTO-CURRENCY

Bitcoin Continues To Fall From Last Month High

Bitcoin extended its five-week slide from an all-time high as risk sentiment in global financial markets eased. The largest cryptocurrency by market value fell 2.5% to $ 45,583 on Monday in New York. It has fallen by around 32% since reaching a record low in early November. Central banks around the world are prioritizing tackling high inflation by tightening monetary parameters, while keeping a cautious eye on the impact of Omicron. This backdrop makes investors wonder if so-called risky assets like cryptocurrencies and tech stocks are due to a tougher time after going through pandemic lows. Bitcoin is also facing price levels that technical analysis is watching for signs of future direction. The digital currency stands at its 55-week simple moving average. The token has generally bounced higher in the past several times when it has leveled. BLOOMBERG NEWS

LEGAL PROCEEDING

Jurors begin to deliberate in high-profile Theranos trial

A jury began on Monday to deliberate on the merits of the fraud lawsuit against Elizabeth Holmes, the entrepreneur accused of lying to investors and patients about her blood testing startup Theranos. Holmes’ trial lasted almost four months. The jury is out on whether prosecutors have shown Holmes committed nine counts of wire fraud and two counts of conspiring to commit wire fraud while introducing Theranos to investors and patients. Her former business partner and boyfriend, Ramesh Balwani, was charged alongside her in 2018. Both have pleaded not guilty. Balwani will be tried next year. Each of the 11 charges carries a maximum sentence of 20 years in prison, although they are most likely served concurrently. Deliberations are scheduled for Monday, Tuesday and Thursday. Holmes founded Theranos in 2003, and the startup has raised $ 945 million from investors such as Rupert Murdoch, the family of former Education Secretary Betsy DeVos and heirs to the Walmart fortune. Theranos has performed over 8 million blood tests on patients. Last week, Holmes’ prosecutors and defense attorneys summed up their arguments for the jury in closing statements lasting several hours. Kevin Downey, Holmes’ attorney, said she did not intentionally mislead investors and patients with her statements. Jeffrey Schenk, a deputy US attorney and senior prosecutor, pointed to evidence showing Holmes was aware that Theranos’s tests had problems with accuracy and his business was failing. Holmes chose to keep the business alive by lying, he said. – NEW YORK TIMES

SPACE INDUSTRY

FAA license approval strengthens plans for Georgia spaceport

A federal agency on Monday granted a license for a launch pad that would fly commercial rockets from Kingsland on the Georgian coast. Federal Aviation Administration’s approval of a launch site operator’s license for Spaceport Camden marks a milestone for the Georgia space project, although many reviews and permits are required before any rocket can actually be launched. . A Camden County leader said Monday the project propels Georgia into the space race that has seen civilians and celebrities fly into space in recent months. “This once in a generation opportunity will provide a new frontier of economic prosperity for Camden, the region and the state of Georgia,” said Steve Howard, Camden County Administrator and Spaceport Camden Executive Project Manager, in a statement after the announcement of the FAA’s decision. Even with the license, the FAA says a more comprehensive review would be needed before rockets can be launched. Camden County has spent almost 10 years and $ 10 million on the project. Opponents have gone to court to try to prevent the county from buying land for the spaceport and this litigation is ongoing. About 3,800 people signed a petition calling for a referendum that would allow voters to decide whether the county can buy the property. The National Park Service and its parent agency, the US Department of the Interior, have also expressed concerns. ASSOCIATED PRESS

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