Business
US ports shut down as dockworkers strike
Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.
Members of the International Longshoremen’s Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas.
The action marks the first such shutdown in almost 50 years.
President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act.
Talks have been stalled for months and the current contract between parties expired on Monday.
The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators.
On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers’ contributions to pension plans and strengthen health care options.
Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation.
USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table.
Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker’s experience. Workers also receive other benefits, such as bonuses connected to container trade.
Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.
The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries. It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.
The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department. .
Time-sensitive imports, such as food, are likely to be among the goods first impacted.
The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau.
Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said. Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit.
Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike.
“I don’t think we will see immediate, significant economic impacts…but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,” said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues.
More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.
She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads.
“This is really a trigger event, one that will see dominoes fall over the coming months,” said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs.
That would hit consumers and businesses which tend to rely on so-called “just-in-time” supply chains for goods, he added.
The stand-off injects uncertainty into the US economy at a delicate time.
The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks.
The strike risks putting President Biden in a tricky spot.
US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue.
In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast.
The US Chamber of Commerce business group has called on President Biden to take action.
“Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021. It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,” said Suzanne P. Clark, president and chief executive of the business group.
The ILA’s Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago. He met with Donald Trump in July.
Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University.
But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors. A related civil suit remains unresolved.
Films such as the 1954 classic On the Waterfront once defined the dockworkers union’s image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers’ concerns about cost-of living and automation.
“As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don’t think they will be swayed by public opinion in any meaningful way,” he said.
“What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer.”
[BBC]
By Sanath Nanayakkare
Continuing its mission to drive inclusive economic recovery and empower Sri Lanka’s grassroots business sector, the Commercial Bank of Ceylon PLC has actively accelerated the disbursement of the Asian Development Bank’s (ADB) Enhancing Small and Medium-Sized Enterprises Finance Project line of credit.
As Sri Lanka’s premier private sector lender, Commercial Bank drives regional development by bridging financial gaps outside the Western Province. Jaffna and the broader Northern Province remain pivotal focus areas due to their immense potential for industrial regeneration, vibrant agricultural output, and entrepreneurial resilience in the post-crisis economic landscape.
Directing targeted, affordable financing enables local enterprises to overcome historical financing barriers, expand production capacity, and stimulate employment across regional supply chains.
Quality at the Source: ADB Country Director Shannon Cowlin inspects a bottle of premium sesame oil at the New V.S.P. Gingelly Oil factory floor in Jaffna. Working capital facilities extended through Commercial Bank under the ADB line of credit enable manufacturers like Harish Industries to meet growing wholesale and retail demand across Sri Lanka while securing long-term economic resilience.
The dedicated credit scheme offers affordable interest rates to help small and medium-sized enterprises (SMEs) rebound from recent macroeconomic shocks, maintain employment stability, and build long-term sustainability. Designed to target underserved segments, the funding line prioritizes viable enterprises located outside the Colombo district, women-owned and women-led businesses, and ventures incorporating strong climate finance components. Eligible sectors span manufacturing, agriculture, animal husbandry, technology, tourism, and direct export industries.
A standout beneficiary showcasing the transformative impact of this regional focus is Harish Industries, a flourishing manufacturing firm located within the purview of Commercial Bank’s Manipay branch in Jaffna. Owned and operated by proprietor Ponnuchamy Prabakaran, Harish Industries manufactures premium sesame oil under the popular brand name “New VSP Gingelly Oil”.
The working capital facility extended by the line of credit to Harish Industries helped to cater to short-term liquidity needs, ease out cash flow pressure, and operate the business in a sustainable manner.
Additionally, this financial backing helped create more employment opportunities, strengthen its supply chain, and expand business operations to meet growing wholesale and retail demand across Sri Lanka.
by Sanath Nanayakkare
True corporate leadership extends far beyond financial metrics and market dominance. For the Commercial Bank of Ceylon – recognised as Sri Lanka’s top-ranked bank in the 2026 edition of The Banker’s Top 1000 World Banks and the country’s first 100% carbon-neutral bank—true progress means investing directly in the nation’s ecological health.
On 19 September, the Bank demonstrated how a massive institutional infrastructure can be mobilised for the greater good.
Marking International Coastal Cleanup Day 2026 under its “Forward Together for a Cleaner Future” platform, the Bank brought together employees, corporate management, customers, and volunteers for a coordinated national conservation initiative spanning 20 locations.
What sets this effort apart is its deliberate breadth. The campaign moved far beyond a conventional beach cleanup by integrating 16 coastal sites – including prominent Colombo locations like Mount Lavinia, Wellawatte, and Galle Face, alongside regional spots from Point Pedro to Dondra – with four vital inland waterways, such as the Mahaweli River at Polgolla Dam and Parakrama Samudraya. This structural reach ensured that even inland communities could actively participate in a unified national environmental mission.
This massive undertaking was anchored by robust partnerships, working alongside the Marine Environment Protection Authority (MEPA) as the technical partner and the United Nations Global Compact (UNGC) Network Sri Lanka. By translating its formal 2025 adoption of Sustainable Development Goal 6 (Clean Water and Sanitation) and its role as a UNGC Patron into boots-on-the-ground volunteerism, the Bank bridged high-level environmental policy with grassroots action.
Ultimately, Commercial Bank’s nationwide mobilisation proves that when a premier financial institution harnesses its expansive network, corporate responsibility stops being a theoretical framework and becomes a tangible, community-driven force for a cleaner future.
The grand halls of the Taj Samudra in Colombo buzzed with a distinct energy on the morning of September 25, 2026, as leaders gathered for the National Celebration of World Tourism Day.
Yet, beneath the formal discussions on digital agendas and artificial intelligence, a deeper, more vibrant narrative was quietly unfolding. This was not merely a story of algorithms and automated efficiency; it was a human story – a tale of Sri Lanka’s youth stepping forward to redesign the future of hospitality.
For generations, Sri Lanka’s allure has been rooted in its timeless landscapes, golden shores, and the legendary warmth of its people. But as global travel evolves, a new generation of tech-savvy local innovators is finding ways to weave cutting-edge technology into the rich tapestry of Sri Lankan culture. This shift took center stage during the Tourism Start-Up Competition 2026, held under the theme “AI-Driven Innovation for the Future of Tourism”.
Out of 52 competitive applications spanning tertiary and commercial levels, young minds proved that technology and tradition can go hand in hand.
The twenty-five shortlisted teams stood before expert panels to defend visions that bridge the gap between ancient heritage and modern data intelligence.
Behind every submitted AI solution was a young entrepreneur eager to protect local destinations, enhance visitor experiences, and elevate service delivery.
When the twelve winners were finally honoured, the celebration transformed into something much greater than an awards ceremony.
It served as a powerful reminder that the true engine of Sri Lanka’s digital transformation is its youth. Armed with code, creativity, and a profound love for their country, these young visionaries are ensuring that when travelers explore Sri Lanka, they do not just witness the future – they feel the heartbeat of a new, digitally empowered era of hospitality.
Mexico’s Pacific coast braces for Hurricane Polo
Washout against Afghanistan sends India into semi-finals
‘Still a lockdown’: Deadly floods hit Nepal tourism as peak season begins
Tharanga wins highly anticipated Asian Games gold
Tharanga on cusp of Asian Games Gold
Rain threat looms over lopsided India vs Afghanistan quarter-final
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News6 days agoMastermind Naufer Moulavi among 15 found guilty
-
Midweek Review6 days agoThileepan’s fast unto death: An authentic narrative that many missed
-
News7 days agoProtest against setting up of cement factory in highly populated area near BIA
-
Editorial7 days agoTrouble beginning in earnest
-
Latest News5 days agoShowers above 100 mm are likely at some places in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts
-
Editorial6 days ago
Big Bad Bills
-
News7 days agoPolice may seek clarification from US
-
News7 days agoGovt. confident of 2/3 majority despite NPP split speculation