??Boeing secures tentative labor deal with 25% pay raise and new plane commitment, IPhone 16 faces AI delays and more.

Hello, dear readers! ??We hope you had a great week.? Here's your weekly update on the latest news from finance and markets.

The U.S. Federal Energy Regulatory Commission approved BlackRock's $12.5 billion deal to acquire Global Infrastructure Partners. Boeing announced on Sunday that it has reached a tentative agreement with a union representing over 32,000 workers in the U.S. Pacific Northwest, potentially avoiding a strike as early as September 13. Apple's new iPhone 16 failed to impress investors as its highly anticipated AI features remain in testing, while Huawei raised the stakes with its industry-first tri-fold Mate XT smartphone. The U.S. is considering allowing Nvidia to export advanced chips to Saudi Arabia to help the country develop powerful AI models, according to a Semafor report. General Motors is in discussions to buy electric vehicle batteries using technology from China’s CATL, to be assembled at a new U.S. plant, according to a source.

Stay tuned for more updates in the dynamic world of finance and markets! ??

US regulator approves BlackRock's $12.5 billion deal with Global Infrastructure Partners

The U.S. Federal Energy Regulatory Commission approved BlackRock's $12.5 billion deal to acquire Global Infrastructure Partners. BlackRock will pay $3 billion in cash and offer around 12 million of its shares in the transaction. Both companies declined to comment. Last year, concerns were raised by regulators about large asset managers like BlackRock owning stakes in power utilities, leading to increased scrutiny. Global Infrastructure Partners specializes in infrastructure investments across sectors like energy, transportation, digital infrastructure, and water management.

Boeing secures tentative labor deal with 25% pay raise and new plane commitment

Boeing announced on Sunday that it has reached a tentative agreement with a union representing over 32,000 workers in the U.S. Pacific Northwest, potentially avoiding a strike as early as September 13. The proposed four-year contract includes a 25% wage increase, improved retirement benefits, and a commitment to build Boeing’s next commercial airplane in the Seattle area. It also gives the union more influence over production safety and quality, which are key concerns for Boeing amid ongoing scrutiny after a recent quality issue with its MAX aircraft. The deal, hailed by the union as its best ever, still requires approval from workers near Seattle and Portland. If approved, it would be Boeing’s first full labor contract in 16 years. However, a strike is possible if two-thirds of workers vote for it in a second round of voting.

IPhone 16 faces AI delays and rising competition from Huawei

Apple's new iPhone 16 failed to impress investors as its highly anticipated AI features remain in testing, while Huawei raised the stakes with its industry-first tri-fold Mate XT smartphone. Apple's shares fell 1.7% after the launch, which included hardware-based AI improvements for Siri and the camera, but little change in design. AI features, dubbed "Apple Intelligence", will be available in beta next month in the U.S, potentially delaying upgrades. Analysts noted that Apple's message focused more on future improvements. Meanwhile, Huawei's $2,800 Mate XT, equipped with advanced AI functions, already has over 4 million pre-orders, highlighting the company's growing strength despite U.S sanctions. Apple's iPhone shipments in China have declined, with Huawei solidifying its position in the market. Both phones go on sale on Sept. 20.

US nearing approval for Nvidia chip sales to Saudi Arabia

The U.S. is considering allowing Nvidia to export advanced chips to Saudi Arabia to help the country develop powerful AI models, according to a Semafor report. The chip sales were an unofficial topic at Saudi Arabia's global AI summit. Saudi officials are working to meet U.S. security requirements to speed up the process. The Biden administration had previously restricted AI chip exports to limit China's access, including a licensing rule for Middle Eastern countries. Saudi Arabia expects shipments of Nvidia's advanced H200 chips but is keeping ties with China as a backup plan.

GM negotiating to buy US-made EV batteries using Chinese technology

General Motors is in discussions to buy electric vehicle batteries using technology from China’s CATL, to be assembled at a new U.S. plant, according to a source. Ford is already planning to use CATL technology for low-cost batteries at a Michigan plant, but U.S. lawmakers have expressed concerns. GM's potential plant, funded by Japan’s TDK Corp, would create over 1,000 jobs in the southern U.S. Talks are ongoing, and no deal is final yet. GM aims to lower costs and avoid tariffs by producing the batteries domestically. Both GM and CATL declined to comment further.

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