The daily business briefing: October 2, 2023
Late-night talk shows return after writers end strike, student loan payments resume, and more
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1. Late-night talk shows return after writers end strike
Late-night talk shows return Monday from a five-month absence after Hollywood writers reached a deal with studios and ended their strike. Actors are entering talks to end their months-long walkout, too. CBS's "The Late Show With Stephen Colbert," ABC's "Jimmy Kimmel Live!" and NBC's "The Tonight Show Starring Jimmy Fallon" will be back on the air Monday night after being the first shows to halt production when writers went on strike May 2. Comedian John Oliver resumed his HBO show "Last Week Tonight" on Sunday and expressed support for the writers. "I am also furious that it took the studios 148 days to achieve a deal they could have offered on day (expletive) one," Oliver said. The Associated Press, Forbes
2. Student loan payments resume
Student loan payments officially resumed Sunday for more than 28 million borrowers after a pause of more than three years that started as a way to give people economic relief during the coronavirus pandemic. A Life and My Finances survey in July found that half of borrowers said they couldn't afford to make the payments, and only 22% said they had a plan to do so. Some borrowers reportedly plan to refuse to make payments in a "student debt strike." President Biden, who has pushed for student debt relief, released an "on-ramp" repayment plan that will let borrowers miss payments with reduced consequences for the next year, although borrowers will start seeing interest add up and could damage their credit scores. The Hill
3. Trump to make court appearance with company's future at stake
Former President Donald Trump said Sunday he would make a rare voluntary stop in a New York courtroom on Monday for the start of a civil trial with his company's future on the line. "I'm going to court tomorrow morning to fight for my name and reputation," Trump wrote Sunday night on his Truth Social platform. New York Attorney General Letitia James is suing Trump, the Trump Organization and some of the company's top executives, including Trump's adult sons, accusing them of using fraudulent property valuations to get favorable loans from banks. Judge Arthur Engoron last week found that Trump routinely lied to banks and insurers, settling one of James' key allegations before the trial began. The Associated Press
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4. Stocks regroup after shutdown averted
U.S. stock futures were little changed early Monday after Congress passed a deal over the weekend to avert a government shutdown. Futures tied to the Dow Jones Industrial Average and the S&P 500 were essentially flat at 7:30 a.m. ET. Nasdaq futures were up 0.2%. The threat of a possible government shutdown increased pressure on stocks for days. President Biden signed the stopgap measure to keep government agencies funded for 45 days shortly before a midnight deadline Saturday. "Investors don't like to be run to the edge of the cliff constantly," Jamie Cox, managing partner at Harris Financial, told CNBC. With "not having a shutdown, we should see a very positive reaction in markets." CNBC
5. West Coast dockworkers union files for bankruptcy protection
The labor union for West Coast dockworkers has filed for bankruptcy protection in a San Francisco court as it faces a lawsuit that could drain its cash reserves, The Wall Street Journal reported Sunday night. A federal jury in 2019 found the International Longshore and Warehouse Union liable to the Philippines-based maritime company International Container Terminal Services for engaging in unfair labor practices to get work handling refrigerated shipping containers. The company's lawsuit, accusing the dockworkers union of illegally slowing down operations at the Port of Portland, was scheduled to go to trial soon. The bankruptcy filing puts that lawsuit on hold. The Wall Street Journal
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A free daily digest of the biggest news stories of the day - and the best features from our website
Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons.
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