TUESDAY, AUGUST 6, 2019 The Boston Globe Business C
TALKING POINTSFIREARMSINDUSTRY Agenda
GUNMAKERS’
STOCK RISES
FOLLOWINGMASS
SHOOTINGS
Shares of US gunmakers rose Monday, bucking huge
declines in the broader market, amidrenewed calls for
gun control measures following mass shootings in
Texas and Ohioover the weekend. Gun company stocks
have typically traded higher after mass shootings as
consumers may step up purchases to get ahead of
potential regulatory changes that could make it more
difficult to obtain guns. President Trump on Monday
morning tweeted about linking “strong background
checks” and immigration reforms, although he didn’t
discuss gun control in later remarks on the shootings.
— BLOOMBERG NEWSBANKING
FEDWANTS
WORKERS
TO GETPAID
MORE QUICKLY
The Federal Reserve said Monday that it will create a real-time payments system, with the
goal of making paychecks and money transfers available for use more immediately. The
moveis aimed at narrowing the amount of time between whenmoney is deposited or
transferred into an account and whenit is available for use. That gap can span several
hours or several days, putting individuals — particularly low-income Americans — at a
disadvantage. Community groups, smaller banks and advocates for low-wage earners have
been calling for the Fed to limit the delay and to create a public sector option for real-time
payments. But some in the banking industry, particularly large banks, have pushed back
against the effort over concerns that the Fed’s involvement will compete with theirproducts
and potentially crowd out private-sector efforts. The round-the-clock service will be called
FedNow and is expected to become available in 2023 or 2024, according to the Fed’s news
release. — NEW YORK TIMESBRANDING
VEGAS STADIUM
BEING BUILT FOR
RAIDERS WILL BEAR
ALLEGIANT NAME
A $1.9 billion stadium being built for the
NFL’s Oakland Raiders when the team
movesto Las Vegas next year is being
named for Allegiant Travel Co., teamand
company officials said Monday. The
announcement came during a ceremony
marking installation of the final steel beam
for the roof of the 65,000-seat indoor
stadiumjust off the Las Vegas Strip. Las
Vegas-based Allegiant Travel is the publicly
traded corporate parent of Allegiant Air, a
low-fare carrier with 55 nonstop routes in the United States. Company chairman and chief
executive Maury Gallagher said in a statement the facility namewill ‘‘amplify’’ the airline’s
focus on leisure and vacation travel and its own resort developmentin Florida. Terms of the
agreement weren’t made public, but experts told the Las Vegas Review-Journalthe deal
might cost up to $25 million annually in cash and in-kind services. The Raiders are moving
after the upcoming season. — ASSOCIATED PRESSAVIATION
PLANNED STRIKE
AT HEATHROW
AVERTED, FOR NOW
Heathrow management made an 11th-houroffer to a union representing thousandsof
ground staff, leading to the suspension of a planned strike on Tuesday which would have
disruptedflights at Europe’s busiest airport. The Unite labor group will take the improved
offer to members for a vote and hold off on Tuesday’s walkout, according to a statement
Monday fromthe airport. A walkout on Aug. 23 and 24 is still planned. The union said it
would not disclose details of the pay offer until after the ballot. The announcement came
just hours before the workers were set to walk off the job, although the chances of getting a
breakthrough had improved after the two sides in the pay dispute agreed to continue to
talk. While the first day of the labor action on Monday was cancelled, 16 of 676 scheduled
departures were still scrapped, according to the airport, with five more movedto other
London terminals. “We remain hopeful that we can find a resolution and stop this
disruptive and unnecessary threat of strike action,” Heathrow said in the statement. “We
regret that passengers have been inconvenienced by this.” The threat of travel upheaval at
Heathrow adds to risks at British Airways, where a separate dispute over pay between
managementand pilots may also lead to strikes. — BLOOMBERG NEWSSHIPBUILDING
YARD THAT BUILT
TITANIC IN DANGER
OF SINKING
The Belfast shipyard that built the Titanic has called in administrators after last-ditch
efforts failed to rescue a company that had once typifiedBritain’s industrial might. Harland
and Wolff appointed BDO as administrators after its Norwegian parent company, Dolphin
Drilling, failed to find a buyer, union officials said. An insolvency hearing is set for Tuesday.
The shipyard was best known for constructing the doomed WhiteStar liner, Titanic, which
sank on its maiden trans-Atlantic voyage in 1912 after striking an iceberg. But the firm was
one of the UK’s key industrial producers during World War II, building some 150 ships. Its
massive yellow cranes, Samson and Goliath, are considered landmarks of Belfast — a point
of pride. It once boasted a workforce of 30,000, but now employs only about 125, though it
supported hundreds of other jobs in its supply chain. Workers vowed to occupy the
shipyard until heavy industry and shipbuilding could be secured, but the governmentso far
has declined to intervene. — ASSOCIATED PRESSBANKING
HSBC CHIEF
EXECUTIVE RESIGNS
AFTER JUST
18 MONTHS
HSBC’s chief executive, John Flint, is
stepping downafter 18 months in the role, a
surprise announcementthat the bank said
Monday was “by mutual agreement with the
board.” Noel Quinn, the bank’s chief executive
for commercial banking, will fill the top job
on an interim basis while the bank begins a
global job search. Flint resigned on the same day that HSBC, Europe’s largest bank by
assets, reported what several analysts described as solid results. Profit after tax for the first
half of 2019 rose 18.1 percent to $9.9 billion, while revenue was up 7.6 percent to $29.
billion. But the bank also announcedjob cuts amountingto nearly2 percent of its global
workforce of close to 238,000. One analyst, Benjamin Toms at RBC Capital Markets, an
investment bank, cited “geopolitical uncertainty” as affecting the bank’s global business.
HSBC, with headquarters in London, appears to be preparing for a morechallenging
environmentas the trade wars between the United States and China cast shadows over its
critical Asia businesses, and Brexit remains unresolved. — ASSOCIATED PRESSTECHNOLOGY
SENATORS WANT
GOOGLETO OFFER
TEMP WORKERS
STAFFJOBS
A group of Democratic senators has demanded in a letter sent to Google’s chief executive,
Sundar Pichai, that the Internet giant convert its more than 120,000 temporary and
contract workers to full-timeemployees. The letter, written by Senator Sherrod Brown of
Ohio, also urged Google to stop its “anti-worker practices” and treat everyone at the
company equally. Among the 10 senators who signed were three running for president:
Kamala Harris, Bernie Sanders, and Elizabeth Warren. As of March, Google had more
temporary workers than full-time employees — 121,000 temps and contractors and
102,000 full-timers, according to company data viewed by The New York Times. The
senators pushed for a number of changes to how the company treats temps and
contractors, including moving them to full-time status after six months as well as
equalizing their wages and benefits with permanent staff. While many of the temps and
contractors sit in the same offices as Google employees and often do similar work, they
usually make less money, have worse benefit plans, and do not enjoy the same rights.
— NEW YORK TIMESTuesday➔CLASSMakeyourpitchperfect
Sharpen your pitching skills at this
workshop from Innovation Women and
Staples Studio. There will be
opportunities for networking. Tuesday, 6
to 9 p.m., Staples Studio, 230
Independence Way, Danvers. Free.
Register online or go to the business
agenda at bostonglobe.com.➔NETWORKINGGenerate new ideas
Talk, brainstorm, and network at this
meetup for startup entrepreneurs by
accelerator program Techstars Boston.
Participants are encouraged to bring
examples of their projects. Light snacks
and drinks will be provided. Tuesday, 4 to
5:30 p.m., GSVlabs Boston, 2 Avenue de
Lafayette, Boston. Free. Register online or
go to the business agenda at
bostonglobe.com.Wednesday➔JOBFAIRGetthegig
Dust off your resume for this career fair
hosted by BestHire. Employers
participating include Viking Cruises, New
York Life, Sears Home Services, and
others. Wednesday, 11 a.m. to 2 p.m.,
Courtyard by Marriott Boston Downtown,
275 Tremont St., Boston. Free. Register
online or go to the business agenda at
bostonglobe.com.Eventsofnote? E-mail usat
[email protected]