The daily business briefing: October 11, 2023

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1. Canadian union ends brief strike against GM

The Canadian trade union Unifor put its hours-long strike against General Motors “on hold” Tuesday after reaching a tentative agreement with the automaker. The strike was halted at three GM facilities while union members vote on the proposed deal, which affects 4,300 workers. Unifor President Lana Payne said the union called the strike because GM “stubbornly” refused to agree to terms similar to those accepted by Ford Motor Co., including pension improvements, retiree benefits and the status of temporary full-time employees. GM Canada President Marissa West said the agreement “recognizes the many contributions of our represented team members with significant increases in wages, benefits and job security.” The Detroit News, CBC

2. Caroline Ellison testifies that Bankman-Fried ordered others to commit crimes

Caroline Ellison, former CEO of Sam Bankman-Fried’s hedge fund, testified at his fraud trial Tuesday that he directed her and others to take money from customers of his cryptocurrency exchange, FTX, without their knowledge. Ellison said the hedge fund, Alameda Research, took $10 billion in FTX customer funds to finance its own investments and repay debts. Ellison, who once dated Bankman-Fried, said the hedge fund accessed the money through a $65 billion line of credit on the exchange, and from FTX customer deposits into an Alameda bank account at a time when FTX didn’t have its own account. “He was the one who directed us to take customer money to repay our loans,” Ellison said. She testifies again Wednesday. Reuters

3. Utah sues TikTok over alleged harm to children

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