Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Boeing posts $6B loss ahead of union vote On Wednesday morning, Boeing reported losses topping $6 billion last quarter as union members began voting on a labor contract that could end a weeks-long strike. © AP Photo/Lindsey Wasson “It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again,” Boeing President and CEO Kelly Ortberg said as part of the earnings release. Ortberg joined Boeing in August. A few weeks later, on Sept. 13, 33,000 machinists walked off the job.  The strike could be over as soon as Wednesday if union members vote to approve a contract that includes a 35 percent pay increase over four years, a $7,000 ratification bonus and improvements to retirement plans.   Voting closes at 5 p.m. PT. There's no guarantee union members approve the contract. Boeing also posted an $8 billion loss over the last nine months, which has seen regulatory scrutiny and safety changes put in place after the door of a 737 blew off during an Alaska Airlines flight in January. Ortberg said that moving forward, the company “will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing.” As part of its four-pronged revamp, Boeing plans to lay off 10 percent of its staff, Ortberg announced earlier this month. “We’ve recently announced a workforce reduction which will focus on consolidation of areas where we’re not efficient, and we need to continue to focus on reducing nonessential activity,” Ortberg explained during the earnings call Wednesday morning.   The Hill's Taylor Giorno has more here.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   Novo Nordisk asks FDA to block compounding pharmacies from making Ozempic copy-cats Novo Nordisk wants the Food and Drug Administration (FDA) to prevent compounding pharmacies from manufacturing their own versions of the company’s popular weight loss drug Wegovy and diabetes treatment Ozempic, arguing the drugs are too complex for the pharmacies to make safely.   Full Story   Sullivan: US is working with allies on mineral marketplace amid energy transition The U.S. is working with allies to build a standardized international marketplace for metals and minerals central to the ongoing energy transition, national security adviser Jake Sullivan said Wednesday.  Full Story   Trump and Harris pledged to save Social Security. Here’s what they’ll do. Vice President Harris and former President Trump have both vowed to protect Social Security, but experts say both of their campaign platforms fall short of specific solutions for a program that faces threats to funding in roughly a decade.  Full Story   Warren Buffett says he won’t back any candidate ahead of election Billionaire Warren Buffet indicated he will not support either candidate for president in a memo released on his company’s website Wednesday.   Full Story   The Ticker  Upcoming news themes and events we're watching: Cleveland Fed President Beth Hammack will deliver remarks on Thursday at the Inflation: Drivers and Dynamics 2024 conference at 8:45 a.m. E.T.   In Other News  Branch out with more stories from the day: Quarter Pounders are off the menu at 20% of McDonald’s in US amid an E. coli investigation McDonald’s worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Dow tumbles 400 points, suffering worst day since early September (CNBC) Tesla cuts its costs to build cars, boosting earnings (CNN) Coca-Cola eyes top-end of 2024 sales view on resilient soda demand in US (Reuters)   What Others are Reading  Top stories on The Hill right now: Democrats fear race may be slipping away from Harris There is growing fear in Democratic circles that the presidential race could be slipping further away from Vice President Harris. Read more Evening Report — Kelly criticism haunts Trump Close Thank you for signing up! Read more   What People Think  Opinion related to business and economic issues submitted to The Hill: What America’s small businesses have to say about 2024 (and what they expect in 2025)      You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe