the white house today says president obama is keeping a close eye on a possible strike by longshoremen. union leaders for nearly 15,000 dock workers at every port from texas to maine say they'll walk off the job on sunday. we asked anna werner to find out how a strike would hurt the u.s. economy. >> reporter: the port of houston handles 42 million tons of cargo every year. it extended its hours this week to try and get shipments in and out before a strike can bring the port to a standstill. jim gillis is vice president of gulf intermodal services, a container trucking company. >> we've seen a dramatic increase in volumes and congestion as a result. >> reporter: what happens if they can't get all the goods out of the port? >> you have containers being held in yards around the houston area, specifically, so you're going to see stores are going to have problems stocking. >> reporter: negotiations between the international longshoremen's union and the shipping companies are deadlocked over a proposal to cut royalties paid to 15,000 dock workers for each ton of cargo they move. a shutdown would af

the longshoremen union has expired -- extended their expiring contract by 30 days. it puts off a strike by more the 14,000 longshoremen at 50 ports across the country, including here in baltimore. a strike with the crippled operations at ports. it's reported major steps have been taken towards resolving this ongoing dispute. an abrupt end to the career of one long term maryland civil- rights leader. carl snowden will retire january 8. the office of the announcement earlier today. the decision comes amid legal problems. he was convicted last month of marijuana possession and has a court date for violating his probation in a drunk driving case. tonight was a reversal of fortune for morgan state university's president. the board of regents voted to renew his contract, weeks after voting not to. >> president wilson was diplomatic when i inquired about what led up to this controversy and why it suddenly ended in his favor, instead of pointing the finger at his critics, he took the high road. surely after the vote, dr. david wilson told us he is honored more as the univers

federal mediators say dockworkers represented by the longshoremen's union and the u.s. maritime alliance are close to finalizing a new labor deal. so close, that they've extended the deadline on negotiations by another 30 days. this heads off a strike that could have begun on sunday, crippling 14 important ports. the possibility of a strike worried retailers, manufacturers, and farmers, and risked losses in the billions. >> susie: our next guest says once the fiscal cliff mess is resolved, there will be an explosion of mergers and acquisitions in 2013. he's robert profusek, chairman of the global m&a practice at jones day. so bob why you are so up beat about more mergers and being a acquisitions especially with everything going on with the fiscal cliff. >> it's a pessimistic time andtn the merger market. m & a has been fantastic. 9 market has been okay. it's not been at th terrible bus been good. it's been held back by the negativism that was focused on the eu and this year it's the fiscal cliff and the election and everything else. the conditions are there. we need mor

west coast port strike was resolved, this new walkout is being threatened by nearly 15,000 longshoremen union members who are upset over wages and royalty payments. the strike would cripple 15 different ports. the union did not answer our calls, but the national retail federation says the walkout would cause a national economic emergency, and urges president obama to use "all means necessary" to prevent a strike. "we thnk the ripple effect would be fairly significant. all the industries that rely on parts, both importers and exporters, manufacturers, farmers, truckers, rail, you name it, all rely on the ports to move the nation's and global commerce." that was jonathan gold, vp of the national retail federation. the current contract expires at midnight on december 29th. lawmakers remain divided today over a deal to avert going over the fiscal cliff. last night, the house passed legislation known as plan b, which raises taxes on americans earning $1 million. senate democrats threatened to squash the bill, and the president has promised a veto. "senate democrats and the white house will have to

federal mediators say dockworkers represented by the longshoremen's union and the u.s. maritime alliance are close to finalizing a new labor deal. so close, that they've extended the deadline on negotiations by another 30 days. this heads off a strike that could have begun on sunday, crippling 14 important ports. the possibility of a strike worried retailers, manufacturers, and farmers, and risked losses in the billions. >> susie: our next guest says once the fiscal cliff mess is resolved, there will be an explosion of mergers and acquisitions in 2013. he's robert profusek, chairman of the global m&a practice at jones day. so bob why you are so up beat about more mergers and being a acquisitions especially with everything going on with the fiscal cliff. >> it's a pessimistic time andthat is a cause for optimism in the merger market. m & a has been fantastic. 9 market has been okay. it's not been at the terrible but it's been good. it's been held back by the negativism that was focused on the eu and this year it's the fiscal cliff and the election and everything else. th

the longshoremen's union along the east coast and gulf of mexico says it will extend its contract for 30 days. that prevents a possible strike that could have crippled operations at ports including in baltimore. no. 1, a few tickets to the inaugural ball will be released to the public. if you want to go, head to the presidential inauguration committee's website to sign up. when tickets become available everyone who signed up online will get an e-mail and those tickets will be sold on a first come, first serve basis. the ball will be held january 21st. that's tonight's fox 5 top five. >>> gary is back and i'm guessing it's a little too early to ask you about the inaugural forecast, 20 days away. >> they're always cold. the climatologically speaking yeah, it's going to be cold. >> i'll prepare. it was bone chilling cold four years ago. it was terrible. >> but what if it were snowing? >> i walk around like randy in the christmas stores. >> i always get to stay inside when it's nice and warm. sue goes out for the inaugurals and all that stuff. tomorrow it's going to be cold, snowy and i d

thanksgiving, now uscw on walmart, now, that was thanksgiving, now this christmas you have the longshoremen's union, thaclerical workers going on strike, and shuts down two of the busiestports in the country. neil: there are many beefs they have. but to bring people up to speed, is that among their beefs is this issue of replacing worker loss go terp nate or -- terminate or retired. that is common practice where your colleague goes you pick up their work as you know. for example i am doing work of 17 anchors myself. but in all -- >> you always do a fantastic job. neil: i like to tell my that but it has notes remated to management. >> but, you know, what is interesting is that, whatever your views to this subject, bottom line it those item are still stuck on those ships. and they are not getting off those ships any time soon. even if they settle tomorrow, it will be delayed getting the boats? >> right, this is going to snarl shipping for the next couple weeks, luckily shipping at a low point. >> but you have to step back, and you have to love this, not talking about bigger benefits, not talking abou

the current longshoremen's union could mean all walked out for thousands of dockworkers and catastrophic effects for those who use them. it could have an economic a fact of as much as $1 million per day. >> in tonight's medical alert -- a major step forward battling breast cancer. they are now offering the 3d mammogram. it is the first va to offer this technology. it allows doctors to examine breast tissue one layer at a time, rendering deeper and more accurate readings. the fda has sent a warning letter to more than 350 doctors about a bad batch of zero talks -- of botox. the fda says it cannot be sure it is safe and effective. it could also be counterfeit. it was not manufactured in the proper way. operators of more than 4000 websites were ordered to stop selling unapproved drugs to u.s. customers. a majority of those websites were operated by canada drugs. doctors should only get botox from licensed u.s. pharmacies. now to the topic of obesity. it is the time we all seem to gain a little bit more is the holidays at. it can increase your risk for cancer. it would seem that eating less

hikes and spending cuts, but union workers have figured out a deal to avoid the so-called container cliff for now with the massive weekend strike looming, the longshoremen, shippers, operators and ports all agreeing to extend the union's contract until early february and avoid port shutdowns. meantime as the year winds down, 2012 is shaping up to be a pretty good one for banks. american banks closing out their best profits in six years and fewest failures since 2008, 51 banks closed their doors this year, still a lot historically but well below recent levels. drumroll, please. the top money making star of 2012, denzel washington. theater owners nationwide say moviegoers flock to denzel's movies more than anyone else's and hathaway and hugh jackson round out the top three. that's business. i'm eric bolling.   >> this fox 5 stock market report is brought to you by your lexus dealer. live life heroically. hey, look! a shooting star! make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your

the longshoremen's union agreed today to extend its existing contract by another month. that word came after the union and shipping lines worked out a deal on royalty payments for unloading containers. the contract extension gives the two sides time to resolve their remaining issues. wall street finished the week with its fifth straight losing session. stocks have been falling as concern mounts that washington will fail to get a budget deal. the dow jones industrial average lost 158 points today, to close at 12,938. the nasdaq fell 25 points to close at 2,960. for the week, both the dow and the nasdaq fell 2%. sectarian tensions flared across iraq today as tens of thousands of sunnis staged mass protests against the shi-ite-led government. there were rallies in fallujah and ramadi, where protests already had erupted earlier this week. today, mosul, tikrit and samarra had demonstrations as well. protesters took to the streets waving flags and signs. they chanted slogans demanding fair treatment from the baghdad regime, and the release of sunni prisoners. shi-ite prime min

the longshoremen's union agreed today to extend its existing contract by another month. that word came after the union and shipping lines worked out a deal on royalty payments for unloading containers. the contract extension gives the two sides time to resolve their remaining issues. wall street finished the week with its fifth straight losing session. stocks have been falling as concern mounts that washington will fail to get a budget deal. the dow jones industrial average lost 158 points today, to close at 12,938. the nasdaq fell 25 points to close at 2,960. for the week, both the dow and the nasdaq fell 2%. sectarian tensions flared across iraq today as tens of thousands of sunnis staged mass protests against the shi-ite-led government. there were rallies in fallujah and ramadi, where protests already had erupted earlier this week. today, mosul, tikrit and samarra had demonstrations as well. protesters took to the streets waving flags and signs. they chanted slogans demanding fair treatment from the baghdad regime, and the release of sunni prisoners. shi-ite prime min

. >> if the unions go on strike -- you see this a lot like the longshoremen union where they can essentiallyold commerce hostage by going on strike and not letting ships dock and unload at the ports. they have month one to unload and then -- that -- that -- those goods are stuck at port and can't get to market. >> yeah. huge impact on the commerce of the country. also on the economy. what are these unions want? what's at issue in the particular case? >> you know, i'm not exactly sure. i have to go for the contact again. >> good to see you. thanks important joining us. >> thanks for having me on. >>> stocks may not have moved that much today but it was a major day in the oil trade. we are about to tell you why. crude finished at a would-month high. just days after larry interviewed cnn's host piers morgan a petition to have morgan deported spreading like wildfire on a white house website. we have those surprising details next. [ male announcer ] this december, remember -- you can stay in and like something... or you can get out there and actually like something. the lexus december to remember

by sunday if a deal can't be reached between the major shipping companies and a union representing nearly 15,000 longshoremen. >> the impact would be great on the dollar value side, on the cargo handling side but also on the job side because again these ports are major economic

long beach that was dealing with clerical union, a localized union, this is all along eastern gulf coast, impacting international longshoremen's organization, that is the union out here. tom: as far as the demands, is there any one particular place where they are at least some what close together? are we this close on the coat on the whole contract? >> you know over the summer they made progress on some key issues, then they walked away and had issues, we hope they can get back together and get a deal done. we know that federal mediator has called both parties back to the take nel advance of december 29 contract. right now all signs point to some kind of a shut down or strike, once the contract expires, this weekend. tom: jonathan gold, national retail federation, thank you so much. >> thank you very much. tom: you bet, a fox business alert for you, a look at capitol hill, the lights are obut nobody is home, just 4 days before we fall off the phys cav clif -- te fiscal cliff, congressional leaders are going to meet the president at the white house tomorrow. but the house is not scheduled to return until sunday. tonight, new in

after contract negotiations between international longshoremen's union and shippers broke down.ing on president obama to step in, believe it or not to avoid billions in losses. they're citing a 2002 lockout at west coast ports, at west coast ports that caused the economy one billion dollars a day. this is after a push by federal mediators, the two sides agreed to come to the table again. no word when those talks are scheduled. the only up shot to the whole thing, lori, the big shipping season is over. lori: that is one of the mitigating factors. tracy: it might not be as damaging to the economy. we're talking about royalty fees here. lori: we're talking about royalty fees. a union story. union having more of an influence given size of this economy and industry. this is what the critics are saying about it. more big bad union news there for you. let's check the markets. stocks are off the worst less of the session. let's check in with nicole on the floor of the stocks he can changes. you're looking a couple names on the move today. >> we're looking at a couple movers. we're off s

are only two days left after a potential strike and negotiations between the longshoremen longshoremen's union and shipping companies are at an impasse. at issue here is pay for those working at the ports, but if the issue isn't resolved the consequences could be a devastating impact on the economy. as the rest of the country focuses on the political gridlock in washington workers at the port of houston are working overtime trying to get as many shipments in and out as they can before a threatened strike brings the port to a standstill. >> sitting here right now we fully expect there will be some shutdown or strike at the end of the day. >> reporter: jon gold vice president of the national retail federation says a shutdown at the docks would have a ripple effect on the global economy. >> the ports are a primary piece of the puzzle when it comes to the global supply chain. if they're not operating as efficiently as possible it slows down the entire system and hurts the productivity of all of the users of the system. >> reporter: negotiations between the international longshoreman's union and th

unions across the u.s., right? >> reporter: it sure is, uma. the longshoremened a temporary, 30-day deal last week, last friday which puts off immediate threat of a strike but the long term problems remain. today, for example, it takes one longshoremen to do a job that a generation ago took three men to do. as automation increased longshoremen's union demanded their job security preserved but the industry finds it prohibitively expensive. >> an tick waited rules. we've seen it in the automotive industry, the steel industry, in several productivity machines and they come into play and people get displaced by. that it is a difficult thing. in order to maintain the cost and competitiveness in a global marketplace we have got to pay attention to. >> reporter: in some respects president obama is caught in a web of his own making. he wants to be competitive in the global marketplace but he also wants to, and i should say he owes his victory at least in part to unions and by extension to some of the antiquated work rules they support. >> you only have to look to michi

unions? >> well, i really don't know. you never know what this president is going to say and what policies are going to come out, but the longshoremen is an influential union. to see him go on the other side of it would be surprising, probably take a step back and not intervene too much. so, you know, it's a look and see and a wait and see, quite frankly. but if this does happen, the ripple effect is going to be tremendous because you're going to see prices go up there as well. and that's going to be passed onto the consumer. so, either way, we're talking about more money out of the pocket of individuals, regardless, you know, how this thing, you know, comes to to be. >> and this could also have serious effects on commodities markets, particularly oil. one of the ports affected houston. a lot of oil goes in on ought of that port. >> yeah, i mean, david when we hear the news reports and instead of looking at them and going on to the next story, understand that these stories are a direct, you know, impact on your wallet. so, if these -- if the longshoremen win, you're going to see prices rise across the board. it's inflationary and as

long strike which ended last night the strike began last month when the international longshoremen and warehouse union's local clerical workers these were jobs that were to be outsourced to india walked out of the board. that their jobs might be outsourced to india more than ten thousand doctors refused to cross the picket lines which closed down out of the ports fourteen terminals slowing the delivery of billions of dollars of cargo and threatening corporate america's profits which you know you just can't have shippers of the port of promising that the clerical workers are going to keep their jobs they're not going to outsource them isn't this a great model for americans to say you know we want to keep our jobs here what evidence do you have that they were going to ship them overseas that was not the case at all they there was no evidence to support the idea they were going to ship them overseas they were simply afraid that their jobs might be outsourced overseas it was completely unfounded fear there was no evidence to support that and as a result then they were forced because i mean because i was rea

by sunday if a deal can't be reached between the major shipping companies and a union representing nearly 15,000 longshoremenmpact would be great on the dollar value side, on the cargo handling side but also on the job side because again these ports are major economic generators. >> reporter: richard sher of the maryland port administration and others say the economic taj from a strike would reach well beyond the docks. sfr from your mom and pop retailer to your farmer to the trucking company who has to pick up the containers at the ports so this is going to be felt not just at the local economy at the port but nationwide for everybody else who relies on the ports to move their commerce. >> coming at the same time as the fiscal cliff impasse it's a potentially devastating one-two punch for the u.s. economy. neither the longshoreman's union nor the northern alliance would give us anyone to speak on camera but officials with knowledge of the negotiations say it boils down to one issue -- the key sticking point is over those large containers and the payments that longshoremen get for them. the shipping companie

by sunday if a deal can't be reached between the major shipping companies and a union representing nearly 15,000 longshoremen> the impact would be great. obviously on the dollar value side. on the cargo handling side but also on the job side because again these sports are major economic generators. >> richard of the maryland port administrator and others say the economic damage from a strike would reach well beyond the docks. >> your mom and pop retailer to your farmer to the trucking company that has to pick up the container atmosphere the port. so not just at the port but nationwide for everybody else that relays on the ports to move their commerce. >> coming at the same time as the fiscal cliff impasse it's a potentially devastating one-two punch for the economy. neither the longshoreman's union or alliance representing the shipping companies could give us anyone to speak on camera but they say it boils down to one issue. the key sticking point is over the large containers and the payments they get for them. the shipping companies pay royalties for the containers based on their weight but the shipping com

union? >> one thing that they're always seeming to be looking for, and it's been at issue, longshoremen for the last 25 or 30 years, is the idea that technological advancement might replace some workers. we don't have big heavy guys throwing a box on to a ship like you see in the 1940's movie. they're containerized ships using cranes and they're concerned that further technological advances will replace some people that right now, according to the waterfront commission, about a third of the new york workers make north of $210,000 a year without is special bonuses that come on later. 34 made north of $350,000 a year last year and they're worried about being replaced by machinery and -- for the most expensive port in the world. >> eric: thank you to brett. thank you, sir. >> thank you. >>> is this port strike happen, should unions face a backlash? we contacted the international longshoreman's association again, still no word. we tried it yesterday. we have 64,000 longshoreman to may hold up 50 or 60% of the nation's import and export trade. >> it's worse. when you throw in another looming fis

i know the longshoremen refused to cross the picket line in solidarity with their fellow union workersis a problem in the long run. we're talking about jobs that could potentially be automated. it does seem like a battle that is tough to fight. i mean if it is cheaper toe automate these jobs, what do you say to these workers? >> well i think that's the part that they have to really reconcile at the table. we as the port are a little bit outside of that. we're, we simply want the parties to get that resolution that they need. and it clearly it is a give and a take. it will require compromise from the union side and it will take a little compromise from the employers. but, simply, this strike can't continue. melissa: yeah. >> or the economic effects of this to the country are massive. melissa: your focus is everybody get back to the table and work this out so we don't cause more economic hardship. thank you for coming on. we appreciate your time. good luck there. >> sure, my pleasure. lori: let's get to our stock market check. it has been 15 minutes since we last heard from nicole on the

unions representing dock workers and shippers reached a agreement delaying a strike that could have cripple the u.s. economy. longshoremenliance agreed to postpone for 30 days. >>> this would mark the best year for the auto industry since 2007, but experts say the gains made in december could be overshadowed in january because of concerns about the fiscal cliff. >>> the chinese government announcing stiff new rules and requiring users to provide real names to service providers. the move place as greater burden on web companies to inform of forbid inch post. that is the latest from fox business, giving you the power to prosper. we'll be right back from washington >> the white house meeting has concluded. congressional leaders are back on capitol hill right now. comments from house minority leader nancy pelosi she believes the meeting with the president and other congressional leaders has moved them forward. she said it was a constructive meeting, candid as well. she also indicated that the president was definitely trying to get the senate leaders to try to move a proposal first. it appears as though house speaker john boe

striking clerical workers and longshoremen who refuse to cross picket lines will be back on the job later. shippers and the union agreed to federal mediation on tuesday. the clerks have been working without a contract for two years. the strike shut down ten of the port's 14 terminals, backing up several ships waiting to off load their cargo. >>> still to come, egyptian president morsi has returned to work just a short time ago after leaving the palace during protests last night. we'll have the very latest from cairo when we come back. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >>> a recap of the headlines. the fiscal fight rages on in washington as republicans try to fend off an internal divide. shanghai stocks jump after china's government plengs to support pro-growth economic reforms. chancellor osborne preparing to deliver his autumn statemen

shapiro, crisis averted, union representing dockworkers and shippers resell labor agreement averting a strike that could have crippled the economy. the international longshoremen's.s. maritime alliance have agreed to exteed the current contract 30 days to finalize details of the agreement. peers and is acquiring a 5% stake in barnes and noble's no canadian unit worth $8 million. shares of the bookstore chain out today as much as 9% on that news. the media unit consists of the digital business and 674 college bookstores throughout the united states. sources tell reuters blackstone group will keep its money despite a federal insider-trading probe into that hedge fund. the asset management arm of blackstone has $550 million in debt. that is the latest from the fox business network. adam: president obama and congressional leaders are set to meet in 20 minutes in a last-ditch effort to work out a fiscal cliff deal but without a deal the defense department can expect $500 billion in cuts. how will this affect the nation's defense contracts? >> the pentagon will face $2 billion over nine years, that works out to $55 billion year cut starting in 2013. the army, navy, ai

longshoremen at the nation's largest port complex return to work today. negotiators reached an agreement to end the strike late last night. the details have not yet been released. it needs to be ratified by unionbers. the union was frustrated about shipping employers outsourcing jobs and the strike shut down 10 of 14 cargo container terminals. >> we are going to get cargo moved throughout the supply chain in the country and get everybody those christmas presents that they are looking for on in the stores. >> clerical workers who have been without a contract for two years went on strike and thousands of longshoremen refused to cross the picket line. >>> 5:35 now. a man accused of kidnapping and sexually assaulting a 16-year- old at risk girl will appear in court today. oakland police say 36-year-old gary atkinson facing charges of kidnapping, rape and lewd acts on a child. the victim a 16-year-old girl who functions as a 7-year-old. >> this is by far one of the most sickening cases i have seen in my career as a police officer that someone as mr. atkinson can take advantage of someone of this stature. >> that victim apparently walked away from a group home on coolidge avenue in oakland a week ag

by the longshoremen, is something, cargo fees go on to each container and fees supplement salaries and pay for workers. the companies want a chance to cap the fees, set a maximum limit. the unionays that is off limits. no way we're not going to do that. maritime management representing ports taking a hard long. apparently like a lockout what they do in sports. they turned down an offer by the union to extend the current contract to the end of january. so they're kind of putting pressure on them. the union in a very interesting situation. they're affiliated with the afl-cio, stalwart allies of the obama administration. would they really hurt the economy this way? because, a similar strike for 10 days along the west coast ten years ago cost a billion dollars a day in lost revenue to the u.s. economy. so would the unions that helped reelect president obama actually be willing to hurt the economy and hurt the obama economy at a time when you've got a big backlash against unions? worry on the part of the public about pension costs for government employees. michigan passing a right to work law so you don't have to join a union in one of the most unionized states anywhere and demise

longshoremen strike. nearly 15,000 dock workers at ports from boston to houston are ready to walk off the job as early as next weekend. their unions negotiations are still possible. but no new talks are scheduled. shippers and retailers are pleading with the union and cargo carriers to get back to talks and avert a major trade disruption that would affect half the country. >>> the population of the international space station doubled this morning. the soyuz space capsule carrying american and russian and canadian astronauts docked there this morning. the three new crewman will spend the day getting their bearings and take christmas day off but then will start the first of 50 experiments. in the coming months the astronauts will also perform space station maintenance and unload four unmanned cargo ships. >>> people in san diego traded guns for gift cards through the police department buyback program. hundreds of gun owners turned in firearms and amo yesterday. no questions asked. in exchange, they got $50 gift cards for rifles and shotguns and $100 cards for assault weapons. the guns are going to be destroyed. san diego county's d

longshoremen would walk off their job when the contract expires on december 0th. sunday, i think, isn't it? the biggest issue is on container royalties which are paid to unionorkers. they get part of it based on the weight of the cargo. a strike could hurt exports, factories, also it would affect retailers who are awaiting shipments of spring merchandise. now it's important. we're going to go to today's national weather forecast. last year, reynolds, you would come on, you would try and make it interesting. but it wasn't. this year, it's every day we need to, you know, dvr you because there's a lot going on. >> oh, that's certainly the case. it's been really like an assembly line. one storm system after another rolling across the continent that has been affecting millions of americans. what we're seeing is that last storm that we call euclid now leaving the u.s. and bringing residual snow showers behind the east. right behind it now, we have at another system making its way towards the coast this weekend. for much of the eastern seaboard, we expect fairly tranquil positions. much of south texas could see rainfall. dallas, texas, rain early. and improving th