Streetbeat News

Corporate Responsibility

BX

SUM

Summit Materials has announced a significant step to streamline its company structure, eliminating an estimated $256M in Tax Receivable Agreement (TRA) payments payable to Blackstone. This move is expected to improve the company's financial flexibility.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 8:17 pm

X

Global consulting firm McKinsey & Company is facing a lawsuit filed by Jay Alix, founder of rival firm AlixPartners. The lawsuit alleges that McKinsey concealed conflicts of interest in bankruptcy cases to gain an advantage in offering advisory services for corporate restructurings. The lawsuit also implicates U.S. Steel (NYSE:X), alleging that McKinsey failed to disclose its relationship with the company in the bankruptcy case of Alpha Natural Resources. The lawsuit is expected to proceed to the discovery stage.

Portfolio Pulse from Vandana Singh

August 22, 2023 | 7:32 pm

HE

Hawaiian Electric Industries Inc is seeking advice from various experts, including Guggenheim Securities, to maintain its financial health.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 6:42 pm

MO

Altria Group, Inc. (MO) is seeking an importation ban on JUUL Labs' e-vapor products, alleging patent infringement. Altria's subsidiary, NJOY, has filed patent infringement actions against JUUL Labs.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:33 pm

ASAN

Asana has announced a new AI-powered solution for enterprise program management offices (PMO) aimed at improving operational efficiency. The solution is designed to help PMO teams synthesize and distill information for critical business decisions. This comes as 73% of operations executives list operational efficiency as a top challenge, according to research by Asana's Work Innovation Lab.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 3:23 pm

IBM

IBM CEO Arvind Krishna discussed the impact of AI on white-collar jobs, particularly back office roles. He believes AI will streamline operations, increase productivity, and address demographic challenges. IBM has invested in AI, introducing Watson, its supercomputer, and WatsonX, a tool for developing machine learning models. Speculation suggests IBM may halt recruitment for roles replaceable by AI, impacting around 7,800 positions. Krishna clarified that AI would augment rather than replace human roles.

Portfolio Pulse from Anusuya Lahiri

August 22, 2023 | 1:57 pm

X

U.S. Steel Corp has communicated to its employees about the ongoing strategic alternatives review process, which was announced on August 13. The company emphasized that any potential buyer would need to recognize the United Steelworkers (USW) as the representative of the company's employees.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 1:33 pm

RVSB

Riverview Bancorp, Inc. (RVSB) has announced a series of executive management promotions as part of its leadership succession planning process. Daniel Cox has been promoted to Chief Operating Officer, Robert Benke to Executive Vice President and Chief Credit Officer, and Michael Sventek has joined as Executive Vice President and Chief Lending Officer. These changes are effective immediately.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 1:09 pm

COTY

Coty has successfully implemented pricing through fiscal 2023, with no elasticity impact observed among retailers and consumers, according to a company executive during a conference call.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 12:36 pm

M

Macy's executive has stated that the company is working closely with its bank partner to mitigate the impact of rising bad debts by adjusting underwriting strategies.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 12:34 pm