Streetbeat News

Labor Issues

GM

General Motors (GM) announced it will cease production of the Chevrolet Malibu, a model sold for over 60 years, to focus on electric vehicles (EVs). The company plans to invest $390 million in its Kansas assembly plant for the next-generation Chevrolet Bolt EVs, marking a shift from gasoline-powered cars to EVs and crossovers. The Malibu's discontinuation in November follows the end of the Chevrolet Camaro production last year. GM also plans to temporarily halt Cadillac XT4 production in January 2025, with layoffs expected until production of both the Bolt EV and XT4 resumes later that year.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 7:08 pm

SPY

Fed's Collins remarks that companies are in a good position to handle quicker wage increases, stating that the recent inflation setbacks were anticipated.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 3:50 pm

AAPL

The Communication Workers Of America (CWA) has filed additional labor law violation charges against Apple, alleging the company has engaged in practices that infringe upon workers' rights.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 3:37 pm

FDX

A tornado caused a partial collapse of a FedEx facility in Portage, Michigan, trapping up to 50 employees. All were successfully evacuated with no serious injuries reported. The incident highlights the importance of emergency preparedness and inter-agency cooperation. FedEx is working on contingency plans to mitigate service impacts.

Portfolio Pulse from Aaron Bry

May 08, 2024 | 3:37 pm

MSFT

A study by Microsoft Corp. (NASDAQ:MSFT) and LinkedIn shows a significant adoption of AI in the workplace, with 75% of employees using AI tools. Despite the high usage, over half of the respondents fear job replacement, leading to hesitancy in admitting to using AI for critical tasks. The demand for AI skills has surged, with a 323% increase in technical AI talent demand over eight years. However, a gap in AI training by employers is evident, with only 39% of AI-using employees receiving training. The study highlights the ongoing debate about AI's impact on jobs, with contrasting views from industry leaders.

Portfolio Pulse from Rounak Jain

May 08, 2024 | 2:30 pm

FRME

First Merchants Corporation announced the appointment of Jean L. Wojtowicz as the new Chair of the Board of Directors for both First Merchants Corporation and First Merchants Bank, effective May 7, 2024. She succeeds Charles E. Schalliol, who is retiring after 17 years in the role. Wojtowicz, with 20 years on the board and a background in financial management as the founder and President of Cambridge Capital Management Corporation, is set to focus on navigating the financial landscape to ensure long-term stability and growth for stakeholders.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 2:03 pm

ALIT

Alight (NYSE:ALIT) announced leadership changes with Jeremy Heaton becoming CFO, succeeding Katie Rooney who transitions to COO until the Payroll & Professional Services divestiture is complete. Greg Goff is promoted to President, continuing his oversight of product, technology, and delivery.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:56 am

WWW

Wolverine Worldwide announced Taryn Miller as its new CFO, effective May 9, 2024. Michael D. Stornant will retire after nearly 30 years but will assist Miller until early 2025 for a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:32 am

OPY

Oppenheimer Europe, a subsidiary of Oppenheimer Holdings, announced the expansion of its European investment banking operations with the hiring of Dmitry Gladkov and Konstantin Derkatschew.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:14 am

MSFT

Microsoft Corp (NASDAQ:MSFT) is closing its engineering center in Lagos, Nigeria due to economic challenges, impacting over 200 jobs. This decision reflects Microsoft's strategic adjustments amid global economic conditions, even as it continues to invest in AI and cloud services in other regions, including significant investments in the U.S., Indonesia, and Malaysia.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 10:01 am