Streetbeat News

Labor Issues

SRE

Sempra has announced the promotion of Karen L. Sedgwick to the position of Executive Vice President and CFO, effective January 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 9:41 pm

F

GM

STLA

TSLA

Tesla Inc (NASDAQ:TSLA) is facing a labor dispute in Sweden with IF Metall union, representing mechanics who have gone on strike. The conflict has escalated with Tesla suing the Swedish state and other unions joining in solidarity, affecting Tesla's operations and supply chain in Sweden. The dispute comes ahead of the Cybertruck launch and could have broader implications for Tesla's anti-union stance globally. Meanwhile, Tesla's stock is up 0.9% after a month-long 14% climb. Other automakers like Ford (NYSE:F), General Motors (NYSE:GM), and Stellantis (NYSE:STLA) have recently faced similar union challenges, with the UAW securing new agreements that could pressure Tesla to raise wages.

Portfolio Pulse from Natan Ponieman

November 27, 2023 | 7:50 pm

AVGO

VMW

Broadcom has completed its $69 billion acquisition of VMware, resulting in layoffs at VMware. The acquisition was announced in May 2022 and recently received regulatory clearance from China. Prior to the acquisition, VMware had already begun job cuts. The exact number of affected employees is unknown. Some VMware employees are concerned about a potential culture clash with Broadcom and the impact on customer deals.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 6:52 pm

VWAGY

Volkswagen AG (OTC:VWAGY) is implementing a €10 billion cost-saving plan, which includes staff reductions, to improve efficiency during its transition to electric vehicle production. The company is negotiating with its works council on this cost-cutting initiative. Volkswagen aims to become more competitive by addressing high costs and redundant structures. The workforce reduction will primarily be through partial or early retirement, but the majority of savings will come from other areas. VWAGY shares dropped by 0.77% to $12.85.

Portfolio Pulse from Shivani Kumaresan

November 27, 2023 | 6:07 pm

AMZN

Amazon.com Inc (NASDAQ:AMZN) has averted a full-scale strike in Spain planned for Cyber Monday by reaching an agreement with some of its workforce. However, approximately 5,000 delivery workers still plan to protest for better pay and working conditions. Amazon assures that operations for customers will not be impacted and takes pride in its employee offerings. Worker unrest is not limited to Spain, with protests in other European countries as well. Despite this, Amazon expects Black Friday order deliveries to be reliable. AMZN shares rose 1.4% to $148.83.

Portfolio Pulse from Shivani Kumaresan

November 27, 2023 | 5:51 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) is involved in a legal dispute with Sweden's Transport Agency due to halted delivery of license plates, impacting Tesla's operations in Sweden. The issue stems from unions pressuring Tesla to sign a collective bargaining agreement. Tesla is also preparing for the delivery event of the Cybertruck. TSLA shares have risen over the past month but are currently trading below the 50-day moving average.

Portfolio Pulse from Erica Kollmann

November 27, 2023 | 4:55 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) is resuming hiring in India for product and tech roles despite previous layoffs and regulatory challenges. The company has listed around 30 positions on LinkedIn and 14 on its website for remote work in Bengaluru and Hyderabad. This move follows significant layoffs in 2022 and January 2023, and difficulties due to India's cryptocurrency taxes and transaction issues. Gemini, another crypto company, is also expanding in India with a $24 million investment.

Portfolio Pulse from Khyathi Dalal

November 27, 2023 | 3:52 pm

LEV

Lion Electric has announced a 10% reduction in its workforce. This move is part of a broader effort to streamline operations and reduce costs amid a challenging economic environment. The company is taking this step to improve its financial position and ensure long-term sustainability. Investors should note that such workforce reductions can lead to short-term cost savings but may also impact the company's ability to grow and execute in the long term.

Portfolio Pulse from Bill Haddad

November 27, 2023 | 2:05 pm

TSLA

Tesla has filed a lawsuit against a Swedish government agency due to a strike by workers that has disrupted the delivery of license plates for its new vehicles. The strike has caused a halt in the issuance of license plates, directly affecting Tesla's ability to deliver new cars to customers in Sweden.

Portfolio Pulse from Charles Gross

November 27, 2023 | 12:53 pm

EWQ

The total number of jobseekers in France has increased to 2,821.4K from the previous figure of 2,812.2K.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 11:29 am