Streetbeat News

Labor Issues

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Geoffrey Hinton, known as the 'Godfather of AI', has expressed concerns over the potential risks of artificial intelligence (AI). Hinton, who quit his job at Google (Alphabet Inc) earlier this year, highlighted potential negatives of AI advancements in a recent interview. He warned of job losses, the rise of fake news, and the possibility of AI systems writing their own code. Despite these concerns, Hinton acknowledged the benefits of AI in areas such as healthcare.

Portfolio Pulse from Chris Katje

October 09, 2023 | 6:35 pm

General Motors (GM) has proposed a 20% wage increase for most of its employees in its latest offer to the United Auto Workers (UAW).

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 5:48 pm

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Federal Reserve's Jefferson has indicated that there will be a further gradual easing of labor market conditions. He also expressed concern about potential inflation risks due to a strong economy, labor market, and energy prices. He identified downside risks to economic activity, including slowdowns in China and Europe.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 5:39 pm

SPY

Federal Reserve's Jefferson predicts that core PCE prices will continue to moderate as the labor market achieves better balance. He notes that while the labor market remains tight, labor demand is cooling and supply is improving. Jefferson believes that price stability can be restored without a significant increase in unemployment.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 5:38 pm

OTGLY

A new Polish game developer union, the Polish Gamedev Workers Union, has been formed in response to three rounds of layoffs at CD Projekt ADR (OTC:OTGLY). The layoffs were part of a strategic realignment to match team size with ongoing projects. The estimated cost of the layoffs, including severance payments, was around $1.1 million. In a parallel development, Avalanche Studios Group is witnessing more than 100 of its employees joining the Swedish trade union, Unionen.

Portfolio Pulse from Franca Quarneti

October 09, 2023 | 4:56 pm

AMZN

Amazon.com Inc. is set to increase pay for its UK operations workers and hire an additional 15,000 staff for the holiday season. The pay raise, effective from October 15, will benefit frontline workers, raising their hourly wages to between £11.80 and £12.50. Despite this, the GMB Union criticized the pay increase, citing ongoing issues with low pay, unsafe working conditions, and workplace surveillance. Amazon's shares traded lower by 0.86% at $126.85 on the last check Monday.

Portfolio Pulse from Anusuya Lahiri

October 09, 2023 | 4:55 pm

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Tesla Inc.'s Berlin facility workers are expressing concerns about safety issues and intense working conditions, as reported by the German union, IG Metall. The employees' grievances include challenging work environments, high work demands due to understaffing, and aggressive production goals. IG Metall has seen an increase in Tesla employees joining them. The auto sector is experiencing growing demands from its workforce for better salaries and job stability, especially as the industry transitions to electric vehicles (EVs). Tesla's shares are trading lower by 2.53% at $253.88.

Portfolio Pulse from Shivani Kumaresan

October 09, 2023 | 3:35 pm

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UAW workers at Volvo Group-owned Mack Trucks have joined the strike against General Motors, Ford, and Stellantis, which has already cost GM $200 million in Q3. The strike has impacted the production of small and midsize pickups, as well as SUVs. However, GM has agreed to include battery cell workers under the company’s national agreement, which could put pressure on Ford and Stellantis. Meanwhile, Worksport Ltd has signed a long-term supply agreement for its hard-folding and soft-folding covers, potentially bringing in $16 million in annual revenue. Hyundai Motor Company will be getting a customized version of Worksport's solar-powered accessories.

Portfolio Pulse from Upwallstreet

October 09, 2023 | 2:40 pm

RGLD

Royal Gold, Inc. (NASDAQ:RGLD) announced that Newmont Corporation has reached a preliminary agreement with the National Union of Mine, Metal and Allied Workers of the Mexican Republic to end the strike initiated on June 7, 2023, at Minera Peñasquito. The agreement is expected to be formalized into a definitive agreement and approved by the Federal Labor Tribunal for Collective Affairs in Mexico City. This would end the strike and enable Newmont to restart operations.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:05 pm

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The article covers a range of topics including the impact of the Israel-Hamas conflict on airlines and the stock market, insider trading in Howard Hughes, Tesla and Mirati Therapeutics stocks moving lower, and the potential of Bitcoin as an inflation hedge. It also mentions a strike by 4,000 UAW members at Volvo's Mack Trucks, and Disney's stock resilience amid a broader sell-off.

Portfolio Pulse from Akanksha Bakshi

October 09, 2023 | 1:03 pm