Streetbeat News

Labor Issues

BAC

Bank of America has announced an increase in its U.S. minimum hourly wage to $23, as part of its plan to reach $25 by 2025.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 3:02 pm

LEVI

A coalition of 28 organizations has filed a complaint against Levi Strauss & Co. Canada Inc., alleging that the company has commercial relationships with Chinese companies that use Uyghur forced labor. The complaint is based on reports from the Australian Strategic Policy Institute and Dr. Laura Murphy, which document evidence of forced labor and trace Levi Strauss products to three Chinese corporations. Levi Strauss has not provided a response to the allegations or detailed its human rights due diligence processes. The Canadian Ombudsperson for Responsible Enterprise (CORE) has decided to launch an investigation using independent fact-finding.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 1:32 pm

BZAMF

TGODF

Canadian cannabis producer BZAM Ltd. has laid off over 90 employees and sold facilities as part of its plan to unlock synergies following the merger with The Green Organic Dutchman Holdings Ltd. The company expects to save $28 million from these actions, which will be used to pay off its $29 million debt. BZAM plans to launch new products in 2023 and 2024 and expand into the European market.

Portfolio Pulse from Jelena Martinovic

September 20, 2023 | 1:29 pm

CVX

WDS

Chevron Corp (NYSE:CVX) and unions failed to reach a resolution in their negotiations concerning strikes at two liquefied natural gas (LNG) facilities in Western Australia. The Fair Work Commission will review the matter. Chevron had previously sought the intervention of the Fair Work Commission following a breakdown in negotiations with the Offshore Alliance, a coalition of two unions. Woodside Energy Limited (NYSE:WDS) and the Offshore Alliance reached an agreement in August for a nearby LNG facility.

Portfolio Pulse from Vandana Singh

September 20, 2023 | 1:25 pm

AAPL

AMZN

GM

STLA

Unions representing Apple Store employees in France are demanding a 7% pay increase, coinciding with the iPhone 15 launch. Apple France has offered a 4.5% pay increase in response. The strike will involve various forms of industrial action across the country's 20 Apple Stores. Amazon and automakers General Motors and Stellantis are also facing union protests over pay.

Portfolio Pulse from Anusuya Lahiri

September 20, 2023 | 12:56 pm

LAW

The CEO of CS Disco, a legal technology company, has abruptly left the company following allegations of misconduct, including groping. The news was reported by the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 12:51 pm

VIR

Vir Biotechnology announced that its EVP and Chief Operating Officer, Johanna Friedl-Naderer, will be leaving the company on September 29. The company does not plan to fill the Chief Operating Officer role.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 10:24 am

GM

STLA

Former Vice President Mike Pence criticized Donald Trump for skipping the second GOP primary debate for the 2024 presidential race. Pence believes it's a missed opportunity for Trump to articulate his plans for the nation. Trump justified his absence by citing a strong lead and accusing Fox News Channel of bias. Instead of attending the debate, Trump chose to address autoworkers in Detroit during a time of strikes against Ford Motor, General Motors, and Stellantis NV plants.

Portfolio Pulse from Navdeep Yadav

September 20, 2023 | 5:49 am

F

Ford Motor Co. has reached a preliminary labor agreement with Unifor, the Canadian labor union, avoiding a potential second strike. The agreement will affect approximately 5,600 members at Ford’s Canadian facilities. The details of the agreement remain undisclosed. Unifor had been advocating for better pensions, higher wages, and support for workers as Ford transitions to electric vehicle manufacturing.

Portfolio Pulse from Benzinga Neuro

September 20, 2023 | 4:21 am

F

GM

STLA

Ford Motor Company (NYSE:F) faces potential labor challenges as Canadian union Unifor races to reach an agreement before an extended deadline. This could disrupt operations at Ford’s Oakville Assembly Plant and two engine plants that produce V8 gasoline engines used in the Ford F-Series Super Duty, F-150 pickups and the Mustang muscle car. A prolonged Canadian strike could impact U.S. vehicle production contingent on Ford’s engine stock. Despite the risk of ongoing strikes and production disruptions, shares of Ford Motor Co. were 1.87% higher on Tuesday.

Portfolio Pulse from Piero Cingari

September 19, 2023 | 8:04 pm