Streetbeat News

Labor Issues

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White House Adviser Bernstein has urged the United Auto Workers (UAW) and automakers to continue negotiations to reach a deal. This comes as part of President Biden's efforts to strengthen the auto industry.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 5:26 pm

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Republican Senators have introduced a bill to raise the federal minimum wage to $11. This could potentially impact businesses with a large number of minimum wage employees.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 4:34 pm

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The United Auto Workers (UAW) is in contract negotiations with the big three U.S. auto manufacturers, Ford Motor Co (F), Stellantis NV (STLA), and General Motors Co (GM), demanding a pay increase of 30% or higher. UAW President Shawn Fain stated that if no agreement is reached by Thursday night, there will be 'action'. The UAW is also fighting for better working conditions and higher pay in 2023, similar to other labor unions such as Hollywood’s SAG-AFTRA and barista workers at Starbucks Corp (SBUX). A 10-day UAW strike could result in a nationwide economic loss of over $5 billion.

Portfolio Pulse from Aaron Bry

September 13, 2023 | 4:16 pm

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Workers at Blue Cross Blue Shield of Michigan have gone on strike. The impact on the company's operations and customer service is yet to be determined.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 3:55 pm

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Citigroup CEO has announced that the bank's reorganization decisions will not be universally popular within the bank and will make some of its employees uncomfortable. The CEO stated that he is fine with this situation.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 2:47 pm

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Ripple CEO Brad Garlinghouse announced that the company plans to conduct 80% of its hiring outside the U.S. due to ongoing regulatory challenges. He criticized the lack of clarity in U.S. regulations, contrasting it with clearer frameworks in regions like Singapore, the U.K., and Dubai. Garlinghouse also touched upon the recent legal victory for Ripple, where a U.S. court ruled in favor of the company, stating that its native token, XRP, is not a security. However, the SEC has indicated a potential appeal against the decision.

Portfolio Pulse from Murtuza Merchant

September 13, 2023 | 1:39 pm

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The United Auto Workers union has threatened strikes at targeted U.S. auto factories if a labor deal with the Detroit Three automakers - General Motors Company (GM), Ford Motor Company (F), and Stellantis N.V. (STLA) - is not reached by late Thursday. A 10-day strike could potentially reduce the U.S. GDP by $5.6 billion and push the Michigan economy into a recession.

Portfolio Pulse from Shivani Kumaresan

September 13, 2023 | 1:20 pm

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The High Court of Australia ruled that Qantas Airways Ltd (OTC:QABSY) violated the law when it terminated the employment of 1,700 ground staff members and replaced them with contracted workers during the COVID-19 pandemic. The court stated that Qantas violated industrial law as it undermined the unionized employees' rights to engage in industrial action and collectively bargain. The ruling follows public outrage against the airline, leading to its CEO's early retirement after an antitrust lawsuit accused the airline of selling tickets for canceled flights.

Portfolio Pulse from Akanksha Bakshi

September 13, 2023 | 12:02 pm

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UAW President Fain has stated that there is a significant amount of work to be done to secure labor deals with the Detroit Three (Ford, General Motors, and Stellantis) ahead of the deadline tomorrow, according to Reuters citing ABC News.

Portfolio Pulse from Charles Gross

September 13, 2023 | 11:44 am

BTCUSD

Binance.US CEO Brian Shroder has resigned and the company has laid off a third of its staff due to increasing regulatory pressure. The company is facing legal action from the SEC over suspected violations of securities laws. The downsizing move is aimed at providing the crypto exchange with a financial cushion for more than seven years as it transitions to a crypto-only exchange.

Portfolio Pulse from Benzinga Neuro

September 13, 2023 | 7:56 am