Streetbeat News

Labor Issues

MSFT

Finnish startup Metroc is using prisoners to train its AI model for less than $2 an hour. The AI model is used to provide construction companies with information on projects that are hiring. The company's business model is based on cost savings from deploying an AI model and using low-cost services of Finnish prisoners. Microsoft-backed OpenAI also uses cheap labor to train large language models. The practice could widen wealth inequalities, according to a McKinsey study.

Portfolio Pulse from Rounak Jain

September 12, 2023 | 11:57 am

RGEN

Repligen Corporation (NASDAQ:RGEN) has appointed Jason K. Garland as its new CFO, effective from September 25, 2023. Garland is joining Repligen from Integer Holdings Corporation, where he served as Executive Vice President and CFO for nearly five years. He succeeds Jon K. Snodgres, who is retiring but will continue in an advisory role until October 6, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:34 am

TSVT

2seventy bio has announced a restructuring plan that will result in the elimination of 176 roles, representing approximately 40% of its workforce. The company has not provided details on the expected financial impact of this decision.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:17 am

UPS

UPS CEO Carol Tome announced that the new labor deal with the Teamsters will cost less than the $30B outlined by the union.

Portfolio Pulse from Charles Gross

September 12, 2023 | 9:13 am

EWU

The U.K. employment change for July was -207K, worse than the estimated -185K and the prior figure of -66K.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 6:01 am

EWU

The U.K. unemployment rate for July remained steady at 4.3%, the same as the previous month, but slightly higher than the 4.2% prior to that.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 6:01 am

UPS

UPS has announced that the cost of the U.S Teamster Union will increase at a 3.3% compound annual growth rate over the life of the agreement.

Portfolio Pulse from Charles Gross

September 11, 2023 | 9:07 pm

SWAV

Shockwave Medical's CFO, Dan Puckett, has announced his retirement in 2024. Puckett has been with the company since 2016. The Board of Directors has begun the process of identifying a successor. Puckett will continue in his role until a successor is appointed.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 8:08 pm

F

The United Auto Workers (UAW) union has lowered its demand for pay raises over the next four years to the mid-30 percent range, just days before it threatens to strike Detroit 3. This news comes as the strike deadline nears.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 7:51 pm

F

GM

STLA

A strike by United Auto Workers (UAW) at General Motors Co, Ford Motor Co, and Stellantis NV would not cause a recession, according to RSM US LLP economist Joseph Brusuelas. A Michigan-based economic consultancy estimated a $5.6 billion potential loss to the U.S. GDP for a 10-day strike by the UAW. However, Brusuelas believes the economy could only suffer a modest 0.2% drag this quarter if the action lasts for a month.

Portfolio Pulse from Shivani Kumaresan

September 11, 2023 | 5:53 pm