Streetbeat News

Labor Issues

PEGA

Pegasystems Inc. anticipates a charge of $16 million in Q3 of 2023, primarily due to cash severance and related benefit costs for terminated employees.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 8:53 pm

PEGA

Pegasystems is planning to realign or eliminate some client-facing roles, which is expected to impact approximately 4% of its overall employees. The company is consolidating the Account Executives, Sales Specialists, and Client Success Managers under a single team.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 8:52 pm

VIAV

VIAVI has announced the resignation of its CFO, Henk Derksen. The company has not yet announced a replacement.

Portfolio Pulse from Bill Haddad

August 30, 2023 | 8:36 pm

CSGS

CSG's Chief Operating Officer, Ken Kennedy, is set to leave the company. The impact of this departure on the company's operations and future plans is yet to be determined.

Portfolio Pulse from Bill Haddad

August 30, 2023 | 8:26 pm

SPY

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released proposed rules and FAQs on key provisions in the Inflation Reduction Act. The Act's provisions ensure clean energy jobs are well-paying and help build a diverse workforce. The Act's prevailing wage and registered apprenticeship requirements apply to many clean energy tax incentives, including for utility-scale wind, solar, and battery storage projects. If these requirements are met, a taxpayer can claim an enhanced credit or deduction up to five times the regular amount. The proposed rules provide more clarity and direction for employers and workers, incentivize worker-centric practices, and ensure compliance is streamlined.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 2:26 pm

SPOT

TMUS

Late-night TV hosts Stephen Colbert, Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver have launched a podcast series called 'Strike Force Five' in response to the ongoing Hollywood strikes. The podcast, hosted on Spotify's Megaphone and supported by T-Mobile's Mint Mobile and Diageo, will donate all proceeds to the out-of-work staff from the hosts' respective shows. The strikes, which began in May, have caused delays in high-profile movies and TV shows and are a result of demands for better pay, working conditions, and protections against the misuse of AI in performances.

Portfolio Pulse from AJ Fabino

August 30, 2023 | 2:25 pm

SPY

The Biden administration has proposed a new rule that would make millions more Americans eligible for overtime pay if they work more than 40 hours a week.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 2:16 pm

CVX

Chevron Corporation has evacuated staff from three of its Gulf of Mexico oil production platforms due to concerns over Hurricane Idalia. All staff were removed from the Genesis platform, while only non-essential workers were evacuated from the Blind Faith and Petronius platforms. Production continues at Chevron-operated facilities.

Portfolio Pulse from Nabaparna Bhattacharya

August 30, 2023 | 12:27 pm

IEX

IDEX Corporation (NYSE:IEX) has appointed Allison S. Lausas as interim Chief Financial Officer, following the resignation of William K. Grogan. The changes will be effective from September 15, 2023. Lausas, who joined IDEX two years ago, will continue to serve as Vice President and Chief Accounting Officer during this interim period. IDEX has begun a search for a permanent CFO.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 12:10 pm

CLF

Cleveland-Cliffs Inc. (NYSE:CLF) has reached a tentative three-year labor agreement with the United Steelworkers (USW) for operations at the Northshore Mine in Minnesota. The agreement covers around 430 USW-represented workers. Further details are pending ratification. Last year, the company ratified a similar agreement covering 12,000 USW-represented employees at 13 locations. CLF shares closed 4.15% higher at $15.30 on Tuesday.

Portfolio Pulse from Nabaparna Bhattacharya

August 30, 2023 | 12:04 pm