Streetbeat News

Labor Issues

NFLX

Netflix Inc (NASDAQ:NFLX) is reportedly planning to mitigate the impact of the ongoing Hollywood strikes by focusing more on reality competitions and cooking shows. The company has also opened a restaurant called 'Netflix Bites' in California, near its Hollywood headquarters, to highlight its growing lineup of cooking-related shows. The Hollywood strikes have halted work on many major television shows and future movie releases, potentially impacting Netflix's content lineup and financials.

Portfolio Pulse from Chris Katje

August 22, 2023 | 10:16 pm

AMZN

FDX

UPS

The Teamsters union has ratified a five-year collective bargaining agreement with United Parcel Service, Inc. (UPS), promising benefits to more than 340,000 UPS Teamsters nationwide. The agreement includes wage hikes for both full- and part-time workers, workplace enhancements, and ending enforced overtime on drivers’ off days. The successful ratification avoids a potential massive labor strike. Competitors including FedEx Corp (FDX) and Amazon.com, Inc. (AMZN) will likely be watching closely.

Portfolio Pulse from AJ Fabino

August 22, 2023 | 9:22 pm

CUEN

Cuentas Inc. has entered into an employment agreement with Arik Maimon, who will serve as Executive Chairman and CEO, and Michael De Prado, who will serve as Executive Vice Chairman and President.

Portfolio Pulse from Charles Gross

August 22, 2023 | 9:11 pm

UPS

Teamsters Union has reached an agreement with UPS for the creation of 7,500 new full-time jobs and the fulfillment of 22,500 open positions.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 8:15 pm

UPS

All supplemental agreements with UPS have been ratified, except for the Local 769 LAI Supplement which covers 174 members in Florida.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 8:13 pm

UPS

The Teamsters union has voted to ratify a contract with United Parcel Service (UPS).

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 8:12 pm

GS

Goldman Sachs Group Inc. is enforcing its policy of working from the office five days a week. While revenue-producing employees have mostly returned full time, senior managers are frustrated by the reluctance of staff in other groups, which constitute a significant part of its workforce.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 6:57 pm

CLF

X

Cleveland-Cliffs Inc has delivered a letter to United States Steel Corporation demanding that U.S. Steel comply with its obligations under the right to bid provisions of its basic labor agreement.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 5:41 pm

SCHW

Schwab has announced job cuts and expects costs of up to $500 million, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 3:00 pm

IBM

IBM CEO Arvind Krishna discussed the impact of AI on white-collar jobs, particularly back office roles. He believes AI will streamline operations, increase productivity, and address demographic challenges. IBM has invested in AI, introducing Watson, its supercomputer, and WatsonX, a tool for developing machine learning models. Speculation suggests IBM may halt recruitment for roles replaceable by AI, impacting around 7,800 positions. Krishna clarified that AI would augment rather than replace human roles.

Portfolio Pulse from Anusuya Lahiri

August 22, 2023 | 1:57 pm