Streetbeat News

Labor Issues

BRBS

Brian Plum, the President and CEO of Blue Ridge Bankshares Inc, has announced his resignation according to a SEC filing.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 12:35 pm

SPY

U.S. Treasury Secretary Yellen has stated that she does not anticipate a recession in the U.S. She noted that while U.S. growth has slowed, the labor market remains strong.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 12:24 pm

UPS

Rep. Alexandria Ocasio-Cortez visited a UPS hub to support workers who authorized their union to call a strike as soon as Aug. 1. The strike could be the largest labor strike in the U.S. in decades. The union's contention revolves around securing higher pay and more full-time jobs for employees. UPS's 2022 profits were nearly $14 billion. Some estimates put the economic impact of a 10-day strike at more than $7 billion. UPS carries 6% of America’s gross domestic product in its trucks.

Portfolio Pulse from Maureen Meehan

July 16, 2023 | 8:27 pm

AAL

DAL

LUV

UAL

United Airlines Holdings Inc (NASDAQ: UAL) and its pilots have reached a labor agreement that includes a cumulative 34.5% to 40.2% increase in pay raises. The agreement also includes significant updates to pilot compensation and improvements in quality of life, vacation, and other benefits. This follows similar labor agreements at Delta Air Lines, Inc (NYSE:DAL) and American Airlines Group Inc (NASDAQ:AAL). Southwest Airlines Co (NYSE:LUV) is also projected to hire approximately 8,000 pilots this year.

Portfolio Pulse from Bibhu Pattnaik

July 16, 2023 | 12:37 pm

DIS

Hollywood is experiencing a double strike from the Screen Actors Guild and Writers Guild of America over streaming profits and the use of artificial intelligence in film and television. This is the first double strike since 1960. The Walt Disney Company (NYSE:DIS) CEO Bob Iger commented on the strike, stating that it adds to the challenges the industry is already facing. President Joe Biden and Congress members from California have expressed support for the strikers.

Portfolio Pulse from Chris Katje

July 15, 2023 | 3:55 pm

DIS

Former Secretary of Labor, Robert Reich, criticized Disney CEO Bob Iger over the ongoing Hollywood strike. Reich accused CEOs of pretending they can't afford to pay workers fairly while earning millions themselves. The Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) failed to reach a deal with producers on pay and the impact of artificial intelligence on film studios and streaming services, leading to a double-strike. Disney recently extended Iger’s contract through 2026, with the opportunity to receive an annual incentive bonus of five times his base salary.

Portfolio Pulse from Anan Ashraf

July 15, 2023 | 7:14 am

BTCUSD

ETHUSD

Binance CEO has refuted media reports about layoffs at the company, stating that the numbers reported are incorrect. He also mentioned that Binance is still hiring.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 8:46 pm

BNBUSD

BTCUSD

Binance, a major cryptocurrency exchange, has reportedly laid off over 1,000 employees globally due to regulatory challenges, particularly in the U.S. and Europe. The layoffs could result in Binance losing more than a third of its staff. This comes amid a series of regulatory actions against the company by U.S. authorities, including a lawsuit by the SEC and an ongoing investigation by the Justice Department. Binance.US, a separate exchange in the U.S., has also been facing challenges after the SEC lawsuit.

Portfolio Pulse from Piero Cingari

July 14, 2023 | 6:42 pm

CMCSA

DIS

NFLX

PARA

SONY

WBD

The Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) has announced a strike, halting global film and TV production. The strike is expected to significantly impact the industry, affecting studios, production companies, and streaming services. Companies like Netflix, Walt Disney, Comcast Corporation, Paramount Global, Warner Bros Discovery, and Sony Group Corp are likely to be affected. The strike could also impact major film festivals and upcoming blockbusters.

Portfolio Pulse from AJ Fabino

July 14, 2023 | 4:39 pm

UPS

Joe Terranova expressed concern on CNBC about a possible labor disruption at UPS, stating that it could have damaging effects on the economy. He remains hopeful for a resolution.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 4:38 pm