Streetbeat News

Labor Issues

CRGO

Freightos has announced an operational efficiency plan in response to ongoing global economic challenges. The plan includes a 13% reduction in headcount and is expected to enable the company to continue growing and reach break-even on existing funds.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 10:04 am

MSFT

Microsoft Corporation (NASDAQ:MSFT) has confirmed additional job cuts following the 10,000 layoffs announced in January. The exact number of cuts in this latest round remains undisclosed. The layoffs are part of a broader trend in the tech industry, with companies shedding workers in response to macroeconomic pressures and changing customer priorities. The layoffs have reportedly targeted the AI team, as Microsoft intensifies efforts to release AI tools faster than its competitors.

Portfolio Pulse from Benzinga Newsbot

July 11, 2023 | 6:36 am

PAYO

Payoneer is planning to reinvest some savings from its workforce reduction plan into future growth initiatives. The company expects an annualized future benefit to its operating expenses of approximately $20 million in connection with the plan. The impact on its 2023 guidance is still being evaluated.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 8:37 pm

PAYO

Payoneer Global is planning to reduce its workforce by approximately 9% according to a recent filing. The company estimates that it will incur charges of approximately $5 million in connection with the plan, expected to be incurred in the third quarter of 2023.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 8:35 pm

LTCH

Latch plans to reduce its US and Taiwan-based workforce by approximately 59% by November 1, 2023. The company is also introducing a new leadership team, with Jamie Siminoff expected to become CEO later this year. Latch aims to leverage a more efficient, remote global workforce and reduce operational spend, with new US-based roles to be located in St. Louis.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 8:02 pm

EADSY

Airbus SE has inaugurated a new A320 Family final assembly line (FAL) in Toulouse, France. The FAL will contribute to the production rate ramp-up to 75 A320 Family aircraft per month in 2026. The first aircraft fully assembled in this facility, an A321, is expected to roll out by the end of the year. The site will employ around 700 workers by 2025.

Portfolio Pulse from Nabaparna Bhattacharya

July 10, 2023 | 3:47 pm

BABA

BTGOF

GSK

HNHPF

IEP

JNJ

META

NVO

SIVBQ

UBS

Meta's Threads app has reached 100 million users in five days, making it the fastest-growing consumer application in history. Nanobiotix has entered a global licensing, co-development, and commercialization agreement with Janssen Pharmaceutica, a unit of Johnson & Johnson, for the investigational radioenhancer NBTXR3. GSK's Arexvy vaccine for respiratory syncytial virus has been approved in the UK for older adults. BT Group's CEO Philip Jansen is stepping down within the next 12 months. Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Vedanta, impacting India's chipmaking plans. General Motors has reduced the starting price for the Cadillac Lyriq by 14% in China. SVB Financial Group is suing the U.S. Federal Deposit Insurance Corporation to recover $1.93 billion. Saudi National Bank's plan to increase its stake in UBS Group's Credit Suisse has been halted by Swiss regulator FINMA. Godrej Aerospace is planning to invest in General Electric's GE414 engine manufacturing operations. Carl Icahn has revised loan agreements and recovery strategy after a short-seller attack led to a 40% drop in Icahn Enterprises' shares. Novo Nordisk's weight-loss medications are under European investigation over suicidal risks. Alibaba's Youku is airing a series focusing on China's semiconductor leadership.

Portfolio Pulse from Vandana Singh

July 10, 2023 | 2:30 pm

NYT

The New York Times (NYT) has announced plans to close its sports desk, however, all sports staff will retain their jobs within the company, according to the Wall Street Journal.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 2:12 pm

AMZN

Nearly 900 workers at an Amazon warehouse in Coventry, U.K., will stage a three-day strike from July 11-13 over a pay dispute, according to labor union GMB. The strike will coincide with Amazon's Prime Day sales event. The Coventry warehouse does not directly impact customer orders, so there will be no disruption to customers. JPMorgan predicts that Amazon will generate approximately $7 billion in revenue from its Prime Day sales.

Portfolio Pulse from Anusuya Lahiri

July 10, 2023 | 2:07 pm

BTGOF

BT Group PLC's CEO, Philip Jansen, has announced his intention to step down within the next 12 months. The Board has begun the search for a new CEO, with an update expected this summer. This follows BT Group's announcement in May of plans to cut its global workforce from 130k to between 75k-90k over FY28-FY30. BTGOF shares closed higher by 2.30% at $1.555 on Friday.

Portfolio Pulse from Lekha Gupta

July 10, 2023 | 1:31 pm