Streetbeat News

Labor Issues

BTCUSD

Changpeng Zhao, CEO of Binance, has dismissed reports of key executive departures from the company, stating that the reasons suggested by the media are completely wrong. This comes after reports that Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, and Chief Business Officer Yibo Ling have all left the company. Zhao emphasized that personnel departures are part of the normal turnover experienced by any company.

Portfolio Pulse from Mehab Qureshi

July 07, 2023 | 6:14 am

SSNC

SS&C Technologies Holdings, Inc. (SSNC) has appointed Brian Schell as its new CFO, effective from August 7. Schell, previously the Executive Vice President, CFO, and Treasurer at Cboe Global Markets, will replace Patrick Pedonti, who is retiring after 24 years of service.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 9:01 pm

AMZN

Amazon delivery drivers and dispatchers from Palmdale, who are part of the Teamsters union, have extended their strike to an Amazon warehouse outside of New York City on July 6.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 8:49 pm

FDX

UPS

FedEx Corp (FDX) is preparing for a potential strike by workers at United Parcel Service, Inc (UPS). The Teamsters Union, representing nearly 340,000 UPS workers, is threatening a large labor strike as negotiations for a new contract have reportedly stalled. FedEx is encouraging potential customers to start shipping with them now to protect its existing customer capacity and service during the anticipated industry disruption.

Portfolio Pulse from AJ Fabino

July 06, 2023 | 8:17 pm

EVER

EverQuote has announced plans to exit its health insurance vertical, which includes its marketplace and direct to consumer agency serving the Medicare and 'Under 65' health insurance market, and represented about 10% of the company's revenue in 2022. The company has also begun implementing a workforce reduction plan, which will result in severance charges of approximately $2.0 million to $3.0 million, primarily recognized in Q2 2023. EverQuote is also reviewing the potential impact of this decision on its balance sheet.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:13 pm

SPSC

SPS Commerce has announced the appointment of Chad Collins as its new CEO, effective from October 2, 2023. He will succeed the current CEO Archie Black, who will retire on October 1, 2023, and transition to the role of Executive Chair of the Board.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:07 pm

UBER

Uber shares are trading lower due to overall market weakness on rate hike concerns. Additionally, Uber and DoorDash have filed a lawsuit against New York City over a new law that sets minimum wages for food-delivery workers.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 7:53 pm

UPS

Members of Teamsters Local 638 who work at UPS are planning to hold a practice picket on July 8, ahead of the July 31 expiration of their contract.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:58 pm

DASH

UBER

Uber Technologies, Inc (UBER) and DoorDash, Inc (DASH) are suing New York City to block a new law that sets minimum wages for food-delivery workers. The companies argue that the new per-minute trip rate could be significantly higher than the minimum wage set for other industries, leading to multiple apps paying a worker for the same hours. They also claim that the new metrics would force them to raise consumer fees in New York City to offset costs and limit the number of workers who could work for each app, hurting gig workers’ flexibility.

Portfolio Pulse from Anusuya Lahiri

July 06, 2023 | 3:34 pm

DASH

GRUB

UBER

DoorDash, Uber Eats, and Grubhub have filed a lawsuit against New York City over a minimum-wage law. The companies argue that the law, which requires them to pay delivery workers at least $15 per hour, is unconstitutional.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:01 pm