Streetbeat News

Labor Issues

SPY

Federal Reserve Chair Jerome Powell stated that the US economy is very strong, driven by a robust labor market. He also mentioned that inflation is gradually decreasing, and it's the Fed's responsibility to bring it down.

Portfolio Pulse from Happy Mohamed

June 21, 2023 | 3:32 pm

SPY

Fed Chair Powell stated that data suggests a gradual cooling in the labor market, with significant excess demand over supply. This may impact the broader market, including the SPY ETF.

Portfolio Pulse from Happy Mohamed

June 21, 2023 | 2:55 pm

SPY

Federal Reserve Chair Jerome Powell stated that if capital requirements are increased, it would take several years to come into full effect. He also expects the ratio of job openings to unemployed people to decrease, allowing the labor market to become less tight without increasing unemployment.

Portfolio Pulse from Happy Mohamed

June 21, 2023 | 2:54 pm

JPM

JPMorgan Chase plans to cut around 20 investment banking jobs in Asia, primarily impacting junior-level employees. This marks the bank's second wave of layoffs in the region this year, as dealmaking slows.

Portfolio Pulse from Akanksha Bakshi

June 21, 2023 | 11:45 am

CLF

Cleveland-Cliffs and the United Auto Workers (UAW) have reached a tentative labor agreement for Coshocton Works, pending ratification by UAW local union membership. The agreement will cover around 330 UAW-represented workers.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2023 | 11:07 am

CS

UBS

UBS is set to begin job cuts in its Asia investment banking division in July, according to Reuters. The move comes as part of the bank's ongoing efforts to streamline operations and reduce costs.

Portfolio Pulse from Charles Gross

June 21, 2023 | 10:45 am

GRAB

Grab Holdings Inc (NASDAQ:GRAB) plans to lay off 1,000 employees to manage costs and reorganize the company. This is the largest round of job cuts since the pandemic. The company has been improving its bottom line every quarter since Q1 2022 and aims to achieve breakeven adjusted EBITDA.

Portfolio Pulse from Lekha Gupta

June 21, 2023 | 9:17 am

AAPL

Apple Inc. has permanently shut down production for the Apple TV+ adaptation of 'Metropolis' due to increasing costs and an ongoing writers' strike. The strike has also caused problems for other Apple TV+ shows in production.

Portfolio Pulse from Benzinga Newsbot

June 21, 2023 | 6:13 am

TSLA

Elon Musk announced 'super exciting work' happening at Tesla in AI software, chip design, and robots. The company is seeking staff with exceptional skills in software, hardware, or AI for projects like Tesla bot, Full Self-Driving chip, Dojo chip, neural networks, and Dojo system.

Portfolio Pulse from Anan Ashraf

June 21, 2023 | 4:32 am

CTLT

Catalent has appointed Matti Masanovich as Senior Vice President & Chief Financial Officer, effective July 5, 2023. Masanovich previously served as CFO at Tenneco Automotive, Superior Industries International, and General Cable Corporation.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2023 | 8:19 pm