Streetbeat News

Labor Issues

PLTR

Palantir Technologies is planning to cut a significant number of jobs in its London office, as reported by Evening Standard. The decision comes after the company's recent direct listing on the NYSE.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 3:39 pm

BABA

Alibaba's shares are trading lower after a report indicated that the company's cloud unit plans to cut 7% of its staff.

Portfolio Pulse from Bill Haddad

May 23, 2023 | 3:20 pm

AMZN

META

Amazon stock is trading lower following reports of a potential employee walkout on May 31 and labor board allegations of violating laws by the company and CEO Andy Jassy. The walkout is in response to layoffs, return-to-office mandate, and climate commitments concerns. Amazon eliminated 27,000 jobs since 2022 and faces National Labor Relations Board allegations of restricting employees' unionization efforts.

Portfolio Pulse from Anusuya Lahiri

May 23, 2023 | 12:54 pm

EC

Ecopetrol has reached an agreement with labor unions for a new collective bargaining agreement.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 12:54 pm

TTOO

T2 Biosystems announced its exploration of strategic alternatives and the implementation of a restructuring program, which includes a 30% reduction in workforce completed this past week.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 12:02 pm

BABA

Alibaba's stock declined following reports of a 7% workforce reduction in its cloud division as it prepares for a spinoff and eventual IPO. The cloud business is valued at over $30 billion and is expected to be carved out as a separate company within a year.

Portfolio Pulse from Anusuya Lahiri

May 23, 2023 | 12:02 pm

BABA

Bloomberg reports that Alibaba's cloud unit is planning to cut 7% of its staff. This move is likely aimed at reducing costs and improving efficiency.

Portfolio Pulse from Charles Gross

May 23, 2023 | 10:28 am

V

Visa Inc. plans to open a new global Technology and Product Hub in Poland, the first of its kind in Central and Eastern Europe. The Hub will house up to 1,500 new tech and product hires, supporting Visa's 24/7 development model for innovation and digital commerce growth.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2023 | 7:39 am

GWH

ESS Tech's President Craig Evans has tendered his resignation, effective at the commencement of the 2023 Annual Meeting. He will continue as Co-Founder and Advisor to the CEO.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 9:26 pm