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Nippon Steel's Vice Chairman, Takahiro Mori, is set to visit the U.S. to continue discussions on the $15 billion acquisition of U.S. Steel (NYSE:X). Despite support from U.S. Steel's management, the deal faces opposition from the White House and the United Steelworkers union. The acquisition, initially expected to close by mid-2024, may be delayed due to political resistance and ongoing investigations.

Portfolio Pulse from Benzinga Neuro

July 03, 2024 | 10:06 am

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Cannabis workers at Cresco Labs' Joliet, Illinois facility voted to leave their union, resulting in 15% raises and eligibility for stock options. This move reflects a broader trend of de-unionization in the cannabis industry, similar to other sectors like retail and manufacturing. Cresco's Massachusetts facility also recently de-unionized. Despite this, other cannabis companies continue to see unionization efforts.

Portfolio Pulse from Nina Zdinjak

July 02, 2024 | 6:32 pm

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HSBC Holdings Plc (NYSE:HSBC) is implementing cost-cutting measures, including slowing hiring and reducing travel and entertainment expenses for investment bankers, as it prepares for a new CEO. The bank is also managing costs in anticipation of potential interest rate cuts by central banks. HSBC's stock has gained over 9% in the last 12 months, and investors can gain exposure through ETFs like Dimensional International Value ETF (NYSE:DFIV) and Trust For Professional Managers ActivePassive International Equity ETF (NYSE:APIE).

Portfolio Pulse from Shivani Kumaresan

July 02, 2024 | 2:41 pm

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Investors are closely watching Boeing's (NYSE:BA) acquisition of Spirit AeroSystems (NYSE:SPR) and its impact on Boeing's CEO search. Potential candidates include Spirit's CEO Patrick Shanahan, Boeing COO Stephanie Pope, and board chair Steve Mollenkopf. Shanahan's tenure at Spirit has faced challenges, including a 737 MAX incident and workforce layoffs. Boeing's stock has declined over 11% in the past year, and the acquisition is set to close by mid-2025.

Portfolio Pulse from Shivani Kumaresan

July 02, 2024 | 2:31 pm

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The Biden administration has launched a new program to develop the U.S. computer-chip workforce, utilizing part of the $5 billion federal funding allocated for the National Semiconductor Technology Center (NSTC). This initiative aims to prevent a labor shortage that could hinder domestic semiconductor production. Major recipients of Chips Act funding include Intel Corp. (NASDAQ: INTC), Taiwan Semiconductor Manufacturing Co. (NYSE: TSM), Samsung Electronics Co Ltd (OTC: SSNLF), and Micron Technology Inc. (NASDAQ: MU).

Portfolio Pulse from Shivani Kumaresan

July 02, 2024 | 1:20 pm

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Beanfield has appointed Rizwan Jamal as its new CEO, effective immediately. The local independent telecom operates in Toronto, Montreal, Vancouver, and Ottawa with over 450 employees.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 12:31 pm

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Pitney Bowes announced it expects to incur charges of approximately $25 million due to a workforce reduction plan.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 12:13 pm

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Siemens Energy AG plans to hire over 10,000 new employees to boost its electricity grid business, aiming for significant growth over the next six years. The company is investing €1.2 billion in capital expenditures to expand manufacturing capacity in the U.S., Europe, and Asia.

Portfolio Pulse from Lekha Gupta

July 02, 2024 | 11:43 am

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Rio Tinto (NYSE:RIO) is negotiating with workers at its Oyu Tolgoi copper mine in Mongolia to prevent another strike, following a previous strike in May due to significant wage reductions. Changes to Mongolia’s Labor Law led to recalculations of employee allowances, resulting in wage decreases of up to 80%. If key demands are not met, another strike is possible. Rio Tinto claims the previous strike did not materially impact mine production. Investors can gain exposure to Rio Tinto via VanEck Steel ETF (NYSE:SLX) and NEOS ETF Trust Mast Global Battery Recycling & Production ETF (NYSE:EV).

Portfolio Pulse from Lekha Gupta

July 02, 2024 | 9:50 am

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Tesla Inc (NASDAQ:TSLA) has appointed former Mercedes manager Christian Adrian as head of production at Giga Berlin following a major global reorganization. Adrian will oversee all production processes at the factory, excluding battery cell manufacturing. This move comes after several executive departures and a significant layoff announced in April.

Portfolio Pulse from Anan Ashraf

July 02, 2024 | 6:03 am