Streetbeat News

Labor Issues

SMEGF

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

EV

RIO

SLX

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

TSLA

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

FENC

Fennec Pharmaceuticals Inc. (NASDAQ:FENC) announced the departure of its Chief Operating Officer, Adrian Haigh, effective June 30, 2024. Haigh joined the leadership team in August 2023 after serving as an independent director for nine years.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 10:08 am

AAPL

META

Apple Inc. (NASDAQ:AAPL) had a tumultuous week with a mix of partnership rejections, health accusations, and product leaks. Apple rejected Meta Platforms Inc.'s (NASDAQ:META) AI integration proposal, faced accusations of chemical exposure from a former employee, and had leaks about the Apple Watch X. Additionally, Apple's plan to reduce its assembly workforce faced setbacks.

Portfolio Pulse from Benzinga Neuro

June 30, 2024 | 11:45 am

CRLBF

A legal battle in San Diego involves the Teamsters Union intervening in a lawsuit challenging California's labor peace agreement (LPA) requirements for cannabis businesses. The lawsuit, filed by Ctrl Alt Destroy, alleges that the LPA infringes on free speech and conflicts with federal labor laws. The Teamsters claim some companies are using 'sham' unions to meet LPA requirements superficially. This case could set a precedent for the cannabis industry in other states with similar labor laws.

Portfolio Pulse from Rolando García

June 28, 2024 | 7:39 pm

AMZN

Amazon workers, represented by the Teamsters union, have extended their strike to Connecticut. U.S. Senator Richard Blumenthal has joined the strike in support of the workers.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2024 | 6:19 pm

BA

ITA

PPA

Boeing Co. (NYSE:BA) faces potential labor strikes as the International Association of Machinists and Aerospace Workers (IAM) demands significant wage hikes and better retirement benefits. The strike vote is set for July 17, with possible action after the current contract expires on September 12. Boeing is also dealing with financial and production challenges following a January incident involving a 737 MAX jet.

Portfolio Pulse from Shivani Kumaresan

June 28, 2024 | 12:49 pm

LYFT

UBER

Uber and Lyft have reached a settlement with Massachusetts Attorney General Andrea Joy Campbell to provide a minimum pay standard of $32.50 per hour and additional benefits for drivers. The companies will pay $175 million to settle wage and hour law violations, with most funds going to current and former drivers. This agreement concludes a multi-year litigation and prevents changes to state employment law through a 2024 ballot initiative.

Portfolio Pulse from Shivani Kumaresan

June 28, 2024 | 11:44 am

SPY

Barkin noted that companies have reduced both hiring and firing activities.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2024 | 11:39 am