Friday, May 20, 2022 |
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Amazon abruptly fires senior managers tied to unionized warehouse
After Amazon employees at a massive warehouse on Staten Island in New York City scored an upset union victory last month, it turned the union’s leaders into celebrities, sent shock waves through the broader labor movement and prompted politicians around the country to rally behind Amazon workers. Now it also appears to have created fallout within Amazon’s management ranks. On Thursday, Amazon informed more than a half-dozen senior managers involved with the Staten Island warehouse that they were being fired, said four current and former employees with knowledge of the situation who spoke on the condition of anonymity out of fear of retaliation.
Stocks drop again
as investors weigh the latest jobs report
Stocks fell Friday, ending a wild week that saw the market rally and then collapse in rapid succession, as investors considered the implications of the latest update on the U.S. job market. After dropping close to 2% in early trading, the S&P 500 regained some ground and closed trading down 0.6%. The index had dropped 3.6% Thursday, largely erasing gains from earlier in the week, including a 3% rise Wednesday. The index ended the week down 0.2%, its fifth consecutive weekly decline — its longest streak of losses since June 2011.
Purchase of Twitter carries great
risk for Tesla
Elon Musk’s deal for Twitter has features that make it risky, including billions of dollars of personal debt. If it goes wrong, it could burn Tesla shareholders and strain Twitter’s financial health. There are already signs of investor concern. As Tesla has become one of the world’s most valuable companies, its stock has become widely owned by retail investors through mutual funds and other investment vehicles. But it has fallen 24% since the disclosure early last month that Musk had taken a sizable stake in Twitter, a period in which the S&P 500 has declined 10%.
Feds accuse Starbucks of unfair labor practices
Federal labor officials are accusing Starbucks of unfair labor practices at its stores in Buffalo, New York, including retaliation against pro-union employees. The National Labor Relations Board’s Buffalo regional director filed a sweeping complaint Friday outlining a host of labor law violations and seeking reinstatement and backpay for the employees. The coffee chain called the allegations “false” and vowed to fight them at an upcoming hearing. Starbucks Workers United said the complaint “confirms the extent and depravity of Starbucks’ conduct in Western New York for the better part of a year.” The first votes in a nationwide Starbucks unionization push came in December at three stores in Buffalo.
By wire sources
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