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AMAZON DECLARED 'JOINT EMPLOYER' OF CONTRACTED DELIVERY DRIVERS BY LABOR BOARD,
PAVING THE WAY FOR UNION NEGOTIATIONS

by Benzinga Neuro, Benzinga Staff Writer



September 5, 2024 3:48 AM | 2 min read | 1 Comment



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The National Labor Relations Board has determined that Amazon.com Inc. AMZN is a
“joint employer” of some contracted delivery drivers.

What Happened: The NLRB’s regional director reviewed two unfair labor practice
charges filed in January regarding Amazon’s treatment of drivers at an Atlanta
warehouse, known as DAT6. The drivers worked for a contractor called MJB
Logistics, reported CNBC.

Amazon has consistently resisted being labeled as a joint employer of its
contracted delivery companies. However, lawmakers and labor groups, including
the Teamsters union, argue that drivers wear Amazon-branded uniforms, drive
Amazon-branded vans, and follow schedules set by Amazon.



This ruling might force Amazon to negotiate with employees aiming to unionize.
The decision follows a similar ruling last month concerning Amazon drivers at a
Palmdale, California facility.

The Teamsters union has been intensifying its efforts to organize Amazon
workers. In April 2023, drivers for Battle Tested Strategies claimed Amazon
canceled their contract after they voted to unionize, which Amazon denied,
according to the report.

The NLRB also found merit in allegations that Amazon threatened Atlanta drivers
with site closure if they unionized, made coercive statements, and created an
impression of surveillance.

These determinations are preliminary steps in the NLRB’s process. If not
settled, a hearing with an NLRB judge will be scheduled, and decisions can be
appealed to the NLRB board and federal court, according to the report.



See Also: SoftBank, Walmart-Backed Robotics Giant Sees $9B Wipeout In Founder’s
Wealth After Company Stock That Surged Nearly 325% Last Year Takes A Steep
Decline

Why It Matters: This ruling is part of a broader trend of increasing scrutiny of
Amazon’s labor practices. In June, around 15,800 Amazon Flex drivers initiated
arbitration claims, alleging misclassification as independent contractors rather
than employees.

Earlier in April 2023, Amazon spent over $3 million on consultants to discourage
unionization among its delivery network employees.

In August, a federal labor regulator classified Amazon delivery drivers as
employees, potentially increasing the company's responsibility for working
conditions within its logistics network. The union described this as a
“monumental determination.”



Additionally, in September 2023, Amazon announced plans to increase wages for
contracted drivers as part of a $440 million investment in its third-party
delivery program.

Read Next:

 * Tesla Bull Ross Gerber Sets 6-Month Deadline For Elon Musk-Led EV Company To
   Improve Performance Or He Plans To Exit His Position: ‘See The Stock As
   Really Overvalued’

Image Via Shutterstock

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.


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Posted In: EquitiesNewsLegalMarketsKaustubh BagalkoteNational Labor Relations
BoardNLRB

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--------------------------------------------------------------------------------


BITFUFU POSTS 70% REVENUE GROWTH AND OUTLINES STRATEGIC EXPANSION – COMPANY
EXPECTS CONTINUED GROWTH AMID MARKET VOLATILITY

by Meg Flippin, Benzinga Staff Writer


August 30, 2024 8:08 AM | 5 min read | Make a Comment

Partner Disclosure

Volatility goes hand-in-hand with Bitcoin, particularly recently after the April
halving. That rollercoaster ride isn't for the faint-hearted or for many crypto
companies. But it does seem to be for BitFuFu FUFU, the digital asset mining
company based in Singapore. The company reports that it has created a
sustainable business model, which performs well in both bullish and bearish
market conditions due to its unique approach. This was recently on display, with
BitFuFu reporting 69.7% year-over-year revenue growth in its second-quarter
results and forecasting continued growth in the second half of 2024 "Our
business model's inherent flexibility – whether by increasing or reducing
purchases of computing power, matching short-term and long-term procurements, or
optimizing the mix between cloud-mining and self-mining computing power –
enables us to sustain growth and profitability in a complex and volatile market
environment," said Leo Lu, BitFuFu's Chairman and Chief Executive Officer,
during the company's earnings conference call. "Considering that total revenue
of $273.8 million in the first half of 2024 nearly matches our full-year revenue
for 2023, and with combined Q1 and Q2 adjusted EBITDA reaching $58.2 million, we
expect substantial growth in both revenue and adjusted EBITDA in 2024, compared
to 2023." Checkout BitFuFu's recent earnings report here!
Read More



--------------------------------------------------------------------------------




PRIVATE EMPLOYMENT GROWS BY 99,000 IN AUGUST, SHARPLY MISSES FORECASTS OF
140,000: 'THE LABOR MARKET OVERALL IS SOFTENING'

by Piero Cingari, Benzinga Staff Writer


September 5, 2024 8:27 AM | 2 min read | 2 Comments


ZINGER KEY POINTS

 * Private employers added 99,000 jobs in August, down from 111,000 in July and
   below the forecast of 140,000, as per ADP data.
 * U.S.-based employers announced 75,891 job cuts in August, a 193% increase
   from July's 25,885 cuts, per Challenger, Gray & Christmas.


Private sector job growth cooled August compared to the previous month and came
in at a substantially slower pace than economists estimated. U.S. private
employers added 99,000 jobs in August, a decline from the downwardly revised
111,000 in July, and falling short of the anticipated 140,000 The ADP data
offers a relevant preview of the official August jobs report scheduled for
release at 8:30 a.m. ET Friday. Economists are predicting nonfarm payrolls will
rise from 114,000 in July to 160,000 in August The government released its
weekly unemployment benefits report for the period ending Aug. 31 on Thursday In
a separate report released Thursday, global outplacement and executive coaching
firm Challenger, Gray & Christmas, Inc. said U.S.-based employers announced
75,891 job cuts in August — a staggering 193% jump from the 25,885 cuts reported
in July
Read More



--------------------------------------------------------------------------------




FIRST MAJESTIC ACQUIRES GATOS SILVER FOR $970M, PUTS 3 MAJOR MEXICO ASSETS UNDER
ONE BANNER

by Stjepan Kalinic, Benzinga Staff Writer


September 5, 2024 11:47 AM | 3 min read | 1 Comment


ZINGER KEY POINTS

 * First Majestic will acquire Gatos Silver in an all-stock deal valued at
   approximately $970 million.
 * Gatos shareholders will receive 2.55 shares of First Majestic, gaining a 16%
   premium in the transaction.


First Majestic Silver Corp. AG  has announced an all-stock acquisition of Gatos
Silver GATO valued at approximately $970 million. The transaction will bolster
First Majestic’s position as a leading silver producer and expand its operations
in Mexico. Under the agreement, Gatos shareholders will receive 2.55 shares of
First Majestic for each share of Gatos held, translating to a total offer value
of $13.49 per Gatos share. Based on the companies’ recent stock prices, this
represents a 16% premium, with Gatos shareholders set to own approximately 38%
of First Majestic's shares on a fully diluted basis “The acquisition of Gatos
Silver is a highly compelling and transformative transaction that meaningfully
enhances First Majestic’s operating platform through the addition of 70% of
Cerro Los Gatos—a high-quality, long-life, unencumbered, free cash flow
generating asset in the mining-friendly state of Chihuahua, Mexico,” First
Majestic's president and CEO, Keith Neumeyer said in an announcement noting
operational synergies and potential to deliver significant value to shareholders
Now read: Allied Gold Announces An Agreement With Malian Junta, Shares Di With
this deal, all three major silver-producing assets in Mexico will be under one
banner: Cerro Los Gatos, San Dimas, and Santa Elena. The annual production is
expected to be between 30 million and 32 million ounces of silver equivalent,
including 15 million to 16 million ounces of pure silver
Read More



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 * Could August Jobs Numbers Keep Recession Fears At Bay? 'This Time Is
   Different,' Analyst Says








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