Global Market developments include Major global developments include China adhering to its benchmark lending rate, UBS’s layoffs, and BlackRock increasing CEO security.
Tesla faces challenges with Cybertruck recalls, Volkswagen workers in Tennessee vote to unionize, Nike and UBS join conglomerates seeking workforce cuts, and World Street reports on Tesla’s struggles and Volkswagen’s historic win.
Cybertruck recalled
Tesla has recalled around 4,000 Cybertruck models due to accelerator issues, with 3,878 being most or all of the vehicles being driven in the US. The recall is part of Volkswagen’s unionization efforts to address the issue.
Volkswagen workers
Volkswagen workers in Tennessee have voted to unionize with the United Auto Workers (UAW), marking the first win in organizing a non-American automaker, after unsuccessful attempts in 2014 and 2019.
BlackRock increased its spending
BlackRock increased its spending to secure CEO Larry Fink in 2023, increasing the total to $563,513 and paying his bodyguards $216,837, despite facing backlash from fringe groups and conservative pundits.
Nike layoff
Nike plans to permanently reduce its workforce at its Oregon headquarters, laying off around 740 employees, as revenue is expected to dip in FY25. The reduction will begin on June 28. The total employee count as of May 2023 was 83,700.
UBS cost cutting
Swiss bank UBS will begin a cost-cutting program following its takeover of Credit Suisse, affecting one in 12 employees and aiming to cut costs by $10 billion, with experts estimating 25-30% of Credit Suisse employees will be redeployed.
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