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17th October 2022
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THE HOT STORY
Ban leaves U.S. executives in limbo at Chinese chip manufacturers
Workers from the U.S. hold key roles China’s domestic chip industry, helping manufacturers develop new chips to catch up with foreign rivals. However, due to new U.S. export control regulations that forbid citizens of the United States from aiding China's sophisticated semiconductor research, those workers are in limbo. An examination of company filings and official websites by the Wall Street Journal has found that at least 43 senior executives working with 16 publicly listed Chinese semiconductor companies are American citizens and many of them hold C-suite titles, from chief executive to vice president and chairman. The company filings show that almost all of the executives moved to China’s chip industry after spending years working in Silicon Valley for U.S. chip makers or semiconductor equipment firms. This month, the Commerce Department imposed export controls over an array of chips and chip-making technology. It also sought to restrict the use of American know-how by barring U.S. persons from supporting China’s advanced chip development or production without a license. Several companies, including Beijing-based Naura Technology and Dutch equipment maker ASML Holding NV, have suspended their American employees from continuing work that could now be restricted while they seek clarity on the rules, the companies have said. Dane Chamorro, head of global risk and intelligence at Control Risks, said that restricting  Chinese companies’ access to U.S. talent delivers a direct blow to the heart of China’s attempt to move up the technology chain. “The technology is nothing without the people there to make it work,” he said.
COST OF CARE
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WORKFORCE
Ex-Starbucks manager claims he was told to punish pro-union employees
Bloomberg reports that a former Starbucks store manager in New York claims he was ordered to single out and discipline pro-union employees for unrelated reasons. David Almond testified under oath to a National Labor Relations Board judge in August that Starbucks higher-ups listed names of employees the company had determined supported the union, and told him to punish them. The transcript of Almond’s testimony was obtained by Bloomberg through a Freedom of Information Act request. Mr. Almond said the list was read to him by a manager the coffee chain had deployed to his store, as a rundown of employees there with pro-union sentiments. Other managers later ran through the same list with Almond and suggested ways to penalize the employees in ways that were not related to the union, he said. Starbucks has been accused by U.S. labor  board prosecutors of illegally trying to stifle the union campaign sweeping through its stores - around 250 of its 9,000 corporate-run US stores have voted to unionize as of last week, the NLRB said. Starbucks Workers United has filed labor board claims accusing the company of illegally terminating more than 80 of its supporters.
Apple workers vote to unionize second U.S. store
Apple workers have voted to form a union at a store in Oklahoma City, making it the Cupertino firm's second U.S. outlet to organise. Employees at the Apple Penn Square store voted 56 to 32 in support of joining the Communications Workers of America Union (CWA), securing the needed majority, according to the National Labor Relations Board (NLRB). The workers, who call themselves the Penn Square Labor Alliance, sought to join the CWA to address concerns including fair compensation, career development and COVID-19 health and safety concerns. "Now that we’ve won the election, it is our hope that management will come to the table so that we may collectively work towards building a company that prioritizes workers over profit, and encourages employees to thrive", Charity Lassiter, technical expert and member of Apple Retail Union/CWA, said in a statement.
Lowe’s staff in New Orleans petition to unionize store
A Lowe's Cos. shop in New Orleans has received a petition from staff members seeking unionisation, continuing an extraordinary wave of organising in the U.S. retail industry. According to the agency's docket, a labour organisation by the name of Lowe's Workers United submitted a petition to the National Labor Relations Board on Wednesday asking for permission to organise a team of about 172 employees. Lowe’s Workers United is an independent group run by employees, rather than an affiliate of an existing US union.
CORPORATE GOVERNANCE
Exxon hopes new hire can build climate-friendly business
Exxon has made an external hire that it hopes can drive its efforts to build a climate-friendly business unit. The oil firm has appointed Dan Ammann, a former investment banker and longtime GM executive, to lead its fledgling low-carbon business. Mr. Ammann is tasked with leading a new carbon-cutting business aimed at tackling climate change. The Wall Street Journal says that the appointment is an unusual choice for the company, known for a conservative culture that prizes hiring employees out of school and typically promoting senior leadership from within its own ranks. Mr. Ammann had never worked for an oil company before joining Exxon this summer. It is understood he was once a a contender to become GM’s CEO and later clashed with current CEO Mary Barra. At Exxon, Mr. Ammann says he will attempt to run the new unit like a startup within a storied oil-and-gas company that possesses vast resources and engineering prowess. “In many ways, we’re starting with a blank sheet of paper,” Mr. Ammann said, “but with this incredible set of capabilities.”
Beyond Meat parts company with COO
Beyond Meat has said its Chief Operating Officer Doug Ramsey is no longer with the company, after he had been suspended after being arrested for allegedly biting a man’s nose and threatening to kill him. The plant-based meat company suspended the executive last month after his arrest following what authorities said was a fight in an Arkansas parking garage. Mr Ramsey’s departure comes as Beyond Meat cut its full-year revenue outlook further and said it was reducing its global workforce by nearly 20% as it focuses on lowering expenses amid high levels of inflation. 
Goldman Sachs plans overhaul to merge key units
With its investment banking and trading businesses being combined into a single company, Goldman Sachs is contemplating a massive restructure to divide its biggest businesses into three divisions. The move comes as the Wall Street titan has sought to cut its reliance on volatile trading and investment banking revenues by boosting its fee-based businesses. The combined investment banking and trading group will be overseen by Dan Dees and Jim Esposito, who are currently global co-heads of Goldman's investment banking, and Ashok Varadhan, now co-head of its global markets division, according to Bloomberg.
REMUNERATION
Cincinnati grants city's professional workers three years of raises
Earlier this month, Cincinnati City Council gave the city's professional workers three years of raises, all larger than the city wanted to pay. The decision came in a 6-2 vote, with council members Jeff Cramerding and Victoria Parks voting against. Councilman Mark Jeffreys was absent. Both opponents argued that the raises were excessive. A 5% raise will be given to the 915 professional, administrative, and mid-level managers of the city retroactive to March 20, 2022, followed by a 4% boost on March 19, 2023, and a 3% hike on March 17, 2024. The city had offered 3% for each of the years. The two sides took the issue to court mediation, prompting a court-appointed fact-finder to side with the union. The fact-finder sided with the union, saying the union's requested pay raise was in line with other local union pay raises and the city had the money to pay the raises. The cost difference between what the union asked for and what the city wanted to give was $2.3m, according to the report.
INTERNATIONAL
UK bankers’ bonuses double since 2008
Bankers’ bonuses in the UK have doubled since the 2008 financial crash, according to research by the TUC. The federation of trade unions said bonuses in finance and the insurance sector have reached a record £20,000 a year on average. Average City bonuses increased by 101% in cash terms between 2008 and 2022. Frances O’Grady, general secretary of the TUC, said: “Everyone who works for a living deserves to earn a decent living, but ministers are holding down the pay of millions of key workers, while lining the pockets of City financiers.” With plans to scrap the bankers’ bonus cap announced last month, Ms O’Grady said: “There is simply no justification for lifting the cap on bankers’ bonuses – especially when nurses and teaching assistants are having to use food banks to get by.” There are 3,519 bankers working in the UK making more than €1m a year, according to the European Banking Authority (EBA). The EBA data shows that 27 UK bankers were paid more than €10m in 2019, while two UK-based asset managers received between €38m and €39m, and one merchant banker was paid €64.8m.
Strikes continue at TotalEnergies refineries
French refinery and fuel depot workers at five TotalEnergies-owned locations have extended their strike, union leaders said on Saturday. Four of France's seven refineries and one fuel depot were out of action after striking members of the hard-left CGT union rejected a pay offer from the hydrocarbon industry leader that other unions accepted. The CGT, which launched the industrial action three weeks ago, said on Saturday that workers at three TotalEnergies sites had decided to extend the stoppage. Employees at the two others, including France's largest refinery near the northwestern city of Le Havre, had already decided to stay out.
 


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