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- Tuesday, October 1
Tuesday, October 1
What you missed today
Good evening!
Big day for unions and people who want to unionize.
Here are the 7 things you missed today:
1. 🪧 50k Port Workers Are Striking Across U.S. East Coast
No one wants to say, ‘I told you so,’ but… nearly 50,000 members of the International Longshoremen’s Association (ILA) went on strike today against the nation’s East and Gulf Coast ports. The strike will stop the flow of many goods through cargo ports from Maine to Texas, leaving retailers and experts concerned about possible shortages soon.
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3. 📈 Middle East Escalation Caused Crude Oil Price & Volatility Index Rise
Tensions are growing in the Middle East, as Iran launched a missile attack today against Israel. As a result, U.S. crude oil prices rose more than 2% with Iran’s oil infrastructure – currently producing a five-year high of over 3 million barrels per day – at risk. The Cboe Volatility Index (VIX) also spiked above 19 today, its highest level since September 11.
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5. 😔 CVS Health Laid Off 2,900 Workers
In an effort to deliver $2 billion in cost savings, CVS Health announced plans today to cut about 2,900 jobs. The layoffs represent less than 1% of its workforce and are primarily corporate roles – not front-line jobs. CVS already laid off around 5,000 employees last year.
6. ☕️ 500 Starbucks Locations Voted To Unionize
Anyone order a medium iced worker’s union with milk and sugar? Bellingham, Washington, apparently. Baristas at the location became the 500th store to join the Starbucks Workers United union on Monday. The movement, which began in 2021 when the first location voted to unionize, now consists of more than 11,000 baristas. The union and Starbucks have been at the bargaining table since April.
7. 🌮 PepsiCo Is Buying Siete Foods For $1.2Bn
PepsiCo is getting its first food acquisition in roughly five years. The company announced it’s buying Mexican American food company Siete Foods for $1.2 billion in a deal expected to close in the first half of 2025. Siete is a more health-conscious known for its gluten-free chips with a presence in retailers like Whole Foods, Kroger, & CVS.
Bonus. CEO Tip Of The Day
Need a new podcast for your morning run or evening commute? Here are 6 podcasts with strategic insights to help you keep up with all the things that could affect your business.
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