How To Squeeze Yields Up To 6.9% From Blue-Chip Stocks

Closeup of blue poker chip on red felt card table surface with spot light on chip

Preferred stocks are the little-known answer to the dividend question: How do I juice meaningful 5% to 6% yields from my favorite blue-chip stocks? “Common” blue chips stocks usually don’t pay 5% to 6%. Heck, the S&P 500’s current yield, at just 1.3%, is its lowest in decades.

But we can consider the exact same 505 companies in the popular index—names like JPMorgan Chase (JPM), Broadcom (AVGO) and NextEra Energy (NEE)—and find yields from 4.2% to 6.9%. If we’re talking about a million dollar retirement portfolio, this is the difference between $13,000 in annual dividend income and $42,000. Or, better yet, $69,000 per year with my top recommendation.

Most investors don’t know about this easy-to-find “dividend loophole” because most only buy “common” stock. Type AVGO into your brokerage account, and the quote that your machine spits back will be the common variety.

But many companies have another class of shares. This “preferred payout tier” delivers dividends that are far more generous.

Companies sometimes issue preferred stock rather than issuing bonds to raise cash. And these preferred dividends have a few benefits:

  • They receive priority over dividends paid on common shares.
  • Sometimes, preferred dividends are “cumulative”—if any dividends are missed, those dividends still have to be paid out before dividends can be paid to any other shareholders.
  • They’re typically far juicier than the modest dividends paid out on common stock. A company whose commons yield 1% or 2% might still distribute 5% to 7% to preferred shareholders.

But it’s not all gravy.

You’ll sometimes hear investors call preferreds “hybrid” securities. That’s because they act like a part-stock, part-bond holding. The way they resemble bonds is how they trade around a par value over time, so while preferreds can deliver price upside, they don’t tend to deliver much.

No, the point of preferreds is income and safety.

Now, we could go out and buy individual preferreds, but there’s precious little research out there allowing us to make a truly informed decision about any one company’s preferreds. Instead, we’re usually going to be better off buying preferred funds.

But which preferred funds make the cut? Let’s look at some of the most popular options, delivering anywhere between 4.2% to 6.9% at the moment.

Wall Street’s Two Largest Preferred ETFs

I want to start with the iShares Preferred and Income Securities (PFF, 4.2% yield) and Invesco Preferred ETF (PGX, 4.5%). These are the two largest preferred-stock ETFs on the market, collectively accounting for some $27 billion in funds under management.

On the surface, they’re pretty similar in nature. Both invest in a few hundred preferred stocks. Both have a majority of their holdings in the financial sector (PFF 60%, PGX 67%). Both offer affordable fees given their specialty (PFF 0.46%, PGX 0.52%).

There are a few notable differences, however. PGX has a better credit profile, with 54% of its preferreds in BBB-rated (investment-grade debt) and another 38% in BB, the highest level of “junk.” PFF has just 48% in BBB-graded preferreds and 22% in BBs; nearly a quarter of its portfolio isn’t rated.

Also, the Invesco fund spreads around its non-financial allocation to more sectors: utilities, real estate, communication services, consumer discretionary, energy, industrials and materials. Meanwhile, iShares’ PFF only boasts industrial and utility preferreds in addition to its massive financial-sector base.

PGX might have the edge on PFF, but both funds are limited by their plain-vanilla, indexed nature. That’s why, when it comes to preferreds, I typically look to closed-end funds.

Closed-End Preferred Funds

CEFs offer a few perks that allow us to make the most out of this asset class.

For one, most preferred ETFs are indexed, but all preferred CEFs are actively managed. That’s a big advantage in preferred stocks, where skilled pickers can take advantage of deep values and quick changes in the preferred markets, while index funds must simply wait until their next rebalancing to jump in.

Closed-end funds also allow for the use of debt to amplify their investments, both in yield and performance. Should the manager want, CEFs can also use options or other tools to further juice returns.

And they often pay out their fatter dividends every month!

Take John Hancock Preferred Income Fund II (HPF, 6.9% yield), for example. It’s a tighter portfolio than PFF or PGX, at just under 120 holdings from the likes of CenterPoint Energy (CNP), U.S. Cellular (USM) and Wells Fargo (WFC).

Manager discretion means a lot here. That is, HPF doesn’t just invest in preferreds, which are 70% of assets. It also has 22% invested in corporate bonds, another 4% or so in common stock, and trace holdings of foreign stock, U.S. government agency debt and cash. And it has a whopping 32% debt leverage ratio that really helps prop up the yield and provide better returns (though at the cost of a bumpier ride).

You have a similar situation with Flaherty & Crumrine Preferred and Income Securities Fund (FFC, 6.7%).

Here, you’re wading deep into the financial sector at nearly 80% exposure, with decent-sized holdings in utilities (7%) and energy (7%). Credit quality is roughly in between PFF and PGX, with 44% BBB, 37% BB and 19% unrated.

Nonetheless, smart management selection (and a healthy 31% in debt leverage) has led to far better, albeit noisier, returns than its indexed competitors. The Cohen & Steers Select Preferred and Income Fund (PSF, 6.0%) is about as pure a play as you could want in preferreds.

And it’s also a pure performer.

PSF is 100% invested in preferred stock (well, more like 128% if you count debt leverage), and actually breaks out its preferreds into institutionals that trade over-the-counter (83%), retail preferreds that trade on an exchange (16%) and floating-rate preferreds that trade OTC or on exchanges (1%).

Like any other preferred fund, you’re heavily invested in the financial sector at nearly 73%. But you do get geographic diversification, as only a little more than half of PSF’s assets are invested in the U.S. Other well-represented countries include the U.K. (13%), Canada (7%) and France (6%).

What’s not to love?

Brett Owens is chief investment strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: Your Early Retirement Portfolio: 7% Dividends Every Month Forever.

I graduated from Cornell University and soon thereafter left Corporate America permanently at age 26 to co-found two successful SaaS (Software as a Service) companies. Today they serve more than 26,000 business users combined. I took my software profits and started investing in dividend-paying stocks. Today, it’s almost impossible to find good stocks that pay a quality yield. So I employ a contrarian approach to locate high payouts that are available thanks to some sort of broader misjudgment. Renowned billionaire investor Howard Marks called this “second-level thinking.” It’s looking past the consensus belief about an investment to map out a range of probabilities to locate value. It is possible to find secure yields of 6% or more in today’s market – it just requires a second-level mindset.

Source: How To Squeeze Yields Up To 6.9% From Blue-Chip Stocks

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Critics:

A blue chip is stock in a stock corporation (contrasted with non-stock one) with a national reputation for quality, reliability, and the ability to operate profitably in good and bad times. As befits the sometimes high-risk nature of stock picking, the term “blue chip” derives from poker. The simplest sets of poker chips include white, red, and blue chips, with tradition dictating that the blues are highest in value. If a white chip is worth $1, a red is usually worth $5, and a blue $25.

In 19th-century United States, there was enough of a tradition of using blue chips for higher values that “blue chip” in noun and adjective senses signaling high-value chips and high-value property are attested since 1873 and 1894, respectively. This established connotation was first extended to the sense of a blue-chip stock in the 1920s. According to Dow Jones company folklore, this sense extension was coined by Oliver Gingold (an early employee of the company that would become Dow Jones) sometime in the 1920s, when Gingold was standing by the stock ticker at the brokerage firm that later became Merrill Lynch.

Noticing several trades at $200 or $250 a share or more, he said to Lucien Hooper of stock brokerage W.E. Hutton & Co. that he intended to return to the office to “write about these blue-chip stocks”. It has been in use ever since, originally in reference to high-priced stocks, more commonly used today to refer to high-quality stocks.

References:

Ethereum Co-Founder Anthony Di Iorio Says Safety Concern Has Him Quitting Crypto

Anthony Di Iorio, a co-founder of the Ethereum network, says he’s done with the cryptocurrency world, partially because of personal safety concerns.

Di Iorio, 48, has had a security team since 2017, with someone traveling with or meeting him wherever he goes. In coming weeks, he plans to sell Decentral Inc., and refocus on philanthropy and other ventures not related to crypto. The Canadian expects to sever ties in time with other startups he is involved with, and doesn’t plan on funding any more blockchain projects.

“It’s got a risk profile that I am not too enthused about,” said Di Iorio, who declined to disclose his cryptocurrency holdings or net worth. “I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.”

Back in 2013, Di Iorio co-founded Ethereum, which has become the home of many of the hottest crypto projects, particularly in decentralized finance — which lets people borrow, lend and trade with each other without intermediaries like banks. Ether, the native token of the network, has a market value of about $225 billion.

He made a splash in 2018 when buying the largest and one of the most expensive condos in Canada, paying for it partly with digital money. Di Iorio purchased the three-story penthouse for C$28 million ($22 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district.

In recent years, Di Iorio jumped into venture-capital investing and startup advising. He was also for a time chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth was as high as $1 billion. Ether’s price has more than doubled since then.

Decentral is a Toronto-based innovation hub and software development company focused on decentralized technologies, and the maker of Jaxx, a digital asset wallet that garnered about 1 million customers this year.

Di Iorio said he has talked with a couple of potential investors, and believes the startup will be valued at “hundreds of millions.” He expects to sell the company for fiat, or equity in another company — not crypto.

“I want to diversify to not being a crypto guy, but being a guy tackling complex problems,” Di Iorio said. He is involved in Project Arrow, run by a high-school friend that’s building a zero-emission vehicle. He is also consulting a senator from Paraguay.

“I will incorporate crypto when needed, but a lot of times, it’s not,” he said. “It’s really a small percentage of what the world needs.”

Source: Ethereum Co-Founder Anthony Di Iorio Says Safety Concern Has Him Quitting Crypto – Bloomberg

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Critics:

Anthony Di Iorio is a Canadian entrepreneur primarily known as a co-founder of Ethereum and an early investor in Bitcoin. Di Iorio is the founder and CEO of the blockchain company Decentral, and the associated Jaxx wallet. He also served as the first chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth at $750 million–$1 billion.

Di Iorio grew up with two older siblings in north Toronto, Ontario. He graduated with a degree in marketing from Ryerson University. Di Iorio began developing websites during the early 1990s, and eventually entered the rental housing market as an investor and landlord in Toronto, Ontario. In 2012 he sold his rental properties in order to invest in Bitcoin, and began to organize companies in the field of cryptocurrency.

He first learned about bitcoin from a podcast called Free Talk Live in 2012. According to The Globe and Mail, he “had an anti-authoritarian streak” and  questioned “the fundamentals of mainstream economics.” Di Iorio bought his first bitcoin the same day for $9.73. He created the Toronto Bitcoin Meetup Group which held its first meeting at a pub in the same year.

It was at this first meeting where he met Vitalik Buterin who went on to be the founder of Bitcoin Magazine and one of the original creators of Ethereum. As the Meetups grew from about eight attendees to hundreds, Di Iorio formed the Bitcoin Alliance of Canada.

References:

Why Your Return to the Office Requires Two Workplace Safety Policies

Operating amid the pandemic has entered a new phase of difficulty–particularly for employers of both vaccinated and unvaccinated workers. Shortly after the CDC updated its guidelines on May 13, noting that vaccinated individuals no longer needed to wear facemasks indoors, the Occupational Safety and Health Administration (OSHA), a federal agency that oversees workplace health and safety, updated its Covid-19 guidance.

On June 26, OSHA updated guidance in compliance with the CDC to help employers protect workers who are still not vaccinated, with a special emphasis on industries with prolonged close-contacts such as meat processing, manufacturing, seafood, and grocery and high-volume retail. The guidance includes protocols for social distancing, mask wearing, and other health procedures meant to keep both parties safe.

Considering that just 52 percent of the U.S. population is fully vaccinated against the coronavirus, chances are some of your employees have yet to get a jab. That means if you’re planning a return to the office, you’ll also need to create two separate workplace health policies.

These policies will be different from business to business, depending on the level of community spread in a given location and the level of contact employees have with the public. But acting is a must, says David Barron, labor and employment attorney at Cozen O’Connor. Failing to address a stratified workplace–or even just relying on the honor system–could lead to legal trouble, a loss of morale, turnover, and employees falling sick.

Founders like Dominique Kemps aren’t taking any chances. Her business, GlassExpertsFL, a commercial glass repair company, is located in Miami. Florida overall has been particularly hard hit by the Delta variant, a more contagious strain of the coronavirus. Daily, about 10 in 100,000 people are contracting the coronavirus by way of the Delta variant. As of July 2, only 46 percent of the population of Florida was fully vaccinated, according to the CDC.

Kemps has devised two separate physical workspaces: one for vaccinated employees and another for those who remain unvaccinated. Also for unvaccinated employees, meetings are held virtually, while vaccinated employees can wear a mask and attend if desired. Vaccinated employees can also eat lunch together, while Kemps has asked unvaccinated employees to eat in a designated area. “Frankly,” she says, “it hasn’t been easy.”

Here’s how to ease the transition:

1. Request vaccination information.

Before you make any decisions regarding which policies to enact, first ask and keep track of who is vaccinated and who isn’t, says Dr. Shantanu Nundy, chief medical officer at Accolade, a benefit provider for health care workers. An employer can request a copy of an employee’s vaccination card or other proof, which should help you determine how much of your workforce falls under one policy or another.

If you opt to review vaccination information, note that anything you collect must be considered confidential information that has to be kept private in files that are separate from personnel files. A failure to do so may result in anti-discrimination violations under the Americans With Disabilities Act and the Genetic Information Nondiscrimination Act, two laws that protect workers from health status discrimination.

2. Overcommunicate any policy changes.

It’s also crucial to communicate any change in policy openly. Robert Johnson, founder of Sawinery, a Windsor, Connecticut-based creator of woodworking projects, divided workers into two shifts, the first for vaccinated individuals, and another for unvaccinated workers. He’s made it clear to his staff that he’s waiting until everyone is vaccinated before returning to the original schedule.

“The structure won’t compromise anyone’s safety and everyone can work without any worries in mind,” says Johnson.

3. Stay flexible.

If anything has been true about the pandemic, it’s that things can change rapidly. As such, Nundy recommends clarifying that policies are flexible and may be subject to change. Some unvaccinated folks may want to leave if they feel they’re being treated differently, such as not being allowed into the office. Some smart wording can easily allay these concerns, he says. Instead of telling unvaccinated employees that they’re not welcome in the office again, make it clear that the policies are temporary–if that’s the case, of course–and that you’re open to feedback, adds Nundy.

The occupational safety and health policy defines the goals for the occupational health and safety work in the workplace and for activities that promote the working capacity of the staff. The policy also describes occupational health and safety responsibilities and the way of organizing the cooperation measures. The preparation of the occupational safety and health policy is based on the Occupational Safety and Health Act. The policy is employer-specific and applies to all employers.

By: Brit Morse, Assistant editor, Inc.@britnmorse

Source: Why Your Return to the Office Requires Two Workplace Safety Policies | Inc.com

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Critics:

Workplace wellness is any workplace health promotion activity or organizational policy designed to support healthy behavior in the workplace and to improve health outcomes. Known as ‘corporate wellbeing’ outside the US, workplace wellness often comprises activities such as health education, medical screenings, weight management programs, on-site fitness programs or facilities.

Workplace wellness programs can be categorized as primary, secondary, or tertiary prevention efforts, or an employer can implement programs that have elements of multiple types of prevention. Primary prevention programs usually target a fairly healthy employee population, and encourage them to more frequently engage in health behaviors that will encourage ongoing good health (such as stress management, exercise and healthy eating).

Secondary prevention programs are targeted at reducing behavior that is considered a risk factor for poor health (such as smoking cessation programs and screenings for high blood pressure). Tertiary health programs address existing health problems (for example, by encouraging employees to better adhere to specific medication or self-managed care guidelines).

References:

AstraZeneca Battles Supply Chain Issues, Denies Claims Its Covid-19 Vaccine Is Largely Ineffective In Seniors

Pharma giant AstraZeneca could face strict new export rules from the European Union that could restrict supply of its Covid-19 vaccine outside the bloc, as officials pressure the company to explain production shortfalls, while the company denies claims in German media that its vaccine is mostly ineffective in seniors.

Key Facts

Citing government sources, two German papers reported Monday that the efficacy of the vaccine AstraZeneca developed with the University of Oxford was “less than 10%” and 8% in those over 65.  

AstraZeneca said the claims are “completely incorrect” and go against published data from its clinical trials which showed a significant response in over-65s..

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Oxford University , which developed the vaccine with AstraZeneca, told the Financial Times there is “no basis for the claims of very low efficacy.”

The German health ministry also rejected the reports Tuesday, suggesting that the newspapers had got confused with the statistics. 

The confusion comes as tensions between AstraZeneca and the European Union soar to new levels, with the bloc furious at the company’s apparent inability or refusal to explain why it cannot honor its agreements and threatening to introduce new export rules for vaccines leaving the Union. 

Forbes has contacted  AstraZeneca to find out whether its supply chain issues and export rules could threaten vaccine supply to other parts of the world.

Key Background

On Friday, AstraZeneca informed Brussels that production issues meant it would be unable to honor its contractual commitments to provide doses to the EU. The vaccine is expected to be approved shortly and the delays mark another setback for the bloc’s vaccination efforts, which are already being hampered by a temporary reduction in deliveries from Pfizer while it makes changes to its production site.  

Chief Critic 

The EU stopped short of directly accusing AstraZeneca of reneging on its contracts in order to sell doses elsewhere, but said: “The European Union wants to know exactly which doses have been produced by AstraZeneca and where exactly so far and if or to whom they have been delivered,” Stella Kyriakides, the European Commissioner for Health and Food Safety, said in a statement.

Later, Kyriakides tweeted that discussions with the pharma giant “resulted in dissatisfaction” and there was a “lack of clarity and insufficient explanations.

What To Watch For

The EU may follow through on its threat to implement new vaccine export rules. This would require companies to seek permission before exporting internationally.   

Big Number 

31 million. This is how many doses the bloc is now expecting before the end of March, an EU official told Reuters. That amounts to a 60% cut.

Further Reading

Enraged at AstraZeneca over shortfall, EU calls for vaccine export controls (Politico)

AstraZeneca: German reports on low efficacy on over-65s ‘completely incorrect’ (DW)

Full coverage and live updates on the CoronavirusFollow me on Twitter. Send me a secure tip

Robert Hart

Robert Hart

I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter @theroberthart or email me at rhart@forbes.com

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CNBC Television

AstraZeneca has received more than $1 billion from the U.S. Health Department’s Biomedical Advanced Research and Development Authority (BARDA) to develop a coronavirus vaccine from the University of Oxford. Pascal Soriot, CEO of AstraZeneca, joins “Squawk Box” and CNBC’s Meg Tirrell to discuss the company’s efforts to develop a Covid-19 vaccine. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7​ » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision​ » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC​ » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic​ Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/​ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC​ Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC​ Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC​ Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

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Facebook Employees Revolt Over Zuckerberg’s Hands-Off Approach To Trump

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Facebook is facing an unusually public backlash from its employees over the company’s handling of President Trump’s inflammatory posts about protests in the police killing of George Floyd, a black man in Minneapolis.At least a dozen employees, some in senior positions, have openly condemned Facebook’s lack of action on the president’s posts and CEO Mark Zuckerberg’s defense of that decision. Some employees staged a virtual walkout Monday.

“Mark is wrong, and I will endeavor in the loudest possible way to change his mind,” tweeted Ryan Freitas, director of product design for Facebook’s news feed.”I work at Facebook and I am not proud of how we’re showing up,” tweeted Jason Toff, director of product management. “The majority of coworkers I’ve spoken to feel the same way. We are making our voice heard.”

The social network also is under intense pressure from civil rights groups, Democrats and the public over its decision to leave up posts from the president that critics say violate Facebook’s rules against inciting violence. These included a post last week about the protests in which the president said, “when the looting starts, the shooting starts.

Twitter, in contrast, put a warning label on a tweet in which the president said the same thing, saying it violated rules against glorifying violence.The move escalated a feud with the president that started when the company put fact-checking labels on two of his tweets earlier in the week. Trump retaliated by signing an executive order that attempts to strip online platforms of long-held legal protections.

Zuckerberg has long said he believes the company should not police what politicians say on its platform, arguing that political speech is already highly scrutinized. In a post Friday, the Facebook CEO said he had “been struggling with how to respond” to Trump’s posts.

“Personally, I have a visceral negative reaction to this kind of divisive and inflammatory rhetoric,” he wrote. “I know many people are upset that we’ve left the President’s posts up, but our position is that we should enable as much expression as possible unless it will cause imminent risk of specific harms or dangers spelled out in clear policies.”

Zuckerberg said Facebook had examined the post and decided to leave it up because “we think people need to know if the government is planning to deploy force.” He added that the company had been in touch with the White House to explain its policies. Zuckerberg spoke with Trump by phone Friday, according to a report published by Axios.

On Monday evening, Zuckerberg and Sheryl Sandberg, Facebook’s chief operating officer, held a Zoom video call with leaders of three civil rights groups that have criticized the company’s response to Trump’s posts.

Vanita Gupta of The Leadership Conference on Civil and Human Rights, Sherrilyn Ifill of the NAACP Legal Defense and Educational Fund and Rashad Robinson of Color of Change said in a joint statement they were “disappointed” by Zuckerberg’s “incomprehensible explanations” for allowing Trump’s post about the protests as well as earlier false claims about mail-in ballots.

“He did not demonstrate understanding of historic or modern-day voter suppression and he refuses to acknowledge how Facebook is facilitating Trump’s call for violence against protesters,” they said. “Mark is setting a very dangerous precedent for other voices who would say similar harmful things on Facebook.”

Andy Stone, a Facebook spokesman, said: “We’re grateful that leaders in the civil rights community took the time to share candid, honest feedback with Mark and Sheryl. It is an important moment to listen, and we look forward to continuing these conversations.”

While Facebook’s 48,000 employees often debate policies and actions within the company, it is unusual for staff to take that criticism public. But the decision not to remove Trump’s posts has caused significant distress within the company, which is spilling over into public view.

“Censoring information that might help people see the complete picture *is* wrong. But giving a platform to incite violence and spread disinformation is unacceptable, regardless who you are or if it’s newsworthy,” tweeted Andrew Crow, head of design for the company’s Portal devices. “I disagree with Mark’s position and will work to make change happen.”

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Several employees said on Twitter they were joining Monday’s walkout.”Facebook’s recent decision to not act on posts that incite violence ignores other options to keep our community safe,” tweeted Sara Zhang, a product designer.

In a statement, Facebook spokesman Joe Osborne said: “We recognize the pain many of our people are feeling right now, especially our Black community. We encourage employees to speak openly when they disagree with leadership. As we face additional difficult decisions around content ahead, we’ll continue seeking their honest feedback.”

Less than 4% of Facebook’s U.S.-based staff are black, according to the company’s most recent diversity report.Facebook will not make employees participating in the walkout use paid time off, and it will not discipline those who participate.

On Sunday, Zuckerberg said the company would commit $10 million to groups working on racial justice. “I know Facebook needs to do more to support equality and safety for the Black community through our platforms,” he wrote.

Shannon Bond

By Shannon Bond

Source: https://www.npr.org

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Tesla Gigafactory In Nevada Plagued By Worker Injuries: Report

Topline: While states often compete to attract thousands of new tech jobs, a USA Today investigation uncovered a host of issues—from workplace injuries to housing shortages—at Tesla’s Nevada Gigafactory in recent years, showing the darker side of big corporate factories.

  • According to the investigation by USA Today, workers at the Tesla Gigafactory outside Reno, Nevada, have been struggling with workplace safety issues for the last few years, with some incidents not even getting reported as required by law.
  • The Occupational Safety and Health Administration (OSHA) had to send inspectors onsite more than 90 times in three years, whereas other factories in the area on average only had to see an inspector once during that same period, the report found.
  • Injuries occurred routinely, at least three times a month, with some—including amputations, one of which USA Today describes in grisly detail—never even getting recorded by Tesla.
  • Emergency responders have been hard-pressed to answer regular calls from the factory in recent years: In 2018, for instance, there was an average of more than one 911 call per day coming from the factory, spanning everything from workplace injuries to medical concerns, according to USA Today’s report.
  • The arrival of 7,000 new workers when the plant opened has also exacerbated an already critical housing shortage and homelessness issue in the Reno area: Gigafactory employees found it hard to find an affordable place to live, with several resorting to living in tents or cars, the investigation found.
  • Traffic has also increased exponentially in the surrounding area, with roads leading to the massive factory—which is only 30% complete—getting routinely congested.

Key background: In 2014, Nevada beat out other states competing to be the new home for Tesla’s ambitious battery factory project, which the company promised would become one of the world’s biggest factories. State officials rushed through a $1.3 billion tax abatement package—the largest in Nevada’s history—to incentivize Tesla to move there. But when complications emerged from the influx of new workers, state and local governments were ill-prepared and had little financial resources to address them.

Today In: Money

Further reading: This isn’t the first time safety issues have been reported at a Tesla factory. A Forbes investigation earlier this year found that Tesla’s factory in Fremont, California, had racked up more fines and workplace safety violations than any other car factories.

Tangent: Tesla CEO Elon Musk announced on Tuesday that the company plans to build its fourth Gigafactory in Berlin, Germany.

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I am a New York—based reporter for Forbes, covering breaking news—with a focus on financial topics. Previously, I’ve reported at Money Magazine, The Villager NYC, and The East Hampton Star. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.com

Source: Tesla Gigafactory In Nevada Plagued By Worker Injuries: Report

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Union organizers say hundreds of construction workers walked off the job at the Tesla Motors manufacturing plant east of Reno to protest the increased hiring of out-of-state workers for less pay.
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