SPRINGDALE, Ark. – Tyson Foods said Monday it plans to spend about $50 million on year-end bonuses for more than 80,000 hourly workers at its meatpacking plants, which will give them between $300 and $700 apiece.
Tyson estimated it has spent more $500 million on wage increases and other bonuses for the employees who kept its plants running throughout the pandemic.
Even with the higher wages and bonuses, Tyson said last month that it earned $3.06 billion during its fiscal year, up from $2.07 billion in 2020, as demand for its products remained strong and prices increased.
Subpoena leads to drop in EV firm shares
Shares in the electric vehicle startup Lucid Group tumbled Monday after the company said it had been subpoenaed by government regulators, apparently about the process by which it became a publicly traded company last summer.
Lucid shares skidded 18% at the opening bell and closed down 5% at $44.86. Before the steep selloff, Lucid had a market capitalization of nearly $78 billion, in the same neighborhood of Detroit stalwarts General Motors and Ford.
In a filing with the Securities and Exchange Commission, the California company said an investigation by the SEC “appears to concern the business combination between the company and Atieva Inc. and certain projections and statements.”
Vanguard to launch China mutual fund
Vanguard plans to launch an actively managed single-country China mutual fund in 2022.
Vanguard in November filed an initial registration statement with the U.S. Securities and Exchange Commission to launch Vanguard China Select Stock Fund in the first quarter of 2022.