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☆ Deaths haunt Corporate America via labor strikes
▼ + stars: | 2023-09-15 | by ( Ben Winck | ) www.reuters.com time to read: +5 min

United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. Manufacturing plants in Wentzville, Missouri, Wayne, Michigan and Toledo, Ohio will be empty as Ford Motor (F.N), General Motors (GM.N), and Stellantis (STLAM.MI) try to reach an agreement with the United Auto Workers collective bargaining committee. Deaths among the demographic that make up the workforce in the transportation sector are partly putting pressure on the problem. Follow @BenWinck on XCONTEXT NEWSThe United Auto Workers union started simultaneous strikes at Ford, General Motors and Stellantis on Sept. 15 after last-minute labor negotiations failed to result in a deal. Pilots organized with the Air Line Pilots Association rejected a tentative labor deal with Fedex on July 24.

Persons: Shawn Fain, Rebecca Cook, they’re, Alan Krueger, walkouts, it’s, “, Darren Hawkins, Sean O’Brien, Lauren Silva Laughlin, Sharon Lam Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Rights, Reuters, Ford, General Motors, Bureau of Labor Statistics, White, Richmond Federal Reserve, Reuters Graphics Reuters, United Airlines, Sensible, Pilots, Air Line Pilots Association, Fedex, Delta Air Lines, International Brotherhood of Teamsters, of Labor Statistics, Thomson Locations: Wayne , Michigan, U.S, Wentzville , Missouri, Toledo , Ohio

☆ Union fights grow US workers’ slice of profit pie
▼ + stars: | 2023-08-18 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Strong demand for workers has given organized workers a stronger hand at the bargaining table. The United Steel Workers union has asserted itself aggressively in a bidding battle for U.S. Steel (X.N). Corporate profit is 30% above its pre-crisis high, at $2.7 trillion, according to the U.S. Bureau of Economic Analysis. With organized workers showing clout, they’ll be able to pull some more profit their way. Trucking company Yellow filed for Chapter 11 bankruptcy protection on Aug. 7 after halting operations the week prior.

Persons: Darren Hawkins, they’ll, . Steel, “, Carole Tome, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Workers, Economic, United Parcel Service, United Steel Workers, U.S . Steel, UPS, Teamsters, U.S . Bureau, Reuters Graphics Reuters, ., Trucking, International Brotherhood of Teamsters, Thomson Locations: Cleveland, U.S

New York/Hong Kong CNN —Yellow Corp., a US trucking company that was once dominant in its field, has filed for bankruptcy as it winds down the 99-year-old business. The Nashville-based logistics provider announced Sunday it had filed for Chapter 11 relief in the US Bankruptcy Court for the district of Delaware. “It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a statement. “Today, it is not common for someone to work at one company for 20, 30, or even 40 years, yet many at Yellow did. The filing comes more than a week after the trucking company halted operations, putting 30,000 people out of work.

Persons: Darren Hawkins, ” Organizations: Hong Kong CNN — Yellow Corp, Court, Teamsters Locations: New York, Hong Kong, Nashville, Delaware, “

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

☆ Trucking giant Yellow declares bankruptcy after nearly 100 years in business
▼ + stars: | 2023-08-07 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Trucking giant Yellow declared bankruptcy and will shut down. The company received a $700 million loan from the federal government in 2020. Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide. The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. The Teamsters supported the $700 million loan when it was first announced.

Persons: Darren Hawkins, Sean O'Brien, Yellow, Trump, Bruce Chan Organizations: Teamsters, Morning, Yellow Corp, New England Motor, Former, FedEx, ABF, YRC, Inc, Street, Central States Health, Welfare Fund, U.S, Bankruptcy, Treasury Department, Treasury, Defense Locations: U.S, Nashville , Tennessee, Delaware

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