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UPS will become the primary air cargo provider for the United States Postal Service. The Atlanta shipping company said Monday that it had received an air cargo contract from the U.S. UPS will move the majority of air cargo in the U.S. for the postal service following a transition period, according to UPS. USPS’s current air cargo contract with FedEx Corp. is set to expire in late September. Last month the International Air Transport Association said that total demand for air cargo, which is measured in cargo ton-kilometers, climbed 18.4% in January compared with the prior-year period.

Persons: Brie Carere, Louis DeJoy Organizations: United States Postal Service, U.S . Postal Service, UPS, FedEx Corp, FedEx, USPS, FedEx Express, U.S . Mail, International Air Transport Association, United Parcel Service Inc Locations: Atlanta, U.S, Puerto Rico, airfreight

UPS slid before the opening bell after a mixed quarter and an outlook for this year that was weaker than expected. Last year union members at UPS voted to approve a tentative contract agreement, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. United Parcel Service Inc. anticipates 2024 revenue in a range of approximately $92 billion to $94.5 billion. UPS also posted fourth-quarter revenue of $24.92 billion, below analysts' estimates of $25.31 billion and a decline of 7.8% from the prior year. On an adjusted basis, quarterly earnings per share totaled $2.47, a penny above the average estimate, according to FactSet.

Organizations: UPS, United Parcel Service Inc

☆ UPS CEO says new labor deal with Teamsters to cost less than $30 bln - CNBC
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

UPS vehicles are seen at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies United Parcel Service Inc FollowSept 12 (Reuters) - United Parcel Service's (UPS.N) new five-year deal with Teamsters-represented workers will cost less than the $30 billion that was outlined by the union, Chief Executive Officer Carol Tome said in a CNBC interview on Monday. The contract, which covers about 340,000 UPS workers in the United States, would increase wage and benefit costs at a 3.3% compound annual growth rate over the life of the agreement, UPS Chief Financial Officer Brian Newman said earlier. Last month, the Atlanta-based company cut its full-year revenue and profitability targets, citing higher-than-expected labor costs as well as business lost during the tumultuous contract talks with Teamsters. Reporting by Priyamvada C and Baranjot Kaur in Bengaluru; Editing by Varun H K and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Carol Tome, Brian Newman, Newman, Priyamvada, Baranjot Kaur, Varun, Anil D'Silva Organizations: REUTERS, United Parcel Service, Teamsters, CNBC, UPS, Atlanta -, Thomson Locations: Brooklyn , New York City, U.S, United States, Atlanta, Bengaluru

☆ UPS estimates new contract with Teamsters to increase costs 3.3%
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] A United Parcel Service (UPS) vehicle reverses into a facility in Queens, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsCompanies United Parcel Service Inc FollowSept 11 (Reuters) - Parcel Service (UPS.N) said on Monday its new five-year contract covering some 340,000 Teamsters-represented workers in the United States would increase wage and benefit costs at a 3.3% compound annual growth rate over the life of the agreement. The new contract expires on July 31, 2028, and 46% of wage and benefit costs from that agreement will hit this year, UPS Chief Financial Officer Brian Newman said in a recorded message. Contract-related costs in the second half of 2023 are expected to be about $500 million more than UPS expected, Newman said. Reporting by Kannaki Deka in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Sriraj Kalluvila and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Brian Newman, Newman, Kannaki, Lisa Baertlein, Sriraj Kalluvila, Lisa Shumaker Organizations: United Parcel Service, REUTERS, Parcel Service, Teamsters, UPS, Thomson Locations: Queens , New York City, U.S, United States, Bengaluru, Los Angeles

☆ UPS, Teamsters accuse each other of walking away from contract talks
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

The United Parcel Service Inc. (UPS) logo is displayed on a truck parked in New York. The Teamsters Union said on Wednesday United Parcel Service "walked away" from negotiations over a new contract, a claim the shipping giant denied, lobbing its own accusation that the union had stopped negotiating. UPS workers have already authorized a strike should the talks break down. Such a labor action would be the first since 1997 for UPS workers, in a strike that lasted 15 days. The union had earlier in the day said UPS made an offer that was unanimously rejected and that the company had "walked away from the bargaining table."

Persons: Sean O'Brien, O'Brien Organizations: United Parcel Service Inc, Teamsters Union, Wednesday United Parcel Service, salvos, UPS, Teamsters, Labor Locations: New York

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

☆ UPS CFO Looks to Speed Up Some Cost Cuts as Shipping Volumes Fall
▼ + stars: | 2023-04-27 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

UPS said it expects U.S. average daily package volumes to fall around 3% this year. Photo: ANDREW KELLY/REUTERSUnited Parcel Service Inc. is working to speed up certain efforts to reduce costs as package volumes continue to drop and U.S. consumers pull back spending. The Atlanta-based delivery company over the past three years has been looking to reduce nonoperating costs, including by streamlining processes and making investments in technology. UPS in 2021 said it would reduce $1 billion in nonoperating costs but hasn’t said if that has been achieved.

☆ UPS Issues Downbeat Outlook for Shipping Volumes
▼ + stars: | 2023-04-26 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

UPS is forecasting its first decline in annual revenue since 2009. Photo: Fred Prouser/REUTERSUnited Parcel Service Inc. shares tumbled on Tuesday after the global shipping giant said decelerating U.S. retail sales and shifting consumer trends would depress the company’s shipping volumes this year. The carrier is forecasting its first decline in annual revenue since 2009 after earnings and revenue both fell in the first quarter from a year ago, declines UPS said were driven by sagging consumer spending that pushed fewer packages through its U.S. and international networks.

This helped push the Dow Jones Transport Average index (.DJT) down 3.6%, for its biggest one-day drop since September. The Nasdaq Composite (.IXIC) dropped 238.05 points, or 1.98%, to 11,799.16 in its biggest one-day percentage decline since March 9. The KBW Regional Banking index (.KRX) dropped 3.9% as First Republic (FRC.N) shares fell 49%, hitting a record low. General Motors Co (GM.N) shares fell 4% after it cautioned that 2022 price gains will not last as the year goes on, even as it lifted full-year profit and cash flow forecasts. On U.S. exchanges 10.78 billion shares traded compared with the 10.32 billion average for the last 20 sessions.

☆ Amazon, other retailers revamp 'free' shipping as costs soar
▼ + stars: | 2023-03-24 | by ( Lisa Baertlein | ) www.reuters.com time to read: +6 min

REUTERS/Alyssa PointerLOS ANGELES, March 24 (Reuters) - There is no such thing as free shipping. "The days of free delivery are numbered," Ken Morris, managing partner at Cambridge Retail Advisors, said of the fast-changing retail marketing tool. It is an open secret that most retailers raise product prices to subsidize free shipping. Postal Service hitting record levels, the industry where nearly three-quarters of e-commerce companies offer some sort of free shipping is rethinking the financial cost of habituating shoppers to free shipping. While retailers like Amazon and fashion purveyor Asos Plc (ASOS.L) have raised thresholds for fast shipping, others are dropping free shipping altogether or taking product prices up again.

☆ Exclusive: C.H. Robinson in advanced talks to name Barber as new CEO
▼ + stars: | 2023-03-09 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Barber, who spent nearly 35 years working at package delivery company UPS before retiring in early 2020, joined the C.H. Robinson board as a director late last year. A spokesperson for the company said there is "no update" on the search, noting "the CEO role at C.H. The Board is committed to conducting, and is underway on, an open and inclusive search to find our next CEO." Last year Reuters reported that Danish transport and logistics company DSV A/S (DSV.CO) was interested in buying C.H.

☆ USPS Contracted Trucks Frequently Violate Safety Rules. Crashes Killed 79 People Since 2020.
▼ + stars: | 2023-03-01 | by ( Christopher Weaver | ) www.wsj.com time to read: 1 min

For years, the U.S. Postal Service has faced competition from the likes of United Parcel Service Inc. and FedEx Corp. To fight them off, it hired outside trucking companies at cut-rate prices, required them to meet aggressive schedules and then looked the other way when they ran afoul of highway safety rules, a Wall Street Journal investigation found. The result has been deadly. Postal contractors have been involved in at least 68 fatal crashes that killed 79 people in the past three years, according to police crash and inspection records.

☆ TFI Stake in Trucker ArcBest Sparks Acquisition Speculation
▼ + stars: | 2023-02-22 | by ( Liz Young | Paul Berger | ) www.wsj.com time to read: +4 min

TFI in 2021 became one of the top carriers in the U.S. less-than-truckload sector when it bought United Parcel Service Inc.’s freight business for $800 million. TFI CEO and President Alain Bédard said on the Feb. 6 earnings call that TFI is looking for opportunities to work with ArcBest. TFI executives said they see ways to save money working together with ArcBest, analysts at Cowen wrote in a Feb. 14 note summarizing a meeting they had with TFI management. The Cowen analysts wrote TFI is well placed to take over ArcBest’s unionized workforce because it already works with the Teamsters union at TForce Freight. ArcBest shares are up about 14% since TFI disclosed its stake.

☆ Generative AI Helping Boost Productivity of Some Software Developers
▼ + stars: | 2023-02-21 | by ( Belle Lin | ) www.wsj.com time to read: +6 min

The technology, known as generative AI, has been pioneered by OpenAI, the lab behind the ChatGPT writing system and the Dall-E visual illustration generator. Copilot, as well as other tools from Amazon.com Inc., International Business Machines Corp. , and startups like Tabnine Inc. and Magic AI Inc., have quickly found a receptive audience among developers seeking a productivity boost. The AI model behind Copilot is trained on data from GitHub, which houses a popular open-source community where developers contribute and share code. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. And, with a tightening economy in mind, Hyland Software is holding back on spending for any new tools or technologies.

☆ UPS Prepares for Slowdown in Global Delivery Volumes
▼ + stars: | 2023-01-31 | by ( Esther Fung | Dean Seal | ) www.wsj.com time to read: 1 min

United Parcel Service Inc. is girding its business against a slowdown in global delivery volumes as it advised that annual revenue could decline for the first time in years. The Atlanta-based delivery company said Tuesday that it expects revenue of between $97 billion and $99.4 billion in 2023, down from $100.3 billion last year.

☆ UPS Earnings Show Drop in Holiday Sales on Fewer Shipments
▼ + stars: | 2023-01-31 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

United Parcel Service Inc. posted a decline in fourth-quarter revenue after delivering fewer items during the holidays and projected that its top line will fall in the current year amid a slowdown in global trade. The Atlanta-based delivery company said Tuesday that it expects revenue of between $97 billion and $99.4 billion in 2023, down from $100.3 billion last year. UPS last posted an annual sales decline in 2015, according to FactSet.

☆ UPS beats profit view on high-margin deliveries, boosts shareholder returns
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A United Parcel Service (UPS) vehicle reverses into a facility in Queens, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File PhotoJan 31 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday beat expectations for quarterly adjusted profit, as it prioritized shipments of high-margin parcels and kept a tight lid on costs amid a softening e-commerce environment. UPS reported an adjusted profit of $3.62 per share for the fourth quarter ended Dec. 31, above Wall Street's expectations of $3.59 per share. UPS forecast 2023 full-year revenue between $97.0 billion and $99.4 billion, compared with analysts' expectations of $99.98 billion, as per Refinitiv data. Reporting by Lisa Baertlein in Los Angeles And Shivansh Tiwary in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Fed games
▼ + stars: | 2023-01-31 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Asian stocks are primed for a green Wednesday on the heels of a broad rally on Wall Street, as a slew of economic data suggested the Federal Reserve's restrictive monetary policy is working as directed. Risk appetite was largely fueled by economic data, specifically the Employment Cost Index (ECI) which decelerated in the fourth quarter to its slowest growth in a year - yet another sign that decades-high inflation is beginning to cool. This is welcome news for the Fed, which is expected to punctuate its two-day monetary policy meeting on Wednesday with a 25 basis point hike to the Fed funds target rate, its latest salvo in its battle against inflation. On Wednesday, market participants will digest factory and labor market data and parse the Fed's statement and Chairman Jerome Powell's remarks at the subsequent press conference.

☆ Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Wall Street's downbeat start to an action-packed week has set a bumpy course for Asian markets on Tuesday. The Bank of England and the European Central Bank are poised to follow the Fed by hiking crucial interest rates by a more aggressive 50 basis points. Meta Platforms Inc (META.O) waits in the wings on Wednesday, with Apple Inc (AAPL.O), Amazon.com (AMZN.O) and Alphabet Inc (GOOGL.O) on deck for Thursday. Those policies have since been relaxed, sparking hopes of demand revival in China, which could take some of the sting of restrictive central bank policy.

☆ Morning Bid: Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

☆ Tesla plans $3.6 bln Nevada expansion to make Semi truck, battery cells
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

The cell plant would be able to make enough batteries for 2 million light-duty vehicles annually, including batteries using the 4680-type cell. The 4680 is key to Tesla meeting a goal of halving battery costs and ramping up battery production nearly 100-fold by 2030. Panasonic currently supplies cells to the gigafactory, and Tesla assembles them into battery packs there. Tesla has struggled to ramp up production of the 4680 at its factories in Fremont, California, and Austin, Texas. The EV maker aimed to produce 50,000 Semis in 2024, Musk said on a post-earnings call in October.

PREVIEWDave Edwards, the chief executive at Greenville-Spartanburg, said just over a decade ago his airport had no international air cargo operations. BMW today accounts for about a quarter of Greenville-Spartanburg’s roughly 15 international cargo flights a week. Air cargo volumes fell through most of last year as manufacturers and retailers pulled back on orders because of slowing consumer spending. Rockford, about 70 miles from Chicago O’Hare International Airport, has become one of the most successful regional airports for cargo. It is a hub for United Parcel Service Inc. and has attracted air operations for companies including Amazon.com Inc., DSV and A.P.

☆ Tesla invests $3.6 bln to expand Nevada complex with two factories
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - Tesla Inc (TSLA.O) said on Tuesday it would invest more than $3.6 billion to expand its Nevada manufacturing complex with two new factories, including the first facility to mass produce its long-delayed Semi electric truck. The 18-wheeler truck has a range of 500 miles on a single charge and can carry 81,000 pounds including the cargo. Tesla Chair Robyn Denholm said in November that Tesla might produce 100 Semis in 2022, but the company did not disclose any figure in its fourth-quarter production report. The EV maker aims to produce 50,000 of the trucks in 2024, Musk had said on a post-earnings call in October. Reporting by Akash Sriram and Aditya Soni in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Small Package-Delivery Companies Grow as Businesses Seek Alternatives to UPS, FedEx
▼ + stars: | 2023-01-23 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

Smaller parcel carriers made big gains during the pandemic handling packages that the larger players couldn’t deliver. Some want to get bigger. Regional shipping companies across the U.S. are expanding their operations to pick up business from bigger rivals, seeking to capitalize on labor uncertainty at United Parcel Service Inc., higher rates charged by UPS and FedEx Corp. and growing reluctance among merchants to rely on a single carrier.

☆ C.H. Robinson Reaches Standstill Agreement With Activist Investor
▼ + stars: | 2023-01-10 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Robinson Worldwide Inc. has reached an agreement to work with its activist investors as analysts said new board member Jim Barber would be a strong candidate to lead the company. Robinson’s board. Robinson’s then board chair as interim CEO as the board said it would start an immediate search for a permanent successor. Robinson’s board, said Monday that Mr. Biesterfeld’s firing was a board decision. Robinson has retained executive search firm Russell Reynolds Associates Inc. to find a permanent chief executive.

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