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☆ Biden says his administration engaged in talks to avert railroad strike
▼ + stars: | 2022-11-24 | by ( Nandita Bose | ) www.reuters.com time to read: +1 min

NANTUCKET, Mass., Nov 24 (Reuters) - President Joe Biden said on Thursday that his administration was involved in negotiations to avert a looming U.S. railroad strike that could shut down supply chains across the country but added that he has not directly engaged on the matter yet. Speaking to reporters outside a fire station on Nantucket Island, Massachusetts, Biden declined to provide details on how the talks were going because it was "the middle of negotiations." "My team has been in touch with all the parties ... and I have not directly engaged yet," Biden said. More than 300 groups, including the National Retail Federation and the National Association of Manufacturers, urged Biden last month to get involved to help avoid a strike that could have a significant impact on the U.S. economy. read moreReporting by Nandita Bose; Writing by Humeyra Pamuk; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

"There's a lot of anger about paid sick leave among the membership" who kept goods flowing during the early days of the COVID-19 pandemic, said Seth Harris, a professor at Northeastern University. Labor unions have criticized the railroads' sick leave and attendance policies and the lack of paid sick days for short-term illness. There are no paid sick days under the tentative deal. Unions asked for 15 paid sick days and the railroads settled on one personal day. Railroads have slashed labor and other costs to bolster profits and are fiercely opposed to adding paid sick time that would require them to hire more staff.

Train and engine service members of the transportation division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) narrowly voted to reject the deal. Three other unions that rejected the deal have already agreed to extend a strike deadline until early December. Labor unions have criticized the railroads’ sick leave and attendance policies and the lack of paid sick days for short-term illness. Beginning on Dec. 9, SMART-TD would be allowed to go on strike or the rail carriers would be permitted to lock out workers, unless Congress intervenes. The Biden administration helped avert a service cutoff by hosting last-minute contract talks in September at the Labor Department that led to a tentative contract deal.

The Brotherhood of Locomotive Engineers and Trainmen (BLET) and the transportation division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) -- representing about half of all unionized rail employees are set to report results. The standoff between U.S. railroad operators and their union workers disrupted flows of hazardous materials such as chemicals used in fertilizer and disrupted U.S. passenger railroad Amtrak service in September. The Biden administration helped avert a service cutoff by hosting last-minute contract talks in September at the Labor Department that led to a tentative contract deal. The unions represent 115,000 workers at railroads, including Union Pacific (UNP.N), Berkshire Hathaway Inc's (BRKa.N) BNSF, CSX (CSX.O), Norfolk Southern (NSC.N) and Kansas City Southern. Labor unions have criticized the railroads’ sick leave and attendance policies and the lack of paid sick days for short-term illness.

☆ Norfolk Southern Operating Chief Cindy Sanborn to Resign
▼ + stars: | 2022-11-14 | by ( Colin Kellaher | ) www.wsj.com time to read: +2 min

Cindy Sanborn, the first woman to serve as chief operating officer of a major U.S. freight railroad, will step down from her post at Norfolk Southern Corp. , effective Jan. 1. The Atlanta-based railroad said Monday that Paul Duncan, currently senior vice president of transportation and network operations, would succeed Ms. Sanborn as chief operating officer. Ms. Sanborn joined Norfolk Southern in September 2020 from rival Union Pacific Corp.Ms. Sanborn’s impact goes “well beyond Norfolk Southern. Mr. Duncan, 42 years old, joined Norfolk Southern in March as vice president of network planning and operations and was promoted to his current post in September. He held executive positions at BNSF Railway before joining Norfolk Southern.

New York CNN Business —A third railroad union has rejected a tentative labor deal, a move that further raises the odds that America’s 110,000 freight railroad workers will go on strike early next month. It is the smallest of 13 unions that represent more than 100,000 union members at the nation’s major freight railroads. The union’s brief statement on the vote said it “fully expects to continue negotiating further toward a satisfactory contract” with railroad management. A freight railroad strike would create massive problems for the US economy, snarling still-struggling supply chains and triggering widespread bottlenecks and shortages. Congress can also prevent or end a strike by extending a cooling-off period during which the unions cannot strike, or by imposing a contract on union members.

☆ Key freight rail union BMWED extends deadline for strike that threatens U.S. economy
▼ + stars: | 2022-11-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

The Brotherhood of Maintenance of Way Employees Division, the third largest rail union in the country, is extending its status quo period (no strike, no lockout) during which it wants to continue negotiations with the freight rail carriers. Meanwhile, two major rail unions are set to vote on ratifying the deal on Nov. 21: The Brotherhood of Locomotive Engineers and Trainmen, and the Smart Transportation Division. The rail industry has previously estimated the cost to the economy of a rail strike at $2 billion per day. The BMWED was the first rail union to vote against ratification of a labor agreement negotiated in conjunction with Biden's PEB. All 12 labor unions must ratify a labor agreement to avoid the potential for a nationwide rail shutdown.

☆ U.S. railroads, union extend strike deadline until at least Dec. 4
▼ + stars: | 2022-11-09 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 9 (Reuters) - A group representing major railroads and a union that voted to reject a new contract said Wednesday they had agreed to extend a potential strike deadline until at least Dec. 4. The NCCC said the "extension eliminates the threat of a near-term freight rail service disruption." Another union representing about 4,900 locomotive machinists, roadway mechanics, and facility maintenance personnel on Saturday narrowly ratified the tentative contract agreement. The union was the seventh of 12 to approve the deal, while BMWED and the Brotherhood of Railroad Signalmen (BRS) union, representing more than 6,000 members, voted against the deal. The unions represent 115,000 workers at railroads, including Union Pacific (UNP.N), BNSF, CSX (CSX.O), Norfolk Southern (NSC.N) and Kansas City Southern.

They also give union members cash bonuses of $1,000 a year. All told, the backpay and bonuses will give union members an average payment of $11,000 per worker once the deal is ratified. After BMWED rejected their tentative deal, union leadership proposed adding paid sick days during a bargaining session, only to have management reject the motion out of hand. Congress can also prevent or end a strike by extending a cooling-off period or imposing a contract on union members. Union members working in other industries have recently balked at approving deals, even when recommended by their leadership.

☆ Union Pacific cuts volume growth forecast as worker shortage weighs
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

A Union Pacific rail car is parked at a Burlington Northern Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris HelgrenOct 20 (Reuters) - Union Pacific Corp (UNP.N) on Thursday cut its annual volume growth forecast despite a rise in third-quarter shipments, as the U.S. railroad operator struggles with worker shortages. "Inflationary pressures and operational inefficiencies continued to challenge us," Union Pacific Chief Executive Officer Lance Fritz said in a statement. The company trimmed its forecast for full-year volume growth to about 3% from 4%-5%, even after a 3% rise in the third quarter led by higher coal and renewables shipments. Excluding a $114 million charge from the tentative labor deal, the company posted a net income of $3.19 per share, ahead of Refinitiv IBES estimates of $3.06 per share.

☆ U.S. railroad operators' volume woes to continue next year
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

Oct 19 (Reuters) - Volume woes at U.S. railroad operators are set to spill into next year as labor shortages continue to hurt the sector that is critical in connecting consumers with businesses and finished goods, according to analysts. The North America railroad industry has also been under scrutiny for working conditions. Railroad operators have tried to increase staffing levels, partly under pressure from U.S. regulator Surface Transportation Board, but have found it tough to recruit amid labor shortages. WALL STREET SENTIMENT** The current average analyst rating on Union Pacific shares is "buy", with 15 analysts rating it "hold", and 16 "buy" or higher. ** The current average analyst rating on Canadian National shares is "hold", with 18 rating it "hold", and six "buy" or higher.

☆ Why does work feel so dysfunctional right now? A psychologist, labor expert and CEO weigh in
▼ + stars: | 2022-09-26 | by ( Jennifer Liu | ) www.cnbc.com time to read: +7 min

"I'm not sure that work is any more dysfunctional now for many workers than it's been in the past," she tells CNBC Make It. Work has always been dysfunctional, our tolerance for it just got lowerWorkers are still quitting in droves during the Great Resignation. The discord we're seeing, then, is vocal pushback from employees — emboldened by a tight market and, yes, social media fervor — not wanting to return to traditional models of work, Klotz says. "Everyone is making money off of their work, and they're not getting return on the investment of their labor. To call that out and say, you know what, I don't necessarily need to go above and beyond if that effort isn't going to be valued — that's not quiet quitting.

☆ Recession indicators are flashing and Wall Street's fear gauge suggests stocks haven't hit bottom. Here's what you want to know.
▼ + stars: | 2022-09-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Traders on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty Images1. Maybe that third one isn't quite so guaranteed — but history tells us the bond market's recession warning is a pretty reliable signal of a downturn in the near to medium-term. The two-year yield on Thursday jumped eight basis points, to 3.86%, 39 basis points above the 30-year Treasury yield of about 3.47%. The stock market's fear gauge is off, too, according to DataTrek. How confident are you in the current market?

☆ Biden names board to help end freight railroad and union contract disputes
▼ + stars: | 2022-07-18 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/4] A commercial freight train carries a load of shipping containers at the Port of Savannah, Georgia, U.S. October 17, 2021. REUTERS/Octavio JonesJuly 17 (Reuters) - U.S. President Joe Biden on Sunday named the members of an emergency board tasked with helping resolve disputes between freight rail carriers and their unions, the White House said. read moreBiden named Ira F. Jaffe to chair the presidential emergency board. If Biden had not created the board by Monday, railroads and unions could have opted for operational shutdowns or strikes, respectively. Talks between major freight railroads, including Union Pacific (UNP.N) and Berkshire Hathaway (BRKa.N)-owned BNSF, and unions representing their workers have dragged on for more than two years.

☆ Union Pacific says track congestion hurting ability to meet demand
▼ + stars: | 2022-04-21 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA Union Pacific rail car is parked at the Canadian Pacific Railway (CP Rail) Toronto Yard in Scarborough, Ontario, Canada March 20, 2022. REUTERS/Chris HelgrenApril 21 (Reuters) - Union Pacific Corp (UNP.N) said on Thursday congestion on tracks was hurting its ability to meet shipping demand even as price hikes helped the U.S. railroad operator top market expectations for quarterly results. Freight shipment demand, however, has allowed companies including Union Pacific to raise prices and mitigate the impact of congestion, labor shortage and rising costs. Total operating revenue in the quarter rose to $5.86 billion, topping analysts' expectations of $5.72 billion, according to Refinitiv data. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nathan Gomes in Bengaluru; Additional reporting by Abhijith Ganapavaram Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Tom Carper's love of Amtrak doesn't take a back seat to Joe Biden's
▼ + stars: | 2021-06-06 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +14 min

His committee oversees surface transportation, and he loves trains, just like "Amtrak Joe." "Then they named it after Joe Biden, and my staff was so ticked off. Sen. Thomas Carper and then-Vice President Joe Biden speak at the former GM Boxwood Plant in October 2009 in Wilmington, Delaware. Tom Carper and Chris Coons speak to reporters after meeting with President Joe Biden at the White House in February, 2021. As he left, "Tell Joe Biden we love him," the ticket counter attendant said.

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