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☆ FedEx says U.S. Express service disrupted, blames FAA IT outage overnight
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Bing Guan/File Photo Acquire Licensing RightsLOS ANGELES, Oct 25 (Reuters) - FedEx Corp (FDX.N) on Wednesday said its U.S. Express deliveries could be delayed due to an overnight Federal Aviation Administration (FAA) information technology system outage. FedEx's signature Express service uses planes to provide overnight deliveries. The company said shipments delayed due to the outage are not eligible for a refund or credit. "Potential delays are possible for package deliveries across the U.S. with a delivery commitment of October 25, 2023," FedEx said in a service alert. In an email to Reuters, FedEx said the IT outage at its Memphis, Tennessee, air hub was an "FAA issue."

Persons: Bing Guan, Lisa Baertlein, David Shepardson, Alexander Smith Organizations: FedEx, REUTERS, FedEx Corp, U.S ., Federal Aviation Administration, Reuters, FAA, United Parcel Service, Washington DC, Thomson Locations: Carson , California, U.S, Memphis , Tennessee, Louisville , Kentucky, Los Angeles, Washington

☆ 3 things to watch in the stock market next week as bond yields hover at 2007 highs
▼ + stars: | 2023-10-21 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +12 min

The usual suspects were to blame — rising bond yields, geopolitical tensions, and oil prices — and will hold the keys to the market this coming week. Earnings are one of the three major themes on the marquee next week, with 10 Club companies reporting. Here are the companies: Danaher (DHR), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Veralto (VLTO), Honeywell (HON), Linde (LIN), Amazon (AMZN), Ford (F) and Stanley Black & Decker (SWK). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: —, Jerome Powell, Jim Cramer, Jim, Morgan Stanley, Stanley Black, Decker, Danaher, Veralto, it's, Mark Zuckerberg, We're, Vimal Kapur, Linde, Jim Farley, Ford, FactSet, Powell, WTI, Baker Hughes, Edwards Lifesciences, Northrop, CARR, Davidson, Dr Pepper, Phillips, Jim Cramer's, Michael M Organizations: Dow Jones, Nasdaq, Economic, of New, Treasury, West Texas, Procter, Gamble, 10, Microsoft, Honeywell, Linde, LIN, Health Care, Technology, Communications Services, Google, Meta, Ford, Amazon, United Auto Workers, Atlanta, Wall Street, Hamas, Brent, Strategic Petroleum Reserve, Logitech, Verizon, General Electric, GE, RTX Corporation, Halliburton, HAL, General Motors, Dow Chemical, DOW, Xerox, Texas Instruments, F5 Networks, WM, Boeing, Fisher, Mobile, Hilton, General Dynamics, Norfolk Southern, Otis Worldwide, IBM, KLA, O'Reilly Automotive, Mattel, Whirlpool, Gross, Royal Caribbean Cruises, Hershey Company, United Parcel Service, Southwest Airlines, Altria, Northrop Grumman, Valero Energy Corp, Mastercard, Merck, Co, Myers Squibb, Newmont, Tractor Supply Company, Comcast, Seagate Technology, Boston, Hertz, Carrier, Hasbro, Harley, Intel, Grill, United States Steel, Boston Beer Company, Texas, University of Michigan, Exxon Mobil, Chevron, Charter Communications, Colgate, Palmolive, Newell Brands, Sanofi, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: of New York, U.S, Industrials, OpenAI, America, Venezuela, Cleveland, Norfolk, ORLY, Bristol, Brunswick, Oshkosh, New York City

☆ Wall Street braces for big tech earnings and key economic data in the week ahead as Treasury yields rise
▼ + stars: | 2023-10-20 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Major earnings reports and economic data will be in focus next week as investors seek clarity on how the Federal Reserve will proceed from here. But next week will bring the lion's share of results including reports from mega-cap darlings Alphabet, Amazon , Meta Platforms and Microsoft . While the S & P 500 is higher by 10% in 2023, the equal-weighted index is down slightly. Of note, Tesla shares sank more than 9% on Thursday following a pessimistic economic outlook from CEO Elon Musk during the company's earnings call. Its the S & P 500's first weekly loss in three weeks.

Persons: bode, Elon Musk, We're, Sam Stovall, it's, Raphael Bostic, Ed Clissold, Ned Davis, Clissold, Katie Stockton, Rob Ginsberg, I'm, CFRA's Stovall, Stovall, Sherwin, Williams, Kimberly, Hess, Raymond James Financial, Keurig Dr Pepper, Northrop, Willis Towers Watson, Stanley Black, Rowe Price Organizations: Federal Reserve, Microsoft, Investors, CFRA, Dow Jones, Treasury, Fed, Atlanta Federal Reserve, Ned, Ned Davis Research, Wolfe Research, Chicago, P, PMI, P Global PMI Manufacturing, P Global PMI Services, Richmond Fed, Visa, Texas Instruments, General Electric, NextEra Energy, Raytheon Technologies, Dow, Inc, General Motors, Halliburton, Coca, Corning, Hilton Worldwide, General Dynamics, Dominion Freight, Mobile US, Boeing, Raymond, Technology, Whirlpool, International Business Machines, O'Reilly, Honeywell, Northrop Grumman, Mastercard, Amazon, Royal Caribbean Group, Tractor Supply, United Parcel Service, Hasbro, Southwest Airlines, Comcast, Hershey, Intel, L3Harris Technologies, Ford Motor, Energy, Chevron, Decker, Exxon Mobil, Colgate, Palmolive Locations: U.S, Atlanta, AbbVie

☆ Take Five: Another curve ball for markets
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

The European Central Bank looks set to sit tight after a string of interest rate hikes, while there's a slew of U.S. earnings and Argentina's presidential election. ECB chief economist Philip Lane says the central bank was still "quite some distance" from easing monetary policy. Canada's central bank, meeting on Wednesday, is tipped to leave rates steady as inflation eases. 2 economy, property turmoil threatens China's 5% growth target - even after a consensus-smashing 4.9% quarterly expansion. Milei, surprise victor in the August primary election, has pledged to dollarise the economy and get rid of the central bank.

Persons: Brendan McDermid, Amanda Cooper, Naomi Rovnick, Kevin Buckland, Lewis Krauskopf, Rodrigo Campos, Philip Lane, hasn't, Javier Milei, Sergio Massa, Patricia Bullrich, Vineet Sachdev, Sumanta Sen, Dhara Ranasinghe, Simon Cameron, Moore Organizations: New York Stock Exchange, REUTERS, European Central Bank, Hamas, ECB, Reuters Graphics Reuters, Microsoft, Apple, Nvidia, Tesla, General Motors, Merck, United Parcel Service, Investors, International Monetary, Massa, Thomson Locations: New York City, U.S, London, Tokyo, New York, Israel, Palestinian, Russia, Ukraine, China, Beijing, ARGENTINA, Argentina, Pasir Kongkunakornkul

Support for the autoworkers fell short of the 55% support for striking Hollywood writers and actors in an AP-NORC poll conducted last month. In the new AP-NORC survey, 51% say labor unions help U.S. workers while only 15% say they hurt working people. About one-third say unions help the U.S. economy, while 22% say they damage the economy. That’s better for the consumers.”The United Auto Workers went on strike Sept. 15 against Ford, General Motors and Stellantis, which owns the Jeep, Dodge and Ram brands. That's a fear held by some auto workers who maintain that EVs require fewer people to build.

Persons: Rachel Collins, ”, “, Chris Ross, Tesla, ” Ross, Joe Biden, Donald Trump, Barbara Tubbs, Jim Grove, wasn't, Biden's, ” Grove Organizations: Associated Press, NORC, for Public Affairs Research, Teamsters, United Parcel Service, AP, UAW, United Auto Workers, Ford, General Motors, Jeep, Dodge, Republican, GOP Locations: Hollywood, U.S, Chicago, Oviedo , Florida, Detroit, Dallas, Sharon , Pennsylvania, ”

AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N) and Jetblue Airways (JBLU.O) negotiated new job contracts this year. Members of some unions like the Southwest Airlines Pilots Association have voted to authorize a strike if a new contract is not reached. MANUFACTURINGU.S. steel producer Cleveland-Cliffs (CLF.N) has reached a tentative agreement with the United Steelworkers union on a new three-year labor agreement for its Northshore mining operations. The Detroit Casino Council (DCC), which represents the workers, could call for strikes as soon as mid-October, when contracts expire. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July.

Persons: Sergio Martinez, Mike Blake, Mack Trucks, isn't, Mrinalika Roy, Sriraj Organizations: REUTERS, U.S . Bureau of Labor Statistics, Reuters, Alliance, Television Producers, SAG, Hollywood, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Volvo Group, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Steelworkers, U.S . Steel, Unions, Vegas, MGM, Detroit, MotorCity, Detroit Casino Council, Kaiser Permanente, Workers, Green Thumb Industries, Labor, Phillips, Thomson Locations: Los Angeles , California, U.S, Michigan , Ohio, Missouri, Wichita , Kansas, Cleveland, Detroit, Hollywood, Greektown, Los Angeles, New York City, Chicago, Illinois, New Jersey, Roxana , Illinois, Bengaluru

[1/2] A worker clears debris so delivery vehicles can exit a FedEx Ground distribution center in this aerial photograph taken over Carson, California, U.S., September 16, 2022. "They have to fight for every package right now, it's great for shippers," said LJM Consultants partner Kenneth Moyer, a former UPS pricing negotiator who now works with delivery customers. The world's biggest parcel delivery firm added it is using price negotiations to encourage attractive high-margin or high-volume customers, while discouraging high-cost deliveries. Third quarter ground delivery rates are forecast to fall 0.55% per package versus a the year earlier period, according to the TD Cowen/AFS Ground Pacrel Freight Index. But experts are skeptical, particularly as UPS offers to cover early termination fees for customers that switched to FedEx.

Persons: Bing Guan, That's, Kenneth Moyer, Deyman Doolittle, Wall, Moyer, Mark Taylor, Taylor, Satish Jindel, ShipMatrix, Micheal McDonagh, Yokeley, Lisa Baertlein, Ben Klayman, Aurora Ellis Organizations: FedEx, REUTERS, United Parcel Service, UPS, U.S . Postal Service, LJM, Cowen, Reuters Graphics Reuters, Teamster, Department, USPS, Amazon, AFS Logistics, International Brotherhood of Teamsters, Teamsters, Thomson Locations: Carson , California, U.S, Macy's, Los Angeles

☆ Stock market bulls are hopeful that earnings will be a welcome distraction
▼ + stars: | 2023-10-02 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

After September lived up to its reputation as the worst month of the year, bulls are hopeful earnings will prove a welcome distraction for a stock market mired in weak seasonal trends and rising interest rates. "Net net, the earnings estimates for these early reporters are going up, and that is a positive sign for earnings season," Earnings Scout founder and CEO Nick Raich from told me. Valuations are coming down but are still high The forward multiple for the S & P 500 (Q4 2023, and Q1-Q3 for 2024) is 17.9. For example, industrials have seen a significant decline in earnings estimates due to very large estimate declines for Boeing. Bulls hopeful earnings will prove a welcome distraction The expectations for rising earnings has many hopeful that it will help get stocks out of their recent rut due to rising interest rates.

Persons: Nick Raich, John Butters, Nicholas Colas, Raich Organizations: JPMorgan, FedEx, Oracle, Darden, Costco, Pepsi, General Motors, Ford, Netflix, NVIDIA, Apple, Intel, Boeing, Southwest Airlines, American Airlines, United Parcel Service Locations: AutoZone, Horton

☆ Here are the 12 stocks Jim Cramer is watching, including a dire consumer forecast
▼ + stars: | 2023-09-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

But keeps buy rating ahead of the video streamer's quarterly earnings out next month. Online advertising tech company Trade Desk (TTD) started with a buy rating and a $100-per-share price target at UBS. Bank of America cuts price target on Advance Auto Parts (AAP) to $60 per share from $75. Paychex (PAYX) gets multiple price target increases at TD Cowen (keeps buy rating), Morgan Stanley (keep hold rating), and Bank of America (keeps sell rating). Barclays cuts price target on United Parcel Service (UPS) to $175 per share from $180.

Persons: Matt Boss, Banks, Morgan Stanley, Jim Cramer's, Carl Eschenbach, Aneel, TD Cowen, Cowen, Price Organizations: JPMorgan, Netflix, Trade, UBS, BMO Capital, Bank of America, Parts, Diageo, DEO, CNBC, Club, Corona, Modelo, Constellation Brands, Walgreens, Alliance, Barclays, United Parcel Service Locations: Fargo

☆ UPS to hire over 100,000 seasonal workers ahead of holiday rush
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

United Parcel Service (UPS) vehicles are seen at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsSept 26 (Reuters) - United Parcel Service (UPS.N) said on Tuesday it would hire more than 100,000 seasonal workers to handle the 2023 holiday rush, a similar number of employees it hired a year earlier during the same period. Both UPS and rival FedEx Corp (FDX.N) hire thousands of temporary workers each year to move more parcels between the months of October and January. Analysts expect holiday sales to grow at a slower pace this year as high inflation eats into household budgets. A report from career consultancy firm Challenger, Gray & Christmas showed that weaker spending and increased labor costs would result in U.S. retailers hiring the lowest number of seasonal workers this year since 2008.

Persons: Andrew Kelly, Mehr Bedi, Priyamvada, Vinay Dwivedi Organizations: Parcel Service, REUTERS, United Parcel Service, UPS, FedEx Corp, Teamsters, FedEx, Analysts, Challenger, Thomson Locations: Brooklyn , New York City, U.S, Atlanta, Bengaluru

Signage is seen on a United Parcel Service (UPS) vehicle at a facility in Brooklyn, New York City, U.S., May 9, 2022. Equal Employment Opportunity Commission (EEOC) on Friday said it sued United Parcel Service (UPS.N) for disability discrimination, alleging the delivery firm refused to hire deaf or hearing-impaired individuals as drivers. Atlanta-based UPS said it is modifying driver training for those who are deaf and hard of hearing and would start accepting exemptions to the DOT commercial driver hearing standard for operators of its ubiquitous brown delivery trucks in January 2024. EEOC said it sued the world's largest parcel delivery firm under the Americans with Disabilities Act (ADA) after failing to reach a pre-litigation settlement. "Just because someone is deaf does not mean they cannot drive safely," said Gregory Gochanour, EEOC's regional attorney in Chicago.

Persons: Andrew Kelly, EEOC, Gregory Gochanour, Kannaki, Lisa Baertlein, Shounak Dasgupta, Chris Reese Organizations: United Parcel Service, REUTERS, Opportunity Commission, Department of Transportation, UPS, Disabilities, Northern, Northern District of Illinois, Thomson Locations: Brooklyn , New York City, U.S, Atlanta, Chicago, Northern District, Bengaluru, Los Angeles

Operating income in the FedEx unit, which delivers packages for retailers like Walmart (WMT.N), jumped 59% for the quarter ended Aug. 31. Analysts expect customer gains from UPS to be less durable than those from Yellow. "UPS will likely be able to regain much of its lost market share," Edward Jones analyst Matt Arnold said. Without offering a specific forecast, FedEx said it was "well-positioned" for the upcoming holiday season, when volume typically doubles due to e-commerce sales. FedEx tempered its full-year revenue forecast on Wednesday.

Persons: Raj Subramaniam, Edward Jones, Matt Arnold, D.E, Shaw, Lisa Baertlein, Priyamvada, Bill Berkrot, Leslie Adler Organizations: FedEx, UPS, Wall, United Parcel Service, Walmart, FedEx Freight, Thomson Locations: Memphis , Tennessee, Los Angeles, Bengaluru

☆ For Tesla and Musk, Auto Strike Carries Benefits and Risks
▼ + stars: | 2023-09-21 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Activists must get at least 30 percent of workers to sign union cards and force a vote overseen by the National Labor Relations Board. Companies often do all they can to dissuade workers from joining, hiring lawyers and consultants who specialize in defeating union campaigns. The company reported profit of $2.7 billion on sales of $25 billion in the second quarter, giving it a profit margin of about 11 percent. That profit margin is more than that of Ford or G.M., even after an exceptionally profitable period for those companies. In August, United Parcel Service employees won their biggest raises ever in a contract negotiated by the International Brotherhood of Teamsters.

Persons: Tesla, Biden Organizations: National Labor Relations Board, Companies, Amazon, Ford, Fiat Chrysler, Peugeot SA, Hollywood, United Parcel Service, International Brotherhood of Teamsters Locations: Staten, unionize, United States

United Parcel Service's (UPS) newly launched electric delivery truck is seen in Compton, California, U.S., September 13, 2023. Collectively, zero-emission delivery startups have raised around $1 billion so far, according to Pitchbook and data collected by Reuters. H&M, the world's second-largest fashion retailer, said it is scaling up a number of zero-emission delivery initiatives "through a variety of partnerships like the one... with Liefergrun." "Some customers are pushing very, very hard for as many zero-emission deliveries as possible," Hoed said. DHL's Zou said zero-emission delivery startups are not a threat, but added "we are always keen to look at them either for a commercial partnership or working together."

Persons: Lisa Baertlein, Germany's Liefergrun, Niklas Tauch, Tauch, Yin Zou, Tristan Thomas, DutchX, Marcus Hoed, Hoed, DHL's Zou, Sven Etzelsberger, Thomas Goldsby, Goldsby, Rob King, Zedify, King, Nick Carey, Ben Klayman, David Gregorio Our Organizations: REUTERS, LOS, Reuters, FedEx, Deutsche Post DHL Group, United Parcel Service, Mercedes, Benz, DHL, Deutsche Post DHL, Amazon, Foods, IKEA, University of Tennessee, UPS, Thomson Locations: Compton , California, U.S, New York, Berlin, Germany, Austria, Netherlands, London, Liverpool, Birmingham, Manchester, Europe, Manhattan, Philadelphia, California

And now, Shawn Fain is representing nearly 150,000 auto workers in one of the biggest labor strikes in decades. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? The Wednesday before contract expiration, he said UAW members must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Company executives have said the UAW's demands will make them uncompetitive as the shift to EVs offsets the profits delivered by the combustion trucks UAW members build.

Persons: Shawn Fain, Rebecca Cook, Malcolm X, Detroit carmakers, Fain, handshakes, Bernie Sanders, they’ve, “, ”, Darwin Segers, Mack, Malcolm X's, Garrett Nelson, Jim Farley, Joe White, Ben Klayman, Eric Cox, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: United Auto Workers, Ford Motor Michigan, REUTERS, Detroit, Ford Motor, General Motors, Detroit Three, Wall, UAW, GM, CFRA, Teamsters, United Parcel Service, UPS, Hollywood, Company, Ford, CNBC, Thomson Locations: Wayne , Michigan, U.S, Detroit, Hollywood, Chicago, Washington

The Friday walkout would start with targeted strikes designed to "create confusion," among automakers, Fain said, leaving the door open for last-minute agreements. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? On Wednesday, he told UAW members they must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Like the Hollywood unions, the UAW members at the Detroit Three face threats from new technology that a richer contract will not resolve.

Persons: Shawn Fain, Fain, Malcolm X, they’ve, Sen, Bernie Sanders, Malcolm X's, Joe White, Ben Klayman, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: DETROIT, United Auto Workers, Detroit Three, automakers, General Motors, Ford, Stellantis, UAW, Wall, Detroit, GM, Teamsters, United Parcel Service, UPS, Hollywood, Thomson Locations: Hollywood, Detroit, Chicago, Washington

☆ 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

☆ From UPS to Detroit Three automakers, US labor unions flex muscle
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +4 min

AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N), Jetblue Airways (JBLU.O) negotiated new job contracts this year. AUTOMOTIVEUnited Auto Workers (UAW) union has been embroiled in a dispute over wages and pension plans with the Detroit Three automakers. U.S. Steel (X.N), which is reviewing multiple proposals ranging from partial acquisition to an entire buyout, is embroiled in a tussle with the United Steel Workers union. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July. If workers do not vote to ratify the contract, the union will vote the following week on whether to strike.

Persons: Sergio Martinez, Mike Blake, Mrinalika Roy, Sriraj Kalluvila, Shounak Organizations: REUTERS, Bureau of Labor Statistics, Reuters, Hollywood, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Auto Workers, UAW, Detroit Three automakers, Cliffs Inc, United Steelworkers, U.S . Steel, United Steel Workers, Workers, Green Thumb Industries, Labor, Phillips, Thomson Locations: Los Angeles , California, U.S, California, Wichita , Kansas, Cleveland, Los Angeles, New York City, Chicago, Illinois, New Jersey, Roxana , Illinois, 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

☆ A Summer of Strikes
▼ + stars: | 2023-09-03 | by ( Molly Cook Escobar | Christine Zhang | ) www.nytimes.com time to read: +7 min

A Summer of Strikes Work stoppages in the United States this year could reach heights rarely seen in recent decades. “Those are not just the big strikes that are in the news, but there are many smaller strikes across every industry,” said Kate Bronfenbrenner, a senior lecturer at Cornell University's School of Industrial and Labor Relations. Some, like Dr. Bronfenbrenner, see the resurgence of strikes and union organizing as a lasting trend. Surveys have shown increased public support for unions in recent years, she said, even as private sector union membership remains low. “When you have large strikes that are like waves across the country, they are contagious,” said Dr. Bronfenbrenner.

Persons: Jan, Ed, Ruth, Ronald Reagan, Joseph A, Reagan, McCartin, ”, Kate Bronfenbrenner, Bronfenbrenner Organizations: SAG, Verizon, General Motors, Railway, The New York Times, Hollywood, United Parcel Service, United Auto Workers, Ford Motor, City University of New York’s Graduate Center and School of Labor, Urban Studies, Gallup, Georgetown University, “, Union, Mining, Arts, Retail, Public, Agriculture, Cornell University’s School of Industrial and Labor Relations, Cornell University's School of Industrial and Labor Relations Locations: United States, McCartin, walkouts

☆ UPS offers pilot buyouts to reduce labor costs - report
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Signage is seen on a United Parcel Service (UPS) vehicle at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsLOS ANGELES, Aug 31 (Reuters) - United Parcel Service (UPS.N) has offered early retirement to its pilots as it works to offset softening demand, higher labor costs and business losses, a local television station reported on Thursday. The move marks the first time the U.S. delivery company has made such an offer to pilots since 2010, when 109 opted to take the buyouts. The company hopes that 167 pilots will take the early retirement offer, according to a news report from television station WDRB in Louisville, Kentucky. UPS pilots are represented by a different union.

Persons: Andrew Kelly, Lisa Baertlein, Jonathan Oatis Organizations: United Parcel Service, REUTERS, International Brotherhood of Teamsters, UPS, Thomson Locations: Brooklyn , New York City, U.S, Louisville , Kentucky, Atlanta, Los Angeles

☆ UPS offers pilot buyout as demand falters
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Signage is seen on a United Parcel Service (UPS) vehicle at a facility in Brooklyn, New York City, U.S., May 9, 2022. Atlanta-based UPS said it hopes 167 pilots will accept its voluntary separation offer, which includes cash and healthcare benefits. UPS hasn't reduced pilot employment since 2010, when it says it furloughed 111 pilots. UPS pilots are represented by the Independent Pilots Association, whose spokesperson confirmed the buyout offer had been proffered. Meanwhile, pilots at UPS rival FedEx (FDX.N) have rejected a tentative contract deal reached by their union for pay and job security reasons.

Persons: Andrew Kelly, Lisa Baertlein, Jonathan Oatis, Josie Kao Organizations: United Parcel Service, REUTERS, UPS, UPS hasn't, International Brotherhood of Teamsters, Independent Pilots Association, FedEx, Thomson Locations: Brooklyn , New York City, U.S, Atlanta, Los Angeles

☆ Factbox: From UPS to Detroit Three automakers, US labor unions flex muscle
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +4 min

Teamster member Sergio Martinez yells out during a rally outside a UPS facility in downtown in Los Angeles, California, U.S. July 19, 2023. AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N), Jetblue Airways (JBLU.O) negotiated new job contracts this year. Members of some unions like the Southwest Airlines Pilots Association have voted to authorize a strike if a new contract is not reached. U.S. Steel (X.N), which is reviewing multiple proposals ranging from partial acquisition to an entire buyout, is embroiled in a tussle with the United Steel Workers union. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July.

Persons: Sergio Martinez, Mike Blake, Mrinalika Roy, Sriraj Organizations: REUTERS, Bureau of Labor Statistics, Reuters, Screen, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Auto Workers, UAW, Detroit Three, Cliffs Inc, United Steelworkers, U.S . Steel, United Steel Workers, Workers, Green Thumb Industries, Labor, Thomson Locations: Los Angeles , California, U.S, Wichita , Kansas, Cleveland, Los Angeles, New York City, Chicago, Illinois, New Jersey, Bengaluru

☆ UPS Employees Approve New Contract, Averting Strike
▼ + stars: | 2023-08-22 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: 1 min

Averting a strike that could have shaken the U.S. economy, the union representing more than 300,000 United Parcel Service employees announced Tuesday that its members had ratified a new labor agreement with the shipping giant. The union, the International Brotherhood of Teamsters, said that its UPS members approved the five-year contract with more than 86 percent support. The Teamsters have said that the agreement includes wage gains of at least $7.50 an hour for current employees over its five-year term. It also raises the minimum pay for part-time workers to $21 an hour from under $17, and raises the top rate for full-time delivery drivers to about $49 on average. Under the previous contract, which expired on Aug. 1, full-time drivers made an average of about $42 an hour after four years on the job.

Organizations: United Parcel Service, International Brotherhood of Teamsters, UPS, Teamsters Locations: U.S

It also could throw a wrench into the upcoming holiday shopping season that is a make-or-break period for retailers, including Amazon.com (AMZN.O), the largest UPS customer. If approved, the deal would raise pay for 340,000 UPS workers and eliminate a two-tier wage system for drivers. UPS cut its full-year revenue and profitability targets earlier this month, citing higher-than-expected labor costs and business lost during the tumultuous contract talks with the Teamsters. Under the contract deal, current full- and part-time workers will get $2.75 more per hour in 2023, and $7.50 more per hour over the length of the contract, according to the Teamsters. General wage increases for part-time workers will be double the amount obtained in the previous UPS Teamsters contract - and existing part-time workers will receive a 48% average total wage bump, addressing a key sticking point in talks, the union said.

Persons: Sergio Martinez, Mike Blake, Lisa Baertlein, Paul Simao Organizations: REUTERS, Teamsters, United Parcel Service, International Brotherhood of Teamsters, UPS, UAW, Detroit, Unions, Pilots, FedEx, UPS Teamsters, Thomson Locations: Los Angeles , California, U.S, Atlanta, Los Angeles, Bengaluru

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