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REUTERS/John Sommers II/File Photo Acquire Licensing RightsAug 18 (Reuters) - Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains. Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing. Passenger jets grounded during the health crisis are flying again and bringing their lower-deck cargo space, which competes with dedicated air freighters, back into play. The Florida-based carrier cited "the unyielding and rapidly mounting macro-economic headwinds that plagued the entire air cargo transportation sector starting in late 2022". In June, air cargo experienced the slowest contraction since February 2022, the International Air Transport Association said.

Persons: John Sommers, Xeneta, they're, Peter Sand, we're, Sand, planemakers, Eddy Pieniazek, expective, Pieniazek, Robert, Tim Hepher, Lisa Bartlein, Allison Lampert, Valerie Insinna, Barbara Lewis Organizations: Parcel Service, UPS, REUTERS, Air, Reuters, Western Global Airlines, Japan Airlines, Xeneta, International Air Transport Association, Ishka, Cathay, HK, Boeing, Airbus, Aeronautical Engineers, Thomson Locations: Louisville , Kentucky, Delaware, Florida, China, Asia, United States, Miami

☆ 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

☆ UPS drivers can earn as much as $172,000 without a degree—how to land a job there
▼ + stars: | 2023-08-18 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

Last week, UPS made headlines after announcing that its drivers will average $170,000 in pay and benefits at the end of a five-year contract agreement with the Teamsters Union. The tentative agreement covers all UPS delivery drivers in the U.S. "Every UPS job – even one that is part-time – is an opportunity for a career," she tells CNBC Make It. Between 2018 and 2022, 38,000 part-time UPS employees were promoted to full-time positions, the company reports. If you're interested in working at UPS, "a customer-focused mindset is critical," McCusker Rees stresses.

Persons: Danelle McCusker Rees, McCusker Rees, Warren Buffett Organizations: UPS, Teamsters Union, CNBC, Service, Bloomberg Locations: U.S

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ UPS delivery-driver job searches soar 50% after union secures wage hike that could see workers get a $170,000 yearly package
▼ + stars: | 2023-08-09 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Jobs as UPS delivery drivers are in hot demand after its union secured a wage boost for workers. Indeed said it had seen a 50% rise in searches for "UPS" and "United Parcel Service," per Bloomberg. UPS CEO Carol Tomé said drivers would make about $170,000 at the end of the new five-year contract. The union represents more than 340,000 UPS delivery drivers and package handlers. Teamsters UPS union members were preparing to strike if an agreement was not reached.

Persons: Carol Tomé, There's Organizations: United Parcel Service, Bloomberg, Morning, Service, Teamsters, UPS, Teamsters UPS

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ UPS cuts margin and revenue forecasts as weak demand, new labor contract weigh
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: +1 min

United Parcel Service on Tuesday cut its revenue and margin forecasts for 2023, hurt by weakening e-commerce demand and in anticipation of a hit to volumes from an improved labor contract, sending its shares down 4.7% in premarket trading. The contract that would cover about 340,000 U.S. workers needs to be ratified by employees. In an attempt to shield its profit, UPS has in recent quarters sharpened its focus on moving high-margin parcels. It now expects full-year adjusted operating margin of around 11.8%, compared to its prior forecast of about 12.8%. UPS forecast annual consolidated revenue to be about $93 billion, compared with a prior forecast of about $97 billion.

Organizations: Parcel Service, Teamsters, UPS, Revenue

☆ UPS cuts margin, revenue forecasts as new labor contract weighs
▼ + stars: | 2023-08-08 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

A UPS delivery van is driven long a city street in Garden Grove, California, U.S., March 29, 2022. REUTERS/Mike Blake/File PhotoAug 8 (Reuters) - United Parcel Service on Tuesday cut its full-year revenue and margin forecasts and its shares fell 5.1% in premarket trading, as the world's largest delivery company expects a hit to volumes from a new labor contract. Some analysts said a potential loss for UPS is a gain for FedEx. "The implied market share loss in UPS guidance maybe a positive readthrough for FedEx, which likely benefited from the UPS labor deal related uncertainty," BMO Capital Markets analyst Fadi Chamoun said in a note. To shield its profit, UPS has been focusing on moving high-margin parcels, but its second-quarter sales took a hit from lower domestic and international package revenue.

Persons: Mike Blake, Fadi Chamoun, Carol Tomé, Priyamvada, Arun Koyyur Organizations: UPS, REUTERS, United Parcel Service, Teamsters, FedEx, BMO Capital Markets, Revenue, Thomson Locations: Garden Grove , California, U.S, Bengaluru

☆ Stock Market Today: Dow Drops 400 Points; Eli Lilly, Novo Nordisk Stocks in Focus
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

Shares of regional banks, including U.S. Bancorp, Key and Comerica, were among the biggest decliners in the S&P 500. The pullback stood to reverse some of Monday’s stock-market gains, which included a roughly 400-point increase for the Dow . Stock indexes fell. The S&P 500, Dow industrials and Nasdaq all declined by more than 1%. Eli Lilly led the S&P 500 higher.

Persons: Dow, Eli Lilly Organizations: U.S . Bancorp, Key, Comerica, Bank of America, JPMorgan Chase, Citigroup, Dow, United Parcel Service, Dow industrials, Nasdaq, Treasury, Shanghai, Nikkei, Bank, Commodities Locations: Europe, Rome, U.S

☆ Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more
▼ + stars: | 2023-08-08 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecasted $1.98 and $7.58 billion. Analysts surveyed by Refinitiv had penciled in a loss of 33 cents per share on $175 million of revenue. Palantir Technologies — Palantir Technologies slid 3.4% after the data analytics company reported its second-quarter results. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecasted 86 cents and $108.4 million. Paramount Global — The media conglomerate's shares climbed more than 2% in premarket trading after the company reported a quarterly earnings and revenue beat.

Persons: Goldman Sachs, NASH, Banks, Moody's, Eli Lilly, EchoStar, Charlie Ergen, Refinitiv, Lucid, Palantir, Hims, Simon & Schuster, Yun Li, Samantha Subin, Sarah Min, Pia Singh, Jesse Pound Organizations: Sagimet, Goldman, T Bank, Citizens Financial, Bank of New York Mellon, Truist, JPMorgan Chase, Telsey, Refinitiv, Novo Nordisk —, Dish, United Parcel Service, behemoth, UPS, Palantir, Paramount Global, Paramount, KKR Locations: New York, Banks —

☆ Stock Market Today: Dow, Nasdaq Close Lower; Big Bank Stocks Slide
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

A broad sell off in regional bank shares—including KeyCorp and Comerica—made financial stocks among the worst performers in the S&P 500. ET:Stock indexes fell. The S&P 500 and Dow industrials pared some of their losses from earlier in the day, but still ended down. Eli Lilly led the S&P 500 higher. Bank shares were among the biggest losers, with UniCredit and other Italian banks sinking after Rome said it plans a windfall tax.

Persons: Dow industrials, Eli Lilly, Wall Organizations: KeyCorp, Comerica, Bank of America, JPMorgan Chase, Citigroup, United Parcel Service, Dow, Nasdaq, Treasury, Shanghai, Nikkei, Bank Locations: Government, Europe, Rome

☆ Stock Market Today: Dow Futures Slip
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: 1 min

Stock index futures slipped in early trading Tuesday, suggesting markets will struggle to hold onto Monday's gains. Meanwhile, bonds rallied, with 10-year Treasury yields sinking toward 4%. Results are due before the bell from companies including United Parcel Service (UPS), the delivery giant often seen as an economic bellwether, and the drug maker Eli Lilly (LLY).

Persons: Eli Lilly Organizations: United Parcel Service

☆ Stock futures are little changed Monday night after S&P 500 ends four-day losing streak: Live updates
▼ + stars: | 2023-08-07 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Futures tied to the Dow Jones Industrial Average ticked higher by 6 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures oscillated near the flat line. The Nasdaq Composite added 0.6%, and S&P 500 closed higher by 0.9%. Roughly 85% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street's expectations, according to FactSet. The inflation metric could put Wall Street's belief in a soft landing to the test.

Persons: Dow, Armour, Dylan Kremer, Dow Jones Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Technologies, Educational, Companies, United Parcel Service, Disney, Wynn Resorts

☆ Inflation takes center stage in the week ahead as Wall Street looks for more clues on Fed rate hikes
▼ + stars: | 2023-08-04 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

New inflation data set for release in the week ahead could help Wall Street regain its footing. However, he does not expect that the inflation data releasing next week will be very threatening, even if they show a slight rise from the prior reading. A smattering of results will roll out in the week ahead including from major firms like the Walt Disney Company, which reports Wednesday. Other economic data Investors will digest other major economic data in the week ahead. Hourly earnings (July) Earnings: RL Friday, Aug. 11 8:30 a.m. PPI (July) 10 a.m. Michigan Sentiment preliminary (August)

Persons: it's, Jack Ablin, Ablin, McCormick, Archer, CFRA'S Sam Stovall, FactSet, Stovall, Greg Bassuk, Bassuk, Tyson, Eli Lilly, Fox Organizations: Federal, PPI, Cresset, Nasdaq, Dow Jones, Fed, Daniels, Midland, Chevron, Investments, Walt Disney Company, Wynn Resorts, Dow, Consumer Credit, Tyson Foods, Paramount, Parcel Service, CPI Locations: U.S, Michigan

REUTERS/Aude Guerrucci/File PhotoAug 3 (Reuters) - Thousands of UPS workers will start voting on their tentative contract agreement with the delivery giant on Thursday after local leaders of the International Brotherhood of Teamsters endorsed the union's deal earlier this week. The tentative deal covering 340,000 Teamsters-represented workers at United Parcel Service (UPS.N) averted a threatened strike that could have wreaked havoc on the U.S. economy by disrupting about a quarter of the nation's parcel shipments. Leaders from Teamsters locals oversee messaging and "sell" the deal to members, who vote through Aug. 22. The tentative deal would raise it to $21 from the current $16.20. It remains to be seen whether the group can mobilize enough part-timers, who account for about half of UPS workers.

Persons: Peter Lyngso, Jose Negrete, Negrete, Lyngso, Lisa Baertlein, Susan Heavey Organizations: Parcel Service, Teamsters, REUTERS, International Brotherhood of Teamsters, United Parcel Service, Monday, Leaders, UPS, Reuters, Thomson Locations: U.S, Orange , California, Washington, Chicago, Anaheim , California, Louisville , Kentucky, Los Angeles

☆ Teamsters local unions endorse agreement with delivery giant UPS
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The Teamsters local unions, which represent 340,000 workers at United Parcel Service (UPS.N), voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25. The agreement, estimated to be at $30 billion by the union, provides historic wage increases, one more paid holiday and air conditioning in the company's ubiquitous brown delivery trucks. "Our tentative agreement is richer, stronger, and more far-reaching than any settlement ever negotiated in the history of American organized labor," said Teamsters General President Sean M. O'Brien. Of the 176 local unions with UPS members, 14 affiliates did not show up to a meeting in Washington DC to review the agreement. The union said the rank and file of UPS Teamsters will have the chance to vote on ratification from August 3 to 22.

Persons: Sean M, O'Brien, Ananta Agarwal, Arun Koyyur Organizations: Teamsters, United Parcel Service, UPS, Washington DC, UPS Teamsters, Thomson Locations: Washington, Bengaluru

☆ Stocks making the biggest moves premarket: Hasbro, Adobe, GoodRx, SBA Communications and more
▼ + stars: | 2023-07-31 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Chevron — Shares rose 1.6% after Goldman Sachs upgraded Chevron to buy from neutral and hiked its price target. Hasbro — The toymaker added 2.9efore the bell after Bank of America upgraded the stock to buy from neutral. United Parcel Service — Shares fell 1% after Credit Suisse downgraded UPS to neutral from outperform, citing labor concerns. Cowen also raised its price target to reflect about 78% potential upside. SBA Communications — Shares fell 1.6% in premarket trading.

Persons: Morgan Stanley, Goldman Sachs, Jefferies, Walt Disney, Bob Iger, Kevin Mayer, Tom Staggs, XPeng, GoodRX, Cowen, It's, —, Alex Harring, Hakyung Kim, Tanaya Macheel, Samantha Subin Organizations: Chevron, Ford, Disney, Financial, UBS, Hasbro, Bank of America, United Parcel Service, Credit Suisse, CVS, SBA Communications, Semiconductor, FactSet Locations: U.S

☆ UPS labor deal could pressure delivery firm's annual outlook, say analysts
▼ + stars: | 2023-07-26 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

July 26 (Reuters) - A tentative labor deal between United Parcel Service (UPS.N) and the Teamsters union on Tuesday could pressure full-year outlook for the world's largest parcel delivery firm, according to analysts. UPS shares closed down 1.9% on Tuesday signaling investor worries about the labor deal's impact on costs. Analysts say the new agreement could weigh on the company's margins at a time when most operators are cutting costs to protect profits amid an industry-wide slowdown. Susquehanna analyst Bascome Majors expects the new deal could drive UPS' cost per piece 2.5% higher than the brokerage's current expectations. Meanwhile, Wells Fargo analyst Allison Poliniak estimated the new contract could reduce UPS' 2024 earnings per share by more than $1.

Persons: Stephens, Jack Atkins, Majors, Fadi Chamoun, Wells, Allison Poliniak, Aishwarya Nair, Priyamvada, Shounak Dasgupta Organizations: United Parcel Service, Teamsters, UPS, FedEx, Susquehanna, BMO, Thomson Locations: U.S, Bengaluru

Of course, that nickname started with his mother, who called her middle son by his initials, he said in an interview before the UPS deal was announced. O'Brien had warned UPS ahead of the deal not to "go down the road of being greedy, being more loyal to Wall Street than Main Street." O'Brien crisscrossed the country in the weeks ahead of a threatened UPS strike on Aug. 1, fortifying Teamster members' resolve with "practice" pickets and profanity-punctuated speeches. Nelson cheered on O'Brien after the UPS deal in a statement, calling the right to strike the "only countervailing force to capitalism that is otherwise unchecked ... UPS workers have until Aug. 22 to vote on the tentative deal.

Persons: Sean O'Brien, O'Brien, Steven Tolman, John Logan, Shawn Fain, Sara Nelson, Nelson, ROLLBACKS O'Brien, Steve Striffler, We've, Lisa Baertlein, Ben Klayman, Matthew Lewis Organizations: Teamsters, International Brotherhood of Teamsters, United Parcel Service, UPS, Workers, Unions, San Francisco State University, United Auto Workers, of Flight, Boston Local, company, University of Massachusetts, Boston Labor Resource Center, Thomson Locations: ANGELES, U.S, Massachusetts, Los Angeles

☆ UPS Announces Contract Accord With Teamsters to Head Off Strike
▼ + stars: | 2023-07-25 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: +1 min

United Parcel Service announced Tuesday that it had reached a tentative deal on a five-year contract with the union representing more than 325,000 of its U.S. workers, a key step in averting a potential strike when the current agreement expires on Aug. 1. “Together we reached a win-win-win agreement on the issues that are important to Teamsters leadership, our employees and to UPS and our customers,” Carol Tomé, the company’s chief executive, said in a statement. “This agreement continues to reward UPS’s full- and part-time employees with industry-leading pay and benefits while retaining the flexibility we need to stay competitive.”The union, the International Brotherhood of Teamsters, reported in June that its UPS members had voted to authorize a strike, with 97 percent of those who took part in the vote endorsing the move. The tentative agreement will now go before the membership for ratification. UPS handles about one-quarter of the tens of millions of packages that are shipped daily in the United States, and a strike could dent economic activity, particularly the e-commerce industry.

Persons: ” Carol Tomé Organizations: Parcel Service, Teamsters, UPS, International Brotherhood of Teamsters Locations: United States

☆ UPS, Teamsters reach labor deal to avoid strike
▼ + stars: | 2023-07-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

UPS and the union representing more than 300,000 workers at the package carrier on Tuesday said they reached a preliminary labor deal, narrowly avoiding a strike that was set to start in the coming days. "Together we reached a win-win-win agreement on the issues that are important to Teamsters leadership, our employees and to UPS and our customers," UPS CEO Carol Tome. The union had planned a massive strike after July 31 if the two sides didn't reach a deal. The Teamsters said the deal includes wage increases for both full- and part-time workers. We demanded the best contract in the history of UPS, and we got it," Teamsters General President Sean O'Brien said in a statement.

Persons: Carol Tome, Sean O'Brien Organizations: Parcel Service, UPS, Teamsters Locations: New York

☆ UPS and Teamsters to restart talks in effort to avoid strike
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LOS ANGELES, July 25 (Reuters) - United Parcel Service (UPS) (UPS.N) and the Teamsters union representing 340,000 employees at the package delivery firm plan to meet on Tuesday in an effort to avert a threatened strike on Aug. 1. The scheduled meeting, which both sides have confirmed, would be the first since UPS labor contract negotiators deadlocked on July 5. One estimate put the potential economic impact of a 10-day UPS strike at more than $7 billion, the costliest in modern times. That estimate from Michigan-based Anderson Economic Group includes UPS customer losses of $4.6 billion, lost wages of $1.1 billion and company losses of $816 million. "The vast, vast, vast majority of shareholders are eager to see a strike averted," New York City Comptroller Brad Lander told Reuters.

Persons: Brad Lander, Lander, Lisa Baertlein, Jamie Freed Organizations: United Parcel Service, Teamsters, International Brotherhood of Teamsters, UPS, Anderson Economic Group, York, Reuters, New York Retirement Systems, Thomson Locations: ANGELES, Michigan, York City, Los Angeles

July 24 (Reuters) - FedEx pilots have rejected a tentative contract deal with the parcel delivery firm and the two sides will reopen negotiations, likely under the supervision of the National Mediation Board, the company and the pilots' union said on Monday. The Air Line Pilots Association (ALPA) did not detail the reasons why members voted 57% to 43% to reject the deal. "Our members have spoken and we will now regroup," Captain Chris Norman, FedEx ALPA chair, said in a statement. The tentative FedEx deal included a 30% pay increase and a 30% increase to the pilots' legacy pensions. American Airlines (AAL.O) and the Allied Pilots Association are revising their tentative deal following the United agreement.

Persons: Chris Norman, Priyamvada, Lisa Baertlein, Devika Syamnath, Susan Heavey, Hugh Lawson Organizations: FedEx, National Mediation Board, Air Line Pilots Association, United Airlines, ALPA, American Airlines, Allied Pilots Association, United Parcel Service, UPS, Thomson Locations: Bengaluru, Los Angeles

☆ Strike at trucking firm Yellow averted after deal
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals. Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. Competitors, who are grappling with a sharp drop in freight volume, are expected to cherry-pick the company's customers, trucking experts and analysts said. It has successfully won such concessions in the past, but this time was rebuffed by new Teamsters General President Sean O'Brien. A federal judge in Kansas on Friday rejected Yellow's request to block the Teamsters from striking over the delinquent benefit payments.

Persons: Donald Trump, Sean O'Brien, O'Brien, O’Brien, Yellow's, Lisa Baertlein, Ananta Agarwal, Mrinmay Dey, Diane Craft, Chris Reese Organizations: Teamsters, Central, U.S, Walmart, Uber, Apollo Global Management, . Company, International Brotherhood of Teamsters, United Parcel Service, Thomson Locations: U.S, Central States, Nashville , Tennessee, Kansas, Los Angeles, Bengaluru

☆ United Parcel Service, Teamsters union to resume labor talks on Tuesday
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

July 22 (Reuters) - United Parcel Service (UPS.N) said it plans on Tuesday to resume labor talks with the Teamsters union representing 340,000 employees, an effort to avert a strike that could roil supply chains and harm the economy. The two sides in April began talks on a contract covering the company's U.S. drivers, package handlers and loaders. A spokesperson for the International Brotherhood of Teamsters confirmed the Tuesday talks and pointed to a statement detailing its goals for a five-year agreement that increases pay and full-time jobs, and strengthens protections for workers. The company started negotiations "prepared to increase the already industry-leading pay and benefits we provide our full and part-time union employees and are committed to reaching an agreement that will do just that." However, they remain at odds over pay increases for part-time workers who sort packages and load trucks.

Persons: Lisa Baertlein, Gary McWilliams, Diane Craft Organizations: United Parcel Service, Teamsters, International Brotherhood of Teamsters, UPS, Thomson Locations: U.S, Atlanta, Los Angeles

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