DIRS.INFO The most relevant business & tech news

☆ Two rail unions reach deal with CSX railroad for paid sick time
▼ + stars: | 2023-02-08 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

CNN —CSX Transportation announced Tuesday that it had reached a deal with two railroad unions regarding paid sick leave. It also allows members to use up to three personal leave days for sick leave, the two unions said. Eight unions voted to accept the tentative agreement negotiated by the Biden administration with no paid sick leave, while four voted it down. The unions asked for ten paid sick days initially — whittling down their ask to four. The three other major freight railroads — Union Pacific, BNSF and Norfolk Southern — do not currently have paid sick leave in place.

☆ Berkshire stock is trading at 20% discount, a level where Buffett typically ramps up buyback, UBS says
▼ + stars: | 2023-02-07 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Shares of Warren Buffett's Berkshire Hathaway are now trading at a significant discount to the conglomerate's intrinsic value, which may prompt the "Oracle of Omaha" to buy back more of his stock, according to UBS. "BRK's shares are trading at more than a 20% discount to its intrinsic value based on the methodology outlined in BRK's 2018 Annual Letter to Shareholders," UBS' Berkshire analyst Brian Meredith said in a note. The conglomerate's stock held up well in 2022 with a 4% gain as investors favored more stable pockets of the market. The fifth grove of Berkshire is its insurance operations, which are not included in the calculation. Meanwhile, Berkshire suffered a $63.9 billion loss on its investments last year through September amid the broader market selloff.

☆ Some flight attendants have their attendance tracked by a game-like 'point system' that they say values efficiency over health
▼ + stars: | 2023-01-05 | by ( Hannah Towey | Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

During a year marked by labor strikes and protests, flight attendants and rail workers told Insider that these points-based attendance policies create an industry culture that values efficiency over employee health and well-being. But workers say the point systems form the foundation of punitive attendance policies that force them to work while sick or dangerously fatigued. At American Airlines, flight attendants have pushed back on the system for years. "I don't think you'd speak to one flight attendant who thinks the point system is necessarily fair, or balanced," Anthony Cataldo, an American Airlines flight attendant of 33 years, told Insider. So we're on call 24 hours a day, seven days a week, 365 days a year," a BNSF railway conductor of over a decade told Insider.

☆ Some flight attendants and rail workers have their attendance tracked by a game-like 'point system' that they say values efficiency over health
▼ + stars: | 2022-12-23 | by ( Hannah Towey | Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

☆ U.S. lawmakers urge Biden to guarantee rail workers' sick leave
▼ + stars: | 2022-12-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 9 (Reuters) - More than 70 lawmakers including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez on Friday urged President Joe Biden to take executive action to guarantee rail workers paid sick days. On Dec. 2, Biden signed legislation to block a national U.S. railroad strike that could have devastated the American economy after some unions voted against the deal over a lack of paid sick leave. The White House did not immediately comment on the lawmakers' letter, signed by 72 Democratic lawmakers and Sanders, an independent who caucuses with Democrats. Railroad workers have no paid short-term sick days after unions representing 115,000 workers asked for 15 days and railroads settled on one personal day. "Guaranteeing that workers are not operating trains or inspecting rail signals while sick or tired would fundamentally improve the safety of our national rail operations," the letter said.

Paid sick leave was one of the outstanding issues in the negotiations. Rail workers get zero paid sick days. Paid sick leave is a basic human right. The measure to provide seven paid sick days did not win the required 60-vote supermajority in the Senate and was not endorsed by the White House. Senator Bernie Sanders and others denounced railroad companies for refusing to offer paid sick leave.

[1/3] U.S. President Joe Biden addresses a joint news conference with French President Emmanuel Macron in the East Room of the White House in Washington, U.S., December 1, 2022. REUTERS/Jonathan ErnstWASHINGTON, Dec 2 (Reuters) - President Joe Biden signed legislation Friday to block a national U.S. railroad strike that could have devastated the American economy. But the Senate failed to approve a measure that would have provided paid sick days to railroad workers. Rail workers get zero paid sick days. Paid sick leave is a basic human right.

☆ Senate approves bill enforcing railroad labor agreement ahead of strike deadline, sends to Biden
▼ + stars: | 2022-12-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +1 min

The Senate passed legislation that would force a tentative rail labor agreement and thwart a national strike. The measures come after talks had stalled between railways and four unions, which had previously rejected the agreement. Biden has said he was reluctant to override the vote against the contract by some unions but that a rail shutdown would "devastate" the economy. Labor groups have said that enforcing an agreement with the legislation denies them the right to strike. In a statement after the Senate vote, Biden said he would sign the bill into law "as soon as Congress sends it to my desk."

☆ Biden administration makes case for quick Senate vote to avoid rail shutdown
▼ + stars: | 2022-12-01 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The House also separately voted to require seven days of paid sick leave for rail workers, a measure the White House has not endorsed. Senate Majority Leader Chuck Schumer has not yet scheduled a vote on the rail measure and some senators, including Bernie Sanders, have demanded a separate vote on the sick leave issue as a condition of agreeing to fast-track consideration of the rail contract vote. Schumer said he wants to see paid sick leave included in the legislation. Railroads and the U.S. Chamber of Commerce oppose amending the contract deal that was struck in September largely on the recommendations of an emergency board appointed by Biden. But some labor leaders have criticized Biden for asking Congress to impose a contract that workers in four unions have rejected over its lack of paid sick leave.

☆ U.S. House votes to block rail strike, mandate paid sick leave
▼ + stars: | 2022-11-30 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

WASHINGTON, Nov 30 (Reuters) - The U.S. House of Representatives on Wednesday voted to approve a bill to block a potentially crippling railroad strike and to mandate paid sick time for rail workers. The House separately voted 221-207 to give seven days of paid sick leave to railroad employees, but that faces an uncertain fate in the Senate. Democrats and some Republicans have expressed outrage over the lack of paid short-term sick leave for railroad workers. "We know much more needs to be done for railroad workers," House Speaker Nancy Pelosi said ahead of the votes. Asked if Biden supported the separate House measure to require sick leave, White House Press Secretary Karine Jean-Pierre said that the president broadly supports paid sick leave for all Americans "but he does not support any bill or amendment that would delay getting this bill to his desk."

☆ U.S. House set to approve bill to block rail strike
▼ + stars: | 2022-11-30 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 30 (Reuters) - The U.S. House of Representatives is set to vote on Wednesday to approve a bill to block a potentially crippling rail strike, but the fate of a separate proposal by lawmakers to mandate paid sick time remains uncertain. The influential business lobby group said the sick leave vote "would impose an unworkable, one-sided modification to a labor agreement." There are no paid short-term sick days under the tentative deal after unions asked for 15 and railroads settled on one personal day. But some labor leaders have criticized Biden for asking Congress to impose a contract that workers in four unions have rejected over its lack of paid sick leave. Both Transportation Secretary Pete Buttigieg and Labor Secretary Marty Walsh are set to speak to Senate Democrats on Thursday about the rail labor issue.

Pelosi said the House would vote separately on Wednesday on a proposal to give seven days of paid sick leave to railroad employees. There are no paid sick days under the tentative deal after unions asked for 15 and railroads settled on one personal day. "Guaranteeing 7 paid sick days to rail workers would cost the rail industry a grand total of $321 million a year – less than 2% of its profits," Sanders said. The railroads oppose giving their workers paid sick time because they would have to hire more staff. "I can’t in good conscience vote for a bill that doesn’t give rail workers the paid leave they deserve," Representative Jamaal Bowman, a Democrat, said on Twitter.

☆ A battle over paid leave is threatening to grind the US economy to a halt
▼ + stars: | 2022-11-30 | by ( Juliana Kaplan | Hannah Towey | ) www.businessinsider.com time to read: +7 min

US rail workers are preparing to strike over their latest negotiations with management. Three years of rail workers' negotiations with management over this issue could soon culminate in an economy-disrupting strike, after the latest tentative agreement included just one paid personal day off a year. That's too far from the 15 days of paid sick leave that rail workers pushed for, and which railroads argue would cost them $688 million a year. While praise for essential workers has faded, rail workers still hold a lot of power in the economy. "The stockholders would go absolutely crazy if we were able to strike for one day."

☆ U.S. House votes to approve bill to block rail strike
▼ + stars: | 2022-11-30 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 30 (Reuters) - The U.S. House of Representatives on Wednesday voted to approve a bill to block a potentially crippling rail strike, but the fate of a separate proposal by lawmakers to mandate paid sick time remains uncertain. A separate vote was ongoing on whether to give seven days of paid sick leave to railroad employees, which lawmakers said is also expected to pass the House but faces an uncertain fate in the Senate. "We know much more needs to be done for railroad workers," House Speaker Nancy Pelosi said. The influential business lobby group said the sick leave vote "would impose an unworkable, one-sided modification to a labor agreement." Both Transportation Secretary Pete Buttigieg and Labor Secretary Marty Walsh are set to speak to Senate Democrats on Thursday about the rail labor issue.

☆ Biden rallies lawmakers to act to avert rail strike ahead of looming deadline
▼ + stars: | 2022-11-29 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +5 min

There are several steps Congress has the authority to take to prevent a rail strike, something it has done 18 times since the 1960s. It could extend the so-called cooling off period, giving the parties more time to try to reach a voluntary agreement before workers can strike. Pelosi said the House would vote this week on the legislation Biden is calling for, which wouldn’t make any changes to the current agreement. But it could also provide an opportunity for Democrats to step in and give additional benefits to the rail workers, like paid sick days, though that would likely make it more difficult to garner Republican support. "The president says he is going to ask Congress to act, and I would expect Congress to support that request,” he said.

WASHINGTON/LOS ANGELES, Nov 29 (Reuters) - The U.S. House of Representatives plans to vote Wednesday to block a potential a U.S. rail strike after President Joe Biden warned of the dire economic consequences of a rail disruption that could happen as early as Dec. 9. U.S. House Speaker Nancy Pelosi said lawmakers will vote Wednesday to impose a tentative contract deal struck in September. At a White House meeting Tuesday with congressional leaders, the Democratic president was asked if he was confident he could avert a rail strike, and responded, "I am confident." 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.

☆ Biden asks Congress to avert rail strike, warning of dire economic impact
▼ + stars: | 2022-11-28 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 28 (Reuters) - U.S. President Joe Biden on Monday called on Congress to intervene to avert a potential rail strike that could occur as early as Dec. 9, warning of the potential dire economic impact. Biden asked lawmakers to adopt the tentative deal announced in September "without any modifications or delay - to avert a potentially crippling national rail shutdown." "The risks to our nation’s economy and communities simply make a national rail strike unacceptable," says the letter to congressional leaders first reported by Reuters. "Therefore, absent a voluntary agreement, we call on you to take immediate steps to prevent a national rail strike and the certain economic destruction that would follow." If they do not, workers could strike or railroads could lock out employees - unless Congress intervenes.

☆ Berkshire Hathaway says Warren Buffett donates shares to family charities
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

Nov 23 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said Warren Buffett has donated more of his fortune to four family charities, without disclosing whether the billionaire chairman made a new donation to the Bill & Melinda Gates Foundation. Buffett donated 1.5 million shares to the Susan Thompson Buffett Foundation. Another 900,000 shares were split evenly among charities run by his children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the Novo Foundation. Buffett has since 2006 donated more than half of his Berkshire shares, worth more than $46 billion at the time of the donations. According the Buffett family foundation websites, the Howard G. Buffett Foundation works to alleviate hunger, mitigate conflicts and improve public safety around the world.

"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.

☆ Large rail union SMART-TD votes to reject labor deal as national strike moves closer
▼ + stars: | 2022-11-21 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

SMART-TD, one of the largest railroad labor unions, voted down a tentative agreement with rail management, raising the likelihood of a strike in December. The BLET, the other largest union, voted to ratify the labor deal but said it will honor the picket line. But BMWED announced it would extend its cooling-off period if one of the larger unions voted not to ratify the tentative labor deal. SMART-TD, BMWED and BRS represent more than 50% of all rail labor. A strike would affect all of the major rail operators, including Union Pacific , Norfolk Southern and CSX .

☆ Warren Buffett's Berkshire warns about crypto website using its name
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Berkshire Hathaway Inc (BRKa.N), run by billionaire Warren Buffett, on Friday warned investors it has no affiliation with a purported cryptocurrency brokerage website using the Berkshire Hathaway name. It includes purported customer testimonials and says the broker is regulated in the United States, United Kingdom, Cyprus and South Africa, using incorrect names for two regulators. In a statement, Buffett's company said it learned about the website, berkshirehathawaytx.com, on Friday afternoon. "The entity who has this web address has no affiliation with Berkshire Hathaway Inc or its Chairman and CEO, Warren E. Buffett," Berkshire said. Buffett has run Berkshire Hathaway Inc since 1965.

☆ Rail strike potential grows, threatening to worsen supply chain backlogs, inflation
▼ + stars: | 2022-11-17 | by ( Eli M. Rosenberg | Eli Rosenberg Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +12 min

That’s how much paid sick leave some freight rail workers are demanding from the rail companies before they sign new contracts. Rail workers say years of grievances about workforce cuts, coupled with new scheduling requirements, have pushed them to the brink of exhaustion. But if any of the unions decides to strike, all rail unions will honor the work stoppage. Kennedy said the union had never agreed to higher wages at the expense of a benefit like paid sick leave. “A rail strike, even one of short duration, would be catastrophic,” said John Drake, a vice president at the Chamber of Commerce.

☆ 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.

Search resuls for: "BNSF"

25 mentions found