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☆ Israel's Ports Feel Strain as Shipping Traffic Slows After Attacks
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said. While the main Israeli ports of Ashdod further up the coast and Haifa in the north, remain open, shipping and maritime security companies are reviewing their operations for Israel, industry sources said. "Israeli ports are deemed to be at heightened risk," said Noah Trowbridge, with British maritime risk advisory and security company Dryad Global. "Since Gaza has a coastline, direct threats to shipping inside Israeli waters cannot be ruled out," BRS said. This compared with a premium of 0.0125% earlier this year, insurance sources said.

Persons: Jonathan Saul, Ari Rabinovitch JERUSALEM, Noah Trowbridge, Hapag Lloyd, Shipbroker BRS, BRS, Moller Maersk, Eli Glickman, INTERTANKO, ” INTERTANKO, Ari Rabinovitch, Sharon Singleton Organizations: Hamas, Dryad, Reuters, Ships, Zim, Ministry of Defense, Facebook Locations: Gaza, Ashkelon, Ashdod, Haifa, Israel, London, East Gulf, Gulf of Oman

April 5(Reuters) - French catering and food services group Sodexo (EXHO.PA) plans to spin off and list its Benefits & Rewards Services (BRS) business during 2024, it said on Wednesday, as it focuses on divisions that serve faster-growing markets. The BRS business reported a core profit of 162 million euros ($177 million) in the first half of 2023, up 46.4% from a year ago excluding currency impacts. Core profit for the group was 704 million euros, beating analysts' average forecast of 679 million euros, according to a company-compiled consensus. Price increases will remain above 5% in the second part of 2023, Sodexo said. It also raised its full-year forecast for its BRS business, targeting organic revenue growth of close to 20% and an underlying operating profit margin of close to 32%.

☆ Sodexo to spin-off Benefits & Rewards Services business
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5(Reuters) - French catering and food services group Sodexo (EXHO.PA) plans to spin-off and list its Benefits & Rewards Services (BRS) business during 2024, it said on Wednesday. The move will leave its two main businesses better placed to benefit from fast growing markets, the company added. Sodexo, which last May scrapped a plan to sell a minority stake in BRS, said it now plans to spin off and list BRS by distributing shares in the business to Sodexo shareholders. The business, which delivers vouchers and benefit cards to businesses for employees, reported a core profit of 162 million euros ($177 million) in the first half of 2023, 46.4% up from a year ago excluding currency impacts. Core profit for the group was 704 million euros, beating analysts' average forecast of 679 million euros, according to a company-compiled consensus.

☆ Amazon is quietly streamlining its hiring process by dropping its 'Bar Raiser' program for some interviews. Employees worry it's lowering the quality of candidates getting jobs at the company.
▼ + stars: | 2023-01-11 | by ( Eugene Kim | ) www.businessinsider.com time to read: +7 min

By abandoning the bar raiser for some mostly entry-level positions, Amazon shortened the hiring process and was able to hire more aggressively. In January 2021, for example, a group of bar raisers complained about the small number of bar raisers relative to the total employee base, and the lack of engagement from many of them. Current Bar raisers are overworked and disengagedOthers expressed concerns about overwhelmed or disengaged bar raisers causing a potential drop in talent at Amazon. One person in the 2021 email thread said "Amazon's hiring bar was at stake" if the bar raisers failed to live up to company standards. Amazon's HR chief Beth Galetti said Amazon's hiring bar "keeps getting higher and higher" and that "keeps all of us growing and evolving every day."

☆ Explainer: Europe set to import banned Russian diesel without knowing
▼ + stars: | 2022-12-07 | by ( Rowena Edwards | ) www.reuters.com time to read: +6 min

The European Union banned Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, as it attempts to deprive Russia of oil revenues. Blending Russian diesel elsewhere with a non-Russian equivalent would not change its origin, while refining Russian Urals crude into diesel elsewhere would. Russian diesel is likely to be delivered to and re-exported from countries such as India and Turkey, market sources said. Europe has already started to replace Russian diesel imports with refined product from the Middle East, but analysts also expect India to refine more Urals and increase diesel exports to Europe. Many of the larger oil companies, including BP (BP.L) and Shell have self-imposed sanctions on Russian oil and oil products.

☆ Rail union bosses warn of election consequences as Senate moves closer to vote on labor deal to prevent strike
▼ + stars: | 2022-12-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

watch nowLeaders of the rail labor unions that have voted not to ratify the tentative labor deal tell CNBC that as the Senate moves closer to a vote on Thursday afternoon on legislation to prevent a rail strike, senators need to realize this is a humanitarian issue and their members will not forget who supported them. On Wednesday, the House passed the tentative rail labor agreement and additional legislation to add seven paid sick days, which has been one of the most important issues to rail workers in the breakdown of negotiations with freight rail companies. All three union presidents say they understand why President Biden had to push Congress to pass the tentative agreement. Biden's PEB deal 'missed the mark'Ferguson said the Presidential Emergency Board rail labor deal "missed a few marks and sidestepped a few, mainly our attendance policy issues." Supply chain congestion and rail embargoesThe unions argue that precision railroading and the lack of labor are the reasons behind congestion in the supply chain.

☆ If rail strike begins, 'I think every union' will honor picket line, says BLET president
▼ + stars: | 2022-11-21 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

One of the largest rail labor unions, the Brotherhood of Locomotive Engineers and Trainmen (BLET), will honor the Brotherhood of Railroad Signalmen (BRS) strike date of December 5, the first date upon which a rail union to reject the proposed labor deal with freight railroad companies can strike. "Our members will certainly honor the picket line of BRS," BLET president Dennis Pierce told CNBC. The BRS has not announced if it would extend a cooling-off period to match a later potential strike date of Dec. 9. On Monday, SMART-TD, one of the largest rail unions, voted down the labor deal, but its first strike date is December 9. Access to time off is one of the components of the BLET agreement, and rail unions have been pushing to make federal contractor sick pay policies a permanent benefit for union members.

☆ 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 .

☆ With U.S. economy at risk, here's how a national rail strike could start in December
▼ + stars: | 2022-11-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

The strike prep calendar for rail operators, customers, and logistics managers continues to be in flux with a lack of coordination between key rail unions leaving open the potential for two strike dates in December. BMWED, which represents the Brotherhood of Maintenance of Way Employees, is scheduled to strike on December 5 with the The Brotherhood of Railroad Signalmen (BRS). But unlike BMWED, the BRS — which can also strike after its cooling-off period ends on Dec. 4 — has not indicated whether it will extend its deadline for talks. According to federal safety measures, railroad carriers begin prepping for a strike seven days before the strike date. The carriers start to prioritize the securing and movement of security sensitive materials like chlorine for drinking water and hazardous materials in the rail winddown.

☆ Chemicals industry warns that rail strike will shut plants and cost economy billions
▼ + stars: | 2022-11-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Ninety-six hours before a strike deadline, all chemical shipments are no longer moved. "We would expect a similar dramatic reduction in chemical shipments if an embargo were to take place this month." The start of rail strike preparation will depend on the voting results from some of the largest rail unions yet to ratify the labor deal recommended by President Biden's Presidential Emergency Board. If SMART-TD or BLET rejects the agreement, the strike date would be December 9, the day after their cooling-off period ends. BMWED has said it would extend its own cooling-off period to align with the new strike date.

☆ 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.

☆ U.S. rail union representing 4,900 workers narrowly approves contract
▼ + stars: | 2022-11-05 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 5 (Reuters) - A labor union representing about 4,900 rail workers said on Saturday that members narrowly ratified a tentative contract agreement with freight railroads in the United States. The union representing locomotive machinists, roadway mechanics, and facility maintenance personnel is the seventh of 12 to approve the deal, while two unions previously voted to reject the national deal announced in mid-September. Last month, the Brotherhood of Railroad Signalmen (BRS) union, representing more than 6,000 members, voted against the deal as did the Brotherhood of Maintenance of Way Employees (BMWED), which represents 11,000 workers. The rail deal included a 24% percent wage increase over a five-year period from 2020 through 2024 as well $1,000 lump sum payments in each of the next five years. 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 .

☆ Second railroad union votes down deal needed to avert nationwide strike
▼ + stars: | 2022-10-26 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

The Brotherhood of Railroad Signalmen is the second union to vote down the tentative agreement between rail unions, freight rail companies and the Biden administration that was reached on September 15 and critical to avoiding a nationwide rail strike. "For the first time that I can remember, the BRS members voted not to ratify a National Agreement, and with the highest participation rate in BRS history," said BRS president Michael Baldwin in a statement. The NCCC and PEB also both failed to recognize the safety-sensitive and highly stressful job BRS members perform each day to keep the railroad running and supply chain flowing." The rejection of the National Tentative Agreement begins a "status quo" period during which the union will reengage with the NCCC until December 4. The railroads have estimated that a rail strike could cost the economy $2 billion per day.

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.

☆ Combat Vet shares financial advice for military families
▼ + stars: | 2019-05-28 | by ( Bill Simonet | Managing Partner At Simonet Financial Group | ) www.nbcnews.com time to read: +7 min

The following programs are positioned to give a vet some financial guidance:Blended Retirement System (for active duty and reservists): In January 2018, the traditional military pension system was converted to the Blended Retirement System. The BRS combines elements of the legacy retirement system with benefits similar to those offered in many civilian 401(k) plans. Fewer than 20% of service members who enlist actually choose to make the military their career and retire out. Here are some pros:Provides a benefit to service members even if they choose not to spend 20 years in the military. Thrift Savings Plan (for service members not on the BRS): The Thrift Savings Plan is the federal government's version of the civilian 401(k) plan.

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