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☆ 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

☆ Premarket stocks: Markets and consumers are in an upbeat mood. Here's why
▼ + stars: | 2023-07-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Stocks and consumer sentiment are rising in tandem after slumping last year, in another sign of growing optimism that the economy could dodge a recession. Consumer sentiment tracked by the University of Michigan jumped 13% in July, notching its second consecutive month of improvement. That comes after stocks and consumer sentiment tumbled in 2022 as sticky inflation and the Federal Reserve’s aggressive pace of interest rate hikes spurred fears that the US economy would tip into a recession. “Consumer sentiment reached levels consistent with the lows of some past recessions last summer,” wrote Lori Calvasina, head of US equity strategy at RBC Capital Markets. Still, consumer sentiment could decline if more people lose their jobs, paychecks and spending power.

Persons: CNN —, ”, Lori Calvasina, Ed Moya, Moya, Jon Ekoniak, Pete Muntean, Vanessa Yurkevich, Robert Travis, “, ” Read, Michelle Toh, Kan, Read Organizations: CNN Business, Bell, CNN, University of Michigan, RBC Capital Markets, OANDA, JPMorgan Chase, Citigroup, Bordeaux Wealth Advisors, UPS, Teamsters, United Parcel Service, Independent Pilots Association, Brotherhood of Teamsters, South, Starbucks Asia Locations: That’s, BlackRock, Wells Fargo, South Korean, Hong Kong, Indonesia, South Korea, Philippines

CNN —The union representing pilots flying cargo planes for UPS say they will not cross picket lines if Teamsters strike next month, a spokesperson for the Independent Pilots Association confirmed to CNN. The heads of the two unions say in letters to each other that their support proved pivotal during a previous Teamsters strike in 1997. “No one wants a work stoppage, but should a legal IBT strike be initiated, you and the IBT can count on the IPA for support.”This does not mean UPS pilots are going on strike, rather there will be a work stoppage as they vow not to fly UPS cargo. Such as high value spare parts, pharmaceuticals, medical devices, anything of high value or high opportunity cost”Without UPS’ Pilots – the company will not be able to move anything from California to New York in a day. “This certainly is even more pressure on ups management to come to a deal with teamsters,” said Miller.

Persons: ”, Robert Travis, “, Jason Miller, Miller Organizations: CNN, UPS, Teamsters, Independent Pilots Association, “, Department of Supply Chain Management, Michigan State, Pilots, teamsters, UPS Air, FedEx Express Locations: California, New York

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