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☆ 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

☆ 3M evaluating options for PFAS manufacturing in Belgium
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsSept 25 (Reuters) - 3M (MMM.N) said on Monday it was looking at options to further accelerate the stoppage of manufacturing of PFAS chemicals at its Zwijndrecht facility in Belgium and warned of a likely hit due to the continued idling of the plant. In August, 3M secured preliminary approval for a $10.3 billion deal resolving claims by U.S. public water providers over pollution by PFAS. While the non-PFAS manufacturing continues at the Belgian facility, PFAS has been idled. However, the 3M said it was unable to predict the extent of any negative impact to operations. 3M has outlined plans to exit from all PFAS manufacturing by the end of 2025.

Persons: Nicholas Pfosi, 3M, PFAS, Priyamvada, Varun Organizations: 3M Global, REUTERS, U.S, Thomson Locations: Maplewood , Minnesota, U.S, Belgium, Belgian, Bengaluru

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

☆ FedEx raises lower end of full-year adjusted profit forecast
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 20 (Reuters) - FedEx (FDX.N) raised the lower end of its full-year adjusted profit forecast on Wednesday as it benefited from problems experienced by rivals UPS (UPS.N) and Yellow (YELLQ.PK). As one of the largest providers of less-than-truckload shipping, FedEx also was in prime position to benefit from last month's demise of Yellow, one of that sector's dominant players. The global shipping downturn which has hurt margins for the sector has pushed several companies to adopt a balancing act of matching costs and capacity to lower demand. The fall in demand comes against the backdrop of a decline in e-commerce volumes as the pandemic-driven online shopping bubble burst. FedEx now expects adjusted full-year earnings per share between $17.00 and $18.50, compared with its prior forecast of $16.50 to $18.50 per share.

Persons: Mike Blake, Priyamvada Organizations: Federal Express, REUTERS, FedEx, UPS, Brotherhood of Teamsters, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ MGM says its hotels, casinos 'operating normally' after cyberattack
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsSept 20 (Reuters) - MGM Resorts (MGM.N) said on Wednesday that all its hotels and casinos were "operating normally" after it shut down some of its computer systems over cybersecurity issues earlier this month. "Mobile Check-In and Digital Keys are currently unavailable," MGM said on its website. Several security analysts have drawn attention to Scattered Spider over the past year for its social engineering tactics. Last week, the hacking group said it took six terabytes of data from the systems of multi-billion-dollar casino operators MGM Resorts and Caesars Entertainment (CZR.O), as both companies probed the breaches.

Persons: Bridget Bennett, Jefferies, Priyamvada, Pooja Desai Organizations: MGM, MGM Resorts, REUTERS, Reuters, Caesars Entertainment, Thomson Locations: Las Vegas , Nevada, U.S, Macau, Las Vegas, Bengaluru

☆ Casino giant Caesars confirms data breach
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Sept 14 (Reuters) - Caesars Entertainment (CZR.O) on Thursday confirmed a data breach that led to a leak of information, including details from its loyalty program database. The company said hackers accessed details, including driver's license numbers and possibly social security numbers, for a "significant number of members in the database". Caesars added it is still investigating the extent of the data leak "acquired by the unauthorized actor" and has no evidence to date that any member passwords/PINs, bank account information or payment card information were accessed. Another casino operator MGM International (MGM.N) was also allegedly hacked by a group called Scattered Spider, Bloomberg News had reported. Analysts at Moody's have warned MGM Resorts may see a negative impact to its credit rating after the recent data breach.

Persons: Priyamvada, Krishna Chandra Organizations: Caesars Entertainment, Caesars, Wall Street, MGM, Bloomberg News, Reuters, Moody's, MGM Resorts, Thomson Locations: Bengaluru

☆ 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

☆ Potential UAW strike could cut production, push up vehicle prices, analysts say
▼ + stars: | 2023-09-11 | by ( Priyamvada C | ) www.reuters.com time to read: +3 min

Sept 11 (Reuters) - A prolonged coordinated strike by the United Auto Workers (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled "Here's what the Big Three and the corporate media's NOT telling you about car prices," Fain said "corporate greed" was responsible for rising car prices.

Persons: Tyson Jominy, Jominy, Garrett Nelson, J.P, Morgan, Jimmy Bhullar, Jim, Farley, Mary, Barra, Dan Ives, Tesla, Bryan DeBoer, Shawn Fain, Fain, Priyamvada C, Nathan Gomes, Abhijith, Anil D'Silva Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Toyota, Honda, Volkswagen, Deutsche Bank, GM, Ford, Lithia Motors, Thomson Locations: ., U.S, Bengaluru

☆ American Airlines flight attendants vote to authorize strike - union
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

An American Airlines Airbus A321 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake Acquire Licensing RightsAug 30 (Reuters) - American Airlines' (AAL.O) flight attendants voted to authorize a strike if the company refuses to agree to "reasonable" contract terms, the Association of Professional Flight Attendants (APFA) said on Wednesday. An overwhelming 99.47% of the flight attendants represented by the labor union voted to authorize a strike, according to APFA that covers more than 26,000 flight attendants at the carrier. "Flight attendants are fired up and ready for a contract. They (the company) ignore this strike vote at their peril," Julie Hedrick, national president of APFA, said in a statement.

Persons: Mike Blake, Julie Hedrick, APFA, Priyamvada, Maju Samuel Organizations: American Airlines Airbus, Los Angeles International, REUTERS, American Airlines, Association of Professional, United Airlines, Delta Air Lines, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ UPS employees ratify new five-year labor agreement, union says
▼ + stars: | 2023-08-22 | 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 RightsAug 22 (Reuters) - Teamsters-represented UPS (UPS.N) workers voted to approve a five-year labor contract that covers about 340,000 U.S. employees at the parcel delivery firm, the union said on Tuesday. Reporting by Priyamvada C and Pratyush Thakur in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Priyamvada, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Thomson Locations: Brooklyn , New York City, U.S, Bengaluru

☆ Cleveland-Cliffs demands U.S. Steel to reveal all buyout offers
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. U.S. Steel, which rejected Cliffs' $7.3 billion cash-and-stock offer as inadequate, had earlier said it was exploring "multiple unsolicited proposals". The stance comes after the USW said last week it would only back Cleveland-Cliffs as a suitor for the company. Even if U.S. Steel has not received any bids, the company must acknowledge that no such proposals have been received, Cleveland-Cliffs said. U.S. Steel had also attracted a $7.8 billion all-cash offer from Esmark Inc and a potential acquisition interest from ArcelorMittal SA (MT.LU).

Persons: Lawrence Bryant, USW, Lourenco Goncalves, Priyamvada, Krishna Chandra Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Tuesday U.S . Steel, United Steelworkers, . Steel, U.S, Steel, Cliffs, Esmark Inc, ArcelorMittal SA, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru

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

☆ U.S. Steel shares jump after unsolicited bid from Cleveland-Cliffs
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Despite the surge, shares of U.S. Steel were trading well below the offer price at $27.92, indicating some investors believe a deal may not happen at that price. Cleveland-Cliffs shares were down 6.1%. A combination between the two firms will create the largest steel producer in North America and the 10th largest steel producer in the world and will be a dominant supplier to the transportation sector, KeyBanc Capital Markets analyst Philip Gibbs said in a note. U.S. Steel said it has invited Cleveland-Cliffs to be a part of the review process.

Persons: Lawrence Bryant, steelmaker, Philip Gibbs, Gibbs, Priyamvada, Reshma George, Arpan Daniel Varghese, Saumyadeb Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, KeyBanc Capital, Midwest, AK Steel, U.S, . Steel, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, North America, China, ArcelorMittal, Bengaluru

☆ Air Canada beats quarterly profit estimates, flags strong demand
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +3 min

An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. Air Canada pilots anticipate sitting down for labor talks with the carrier in the next couple of weeks, a union official said. Montreal-based Air Canada said it expects to grow available seat mile capacity for 2023 by 21% compared with a year earlier. For the quarter ended June 30, Air Canada reported adjusted net income of C$664 million ($493.97 million), or C$1.85 per diluted share. In May, Air Canada said it expected CASM of about 0.5% to 2.5% below 2022 levels.

Persons: Carlos Osorio, Charlene Hudy, Hudy, Mike Rousseau, Shivansh Tiwary, Allison Lampert, Devika Syamnath, Frances Kerry, Elaine Hardcastle, Jonathan Oatis Organizations: Air Canada, Toronto Pearson Airport, REUTERS, North, Air Canada Pilots Association, Canadian, Air, Thomson Locations: Toronto, Mississauga , Ontario, Canada, U.S, Montreal, Air Canada, Bengaluru

International travel reached around 90% of pre-pandemic levels this year, according to the International Air Transport Association. Those trends lifted quarterly earnings of travel companies, with cruise operators like Royal Caribbean (RCL.N) reporting record results in recent weeks. Ticket prices, which in some cases have increased by double-digit percentages since the pandemic, are unlikely to plummet. She expects air fares on long-haul international routes to remain high until supply outpaces pre-pandemic levels, demand normalizes and jet fuel prices decline further. International inbound vs outbound in the U.S this yearAverage domestic airfare is currently $246 round-trip, down 8% from 2022, according to travel booking app Hopper.

Persons: Dan McKone, Amadeus, Jozsef Varadi, Hayley Berg, Hopper, that's, Glenn Fogel, Kathleen Oberg, Joanna Plucinska, Rajesh Kumar Singh, Doyinsola, David Gaffen, Matthew Lewis Organizations: International Air Transport Association, Consulting, Royal, Booking Holdings, Marriott, Lufthansa LHAG.DE, United Airlines, Wizz, Reuters, Holdings, International, U.S . National Travel, Tourism Office, British Airways, IAG, Thomson Locations: CHICAGO, Southern Europe, Britain, France, United States, Germany, Singapore, Royal Caribbean, Manila, Hong Kong, Taipei, Tokyo, Europe, Asia, COVID, U.S, Canada, London, Chicago, New York, Bengaluru

☆ Carvana shares jump after co forecasts upbeat Q3 core profit
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Carvana logo is seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoCompanies Carvana Co FollowAug 9 (Reuters) - Used-car retailer Carvana (CVNA.N) expects its third-quarter adjusted core profit to be above $75 mln from its prior forecast of "positive adjusted EBITDA", sending its shares up about 4% in morning trade on Wednesday. Carvana, in an attempt to strengthen its balance sheet and attain positive cash flow, has been trimming inventory and slashing advertising expenses. However, it has since been struggling to sell cars acquired at elevated prices as buyers, hit by inflation and worried about a recession, cut spending. Reporting by Priyamvada C in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Priyamvada, Krishna Chandra Organizations: REUTERS, Thomson Locations: Carvana, Bengaluru

☆ 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

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

☆ Airbnb forecasts Q3 revenue above estimates on rebound in international travel
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Airbnb (ABNB.O) forecast revenue for the current quarter above market estimates on Thursday, as the vacation rental firm is set to gain from a rebound in international travel. The San Francisco-based company forecast revenue for the third quarter between $3.3 billion and $3.4 billion, ahead of analysts' average estimate of $3.22 billion, as per Refinitiv data. Travel operators have begun to benefit from a robust rebound in international travel, aided by pandemic restrictions easing and a strong U.S. dollar that has encouraged consumers to book flights and stays overseas. Gross bookings rose 13% to $19.1 billion, in line with analysts' average estimate. Airbnb's quarterly revenue rose 18.1%, to $2.48 billion, ahead of analysts' estimate of $2.42 billion.

Persons: Dado Ruvic, Airbnb, Gross, Priyamvada, Pooja Desai Organizations: REUTERS, Asia Pacific, Marriott, Hilton Worldwide Holdings, Spirit Airlines, Thomson Locations: San Francisco, United States, North America, Paris, France, Bengaluru

☆ Gloomy Spirit, Expedia reports drag travel stocks lower on demand slowdown fears
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

A Spirit Airlines jet taxis from Newark Liberty International Airport in Newark, New Jersey, U.S. December 6, 2019. REUTERS/Chris Helgren/File PhotoAug 3 (Reuters) - U.S. travel stocks fell in early trading on Thursday following downbeat quarterly reports from Spirit Airlines (SAVE.N) and Expedia (EXPE.O) that amplified concerns domestic demand may be easing after a strong rebound from pandemic lows. Spirit, which mainly operates on domestic routes, also forecast weaker-than-expected revenue for the third quarter, with Citi analysts citing the effect from travel demand shifting to international from domestic. Adding to the gloom, online travel firm Expedia Inc (EXPE.O) reported smaller-than-expected bookings for the second quarter, even as it said travel demand remained "strong." "We believe this is further evidence of softening in U.S. travel demand trends while international growth continues to outperform," Wedbush analyst Scott Devitt said in a note.

Persons: Chris Helgren, Gross, Scott Devitt, airfares, Priyamvada, Kannaki, Pratyush Thakur, Sriraj Organizations: Spirit Airlines, Newark Liberty International Airport, REUTERS, Citi, Southwest Airlines, Alaska Air, Delta Air Lines, United Airlines, American Airlines, Expedia Inc, Thomson Locations: Newark , New Jersey, U.S, Southwest, Bengaluru

☆ Booking Holdings boosts forecast as travel demand defies weak economy
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Aug 3 (Reuters) - Booking Holdings (BKNG.O) on Thursday raised its forecast for third-quarter gross bookings as pent-up demand for travel outweighed rising costs and concerns around an uncertain economy, sending its shares up 10.25% in extended trading. It now expects gross bookings, which refers to the total dollar value of all travel services booked by customers, to grow slightly more than 20%, up from previous expectations of low-teens growth. Room nights booked for the quarter ended June rose 9% from last year, while gross travel bookings jumped 15%. Alternative accommodation nights grew faster than traditional hotel nights for Booking, at about 11% in the second quarter. Booking's revenue rose 27% to $5.46 billion, compared with analysts' expectations of $5.17 billion, according to Refinitiv data.

Persons: Glenn Fogel, Fogel, Priyamvada, Ananta Agarwal, Devika Organizations: Booking Holdings, Hilton Worldwide Holdings, Wall, Thomson Locations: U.S, Europe, Asia, Bengaluru

☆ Apollo leads deal for trucking firm Yellow's bankruptcy loan - Bloomberg News
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 1 (Reuters) - Creditors led by Apollo Global Management Inc (APO.N) are nearing a deal to provide Yellow Corp (YELL.O) with fresh cash during a coming bankruptcy, Bloomberg News reported, citing people familiar with the matter. Yellow declined to comment, while Apollo did not immediately respond to a Reuters request for comment. Yellow, formerly called YRC Worldwide, is the third-biggest U.S. trucking company. Yellow has $1.3 billion in debt payments due in 2024, including a $567.4 million term loan due in June and a $729.4 million U.S. Treasury loan due in September. Reporting by Priyamvada C in Bengaluru; Editing by Anil D'Silva and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Yellow, Priyamvada, Anil D'Silva Organizations: REUTERS, Apollo Global Management Inc, Yellow Corp, Bloomberg News, U.S, YRC, Teamsters, USF, Treasury, Thomson Locations: Detroit , Michigan, Bengaluru

☆ 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

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

☆ American Airlines increases offer to pilots by $1 billion, matching United
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

July 21 (Reuters) - American Airlines Group Inc (AAL.O) on Friday said it raised the value of its contract offer to pilots by more than $1 billion to match a more generous deal at United Airlines (UAL.O) after American's union warned that ratification was in jeopardy. United's pilots will get cumulative 34.5% to 40.2% pay raises in that four-year agreement. The Allied Pilots Association (APA), which represents American's pilots, warned on Sunday that ratification was in jeopardy. Dennis Tajer, a spokesman for the union, said earlier this week that United's pilots would earn at least 2% more than their 15,000 counterparts at American. The union also said United's back pay, days off for junior pilots and sick time were superior.

Persons: Dennis Tajer, Priyamvada, Cynthia Osterman Organizations: American Airlines Group Inc, United Airlines, Allied Pilots Association, Thomson Locations: The Texas, Bengaluru

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