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☆ East Coast ports including New York are winning a domestic trade war at the expense of California
▼ + stars: | 2022-12-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

According to ITS Logistics which monitors rail cargo trends, the volume of freight moving out of the East Coast doubles that of the West Coast. East Coast ports making major investments East Coast ports like Georgia, Virginia and Maryland have been increasing their investment to accommodate the increase in rail capacity. "CSX continues to see the East Coast ports as a growth opportunity as volumes shift from congested West coast gateways," said Cindy Schild, CSX spokesperson. West Coast port declinewatch nowCargo volumes on the West Coast remained soft at the Port of Los Angeles in November, which saw a 21% decrease year over year in volumes. While the East Coast gains are significant, there was a "leveling" off of imports detected on the East Coast in November, according to port TEU data from the CNBC Supply Chain Heat Map.

☆ 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.

☆ Jim Cramer's top 10 things to watch in the market Friday: Hot jobs, chip trouble, FedEx looks OK
▼ + stars: | 2022-12-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Marvell Technology (MRVL) gets multiple price target cuts. Here's a switch: Citi is RAISING its price target on FedEx (FDX) to $190 per share from $165. So price target cuts on Wall Street and the stock down more than 11% in the premarket. The work management platform issues disappointing operating income and lots of analyst price target cuts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ How an arcane 96-year-old law stopped the rail strike
▼ + stars: | 2022-12-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

The Railway Labor Act was passed in 1926 as one of the very first labor laws in the nation. Because of the law, the House was able to vote Wednesday to impose unpopular contracts on four rail unions whose members have already rejected the terms, followed by a vote by the Senate vote late Thursday that did the same. The Railway Labor Act, passed in 1926, is the reason Congress could intervene this week to block a strike by freight railroad unions. But under the Railway Labor Act, management can fall back on hopes that Congress will give them the deal it wants. When he served in the Senate, Biden voted against an earlier effort to impose a contract on the rail unions to keep them on the job.

☆ Senate Votes 80-15 to Pass Measure Blocking Nationwide Railroad Strike
▼ + stars: | 2022-12-01 | by ( Katy Stech Ferek | ) www.wsj.com time to read: 1 min

WASHINGTON—Senate lawmakers passed a bill Thursday to prevent a nationwide strike by railroad workers after rejecting a proposal to give them expanded paid sick leave. In a 80-15 vote, with one voting present, lawmakers agreed to force unions to adopt an earlier labor agreement, exceeding the 60-vote threshold for the measure to pass. The move is expected to end the long-running labor dispute between Union Pacific Corp., CSX Corp. and other freight railroads and more than 115,000 workers.

☆ 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.

☆ 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.

☆ America may dodge a crippling rail strike. Here’s how we got here
▼ + stars: | 2022-11-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The House approved two pieces of legislation Wednesday, one to impose the tentative agreements that members of four of the unions have already rejected, keeping 115,000 rail workers on the job and averting a strike. More than just sick daysThe fact that this is still an issue more than two months after an 11th-hour tentative deal was reached goes beyond the issue of paid sick days. All 12 rail unions agreed to the tentative deals that generated so much opposition. But he said the issue of sick days will not be going away. Senator Bernie Sanders, a close ally of the labor movement, tweeted “At a time of record profits in the rail industry, it’s unacceptable that rail workers have ZERO guaranteed paid sick days.

☆ These defensive stocks are looking more attractive in this topsy-turvy market
▼ + stars: | 2022-11-29 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

We are talking about stocks that offer defensive growth and do even better if the economy slows down. (DHR) Even Linde (LIN) has some defensive growth attributes, but the stock just had a huge move and we are looking for a little more of a pullback. Our preference is still with stocks that offer defensive growth. We understand buying defensive growth today means you aren't catching the bottom, but bottom fishing is often called an expensive hobby for a reason. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

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.

☆ Rail strike threat recedes as Congress prepares to impose unpopular contract on unions
▼ + stars: | 2022-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The White House estimated that as many as 765,000 workers could temporarily be out of work within two weeks if the rail workers went on strike. Biden and Democrats had been unwilling to block a strike in September when negotiations were nearing a previous strike deadline. Unions upsetThe move is sure to anger union rank-and-file who had rejected labor deals that their leaders reached earlier this fall. Biden, while saying he sympathized with the unions’ demand for sick time, said Congress should stick to the tentative agreements negotiated in September. “Some in Congress want to modify the deal to either improve it for labor or for management,” said Biden’s statement.

☆ 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.

"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 .

☆ 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.

New York CNN Business —A third railroad union has rejected a tentative labor deal, a move that further raises the odds that America’s 110,000 freight railroad workers will go on strike early next month. It is the smallest of 13 unions that represent more than 100,000 union members at the nation’s major freight railroads. The union’s brief statement on the vote said it “fully expects to continue negotiating further toward a satisfactory contract” with railroad management. A freight railroad strike would create massive problems for the US economy, snarling still-struggling supply chains and triggering widespread bottlenecks and shortages. Congress can also prevent or end a strike by extending a cooling-off period during which the unions cannot strike, or by imposing a contract on union members.

☆ 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.

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