Rip Watson

Government

US Political Climate Threat to Global Supply Chain, Logistics Execs Say

Luke Sharett/Bloomberg News

WASHINGTON — Protectionism has become a political issue that is a threat to an efficient global supply chain, world trade and the critical importance of making the Trans Pacific Partnership trade agreement a reality, a top UPS Inc. official said.

Rip Watson | Special to Transport Topics
May 18, 2016
Business, Government

With Union Pensions in Jeopardy, Fund Appeals to Congress for Aid

Thorny Teamsters pension issues were pushed into Congress’ lap last week by the Central States Pension Fund after the U.S. Treasury Department rejected the fund’s bid to create long-term solvency by cutting pension benefits by about 50% for most union retirees.

Rip Watson | Special to Transport Topics
May 16, 2016
Business, Government, Safety, Logistics

XPO Rebuffs Meeting Unions on Complaints

Teamsters.org

The Teamsters union and European labor representatives last week tried, but failed, to force a meeting with XPO Logistics Inc. CEO Bradley Jacobs to discuss union issues.

Rip Watson | Special to Transport Topics
May 16, 2016
Business

Treasury Department Rejects Central States Pension Fund Plan to Cut Teamsters Benefits

Drew Angerer/Bloomberg News

The U.S. Treasury Department, through Special Master Kenneth Feinberg, has rejected Central States Pension Fund’s proposal to cut benefits for 270,000 Teamsters retirees, often by half, saying the plan presented to the government failed to meet the requirements of a 2014 law.

Rip Watson | Special to Transport Topics
May 9, 2016
Business, Logistics

XPO, Estes Agree to Pay $13 Million to Settle DOD Overcharge Claims

XPO Logistics

XPO Logistics Inc. and Estes Express Lines have agreed to pay a total of $13 million to settle overcharge claims in connection with the Defense Transportation Coordination Initiative program, a federal contract that was meant to lower military logistics costs.

Rip Watson | Special to Transport Topics
May 9, 2016
Business

Most Fleets, Logistics Firms Record Weaker 1Q Earnings

Roadrunner Transportation Systems Inc

Five more trucking and logistics companies have announced weaker results, capping a first-quarter earnings season when the slow freight market led more than two-thirds of publicly traded companies to produce lower results year-over-year.

Rip Watson | Special to Transport Topics
May 9, 2016
Business, Logistics

XPO First-Quarter Loss Narrows Slightly; Expeditors Profit Declines

TT File Photos

XPO Logistics slightly reduced its first-quarter loss, excluding one-time costs, to $9.8 million, or 8 cents per share, while earnings slipped 9% to $96.6 million, or 53 cents, as airfreight and ocean forwarding results weakened.

Rip Watson | Special to Transport Topics
May 3, 2016
Business

Truckload Driver Turnover Climbs

Turnover at smaller truckload fleets leaped 21 percentage points in the fourth quarter of 2015, while churn at larger carriers reached even more elevated levels in spite of lackluster freight demand, American Trucking Associations reported last week.

Rip Watson | Special to Transport Topics
May 2, 2016
Business

Major Logistics Firms Post Higher 1Q Profits

John Sommers II for TT

Quarterly earnings reports last week were divided between four logistics operators that reported improved operating results and four truckload fleets whose profits fell due to pressure on rates and minimal freight shipment growth.

Rip Watson | Special to Transport Topics
May 2, 2016
Business

Trucking Companies Continue to Report Weaker Results

Jeff Kraus/Flickr

Earnings performance generally was weaker at the five companies that announced earnings on April 27 in a freight market described by one of the reporting companies as “difficult.”

Rip Watson | Special to Transport Topics
April 28, 2016

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