Pfizer Plant Damaged By Tornado
Pfizer Inc (PFE.N) claims that its plant in Rocky Mount, North Carolina, which is one of the largest sterile injectable product facilities in the world, has suffered heavy damage from a tornado. A company spokesperson later confirmed the claims via email and that the company was assessing the situation to determine the impact on production.
Envoy Warns Of Retaliation Against Further U.S. Tech Curbs
China does not want a trade or tech war but will definitely respond if the United States imposes more curbs on its chip sector, China’s ambassador to Washington said yesterday. Ambassador Xie Feng told the Aspen Security Forum China did not shy away from competition, but the way it was defined by the United States was not fair. He highlighted existing U.S. prohibitions on Chinese imports of equipment to make advanced chips.
Tesla Prices Wanes For Turbulent Times
Tesla (TSLA.O) CEO Elon Musk signaled that he would cut prices again on electric vehicles in “turbulent times”, even as his all-out price war on automaker rivals squeezes the company’s own margins. The company has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and other incentives to reduce inventory, as it tries to shield against competition and economic uncertainty.
Today’s News
The United Parcel Service (UPS) is on the brink of a 10-day strike. Experts have speculated that the work disruption would easily be the costliest in modern history, costing the U.S. economy approximately USD 7 billion! Customers are not spared as the strike would lead to losses of a combined USD 4.6 billion. Workers would also lose a combined value of USD 1.1 billion in wages, based on an average salary of USD 90,000, claimed a report from the Anderson Economic Group which also forecasted a USD 2.4 billion hit for the shipping and logistics industry.
To avoid this reality, UPS and the Teamsters union with up to 340,000 UPS employees have until the end of the month to negotiate a new contract.
The scenario would be in play starting 31 July, which is the expiration date for the current contract. If UPS and the Teamsters union do not come to a consensus on a new contract by then, the strike will commence.
Other reports on this are as follows:
UPS Returns To Bargain With Motive Of Averting Strike
UPS said it would return to the bargaining table with a better offer for roughly 340,000 Teamsters-represented U.S. workers, in a bid to avert a potentially economically damaging strike on 1 Aug.
“We are prepared to increase our industry-leading pay and benefits, but need to work quickly to finalize a fair deal that provides certainty for our customers, our employees and businesses across the country,” UPS said in a statement.
The union said the world’s largest delivery company contacted it on Wednesday with an offer to resume talks next week, the International Brotherhood of Teamsters said in a statement on Twitter.
Talks broke down on 5 July, with each side blaming the other.
UPS Worker Fires Back At Insensitive Comment
“No way you deserve 42 an hour as a delivery guy lol. Takes zero skill,” wrote a viewer on one of UPS driver Juan Trujillo’s TikTok posts.
Trujillo fired back in a viral video, claiming that even USD 42/hour isn’t enough, which is why full-time UPS workers will be getting a raise of around USD 1.50 this year. UPS typically adds a cost-of-living adjustment (COLA) to its wages each year in addition to any other base raises, but the company has yet to confirm a hike for this year.
“We’re not going on strike because the drivers aren’t getting a raise,” Trujillo continues. “We’re going on strike because the part-timers are only making USD 16 an hour, and that’s unacceptable.”
Amazon Deliveries Seemingly Unaffected
A looming UPS strike could be bad news for online shoppers and small businesses. Despite the threat of a UPS work stoppage, Amazon spokesperson Steve Kelly said the company does not expect a significant impact on customer deliveries as most of the company’s orders are processed through its own network. Amazon does deliver a portion of its packages through UPS, but its use of the company has been waning.
While Amazon is expected to fare better than smaller retailers if UPS Teamsters strike, logistics experts warn that some Amazon deliveries may take longer in rural areas that rely more heavily on UPS. Others say a strike could influence union organization efforts among Amazon delivery drivers.
