Monday, October 31, 2005

Cipriani re-elected president of local Teamsters union

GREENSBORO - Jack Cipriani has been re-elected to a three-year term as president of the Teamsters Local 391 union, Rob Black, a union spokesman, said yesterday.
Local 391, based in Greensboro, has members in the Triad and eastern North Carolina. The election was held last week, Black said. With 7,000 members, it is the largest labor union in the state.

FedEx to pay $500,000 to settle racial-bias claim

FedEx Freight East will pay $500,000 to settle a lawsuit filed by the U.S. Equal Employment Opportunity Commission over allegations the company discriminated against black dockworkers in St. Louis, the EEOC said last week.
FedEx Freight East is a subsidiary of Memphis, Tenn.-based FedEx Corp., which acquired American Freightways in 2001. A spokesman for Fedex Freight East declined to comment immediately.
The EEOC sued in 2003 on behalf of 20 blacks who worked for American Freightways Inc. at the time of the alleged bias. The EEOC said blacks were denied promotions from part-time to full-time jobs at the company’s trucking terminal in St. Louis. Another was denied promotion to a supervisory position.
When the suit was filed in September 2003, attorney Jerome Dobson said the lapses had significant effects on black workers who were seeking more hours, better routes and pay, and promotion opportunities. Meanwhile, he said, white workers “leapfrogged” over the black workers.
Six black dockworkers joined in the lawsuit and the settlement. In addition to the $500,000 settlement, which must still be approved by the U.S. District Court, FedEx will be required to report on promotions to full-time dockworker positions and to dock supervisor positions.

LAX DHL Gateway Teamsters Approve First Contract

150 Workers Secure Strong Three-Year Contract

Teamsters at the Los Angeles International Airport (LAX) DHL gateway facility overwhelmingly approved a three-year contract last week, gaining wage increases, a pension plan and job security language. Full story here.......

Diesel dilemma

We hate to burst your bubble, all you folks out there who have been celebrating the 40-cent drop in gas prices in the past month.

But there’s something else going on at the pumps.And it’s no cause for celebration.While gas prices have dropped in the past month, diesel prices have remained persistently high. In fact, the price has risen slightly since September. Full story here........

Yellow Roadway 3Q Profit Jumps 53 Percent

Trucking and logistics company Yellow Roadway Corp. on Thursday reported third-quarter profit jumped 53 percent, driven by revenue growth at the company's core businesses. Net income grew to $85.3 million, or $1.42 per share, from $55.9 million, or $1.15 per share, in the prior-year quarter. Excluding one-time charges, the company said it earned $1.53 in the quarter versus $1.38 in the comparable period last year. Revenue rose 41 percent to $2.49 billion. The results for the latest quarter included sales for regional trucker USF Corp., which Yellow Roadway acquired for $1.5 billion in May. Analysts surveyed by Thomson Financial expected earnings excluding items of $1.43 per share and sales of $2.42 billion. In September, the company lowered its earnings guidance for the quarter to between $1.40 and $1.45 from its earlier prediction of $1.60 to $1.65. Yellow officials blamed disruptions caused by Hurricane Katrina and operational troubles in the two-year-old combination of Yellow Corp. and Roadway Corp. Revenue at the company's Yellow Transportation business increased 8 percent to $892.5 million, while sales at Roadway Express edged up 6 percent to $858.4 million. Although a smaller segment, Yellow's Meridian IQ unit saw revenue more than double to $142 million. The company said it took $11 million worth of charges to cover executive severance, disposing property and acquisition costs. Yellow Roadway forecast fourth-quarter earnings of $1.30 to $1.35 per share, compared with the consensus estimate of $1.34 per share. The company predicts full-year income in a range of $5.18 to $5.23 on $8.7 billion in sales. Analysts project 2005 earnings of $5.12 per share on $8.58 billion in sales. Shares of Yellow Roadway fell $1.21, or 2.8 percent, to close at $42.25 on the Nasdaq Stock Market. The stock was down an additional 10 cents at $42.15 in after-hours trading. The stock has traded between $38.81 and $64.47 over the past 52 weeks.