Thursday, April 08, 2010

YRC Rises: Freight Volume Up in March

Trucking logistics firm YRC Worldwide today issued a first quarter update, saying freight volume picked up in March from February and January, despite inclement weather, and reiterating a view that the company is on track to produce positive pre-tax profit in the second quarter.

Specifically, average shipments per workday for YRCW were 42,700 for YRC National and 33,700 for YRC Regional in Q1.

In March, average workday freight volume for YRC National was 44,900 shipments, up from 41,900 in February, and 35,300 for YRC Regional, up from 32,900 in February. Full Story......

Teamsters, ABF to begin contract talks today

Negotiations will center on possible wage, benefit concessions by the 7,000 Teamster members employed at ABF.

The Teamsters union and less-than-truckload carrier ABF Freight System will begin contract negotiations today to discuss possible wage and benefit concessions by the approximately 7,000 Teamster members employed at ABF.

In a communiqué posted April 6 on the Teamsters' Web site, the union said it planned to "exchange information" with ABF on April 7 with the intent of beginning contract talks the following day. Full Story......

Wednesday, April 07, 2010

Driver uses truck to protect injured man on I-675 ramp

Crash investigators are trying to determine whether alcohol consumption contributed to a car accident at the exit ramps from eastbound U.S. 35 to Interstate 675 on Wednesday, April 7.

Police have identified Craig Scott, 27, of Bellbrook, as the man injured in the single-car accident. He was flown by CareFlight to Miami Valley Hospital. Scott was in surgery at Miami Vallley Hospital as of noon today. Full Story......

Tuesday, April 06, 2010

Key analyst raises rating for YRC Worldwide stock

Transportation stock analyst Ed Wolfe has reinstated and raised his rating for YRC Worldwide Inc. after the company filed more details about its finances with the Securities and Exchange Commission.

Wolfe, of Wolfe Research, suspended guidance for investors on March 1 after YRC released only limited information about its fiscal 2009 fourth quarter. He said at the time that the lack of data caused him to have “little confidence in our model at this point.” Full Story.........


Protecting pensions and saving jobs is the top priority of the Teamsters Union, which has launched a grassroots offensive to win pension relief from Congress, General President Jim Hoffa told trustees this week.

Teamster trustees from across the nation met in Scottsdale, Ariz., at the annual Trustee Education Conference to strategize about tackling the funding pressures facing all pension plans because of the financial crisis. General Secretary-Treasurer Tom Keegel also addressed the conference.

"We have devoted thousands of hours and held dozens of meetings with the White House and Congress to fight for pension relief," Hoffa said. "We're making a lot of progress, but we need your help to fix the pension problem in this country."

Thanks to that outreach, two bills have been introduced in Congress that would provide pension relief. Sen. Bob Casey, D-Pa., is sponsoring the "Create Jobs and Save Benefits Act of 2010," which would change funding rules so employers won't have to make payments that could force them into bankruptcy. Employers can use the savings to hire and retain workers.

In the House, Reps. Earl Pomeroy, D-N.D., and Pat Tiberi, R-Ohio, have introduced a similar bill.

General Secretary-Treasurer Tom Keegel urged trustees to get involved and to help mobilize Teamsters.

"We need your commitment and leadership now more than ever," Keegel said. "You're on the front line in this battle. We can't sit around and wait for Congress to do the right thing. We must demand that our needs are heard and met."

Members are encouraged to visit the union's new web page, where they can access pension tools, information and an online petition.

Monday, April 05, 2010

Crisis at YRC having ripple effect on labor

YRC's troubles are taking employees, the Teamsters' freight division, and the multi-employer pension system for a wild ride.

The International Brotherhood of Teamsters has seen a lot in its 107 years of existence. But in its near two-year effort to rescue troubled trucker YRC Worldwide Inc., it's a safe bet the venerable union went where it has never gone before.

During 2009, as YRC's financial situation grew more precarious, its 35,000 Teamster employees agreed to two wage reductions and an extraordinary 18-month freeze on YRC's pension contributions.

Throughout the year, the union's leadership actively participated in YRC's financial restructuring, acting in an advisory role that was considered well outside the union's traditional box. Full Story.......