LogisticsIndustry

Failed Pay Negotiations Prompt Union Action at Transnet in South Africa

1 month ago

In a crucial development that could have major implications for South Africa's transportation and logistics sector, negotiations between Transnet, the state-owned freight rail and logistics company, and its largest labor union, the South African Transport and Allied Workers Union (SATAWU), have broken down without reaching an agreement. This impasse arises amid broader economic challenges exacerbated by nationwide strikes and heightened living costs.

FedEx Reduces Profit Forecast as Economic Concerns Intensify

2 months ago

In a significant development for investors and the logistics industry alike, FedEx Corp has lowered its profit outlook for the upcoming fiscal year, citing growing apprehensions about a potential economic downturn. The decision follows a trend of cautious economic indicators which have caused turbulence in various sectors.

UPS Faces $45 Million Penalty from SEC Over Improper Valuation Practices

6 months ago

United Parcel Service Inc. (UPS) has been hit with a hefty $45 million penalty by the Securities and Exchange Commission (SEC) due to allegations of improper accounting that misrepresented the company's financial standing. This financial burden comes as a consequence of an investigation into UPS's accounting practices, particularly related to its asset valuations.