UPS contract talks fell apart with a strike on the horizon
America’s largest private-sector package delivery service and the Teamsters Union representing 340,000...
America’s largest private-sector package delivery service and the Teamsters Union representing 340,000 of its workers accused each other of walking away from negotiations over pay yesterday. The union plans to go on strike if a deal isn’t reached before the current contract expires on July 31, a move that could hobble supply chains and weigh on the US economy. Rivals like FedEx might benefit from picking up extra business, but they would likely struggle to take on all the 20 million packages that UPS handles daily.
Japan gets green light to dump radioactive water in the ocean
The UN’s nuclear agency signed off Tuesday on the nation’s controversial plan to ...
The UN’s nuclear agency signed off Tuesday on the nation’s controversial plan to release more than a million metric tons of treated but still radioactive wastewater from the Fukushima power plant that was destroyed in 2011 into the Pacific Ocean. Some nearby countries object, but the experts are split on whether the plan is safe or could create a Godzilla situation. Other countries, including the US and China, have disposed of diluted nuclear waste in the ocean before, according to USA Today.
ADP: U.S. private sector added 497,000 jobs in June — twice economists’ forecast
The numbers: The U.S. private...
Thenumbers: The U.S. private sector added 497,000 jobs in June, according to the payroll services firm ADP, compared with a revised 267,000 in May. The increase reported Thursday was the biggest since July 2022.
Economists polled by the Wall Street Journal had forecast a gain of 220,000 private-sector jobs.
Key details: Service-sector firms added 373,000 jobs in June, while goods-producing employment rose 124,000.
Big picture: ADP’s report comes a day before the Labor Department’s closely watched employment report. ADP revised its methodology last year and has said it does not try to forecast the government’s monthly job report.
Callon Petroleum Co. closed on July 3 its previously announced...
Callon Petroleum Co. closed on July 3 its previously announced Delaware Basin acquisition of Percussion Petroleum Operating II LLC and exited the Eagle Ford in a sale to Ridgemar Energy Operating LLC.
Collectively, the A&D was valued at about $1.13 billion.
Callon paid for the Percussion’s Delaware assetswith a combination of $249 million in cash and approximately 6.3 million shares of Callon common stock.
In the Eagle Ford, Callon received $551 million in cash for its sale to Ridgemar,which is backed by Carnelian Energy Capital Management LP. The transactions are still subject to post-closing adjustments and reflect an effective date of Jan. 1, 2023, the company said in a July 5 press release.
U.S. stocks snap three-day winning streak following Fed minutes
U.S. stocks finished modestly lower Wednesday, with the S&P...
U.S. stocks finished modestly lower Wednesday, with the S&P 500 snapping three straight trading days of gains, as investors weighed minutes from the Federal Reserve’s June meetingand signs of slowing growth in China. The S&P 500SPX closed 0.2% lower, while the Dow Jones Industrial Average DJIA fell 0.4% and the Nasdaq CompositeCOMP slipped 0.2%, according to preliminary data from FactSet. Minutes from the Federal Reserve’s minutes June policy meeting, released on Wednesday, showed some support from Fed officials for an interest rate hike last month although the central bank decided to hold its benchmark rate steady. Fed-funds-futures traders are still largely expecting that the central bank will raise rates in July after it slowed the pace of its hiking cycle earlier this year. The Fed had signaled last month that further increases may be coming this year as part of its effort to bring down high inflation.
