Tausi Insider

Workers at the largest U.S. rail union voted against a tentative contract deal reached in September, raising the possibility of a year-end strike that could cause significant damage to the U.S. economy and strand vital shipments of food and fuel. Reuters https://www.tausiinsider.com/video-biggest-u-s-rail-union-raises-threat-of-strike/?feed_id=333095&_unique_id=6473f346ef917

Freight cars wait to be hauled out of the Norfolk Southern Conway Terminal, in Conway, Pa., on Sept. 15. Gene J. Puskar/The Associated Press More than 400 groups on Monday called on Congress to intervene in an ongoing railroad labor standoff that threatens to idle shipments of food and fuel and strand rail travelers while inflicting billions of dollars of economic damage. The U.S. Chamber of Commerce, National Association of Manufacturers, National Retail Federation, American Petroleum Institute, National Restaurant Association, American Trucking Associations, American Farm Bureau Federation and other groups warned impacts of a potential strike could be felt as soon as Dec. 5. Workers in four unions have rejected a tentative contract deal announced in September, while eight approved it. “The risks to our nation’s economy and communities simply make a national rail strike unacceptable,” says the letter to congressional leaders seen by Reuters. “Therefore, absent a voluntary agreement,...

Shipping containers and freight railway trains at the BNSF Los Angeles Intermodal Facility rail yard, on Sept. 15. BING GUAN/Reuters The U.S. House of Representatives plans to vote Wednesday to block a potential rail strike after President Joe Biden warned of the dire economic consequences of a rail disruption that could happen as early as Dec. 9. House Speaker Nancy Pelosi said lawmakers will vote Wednesday to impose a tentative contract deal struck in September on a dozen unions representing 115,000 workers. “I don’t like going against the ability of unions to strike but weighing the equities, we must avoid a strike,” she said Tuesday after a meeting with Biden. Biden had warned Monday of a catastrophic economic impact if railroad service ground to a halt, saying up to 765,000 Americans could lose their jobs in the first two weeks of a strike. “Congress, I think, has to act to prevent it. It’s not an easy call, but I think we have to do it. The economy is at risk,” Biden said. Desp...

Canadian National Railway Co. says it earned $1.42 billion in the three months ended Dec. 31, 2022. Nathan Denette/The Canadian Press Canadian National Railway Co. CNR-T says it earned $1.42 billion in the three months ended Dec. 31, 2022, up from $1.2 billion in the fourth quarter of 2021. Montreal-based CN says its fourth quarter earnings worked out to $2.10 per share, a 23 per cent increase year over year. The railway company reported fourth quarter revenues of $4.54 billion, an increase of $789 million or 21 per cent. Its operating ratio, defined as operating expenses as a percentage of revenues and a key metric of railroad efficiency, remained flat on an adjusted basis at 57.9 per cent. The railroad says the increase in revenue was mainly due to higher fuel surcharge revenue as a result of higher fuel prices, the positive translation impact of a weaker Canadian dollar, freight rate increases and higher volumes of Canadian grain. For the full year 2022, CN reported net income of ...