Safeway Leaves Chicago, More Labor Woes for UPS: Morning Buzzers
United Parcel Service’s (NYSE:UPS) labor union woes still haven’t been resolved, according to the Wall Street Journal, and the shipping company is under pressure as the busy holiday season approaches. Teamsters-represented employees rejected two out of seven riders to their contract. The contract supplements that were rejected have to do with overtime pay, wages for part-time employees, and health-care. The Journal said that UPS still has “a lot more work to do” before each rider on the contract that was approved in June is negotiated and UPS can move forward without the danger of potential labor disputes.
Alibaba will reportedly go forward with its very large and highly anticipated IPO sometime in 2014, people familiar with the matter told Bloomberg. The news comes after the Chinese e-commerce giant’s CEO said the company would not list on the Hong Kong exchange due to its unique partnership structure. Bloomberg pointed out that Alibaba will likely watch how Twitter’s IPO fares before deciding on an exchange and going public itself.
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