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Recent Editions
Human Times
North America
The Teamsters union has urged a federal judge to block UPS from offering $150,000 buyouts to drivers, warning that more than 10,000 workers could accept the deal if it proceeds. UPS plans to extend the enhanced buyout offer to around 105,000 eligible employees as part of a broader restructuring that includes cutting up to 30,000 jobs and closing 24 facilities. The company says the move is aimed at reducing its driver workforce amid falling package volumes and a strategic shift away from lower-margin deliveries for Amazon. The union argues the buyout program violates its 2023 labor contract, claiming UPS failed to negotiate the plan and is barred from making individual agreements with drivers. UPS counters that the contract does not prohibit voluntary buyouts and says blocking the program could force it to implement layoffs instead. Chief U.S. District Judge Denise Casper in Boston said she would issue a ruling shortly.
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Human Times
UK
The weakest UK firms now produce less per worker than they did 30 years ago after adjusting for inflation, according to analysis by the Boston Consulting Group (BCG) which says policymakers should encourage "creative destruction" of companies that are barely surviving and help workers to move to higher-growth areas. The UK's industrial strategy should be focused on successful areas, and have "hard edges and be relentlessly focused, rather than trying to lift growth for all sectors," the analysis says. Raoul Ruparel, chief UK economist at BCG, said more companies with low productivity were “dragging down overall productivity growth and absolute levels of productivity.”
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Human Times
Europe
Reuters reports on how falling demand in the auto supply chain is squeezing hundreds of smaller manufacturers in Germany and threatening job security and municipal services. The report observes that Baden-Wuerttemberg, the state which is Germany's top exporting region, accounting for 15.5% of national exports, is more exposed than most to the structural change that is roiling German industry. "The situation is very tense," said Barbara Resch, head of the IG Metall trade union in Baden-Wuerttemberg. "Suppliers invested a lot in electromobility and now demand isn't coming and at some point they simply run out of air financially."
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Human Times
Middle East
Several Saudi Arabian firms are advancing plans for local listings, aiming to gauge investor interest in Riyadh amid fluctuating oil prices and geopolitical uncertainties. Companies from various sectors, including oil services and telecommunications, are preparing for initial public offerings (IPOs). Notable candidates include AlKhorayef Petroleum, which is collaborating with Citigroup, JPMorgan, and BSF Capital. The Public Investment Fund is a key shareholder in many of these firms. If successful, these listings could enhance trading volumes on the Riyadh bourse, although recent IPO performance has been lacklustre, with only two of the ten largest IPOs trading above their offer price, according to Bloomberg data.
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