4 minutes

Dennis Katsnelson

Apple reaches first union contract with store employees

Apple has successfully reached a tentative collective bargaining agreement with the first unionized store in the country. The International Association of Machinists and Aerospace Workers, a well-known coalition representing organized retail workers at the Maryland store, announced a three-year agreement with the tech giant. The agreement includes an average 10% pay raise for employees along with a variety of benefits. This agreement comes after store workers at the Maryland location authorized a strike in May. Notably, the Maryland store is one of only two unionized Apple locations in the United States. Workers at this location voted to unionize in June 2022, leading the way for a second Apple location in Oklahoma City, Oklahoma to unite with the Communications Workers of America.

We took this video from CBS Evening News YouTube Channel.

In recent years, unions have achieved significant victories in high-profile elections at workplaces such as an Amazon warehouse in New York City, a Chipotle store in Michigan, and numerous Starbucks locations nationwide. However, many of these victories have not resulted in finalized contracts.

DHL Express opens new aircraft maintenance centre in Spain

DHL Express, a global leader in logistics and express delivery services, has recently revealed plans for a significant investment of over $43.4 million in the establishment of a state-of-the-art European aircraft maintenance hangar at an airport located in Spain. This new facility represents a strategic move for DHL Express, as it will serve as the company's second major maintenance center in Europe.

The 212,000-square-foot hangar will be constructed in close proximity to DHL Express' existing hub at Vitoria Airport, further solidifying the company's presence in the region. Scheduled to become operational by 2027, the new facility will initially focus on servicing DHL's fleet of Boeing 757 freighters, in addition to accommodating other aircraft. Notably, the hangar will feature dedicated storage space for tools and aircraft parts, ensuring efficient maintenance operations.

This announcement follows DHL Express' recent investment of $192 million in the development of an aircraft maintenance center at its US hub near Cincinnati, further underscoring the company's commitment to enhancing its global infrastructure.

U sends first $1.6 billion from frozen Russia assets to Ukraine

The European Union has recently announced a substantial €1.5 billion bailout package for Ukraine, utilizing proceeds from frozen Russian assets. This decision comes after the 27 EU member states reached an agreement in May to leverage the interest accrued on approximately €210 billion ($225 billion) worth of Russian central bank assets.

The money, most of which is held in Belgium, was frozen as part of sanctions packages in retaliation for Moscow’s full-scale invasion. Brussels estimates that the interest on those assets could provide around 3 billion euros each year. European Commission President Ursula von der Leyen has affirmed that 90% of the €1.5 billion bailout will be allocated to the European Peace Fund, which is designed to cover the expenses related to the procurement of weapons and ammunition for Ukraine. The remaining 10% will be allocated to the EU budget.

Bahri Q2 profit rises 48% on better shipping rates

Saudi Arabian shipping company Bahri has reported a significant increase in net profit in the second quarter. The company's net profit rose by $195.4 million, driven by higher freight rates and improved fleet management.

In addition, Bahri saw a 15 percent increase in revenue year-on-year, reaching SAR2.7 billion. This growth was primarily attributed to higher chemical revenue and increased dry bulk contributions. For the first half of the year, Bahri recorded a 20 percent rise in net profit compared to the previous year. This growth was fueled by higher margins from cost efficiencies and increased freight rates for oil and chemicals. Bahri's commitment to growth is evident in its capital expenditure, with the company investing SAR1.5 billion in the first six months of 2024, a 12 percent increase from the previous year. Currently, Bahri operates a fleet of 88 owned vessels, 16 vessels under a lease contract, and one floating desalination barge.