- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- China stocks rally fizzles on stimulus worries amid Asia retreat
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Nobel literature jury may go for non-Western writer
- From Bolivia to Indonesia, deforestation continues apace
- China holds off on fresh stimulus but 'confident' will hit growth target
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
- 'Invisibility' and quantum computing tipped for physics Nobel
- Oil prices extend gains on Mideast tensions, Wall Street falls
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
RBGPF | 100% | 60.52 | $ | |
CMSC | -0.53% | 24.57 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
GSK | -0.49% | 38.63 | $ | |
CMSD | -0.09% | 24.79 | $ | |
BTI | -0.26% | 35.2 | $ | |
RIO | -0.11% | 69.62 | $ | |
SCS | -0.15% | 12.95 | $ | |
NGG | -1.56% | 65.48 | $ | |
AZN | -0.78% | 76.87 | $ | |
RELX | -0.54% | 46.04 | $ | |
BCC | 1.68% | 141.27 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCE | -0.54% | 33.53 | $ | |
VOD | 0.31% | 9.69 | $ | |
BP | 0.78% | 33.14 | $ |
US Congress approves bill to avert major freight rail strike
The US Congress passed legislation Thursday to avert a freight rail strike that could have been devastating for the economy, intervening to break an impasse between workers and management as the holiday season approaches.
The bill, overwhelmingly approved by the Senate Thursday after passing with a bipartisan majority in the House of Representatives a day earlier, effectively forces hold-out unions to accept a deal on higher wages, which a majority of unions already agreed to.
After the 80-15 Senate vote the measure now heads to President Joe Biden for his signature.
Under a 1926 law, Congress is empowered to resolve disputes between railroads and labor unions as part of its power to regulate commerce.
A strike would have seen almost 7,000 freight trains come to a halt, costing more than $2 billion a day, according to the American Association of Railroads.
Around 28 percent of goods transported in the country are by rail, and a large-scale strike would have had repercussions on multiple sectors.
Biden's administration had taken a hands-on approach to the long-running deadlock over a contract between organized labor and railroads, with cabinet secretaries in September taking part in all-night negotiations alongside union leaders and rail executives.
After the lengthy session, leaders from both sides announced a tentative agreement.
But since then, members of eight of the 12 rail unions approved the deal, while four voted it down.
While the House earlier backed a separate measure to add mandated paid sick time to the agreement, addressing a major sticking point identified by unions, this did not pass in the Senate on Thursday.
The Senate also failed to approve an amendment for a cooling-off period between workers and management.
But Biden told reporters Thursday that he "negotiated a contract no one else could negotiate."
"We're going to avoid the rail strike, keep the rails running, keep things moving," he added, at a news conference with French President Emmanuel Macron.
- Political risk -
The agreement includes a 24 percent pay increase for workers. However, critics in organized labor had slammed a lack of guaranteed paid sick leave, an omission seen as evidence of "unchecked corporate greed," as one leading union put it.
The failure of the agreement to win universal approval among unions had set the stage for a potential strike on December 9, putting the White House in an awkward spot.
Biden has been dubbed "Union Joe" for his strong affinity for organized labor.
The prospect of rail paralysis presented a major political risk for Biden, whose administration is already grappling with decades-high inflation and risks of a slowing economy.
A freight freeze would also have impacted passenger service because some passenger trains run on tracks owned by freight companies.
"I made it really clear. I'm going to continue to fight for paid leave for not only rail workers, but for all American workers," Biden said Thursday.
H.Cho--CPN