Decentralized loan service, bZx, was hacked second time following a previous incident on Valentine’s Day, for a combined total of 3,581 ETH (currently worth nearly a million Dollars). The hacker took out loans then manipulated the price of the underlying cryptos in order to pay back less than they borrowed. Chinese crypto exchange, FCoin, [...]
The coronavirus outbreak has the whole global community concerned and hoping for the swift containment of this humanitarian crisis. In addition to the terrible human cost, the virus is also sending ripples throughout the global supply chain. The two recent crises in global trade – the outbreak and the US-China trade war – show how […]
The freight recession is real and the carriers are feeling the pain. We know the smaller carriers are truly suffering however today Schneider (SNDR) reported and it does not appear to be pretty. First, relative to expectations it was a tough quarter. From Seeking Alpha:
EPS missed by .02 on Non GAAP and by .11 on a GAAP basis
Revenue was down 7.7% YoY and missed expectations by $40mm
Volumes and price were "compressed" and while they stated there was a "moderate" uplift in the seasonal volume the tone of the message was it was virtually meaningless. We have learned this from other carriers: There has been no meaningful "surge" period.
We knew there were shutdown costs due to the closing of the First to Final Mile business (Which opened to a lot of fanfare about 2 years ago) but I found it surprising they had to impair the value of trucks they are selling. This tells me they are shrinking the fleet and are actually taking losses on the equipment to dispose of them.
While their truckload numbers are tough to decipher due to impacts of the FTFM closure and the impairment of tractors, both intermodal and logistics (think brokerage) suffered as well. Intermodal was down 2% due to volumes and Logistics was down 13% (Blamed on a major customer insourcing).
They lowered their guidance from what was $1.30 per share to $1.38 and it is now $1.24 to $1.30. Again, this appears to be due to the tractor impairment charge. Interestingly they lowered their CAPEX for the year which again, indicates to me they are shrinking the asset base.
My opinion is the freight recession is even tougher than originally stated for all carriers. While I do think there is some "kitchen sink" activity going on here (So many losses due to shutting down the FTFM that they are adding in other stuff to clean up) I think the recession is real.
The previous installment in our series on labor law issues for the transit employer considering automation discussed the Federal Transit Act. That Act, in part, requires advance notice of proposed changes that may result in the dismissal or displacement of employees, or rearrangement of the working forces covered by the agreement as a result of projects subject to the Act. This final installment discusses notice requirements under other laws and agreements.
Last week, we introduced the duty of transit systems to bargain with labor unions over the decision to implement automation, robotics or artificial intelligence and over the effects of such a decision. That post discussed three statutory and contractual sources of the duty to bargain and the transit employers to whom the duty applies. Today, we discuss potential subjects for which an employer and union must bargain and steps an employer can take now to better position itself to automate.
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