Union Pacific Corporation (NYSE: UNP) announced that its Board of Directors today voted to increase the quarterly dividend on the Company’s common shares by 10% to $1.18 per share. The dividend is payable December 30, 2021, to shareholders of record December 20, 2021. Union Pacific has paid dividends on its common stock for 122 consecutive years.
“Union Pacific continues to deliver strong cash returns to our shareholders,” said Jennifer Hamann, Union Pacific executive vice president and chief financial officer. “Today’s action, coupled with the 10% increase earlier this year, is consistent with our targeted dividend payout ratio of 45 percent.”
About Union Pacific
Union Pacific delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
(Reuters) – The Canadian Transportation Agency said on Tuesday Onex Corp will need to amend its by-laws to meet the country’s ownership rules related to its proposed C$3.5 billion buyout deal of Canada’s second-largest carrier WestJet Airlines.
The agency has sought the amendment to Onex’s by-laws to ensure that matters related to WestJet are voted where a majority of Canadian directors are present.
WestJet said it is in the process of reviewing the determination.
Air Canada had challenged Onex Corp’s proposed acquisition of WestJet Airlines, on grounds that the deal may not meet the country’s ownership rules. (https://reut.rs/2LHqQvk)
Air Canada had argued that the likely presence of Onex co-investors such as foreign wealth funds and carriers, and “the opaque nature” of the deal to buy WestJet through company subsidiary Kestrel Bidco, will make it harder to ensure compliance with ownership laws.
Under Canada’s Transportation Act, carriers must be Canadian and controlled by Canadians in order to hold a domestic licence.
Shareholders of WestJet Airlines in July voted in favor of the Onex deal.
Under Canadian rules, foreigners cannot own more than 49% equity in a Canadian airline. The rules further restrict a foreign airline and any single foreign owner from controlling more than a quarter of voting interests in a Canadian carrier.
Onex did not immediately respond to Reuters request for comment.
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber and Uttaresh.V)
FILE PHOTO: Frankfurt hosts the international Motor Show (IAA)
DETROIT (Reuters) – The United Auto Workers union said on Friday that rank-and-file members at Ford Motor Co <F> have voted in favor of a new four-year labor contract with the No. 2 U.S. automaker.
The UAW will now focus on Fiat Chrysler Automobiles (FCA) <FCAU>, the sole remaining Detroit automaker without a new labor contract. Talks with FCA are expected to begin on Monday, a UAW spokesman said.
The union said 56.3% of Ford’s hourly workers voted to approve the deal, which allowed the company to avoid a strike like the one that cost its larger rival General Motors Co <GM> about $3 billion (£2.3 billion).
UAW leaders said earlier this month that Ford under the deal agreed to invest more than $6 billion in its U.S. plants, and to create or retain more than 8,500 UAW jobs.
The deal also includes pay raises and lump-sum payments over the life of the contract, a pathway to full-time employment for temporary employees and unchanged healthcare coverage.
Workers at GM approved a deal in late October that ended a contentious 40-day U.S. strike, the longest automotive labor stoppage since 1970.
Detailed terms of the Ford deal – released just a week after GM workers approved their new contract – echoed those agreed to with GM, as the union typically uses the first deal as a template for those that follow.
UAW leaders managed contract negotiations with Ford and GM, including the lengthy strike, while struggling with an ongoing federal corruption probe.
To date, 10 people have pleaded guilty in connection with the criminal investigation into illegal payoffs. Just last week former UAW vice president and former GM board member Joseph Ashton was charged with conspiracy to commit money laundering and wire fraud.
Earlier this month the UAW said that its president, Gary Jones, who had been linked to the ongoing corruption probe, was taking a leave of absence.
Rory Gamble, the union’s acting head, said last week he will examine every department of the union in response to the spreading federal corruption probe to prevent future misuse of members’ dues.
(Reporting by Nick Carey and Ben Klayman in DetroitEditing by Matthew Lewis and Cynthia Osterman)
LONDON, Aug 23 (Reuters) – British Airways pilots are to go on strike for three days in September, their union said on Friday, in a dispute over pay that could disrupt the peak summer holiday season.
Last month, the pilots overwhelmingly voted for industrial action and the airline, which is part of IAG, failed in a court bid to stop them.
“The British Airline Pilots Association (BALPA) has today given notice to British Airways that it will call on its members to strike on 9th, 10th and 27th September 2019,” the union said in a statement.
“It is clear, following discussions with members over the last few days, that BA’s most recent offer will not gain the support of anywhere near a majority of its pilots.”
British Airways said the strike action was unjustifiable as their pay offer was fair and that the strikes would destroy the travel plans of tens of thousands of customers.
“We are now making changes to our schedule. We will do everything we can to get as many people away on their journeys as possible,” the airline said in a statement.
“However, it is likely that many of our customers will not be able to travel and we will be offering refunds and re-bookings for passengers booked on cancelled flights.”
The airline said it was exploring options to supplement its fleet with aircraft and crew from other airlines, known as wet-leasing, and working with partner airlines to schedule larger aircraft to take more customers.
(Reporting by Alistair Smout; editing by Stephen Addison)
CHICAGO, May 21 (Reuters) – Southwest Airlines Co’s mechanics union said on Tuesday its members had overwhelmingly voted to ratify a tentative contract agreement with the airline, ending seven years of labor negotiations fraught with legal disputes and flight disruptions.
The agreement came a day after rival U.S. carrier American Airlines Group Inc said it was filing a lawsuit against its own mechanics alleging an illegal slowdown aimed at disrupting operations to improve their position in labor talks, which began in 2015.
Analysts have highlighted labor issues as a main concern for airlines this year.
Mechanics at both American and Southwest have complained that the airlines are moving to outsource maintenance work that has traditionally been done in-house.
In a statement on its website, the Aircraft Mechanics Fraternal Association, which represents around 2,500 Southwest mechanics, said about 95 percent of its members had voted to accept the labor agreement.
Separately on Tuesday, American Airlines’ mechanics association said it was “ready and willing” to negotiate a fair contract.
“We would much prefer to be at the negotiating table than in a legal battle brought on by American,” the TWU-IAM Association said in a statement.
(Reporting by Tracy Rucinski Editing by Susan Thomas and Bill Berkrot)
