Amerijet International plans to furlough a number of pilots in the near future to shore up cash flow after the loss of major contracts with the U.S. Postal Service and other accounts, according to internal company communications. The number of pilots to be suspended depends on how many pilots accept offers to work less. The…
Weak freight market conditions continue placing financial strains on transportation providers, said Phil Yeager, president and CEO of Hub Group Inc. “Market conditions have remained soft … largely due to excess truckload capacity that is yet to exit the industry,” Yeager said during an earnings call with analysts after the market closed on Thursday. Hub…
WASHINGTON — Deaths resulting from large-truck crashes where newly licensed drivers are involved continues to rise, according to recent government data, but a proposed safety requirement that could help reduce those deaths will likely be delayed again. The percentage of fatal large truck and bus crashes involving new-entrant carriers has climbed from 4.6% to 7.4%…
Ernest Hemingway wrote, “How do you go bankrupt? Two ways. Gradually, then suddenly.” This path is inherent in the rags-riches-rags cycles seen in personal finance arcs to economic bubbles in freight markets. To combat current and future uncertainty in the world, we very much like to keep the status quo, so it takes a while…
The U.S. Department of Labor announced a final rule on Tuesday that will revise regulations issued under the Fair Labor Standards Act to ensure overtime pay for some salaried and highly compensated employees. Critics say the rule could prove a significant burden for brokers operating small businesses. Starting July 1, 2024, salaried employees making less…