US West Coast dockworkers could receive a 32% pay increase through 2028 along with a one time “hero bonus” out of a total USD 70 mn earmarked for those who worked through covid-19, the Wall Street Journal reports, citing unnamed sources. Under the tentative agreement, dockworkers would receive a raise of USD 4.62 per hour and an additional USD 2 an hour each subsequent year. The agreement follows more than a year of negotiations that have made importers reluctant to ship to West Coast ports and led to fears of a wider scale of impact on US-Asia trade flows as labor strikes disrupted port operations, WSJ writes.

ALSO WORTH KNOWING-

  • Walmart has launched a 2.2 mn-square-foot fulfillment center in McCordsville, Indiana — the largest in the US — that should enable the retailer to fulfill orders moreefficiently. (Statement)
  • American electric truck maker Nikola will lay off270 of its employees — or about 23% of its workforce — including 150 from its European operations, to reduce its annual spending by USD 50 mn and focus on its North American operations. (Reuters | TechCrunch)
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