UPS workers approve new labor terms: The US Teamsters union — representing about 340k workers at parcel delivery giant UPS — voted overwhelmingly to ratify a new labor agreement that includes big hikes to wages and other improvements to working conditions, CNBC reports, citing union sources. Last month saw the Teamsters and UPS reach a last-minute preliminary agreement, averting a potential strike that could have rippled across the US economy.

Labor organizations across the US are jostling for better worker conditions in the wake of the pandemic and record inflation. American Airlines’ pilots earlier this week ratified a four-year labor agreement that will see them receive a 46% boost to compensations. That move came after Delta Airlines and United Airlines upped their pilots’ compensations ahead of the busy summer season, putting pressure on rival carriers to follow suit. Meanwhile, FedEx pilots have turned down a proposal for new labor terms and Southwest Airlines’ pilots are preparing for a possible strike, CNBC added.

Russian energy company Gazprom has sent out its first LNG shipment through the North Sea route from its Baltic facility, Reuters reports, citing Refinitiv ship tracking data. Russia has been considering the route running from Murmansk along the Russian border to the Bering Strait near Alaska as an alternative to the Suez Canal. The route could reduce transport times between Europe and Asia as Russian trade with Western countries has hit record-low levels due to the fallout from the Ukraine war.

ICYMI- We explained the significance of the route to global trade flows and the role of climate change in directing more trade through it in a recent explainer, here.

ALSO WORTH KNOWING-

  • Russia has launched drone attacks on ports in the southern Odessa region and Danube River area,causing a fire in at least one grain storage facility. This is the latest in a series of Russian attacks on ports that are essential for Ukraine’s grain exports. (Reuters)
  • A forest fire in Turkey’s Canakkale province suspended maritime traffic through the Dardanelles Strait, a crucial passage connecting the Aegean Sea and the Black Sea, with hundreds of vessels stranded on either side awaiting clearance for passage. (Bloomberg)
  • Switzerland’s Gotthard tunnel has partially reopened for freight traffic since closing due to a derailment on 10 August, an event that interrupted supply chains for German and Italian industries and forced some to switch to road shipments. It will take a few months before the route returns to full capacity. The event has. (Bloomberg)
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