If you read The Daily Scope on Wednesday, you are familiar with the labor dispute between railroad unions and freight companies that threatened to significantly impede the national supply chain. However, yesterday, thanks to a 20-hour negotiating session mediated by the federal government, the two sides could reach an agreement. This deal relaxes fears over a strike that would have greatly impacted the country’s rail infrastructure.
President Biden praised the deal saying, “This agreement is validation – validation of what I’ve always believed. Unions and management can work together, can work together for the benefit of everyone.” According to the National Carriers’ Conference Committee, the terms of the deal “include a 24% wage increase during the five-year period from 2020 through 2024 — with a 14.1% wage increase effective immediately — and five annual $1,000 lump sum payments.”
In other news, Adobe has announced plans to purchase the online design platform Figma for roughly $20 billion. The deal is set to close sometime in 2023 barring approval from regulatory commissions and shareholders and is the largest buyout of a private software company to date.
WHAT WE’RE READING…