Source: Common Dreams
“Amid a strike that dockworkers along the East and Gulf Coasts argue is about ‘corporate greed vs. workers rights,’ a watchdog group is highlighting how at least one shipping giant on the other side of the labor battle has recently poured billions of dollars into stock buybacks. Around 45,000 members of the International Longshoremen’s Association (ILA) walked off the job at 12:01 am Tuesday after unsuccessful negotiations with the United States Maritime Alliance (USMX), a shipping industry group that includes Maersk. In an analysis released Wednesday, Accountable.US pointed out that as part of Maersk’s $12 billion stock buyback program, the Danish shipping company ‘has spent $6.5 billion buying back nearly 3 million Class A and B shares as of January 2024.'” (10/03/24)