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Sydney Morning Herald
01-06-2025
- Business
- Sydney Morning Herald
This one union must not railroad the deal to end Sydney's train chaos
A territorial brawl within the ranks of train unions is now threatening the resolution of their protracted and disruptive pursuit of a pay rise that has played havoc with Sydney's train system and damaged the NSW economy for so many months that any lingering sympathy for their cause has evaporated and turned into anger. The powerful Electrical Trades Union has baulked at signing an agreement that most believed would finally end the strikes and other actions that, since last September, have caused considerable anxiety for people who rely on rail services not just to get to work but to keep medical appointments. The union campaign not only threatened major events, including New Year's Eve, but in some instances, saw passengers left on crowded platforms or in packed carriages for hours in the middle of summer with little regard for their personal safety or the dangers they faced. Unions had been seeking a risible 32 per cent pay rise over four years and a 35-hour working week. The Minns government opened with a 9.5 per cent rise over three years before offering the Combined Rail Unions 12 per cent, plus back pay backdated to May 2024. On Friday in the Fair Work Commission, the Rail, Tram and Bus Union agreed to the government's offer. It was cheers all around, with the state government celebrating the in-principle agreement as a win, claiming it just needed to be voted on by union members. Now the settlement of the damaging dispute is jeopardised by the inability of the unions to get their act together. Loading The ETU is reportedly threatening to block the deal, apparently unhappy with the way maintenance and engineering employees were categorised in the proposed agreement. A recommendation from members of the Fair Work Commission, including president Justice Adam Hatcher, SC, described the issue as an 'apparently insurmountable impediment to the parties reaching a successful outcome' in their bargaining. 'We infer that the dispute issue has at its heart, at least in part, a demarcation dispute between the ETU and other unions which represent maintenance and engineering employees.' The ETU and state government will return to the commission on Monday to try to resolve the sticking point.
Yahoo
11-02-2025
- Yahoo
‘Unpredictable': Move that will anger commuters
Sydney commuters have been warned to seek alternative travel arrangements on Wednesday after the Rail, Tram and Bus Union announced it would be taking industrial action for the next two weeks. On Wednesday, Sydney Trains employees will attend an Electrical Trades Union (ETU) rally in the Sydney CBD and march to NSW parliament over stalled pay deals. Starting on Wednesday and as part of a two-week industrial action launched by the RBTU, trains will run 23km/h below the speed limit in 80km/h or above zones. RBTU NSW branch secretary Toby Warnes told the ABC said there 'will be delays, so people may experience some inconvenience across the whole network'. 'I would recommend people think about how they're going to travel for the two weeks from Wednesday … as I can't categorically say what the disruption may or may not be,' he said. While there may be some delays, no changes have been made to the train timetable. A Sydney Trains and NSW TrainLink spokesman urged commuters to allow extra travel time on Wednesday. 'While we expect minimal disruption, the consequences of industrial action can be unpredictable, as are the operational needs of the network,' the statement read. 'Sydney Trains and NSW TrainLink will work to minimise impacts for passengers at all times and alert the public should delays build. 'Passengers should plan ahead, check the latest updates before making their journey and allow extra travel time. 'Where possible, NSW TrainLink-booked passengers will be contacted via SMS to provide an update if there are changed travel arrangements. ' A separate action will be taken by the ETU, with members taking part in rolling one-hour stoppages between 8am and 4pm on Wednesday. ETU secretary Allen Hicks said the strikes should not directly impact commuters but were instead aimed to signal to the NSW government of the 'frustration' held by workers who want to negotiate a better pay deal. 'It has been almost 70 days since the NSW government sat down and negotiated with workers,' Mr Hicks said. 'The disrespect with which the government is treating its essential rail workers is appalling.' Mr Hicks added the industrial action was 'not just about pay'. 'There are also important safety protections and risk assessment procedures that the government is trying to strip away from a new agreement,' he said. 'Workers need to be able to speak up when they know something is unsafe on the network, but the government wants to take that right away, putting workers and commuters at risk. 'Without the pressure of industrial action, the NSW government and Sydney Trains have shown they won't sit down and meaningfully bargain with us.'
Yahoo
05-02-2025
- Business
- Yahoo
Leveraged Ether ETF Dives a Record 46% in Tariff Selloff
(Bloomberg) -- A leveraged ETF seeking to offer two-times the daily performance of Ether clocked its biggest-ever plunge as the token sold off amid President Donald Trump's latest trade-war salvo. New York's First 'Passive House' School Is a Model of Downtown Density When French Communists Went on a Brutalist Building Boom State Farm Seeks Emergency California Rate Hike After LA Fires Trump Paves the Way to Deputize Local Police on Immigration How the 2025 Catholic Jubilee Is Reshaping Rome The 2x Ether ETF (ticker ETHU) was down 46% at one point on Monday, the most since its June inception as the underlying digital asset shed as much as 35% over the weekend. The nearly $1 billion fund had seen inflows every month since its launch last year, hauling in $185 million in January alone, data compiled by Bloomberg show. The ETF did not track Ether's fall exactly because ETHU does not invest directly in Ether but uses futures contracts to seek to provide its intended 2x goal. Another 2x Ether fund, the T-Rex 2X Long Ether Daily Target ETF (ETU) also declined, losing 47% at one point. The episode is the latest hit to leveraged-ETF traders after their Nvidia Corp. bets got pummeled last week during an AI-induced selloff. 'Leveraged ETFs are meant to capture volatility, so large swings in these products shouldn't be unexpected,' said Roxanna Islam, head of sector and industry research at TMX VettaFi. The '2x Ether ETF, ETHU, faces a similar fate to 2x Nvidia ETFs last week after growing tariff concerns contributed to liquidations in the space, which further demonstrates that crypto isn't immune to traditional market shocks.' Ether, the second-largest cryptocurrency by market value, fell as much as 35% on Sunday in New York in what was its biggest intraday drop in roughly four years. The plunge caught many off guard and triggered a wave of liquidations. Though Ether pared some of its losses, it was down roughly 20% since Friday as of 9:45 a.m. in New York, leaving ETHU 38% lower. The selloff came after Trump announced a slew of tariffs on Canada, Mexico and China and threatened further levies on the European Union, sparking a selloff in global stocks as well. Crypto-centric ETFs of all stripes, including those based on Bitcoin, have seen tremendous investor interest in the wake of Trump's presidential victory given his administration's embrace of the digital-assets industry. Bitcoin ETFs took in billions of dollars last year as traders bet that cryptocurrencies would benefit from the new president. Investors added nearly $1 billion to ETHU in 2024 even as the fund dropped 50% after its June inception. Its smaller competitor, ETU, had just $12 million in assets, data compiled by Bloomberg show. ETHU 'has quietly become a dominant force in CME's Ether futures market,' said K33 Research Head of Research Vetle Lunde, citing the derivatives marketplace. Lunde estimates that as of Friday, the fund accounted for 'a staggering' 55% of all open interest in CME's Ether futures. Bitcoin was down a more muted 1% as of 9:45 a.m. in New York, though it had lost as much as 10% over the weekend. Elon Musk Inside the Treasury Department Payment System The Internet Almost Killed Barnes & Noble, Then Saved It Indy Pass, the Anti-Vail Seasonal Ski Ticket, Is Gaining Fans What America's Tech Billionaires Really Bought When They Backed Donald Trump Musk Pitches New Narrative as Tesla Sales Fall ©2025 Bloomberg L.P. Sign in to access your portfolio
