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UPS Inc. is reducing its overall employee head count by 12,000 workers, which the company says will save more than $1 billion, citing higher labor costs and softening demand.

UPS Inc. cut its annual profit target on a spike in costs from a new union labor contract and weaker package demand.

Uber said Oct. 4 that its drivers will collect up to five prepaid and sealed packages and drop them off at a local post office or at UPS or FedEx stores. 

UPS Inc. said Sept. 26 it plans to hire more than 100,000 seasonal workers for the peak holiday shipping season this year.

UPS Inc. will pay out the biggest portion of its new labor pact over the next 12 months while trying to win back customers it lost during the contentious contract talks, CEO Carol Tomé said.

UPS Inc. will raise prices 5.9%, to take effect on Dec. 26.

Two more companies including UPS have been granted approval to fly drones beyond the sight of ground operators in a key step that could eventually enable widespread package delivery.

The 340,000 employees of UPS Inc. represented by the International Brotherhood of Teamsters have approved a new five-year labor pact with the company.

UPS Inc. has become a hot employer since its union last month secured $30 billion in new money over a five-year contract.

Profits at UPS fell year-over-year in the second quarter as the parcel carrier lost more business to rivals than expected due to uncertainty surrounding negotiations with the Teamsters.