Ground Freight

The companies announced on Wednesday that Union Pacific, a railroad operator, and Wabtec - a locomotive parts manufacturer - had signed a $1.2 billion agreement to modernize the AC4400 locomotives of the railway. The companies describe the agreement as "the largest locomotive investment in rail history." It is expected to begin deliveries by 2027. U.S. rail fleet replacement has been accelerated under the Biden administration, with infrastructure investments. Operators are replacing aging locomotives by more fuel-efficient and digitally enabled models. According to the companies, the fleet upgrade will reduce fuel consumption by more than 5% and increase locomotives' tractive efforts...

Penny, the 4-year-old Doberman Pinscher, was named Best in Show on Tuesday at the Westminster Kennel Club Dog Show, earning the United States' most prestigious dog competition?prize?. Penny made a magnificent stance during the final round of the judging when the finalists from seven groups competed in New York City’s Madison Square Garden. The working group champion beat over 3,000 dogs representing all 50 states as well as 17 different countries who competed at the 150th anniversary event. Each group's winner will advance to the finals. Andy Linton handled Penny, the Doberman that won Best in Show in 1989, when...

Old Dominion Freight Line announced a decline in profit and revenue for the fourth quarter on Wednesday. It was 'hurt' by lower volumes, as it navigates through a 'challenging environment. After the e-commerce boom of 2022, the U.S. trucking industry remains in a prolonged slowdown. U.S. carriers continue to be affected by low shipment volumes, excess capacities and weak domestic production. According to the Institute for Supply Management, U.S. Manufacturing PMI, which is a gauge for economic activity, recorded its tenth consecutive month of contraction when it reached?47.9 in December. The readings below 50 indicate shrinking activity. CEO Marty Freeman...

Analysts said that the near 9% decline in copper prices over the past two days is a return to "reality" for a market, whose recent surge of record highs was 'ahead of?the fundamentals. More losses are likely. They say that weak demand, increasing stockpiles and the possibility of increased supplies made it clear that copper's record-breaking rally last Thursday to $14,527.50 per metric ton was not sustainable. Alice Fox, Macquarie's analyst, said that prices had risen far beyond the fundamentals. "Investors were rushing into the market and pushing up prices", she added. "We believe the market was in a global...

Futures tied to Canada's major stock index rose Thursday as precious metals continued their rally,?oil climbed on geopolitical worries, and investors assessed the Big?Tech reports from the U.S. As of 6:05 a.m., March futures based on Toronto's TSX Composite Index (S&P/TSX) were up 0.3%. ET. Gold spot gained 1.4% and briefly hovered near $5,600 an ounce. This was due to the demand for safe havens amid continued geopolitical unrest and concern over the autonomy of the U.S. Federal Reserve. The U.S. Dollar's decline?slowed on Thursday but it remained near multi-year lows. Silver prices remained stable, but copper and other metals...

Norfolk Southern reported an increase in its fourth-quarter profits on Thursday, citing a?cost control strategy amid a fluctuating freight demand and persistent macroeconomic pressure. The U.S. Surface Transportation Board sent Union Pacific's $85 billion merger proposal back to the company earlier this month for revision. Surface Transportation Board has deemed that the December merger application is incomplete. Union Pacific CEO Jim Vena, however, said the request was routine and that the deal would still be completed in the first half 2027. Mark George, Norfolk CEO, said that the rejection of the merger request was more a "procedural" issue than a...

Norfolk Southern announced a higher profit for the fourth quarter on Thursday due to cost control. This was despite uneven freight demand, and a persistent macroeconomic stress. The results come after the U.S. Surface?Transportation?Board earlier this month returned Union Pacific's $85 billion merger proposal with the company to be revised. Surface Transportation Board has deemed Union Pacific's December merger application incomplete. However, Jim Vena, the CEO of Union Pacific, said that the request was routine and the deal is still on schedule to close in the first half of 2027. Norfolk stated in October that it anticipated future top-line fluctuations...

C.H. Robinson's fourth-quarter profit was above Wall Street expectations on Wednesday as cost control helped the global freight forwarder to mitigate the impact of a weak demand in a challenging international trade environment. In aftermarket trading, shares of?the company? rose 6.3%. The largest U.S. Freight Broker reported a 5% drop in operating costs for the quarter. Personnel expenses, other selling, administrative and general costs all fell by about?5%. The average number of employees fell by 12.9% during the fourth quarter. C.H. Robinson has increasingly used artificial intelligence to streamline operations and reduce manual processes. This shift is occurring as the...

The futures for Canada's main index of stocks rose on Wednesday, as gold prices reached a new high. Investors awaited the interest rate decisions that would be made by the U.S. Federal Reserve later in the day. As of 5:41 a.m., March futures for Toronto's S&P/TSX composite index were up 0.16%. ET. Spot gold rose 1.6% and briefly surpassed $5,300 an ounce as the U.S. Dollar sank to four-year lows before stabilizing after President Donald Trump dismissed January's decline. At its next policy meeting, the Fed is expected to?keep rates unchanged. However, the decision will likely be overshadowed due to...

Gatik announced on Tuesday that it had secured $600,000,000?in contract revenue and has deployed 'fully driverless trucks' for commercial operations. This highlights the ambitions of the autonomous trucking company to gain a foothold in the market. The heavy regulatory scrutiny surrounding safety has made the commercialization of autonomous vehicles a challenge. However, advances in artificial intelligent have helped many firms improve their technology. Gautam Nang, CEO and founder of Gatik, said: "Today we operate fully driverless trucks across multiple logistic networks and markets. We serve the largest retailers and CPG firms in the country." Gatik's trucks operate nearly?24-hours a day....

Union Pacific, the U.S. railroad, reported results for its fourth quarter that were below analyst estimates on Tuesday. This was due to a 'volatile freight market and macroeconomic pressures', which strained its operations. Last year, the?company unveiled an A $85 billion acquisition bid It will create the nation's first coast-tocoast freight railroad. Rail unions have been vocal in their opposition to the merger, claiming that it could threaten jobs and raise costs for shippers. The U.S. Surface Transportation Board returned the proposal for revision in early?this week, citing that it was missing information. It also applied tougher competition rules after...

As freezing rain and heavy winter snowfall disrupted travel, airlines were forced to cancel or delay thousands of flights on Monday. FlightAware data shows that as of Monday, more than 4,300 flights had been delayed and over 5,300 canceled, following the cancellation of 11,000 flights on Sunday, the largest daily total since pandemic. Cirium data indicated that as of 8:20 am ET, 14% of flights were canceled. The U.S. National Weather Service has said that a low pressure system south of New England will move eastward over the Atlantic Ocean on Monday. This is expected to bring heavy snowfall to...

Zelostech, a Chinese robovan company, announced on Thursday that Alibaba's logistics division, Cainiao will take a stake. The Wall Street Journal reported on the deal first. A spokesperson for the robovan developer said, "Cainiao won't become a controlling shareholder of Zelostech." A robovan, or fully autonomous electric vehicle designed for freight, is an example of this. Zelostech Z10 can carry a load up to 1.5 tonnes. Zelostech's email stated that "Zelostech has entered into a deep integration with Cainiao’s autonomous-driving division, and are jointly building a RoboVan Super Carrier for the unmanned cargo sector." The company stated that Cainiao will...

United Parcel Service, the largest package delivery company in the world, announced on Tuesday that it will close 24 additional facilities and eliminate up to 30,000 positions by 2026. This is due to its ongoing shift towards a'more profitable business. In midday trading, shares of the company rose 4%. The company also announced fourth quarter results that exceeded Wall Street expectations and forecasted a surprise increase in annual revenue. FedEx shares gained 2.6%. Carol Tome, CEO of the company, said in a conference with analysts that the company plans to reduce Amazon deliveries. "We are now in the last six...

Hong Kong and the Shanghai Gold Exchange struck a deal Monday to establish a central clearing system for gold, as well as to expand the warehousing capacity to support the city's market. The precious metal has reached a record price of $5,100 per ounce. The agreement signed between Hong Kong's Financial Services, the Treasury Bureau, and the Shanghai Gold Exchange at the Asian Financial Forum formalised the governance for the new Hong Kong Precious Metals Central Clearing Company. This system will begin its trial operation this year. The government announced that Hong Kong's airport authority - which runs the city’s...

Trafigura filed a $600 million lawsuit against Indian businessman Prateek gupta in London's High Court over fake nickel cargoes on Monday. The commodities trading company claimed it had been the victim of an extremely large fraud. Trafigura, a Geneva-based company, alleges Gupta is the mastermind behind a fraud that it discovered in November 20,22 when it examined some containers that were meant to contain high grade nickel. Trafigura inspected the containers and found that they contained carbon steel, which was worth only a fraction of what nickel is worth. Trafigura then carried out more inspections and incurred a $590-million charge....

The London Metal Exchange said Thursday that it intends to set permanent rules imposing restrictions on members who have large positions in contracts near them due to low inventory levels. Hong Kong Exchanges and Clearing Ltd., the world's largest and oldest market for industrial metals which is owned, placed temporary restrictions on June following a spike in premiums for copper contracts near by. LME stated that these measures were implemented in response to a low-stock situation combined with large positions in nearby dates. This had led the LME Special Committee to instruct market participants to reduce their large on-exchange position....

Wall Street fell on Thursday as signs of weakness among regional banks frightened investors who were already on edge due to the U.S. - China trade tensions. Zions Bancorporation shares fell after the regional lender disclosed an unexpected loss in two loans made to its California division. This added to investor anxiety about hidden credit pressure as lenders navigate economic uncertainty while interest rates are still relatively high. Western Alliance's slump also fueled concerns about regional banks after it announced it had initiated a lawsuit for fraud against one of their borrowers. Investors were watching the S&P 500, which recently...

Matt Chamberlain, Chief Executive of the London Metal Exchange (LME), said that the LME is looking at a market consultation for amendments to the rules of the 450 warehouses it has around the globe. The LME has been introducing queue-based rent caps (QBRC), which limit rental income for registered warehouses at 80 days following the notice given by the owner of the metal to take delivery. The rule has unintended effects. The rule has unintended consequences. Traders who have contracts to deliver metal beyond 80 days can cancel warrants and get free storage. Meanwhile, consumers cannot access metal stored in...

Transnet's CEO announced on Thursday that a South African court had ordered China's CRRC E-Loco, which has been in a long-running dispute with Transnet, to release locomotive parts it had refused to provide. This decision is a boost to the plans of Transnet to improve its performance. Both parties are involved in a legal battle after Transnet halted 1,064 locomotives supplied by four original equipment manufacturers, including CRRC E-Loco. Transnet claimed that contracts for 2014 worth $54.4 billion rand (3.18 billion dollars) were illegally awarded by previous company leadership. Transnet reported that in 2023 161 locomotives provided by CRRC E-Loco...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued...

Two sources familiar with the matter said that JD.Com's property investment arm and two other firms are planning to launch a Singapore based real estate trust (REIT), with assets valued at potentially more than $1 billion. Sources said that JD Property (the unlisted infrastructure investment platform and asset management platform for JD.Com) is creating the REIT in partnership with Partners Group, a Swiss investment firm, and EZA Hill Property which is backed up by Asian investment firm Hillhouse. Sources who refused to name themselves because the matter was private said that the REIT plan could be listed at the Singapore...

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Vinay Prashad, chief medical and scientific officer of the U.S. Food and Drug Administration, has resigned from the U.S. Department of Health and Human Services (which oversees the FDA). After a rare 8.8-magnitude earthquake hit Russia's east coast, the National Weather Service upgraded its tsunami warning to cover a 100-mile stretch of Northern California coastline between Cape Mendocino bordering Oregon. Union Pacific announced that it would purchase smaller rival Norfolk Southern...

After years of discussions and complaints by licensed taxi drivers in Hong Kong, the Hong Kong government has presented proposals to regulate ride-hailing services, such as Uber. Uber, the first ride-hailing service in Hong Kong to operate without regulation, was launched in 2014. Uber drivers were arrested for driving without a licence after police raided the office of Uber in 2015. Ride-hailing services have an unfair advantage over taxis, according to the city's taxi sector, which is struggling with a decline in income. The Transport and Logistics Bureau stated in a document submitted to the Legislature that all platforms offering...