Ground Freight

Goldman Sachs dominated again the league tables of global dealmaking for 2025. It took the market share and top spot in an year that was marked by high stakes political dramas and ever-larger mergers. Goldman's No. 1 ranking was boosted by the rise of $10 billion deals, which totaled $1.5 trillion last year, or more than double the previous year. According to LSEG data, Goldman ranked No. 1 in the world. The firm was involved in 38 of these deals, more than any other investment bank. Total volume of advised deals was $1.48 trillion. This was the most active period...

Prices of copper?soared on Monday to record highs above $13,000 per metric ton, driven by fears about shortages and expectations that the turmoil in Venezuela would accelerate the race to secure essential?minerals. The expectation of a strong growth in demand from data centres required for artificial intelligence, and electric vehicles, helped to fuel a 40% rise last year in the prices of metal used to manufacture power cables. John Meyer, an analyst at SP Angel, said that copper prices must rise even further before miners are persuaded to produce significant amounts of new production. Many existing mines are operating at...

QXO announced on Monday that Apollo Global Management, along with a number of other investors, had agreed to invest $1.2 Billion in the firm headed by Brad Jacobs. This investment will be used to support its acquisition efforts. The shares of the distributor of building products were up by more than 8% on premarket trading. QXO must use financing to fund at least one acquisition by July 15?, the companies stated. The building products industry in the United States has seen a?sharp increase in dealmaking as companies look to scale and local supply chain to offset tariffs. Demand is driven...

Kodiak AI announced on Monday that it had partnered with Bosch in order to increase production of autonomous trucking sensors and hardware. The?self driving truck company is looking to move away from pilot deployments to large-scale commercial roll-outs. Investors are increasing pressure on self-driving tech developers to show viable business models. This is after years of spending a lot and generating little revenue. Many players in the industry are now turning to freight because it is more predictable and provides a clearer path to profitability. The companies announced at the CES trade show that Bosch would supply Kodiak a wide...

Emergency officials?stated that a CSX derailment near the 'Kentucky/Tennessee border early on Tuesday caused 30 cars to 'fall off the tracks. One car was?carrying molten sulfur, which caught fire, and prompted a halt in the train until the toxic threat cleared. CSX, Todd County emergency officials, and the Kentucky Department of Transportation are still investigating what caused the derailment near rural 'Trenton, Kentucky. The town has about 350 residents, is located 60 miles north of Nashville in Tennessee. The accident happened around 7 a.m. Firefighters battled a fire from a rail car carrying liquid sulfur. This is commonly used in...

California has dropped its lawsuit against the Trump administration's decision to?cancel over $4 billion of federal grants for California's high-speed railway project. The state announced this late Friday. California High-Speed Rail Authority said that Tuesday's decision to drop the lawsuit reflects the state's "assessment" that the federal government was not a trustworthy, reliable or constructive partner for advancing high-speed railroad in California. The agency stated that it will move forward without federal funding. It added that only 18% program expenditures have been funded by federal funds. A judge rejected an attempt to dismiss the lawsuit?this month. The U.S. Transportation Department...

A Senate report released late Monday stated that the next generation of 'high-speed'?Acela trains from U.S. passenger rail Amtrak were delayed for more than four year due to issues with planning, design, and track, as well as a desire to increase speeds, which has not been realized. Ted Cruz, Republican chair of the Senate Commerce Committee, stated that Amtrak lost $287m in revenue and unplanned maintenance due to the extended use of its older Acela fleet. According to the report, the Biden administration purchased Amtrak cars in order for them to run on tracks that were not yet constructed. This...

After inspections raised safety concerns about the English skills of some staff, the U.S. Transportation Department announced Friday it would place restrictions on Mexican train crews operating in the United States. Federal Railroad Administration of the Department sent letters to Union Pacific and Canadian Pacific Kansas City Limited on Friday after inspectors found that inbound crews appeared to be having difficulty understanding bulletins and communicating with inspectors safety requirements in English. The Department of Transportation?said that uncertified crews operating trains for the two railroads in the U.S. could not travel more than 10 miles from their entry point. They must...

Union Pacific and Norfolk Southern filed a nearly 7,500-page merger request with the U.S. Department of Justice on Friday. Surface Transportation Board (STB) will now have 30 days to review the plan and request more information. It can also propose some initial remedies. The filing opens up a formal response window for all stakeholders, including shippers and labor unions as well as rival railroads and consumer advocates, to comment on the $85 billion deal. In July, analysts and executives in the industry were surprised by the merger agreement between Union Pacific and Norfolk Southern. The analysts said that a merger...

Union?Pacific filed a merger application of nearly 7,000 pages with the U.S. Department of Justice on Friday. Surface Transportation Board (STB) will now have 30 days to review the plan and request more information, or make initial "remedies" as it evaluates the creation of the nation's only coast-to-coast railroad. The filing opens up a formal response window for all stakeholders, including shippers and labor unions as well as rival railroads and consumer advocates, to comment on the $85 billion deal. In July, analysts and executives in the industry were surprised by a merger agreement between Union Pacific and Norfolk Southern....

Union Pacific and Norfolk Southern filed a?application on Friday with the 'U.S. Transport regulator to review $85 billion merger proposal. This would create the first coast-tocoast freight railroad in the U.S. The Surface Transportation Board will be closely scrutinizing the merger announced in July. This could take up to 12-18 months. The companies aim to close by early 2027. The board was created in 1996 and rarely rejects mergers outright. In 2021, however, it rejected Canadian National’s plan to put Kansas City Southern into a temporary “voting trust” that would have allowed Kansas City Southern shareholders the opportunity to receive...

Teamsters said that it opposed the merger of U.S. freight railways Union Pacific and?Southern on Wednesday. In a joint press release, union presidents representing 20,000 employees at both railroads stated that they will not support any?deal? that does not protect the lives and livelihoods of workers. Since its announcement, the proposed merger has been criticized by unions and other railroads. It aims to create the first coast-tocoast railroad in America and reduce delays and handoffs. Teamsters claimed that executives from both railroads had failed to protect jobs or address?other concerns. It's time that Union Pacific and Norfolk Southern get serious...

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...

According to the CEO of the London Metal Exchange, there is a strong demand for metal delivery before the new warehouses open in Hong Kong next month. This is partly due the tightness of the copper market. The LME approved the construction of three new warehouses in Hong Kong last month, bringing the total up to seven. This is part of its efforts to increase its presence in this city, which is the gateway for the world's largest metals consumer - China. Hong Kong's high costs have led to questions regarding the viability and cost of new storage facilities in...

Leasys, an auto leasing company, aims to double its fleet's share of electric and hybrid vehicles by the end of next year. The rapid advancements in electric technology present challenges to the industry. Leasys, a 50-50 joint venture between Stellantis in Italy and France's Credit Agricole is the third-largest player in Europe's long term auto rental industry. The long-term lease, which allows the customer to rent a car at a fixed rate per month, usually for a minimum of 365 days, is an alternative to owning. In recent years, corporate clients have driven its popularity. Leasys is present in 11...

Reports citing four traders indicate that copper inventories at the Shanghai Futures Exchange will continue to fall this week. This would be a continuation of the steep drop, and could trigger a price spike. Traders said that the surge in prices for ShFE copper, an important metal used by China's massive manufacturing sector, would attract more metal into the exchange warehouses. This will make a complete depletion of the stock unlikely. Yangshan copper premium is already tightening up. It is a measure of China's appetite to import copper. On Monday, it was at $93 per ton, its highest level since...