Logistics

Wall Street gained on Monday, as fears of Iran retaliating against U.S. Airstrikes and escalating the Middle East war were offset by the prospect that the U.S. Federal Reserve would cut interest rates in July. All three major U.S. indexes rose modestly as a result of a broad rally. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks has ended the uncertainty about whether or not the U.S....

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. Tesla released a small fleet of self-driving cabs to pick up paying passengers in Austin, Texas on Sunday. Elon Musk announced the "robotaxi" launch and social media influencers posted videos of their initial rides. Frederick Smith, the founder of FedEx Corp. and former CEO, died at the age 80. Smith founded the global delivery conglomerate in the 1970s with over a dozen aircraft. The U.S. Judge on Sunday ordered Kilmar Garcia,...

Senate Republicans can't force the U.S. The Senate Parliamentarian stated late Sunday that the U.S. Postal Service will be forced to eliminate thousands of electric vehicles, charging equipment and other items in a massive budget and tax bill. The U.S. Postal Service currently has 7,200 electric vehicles, consisting of Ford e-Transit vehicles and specially built Next Generation Delivery Vehicles by Oshkosh Defense. The U.S. Postal Service has 7,200 electric vehicles consisting of Ford e-Transit and Next Generation Delivery Vehicles specially designed by Oshkosh Defence. USPS warned that abandoning its electric vehicles could cost $1.5 billion. This includes $1 billion for...

FedEx Corp.'s former CEO Frederick Smith has passed away, according to a memo posted by the CEO Raj Subramaniam on the company website. Smith founded the global delivery conglomerate in the 1970s with more than 12 planes. Smith, born in 1944, was the executive chairman of FedEx until recently. He focused on issues of global significance, such as sustainability, innovation, and public policy. Subramaniam succeeded Smith as FedEx CEO in 2022. Subramaniam was the operations chief at that time. "Fred was much more than the founder of a great company and a pioneer in an industry. Subramaniam wrote in a...

People familiar with the situation said that private equity firms such as Blackstone and Apollo Global Management are interested in buying U.S. trucker Forward Air. Signing confidentiality agreements allowed them to receive information and review documents to help shape a possible bid. Platinum Equity and Clearlake Capital can also review materials after signing agreements, according to the sources. Sources said that the initial takeover bids will be submitted in the first week of the month of July. However, they noted that there was no guarantee four buyout firms would make offers. It is possible that other bidders will emerge. Sources...

Forward Air announced on Thursday that three of its directors were leaving the board. Ancora Holdings, an activist investor, had launched a campaign against them, as it pushed the freight forwarder towards considering alternative business models. Selling itself Ancora asked shareholders to not vote for three directors during the annual shareholder meeting on Wednesday. George Mayes who was the former board chairman failed to get enough votes to be reelected. He was forced to resign by company guidelines. The company stated that the other two directors targeted, Javier Polit, and Laurie Tucker were reelected, but they chose to resign right...

These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL ** Canadian Prime Minister Mark Carney will announce the biggest increase in defence expenditures since the Second World War. This would allow Canada to reach NATO's target of 2% military spending this fiscal year. The Canadian clothing retailer Oak and Fort was granted court protection against its creditors. It blames its financial crisis on an ill-conceived expansion of its store and U.S. Tariffs. ** The union representing DHL...

Institutional Shareholder Services has lent their support to Ancora Holdings in its campaign to remove three long-serving Forward Air directors. The proxy advisory firm has urged investors to refrain from voting on the reappointment of the trio. Ancora's activist investor campaign, which has lasted for nearly a year, to sell Forward Air, is given a major boost by the recommendation of a report issued by ISS. This will influence how money managers, such as BlackRock, Vanguard, and others, vote at Forward Air’s annual shareholder meeting on June 11. The ISS report reviewed by Sunday comes less than a month after...

Isaac Del Toro, of UAE Team Emirates - XRG, continued his excellent form in the Giro d'Italia by winning stage 17 on Wednesday with a perfectly timed sprint. The Mexican's stage win helped him extend his overall lead. The 155 km route from San Michele all'Adige in Italy to Bormio on Tuesday was not as difficult, but it featured two tough climbs: Passo del Tonale (with 3,800 metres elevation) and Passo del Mortirolo (3,800 metres). Del Toro, the youngest man in the field at the final ascent, was able to break away from rival Richard Carapaz of EF Education-EasyPost and...

Canada Post announced on Friday that it will continue to operate, but there may be delays for customers due to the union's ban that limits workers to working eight-hour days. In a separate press release, the Canadian Union of Postal Workers announced an immediate ban on overtime work nationwide, instructing its members to refuse any work exceeding 40 hours a week. Canada Post stated that there is no national work stoppage or rotating strike at this time. This development came after Canada Post and the union met Thursday evening in order to continue contract negotiations. A spokesperson for Canada Post...

On Wednesday, major airline CEOs called on Congress for billions of dollars to fund the modernization of the United States' outdated air traffic control system. They said it was "failing Americans." Air traffic control problems at the Federal Aviation Administration have been brewing for years. A series of high-profile accidents, near misses and the deadly crash of an aircraft in January have all contributed to this. American Airlines regional jet Public alarm prompted new calls to action In a letter sent together, airline executives pointed to recent failures at Newark Airport. They also said that the FAA’s technology was "wildly...

These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL Canada Post has been notified by its union that it will be laying off 55,000 workers this week. TotalEnergies of France signed a contract to purchase liquefied gas from the proposed Ksi Lisims facility in British Columbia. However, the Nisga'a Nation's project must wait for the outcome of the pipeline associated with the project whose costs are estimated to have risen by billions. ** On Tuesday, the finance...

U.S. importers rely on customs brokers more and more to keep up with the ever-changing policies of President Donald Trump. The industry said that the booming demand for assistance in processing foreign products has increased the cost of these services, which adds another cost to tariffs. Customs brokerages, which were until recently an unrecognized branch of the import industry, now handle all the paperwork required to process shipments, calculate tariff bills, and calculate the paperwork. Brokers interviewed by said they were raising their fees. Major logistics companies like Memphis, Tennessee based FedEx, and Germany based DHL have also added staff...

PostNL's president called for urgent federal government action to secure the Dutch postal service on Monday, after the group cautioned on 2024 profit partly due to what she called an unsustainable service design. Shares of the postal operator fell as much as 8.4% in early trading, nearing their all-time low seen in March 2020. Slow to broaden their parcel networks and at times in monetary trouble, conventional postal services in Europe are having a hard time to keep up with competitors from other parcel locker operators such as Poland's InPost or Amazon. In a statement, outgoing CEO Herna Vernhagen called...

Dutch postal operator PostNL cut its 2024 operating earnings projection for the second time on Monday, with its top executive mentioning less seasonal mail than expected in December and an unsustainable organization model. The Amsterdam-listed stock fell 3.2% in early trading. Slow to broaden their parcel networks and at times in financial difficulty, traditional postal services in Europe are having a hard time to keep up with competitors from other parcel locker firms such as Poland's InPost and Amazon. Immediate action to change the USO responsibilities (universal. service commitments) as well as a financial contribution from. federal government are inevitable...

Poland's InPost will invest an extra 600 million pounds ($ 731 million) by 2029 to broaden its operations in the UK, the UK federal government stated on Thursday. This will bring the parcel locker company's total investment in the UK to 1 billion pounds, supporting approximately 12,000 brand-new tasks, the government said in a declaration. InPost plans to broaden its network of automated lockers and logistics facilities in the country, the business said in a. declaration on Friday. The lockers, dubbed automated parcel devices or APMs, allow. customers to gather or drop off plans when it matches them. Britain is...

Parcel locker company InPost reported on Tuesday a 20% rise in fourthquarter volumes, driven by both its home market Poland and abroad. InPost, which aside Poland runs in eight countries, delivered 322.1 million parcels in the quarter, that included the hectic holiday. The business runs one of the most significant networks in Europe of pick-up drop-off (PUDO) points and automated lockers, dubbed automated parcel devices or APMs, that permit clients to gather or drop off plans when it suits them. InPost said that it added a record number of more than 11,500 APMs in 2024, bringing its network to 46,977...

Donald Trump's transition group is considering canceling the U.S. Postal Service's contracts to amaze its shipment fleet, as part of a more comprehensive suite of executive orders targeting electric automobiles, according to three sources acquainted with the strategies. The move, which might be revealed in the early days of Trump's administration that begins on Jan. 20, remains in line with Trump's project assures to roll back President Joe Biden's. efforts to decarbonize U.S. transportation to combat environment. modification-- a program Trump has stated is unneeded and possibly. harming to the economy. Reuters has previously reported that Trump is planning to....

An Indian antitrust examination has concluded there was no cost collusion between the domestic systems of delivery business DHL, United Parcel Service and FedEx, according to three sources and a file seen . The Competitors Commission of India (CCI) ordered an examination in 2022 into more than a lots shipment companies for alleged collusion on discount rates and tariffs and had reviewed thousands of emails to examine the fees business charged for airport services, Reuters reported in January. The case was filed by the Federation of Indian Publishers, which grumbled that international business, together with lots of domestic companies, were...

Silicon Valley startup Lyten revealed on Tuesday its strategy to construct the world's very first gigafactory for lithiumsulfur batteries in Reno, Nevada, as companies seek to capitalize on the need for more inexpensive source of power for electrical cars. With battery costs considerably affecting EV rates, automakers are increasingly searching for alternative innovations to make such cars available to a larger market. Lyten, backed by Chrysler-parent Stellantis and shipment providers FedEx, stated it would invest more than $1 billion in the center that would initially create 200 tasks, growing to more than 1,000 in northern Nevada. Nevada's Reno is also...

Parcel locker business InPost is in very innovative talks to purchase the 70% stake it does not currently own in British logistics firm Menzies, Sky News reported on Monday. InPost decreased to comment. Pointing out unnamed sources, SkyNews said the deal was most likely to be announced this week. InPost purchased a 30% stake in Menzies for 49.3 million pounds ($ 64.4 million) last year and has a three-year choice to purchase the staying 70%. InPost CEO Rafal Brzoska said last month the company would decide on whether to use the call alternative by the end of the year. The...

U.S. planemaker Boeing has prevented a possible strike after reaching a tentative labor offer with a union representing more than 32,000 workers in the U.S. Pacific Northwest, the latest in a series of labor negotiations that brought doubledigit wage boosts in spite of a tight labor market and stubborn inflation. Here are some sectors and companies that dealt with hard settlements in 2023: MEDIA. Members of the Writers Guild of America (WGA) approved a new. three-year agreement with major studios on Oct. 9. Movie and. television writers had walked off the job in May over. settlement, staffing and residual payments,...