Ground Freight

Ancora Holdings urged CSX to either pursue merger options in the near future or to replace CEO Joe Hinrichs. The activist investor urged that the railroad evaluate possible tie-ups between Berkshire Hathaway's BNSF Railway, and Canadian Pacific Kansas City to determine which merger partner would be best. CSX warned that once Norfolk Southern, Union Pacific and other transcontinental networks start operating together as a unified network, CSX will be the biggest loser. The activist investor stated that "if a deal is not struck, it's unlikely we will need to run a proxy competition in order to replace Mr. Hinrichs with...

People familiar with the situation said that Toms Capital Investment Management, a hedge fund, has asked to meet the board of U.S. railroad operator CSX, after buying a stake recently. This raises speculation about the firm pushing for a merger. Toms Capital (run by Ben Pass) invested in the railroad in the second quarter. As of June 30th, the company held 5.6 million common shares in CSX. Pass is not clear on what it wants, but he has been known to push for mergers in companies such as U.S. Steel or Kenvue, the maker of Band-Aids and Tylenol. The hedge...

The company reported that a Union Pacific Railroad train derailed on Tuesday two miles east from Gordon, Texas. Emergency responders confirmed the cars had not leaked any liquids. Emergency responders from Palo Pinto County stated that the derailment is "being treated as HazMat." In a press release, the company stated that approximately 35 Union Pacific cars had derailed at around 2 pm CDT. The cause of the derailment outside Gordon was unclear. Gordon is a small town of about 460 people located approximately 95 miles (153 km) west of Dallas. The company didn't immediately respond to an inquiry about the...

Bankers and investors say that top-rated U.S. firms have mostly financed their acquisitions with cash and equity instead of debt in the past year. This trend could continue, even as M&A activities and expectations of interest rate reductions rise. They said that high debt costs, and the fear of credit rating downgrades due to taking on debt, made funding acquisitions through cash and stocks with high valuations more appealing. Analysts expect that Union Pacific will finance its $85 billion deal with Norfolk Southern primarily through stock and some cash. The deal is expected to be financed by debt of $15...

The Financial Times reported that U.S. railroad customers groups had demanded that regulators block the merger between Union Pacific and Norfolk Southern or impose onerous conditions. The report stated that seven associations of shippers expressed concerns about the proposed deal, stating it would increase the power of a merged railroad in raising prices or reducing service standards. Union Pacific reported that it spoke with over 100 customers regarding "low-cost rail options", adding that they would include all the details in their Surface Transportation Board application. Union Pacific announced last month that it would purchase smaller rival Norfolk Southern for $85...

The Financial Times reported that U.S. railroad customers groups had demanded that regulators block the merger between Union Pacific and Norfolk Southern or impose onerous conditions. The report stated that seven associations of shippers expressed concerns about the proposed deal, stating it would increase the power of merged railroads to raise prices and reduce service standards. Union Pacific announced last month that it would purchase smaller rival Norfolk Southern for $85 billion. This will create the U.S.'s first coast-to-coast rail freight operator, and transform the movement of goods across the nation from grains to automobiles. According to the companies, it...

Warren Buffett’s Berkshire Hathaway announced on Saturday that it had written down its Kraft Heinz stake by $3.76 billion during the second quarter. This is an admission that the investment, which dates back a decade, has not worked out. Berkshire reported a 4 percent decline in operating profit for the quarter as premiums on insurance underwriting fell. Overall net income dropped by 59% due to the write-downs and lower gains on common stocks. Buffett's company signaled that it is still cautious about the market valuations amid uncertainty over tariffs and economic growth. For the 11th consecutive quarter, it reported a...

Berkshire Hathaway, owned by Warren Buffett, wrote down $3.76 billion on its Kraft Heinz stake on Saturday, an admission that the investment, which dates back a decade, hasn't paid off. The company also reported a lower operating profit for the quarter as insurance premiums fell. Berkshire reported a 59% drop in its quarterly net income due to the writedown and lower investment gains on its common stock. Operating income for the second quarter fell by 4% to $11.16 billion or $7,760 each Class A share from $11.6 billion in the year prior. Net income dropped to $12.37 from $30.35. Cash...

Bloomberg News reported Thursday that railroad operator CSX was working with Goldman Sachs in order to explore possible strategic options after a merger of its two main rivals. The report was based on people who were familiar with the situation. Union Pacific announced on Tuesday that it will buy the smaller rival Norfolk Southern for $85 billion. This deal will create the United States' first coast-to-coast rail freight operator, and transform the movement of goods across the nation from grains to automobiles. reported Last week, CSX announced that it was in discussions to hire financial advisors. CSX CEO Joe Hirichs...

Chuck Schumer, Senate Democratic Leader on Thursday, criticized Union Pacific’s plan to buy Norfolk Southern for $85 billion. This would create the United States’ first coast-to-coast rail freight operator. Schumer claimed that the deal would "push us even further down a dangerous road of consolidation and monopoly... This is an aggressive takeover of America’s infrastructure." He added that "decades of railroad consolidations have resulted in worse service, safety, and working conditions for shippers, which has led to higher costs for them - ultimately leading to higher prices for the consumers." When asked about Schumer’s remarks, Union Pacific and Norfolk Southern...

Global freight forwarder C.H. Robinson, a global freight forwarder, reported a second-quarter profit that was above Wall Street expectations on Wednesday. Cost-cutting measures including job cuts helped offset the impact of declining revenue in its ocean and truckload shipping businesses. According to LSEG data, the Minnesota-based firm reported an adjusted profit of $1.29 for the quarter ending June 30 compared to analysts' average estimates of $1.16. Total direct expenses decreased 9.2% during the quarter due to cost-saving measures and the divestiture from its European Surface Transport business. The number of employees at the company decreased by 1,616 or 11.2% on...

Old Dominion Freight Line's revenue and profit for the second quarter fell below Wall Street expectations on Wednesday as its freight services continued to be muted in a macroeconomic environment that was tough. In afternoon trading, shares of Thomasville-based LTL carrier, which serves companies in retail, manufacturing and automotive sectors as well as healthcare, fell by about 9%. Trucking rates in the U.S. have been pushed lower by persistent overcapacity and low freight volumes. Old Dominion is still managing to operate in a challenging operating environment, which has lasted longer than expected. CEO Marty Freeman added that the "challenging" economy...

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...

The following are the leading stories on the business pages of British newspapers. Reuters has not verified these stories and does not guarantee their precision. The Times - The takeover of Harland & & Wolff by the Spanish state-owned shipbuilder Navantia has been finished in an offer anticipated to secure more than 1,000 British tasks. - More than $700 billion was wiped from the worth of the world's biggest technology business after the emergence of a. cut-price Chinese rival to ChatGPT raised doubts over whether. America can sustain its lead in expert system. The Guardian - Elon Musk's Tesla has...

The London Metal Exchange (LME) has authorized Hong Kong as an LME delivery point and the listing will become active three months after the first warehouse company has been approved, it stated on Monday. The metals approved for shipment in Hong Kong SAR are aluminium alloy, copper, lead, nickel, primary aluminium, tin, and zinc, the LME stated. Companies looking for approval to operate a warehouse in Hong Kong needs to reveal that they have access to the needed experience needed to run a storage facility in accordance with the LME procedures, it stated. Authorizing storage facilities in China, the world's...

Hong Konglisted JD Logistics will get the 36.43% stake it does not currently own in KuayueExpress Group for not more than 6.48 billion yuan ($ 892 million), the business stated on Friday. Under a contract, Suqian Jingdong Bohai Enterprise Management, a system of JD Logistics, will acquire the staying stake in Kuayue-Express. JD Logistics got a controlling stake in Kuayue-Express, a logistics providers in China, in 2020 to further improve its freight business and reinforce its services. The acquisition of Kuayue-Express will allow JD to focus on even more synergies between the companies and accelerate its development and competitiveness, JD...

Shooters took 6 captives this month while exchanging fire with troops in India's. northeastern state of Manipur after a rocketpropelled grenade. decreased lorries and homes to charred hulks in the sloping. district of Jiribam. Ethnic clashes over land and quotas in education and. federal government jobs have killed a minimum of 258 people and displaced. more than 60,000 given that in 2015 in the greatest law-and-order. failure for Prime Minister Narendra Modi's celebration, which guidelines. the state. Retaliatory fire by troops killed at least 10 gunmen in the. Nov. 11 attack, which authorities blamed on the Hmar group among. the...

Warehouse designer IndoSpace stated on Tuesday it will increase investment in the southern state of Tamil Nadu by 41% over the next three years, to meet increasing need for industrial parks as more companies set up bases in India. Storage facility developers are facing a mad demand rush as companies bank on the country's economic boom and attempt to diversify supply chains beyond China. India's warehousing market is expected to more than double to $37 billion by 2032, speaking with company IMARC Group estimates. Since 2023, the marketplace was valued at $16.4 billion. IndoSpace, which has actually currently invested $380...

China's BingEx said on Friday it had raised $66 million in its U.S. going public valuing the courier delivery company at $1.17 billion, signaling a recovery in financiers' risk hunger and easing regulatory obstacles. The company, which brands its services as FlashEx, sold 4 million American depositary shares (ADS) in the offering priced at $16.50 each. It had actually intended to offer shares at a variety in between $ 15 and $17. The IPO bodes well for the broader market which had been depressed for nearly 2 years due to higher-for-longer interest rates and chaos in the stock markets. The...

The London Metal Exchange ( LME) is set to approve the expansion of its international metals warehousing network into Hong Kong before completion of this year, 3 sources with knowledge of the matter stated, opening the door to mainland China. Registering warehouses in China, the world's biggest consumer of commercial metals, to keep metal traded on the LME has been a strategic aim because Hong Kong Exchanges and Cleaning ( HKEx) bought the LME in 2012 for $2.2 billion. Broadening into Hong Kong would indicate a considerable increase to LME trading volumes. In a discussion made to the LME's warehousing...