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North America

Ground Transportation

Buffett's Berkshire records record profits on insurance and investments

Berkshire Hathaway, the company owned by Warren Buffett, posted its third consecutive record operating profit on Saturday. This was boosted by an increase in investment income and underwriting profits in its insurance business. Berkshire’s huge cash stake ended 2024 with a record of $334.2 billion. This was twice as much than a year before. Buffett stated in his annual letter to Berkshire investors that Berkshire prefers to invest in business than to hold cash. He also claimed that his Omaha-based conglomerate, though it posted lower earnings in 53% of the 189 businesses it operates, "did better than expected." He attributed...

Ground Freight

US reviews the possibility of rescinding $4 billion in California grants for high-speed rail

The Trump Administration announced on Thursday that it will review the decision to rescind $4 billion in funding for California's High-Speed Rail Project. The project was approved by voters in 2008 for $10 billion, but costs have increased dramatically and President Donald Trump is a harsh critic of the effort. Under former president Joe Biden, the Transportation Department awarded more than $3 billion to this project. The initial estimate of the total project cost was $40 billion. However, that number has risen to $89 billion and $128 billion. California High-Speed Rail Authority has not yet issued a statement. Federal Railroad...

Passenger Ground & Sea Transportation

US withdrew approval of New York City congestion pricing program

The Trump administration announced on Wednesday that it was rescinding its approval of New York City’s congestion pricing program, which aims to reduce traffic while raising billions for upgrading New York’s aging bus and subway systems. U.S. Transportation secretary Sean Duffy announced that the move would stop the program, which began on 5 January and charged most drivers $9 for entry into Manhattan. The program was designed to support the Metropolitan Transportation Authority. He criticised the toll system that "leaves motorists without any free alternative highway and instead takes more money from workers to pay for a transport system and...

Ground Freight

Wabtec forecasts 2025 profit below estimates on soft freight demand

Wabtec, a U.S.-based rail locomotive manufacturer, forecast a profit for 2025 that was largely below analyst estimates on Wednesday. The industry is battling sluggish demand for new trains due to the slowdown in freight traffic. According to data compiled and analyzed by LSEG, the company anticipates its adjusted profit per share to range between $8.35 and $8.75 in 2025, compared to analysts' average expectation of $8.62. The increased borrowing costs and higher prices have caused a decrease in consumer demand, which has led to a reduction in the freight volume that is transported by rail. Wabtec's Freight segment manufactures new...

Transport Infrastructure

New york city states 1 million fewer automobiles have entered Manhattan considering that blockage rates start

New York's congestion pricing has led to 1 million total less vehicles going into the busiest part of Manhattan and cut commuting times because the program started on Jan. 5, a transit company said on Wednesday. The Metropolitan Transport Authority stated incoming trips times on all Hudson and East River crossings are now 10% to 30%. quicker or more, while bus service has actually likewise enhanced. Train. ridership has actually grown by 7.3% on weekdays and 12% on weekends over. January 2024. Under the program, passenger automobiles are charged $9 throughout. peak periods in Manhattan south of 60th Street. Trucks...

Ground Transportation

Norfolk Southern beats earnings quotes assisted by expense cuts, insurance coverage healing

U.S. railroad operator Norfolk Southern on Wednesday published a quarterly earnings that beat experts' quotes, helped by cost cuts implemented to improve margins and betterthanexpected insurance recoveries related to an expensive derailment. Shares of the business were up 4% in early morning trading. Norfolk had taken a hit of about $1.4 billion in last two years due to a derailment in Eastern Ohio in 2023 that released over 1 million gallons of harmful products and toxins near the state's border. Norfolk carried out voluntary and uncontrolled task cuts last year that assisted balance out a few of that impact. Insurance...

Ground Transportation

Railroad operator CSX posts quarterly lead to line with expectations

CSX reported fourthquarter profit and revenue in line with Wall Street approximates on Thursday as a decline in coal earnings offset gains from volume development in its intermodal section. Intermodal shipping, which includes 2 or more ways of transport for items, saw a 4%. rise in volume throughout the 4th quarter. Meanwhile, quarterly volume in the coal section fell 7% and income was down 20% compared to. in 2015. Need for coal, which has been hampered as consumers change to cheap natural gas stockpiles. for energy, is anticipated to decline further. CSX said that it had likewise been harmed by...

Ground Freight

Union Pacific's quarterly earnings rises on higher volumes, pricing

Union Pacific reported a. fourthquarter profit on Thursday that increased 7% on the back of. greater grain and fertilizer shipments and core prices gains,. sending out the railroad operator's shares up more than 4% before. the bell. The business, seen as a bellwether for the U.S. economy, has. benefited from improving profits in its grain, chemicals and. intermodal sections following higher West Coast imports and a. strong harvest season. In December, Union Pacific executives said they were. beginning to see enhancements in domestic intermodal shipments,. driven by volumes coming through West Coast ports. Disruptions in the Red Sea, combined with...

Ground Freight

Prologis beats core FFO approximates on improving warehouse need

Property financial investment trust (REIT). Prologis beat Wall Street expectations for. fourthquarter core funds from operations (FFO), assisted by. enhancing demand for its warehousing spaces and sale of an information. center. Shares of the warehouse-focused REIT were up 3.3% in early morning. trade. Potential stocking activity by importers owing to the hazard. of brand-new tariffs by the Trump administration has assisted the demand. for storage spaces throughout the U.S. Post-election leasing activity has actually been strong, and our. continuous discussions with customers support our expectation. that the marketplace is nearing an inflection point, CEO Hamid R. Moghadam said. Prologis reported...

Transport Infrastructure

New Jersey governor prompts Trump to examine New York City's blockage rates plan

New Jersey Governor Phil Murphy on Monday asked President Donald Trump to reconsider the federal federal government's approval of New york city City's firstinthenation blockage prices program that started on Jan. 5. Murphy, a Democrat, said the program is a catastrophe for New Jersey commuters and must get the close look it should have from the federal government. Under the program, traveler cars are charged $9 throughout peak durations in Manhattan south of 60th Street. Trucks and buses pay up to $21.60. The charge is minimized by 75% in the evening. It is developed to reduce traffic and raise billions...

Transport Infrastructure

United States upgrades probe into emergency situation braking problems in certain Honda vehicles

The U.S. National Highway Traffic Security Administration said on Monday it is broadening and upgrading a probe into about 295,125 American Honda cars over reports of crashes and injuries due to their automatic emergency situation braking systems. According to the reports, the automatic emergency braking system in these lorries was triggering unintentionally, which increases the threat of a crash due to the quick deceleration. The problem affects the 2019-2022 models of the Honda Insight, a hybrid electrical car, and the Honda Passport SUV, according to the U.S. vehicle safety regulator. The regulator said it is upgrading the probe from March...

Ground Transportation

US upgrades probe into 129,000 Ford cars over hands-free tech

The U.S. National Highway Traffic Security Administration said on Monday it is updating a probe into 129,222 Ford Automobile over reports of collisions including the company's handsfree driving innovation, BlueCruise. The NHTSA opened the examination after getting notices of two deadly crashes last April, involving BlueCruise-equipped Ford Mustang Mach-E lorries. The regulator said it is updating the probe to an engineering analysis, covering automobiles in between the 2021-2024 design years. Engineering analysis is a necessary step before the NHTSA could require a recall. The BlueCruise system utilizes a camera-based chauffeur tracking system to identify driver attentiveness and is utilized on...

Europe

Transport Infrastructure

Vopak will expand Thailand terminal to import US ethane from 2029

Global independent storage operator Vopak announced on Thursday it would expand its joint venture terminal in Thailand so that the state energy company PTT Global Chemical can import U.S.-made ethane starting in 2029. China and other petrochemical companies in Asia are looking to import more ethane from the U.S. Shale Gas Boom to diversify their raw materials supply, as well as to lower costs. According to Vopak, Thai Tank Terminal, a joint venture of PTTGC Gulf Energy Development, and Vopak, will build 160,000 cubic meters of tank storage at Map Ta Phut in Rayong. The JV that provides storage and...

Ground Transportation

Bosnian students protest government inaction after deadly floods

On Monday, hundreds of students in Sarajevo, the capital of Bosnia protested against the authorities for failing to accept responsibility for the death of 27 people during the devastating floods that occurred in early October. On October 4, heavy rains caused landslides and flooding in parts of central and south Bosnia and Herzegovina, destroying roads and homes. Only in Donja Jablanica, a village located in southern Serbia, 19 people died after an illegal quarry collapsed and trapped people under heavy stones. Investigations have not yet been launched. The Balkan country's fragmented governments struggled to respond. The authorities have taken a...

Ground Freight

The LME's available Russian-origin aluminum stocks rose in January

LME data on Monday showed that the number of Russian-made aluminium in London Metal Exchange storage warehouses was up in January compared to December. The amount of Indian metal, however, fell. According to traders, the majority of the aluminium in LME registered warehouses at Port Klang in Malaysia is of Indian origin. This is what Western consumers are looking for, as many have refused to purchase metal made in Russia after it invaded Ukraine almost three years ago. Stocks of aluminium with Russian origin, or those on warrant At the end January, the total reached 164 475 metric tonnes, or...

Western Europe

East Asia

Transport Infrastructure

PowerChina's Laos utility claims $555 Million in unpaid bills

According to a review of an arbitration file, a unit of China’s state-owned Power Construction Corp of China has sued Laos Utility Electricite du Laos in Singapore for $555 million of unpaid dues relating to. The claim is based on the electricity generated by PowerChina's Nam Ou Power unit, which operates the $2.73 billion Nam Ou River Cascade hydropower project. It has a capacity to generate 1.27 gigawatts of power from seven cascades that are located along 350 km of river in Southeast Asia. The Nam Ou Project is one of Laos’ largest projects, representing 7% of its 18 GW...

Ground Transportation

Anglo-Kumba wants private investors to run a key iron ore railway line

Anglo American South Africa's iron ore business is looking for private investors to operate a rail route that is vital to shipments of steelmaking ingredient to international markets. Transnet, the struggling state-owned company, owns and operates a 861 km (535 miles) rail line that runs from Kumba Iron Ore’s Sishen Mine in South Africa’s Northern Cape Province to Saldanha Port. Mpumi Zikalala, CEO of Kumba, stated that the line is plagued by derailments, and Transnet’s "constraints" on its balance sheet mean it cannot run the line effectively. Kumba, Africa’s largest iron ore producer, has reduced production after stocks rose to...

Transport Infrastructure

British Company - Jan 28

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...

Transport Infrastructure

LME authorizes Hong Kong as delivery point for metals

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...

Passenger Ground & Sea Transportation

China's Pony.ai eyes robotaxi services in Hong Kong, joining Baidu

Guangzhoubased Pony.ai Inc. is looking for to release its robotaxi services in Hong. Kong, signing up with Baidu in a race to supply services in. the city, as the self-governing driving firm looks to broaden its. operations internationally. Nasdaq-listed Pony.ai strategies to supply robotaxi travelling. services for airport personnel within Hong Kong International. Airport before broadening into other city locations in the city, the. company stated in a declaration late on Friday. It did not provide a. timespan for the launch. Chinese artificial intelligence giant Baidu is likewise considering. the launch of its driverless taxi service in the city after...

Passenger Ground & Sea Transportation

Beijing unveils plans to increase driverless vehicle use in capital

China's capital Beijing passed brand-new regulations on Tuesday to encourage self-governing driving technology in the city, with authorities preparing to ultimately permit driverless public buses and taxis. Self-governing automobiles that pass roadway screening and security assessments will be enabled to look for roadway trials, the state-backed Beijing Daily paper reported, which stated the new guidelines take effect from April 1. The city supports making use of autonomous automobiles for personal vehicles, metropolitan buses, cable cars and taxis, it said, adding that it wishes to encourage the building and construction of smart road infrastructure to support such transport. In a separate...

Passenger Transportation Services

China extends license age limitation for truck, bus motorists as population ages

China will extend licence age limitations for motorists of mediumsized and big buses also as trucks, as part of broader efforts to attend to the obstacles positioned by an aging population, falling birth rate and a shrinking labour swimming pool. Keeping older transportation workers on the payroll will be essential to helping preserve stability throughout China's huge transportation system in the medium-term as the sector prepares to embrace more self-governing vehicles. Just over a years back, the capital Beijing enabled male bus drivers to retire five years earlier - at the age of 55 - for health factors, as it...

Ground Transportation

JD Logistics to buy remaining stake in Kuayue-Express for $892 mln

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...

Ground Transportation

Biden makes no discuss kid's pardon in Cape Verde stopover on method to Angola

U.S. President Joe Biden did not respond to press reporters' concerns on the approving of a pardon to his child Hunter Biden when he landed in Cape Verde for a brief stopover on his method to Angola. Joe Biden, whose term in office surfaces in January, flew out of Washington soon after pardoning Hunter, who had pleaded guilty to tax violations and been convicted on firearms-related charges. The president did not react to questions on the concern from reporters on the tarmac at Amilcar Cabral International Airport. He was set up to hold a meeting with the island country's. Prime...

Ground Freight

Ethnic strife frustrates peace efforts in India's Manipur

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...

Ground Transportation

Japan's Nikkei touches more than a week high on hopes of strong US economy

Japan's Nikkei share average touched its highest in more than one week on Monday, as financiers bought stocks anticipating the U.S. economy to stay strong. The Nikkei reached 39,053.64, hitting its greatest given that Nov. 15, before ending the early morning session 1.53% greater at 38,868.68. The more comprehensive Topix was up 1.02% to 2,747.14. Abroad factors are essential for Japanese stocks now as we have actually not seen much market moving catalysts within Japan, said Fumio Matsumoto, chief strategist at Okasan Securities. Wall Street closed greater on Friday, with all 3 major indexes posting weekly gains, as financiers basked...

Transport Infrastructure

Mexico cautions US restriction on Chinese vehicle tech might harm automotive market

The Mexican government on Monday raised concerns about the Biden administration's proposal to restrict essential Chinese software application and hardware in linked vehicles on American roads due to national security issues. Mexico's economy ministry said in a filing with the U.S. Commerce Department the proposal could have a considerable. effect on Mexico's automotive industry. Economically, it postures. potential trade barriers, interruptions to provide chains,. increased production expenses, and a possible danger of minimized. direct and indirect work. Automaker and tech groups separately on Monday asked the. administration for changes and for more time before the rule. takes effect. The proposal...