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☆ What the proxy fight at Norfolk Southern means for railroad safety
▼ + stars: | 2024-05-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees. Norfolk Southern CEO Alan Shaw, third from left, listens to testimony during a hearing held by the Senate Commerce, Science, and Transportation Committee on March 22, 2023 in Washington, DC. The committee heard testimony on "Improving Rail Safety in response to the East Palestine Derailment." BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. On February 3rd, a Norfolk Southern Railways train carrying toxic chemicals derailed causing an environmental disaster.

Persons: Alan Shaw, Amit Bose, Win McNamee, Bose, ”, “, Jeremy Ferguson, Shaw, “ Shaw, Jerry Sturdivant, John Orr, BLET, Michael Swensen, Jim Barber, Glass Lewis, Ancora Organizations: New, New York CNN, Norfolk, Norfolk Southern, Ancora Holdings, PSR, Federal Railroad Administration, Senate Commerce, Science, Transportation, Shaw, SMART, of Locomotive Engineers, Trainmen, NS, Canadian Pacific, Canadian Pacific Kansas City, Way Employees, Norfolk Southern Railways, Teamsters, UPS, CSX, Union Pacific Locations: New York, Norfolk Southern, Atlanta, East Palestine , Ohio, Norfolk, East Palestine, Washington ,, Canadian Pacific Kansas, Palestine, ”, NS

☆ Glass Lewis endorses 6 of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Activist investor Ancora received a powerful endorsement in its efforts to secure a board change and to oust Norfolk Southern CEO Alan Shaw on Monday, when proxy advisor Glass Lewis recommended the railroad's shareholders vote for 6 of Ancora's board nominees. "We believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company's current leadership," Glass Lewis said in its report. Furthermore, Glass Lewis said Barber, Ancora's pick for CEO, and Jamie Boychuk, the activist's pick for COO, "have compelling credentials and track records." Ancora also seeks to install former CSX executive Boychuk as Barber's chief operating officer. Their support, coupled with Glass Lewis' endorsement, gives the activist powerful ammunition as it seeks to convince shareholders.

Persons: Ancora, Alan Shaw, Glass Lewis, Betsy Akins, Jim Barber, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, Shaw, Amy Miles, Barber, Ancora's, Jamie Boychuk, Boychuk, John Orr Organizations: Norfolk Southern, Teamster, UPS, CNBC, CSX, Canadian National, CN, NSC, Norfolk Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ Teamsters union endorses activist Ancora in Norfolk Southern proxy fight
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist Ancora on Thursday won the support of the BMWED Teamsters in the investor's efforts to oust Norfolk Southern CEO Alan Shaw and a majority of the railroad's 13-person board. The labor group said it would back the activist's seven director nominees over Norfolk Southern management, a significant endorsement in an industry unusually dependent on union support. The support from the BMWED Teamsters, whose members build and maintain the track infrastructure that keeps Norfolk Southern trains moving, amounts to a sharp rebuke of Shaw and Norfolk Southern's board. Norfolk Southern and Ancora have been locked in a proxy contest for several months. Neuberger Berman, for example, is backing the activist and said that Norfolk Southern had a history of poor governance and that a boardroom change was needed.

Persons: Ancora, Alan Shaw, Shaw, Tony Cardwell, Cardwell, Jim Barber, Jamie Boychuk, Boychuk, Barber, It's, John Orr, Glass Lewis, Neuberger Berman Organizations: Thursday, Teamsters, Norfolk Southern, Norfolk, BMWED Teamsters, Labor, American Federation of Labor, Industrial Organizations, CSX, Ancora Locations: Norfolk Southern, Norfolk, U.S, East Palestine , Ohio, Washington

☆ ‘Peasants vs. Marie Antoinette’: What the Premier League does with its billions of dollars is riling 72 other soccer clubs
▼ + stars: | 2024-04-18 | by ( Ben Morse | ) edition.cnn.com time to read: +11 min

DisparityThanks to its multi-billion-dollar TV deals, the Premier League is often celebrated as a UK Inc. success story. Andrew Powell/Liverpool FC/Getty ImagesBy targeting talents from lower-league academies, Premier League clubs don’t have to pay inflated transfer fees. The mooted introduction of an independent regulator comes against the backdrop of some Premier League clubs falling foul of the Premier League’s Profitability and Sustainability Rules (PSR). Earlier this month, Everton were handed a further two-point deduction for allegedly breaching Premier League financial rules. Relegated from the Premier League in 2023, Leicester denies any wrongdoing and opened legal proceedings against the Premier League and the EFL, but could face a points deduction if found guilty.

Persons: Abu, –, Kieran Maguire, Marie Antoinette ”, Marie Antoinette, – James McConnell –, Gabriele Biancheri, James McConnell, Bobby Clark, Andrew Powell, Caroline Dinenage, Maguire, Richard Masters, ” Maguire, ”, “, ” Masters, Phil Noble, we’ve, It’s, Mike Egerton, they’ve Organizations: CNN —, Manchester City, League, Reading FC –, Reading, English Football League, CNN, British, Premier League, Inc, Sunderland, Manchester United, Cardiff City, Liverpool, Chelsea, Liverpool FC, Getty, Premier League clubs, Culture , Media, Sport Committee, Premier League clubs “, Premier League’s, ” CNN, The Times, European Super League, National League, Everton, Nottingham Forest, Manchester City –, Reuters, Nottingham, “ Premier League, Leicester City, Leicester Locations: Istanbul, Manchester, Abu Dhabi, France, Europe, England’s, Britain's

☆ Everton deducted two points for second breach of financial rules, league says
▼ + stars: | 2024-04-08 | by ( ) www.cnbc.com time to read: 1 min

Seamus Coleman of Everton gives the team instructions during the Premier League match between Everton FC and Burnley FC at Goodison Park on April 06, 2024 in Liverpool, England. Everton have received a two-point deduction, their second points cut this season, after the club's appeal against a Premier League charge for a breach of Profitability and Sustainability Rules (PSR) was unsuccessful, the league said on Monday. The independent commission heard evidence and arguments from the club on a range of potential mitigating factors for its admitted breach of 16.6 million pounds ($21 million), including the impact of its two successive PSR charges, the league said. "The commission determined the appropriate sanction to be a two-point deduction, taking effect immediately," it said in a statement.

Persons: Seamus Coleman Organizations: Everton, Premier League, Everton FC, Burnley FC, Goodison Park Locations: Liverpool, England

☆ Soccer — Nottingham Forest given four-point deduction for financial rules breach
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: 1 min

Chris Wood is reacting after a missed opportunity at goal during the Premier League match between Brighton and Hove Albion and Nottingham Forest at the American Express Community Stadium in Brighton and Hove, on March 10, 2024. Nottingham Forest have become the second Premier League club to be deducted points for breaching profitability and sustainability rules (PSR) after being docked four points over their finances on Monday. "Nottingham Forest was referred to an independent Commission on 15 January, following an admission by the club that it had breached the relevant PSR threshold of £61 million ($77.6 million) by £34.5 million," Premier League said in a statement.

Persons: Chris Wood Organizations: Premier League, Brighton, Hove Albion, Nottingham Forest, American Express, Nottingham Locations: Brighton and Hove

☆ Sam Bankman-Fried's lawyer says sentencing the FTX founder to a 100-year prison term would be 'grotesque' and 'barbaric'
▼ + stars: | 2024-02-28 | by ( Kwan Wei Kevin Tan | Jacob Shamsian | ) www.businessinsider.com time to read: +1 min

Probation officers have recommended a 100-year prison term for FTX founder Sam Bankman-Fried. "That recommendation is grotesque," Bankman-Fried's lawyer, Marc Mukasey said on Tuesday. Mukasey said Bankman-Fried's sentence should instead be between five to six-and-a-half years. AdvertisementSam Bankman-Fried's lawyer thinks that the probation office has gone too far with the punishment they want to mete out to his client. That recommendation is grotesque," attorney Marc Mukasey wrote in a sentencing memorandum filed on Tuesday, referencing a pre-sentencing report by probation officers.

Persons: Sam Bankman, Marc Mukasey, Mukasey, —, Sam Organizations: Service, Business

☆ FTX fraudster Bankman-Fried seeks less than 7 year sentence, claims he is at risk of 'harm and extortion' in prison
▼ + stars: | 2024-02-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +7 min

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. "The harm to customers, lenders, and investors is zero," Bankman-Fried's lawyers wrote. The lawyers wrote that Bankman-Fried has a "neurodiversity" that "greatly affects how he perceives and is perceived." It is not a disease or a condition that needs to be cured," the lawyers wrote. "Individuals with ASD are often at considerably greater risk of physical harm and extortion in prison than other inmates," the lawyers wrote.

Persons: Sam Bankman, Fried, Joseph Bankman, Barbara Fried, Lewis Kaplan, —, Michael Milken, Damian Williams, Williams, Kaplan, Marc Mukasey, Sam, Drexel Burnham Lambert, Milken Organizations: Bankman, Alameda Research, The Manhattan U.S, PSR, Defense, Drexel, CNBC PRO Locations: New York, FTX, Manhattan, Alameda, Brooklyn , New York

☆ Norfolk Southern proxy fight draws heavyweight politicians and regulatory scrutiny a year after derailment
▼ + stars: | 2024-02-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +12 min

Norfolk Southern' has underperformed both its peers and the broader market over the last year. Norfolk Southern responded on Monday, rejecting that slate and announcing it would nominate former Amtrak CEO Richard Anderson and former U.S. For Ancora, which has a successful track record as an activist investor, the proxy fight at Norfolk Southern would be its largest ever. EdgePoint controlled 3.4 million Norfolk Southern shares as of Dec. 31, or about 1.5% of shares outstanding. Norfolk Southern has yet to set a date for the annual shareholder meeting.

Persons: Alan Shaw, Norfolk Southern Scott Mlyn, John Kasich, Donald Trump, Ancora, Shaw, Jim Barber, Jamie Boychuk, Richard Anderson, North Dakota Heidi Heitkamp, Heitkamp, Anderson, Frank Blake, Matt Freed, Joe Biden, Biden, Trump, it's, there's, Ancora's, Hunter Harrison, Norfolk Southern, Martin Oberman, Oberman, Amit Bose, Bose, Jim Chadwick, Chadwick, Ancora beneficially, Barber, Boychuk, Harrison, Mandel Ngan, Ancora's Chadwick, Amy Miles, Miles, Claude Mongeau, CNBC's Leslie Picker, Heidi Heitkamp Organizations: Norfolk Southern, CNBC, Norfolk, Ancora Advisors, EdgePoint Investment Group, Republican, Amtrak, Delta Airlines, Cargill, Home Depot, U.S, Energy, Workers, East, Trump, Biden, Southern, PSR, Federal Railroad Administration, Surface Transportation, Federal, UPS, Teamsters, Canadian, . Norfolk Southern, CSX, Deutsche Bank, AFP, Getty Locations: Norfolk Southern, East Palestine , Ohio, Ohio, Norfolk, North Dakota, Medtronic, East Palestine, Cleveland, Ancora

☆ Everton has 10-point Premier League deduction reduced following appeal
▼ + stars: | 2024-02-26 | by ( Sammy Mncwabe | ) edition.cnn.com time to read: +2 min

CNN —An independent Appeal Board has reduced Everton FC’s sanction for breaching the Premier League’s Profitability and Sustainability Rules (PSRs) from 10 points to six. It comes after the Merseyside club successfully appealed a November decision by an independent commission to deduct points for breaching financial rules. The successful appeal moved Everton, which has failed to register a win in their last five matches, up to 15th in the Premier League table. That was a reference to the Premier League charging Everton with a second PSR breach along with Nottingham Forest in January. In response to the latest charge, the Liverpool-based club criticised “a clear deficiency in the Premier League’s rules.”

Persons: Everton FC’s, ”, ” Everton, “ Organizations: CNN, Everton, Premier League, “ Everton FC, Appeal, Club, Nottingham Forest Locations: Merseyside, “, Liverpool

☆ Activist Ancora may turn to a reliable tactic to enhance value at Norfolk Southern
▼ + stars: | 2024-02-10 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

When you see that in a railroad company, there is one key metric to look at, which drives railroad profitability and shareholder return: It's the operating ratio. The operating ratio is the company's operating expenses as a percentage of revenue. NSC's operating ratio is almost 69% and the right management team with the right strategy should easily be able to get the operating ratio down close to 60%. There is no need to reinvent the wheel here; the roadmap has already been drawn at Canadian Pacific and CSX. Inside the activist world, and among investors who were shareholders of Canadian Pacific and CSX, this is as sure of an activist strategy as there is.

Persons: Ancora, James Chadwick, Mantle, Hunter Harrison, Harrison, John Kasich, Sameh Fahmy, Jim Chadwick, Ken Squire Organizations: Norfolk Southern, Railroads, TCI, CSX, Pershing, Canadian Pacific, Canadian National, CP, PSR, Kansas City Southern, 13D Locations: United States, Ancora, Ohio

☆ Soccer-Everton, Forest charged for breaching Premier League profitability and sustainability rules
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +1 min

NOTTINGHAM, ENGLAND - DECEMBER 02: Jarrad Branthwaite of Everton wins a header during the Premier League match between Nottingham Forest and Everton FC at City Ground on December 02, 2023 in Nottingham, England. (Photo by Tony McArdle/Everton FC via Getty Images)Nottingham Forest and Everton have been charged by the Premier League for a breach of the Premier League's profitability and sustainability rules (PSR), British media said on Monday. "The club intends to continue to cooperate fully with the Premier League on this matter and are confident of a speedy and fair resolution," Nottingham said in a statement quoted by British media. "Everton can assure its fans that it will continue to defend its position during the ongoing appeal and, should it be required to do so, at any future commission – and that the impact on supporters will be reflected as part of that process," Everton said.

Persons: Tony McArdle, Nottingham, Everton Organizations: Everton, Premier League, Nottingham Forest, Everton FC, City, Getty Images Locations: NOTTINGHAM, ENGLAND, Nottingham, England

☆ ‘We owe it to them’: Families of Israelis killed in war find new hope through sperm extraction
▼ + stars: | 2023-12-01 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +10 min

“I’ve seen dozens of people killed in accidents or shootings, but this was the hardest thing I’ve done in my life,” Daphna-Tekoah told CNN by telephone. “I asked ‘Would you like me to find out about sperm preservation?’”Medical social worker Shir Daphna-Tekoah suggested the idea of sperm extraction to bereaved families on October 7. “The demand has been very high,” she told CNN in a video call, adding that dozens of families have accessed the service since October 7. It isn’t that they want a baby instead of their son - it’s the grandchild,” she told CNN by telephone. PSR can be the easy part, Rosenblum told CNN.

Persons: Shir Daphna, “ I’ve, ”, Tekoah, “, ‘, Noga Fuchs, Dr, Shimi Barda, Noga, Barda, Shaylee Atary, Atary, Fuchs, Irit Oren Gunders, Irit Rosenblum, Lawyer Irit Rosenblum, Irit Rosenblum Rosenblum, Rosenblum, “ We’ve, ” Rosenblum, “ I’m, ” Yulia, Vlad Poznianski, Baruch, Yulia, Shira, Liat Malka, Baruch Pozniansky, Yulia Pozniansky, she’s, Malka, She’s, won’t, isn’t, Soldiers, ” Israel ‘, Gil Siegal Organizations: CNN, Kaplan, of Health, PSR, Ichilov, Israel Defense Forces, Noga Fuchs, Noga, Israel’s Ministry of Foreign Affairs, Ministry of Health, New, Center for Health Law, Kiryat Ono, Israel, University of Virginia Law School Locations: Tel, Kfar Aza, Gaza, Israel

☆ UK payments report calls for alternatives to Mastercard and Visa
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 22 (Reuters) - Britain needs a "digital alternative" to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday. The conclusions of the Future of Payments Review echo longstanding complaints across Europe about heavy reliance on the American duo for card payments, though calls and attempts to create a 'home grown' alternative have made little progress. Britain's Payment Systems Regulator (PSR) is reviewing the fees card schemes charge, a longstanding battle ground pitching Visa and Mastercard against 'merchants' charged for accepting their cards from customers making payments. Visa welcomed the review's conclusion saying that the UK payments landscape was in a good position. "We are keen to work with Government to ensure the UK continues to be at the forefront of payments innovation", it said.

Persons: Thomas White, Huw Jones, Jose Joseph, Kirsten Donovan, Alexandra Hudson Organizations: REUTERS, Visa, Mastercard, Systems, Government, Alexandra Hudson Our, Thomson Locations: Britain, Europe

☆ Everton deducted 10 points for breaching English Premier League rules
▼ + stars: | 2023-11-17 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +3 min

CNN —Everton FC has been handed an immediate 10-point deduction by an independent commission for breaching the Premier League’s Profitability and Sustainability Rules (PSRs), the English Premier League announced on Friday. The deduction means that Everton drops to 19th in the league table, level on points with last-placed Burnley. “The Premier League issued a complaint against the Club and referred the case to an independent Commission earlier this year. Everton’s next Premier League match is at home to Manchester United on November 26 following the conclusion of the men’s international break. The Merseyside club narrowly avoided relegation from the Premier League last season after finishing 17th, two points above the relegation zone.

Persons: ”, ” Everton, “, Everton’s, Caroline Dinenage Organizations: CNN — Everton FC, English Premier League, Everton, Burnley, Premier League, Club, Commission, “ Everton, Manchester United Locations: Merseyside, England

☆ TSB leads UK banks in reimbursing customers conned by fraudsters
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 31 (Reuters) - TSB came top among Britain's main banks in reimbursing customers conned by fraudsters, the Payment Systems Regulator (PSR) said on Tuesday in its first public survey of how individual lenders handle fraud. "This provides better information for customers on how firms handle APP fraud and encourages these firms to take more action to tackle it." UK Finance, a banking industry body, said the financial services sector invests more in countering fraud than anyone else, and is the only sector that reimburses victims. "What today’s data from the PSR does not show is where fraud starts," UK Finance said in a statement. Over 90% of authorised fraud begins online, over the phone, through social media or fake messages, but tech and telecom companies bear no responsibility for reimbursing victims, UK Finance said.

Persons: fraudsters, Chris Hemsley, Hemsley, Huw Jones, Jason Neely Organizations: TSB, Payment Systems, PSR, Sabadell, Nationwide, HSBC, Finance, Thomson

☆ NASA missions spy celestial features that resemble a ghostly hand and eerie face
▼ + stars: | 2023-10-31 | by ( Ashley Strickland | ) edition.cnn.com time to read: +3 min

CNN —The cosmos is full of mysteries waiting to be solved, and some of them appear especially eerie with the arrival of Halloween. A haunting “face” on Jupiter and a ghostly, skeletal hand-shaped nebula are just a couple of creepy celestial features recently spotted by NASA missions. Jupiter's swirling atmosphere appears to include a face in this image taken by JunoCam. The nebula, known as MSH 15-52, is located about 16,000 light-years from Earth. NASA’s Chandra X-ray Observatory observed the pulsar, known as PSR B1509-58, for the first time in 2001.

Persons: Vladimir Tarasov, Juno, Wilhelm Röntgen, Chandra, ’ ”, Roger Romani Organizations: CNN, NASA, JunoCam, JPL, Caltech, Astrophysical, Stanford University in Locations: —, Stanford University in California

☆ Astronomers solve the puzzle of an unusual pulsing dead star
▼ + stars: | 2023-08-30 | by ( Ashley Strickland | ) edition.cnn.com time to read: +4 min

The spinning dead star and the companion star that it closely orbits were first discovered in 2007. Once the pulsar began siphoning off material from the companion star, its characteristic pulsing beam disappeared. Instead, the pulsar entered a constant, alternating cycle of operating in what astronomers call “high” mode and “low” mode. They discovered that an exchange of matter between the pulsar and its companion star triggers the unusual behavior of the pulsar. As the pulsar tugs at its companion star, gas releases from the companion and forms a disk around the pulsar before slowly falling toward it.

Persons: ”, Maria Cristina Baglio, Francesco Coti Zelati, Coti Zelati, Sergio Campana Organizations: CNN, Astrophysics, New York University, Italian National Institute for Astrophysics, Institute of Space Sciences, Astronomers, Southern, Italian National Institute for Astrophysics ’, Observatory Locations: New York University Abu Dhabi, Barcelona, Spain, Chile

☆ Union Pacific appoints former executive Jim Vena as CEO
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

July 26 - Union Pacific Corp (UNP.N) on Wednesday named former chief operating officer Jim Vena as its top boss, months after CEO Lance Fritz said he was stepping down, sending the U.S. railroad operator's shares up 6.7% in premarket trading. Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. Reporting by Nathan Gomes and Amna Karimi in Bengaluru; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Union Pacific, Thomson Locations: Bengaluru

☆ Union Pacific names former executive Vena as CEO, misses profit estimate
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. The company reported second-quarter profit of $2.54 per share, missing analysts' average estimate of $2.75 per share, according to Refinitiv IBES data, as its shipments fell. The railroad industry has been struggling with railcar shortages resulting in shipment delays and supply-chain disruptions.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Fritz, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Soroban Capital Partners, Union Pacific, Thomson Locations: Bengaluru

Phillip alleged Barclays owed her a duty to ignore her instructions if the bank had reasonable grounds to suspect she was being defrauded. "Where the customer has authorised and instructed the bank to make a payment, the bank must carry out the instruction promptly," he said. "It is not for the bank to concern itself with the wisdom or risks of its customer's payment decisions." James Levy, a partner at law firm Ashurst, said the onus was on customers to ensure payment instructions were bona fide. The Supreme Court, however, allowed Philipp to pursue an alternative case against Barclays on the grounds that the bank breached its duty by failing to take adequate steps to recover the money transferred to the UAE.

Persons: Fiona Philipp, Phillip, George Leggatt, James Levy, Ashurst, Philipp, Sam Tobin, Kirstin Ridley, Louise Heavens, Barbara Lewis, Jane Merriman Organizations: Barclays, Wednesday, Court, United Arab Emirates, Payment Systems, Financial Services, UAE, Thomson Locations: fraudsters, UAE

☆ Norfolk Southern engineer's safety warning was unheeded before Ohio derailment, NTSB says
▼ + stars: | 2023-06-22 | by ( Yuheng Zhan | ) www.cnbc.com time to read: +3 min

Norfolk Southern supervisors didn't address an engineer's safety concerns before a train loaded with toxic chemicals derailed in East Palestine, Ohio in February, according to preliminary findings released Thursday from a National Transportation Safety Board investigation. On Feb. 3, a Norfolk Southern freight train carrying hazardous chemicals derailed, releasing toxic chemicals into the environment near Ohio's border with Pennsylvania. Norfolk Southern CEO Alan Shaw has pledged support for residents of East Palestine, Ohio, although critics have said he hasn't gone far enough. Norfolk Southern took further exception with the union's allegation, saying that the current average car inspection time is approximately two minutes. "It is not accurate to say NS has 'reduced' the standard amount of time for a car inspection since the implementation of PSR.

Persons: didn't, we've, Connor Spielmaker, Alan Shaw, hasn't, Spielmaker Organizations: Norfolk, National Transportation Safety Board, Decatur, Federal Railroad Administration, Norfolk Southern, CNBC, NTSB, Transportation Communications Union, TCU Locations: Norfolk Southern, East Palestine , Ohio, Decatur , Illinois, Southern, East Palestine, Norfolk, Ohio's, Pennsylvania

☆ UK's payments regulator lays down mandatory reimbursements in APP fraud victims
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Britain's Payment Systems Regulator (PSR) said on Wednesday it has made it mandatory for banks and payment firms to reimburse victims of online bank fraud within five days, in cases where users at a business send money to a bank account controlled by fraudsters. Thousands of people have seen their savings swept away in recent years by an unprecedented wave of fake online bank transactions hitting Britain, called authorised push payment (APP) fraud. The PSR said the new rules will be imposed on the Faster Payments system, where the vast majority of APP fraud has occurred so far, with the reimbursement requirements coming into force next year. The regulator also said that all payment firms will be incentivised to take action, with both sending and receiving firms equally splitting the reimbursement costs. The PSR last year said it planned to introduce new rules to tackle APP fraud once the parliament expands the powers of the regulator.

Persons: Aby Jose Koilparambil, Savio D'Souza, Nivedita Organizations: Systems, fraudsters, PSR, Thomson Locations: Bengaluru

☆ UBS shares its 5 top takeaways for investors from Berkshire Hathaway's 'best annual meeting in years' — including how Warren Buffett's successor will take over
▼ + stars: | 2023-05-09 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Berkshire Hathaway had a successful annual meeting following its Q1 earnings report. Warren Buffett's Berkshire Hathaway had its "best annual meeting in years" over the weekend, according to UBS analyst Brian Meredith — and it wasn't just because of its strong earnings report. 5 top takeaways from Berkshire Hathaway's annual meetingStrong earnings results were just one impressive component from Berkshire Hathaway's annual meeting. "We viewed Berkshire's 2023 annual meeting as the best in several years with quality questions and insightful answers," Meredith wrote. After BNSF undershot on volumes and suffered from higher compensation costs, Berkshire investors may start to wonder if the company would reconsider its stance against PSR.

☆ Norfolk Southern Derailment Spurs Questioning of Turnaround King’s Strategy
▼ + stars: | 2023-04-02 | by ( Kris Maher | ) www.wsj.com time to read: 1 min

The late E. Hunter Harrison , who ran four of North America’s major railroads, is credited with transforming the railroad industry by spreading a philosophy of aggressive cost-cutting. But criticism of that philosophy, known as precision-scheduled railroading, or PSR, has grown since the February derailment of a Norfolk Southern Corp. train that released hazardous chemicals in East Palestine, Ohio.

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