DIRS.INFO The most relevant business & tech news

☆ A trucking and rail strategy that boomed during pandemic shocks is heating up again
▼ + stars: | 2024-03-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

The shift in the volume of freight being moved from the East Coast to the West Coast was first highlighted in February in the ITS Port Rail Ramp Freight Index. He said the disruptions from the Suez Canal and Panama Canal have contributed to an almost 20% increase into the West Coast ports. "For our ports, transloading containers is always going to happen and we have the capacity to do more." The West Coast container volume rebound will also have a ceiling. "We probably don't get to the historical 10-year levels of West Coast market share versus East Coast share," Chan said.

Persons: Michael Aldwell, Kuehne + Nagel, Chris Sikora, CH Robinson, Sikora, Tim Robertson, transloading, Paul Brashier, We're, Brashier, Bryan Kempisty, Matt Schrap, Bruce Chan, Chan, CH, Bascome Majors, J.B, Hunt, Schneider, JB Hunt, Jason Seidl, Knight, Swift, Seidl, Larry Organizations: Getty, U.S, Logistics, CNBC, Kuehne, Transportation Intelligence, . Logistics, DHL Global, ITS, Rail, ITS Logistics, Department of Transportation's, PortX Logistics, Harbor Trucking, J.B, Susquehanna International Group, Hub Group, Schneider, Union Pacific, Cowen Group, Universal Logistics Holdings, East, International Longshoremen's Association, Surface Transportation, Canadian Pacific, Kansas City Southern, Uber, Uber Technologies Locations: West Coast, East Coast, Panama, East, Red, Gulf, transload, transloading, West, Suez, Hunt, CH Robinson, Sea, Mexico, Kansas, Mobile , Alabama, Coatzacoalcos, Veracruz, Gulf of Mexico

☆ Uber joins the Dow Transports. Here's why it's a curious addition
▼ + stars: | 2024-02-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Uber is going into the Dow Transports on Monday, marking the first change to the index since Dec. 7, 2021, when Old Dominion replaced Kansas City Southern. Under Dow Theory, the Transports should confirm a new high in the Dow Industrials. Uber is a funny add because unlike many of the other index components, it's not really a shipping company. The add likely reflects the Dow Transports index committee's belief that this is a transportation company, even if it just shuttles people instead of packages. This follows a well-known pattern called the S & P inclusion effect.

Persons: Avis, Uber, Stocks, underperform Organizations: Dow Transports, Old Dominion, Kansas City Southern, Dow, Dow Jones Transport, Dow Theory, Transports, it's, Uber, Federal Reserve Bank of New, Union Pacific, CSX, Kirby Locations: Federal Reserve Bank of New York, Matson, Old Dominion

☆ 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

Before last year, paid sick leave was generally not offered to railroad workers. That's instead of joining all the other major freight railroads in negotiating jointly with rail unions on an agreement over pay and benefits. The rail industry reached the brink of a strike in the fall of 2022 before Congress and President Joe Biden intervened to force rail workers to accept a contract. Union Pacific, BNSF and Norfolk Southern now have paid sick time agreements in place with all their unions. Canadian National also trails behind the big U.S. railroads, but still offers sick time to about 46% of its U.S. workers.

Persons: —, Ed Dowell, CPKC “, ” CPKC, That's, Patrick Waldron, ” Waldron, “, CPKC, Joe Biden, wouldn't Organizations: Rail, CPKC's, American Train, Association, Kansas City Southern, Canadian Pacific, CSX, Union Pacific, Norfolk, Canadian Locations: OMAHA, Neb, Kansas City , Missouri, CPKC's U.S, Minnesota, U.S, Calgary, United States, Kansas City, Kansas, Canadian Pacific, North America, BNSF, Norfolk Southern

☆ This stock should benefit from Red Sea turmoil disrupting shipping, Redburn says
▼ + stars: | 2024-01-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The railroad Canadian Pacific Kansas City is poised to benefit from mounting disruptions to shipping in the Red Sea that are rerouting global trade routes, according to Redburn Atlantic. The railroad's land bridge through North America is an attractive alternative for cargo from Asia to the U.S. East Coast as the Suez and Panama canals face disruptions to traffic. Container shipping through the Red Sea was down 30% in mid-December due to repeated attacks by Iran-allied Houthi militants in Yemen, Holmes told clients. CPKC's land bridge through Mexico north to the U.S. shortens transit time by 10 to 14 days compared to the Panama Canal, Holmes wrote. "This route is materially faster (10-14 days) than going through the Panama Canal, especially when there are restrictions in place," he told clients.

Persons: Oliver Holmes, Holmes, CPKC Organizations: Canadian, Canadian Pacific Kansas City, U.S ., Ships, Kansas City Southern, CP Locations: Canadian Pacific Kansas, Lázaro, Coast, U.S . East Coast, North America, Asia, Suez, Panama, Iran, Yemen, Hope, Africa, U.S . East, Mexico, U.S

☆ Bill Ackman's Pershing Square adds to Google-parent Alphabet stake, slashes Lowe's bet
▼ + stars: | 2023-08-14 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bill Ackman's Pershing Square Capital stepped up a bet in Google-parent company Alphabet while lowering a large stake in Lowe's during the second quarter, according to a regulatory filing. Pershing Square's stake in the Google parent's A shares was unchanged in the second quarter and stood at $261 million. Pershing Square also downsized holdings in Chipotle and Restaurant Brands International . Pershing Square now has a stake in the new company, known as Canadian Pacific Kansas City , worth $1.2 billion. Ackman's fund managed roughly $10.8 billion 13F securities at the end of the second quarter, according to WhaleWisdom.com .

Persons: Bill Ackman's, Pershing Organizations: Bill Ackman's Pershing, Capital, Google, Securities and Exchange Commission, Pershing Square's, Pershing, Restaurant Brands, Canadian Pacific Railway, Kansas City Southern, Canadian, Canadian Pacific Kansas City Locations: Lowe's, Chipotle, Canadian Pacific Kansas

☆ Norfolk Southern shareholders sue over Ohio derailment
▼ + stars: | 2023-03-17 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

March 17 (Reuters) - Norfolk Southern Corp (NSC.N) shareholders have accused the railroad of defrauding them by prioritizing profit over safety prior to last month's derailment of a train carrying hazardous chemicals in East Palestine, Ohio. A Norfolk Southern spokesman declined to comment, saying the Atlanta-based company does not discuss pending litigation. Norfolk Southern has faced many lawsuits over the Feb. 3 derailment, including cases brought by local residents and Ohio's attorney general. Six of the seven largest U.S. freight railroads use Precision Scheduled Railroading: Norfolk Southern, Canadian National, Canadian Pacific, CSX, Kansas City Southern and Union Pacific. The case is Bucks County Employees Retirement System v Norfolk Southern Corp et al, U.S. District Court, Southern District of Ohio, No.

☆ After back-to-back train disasters, regulators approve the largest rail merger in decades creating a line that would stretch from Canada to Mexico
▼ + stars: | 2023-03-16 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

Regulators approved a railroad merger that would create a single route stretching from Canada to Mexico. The rail industry has seen train accidents and labor disputes in recent months. "30-40% of the United States economy depends on a well-functioning railroad," Oberman said in the Wednesday press conference. That's why the STB has been "railing about some of the rail service problems and issues affecting the rail industry," he said. Oberman also argued shippers would not lose any existing rail competition from the merger.

☆ Credit Suisse fears hit Toronto's main stock index
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

TORONTO, March 15 (Reuters) - Canada's main stock index fell 1.6% on Wednesday, dragged down by energy and financial stocks as Credit Suisse spooked world markets, renewing concerns of a banking crisis. By provisional close on Wednesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 315.32 points at 19378.84, its worst day since December 2022. Canadian financial stocks (.SPTTFS) fell 1.9% on Wednesday, mirroring global financial stocks in falling once again, following a brief relief rally on Tuesday, as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Brent crude fell 4.1% to $74.26 a barrel. The Toronto market's industrials and utilities sectors escaped the losses on Wednesday, up 0.8% and 0.2% respectively.

☆ Merger Between Canadian Pacific and Kansas City Southern Is Approved
▼ + stars: | 2023-03-15 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The rail industry’s operations have come under scrutiny as a result of recent derailments and mounting safety concerns. A federal regulator has approved with conditions a merger between Canadian Pacific Railway Ltd. and Kansas City Southern, a $28 billion deal that created the first freight rail network linking Canada, the U.S. and Mexico. “The transaction meets the public interest test for approval,” said a Wednesday decision from the Surface Transportation Board, the economic regulator primarily overseeing freight railroads.

☆ Canadian Pacific’s Merger With Kansas City Southern Is Approved
▼ + stars: | 2023-03-15 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The rail industry’s operations have come under scrutiny as a result of recent derailments and mounting safety concerns. A federal regulator has approved with conditions a merger between Canadian Pacific Railway Ltd. and Kansas City Southern , a $28 billion deal that would create the first freight rail network linking Canada, the U.S. and Mexico. The Wednesday decision from the Surface Transportation Board, the economic regulator primarily overseeing freight railroads, cements the industry’s biggest merger in two decades.

☆ Toronto stocks join global selloff as Credit Suisse sparks concerns
▼ + stars: | 2023-03-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

March 15 (Reuters) - Canada's resources-heavy main stock index fell on Wednesday, dragged by energy and financial stocks, as Credit Suisse's turbulence sparked renewed concerns of a banking crisis. Global financial stocks slumped once again after a brief relief rally on Tuesday as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Energy stocks (.SPTTEN) were the top decliners, falling 5.7%, as oil prices extended losses with Brent crude hitting a three-month low. Financials (.SPTTFS), Canada's largest sector by weight, joined a global selloff in bank stocks, falling 2.2%. Canadian stocks have lost nearly all of their yearly gains in the last few days, with the index now at par after the collapse of U.S. lenders SVB and Signature sparked contagion concerns in global financial stocks.

☆ Schumer pushes National Transportation Safety Board to expand rail safety probe beyond Norfolk Southern
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +3 min

Senate Majority Leader Chuck Schumer, D-N.Y., on Wednesday urged the National Transportation Safety Board to broaden its rail safety investigation beyond Norfolk Southern to other large rail companies after last month's derailment in East Palestine, Ohio. Hours before Norfolk Southern CEO Alan Shaw appeared at a congressional hearing last week about the Ohio derailment, another of the company's trains derailed in Calhoun County, Alabama. It was the third derailment involving Norfolk Southern since last month. They can tell us how many fatalities there were — 2,768 — but not why or if company policies could have prevented them." The Ohio Attorney General's office on Tuesday sued Norfolk Southern in federal court, alleging it was negligent for causing the derailment.

☆ U.S. Senate leader Schumer urges federal safety probe into all major freight railroads
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 15 (Reuters) - U.S. Senate Majority Leader Chuck Schumer on Wednesday urged the National Transportation Safety Board to launch an investigation into safety practices of all seven major freight railroads, following the East Palestine, Ohio derailment. The companies, in addition to Norfolk Southern, are BNSF Railway, CSX, Union Pacific, Canadian National, Canadian Pacific, and Kansas City Southern, Schumer said in a letter to the agency. On Feb. 3, a Norfolk Southern train carrying hazardous materials derailed in East Palestine, Ohio, resulting in the release of over 1 million gallons of harmful pollutants. "Norfolk Southern isn't the only rail company that has spent years lobbying to loosen regulations, neglect safety upgrades and lay off workers," Schumer said. Last week, Norfolk Southern CEO Alan Shaw testified to a Senate hearing and is set to appear at another March 22 rail safety Senate hearing.

☆ Senator Warren urges transport regulator to block U.S. railroad deal
▼ + stars: | 2023-03-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

March 3 (Reuters) - Democratic Senator Elizabeth Warren has urged a U.S. regulator to reject Canadian Pacific's (CP.TO) $31 billion deal to take control of U.S. railroad Kansas City Southern, saying it would hurt competition, prompt job losses and disrupt service, a letter seen by Reuters showed. The acquisition, which combines the sixth- and seventh-largest U.S. railroads by revenue, was agreed in 2021. The deal has since closed but Kansas City shares were transferred to a trust and the railroad must operate independently until the Surface Transportation Board, which oversees U.S. freight railroads, approves the transaction. The number of big U.S. railroads has already shrunk to just seven from 33 in 1980, Warren wrote. Last month, Senators Dick Durbin and Tammy Duckworth asked the board to defer a decision until it completes a Chicago region impact assessment.

☆ Norfolk Southern and Other Freight Railroads Agree to Join Federal Close-Call Reporting System
▼ + stars: | 2023-03-03 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

The East Palestine, Ohio, train derailment has led to more scrutiny of railroad safety practices. Norfolk Southern Corp. and its rivals said Thursday they have agreed to join a federal system that lets employees confidentially report close calls, a program the biggest freight railroads had refused to join for years. Transportation Secretary Pete Buttigieg on Monday had asked the chief executives of the seven so-called Class 1 railroads— Union Pacific Corp., Norfolk Southern, BNSF Railway, CSX Corp., Canadian Pacific Railway Ltd., Canadian National Railway Co. and Kansas City Southern—to join the Federal Railroad Administration’s close-call reporting system.

☆ Reshoring is accelerating—These stocks should benefit as companies return to the U.S.
▼ + stars: | 2023-02-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Reshoring declarations are amping up, as more companies look to return operations to the United States from overseas. Corporate reshoring announcements jumped 17% in the fourth quarter compared with the prior quarter and are now tracking nearly 300% higher than the fourth quarter of 2021, according to UBS. In fact, reshoring and foreign direct investments jobs reached a record of at least 360,000 jobs last year, according to the Reshoring Initiative. The move back to the U.S . can also be seen in corporate earnings, said Ron Graziano, managing director of global accounting and tax for Credit Suisse. The company's equipment is needed for big semiconductor manufacturing plants as companies test chips as they are produced, Snyder said.

☆ Buttigieg urges U.S. railroads to boost safety, not oppose reforms
▼ + stars: | 2023-02-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

[1/7] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Buttigieg said he would soon outline specific safety improvements railroads should take immediately. He harshly criticized them for lobbying against steps "intended to improve rail safety and to help keep Americans safe." Buttigieg said he also planned to outline "prioritized actions planned" by the U.S. Department of Transportation on rail safety. In response to the derailment, U.S. Senate Commerce Committee Chair Maria Cantwell Friday opened an inquiry into railroad hazardous materials safety practices.

☆ U.S. senator asks railroad CEOs to answer questions on hazardous shipments
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Feb 17 (Reuters) - U.S. Senate Commerce Committee chair Maria Cantwell said on Friday she was opening an inquiry into railroad hazardous materials safety practices after a Feb. 3 Ohio derailment of a train operated by Norfolk Southern (NSC.N) raised new concerns. Cantwell wrote the chief executives of Norfolk Southern, Burlington Northern Santa Fe (BNSF), Canadian National (CNR.TO), Canadian Pacific (CP.TO), CSX (CSX.O), Kansas City Southern, and Union Pacific (UNP.N) seeking information to help determine how to improve safety. "Every railroad must reexamine its hazardous materials safety practices to better protect its employees, the environment, and American families and reaffirm safety as a top priority," Cantwell wrote. Reporting by David Shepardson; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

The derailment of the train, operated by Norfolk Southern (NSC.N), forced thousands of residents to evacuate while railroad crews drained and burned off chemicals. “We have mobilized a robust, multi-agency effort to support the people of East Palestine, Ohio," White House spokesperson Karine Jean-Pierre said at a briefing. [1/3] A view of a caution tape as members of the U.S. Environmental Protection Agency (EPA) (not pictured) inspect the site of a train derailment of hazardous material in East Palestine, Ohio, U.S., February 16, 2023. DeWine called on Congress to review railroad safety regulations, lamenting states have little power to demand information about what types of hazardous goods are rolling through their borders. Transportation Secretary Pete Buttigieg said Thursday more needs to be done to address rail safety in the face of hundreds of annual train derailments.

☆ U.S. lawmakers urge Biden to guarantee rail workers' sick leave
▼ + stars: | 2022-12-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 9 (Reuters) - More than 70 lawmakers including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez on Friday urged President Joe Biden to take executive action to guarantee rail workers paid sick days. On Dec. 2, Biden signed legislation to block a national U.S. railroad strike that could have devastated the American economy after some unions voted against the deal over a lack of paid sick leave. The White House did not immediately comment on the lawmakers' letter, signed by 72 Democratic lawmakers and Sanders, an independent who caucuses with Democrats. Railroad workers have no paid short-term sick days after unions representing 115,000 workers asked for 15 days and railroads settled on one personal day. "Guaranteeing that workers are not operating trains or inspecting rail signals while sick or tired would fundamentally improve the safety of our national rail operations," the letter said.

Paid sick leave was one of the outstanding issues in the negotiations. Rail workers get zero paid sick days. Paid sick leave is a basic human right. The measure to provide seven paid sick days did not win the required 60-vote supermajority in the Senate and was not endorsed by the White House. Senator Bernie Sanders and others denounced railroad companies for refusing to offer paid sick leave.

[1/3] U.S. President Joe Biden addresses a joint news conference with French President Emmanuel Macron in the East Room of the White House in Washington, U.S., December 1, 2022. REUTERS/Jonathan ErnstWASHINGTON, Dec 2 (Reuters) - President Joe Biden signed legislation Friday to block a national U.S. railroad strike that could have devastated the American economy. But the Senate failed to approve a measure that would have provided paid sick days to railroad workers. Rail workers get zero paid sick days. Paid sick leave is a basic human right.

☆ Biden administration makes case for quick Senate vote to avoid rail shutdown
▼ + stars: | 2022-12-01 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The House also separately voted to require seven days of paid sick leave for rail workers, a measure the White House has not endorsed. Senate Majority Leader Chuck Schumer has not yet scheduled a vote on the rail measure and some senators, including Bernie Sanders, have demanded a separate vote on the sick leave issue as a condition of agreeing to fast-track consideration of the rail contract vote. Schumer said he wants to see paid sick leave included in the legislation. Railroads and the U.S. Chamber of Commerce oppose amending the contract deal that was struck in September largely on the recommendations of an emergency board appointed by Biden. But some labor leaders have criticized Biden for asking Congress to impose a contract that workers in four unions have rejected over its lack of paid sick leave.

☆ U.S. House votes to block rail strike, mandate paid sick leave
▼ + stars: | 2022-11-30 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

WASHINGTON, Nov 30 (Reuters) - The U.S. House of Representatives on Wednesday voted to approve a bill to block a potentially crippling railroad strike and to mandate paid sick time for rail workers. The House separately voted 221-207 to give seven days of paid sick leave to railroad employees, but that faces an uncertain fate in the Senate. Democrats and some Republicans have expressed outrage over the lack of paid short-term sick leave for railroad workers. "We know much more needs to be done for railroad workers," House Speaker Nancy Pelosi said ahead of the votes. Asked if Biden supported the separate House measure to require sick leave, White House Press Secretary Karine Jean-Pierre said that the president broadly supports paid sick leave for all Americans "but he does not support any bill or amendment that would delay getting this bill to his desk."

Search resuls for: "Kansas City Southern"

25 mentions found