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☆ Machu Picchu reopens to tourists after closure over civil unrest
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

CUSCO, Peru, Feb 15 (Reuters) - The Incan citadel of Machu Picchu, one of South America's biggest tourist draws, reopened to visitors in Peru on Wednesday after several weeks of closure due to civil unrest. Although the protests and road blockades, which have been focused in the south of Peru, are ongoing, there has been a relative calm in recent days. The mountain citadel of Machu Picchu was built in the 15th century, probably for an Incan emperor. It was abandoned around the time of the Spanish conquest and rediscovered in 1911 by American explorer Hiram Bingham. Reporting by Carlos Valdez and Liamar Ramos; Writing by Rosalba O'Brien; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ $276 million was spent on 31 Spanish trains before it was realized they were too big to fit in the tunnels
▼ + stars: | 2023-02-11 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +2 min

Spanish region spent $276 million on trains before they realized they were too big to fit in the tunnels. The president of Cantabria, a region of northern Spain, called the error an "unspeakable botch." Two senior officials in the Spanish transport industry were fired earlier this week after local news outlet El Comercio reported last month that the government had spent €258 million (about $276 million) on unusable trains. Renfe — the country's national train operator — ordered the trains in 2020, granting the manufacturing contract to the transport manufacturing company CAF. This is not the first time there have been sizable train troubles in Europe: in 2014, a French rail company spent billions of euros on trains that were "too wide" for the tracks.

One of Amazon 's key air cargo operators said Monday that the e-commerce giant is scaling back on flights this year, citing lower demand and slower economic growth. Air cargo rates, which surged in recent years due to port congestion and high demand for fast deliveries, have slumped. The International Air Transport Association said last month that air cargo demand in November was down nearly 14% from the year-ago period, while capacity fell 1.9%. Through Amazon Air, the company has built up a burgeoning air network to control more aspects of the delivery process and ensure faster delivery. WATCH: How the pandemic shifted how Boeing and airlines think about air cargo

☆ Truckers Expect an Inventory-Driven Rebound Later This Year
▼ + stars: | 2023-02-01 | by ( Liz Young | ) www.wsj.com time to read: +4 min

Trucking companies are pinning hopes for a rebound in freight demand on the second half of this year, saying their retailer customers expect to resume restocking after winding down inventories over recent months. Carrier executives say they are hearing from their shipping customers that they expect to return to a more normal ordering cycle this year and start moving bigger volumes closer to the fall shopping season following volatile retail spending and distribution in 2022 that left them overstocked. Inbound volumes at U.S. ports are also down, suggesting fewer goods from overseas are flowing into domestic freight networks. “Trucking is definitely down right now,” said Tom Nightingale, CEO of AFS Logistics, a Shreveport, La.-based logistics operator. She said on a Jan. 18 earnings conference call that the company “has good signals” from shipping customers that they plan to pick up their ordering in the second quarter.

☆ PACCAR beats earnings estimates on strong demand for trucks
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - PACCAR Inc (PCAR.O) beat market expectations for fourth-quarter earnings on Tuesday, aided by strong demand for its trucks from customers looking to replace ageing fleets. Rising e-commerce deliveries and a focus on bolstering logistics networks have driven demand for long-haul trucks, bolstering sales for companies such as PACCAR. "Good freight markets and an increased fleet age are driving strong demand...," PACCAR Vice President Darrin Siver said. Last week, logistics giant JB Hunt Transport Services (JBHT.O) also gave an upbeat forecast for the freight market this year. PACCAR said on Tuesday that U.S. and Canada Class 8 truck industry retail sales are estimated to be in the range of 270,000 and 310,000 trucks for 2023.

☆ The 10 best cities to buy a home in 2023 are all in the South
▼ + stars: | 2023-01-22 | by ( Mike Winters | ) www.cnbc.com time to read: +5 min

The median price of homes in some of these markets isn't cheaper than the national median of $398,500. However, these cities scored high on other metrics such as job growth or housing supply. Here are the 10 best places to buy a home in 2023, according to NAR:1. However, this fast-growing market has strong migration gains and job growth that is nearly twice the national average. Just under 30% of renters can afford a typical home with a 10% down payment, which is almost twice the national average.

☆ J.B. Hunt Expects Freight-Demand Volatility to Ease This Year
▼ + stars: | 2023-01-20 | by ( Paul Page | ) www.wsj.com time to read: +3 min

Trucking and logistics giant J.B. Hunt Transport Services Inc. expects freight demand to regain traction in the coming months as the pandemic-driven upheaval in supply chains fades and companies return to more conventional ordering cycles. “We have had good signals from our customers about Q2 starting up back to a more normalized or having a more normal environment,” J.B. Hunt President Shelley Simpson said in an earnings conference call Wednesday. “Demand for intermodal capacity was seasonally weaker than normal, as peak season activity leading up to the holidays was absent this year,” Darren Field, president of intermodal at J.B. Hunt, said in the earnings call. He said volumes weakened sequentially during the fourth quarter, with volumes up 4% in October before falling 3% in November and 5% in December. The steepest revenue decline came in J.B. Hunt’s Integrated Capacity Solutions unit, which matches freight loads to trucks.

☆ This week's best performers include Tesla and this bank stock
▼ + stars: | 2023-01-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Financial stocks and some beaten-up technology stocks staged a rally this week even as the major averages headed for a week of losses. Financial stocks were a major bright spot in the market this week, with SVB Financial Group reigning as the top performer. About half of Wall Street analysts say shares are a buy, although the consensus price target suggests limited upside for shares near term. That included shares of Signature Bank and M & T Bank, which rose 4.8% and 4.5%, respectively, after posting earnings results. The average price target suggest shares stand to gain nearly 64% after they shed 65% in 2022.

Protests in major French cities, including Paris, Marseille, Toulouse, Nantes and Nice, brought transport services to a standstill. Eight of the biggest unions had called for a “first day of strikes and protests” against pension reforms unveiled by President Emmanuel Macron’s government. Train lines across France were seeing “severe disruption,” according to French rail authority SNCF. Macron’s proposed pension reforms come as workers in France, as elsewhere, are being squeezed by rising food and energy bills. The French government has said that raising the retirement age is necessary to tackle a pension funding deficit.

☆ J.B. Hunt Profit Slides on Slowing Freight Demand
▼ + stars: | 2023-01-18 | by ( Paul Page | ) www.wsj.com time to read: +2 min

Fourth-quarter profit at trucking and logistics giant J.B. Hunt Transport Services Inc. fell 17% and revenue growth fell short of expectations as slowing shipping demand cut into freight volumes. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. PREVIEW“Demand for intermodal capacity was seasonally weak in the fourth quarter, while rail velocity and performance made further progress,” the company said. The steepest revenue decline came in J.B. Hunt’s Integrated Capacity Solutions unit, which matches freight loads to trucks. Revenue at the freight brokerage operation fell 33% from the previous year’s fourth quarter on sharply lower volumes and the business reported a $2.9 million operating loss.

☆ Stocks making the biggest moves midday: Microsoft, Moderna, Mobileye, Chegg and more
▼ + stars: | 2023-01-18 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The company reported fourth-quarter results fell short of analysts' expectations on both top and bottom lines, according to StreetAccount. Chegg — Shares fell 15% after Needham downgraded Chegg to hold from buy, saying the online education company will have trouble reaching consensus for full-year revenue growth in Chegg Services, according to StreetAccount. Mobileye — Shares of the assisted driving company gained 8% after Deutsche Bank initiated coverage of the stock as a buy. Oatly Group — Shares of Oatly Group fell nearly 2%, losing steam after Mizuho upgraded the stock to buy from neutral. Hancock Whitney — Shares fell more than 4% after the bank reported earnings that came mostly in line with expectations, but net interest income came in below expectations, according to StreetAccount.

☆ Stocks making the biggest moves premarket: United Airlines, Moderna, IBM and more
▼ + stars: | 2023-01-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

United Airlines – Shares of United Airlines rose 3.5% after the company reported quarterly earnings that topped Wall Street's estimates for the fourth quarter, signaling strong demand amid higher prices. United posted adjusted earnings per share of $2.46 on $12.4 billion in revenue. Analysts expected adjusted earnings per share of $2.10 and $12.2 billion in revenue, per Refinitiv. Analysts surveyed by StreetAccount had anticipated adjusted earnings of $2.44 per share on revenues of $3.81 billion. PNC reported $3.49 in adjusted earnings per share on $3.68 billion of revenue.

☆ Stock futures fall as earnings season continues
▼ + stars: | 2023-01-17 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York, August 3, 2022. Shares of Goldman Sachs tumbled —and dragged on the 30-stock index — after the bank posted an earnings miss. Those moves follow earnings results from big banks that suggested diverging paths ahead even for names within the same sector. It's no longer just about the Fed," Young added. Corporate earnings season will continue with earnings from J.B. Hunt Transport Services, Charles Schwab, PNC Financial Services Group and Discover on deck for Wednesday.

☆ United States, South Korea to partner on advanced air mobility development
▼ + stars: | 2023-01-07 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 7 (Reuters) - The U.S. Federal Aviation Administration (FAA) said on Saturday it had agreed to partner with the Korea Office of Civil Aviation (KOCA) future Advanced Air Mobility aircraft development and operations. The two nations signed a declaration to collaborate and share information on advanced air mobility projects and work together to promote the safety oversight of advanced air mobility projects, the U.S. regulator said. The FAA has previously announced similar partnerships with Japan, the United Kingdom, Canada, Australia and New Zealand in the National Aviation Authorities Network to harmonize certification and integration plans for advanced air mobility projects. Last month, the FAA issued the airworthiness criteria that Archer Aviation (ACHR.N) will need to meet for its M001 air taxi to be certified for use. The FAA released the criteria for public comment of Archer's eVTOL after it made a similar announcement in November for Joby Aviation's (JOBY.N) Model JAS4-1 eVTOL.

☆ UK strike law will make it harder for key workers to strike
▼ + stars: | 2023-01-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The UK government is planning to introduce a new law forcing workers in key public sectors such as ambulance services to maintain a basic level of service during strike action or risk dismissal. Workers who strike after they have been told to report to work by their employer and union could face dismissal. Critical care was exempt from the nurses’ strike, and unions pledged to cover life-threatening emergencies during recent walkouts by ambulance workers. The government said that it will impose minimum safety levels in these areas only if “voluntary agreements” cannot be reached. “Trade unions will fight this every step of the way,” the Trades Union Congress, which represents 48 UK unions, said on Twitter.

☆ Stocks making the biggest moves premarket: General Electric, Salesforce, Alibaba and more
▼ + stars: | 2023-01-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in premarket trading. Shares of GE were up about 2% in premarket trading. Microsoft — Microsoft shares dropped about 2% after UBS downgraded the tech giant to neutral from buy. Merck — Merck's stock rose about 1.7% after being upgraded to buy from neutral by Bank of America. Honeywell — Shares of Honeywell slipped 1.8% in the premarket after being double downgraded by UBS to sell from buy.

☆ Italy's Eni sets up sustainable transport services company
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 2 (Reuters) - Italian energy group Eni (ENI.MI) said on Monday it had set up a new company dedicated to sustainable transport, which would develop bio-refining, biomethane and offer mobility products and services in Italy and abroad. Last year the Italian group successfully listed its Norwegian oil and gas spin-off Vaar Energy. Eni Sustainable Mobility is directly controlled by Eni, which holds 100% of its share capital, the group said. Eni Sustainable Mobility will be the second lever supporting the group's energy transition strategy together with Plenitude, Descalzi added. Stefano Ballista, former Sustainable Mobility Director at Eni Energy Evolution, is the CEO of Eni Sustainable Mobility.

☆ Alaska officer killed in muskox attack outside his house
▼ + stars: | 2022-12-14 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

JUNEAU, Alaska — A court services officer with the Alaska State Troopers died Tuesday after being attacked by a muskox outside his home near Nome, the agency said. Court services officers are law enforcement officers that provide prisoner transport services, courthouse security and court document service, troopers spokesperson Austin McDaniel said. He could not immediately say how many animals were part of the group that Worland was trying to keep away. The Alaska State Troopers, Alaska Wildlife Troopers and state Department of Fish and Game are investigating. Muskoxen are stocky, long-haired animals with slight shoulder humps and horns and can weigh up to 800 pounds, according to the fish and game department.

☆ France's CMA CGM to buy New York, New Jersey terminals from Canada's GCT
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - CMA CGM, one of the world's largest container shipping lines, said on Tuesday that it has agreed to acquire two container terminals at the port of New York and New Jersey from Global Container Terminals (GCT), which will extend its presence in a crucial hub for trade. According to Bloomberg, which first reported the news, the deal could fetch around $3 billion. In a statement, CMA CGM said acquired ports in Staten Island, New York, and Bayonne, New Jersey, have a combined capacity of 2 million twenty-foot-equivalent units per year, and has a potential for further expansion, up to almost double capacity. Like its shipping rivals, CMA CGM has extended its presence along the logistics chain in port infrastructure and non-maritime transport services. Reporting by Kanjyik Ghosh and Akriti Sharma in Bengaluru; Editing by Christian Schmollinger and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Logistics Companies Are Diversifying Hiring, but Challenges Persist
▼ + stars: | 2022-11-28 | by ( Liz Young | ) www.wsj.com time to read: +8 min

Photo: Sarah Oden/Associated PressWomen and people of color are being hired into top roles in the logistics industry. United Parcel Service Inc. turned to Carol Tomé, a former finance chief at Home Depot Inc., in 2020 to become chief executive officer. Raj Subramaniam, who is from India, was chosen to succeed FedEx Corp. founder Fred Smith as chief executive earlier this year. Judy McReynolds has been chief executive of ArcBest Corp. , one of the largest trucking companies in the U.S., since 2010. Studies also show there is a big gap in pay across the logistics industry.

☆ The Logistics and Supply-Chain Slowdown Has Begun. Here’s How to Take Advantage.
▼ + stars: | 2022-11-27 | by ( Paul Page | C.H. Robinson Worldwide Ceo Bob Biesterfeld | ) www.wsj.com time to read: +6 min

After the pandemic-driven surge in consumer demand that triggered a frenzy of shipping activity and skyrocketing prices, logistics and transportation companies are signaling a fast slowdown. The weekly Shanghai Containerized Freight Index, which measures shipping prices out of China, recently dropped to $1,443.29, about one-third the level it hit in early June. The jaw-dropping declines also measure the spot market prices. Most freight business moves on contract rates, and those long-term prices haven’t fallen nearly as fast as the spot market. Here are some tips for logistics and supply-chain managers to take advantage of a changing market.

☆ Shanghai hit by Covid protests as anger spreads across China
▼ + stars: | 2022-11-27 | by ( ) www.cnbc.com time to read: +2 min

The fire on Thursday that killed 10 people in a high-rise building in Urumqi, capital of the Xinjiang region, has sparked widespread public anger. Later on, they shouted, "lift lockdown for Urumqi, lift lockdown for Xinjiang, lift lockdown for all of China! At another point a large group began shouting, "Down with the Chinese Communist Party, down with Xi Jinping", according to witnesses and videos, in a rare public protest against the country's leadership. China is adhering to its zero-COVID policy even while much of the world tries to coexist with the coronavirus. On Sunday, Xinjiang officials said public transport services will gradually resume from Monday in Urumqi.

☆ U.S. proposes rules to advance flying taxi operations
▼ + stars: | 2022-11-21 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - The U.S. Federal Aviation Administration (FAA) on Monday proposed new rules that would help pave the way for commercial air taxi operations by around the middle of the decade. Electric vertical takeoff and landing aircraft (eVTOL) have been touted as flying taxis that could be the future of urban air mobility. The FAA issued a proposal to update its air carrier definition to add "powered-lift" operations to regulations covering other commercial operations like airlines, charters and air tours. The FAA is separately developing a powered-lift operations rule for certifying pilots and operating requirements to fly eVTOLs. The FAA expects to issue an implementation plan next May that will help it meet the industry's ambitious growth plans, he added.

Here are the known and unknowns so far:WHO'S IN THE PRICE CAP COALITION? Britain said Thursday it could ban countries from using its services to transport Russian oil purchased for a price exceeding the cap. WHAT WILL THE PRICE CAP LEVEL BE? Moscow could end up cutting production as a result, which would apply upward pressure on global oil prices. Worries about potential sanctions, even if unfounded, can cause traders to avoid deals, another factor that can boost oil prices.

☆ Qantas 'disappointed' at regulator delaying Alliance Aviation deal verdict
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - Australia's Qantas Airways Ltd (QAN.AX) on Friday "expressed disappointment" at the country's competition regulator delaying its decision on the carrier's $394 million buy of Alliance Aviation Services (AQZ.AX). In May, Qantas said it was buying the remaining 80% stake in charter flights operator Alliance Aviation Services for A$610.8 million ($394.03 million). read moreAlliance Aviation's charter alliance agreement with Virgin Australia also hangs in the balance, with the ACCC proposing to deny approval for the firms to extend their agreement. If Qantas succeeds in buying Alliance Aviation, the charter alliance deal extension is even less likely to go through. Alliance Aviation's shares last traded at A$3.23, a 32% discount to Qantas' offer price of A$4.75.

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