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Oct 21, 2014

U.S. Republicans look to gain election ground on Ebola

CHICAGO (Reuters) – Ebola has moved to the front of campaign issues before U.S. November elections, as fear and criticism of the government’s response to cases of the virus in the United States opened a new line of Republican attacks against President Barack Obama and his fellow Democrats.

Republican Senate candidates have bashed Obama’s handling of Ebola, linking it to border security and calling for a travel ban from West African countries hardest hit by the virus.

Oct 17, 2014

As clock winds down, CP Rail’s Harrison hunts for his dream deal

TORONTO/CHICAGO, Oct 17 (Reuters) – Veteran railroad boss
Hunter Harrison has won over many critics since taking over as
chief executive of Canadian Pacific Railway, but he
still has unfinished business – creation of a consolidated North
American railway – and he is running out of time to do it.

That might explain why CP, Canada’s No. 2 railway with
extensive operations in the United States, and the No. 3 U.S.
railway, CSX Corp, have been talking about combining,
even though such a deal would face tough regulatory barriers and
alarm customers.

Oct 16, 2014

Democratic U.S. senator raises concerns over potential CP, CSX deal

CHICAGO (Reuters) – The head of a U.S. Senate subcommittee raised concerns in a letter on Thursday to the U.S. Attorney General and head of the top U.S. rail regulator about a potential merger between Canadian Pacific Railway Ltd and CSX Corp, and called on them both to fully review the antitrust implications of any such deal.

“Given recent concerns about shipping delays and ongoing concerns about anticompetitive conduct in the railroad industry, any further consolidation would prompt significant concern,” Senator Amy Klobuchar, a Democrat representing Minnesota, wrote to Eric Holder and Dan Elliott of the Surface Transportation Board (STB).

Oct 15, 2014

CSX CEO: Major U.S. rail mergers could disrupt service

CHICAGO, Oct 15 (Reuters) – Further consolidation of major
U.S. railroads could lead to service disruptions rather than
improvements in U.S. rail freight congestion, the chief
executive of CSX Corp said in a conference call with analysts on
Wednesday.

“We might actually see a step back in service,” Michael Ward
said when asked whether consolidation would improve rail
capacity.

Oct 15, 2014

CSX CEO: Further US rail consolidation could disrupt service

CHICAGO, Oct 15 (Reuters) – Further consolidation of major
U.S. railroads could lead to service disruptions rather than
improvements in U.S. rail freight congestion, the chief
executive of CSX Corp said in a conference call with analysts on
Wednesday.

“We might actually see a step back in service,” Michael Ward
said when asked whether consolidation would improve rail
capacity.

Oct 14, 2014

CSX profit up, beats forecasts as U.S. economy boosts freight

CHICAGO (Reuters) – No. 3 U.S. railroad CSX Corp on Tuesday reported a rise in third-quarter profit, beating forecasts and predicting double-digit growth for 2015 as it moved more freight on its network due to a growing U.S. economy.

CSX will stay focused on a strategy that will enable it “to grow faster than the economy,” raise prices above inflation and make needed strategic investments, Chief Executive Michael Ward said in a statement accompanying the results.

Oct 13, 2014

Bid report boosts CSX stock, but deal seen unlikely

CHICAGO, Oct 13 (Reuters) – Shares of No. 3 U.S. railroad
CSX Corp rose nearly 10 percent on Monday following a
report of a rebuffed takeover bid by Canadian Pacific Railway
Ltd, but analysts said any such deal would face
significant regulatory and other hurdles.

“You could make the argument that there is not much overlap
between the two networks and between their businesses,” said Jim
Corridore, head of industrials equity research at Standard &
Poor’s. “But they would face significant hurdles of getting a
merger passed by the U.S. Surface Transportation Board (STB).”

Oct 13, 2014

Bid report lifts CSX stock, but analysts skeptical of deal

CHICAGO, Oct 13 (Reuters) – Shares of No. 3 U.S. railroad
CSX Corp rose nearly 10 percent on Monday following a
report of a rebuffed takeover bid by Canadian Pacific Railway
Ltd, but analysts said any such deal would face
significant regulatory and other hurdles.

According to the report in the Wall Street Journal late on
Sunday, the No. 2 Canadian railroad made a bid last week for
Jacksonville, Florida-based CSX, which rejected the offer. Both
companies said they did not comment on market rumors.

Oct 2, 2014

Expanding U.S. economy exposes rising truck driver shortage

2 (Reuters) – As the U.S. economy firms, with
consumer demand and housing starts rising, trucking companies
are finding themselves scrambling to find drivers to bring goods
to market.

The industry is short about 35,000 truck drivers, according
to industry lobby group the American Trucking Associations
(ATA). The shortage has left major carriers struggling, pushed
up freight rates, and could contribute to an increase in
inflation, analysts said. The shortfall could grow to around
240,000 drivers by 2020 if it is not addressed, the ATA said.

Sep 17, 2014

FedEx sees e-commerce driving record holiday season

CHICAGO (Reuters) – Package delivery company FedEx Corp should enjoy a record holiday peak season thanks to the continued rise of online consumer sales in the United States, company officials said on Wednesday.

Executive vice president Michael Glenn said on a conference call with analysts after FedEx reported better-than-expected quarterly results that the company would add more than 50,000 seasonal workers to handle the anticipated spike in shipping.

    • About Nick

      "Nick Carey is a Chicago-based, British-born journalist who has covered everything from the near-collapse of the Big Three automakers to the U.S. housing crisis. Nick is currently on general assignment, reporting on the human impact of the recession. He previously spent ten years working in central and eastern Europe."
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