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Nov 4, 2015

Insight – Buffett’s BNSF helped lead fight to delay train safety technology

WASHINGTON (Reuters) – When an Amtrak passenger train derailed in Philadelphia in May, killing eight people and injuring scores more, the railroad industry’s campaign to delay a Dec. 31 deadline to install technology to prevent such disasters appeared to be finished.

Not, as it turned out, if billionaire investor Warren Buffett and Sen. John Thune, a South Dakota Republican, had anything to do with it. Thune chairs the Senate Commerce Committee, which oversees the rail industry.

Nov 4, 2015

Buffett’s BNSF helped lead fight to delay train safety technology

WASHINGTON, Nov 4 (Reuters) – When an Amtrak passenger train
derailed in Philadelphia in May, killing eight people and
injuring scores more, the railroad industry’s campaign to delay
a Dec. 31 deadline to install technology to prevent such
disasters appeared to be finished.

Not, as it turned out, if billionaire investor Warren
Buffett and Sen. John Thune, a South Dakota Republican, had
anything to do with it. Thune chairs the Senate Commerce
Committee, which oversees the rail industry.

Oct 27, 2015

UPS CFO: We’re ready for peak season and we will deliver

CHICAGO (Reuters) – After having difficulties getting its holiday peak season right for the past two years running, this year executives at United Parcel Service Inc (UPS.N: Quote, Profile, Research, Stock Buzz) insist they have a winning formula.

“We are ready for peak season and we will deliver,” Chief Financial Officer Richard Peretz told Reuters.

Oct 27, 2015

Cummins announces job cuts as global economy weighs on sales

CHICAGO (Reuters) – Diesel engine maker Cummins Inc (CMI.N: Quote, Profile, Research, Stock Buzz) on Tuesday posted a lower quarterly net profit that missed Wall Street expectations and announced it would lay off up to 2,000 people as global economic weakness continued to weigh on its international sales.

The news sent the company’s shares down nearly 9 percent in pre-market trading.

Oct 27, 2015

UPS profit tops estimates as dollar weighs on revenue

CHICAGO (Reuters) – Package delivery company United Parcel Service Inc (UPS.N: Quote, Profile, Research, Stock Buzz) posted a higher quarterly profit on Tuesday, despite its revenue being hurt by the strong U.S. dollar, and reiterated its full-year earnings outlook.

The Atlanta-based company said that without the impact of the U.S. currency on its results, revenue would have been up for the quarter. UPS also said that lower fuel surcharge revenue had weighed on results.

Oct 26, 2015

UPS counting on small retailers to save Christmas

CHICAGO (Reuters) – After two years of disappointing profits from the holiday season, United Parcel Service Inc (UPS.N: Quote, Profile, Research, Stock Buzz) is hoping a network of mom-and-pop retailers will help it avoid a third blue Christmas.

Investors will be watching closely.

The coming weeks will be a referendum on the expansion of UPS’s Access Point network earlier this year to 8,000 locations in 100 cities from a few large test markets.

Oct 26, 2015

FedEx sees record holiday shipments on rising retail, e-commerce

CHICAGO (Reuters) – Package delivery company FedEx Corp (FDX.N: Quote, Profile, Research, Stock Buzz) said on Monday that it expects to see a record number of shipments during this year’s busy holiday season, driven by rising retail sales and a jump in ecommerce.

The Memphis-based company said it expects to handle 317 million shipments between Black Friday, traditionally the busiest U.S. shopping day of the year, and Christmas Eve, an increase of 12.4 percent over the previous year.

Oct 14, 2015

CSX to focus on what “we can control” in uncertain economy – CEO

CHICAGO, Oct 14 (Reuters) – CSX Corp, the No. 3 U.S.
railroad, will focus on productivity and raising prices over the
coming year as coal freight volumes are likely to decline
further in an uncertain economy, its CEO said on Wednesday.

“We have to focus on the things we can control,” Chief
Executive Michael Ward said in an interview. “We can’t affect
the economy.”

Oct 13, 2015

CSX profit hurt by lower freight, but EPS beats Wall St. view

CHICAGO (Reuters) – No. 3 U.S. railroad CSX Corp (CSX.N: Quote, Profile, Research, Stock Buzz) said on Tuesday its third-quarter net profit fell slightly, mainly on slumping coal freight volumes, and that “significant coal headwinds” will continue into 2016.

However, earnings beat analysts’ expectations as cost cuts, steps to improve efficiency, and lower fuel costs offset a 3 percent decline in overall freight volumes.

Oct 8, 2015

Proposed Fiat Chrysler UAW pact gradually ends two-tier pay: sources

By Bernie Woodall and Nick Carey

DETROIT/KOKOMO, Ind. (Reuters) – The latest proposed four-year contract for Fiat Chrysler Automobiles NV’s U.S. unionized workers would over time eliminate the much-maligned two-tier pay structure, allowing new hires to reach top pay within eight years, sources said.

The proposal agreed by United Auto Workers and Fiat Chrysler (FCAU.N: Quote, Profile, Research, Stock Buzz) (FCHA.MI: Quote, Profile, Research, Stock Buzz) negotiators late Wednesday night would also increase the top pay for some second-tier workers to $29 in the course of the agreement, up from their current pay of about $19 per hour, sources said. That would also be up from about $25 top pay for second-tier workers that was in the proposed contract rejected last month by a nearly 2-to-1 margin.

    • 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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