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Apr 21, 2015

Kansas City Southern reports decline in 1st-qtr revenue

CHICAGO, April 21 (Reuters) – Regional U.S. railroad Kansas
City Southern on Tuesday reported a drop in revenue as
its coal and energy-related freight volumes took a hit and the
strong U.S. dollar hurt its Mexico-based business, but net
profit rose.

As natural gas prices have fallen, utilities have shifted
away from coal, resulting in a 26 percent drop in first-quarter
coal revenue. Fracking sand revenues were off 12 percent as oil
producers in the Bakken oil formation in North Dakota scaled
back production amid low oil prices.

Apr 15, 2015

Cheap oil, strong dollar pose challenges for U.S. railroads

CHICAGO (Reuters) – Low oil prices and the strong U.S. dollar made for a somewhat painful first quarter for major U.S. railroads CSX Corp (CSX.N: Quote, Profile, Research, Stock Buzz) and Norfolk Southern Corp (NSC.N: Quote, Profile, Research, Stock Buzz), and may continue to weigh on their profits.

Both companies derive about a fifth of their revenue from hauling coal, which faces competition from lower-priced petroleum products.

Apr 14, 2015

CSX posts higher profit, announces share repurchase program

CHICAGO (Reuters) – U.S. railroad CSX Corp (CSX.N: Quote, Profile, Research, Stock Buzz) on Tuesday reported a higher quarterly net profit on increased freight volumes and higher rates charged to customers, and announced a $2 billion share repurchase program.

Shares of CSX, the third-largest U.S. railroad, rose nearly 2 percent in after-market trading.

Apr 10, 2015

GE to sell bulk of finance unit, return up to $90 billion to investors

April 10 (Reuters) – General Electric Co said it
would shed the bulk of its finance unit and return as much as
$90 billion to shareholders as it becomes a “simpler” industrial
business instead of an unwieldy hybrid of banking and
manufacturing.

GE shares jumped 7.5 percent on Friday after the company
outlined plans for substantially shrinking its GE Capital unit.
The plan includes a buyback of up to $50 billion in GE shares,
the sale of about $30 billion in real estate assets over the
next two years and the disposal of more GE Capital operations.

Apr 7, 2015

In TNT, FedEx may get last major package target UPS once sought

CHICAGO (Reuters) – FedEx Corp’s $4.8 billion bid Tuesday for TNT Express took the world’s last large potential package delivery acquisition target off the table, marking a victory in FedEx’s battle to gain market share from rival United Parcel Service Inc.

If FedEx wins regulatory approval for the proposed acquisition, it would pull into the No. 2 spot among package delivery services in Europe with a 17 percent market share. That would put it ahead of UPS in Europe, but leave Deutsche Post’s DHL with the lead at 19 percent of the market.

Mar 18, 2015

FedEx third-quarter profit jumps, but outlook lags market view

By Nick Carey

(Reuters) – Package delivery company FedEx Corp (FDX.N: Quote, Profile, Research, Stock Buzz) reported a better-than-expected quarterly net profit on Wednesday but forecast full-year earnings below analysts’ estimates as it looked for the global economy to grow at a lackluster rate.

Memphis-based FedEx also said fuel expenses were reduced by 30 percent due to low oil prices but its international business was hurt by falling fuel surcharges and the strong dollar.

Mar 18, 2015

FedEx 3rd-qtr profit jumps, but outlook lags market view

March 18 (Reuters) – Package delivery company FedEx Corp
reported a better-than-expected quarterly net profit on
Wednesday but forecast full-year earnings below analysts’
estimates as it looked for the global economy to grow at a
lackluster rate.

Memphis-based FedEx also said fuel expenses were reduced by
30 percent due to low oil prices but its international business
was hurt by falling fuel surcharges and the strong dollar.

Mar 15, 2015

Ferguson activists press ahead, undeterred by latest shooting

By Nick Carey

FERGUSON, Mo. (Reuters) – As the hunt for suspects in the shooting of two police officers in Ferguson, Missouri, extended into a third day, activists took the first steps on Saturday to force the mayor out of office while residents awaited signs of progress in the investigation.

A group called Organization for Black Struggle (OBS) said it is starting a petition to recall Mayor James Knowles. He is one of the few senior city officials still on the job after the police chief, a municipal judge and others resigned following a U.S. Department of Justice report March 4 depicting a Ferguson police force mired in racial bias.

Mar 15, 2015

Quick answers to double shooting elude police in Ferguson, Missouri

By Nick Carey and Jim Young

FERGUSON, Mo. (Reuters) – Nearly 48 hours after two officers were shot in Ferguson, Missouri, investigators had dozens of leads but no arrests to report on Friday in the hunt for a gunman who turned a late-night protest against police into bedlam.

St. Louis County Police Chief Jon Belmar said authorities had “a pretty good idea” where the gunshots that wounded the officers had originated, without providing specifics, but added that an arrest was not imminent.

Mar 14, 2015

Missouri city calm as police investigate shooting of officers

By Nick Carey

FERGUSON, Mo. (Reuters) – As the hunt for suspects in the shooting of two police officers in Ferguson, Missouri, extended into a third day on Saturday, an anxious calm settled over the St. Louis suburb and residents awaited tangible signs of progress in the investigation.

The placid scene was in stark contrast to the mayhem that erupted near midnight on Thursday, when gunshots rang out, wounding the officers and sending a fresh jolt of tension through a city that has become a symbol of racial conflict.

    • 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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