Business
Transport Topics business coverage focuses on the financial, economic, and commercial aspects of the modern freight business. Looking at both the microeconomic and macroeconomic forces shaping bottom lines, the news in this category includes labor news, jobs reports, tonnage and sales indicators, operations analysis, money and banking, mergers, acquisitions, e-commerce, bankruptcy, insurance issues, and more.
Prime Agrees to Purchase 900 Peterbilt Model 579 Trucks
Peterbilt Motors Co. announced a major truck sales agreement with Prime Inc., one of the nation’s largest trucking companies.
October 28, 2015Cummins Reduces Sales Forecast, Cuts 2,000 Jobs
Cummins Inc.’s third-quarter profit trailed analysts’ estimates, and the company reduced its annual sales forecast because of weakening demand for its heavy-duty engines.
UPS' Net Income Rises to $1.26 Billion as Revenue Dips
UPS Inc. posted a 3.5% increase in third-quarter net income to $1.26 billion from $1.21 billion, even as quarterly revenue dipped by 0.4% to $14.24 billion from $14.29 billion, compared with the same three months in 2014.
Canadian National Profit-Boosting Efficiency May Buoy 2016
Canada’s biggest railroad reported a operating ratio of 53.8% for the quarter, and the gauge — which compares expenses with sales — may remain below 60% through 2016, Chief Financial Officer Luc Jobin said Oct. 27.
Walgreens-Rite Aid Agree to $17.2 Billion Merger
Two of the largest drug store chains in the United States have agreed to join forces. Walgreens Boots Alliance said it will acquire all outstanding shares of Rite Aid for $9 per share in cash, for a total enterprise value of approximately $17.2 billion, including acquired net debt.
October 27, 2015Agriculture Dept. Expected to Nearly Triple Truck-Borne Border Inspection Fee
The U.S. Agriculture Department is expected later this week to issue a final rule designed to recoup costs associated with animal and plant inspections by raising fees for all truck-borne imports by 187%.
Bob Baylor, President of Baylor Trucking, Dies at 67
Robert “Bob” Baylor, president of Baylor Trucking Inc. and former American Trucking Associations board member, died Oct. 25 after a battle with ALS. He was 67.
October 27, 2015Teamsters-Backed Strikes Continue Against Two Southern California Fleets
Teamsters-backed demonstrators continued to strike against XPO Logistics and Pacific 9 Transportation, two Southern California port trucking companies, as the battle to organize drayage drivers continued.
October 27, 2015House Easily Passes Short-Term Highway Funding Patch
The House on Oct. 27 easily passed a measure that would authorize funding for highway programs through Nov. 20. The bill now heads to the Senate, where GOP leaders there are expected to show it favorable support.
October 27, 2015National Diesel Average Declines for Second Consecutive Week
The average price of diesel fuel in the United States declined 3.3 cents a gallon to $2.498, the second consecutive weekly decline, the Department of Energy reported Oct. 26.
October 27, 2015