Latest Transportation and shipping News
UPS agrees to sell its freight-brokerage division for less than it paid for the business in 2015
ATLANTA (AP) — United Parcel Service said Sunday it agreed to sell its Coyote Logistics division to RXO for just over $1 billion — less than it paid for the freight-brokerage company in 2015 — to focus more on its core package-delivery business. UPS said it expects to close the...
Japan's exports surge 13.5% in May, helped by cheap yen and strong demand in US, Asian markets
TOKYO (AP) — Japan's exports surged 13.5% in May, faster than expected growth helped by a weak yen and strong demand in the U.S. and Asia. Finance Ministry data reported Wednesday showed that the trade deficit totaled 1.22 trillion yen ($7.7 billion), down nearly 12% from 1.38...
Stellantis CEO cites failures in US operations, ready to compete head-on with Chinese EVs
MILAN (AP) — Stellantis CEO Carlos Tavares expressed dissatisfaction at the operation of some U.S. plants on Thursday, and took responsibility for not reacting quickly enough to address that issue, the problem of inventory backup, and tackling a “suboptimal” marketing strategy. ...
Steel Connect: Fiscal Q3 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — Steel Connect, Inc (STCN) on Thursday reported net income of $71.7 million in its fiscal third quarter. The New York-based company said it had profit of $2.51 per share. Earnings, adjusted for pretax gains, came to 1 cent per share. ...
Bike shops boomed early in the pandemic. It’s been a bumpy ride for most ever since
For the nation’s bicycle shops, the past few years have probably felt like the business version of the Tour de France, with numerous twists and turns testing their endurance. Early in the pandemic, a surge of interest in cycling pushed sales up 64% to $5.4 billion in 2020,...
Planned Ross Stores distribution center in North Carolina to employ 850
RANDLEMAN, N.C. (AP) — Discount retailer Ross Dress For Less will build a southeastern U.S. distribution center in central North Carolina, investing $450 million and creating 850 jobs, officials announced Tuesday. Ross Stores Inc., which operates Ross Dress for Less and another...
Japan racks up trade deficit as imports balloon due to cheap yen
TOKYO (AP) — Japan’s trade deficit in April grew nearly 8% from a year earlier as the weak yen boosted the value of imports, offsetting gains from a jump in exports, government data showed Wednesday. Exports totaled 8.98 trillion yen ($57 billion), while imports totaled 9.4...
Senate report finds parts made with China's forced labor in cars by BMW, Jaguar Land Rover and VW
WASHINGTON (AP) — BMW, Jaguar Land Rover and Volkswagen have bought parts made by a Chinese company sanctioned under a 2021 law for using forced labor, a Senate inquiry found, prompting lawmakers to call for stricter enforcement. The automakers responded to the Senate report,...
Nigerians struggle with fuel shortages as queues form across major cities
ABUJA, Nigeria (AP) — Nigerians were queuing for hours to buy fuel across major cities on Tuesday as the West African nation struggled with its latest fuel shortage, causing more hardship for millions already struggling in an economic crisis. The fuel shortage has led to an...
Union Pacific's first-quarter profit creeps up 1% as railroad limits expenses
OMAHA, Neb. (AP) — Union Pacific's first-quarter profit crept 1% higher as the railroad tightened up on expenses — particularly its fuel bill — even though it delivered slightly less freight. The Omaha, Nebraska-based railroad said Thursday it made $1.64 billion, or $2.69 per...
