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Road and Rail

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  • LOS ANGELES, Dec 15- The union for 20,000 dockworkers and a group of their employers at 29 U.S. West Coast ports say they are making slow but steady progress in months-long contract talks seen by the shipping industry as a contributing factor in chronic cargo backups. The International Longshore and Warehouse Union and the Pacific Maritime Association,...

  • FACTBOX-Taxpayers help subsidize oil-by-rail boom Sunday, 14 Dec 2014 | 7:00 AM ET

    Granting Agency: U.S. Department of Transportation Amount: $10 million Year: 2013 Recipient: South Eastern Pennsylvania Transportation Authority Description: Used to separate a CSX freight and commuter line that became crowded as demand for crude by rail grew in the Philadelphia area. Granting Agency: U.S. Department of Transportation Amount: $6.6 million...

  • NEW YORK, Dec 14- For the past 18 months, Americans from Albany to Oregon have voiced growing alarm over the rising number of oil-laden freight trains coursing through their cities, a trend they fear is endangering public safety. The public assistance in states like New York, Pennsylvania, Ohio, Oklahoma and Oregon comes as railroads are posting record profits, and...

  • Berkshire Hathaway acquiring Charter Brokerage Friday, 12 Dec 2014 | 5:29 PM ET

    Warren Buffett's firm Berkshire Hathaway says it is acquiring logistics company Charter Brokerage from private equity firm Arsenal Capital Partners. Berkshire Hathaway Inc. owns companies in industries including utilities and energy, freight rail transportation and insurance. Class B shares of Omaha, Nebraska- based Berkshire fell 2.4 percent to close...

  • NEW YORK, Dec 9- Fund managers are stampeding into shares of U.S. long-haul trucking company Swift Transportation Co as oil prices touch five-year lows, but some analysts say a shortage of drivers may slam the brakes on the rally. Portfolio managers from Goldman Sachs, Fidelity, and Federated Investors were among the 65 funds that added Swift shares to their...

  • Dec 9- Logistics company UTi Worldwide Inc said Chief Executive Eric Kirchner had resigned and Edward Feitzinger would replace him, effective immediately. Kirchner joined UTi as CEO in January 2009 from parcel delivery company United Parcel Service Inc, where he led its freight forwarding business. The company denied last week a Bloomberg report saying it...

  • WASHINGTON, Dec 8- The U.S. Supreme Court appeared divided on Monday as it considered whether Amtrak, the government-owned passenger rail company, wields too much clout in setting regulations that private freight carriers also must follow. The nine justices heard arguments in a challenge by the Association of American Railroads to a federal law that gives...

  • Amtrak struggles to stay on time in Montana Monday, 8 Dec 2014 | 1:11 PM ET

    KALISPELL, Mont.— Eight months after Amtrak adjusted its schedule through northwest Montana to curb delays, the long-distance passenger train is still struggling to stay on time during trips between Chicago, Seattle and Portland. Freight and passenger congestion in Chicago are other contributing factors. On April 15, trains began leaving Seattle and...

  • WASHINGTON, Dec 8- The U.S. Supreme Court on Monday appeared divided as it weighed whether Amtrak, the government-owned passenger rail company, has too much sway over setting regulations that private freight carriers must follow. The nine justices heard oral arguments in a challenge by the Association of American Railroads to a federal law that gives Amtrak, a...

  • Justices seem divided over Amtrak regulatory role Monday, 8 Dec 2014 | 12:27 PM ET

    WASHINGTON— Supreme Court justices exchanged conflicting viewpoints Monday on whether Amtrak had the legal authority to help craft federal regulations over the use of railroad tracks. The American Association of Railroads, which represents the freight railroad industry, says it's unconstitutional for Congress to give a private company the power to...

  • Canada rail safety jobs vacant as budget cuts bite Monday, 8 Dec 2014 | 9:00 AM ET

    Rail safety is in focus with the boom in oil shipments and a spate of derailments across North America, and the vacancies create a safety risk, industry experts and Canada's public engineers' union say. The chair of the Transportation Safety Board, Kathy Fox, says there is risk of a spill as long as the government fails to address its oversight weaknesses and...

  • Dec 3- Logistics company UTi Worldwide Inc said it held "exploratory" talks to be acquired by Nordic trucking company DSV A/S, denying a Bloomberg report that discussions were at an advanced stage. "UTi can confirm that exploratory conversations have taken place between the companies, in response to an inquiry from DSV A/S, those discussions never progressed...

  • OTTAWA, Nov 26- The measures announced by Canada this year to boost the safety of shipping oil by rail are a good first step but more must be done, the new head of the country's Transportation Safety Board said on Wednesday. Kathy Fox, new chairwoman of the independent federal agency, said Canada and the United States must agree on tougher standards for tanker cars...

  • Carl Icahn raises stake in car rental company Hertz Tuesday, 25 Nov 2014 | 7:01 PM ET
    Carl Icahn

    Activist investor Carl Icahn raised his stake in U.S. car rental company Hertz Global Holdings Inc to 10.77 percent from 8.48 percent.

  • Carl Icahn raises stake in car rental company Hertz Tuesday, 25 Nov 2014 | 6:44 PM ET

    The billionaire was already Hertz's largest shareholder and in the past few months had successfully pushed for management changes and won board seats on the company. Earlier this month, Icahn-backed John Tague was named as Hertz's chief executive, fending off a challenge from Dollar Thrifty CEO Scott Thomson, who was backed by Jana Partners, the company's...

  • Amtrak will operate through Thanksgiving storm: CEO Tuesday, 25 Nov 2014 | 1:24 PM ET
    File photo: An Amtrak worker walks along the tracks after checking for debris beneath the train

    Amtrak plans to move holiday travelers through a snowstorm forecast to hit the East Coast, but the system needs investment badly, said its CEO, Joseph Boardman.

  • UPDATE 1-Hertz Global names John Tague as CEO Thursday, 20 Nov 2014 | 5:52 PM ET

    Nov 20- U.S. car rental company Hertz Global Holdings Inc named John Tague as chief executive, overlooking a candidate put forward by activist investor Jana Partners. Hertz had formed a search committee including two independent directors nominated by Icahn to find a replacement for Mark Frissora, who resigned in September. The Committee and the Board...

  • Hertz Global names John Tague as CEO Thursday, 20 Nov 2014 | 5:06 PM ET

    Nov 20- U.S. car rental company Hertz Global Holdings Inc named John Tague, former chief operating officer of United Airlines Inc, as its chief executive officer. Activist investor Jana Partners LLC, which owns an 8.3 percent stake in the company, had pushed for Dollar Thrifty CEO Scott Thompson as a candidate for the top job at Hertz. Hertz has owned up to a string of...

  • Hertz said in June it would restate results for 2011 due to accounting errors and would review 2012 and 2013 statements. Hertz said on Friday the errors would reduce its attributable net income by about $87 million for the three years. Hertz reported preliminary revenue of $3.12 billion for the third quarter ended Sept. 30.

  • Hertz to restate 2012, 2013 results Friday, 14 Nov 2014 | 8:21 AM ET

    Nov 14- Car rental company Hertz Global Holdings Inc said it would restate 2012 and 2013 financial results following an ongoing review that showed accounting errors. The company said in June it would restate 2011 results and review results for the past two years. Hertz shares were down 1 percent at $22.50 in premarket trading on Friday.