The U.S. Department of Transportation is looking into how delays at ports and other loading and unloading facilities may be affecting driver compliance with hours-of-service rules designed to increase safety.
Union Pacific’s failure to maintain its track and equipment resulted in broken and sheared lag bolts, which caused the June 3 derailment of a train near Mosier, Ore., according to a preliminary report from the Federal Railroad Administration.
Meanwhile, the pound slid the most on record to its weakest since 1985, while the yen rallied on demand for haven assets, following Britain’s vote to leave the European Union.
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Shares of struggling South Korean container carrier Hanjin Shipping increased the most in a week following statements from a government official that indicated a merger with fellow state-run line Hyundai Merchant Marine could be on the table after all.
The Calgary-based Class I railroad cited lower-than-anticipated bulk volumes, the devastating wildfires in northern Alberta and a strengthening Canadian dollar as the primary reasons for the downward revision in earnings expectations.
The French ocean carrier reported it will pay 1.3 Singapore dollars (U.S. $0.94) for the Neptune Orient Lines' shares it does not already own, control or has agreed to acquire.