Business

The chief engine of growth for the world’s carmakers is turning into their biggest headache. From Oct. 23 to Oct. 25, auto giants from Volkswagen AG and Ford Motor Co. to Renault SA and PSA Group have pinned flagging profits and weakening sales outlooks on a slowdown in the world’s largest auto market.

A misconduct investigation completed by Tennessee Technological University concluded that university researchers erred when stating in an industry-funded glider kit study that emissions from the trucks are as clean or cleaner than those from newer trucks.

Forward Air Corp. posted higher revenue but lower-than-expected earnings in the third quarter of 2018. The company also announced that it has agreed to acquire substantially all of the assets of Southwest Freight Distributors, a drayage service provider based in Dallas, for an undisclosed amount.

Landstar System reported a big bump in business, posting record earnings and revenue in the third quarter.

ANCHORAGE, Alaska — The first oil and gas production wells in federal Arctic waters have been approved by U.S. regulators. The Bureau of Ocean Energy Management on Oct. 24 announced it issued a conditional permit for the Liberty Project, a proposal by a subsidiary of Houston-based Hilcorp for production wells on an artificial island in the Beaufort Sea.

Echo Global Logistics reported another record quarter for revenue and boosted its guidance for the year as demand for the company’s technology and transportation management services remains robust.

The International Maritime Organization rejected a proposal — supported by both the U.S. and shipping groups — for a phased start to rules that will limit the sulfur content of ship fuels starting in 2020.

A few months ago lawyers for Exxon Mobil Corp. stood before a judge and told New York’s attorney general to “put up or shut up” after investigating the company’s public disclosures about climate change, saying it should sue the company or move on. New York Attorney General Barbara Underwood said Exxon Mobil misled investors about the risks that climate change poses to its operations.

Knight-Swift Transportation Holdings beat analysts’ profit projections in the third quarter as cost-cutting measures implemented after the acquisition of Swift Transportation in September 2017 compensated for slower-than-expected growth in revenue.

Truck dealership Rush Enterprises posted higher third-quarter net income and revenue on the strength of its aftermarket and used truck activities as sales of new heavy-duty trucks fell due to the timing of large orders.