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.
Mack Sets Up as Go-To Truck for Harsh Canadian Climate
EDMONTON, Alberta — Bolstered by a growing Canadian economy and a strong trucking market overall, Mack Trucks is looking to increase its presence across the northern border.
Knorr-Bremse Industrialist Thiele Increases Fortune to $15.3 Billion After IPO
Heinz Hermann Thiele is about $6 billion richer after last week’s initial public offering of his largest asset, Knorr-Bremse AG, the world’s biggest maker of truck and train braking systems. The IPO makes him Germany's fourth-richest person, with a net worth of $15.3 billion, according to the Bloomberg Billionaires Index.
Budget Deficit in Trump’s First Fiscal Year Highest Since 2012
The U.S. budget deficit grew to $779 billion in Donald Trump’s first full fiscal year as president, the highest since 2012 amid tax cuts and spending increases.
New Committee on Human Trafficking Includes Trucking Voice
Transportation Secretary Elaine Chao has appointed 15 people, including representatives of the trucking industry, to serve as members of the new Advisory Committee on Human Trafficking.
UPS Announces Hiring Blitz for Holiday Shipping Season
UPS Inc. plans to hire as many as 40,000 seasonal employees nationwide when it holds a one-day hiring blitz, the package delivery giant announced Oct. 15. UPS will hold 170 job fairs Oct. 19 and hire employees on the spot.
Medium-Duty Trucks Ready for Battery-Electric Urban Deliveries, NACFE Report Says
Medium-duty commercial battery-electric vehicles are a viable alternative to diesel and gasoline-powered Classes 3-6 trucks in urban settings where the freight haul is less than 100 miles, according to a new guidance report from the North American Council for Freight Efficiency.
Element Sells Stock, Winds Down Investment in Celadon Joint Venture
Element Fleet Management Corp. has sold 45 million shares of stock to a group of banks and investment firms for $300 million and will use the net proceeds to pay down debt and implement a plan to “meaningfully” improve the company’s financial performance and position the business for growth.
Sears Files for Chapter 11 Bankruptcy Amid Plunging Sales, Massive Debt
NEW YORK — Sears filed for Chapter 11 bankruptcy protection Oct. 15, buckling under its massive debt load and staggering losses. The question now is whether a smaller version of the company that once towered over the American retail landscape can remain viable or whether the iconic brand will be forced out of business
Retail Sales Gain Weak 0.1% in September
WASHINGTON — U.S. consumer spending edged up a slight 0.1% in September, a disappointing performance in which rebounding auto sales were offset by weakness in other areas.
PSI Marks Silver Anniversary by Looking Back, Ahead
It has been 25 years since a Texas family purchased the patent for a device that would keep truck tires inflated, a move that proved prescient.