Business

UPS Inc. cut its annual profit target on a spike in costs from a new union labor contract and weaker package demand.

WASHINGTON — The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied rising interest rates to spend at a brisk pace.

DETROIT — The United Auto Workers union said Oct. 25 it has reached a tentative contract agreement with Ford that could be a breakthrough toward ending the nearly 6-week-old strikes.

Railway operator Canadian Pacific Kansas City Ltd. said a weakening economy and spate of labor disruptions weighed on freight volumes in the third quarter more than management anticipated.

AURORA, Colo. —  As land around the nation’s congested seaports gets more expensive, executives at  AAPA's annual convention said a viable option is to develop inland ports.

Snarled traffic added $94.6 billion in costs to the trucking industry in 2021, up from $74.5 billion in 2016, according to a study by the American Transportation Research Institute.

Convoy, the Seattle-based freight startup that shut down last week, is being sold, according to a former Convoy employee familiar with the deal.

HOUSTON — An FBI cyberintelligence specialist stressed the importance of trucking cybersecurity to the health of the economy during an Oct. 23 presentation. 

OMAHA, Neb. — The costs related to the East Palestine derailment grew to $966 million for Norfolk Southern. The railroad said Q3 profit of $478 million was half of last year’s $958 million.

Honda Motor Co. is shelving plans to jointly develop affordable electric vehicles with General Motors Co. due to a changing business environment, CEO Toshihiro Mibe said.