Business

Caterpillar Inc. and Navistar International Corp. said they will pursue business opportunities around the world together, as Caterpillar bowed out of the North American heavy-duty engine market last week.

BELSPRING, Va. — Inside Norfolk Southern Railway’s Cowan Tunnel at the foot of Virginia’s Blue Ridge Mountains, the latest intermodal ad-vancement is moving forward — 4 feet at a time.

The U.S. diesel average inched downward for the second consecutive week, dipping 1.5 cents to $4.692 a gallon, while gasoline topped the $4 mark for the first time ever, the Department of Energy reported.

Caterpillar Inc., which said Thursday it has signed an agreement to develop a heavy-duty truck with Navistar International Corp., said it would not develop and sell engines that meet 2010 emissions standards to other truck original equipment manufacturers.

Volkswagen AG has gained antitrust approval from European regulators to buy a controlling stake in Swedish truck and bus maker Scania AB, Bloomberg reported Friday.

The consumer price index rose 0.6% in may, the Labor Department said Friday.

U.S. consumer confidence fell to a 28-year low this month, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

Rail and intermodal traffic fell for the week ended Saturday compared with the same week a year ago, the Association of American Railroads said.

Retail sales jumped 1% in May, the Commerce Department said Thursday.

Initial jobless claims jumped 25,000 last week, the Labor Department said Thursday.