Business

LISBON, Portugal — A fire aboard a ship carrying cars in the Mid-Atlantic is dying out, a Portuguese navy officer said Feb. 22, and the huge vessel is expected to be towed to the Bahamas.

Power management company Eaton announced its Vehicle Group formed a new ePowertrain business unit, which will focus on products from Eaton’s electrified vehicle transmission, reduction gearing and differential portfolios.

Nikola Corp. named Michael Lohscheller president of Nikola Motor with the aim of scaling its global heavy-duty truck business.

Truck tonnage in January rose 1.2% when measured against year-ago levels, marking the fifth consecutive month for a year-over-year increase, American Trucking Associations said.

The shipping industry is starting to feel the full force of surging diesel and gasoline costs.

Marathon Petroleum Corp.’s oil refinery near New Orleans exploded into flames on Feb. 21, threatening to crimp fuel supplies and raise pump prices at a time of already rampant inflation.

GXO Logistics has reached agreement with Clipper Logistics on the key terms of a possible acquisition, both company boards announced Feb. 20.

Engine maker Cummins Inc. is acquiring components manufacturer Meritor in a $3.7 billion cash deal announced Feb. 22.

The bottlenecked ports in Los Angeles face a narrow window between now and midyear to clear container backlogs before another import surge and union contract talks threaten to stall progress moving record volumes of cargo through the busiest U.S. gateway for trade.

OTTAWA, Ontario —Hundreds of police in riot gear swept through the streets of Canada’s besieged capital Feb. 19, arresting or driving out protesters, towing away their trucks and finally retaking control of the streets in front of the country’s Parliament buildings.