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As deadline looms, railroads say strike would cost $2B a day
Read full article: As deadline looms, railroads say strike would cost $2B a dayThe major freight railroads say in a new report designed to put pressure on unions and Congress that a strike would cost the economy more than $2 billion a day and disrupt deliveries of all kinds of goods and passenger traffic nationwide if it happens after a key deadline passes next Friday without a contract agreement.
Warren Buffett's company has bet $47B on the oil sector
Read full article: Warren Buffett's company has bet $47B on the oil sectorWarren Buffett’s company has now bought up more than $11 billion worth of Occidental Petroleum stock this year to give Berkshire Hathaway control of more than 20% of the oil producer.
Biden intervenes in railroad contract fight to block strike
Read full article: Biden intervenes in railroad contract fight to block strikePresident Joe Biden has blocked a freight railroad strike for at least 60 days by naming a board of arbitrators to intervene in the contract dispute, averting action that could have disrupted all kinds of shipments.
Buffett invests big chunk of Berkshire Hathaway’s cash
Read full article: Buffett invests big chunk of Berkshire Hathaway’s cashWarren Buffett gave Berkshire Hathaway investors a few details of how he spent more than $50 billion earlier this year and again reassured them that the company he built will endure long after the 91-year-old billionaire is gone.
CSX profit slips in 4Q but railroad hauls 4% more freight
Read full article: CSX profit slips in 4Q but railroad hauls 4% more freightFILE - A CSX freight train pulls through McKeesport, Pa., on Tuesday, June 2, 2020. CSX railroad reported relatively flat fourth-quarter earnings even though it hauled 4% more freight as the economy continued to rebound from last years widespread virus-related shutdowns. – CSX railroad reported relatively flat fourth-quarter earnings even though it hauled 4% more freight as the economy continued to rebound from last year’s widespread virus-related shutdowns. The freight railroad posted revenue of $2.83 billion in the period, also beating Street forecasts. In last year's second quarter, volume fell 20% when many businesses were shut down as officials sought to limit the spread of COVID-19.
Union Pacific delivered 3% more freight as economy recovered
Read full article: Union Pacific delivered 3% more freight as economy recoveredFILE - In this Sept. 13, 2019, file photo the logo for Union Pacific appears above a trading post on the floor of the New York Stock Exchange. Without that charge, Union Pacific said it would have reported $1.6 billion net income, or $2.36 per share. Union Pacific said volume grew 3% as the economy continued to recover from the worst of the pandemic. During the quarter, Union Pacific limited its expense growth to to 1% even as it handled more shipments and recorded the one-time charge. Union Pacific is one of the nation’s largest railroads, and it operates 32,400 miles (52,000 kilometers) of track in 23 Western states.
Hawley, facing fallout, blames media, D.C. 'establishment'
Read full article: Hawley, facing fallout, blames media, D.C. 'establishment'FILE - In this Jan. 6, 2021 file image from video, Sen. Josh Hawley, R-Mo., speaks at the U.S. Capitol in Washington. At least four additional companies that have donated to Hawley have announced they are suspending campaign contributions. And the allegation itself is corrosive and dangerous.”Other than Trump himself, no politician has suffered the fallout as has Hawley. Hallmark Cards, based in Kansas City, earlier this week asked Hawley and Republican Sen. Roger Marshall of Kansas to return employee campaign donations. Hawley, in his 739-word essay, said those involved in the Capitol attack must be punished, saying, “Mob violence is always wrong.”“But democratic debate is not mob violence,” Hawley wrote.
Bank profits remain resilient despite lingering pandemic
Read full article: Bank profits remain resilient despite lingering pandemicThey set aside, yet again, tens of billions of dollars to cover additional potentially bad loans. Collectively the five biggest banks put aside $34.62 billion to cover bad loans just in the second quarter. JPMorgan set aside $611 million to cover potentially bad loans in the third quarter, a fraction of the $10.47 billion the bank set aside to cover bad loans in the second quarter. On Wednesday, Bank of America said it set aside $1.4 billion to cover potentially bad loans, far less than the $5.1 billion it set aside three months earlier. Most of the worry seems to reflect investors' uncertainty about whether banks will have to set aside additional billions in the future.