Union Pacific CEO defends safety practices without mentioning key critic

Jim Vena’s opening remarks Wednesday at the J.P. Morgan 2024 Industrials Conference could easily be seen as a rebuttal to one man: Amit Bose, the chairman of the Federal Railroad Administration.

Bose wrote a letter to the Union Pacific (NYSE: UNP) CEO Feb. 29, responding to reports of extensive furloughs at the Class 1 railroad that serves the Western half of the U.S. “The [FRA] has previously communicated our concerns to UP regarding the potential risks of reducing staffing levels in critical...

https://www.freightwaves.com/news/union-pacific-ceo-defends-safety-practices-without-mentioning-key-critic

Texas court sides with Union Pacific over 1872 jobs pact with town

A Texas appeals court recently declared an 1872 jobs agreement between Palestine, Texas, and Union Pacific to be unenforceable.

The ruling moves Union Pacific (NYSE: UNP) a step closer to its goal of closing a rail car shop in the east Texas town of 18,000.

The 12th Court of Appeals in Tyler, Texas, issued the ruling on Feb. 22, finding that the agreement requiring Union Pacific to maintain a set number of jobs in Palestine — a pact that was signed in 1872 and updated in 1954 — places restraints...

https://www.freightwaves.com/news/texas-court-sides-with-union-pacific-over-1872-jobs-pact-with-town

Two days, two railroads in the spotlight: Missives flying over Norfolk Southern, Union Pacific

Charges, countercharges and the missives were flying back and forth over the future of two Class 1 railroads as February came to an end, with leading government officials that regulate the rails leveling heavy criticism at two distinct players.

In the proxy battle roiling Norfolk Southern (NYSE: NSC), the activist investor group Ancora is recommending the replacement of eight new directors to the Norfolk Southern board. It also wants to replace CEO Alan Shaw with former UPS executive Jim Barber...

https://www.freightwaves.com/news/two-days-two-railroads-in-the-spotlight-missives-flying-over-norfolk-southern-union-pacific

Borderlands: Shifting supply chains boost trade in California-Baja mega-region

Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Shifting supply chains boost trade in California-Baja mega-region; Union Pacific opens expanded Phoenix intermodal terminal; Radiant Logistics expands air cargo operations in Texas; and avocado workers in Mexico file labor complaints.

Shifting supply chains boost trade in California-Baja mega-region

Foreign companies looking to diversify their supply chains have...

https://www.freightwaves.com/news/borderlands-shifting-supply-chains-boost-trade-in-california-baja-mega-region

Norfolk Southern’s weak Q4, deteriorating OR draw Wall Street criticism

Fourth-quarter 2023 earnings and a projection for its prospects in 2024 have led to at least a pair of Wall Street downgrades of the prospects for Norfolk Southern’s stock price.

The bottom-line numbers for Norfolk Southern (NYSE: NSC) were that it posted net income in the fourth quarter of $527 million versus $790 million in the corresponding quarter of 2022. Its operating ratio for the fourth quarter of 2023 was 73.7%, a significant deterioration from the 63.5% it posted a quarter earlier.

NS’...

https://www.freightwaves.com/news/norfolk-southerns-weak-q4-deteriorating-or-draw-wall-street-criticism

Labor 2023: A lot of noise but few strikes

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For all the hand-wringing about the potential for labor disturbances across multiple modes, the year...

https://www.freightwaves.com/news/labor-2023-a-lot-of-noise-but-few-strikes

CBP reopens key ports of entry for freight trains at US-Mexico border

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U.S. Customs and Border Protection reopened the three international border bridges at Eagle Pass and...

https://www.freightwaves.com/news/cbp-reopens-key-ports-of-entry-for-freight-trains-at-us-mexico-border

UP to customers: Urge Congress to help reopen US-Mexico rail crossings

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Union Pacific wants customers to urge Congress to pressure U.S. border officials to provide a...

https://www.freightwaves.com/news/up-to-customers-urge-congress-to-help-reopen-us-mexico-rail-crossings

CBP halts freight rail operations at 2 Texas ports of entry

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U.S. Customs and Border Protection on Monday suspended freight rail operations at three border...

https://www.freightwaves.com/news/cbp-halts-freight-rail-operations-at-2-texas-ports-of-entry

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