DUBAI, United Arab Emirates — Saudi Arabia said Aug. 3 it will extend its production cut of 1 million barrels of oil a day through the end of September in its effort to boost energy prices.
Category: News
Meritor, Heavy-Duty Truck Engine Sales Boost Cummins Profits
Profits at Cummins Inc. rose to $720 million in the second quarter of 2023 from $702 million in the year-ago period on the back of a jump in sales, including at newly acquired Meritor.
Schneider Acquires M&M Transport
Schneider National Inc. announced that it is acquiring dedicated contract carrier M&M Transport Services.
Global Ocean Shipping Costs Creep Higher
Spot rates for shipping containers jumped by the most in more than two years, a sign that a 16-month slump in ocean freight costs that helped ease the sting of goods inflation is over.
BMW Boosts Electric Car Spending to Catch Up With Tesla
BMW AG is stepping up spending on its electric car rollout after the luxury carmaker’s battery-vehicle deliveries more than doubled during the first half of the year.
Badar Khan to Succeed Retiring Cathy Zoi as CEO of EVgo
Electric-car charging company EVgo Inc. said CEO Cathy Zoi will retire in November and be succeeded by board member Badar Khan.
Weaker Freight Rates, Brokerage Gross Margin Hurt RXO Profits
Lower freight rates, a moderation in brokerage gross margin and the cost of operating as a standalone public company hurt profits at RXO Inc. in the second quarter of 2023
TFI Q2 Profit Dips by More Than 50% on Lower Freight Volumes
Profits at TFI International Inc. more than halved in the second quarter of 2023 to $128.2 million from $276.8 million in the year-ago period, the company said.
Plan to Restock Emergency Oil Reserve Put on Hold
WASHINGTON — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel.
Amazon Fresh Offers Grocery Delivery to Non-Prime Members
Amazon has begun offering its Fresh grocery delivery service to customers who aren’t Prime members.