Korean firm KB Financial will pay $867 million to acquire a 22.56 percent stake in Hyundai Securities from HMM, according to multiple media reports.
Report: Jones Act has national security benefits
Allowing foreign-owned ships operated by foreign crews to participate in cabotage trade in the United States would add to the burden facing domestic security agencies, according to a new report from Lexington Institute.
Port of New York/New Jersey reports 12.4% container growth in February
The bi-state port also saw a big boost in automotive traffic and handled a record number of containers with its on-dock rail system, according to data from the port authority.
NEWS FLASH: 2M Alliance to launch new Asia-U.S. Gulf service
The 2M Alliance, comprised of ocean carriers Maersk Line and MSC, will also add a call in New York to another one of its loops between Asia and the U.S. East Coast.
Boeing job cuts could reach 8,000 this year
The commercial aircraft manufacturer confirmed plans to eliminate 4,550 positions by mid-2016 as part of a cost cutting program that could save the company as much as $1 billion, according to multiple media reports.
Brazilian regulators uphold approval of FedEx-TNT deal
The Conselho Administrativo de Defesa Econômica initially approved the $4.8 billion acquisition of Netherlands-based TNT Express last month, but a “third party,” FedEx archrival UPS Inc., appealed the ruling.
OOIDA sues to block federal truck safety rule
The Owner-Operator Independent Drivers Association says requiring electronic logging devices on vehicles doesn’t improve safety and is unconstitutional.
Judge puts plan for BNSF railyard in Los Angeles on hold
The decision is a victory for the City of Long Beach, which said in a statement it believes more should be done to mitigate the project’s impact on local residents.
Oakland terminal shutdown first test of new arbitration system
The dispute between dockworkers and employers over starting times, which caused a shutdown at the Oakland International Container Terminal Monday, will be resolved using new arbitration system agreed to last year as part of the ILWU-PMA contract.
G6 Alliance skips further sailings on Asia-Europe loop
The ocean carrier alliance will void additional voyages on its Loop 6 service between Asia and Europe, which suspended operations in February and is currently scheduled to resume sailing in July.