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Posts published in “Railroad Legal News”

UPDATE 1-U.S. urges railroads to quickly install anti-crash safety system

(Adds details from letter, background) WASHINGTON, Jan 2 (Reuters) - U.S. Transportation Secretary Elaine Chao urged the nation's railroads and transit agencies to take all possible measures to meet deadlines to install a safety system called positive train control (PTC) to prevent crashes. Letters dated Dec. 27, which were made public on Tuesday, said Chao…

CSX 4Q profit up 25 percent and railroad gets tax-cut boost

OMAHA, Neb. (AP) — CSX Corp. reported Tuesday that its fourth-quarter profit grew 25 percent as it further cut expenses, and on top of it the railroad booked a $3.6 billion benefit from the corporate tax cut Congress approved last year. The Jacksonville, Florida-based railroad said Tuesday that if the tax cut benefit is included,…

UPDATE 1-Canada judge tells jury in deadly oil derailment trial to press on

(Adds defense lawyer saying jury at an impasse in second paragraph, adds context) MONTREAL, Jan 16 (Reuters) - A Canadian judge on Tuesday told jurors to continue deliberations, despite their difficulty in reaching a verdict in the joint trial of three former rail employees in the 2013 Lac Megantic train derailment that killed 47 in…

UPDATE 2-CSX revenue misses estimates on disruptions from turnaround plan

(Adds details from the conference call, updates shares) Jan 16 (Reuters) - CSX Corp reported a bigger-than-expected drop in fourth-quarter revenue on Tuesday as the third-largest U.S. railroad lost some business due to service issues caused by former chief executive Hunter Harrison's turnaround plan. Harrison, a veteran railroader cherished by investors for leading turnarounds of…

Major U.S. railroads warn Trump against derailing NAFTA

LOMBARD, Ill., Jan 17 (Reuters) - Major U.S. railroads on Wednesday warned President Donald Trump of the potential financial and political consequences of scrapping the North American Free Trade Agreement and urged U.S., Mexican, and Canadian officials to find ways to modernize the accord. Trump has threatened to withdraw from the agreement, which is heavily…

UPDATE 2-CP Rail weighs strategic deals to boost crude-by-rail

(Adds executive remarks from conference call) Jan 18 (Reuters) - Canadian Pacific Railway Ltd said on Thursday it is weighing strategic deals to boost crude-by-rail shipments in 2018, after reporting fourth-quarter profit that beat analysts' estimates. Canada's second-largest railway said it expects revenue growth in the mid single digits this year, boosted by strong global…

UPDATE 3-NAFTA future clouds Kansas City Southern earnings beat

(Adds analyst comment, paragraph 6) Jan 19 (Reuters) - Kansas City Southern, a U.S. railroad with extensive operations in Mexico, sought to ease investor fears on Friday over the future of the North American Free Trade Agreement, touting forecasts of solid freight volumes and a stronger economy in 2018. Uncertainty over NAFTA negotiations looms over…