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Reuters
27 minutes ago
- Reuters
Union Pacific nearing agreement to buy Norfolk Southern Bloomberg reports
July 26 (Reuters) - Union Pacific (UNP.N), opens new tab, the largest U.S. railroad operator, could reach an agreement to acquire rival Norfolk Southern (NSC.N), opens new tab as soon as early next week, Bloomberg News reported on Friday, citing people familiar with the matter. Union Pacific had said on Thursday it is in advanced talks to acquire its rival, signaling that a deal to form a $200 billion coast-to-coast rail company could be close - and potentially trigger further consolidation among remaining freight rail giants. Union Pacific declined to comment, while Norfolk Southern did not immediately respond to a Reuters request for comment. The combination, which would be the largest-ever buyout in the sector, would create the first modern West-to-East single-line freight railroad in the United States, significantly affecting how goods from grains to chemicals to autos move across the country. The fact that talks are advancing has surprised many in the rail industry and Wall Street as the U.S. freight rail system already functions as two regional duopolies by point of origin. The talks show how thinking around antitrust issues has shifted under President Donald Trump's administration, with his executive orders aimed at removing anti-competitive barriers and opening the door to potential megamergers in the industry. If completed, the deal would combine Union Pacific's dominant position in the western two-thirds of the U.S. with Norfolk Southern's 19,500-mile network spanning 22 eastern states. Union Pacific is valued at approximately $138 billion, according to LSEG data. The company has been grappling with sluggish automotive volumes and volatile coal shipments as power producers shift to natural gas, which is shipped by pipeline. Norfolk Southern, which is worth about $63 billion, is emerging from a turbulent period that included the ouster of its former CEO amid ethics investigations, a high-profile boardroom clash with activist investor Ancora, and a costly train derailment that set the company back about $1.4 billion.
Daily Mail
27 minutes ago
- Daily Mail
Major broadcaster is slammed for calling Ghislaine Maxwell a VICTIM
Newsmax Anchor Greg Kelly has been ridiculed after saying he believes Ghislaine Maxwell 'might be a victim'. Speaking on Greg Kelly Reports the longtime Trump loyalist portrayed Maxwell as a sympathetic figure, w hile discussing the crisis around the Jeffrey Epstein files, despite her conviction on child sex trafficking and exploitation. Kelly was talking about Deputy Attorney General Todd Blanche two-day meeting with Maxwell to discuss the case. '[Maxwell] has also been subpoenaed by the oversight committee, I think this is great. I do have a feeling that she just might be a victim, she just might be,' Kelly said. 'There was a rush to judgement there was a lot of chaos there for a while, granted she hung out with Jeffrey Epstein, and I know that's apparently not good.' Maxwell is serving 20 years behind bars on child sex trafficking charges for her role in helping Epstein exploit and abuse multiple minors over the course of a decade. Epstein's victims alleged they were procured by Maxwell and passed around his billionaire friends and associates who regularly visited his homes, which included his private island. He was found dead in his cell from an apparent suicide while awaiting trial. Kelly's remarks have been circulated on social media where they were roundly slammed. Ghislaine Maxwell is serving 20 years behind bars on child sex trafficking charges for her role in helping Epstein procure victims One person commented: 'Just when you don't think they can be more depraved then they prove you wrong.' Maxwell reached out to the Department of Justice to set up the meetings with Blanche, ABC News reported. She apparently requested what's known as 'proffer immunity' so that anything she revealed couldn't be used against her at a later date. It is provided to people under investigation or facing charges to determine the value of a possible witness. Maxwell has already been tried and convicted. Maxwell's lawyer David Oscar Markus said after her questioning: 'There have been no asks and no promises.' Many believe Maxwell appears to be angling for a pardon from President Donald Trump after she 'didn't hold back' during questioning. She completed a second day of interviews with Deputy Attorney General Todd Blanche on Friday afternoon. Markus claimed that his client spoke with Blanche about '100 different people' in relation to Epstein's alleged child sex trafficking ring. He also said Maxwell is being used as the 'scapegoat' in the entire Epstein case and has been 'treated unfairly for the past five years '. Her attorney said that they had not put in a formal request with the White House for a pardon for Maxwell after the conclusion of the second day of questioning. But Markus did not rule out taking that action in the future, saying 'things are happening so quickly.' 'The president said earlier he has the power to do so, we hope he exercises that power in the right way,' he said of a potential commutation. Trump refused to rule out invoking his presidential pardon powers for Maxwell saying: 'I'm allowed to do it, but it's something I haven't thought about.' CNN's Maggie Haberman appeared on Friday night's The Source with Kaitlan Collins stating that if Trump did so, he would 'infuriate the MAGA base'.
The Guardian
an hour ago
- The Guardian
Beware the blizzard of lies: US advice on how to handle Farage's Trump tactics
Truth, the progressive California politician Hiram Johnson once said, is the first casualty of war. His oft-cited remark was supposedly made in 1918 in reference to the first world war, which had by then caused millions of human casualties. More than a century later, truth is again caught in the crossfire, this time as a casualty of 21st-century culture wars. If Donald Trump is the high priest of disinformation, then Nigel Farage, the leader of Reform, is showing signs of being a willing disciple, if his behaviour in the UK this week is anything to go by. Farage has proposed sending prisoners abroad – including to El Salvador, where the Trump administration has sent hundreds of deportees and suggested sending US citizens. He also suggested an extensive police recruitment drive and prison-building programme all while cutting health and education spending. The parroting of Trump's policies by a UK populist has not gone unnoticed in the US. And for those who have studied the president's modus operandi, there is one particular tactic the British public should be braced for: the blizzard of lies and false statements that frequently overwhelms his opponents. The Trump experience, they say, contains sobering lessons for Farage's critics. US pro-democracy campaigners says Trump has become even harder to factcheck since his first term, thanks to a combination of factors including looser social media content moderation and a reluctance among some media owners to stand up to his intimidation. The Washington Post, which tracked more than 30,000 lies or misleading statements from Trump during his presidency, lost subscribers and public trust after its billionaire owner, Jeff Bezos, reportedly vetoed an editorial endorsing the Democratic nominee Kamala Harris for president. 'It's become more difficult because there's less commitment from those who are in the best position to do the factchecking,' said Omar Noureldin, a senior vice-president for Common Cause, a non-partisan group. 'Seeking the truth here comes with costs and risks.' Complicating matters is the loss of trust in institutions, with many consumers relying on social media platforms for news. 'Even the best factchecking can be unpersuasive, because we're not just facing an information crisis here, but also a trust crisis in the American information ecosystem,' Noureldin said. Media watchers say the political environment has become so deeply polarised that factchecking can even have the counter-productive effect of further entrenching misplaced beliefs. 'From a lot of research, we're reaching the conclusion that factchecking hasn't been as effective as one would want,' said Julie Millican, the vice-president of Media Matters for America, a media watchdog. 'One reason is that information and disinformation spreads faster than you can check it. It takes a lot longer to factcheck something than it does for it go viral. 'But the other thing is factchecking can backfire. People so distrust institutions that factchecking can validate the misinformation in their minds and make them more inclined to believe the lie they believed in the first place.' A 2022 report from Protect Democracy suggests this is the result of a deliberate strategy of authoritarian regimes. 'Disinformation is spread through coordinated networks, channels and ecosystems, including politically aligned or state-owned media,' the report said. 'The goal is not always to sell a lie, but instead to undermine the notion that anything in particular is true.' Further complicating the problem in the US has been Trump's appointment of allies to key government agencies that have traditionally served as sources of accurate and reliable data for factcheckers. A case in point is Robert F Kennedy Jr, who has engaged in anti-vaccine theories. As Trump's pick for health and human services secretary, he is in charge of the country's vast health bureaucracy. Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion 'Factchecking wasn't working very well in the first place, but now you can't even get access to the facts that you need be able to factcheck as well as you used to,' said Millican. The outlook seems bleak, but campaigners say that does not make the problems insurmountable. One answer is to invest in independent, non-partisan research. A prime purpose would be to increase media literacy among young people, who primarily get news from platforms such as TikTok which can be subject to disinformation tools such as AI-manipulated videos. The aim is to teach consumers how to spot doctored footage. 'Media literacy is extremely important and something that should be invested in and taught at a young age,' said Millican. Another solution is the development of 'pre-buttal' strategies to inoculate the public against disinformation, in effect getting the truth out first. Media Matters for America and Common Cause used this approach during last year's presidential election, partly by producing videos designed to counter anticipated false narratives surrounding voting procedures in certain areas. Also important, said Shalini Agarwal, special counsel at Protect Democracy, is calling out the demonisation of vulnerable groups, such as immigrants, as soon as it happens. A crucial role is played by media, even as Trump intensifies his assault on journalists as 'fake news' and tries to exclude certain established outlets from press briefings. 'It's really important when there are opportunities for one-on-one briefings and there are multiple reporters,' Agarwal said. 'Part of it is a sense of collective action. Often, whoever is speaking at the podium won't give a straightforward answer or gives a false answer and then tries to move on – it's incumbent when that happens for other reporters to jump in and say: 'Wait. What about what the other reporter asked?'' Millican has two pieces of advice for Britain and other European countries hoping to arm themselves against any coming authoritarian onslaught: fortify the media and preserve legislation designed to combat disinformation and illegal content online – represented by the online safety act in Britain and the digital safety act in the EU. 'The first thing that's going to happen in these authoritarian takeovers is they're going to try to silence and take over the media and information landscape,' she said. 'Any efforts to rein in hate speech or misinformation on platforms will be seen as tantamount to suppression of conservative thought or free speech. 'I can't stress enough trying to buffer the pollution of your information ecosystem as much as possible. One of the first things that they're going to do is just take down any barriers they can.'
