
The impact of tariffs is starting to show up in Europe's company earnings
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CNBC
26 minutes ago
- CNBC
Union Pacific in mega US railroad merger talks with rival Norfolk
Union Pacific said on Thursday it was in advanced discussions with rival Norfolk Southern for a possible mega merger that would create a transcontinental railroad behemoth. Norfolk shares were up 3.5%, while Union Pacific fell 2.3% in premarket trading. A deal, if it goes through, will combine Union Pacific's dominant position in the Western two-thirds of the U.S. with Norfolk's 19,500-mile route predominantly spanning 22 eastern states. Norfolk has a market value of about $63.2 billion, while Union Pacific was valued at around $138 billion, according to LSEG data. There can be no assurances as to whether an agreement for a transaction will be reached or as to its terms, Union Pacific said. The North American railroad industry has struggled with volatile freight volumes, rising labor and fuel costs, and growing pressure from shippers over service reliability. If the two companies agree to a deal, it would be largest-ever buyout in the sector. It would also shape up as a key test of the Trump administration's appetite for big-ticket mergers and faces a plethora of regulatory hurdles. The first challenge would be securing approval from the Surface Transportation Board (STB), the federal agency that oversees railroads, currently led by Patrick Fuchs, a Trump appointee named to the post in January. It would also require the support of worker unions and might invite scrutiny from several other federal bodies. Major railroad unions have long pushed back against consolidation, warning that such deals threaten jobs and risk throwing rail service into disarray. The last major consolidation in the industry was the $31 billion merger between Canadian Pacific and Kansas City Southern, which created the first and only single line rail network connecting Canada, the United States and Mexico. The deal, which closed in 2023, faced intense regulatory pushback over concerns it would stifle competition, eliminate jobs and disrupt service but was eventually approved.


Entrepreneur
27 minutes ago
- Entrepreneur
India UK FTA To Boost Automotive Industry With Greater Market Access, Tech Exchange
Auto industry leaders believe the agreement will mark the beginning of deeper economic cooperation between the Indian and British automotive industries, enabling greater market access, technology exchange and value addition Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India and the United Kingdom (UK) signed a Free Trade Agreement (FTA) today, the FTA is a key part of Prime Minister Narendra Modi's UK visit with British PM Keir Starmer. With the agreement, the bilateral trade between the two countries stands at nearly USD 56 billion, with a joint goal to double this figure by 2030. This FTA will lower tariffs on 99 per cent Indian exports to the UK while making it easier for British firms to export whisky, cars and other products to India; this move has been welcomed by the auto industry leaders. "At Mahindra, we believe deeply in the power of such cross-border partnerships to unlock economic potential, create high-quality jobs, and accelerate progress in future-facing sectors from green mobility and clean energy to digital technologies and advanced manufacturing. The UK-India Vision 2035 aligns closely with our own strategic priorities building resilient supply chains, investing in frontier technologies, and fostering a just transition to a low-carbon economy. We look forward to contributing meaningfully to this next chapter of UK-India cooperation," said Dr. Anish Shah, group CEO and MD, Mahindra Group. A spokesperson for JLR, said, "We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR's luxury vehicles. India is an important market for our British built products and represents significant future growth opportunities. No decisions have been taken on pricing." The agreement will boost ease of doing business, reduce cost of doing business and enhance confidence of doing business. The FTA is poised to open new global frontiers for Indian manufacturing and design, especially under the Make in India initiative. For TVS Motor company, the agreement comes at a pivotal time as it prepares to launch a new line of Norton Motorcycles in the UK. TVS Motor acquired Britain's luxury motorbike maker Norton Motorcycles for INR153 crore in 2020. Sudarshan Venu, MD, TVS Motor Company said "The signing of the India-UK Free Trade Agreement is a pivotal moment—it opens new frontiers for Indian companies to take 'Make in India' to the world. We are particularly excited given the launch of new Norton vehicles this year, which will benefit from the strengthening of trade links between India and the UK. It energises our global ambitions and strengthens our resolve to build world-class products and brands." TVS Motor believes the India-UK FTA will create immense opportunities for Indian companies to expand their global footprint while showcasing the country's innovation and engineering excellence on a larger platform. The Automotive Component Manufacturers Association of India (ACMA) has appreciated the move for strengthening bilateral ties and unlocking new opportunities for the automotive sector. Shradha Suri Marwah, president, ACMA said that the agreement will mark the beginning of deeper economic cooperation between the Indian and British automotive industries, enabling greater market access, technology exchange, and value addition. Both countries have maintained a steady and growing trade partnership in recent years. In FY 2024–25, bilateral trade between India and the UK reached US$23.16 billion, increasing from US$21.40 billion in FY 2023–24, according to data from the Ministry of Commerce and Industry, GoI. As per UK's long-term projections, this agreement could increase its exports to India by nearly 60 percent, adding £15.7 billion (US$21.3 billion) by 2040.

Miami Herald
an hour ago
- Miami Herald
Hyundai Beats Q2 Forecasts Thanks to Strong U.S. Sales and Hybrid Demand
Hyundai Motor Company has announced its business results for the second quarter. Like all automakers, the Korean brand's performance is under increased scrutiny in light of the challenges created by tariffs. The brand's second-quarter revenue reached a record KRW 48.29 trillion (South Korean won), which translates to roughly $35.3 billion. This amounts to a year-on-year increase of 7.3%. However, the company's operating profit dropped by 15.8% year-on-year to KRW 3.6 trillion (approx. $2.62 billion); this just about beat estimates of KRW 3.5 trillion (approx. $2.55 billion). Strong demand in the North American market, along with the popularity of hybrid models, helped Hyundai navigate a tough environment in Q2. Between April and June 2025, Hyundai sold a total of 1,065,836 units globally, a 0.8% increase over the same period last year. Outside of Korea, sales were up by 0.7%, but North American sales growth stood out, rising by 3.3% over this period. The Tucson, Sante Fe, and Elantra all performed strongly for the brand. Previously, we reported on strong first-half sales for Hyundai in the United States, boosted by a rise in electrified vehicle sales. Globally, sales of electrified Hyundais increased to over 262,000 units, an increase of 36.4%. Hybrid sales in Q2 hit 168,703 units globally, a record figure that represents a 38.5% increase over the same period in 2024. Operating profit was already down in Q2, but the current 25% tariff on Korean vehicles is expected to be felt more severely in the current quarter. That's because Hyundai Motor front-loaded shipments to reduce the blow of tariffs, but this inventory is now drying up, reports Reuters. Instead of increasing prices like many other automakers, Hyundai absorbed the higher costs associated with tariffs, saying it will adjust prices of vehicles in the U.S. based on market conditions and competitors, rather than tariffs. However, Hyundai is expected to soon find itself at a disadvantage when compared to Japanese automakers. Trump's new trade deal with Japan will reduce tariffs for brands like Toyota and Honda, giving them a competitive advantage. Copyright 2025 The Arena Group, Inc. All Rights Reserved.