US Core CPI Picks Up, India, China Build Ties
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Yahoo
31 minutes ago
- Yahoo
Freight shipment declines extend to 30 months, Cass says
Freight volumes fell faster in July while expenditures stepped slightly higher on a year-over-year comparison. Choppiness in demand created by an uncertain trade landscape continues to overhang the industry, according to a Thursday report from Cass Information Systems. Shipments on the multimodal index slid 1.8% from June (down 1.7% seasonally adjusted) and were down 6.9% y/y. This was the largest y/y decline in the dataset since January. Volumes have fallen sequentially in three straight months. 'Tariffs hit shipments harder in the most recent data, as paybacks began from demand pull-forwards earlier in the year, though goods prices are still relatively steady,' the report said. The index is expected to be down 8% y/y in August, assuming normal season trends. However, the report said a recent rise in imports may mute some of the expected decline. July 2025y/y2-yearm/mm/m (SA)ShipmentsExpendituresTL Linehaul Index Cass' freight expenditures index, which measures total freight spend including fuel, declined 1.5% from June (0.6% lower seasonally adjusted) but was up 0.4% y/y. (Retail diesel fuel prices were up 5% sequentially but 1% lower y/y.) The expenditures dataset was positive (y/y) for a fourth straight month in July following over two years of declines. On a two-year-stacked comparison, the declines narrowed again in the month to 5.8%. Netting the decline in shipments from the increase in expenditures shows actual freight rates were up nearly 8% y/y in July. A mix shift to truckload from less-than-truckload again drove the change to the inferred rate index, the report said. Cass' TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, dipped 0.6% sequentially but was 2.4% higher y/y. The dataset has been up on a y/y comparison in every month this year. This was the largest y/y gain since September 2022. The index is 'on track for a small increase in 2025.' 'As the economy is likely to absorb the effects of tariffs over the next several months, our freight demand outlook remains cautious,' the report said. 'But the silver lining of lower [commercial] vehicle production and lost manufacturing jobs is that tighter capacity will likely drive freight back to the for-hire market next year.' Data used in the indexes comes from freight bills paid by Cass (NASDAQ: CASS), a provider of payment management solutions. Cass processes $36 billion in freight payables annually on behalf of customers. More FreightWaves articles by Todd Maiden: Landstar says $3.4M jury verdict, other charges to weigh on Q3 Forward Air posts Q2 EBITDA beat; investors waiting to see if company will be sold GXO encouraged by pre-peak season activity, well positioned for 2026 The post Freight shipment declines extend to 30 months, Cass says appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
32 minutes ago
- New York Post
India shops the globe for oil ahead of Trump-Putin summit: report
Indian refiners, the top importers of Russian crude oil, are searching for alternative suppliers ahead of Friday's summit between President Trump and his Russian counterpart Vladimir Putin. India, the world's third-largest oil consumer, is looking to switch up its procurement process after Trump imposed a total 50% tariff rate on New Delhi, accusing the country of effectively fueling Russia's war machine. Oil importers are now hedging their bets that even harsher punishments are in store for anyone who purchases petroleum from Moscow once Trump meets with Putin, with India's state processor buying large bulks of non-Russian crude this week to prepare for the worst, Bloomberg reported. 4 Indian state-refiners, under Prime Minister Narendra Modi, are shopping around the world for crude oil. Ton Molina/NurPhoto/Shutterstock 4 State refiners are looking to alternatives from Russia, which accounts for about $130 billion on India's oil imports. REUTERS Both Indian Oil Corp. and Bharat Petroleum Corp. have purchased cargo from all over the world, including the US, Brazil and the Middle East. Saudi Arabia remains one of the top exporters of oil to India, with Riyadh sending about 22.5 million barrels of crude that are expected to arrive in September, according to Bloomberg. The full 50% tariff rate imposed by Trump is due to take effect Aug. 27, supplanting the 25% rate currently in effect. The race to stock up comes as Indian Oil, the country's top refiner, missed its quarterly profit estimates on Thursday, reporting revenue about $200 million below expectations. 4 Trump has threatened to double the tariff rate on India to 50% over New Delhi's purchase of Russian crude oil. via REUTERS 4 Russian President Vladimir Putin is set to meet with Trump in Anchorage, Alaska, on Friday. VYACHESLAV PROKOFYEV/SPUTNIK/KREMLIN POOL/EPA/Shutterstock On average, India imported about $130 billion in Russian oil per year since Moscow invaded Ukraine in February 2022, according to an analysis from the New York Times. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' India's foreign ministry said in a statement responding to Trump's Aug. 6 tariff announcement. Officials in India have accused the US of importing uranium and fertilizers from Russia despite ongoing sanctions. The recent rupture with Trump has also led India to look to mend its relations with China and discuss resuming cross-border trade of domestic goods after more than five years, according to Bloomberg. With Post wires
TechCrunch
32 minutes ago
- TechCrunch
Cohere hits a $6.8B valuation as investors AMD, Nvidia, and Salesforce double down
Cohere on Thursday announced that it had raised an oversubscribed $500 million round, bringing its valuation to $6.8 billion. This is up from the $5.5 billion valuation it landed a little over a year ago when it raised its previous round, also $500 million. Toronto-headquartered Cohere was one of the first breakout LLM model makers, founded in 2019 by co-founder Aidan Gomez, one of the authors of the 'Attention is all You Need' paper that became the foundation of modern AI. But it has been a sleeper entrant in the AI model wars of late, dominated these days by OpenAI, Anthropic, and Meta. Its market proposition, however, has always been to offer secure LLMs specifically geared for enterprise use, not for consumers. To that end, it's landed partnerships with some of the biggest names in enterprise tech including Oracle, Dell, Bell, Fujitsu, LG's consulting service CNS, and SAP, as well as some big enterprise names like RBC, and a new investor in this round: Healthcare of Ontario Pension Plan. Its press release even includes a jibe that Cohere 'represents a security-first category of enterprise AI that is simply not being met by repurposed consumer models.' Still, as TechCrunch reported, Cohere is not above the AI talent poaching frenzy that has engulfed the other AI companies. It just nabbed long-time Meta research head Joelle Pineau to be its chief AI officer. It also hired a new CFO, Francois Chadwick, away from his consulting gig at KPMG. He had worked in finance at Uber and as CFO at Shield AI. The new round was led by Radical Ventures and Inovia Capital. Radical has backed companies like Fei-Fei Li's World Labs as well as names like Hebbia and Writer. Innovia is a known Canadian venture firm (Poolside, Neo4j). The round included participation from existing investors including AMD Ventures, Nvidia, and Salesforce Ventures, although, interestingly enough, the company did not name Oracle as an ongoing participating investor. (We've asked Cohere about this.) Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Oracle backed Cohere in 2023, but the database giant has more recently tied its fortunes more closely to OpenAI, particularly as part of the massive data center building project known as Stargate.
