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New Straits Times
28-05-2025
- Automotive
- New Straits Times
Ford recalls more than 1 million vehicles in the US, NHTSA says
KUALA LUMPUR: Ford Motor is recalling 1,075,299 vehicles in the United States over an issue that may prevent the rearview camera from displaying images increasing the risk of a crash, the National Highway Traffic Safety Administration said on Wednesday. The recall affects certain vehicles among 2021-2024 Bronco, F-150, Edge, and 2023-2024 Escape, Corsair, F-250, F-350, F-450, F-550 and F-600, the U.S. auto safety regulator said. The recall also impacts the 2022-2024 Expedition, 2022-2025 Transit, 2021-2023 Mach-E, Lincoln Nautilus, 2024 Ranger, Mustang and the 2022-2024 Navigator. The NHTSA said a software error may cause the rearview camera image to delay, freeze, or not display. Dealers are expected to update the accessory protocol interface module (APIM) software through an over-the-air update, free of charge, the agency added. The APIM software serves as an operating system for the car's dashboard, helping its infotainment system to control apps and display maps, among others. Letters notifying owners of the safety risk are expected to be mailed by June 16. A second letter will be sent once the remedy is available, anticipated for third quarter 2025, according to the NHTSA. (Reporting by Abhinav Parmar in Bengaluru; Editing by Shailesh Kuber)
Yahoo
16-05-2025
- Business
- Yahoo
US freight industry hopes for back-to-school demand boost after tariff truce
By Abhinav Parmar (Reuters) -A 90-day trade thaw between Washington and Beijing could prove to be a welcome reprieve for the U.S. freight industry, as importers rush to lock in shipments ahead of the busy back-to-school period, experts said. The $906 billion U.S. trucking industry, in particular, has been facing a nearly three-year-long slowdown due to overcapacity, which was worsened by President Donald Trump's recent tariffs on the country's largest trading partners. But an agreement on Monday between the world's two largest economies to slash tariffs for at least 90 days, coupled with the White House's deal with the UK and ongoing negotiations with other trade partners, have shifted expectations from fears of low freight activity to a potential import surge ahead of the peak shopping season starting late July. While most transportation companies have lowered their second-quarter or full-year earnings guidance due to sweeping tariffs and weak consumer sentiment, "there is now a scenario where Q2 forecasts may be beatable," Evercore ISI analyst Jonathan Chappell said. German container shipping company Hapag-Lloyd CEO Rolf Jansen said on Wednesday the company's bookings were up 50% week-on-week for U.S.-China traffic, and that the carrier was deploying ships of different sizes to meet demand. Bilateral trade between China and the United States touched $668 billion in 2024, Chinese customs data showed. A pickup in port volumes increases demand for trucking capacity to move containers off the ports as well as for railroads to transport them inland. This typically boosts freight revenue, with profit gains depending on cost and capacity management. The expected influx could benefit carriers such as JB Hunt, Knight-Swift, Hub Group and Old Dominion, and railroads such as Union Pacific and CSX stand to gain from a rebound in intermodal volumes. The U.S. surface transport industry is among the first to register shifts in business activity, serving as a reliable barometer for broader economic changes. C.H. Robinson's global forwarding president, Mike Short, told Reuters that while some customers stocked up ahead of tariffs, many small-to-medium retailers took a wait-and-see approach and are now rushing to move goods. "Given we're in the back-to-school and retail season ordering period, importers will very likely place large orders and pressure the manufacturers in China to produce as quickly as possible," said Dean Croke, principal analyst at DAT Freight & Analytics. Considering the transit time, experts believe the additional freight will start hitting the U.S. West Coast ports by end-June, boosting spot rates around the same time as the peak produce shipping season. "We're advising clients to lock in capacity early, given the likelihood of tighter space and rising spot rates," said Chad Schilleman, vice-president of Drayage Services at Trinity Logistics.
Yahoo
07-05-2025
- Business
- Yahoo
TASER maker Axon raises annual revenue forecast, shares jump
(Reuters) -TASER maker Axon Enterprise raised its full-year revenue forecast on Wednesday, banking on sustained demand for its software products and security devices, sending its shares up more than 7% after the bell. The Arizona-based company makes law enforcement technology such as body cameras, drones and sensors. Axon expects 2025 revenue to be between $2.60 billion and $2.70 billion, compared with its prior range of $2.55 billion to $2.65 billion. Analysts on average estimate of $2.62 billion, according to data compiled by LSEG. The company is the leading maker of police body cameras in the U.S. and supplies drones to law enforcement authorities across North America, Europe and Australia. Capital expenditure for the year is expected to be in the range of $160 million to $180 million, excluding costs related to investments in a new headquarters, the company said. On an adjusted basis, Axon earned $1.41 per share for the first quarter ended March 31, while analysts estimated $1.27 per share. Its quarterly revenue was $603.6 million, compared with the estimate of $583.8 million. (Reporting by Aatreyee Dasgupta and Abhinav Parmar in Bengaluru; Editing by Shilpi Majumdar)
Yahoo
05-05-2025
- Business
- Yahoo
Anduril to acquire Ireland's Klas to bolster AI warfare systems
By Abhinav Parmar (Reuters) -AI-powered defense startup Anduril Industries on Monday said it has entered into a definitive agreement to acquire Ireland-based tactical communications systems maker Klas. Anduril, along with software maker Palantir and Elon Musk's SpaceX, has emerged as frontrunners to win a crucial part of President Donald Trump's "Golden Dome" missile defense shield, Reuters reported last month citing people familiar with the matter. The deal, the terms of which were not disclosed and is subject to regulatory approvals, aims to strengthen the defense technology firm's autonomous warfare systems with Klas's hardware. Klas manufactures compact computers and internet equipment that enable soldiers to communicate and control drones, even in environments lacking electricity and cellphone signals. Anduril, which is backed by venture capital heavyweights, will integrate Klas' hardware into its AI-powered software platform Lattice, the "central brain" of its AI-powered autonomous systems. Lattice synthesizes data from sensors of various unmanned systems to provide a real-time battlefield overview, facilitating collaboration between machines and humans. Klas, which has 150 employees, is expected to continue operating from its facilities in Ireland and the U.S., as part of the deal, with plans to expand manufacturing capacity to meet increased demand. This marks the ninth deal by Anduril since it was established in 2017. Reuters previously reported that the company was in talks for a new funding round that could increase its valuation to $28 billion, according to sources. Sign in to access your portfolio
Time of India
30-04-2025
- Business
- Time of India
UPS to cut 20,000 jobs on reduced Amazon deliveries, as US tariffs weigh, ETHRWorld
Advt Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App By Abhinav Parmar, Lisa BaertleinUnited Parcel Service said on Tuesday it would slash 20,000 jobs and shut 73 facilities as part of a planned reduction in deliveries for and amid U.S. President Donald Trump's tariffs that are roiling global trade.A UPS spokesperson said the layoffs are due to shedding 50% of shipping volume from its largest customer, as well as ongoing cost-cutting and efficiency projects under a major operational Amazon spokesperson said, "Due to their operational needs, UPS requested a reduction in volume and we certainly respect their decision." The move comes as Trump's aggressive trade policies have begun slowing economic growth and increasing expectations for a possible is contractually obligated to create 30,000 jobs under its current national master agreement with Teamsters, the union's general president Sean O'Brien said. "But if the company intends to violate our contract or makes any attempt to go after hard-fought, good-paying Teamsters jobs, UPS will be in for a hell of a fight."UPS, in response, told Reuters that it plans to adhere to its contract. The company has a U.S. workforce of 406,000 workers, with more than 75% of them represented by unions, according to its latest annual filing."The world hasn't been faced with such enormous potential impacts to trade in more than 100 years," CEO Carol Tome said on the company's earnings call. As the world's largest parcel delivery firm, UPS touches a broad swath of industries and is seen as a gauge for the global economy. FedEx, its top rival, signaled a slowdown in aims to shelter profits by cutting $3.5 billion in 2025 with its latest overhead reductions. UPS also said a big percentage of the volume reduction from Amazon is money-losing work moving goods from fulfillment the second quarter, UPS forecast a total-company operating margin of about 9.3% - below the double-digit margins investors largest and most important U.S. business could see a roughly 9% drop in average daily packages handled and a low-single-digit percentage drop in in UPS closed down 0.4% on Tuesday, while rival FedEx closed off 0.8%.QUICK RESOLUTION OR SUPPLY SHOCK?Earlier this month, President Trump slapped new 145% tariffs on many Chinese goods - escalating the standoff between the world's two largest economies.U.S. import volume is roughly 400,000 pieces per day at UPS, less than 2% of the global average daily the China to U.S. trade lanes are the most profitable for UPS and accounted for about 11% of UPS international revenue last year, Tome already is seeing an uptick in volume from Europe and other Asian countries including Vietnam and Thailand, UPS executives China is the factory of the world. If Trump's hefty China tariffs stick, fully replacing trade with China will take current China tariffs could further slow already sluggish shipments between businesses. And, the small- and medium-sized business that UPS has targeted to offset that weakness could get hit particularly hard, since some of them source 100% of the goods they need from China, Tome is also reliant on deliveries for retailers, many of whom are heavily reliant on itself sources from China, and 40% or more of the online retailer's marketplace sellers are based in that country. If U.S. consumers buy fewer goods from Amazon because tariffs make prices too high, UPS would also faces a sharp downturn in volume from China-linked bargain e-commerce sellers Temu and Shein because the U.S. plans in May to end duty-free status for most of their packages coming to the United States. Temu already is tacking on an import charge at checkout, while Shein has added the tariffs to the price of UPS and its retail customers have started planning for the vital peak winter holiday season, when daily deliveries can more than the best case scenario, the U.S. and China will soon come to an agreement that normalizes trade, UPS executives the worst case, the tariff fight continues, resulting in a supply shock, Chief Financial Officer Brian Dykes said. (Reporting by Lisa Baertlein in Los Angeles, Abhinav Parmar and Shivansh Tiwary in Bengaluru; Editing by Arun Koyyur, Nick Zieminski and Alan Barona)
