Men's Wearhouse parent company Tailored Brands names new CEO
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The Hill
10 minutes ago
- The Hill
CSX profit falls 14% in the second quarter even though rail shipments were flat
CSX railroad's profit slipped 14% in the second quarter even though the volume of shipments it delivered remained flat as it continued working on two major construction projects on its network. The Jacksonville, Florida-based railroad said Wednesday it earned $829 million, or $0.44 per share. That's down from $963 million, or $0.49 per share, a year ago. That's in line with what the analysts surveyed by FactSet Research predicted. CSX is in the middle of expanding a key tunnel in Baltimore, so it will be able to carry double-stacked shipping containers, and the railroad is completing repairs related to Hurricanes Helene and Milton. But CEO Joe Hinrichs said the railroad is operating much more fluidly than it was in the first quarter of this year when the results disappointed. CSX's latest earnings report comes as rumors swirl in the industry about t he possibility that a merger between two of the largest freight railroads might be proposed. The Associated Press reported last week that Union Pacific was in merger talks with Norfolk Southern. If merger actions heat up in the industry, CSX could be a target for one of the western railroads trying to build a transcontinental network. But the prospects for any deals among the major freight railroads remain uncertain because regulators might be reluctant to approve them. CSX is one of the major freight railroads that serves the eastern United States and competes with Norfolk Southern.
CNBC
12 minutes ago
- CNBC
Supreme Court allows Trump to fire members of product safety agency
The Supreme Court on Wednesday allowed President Donald Trump to fire members of the Consumer Product Safety Commission, a federal agency set up by Congress to be independent of political pressures. The justices, granting an emergency request filed by the Trump administration, blocked a Maryland-based federal judge's ruling that reinstated Mary Boyle, Alexander Hoehn-Saric and Richard Trumka Jr., all of whom had been appointed by then-President Joe Biden. Without the three members in place, the five-member commission would for now lack the necessary quorum to fulfill its obligation to protect consumers from defective products. Under existing law, members can only be removed for "neglect of duty or malfeasance," but Trump went ahead and fired members anyway, as he has done at other agencies with similar restrictions as part of his aggressive efforts to reshape the federal government. The Supreme Court in May allowed him to fire members of the National Labor Relations Board and the Merit Systems Protection Board, casting aside precedent dating back to 1935 that upheld removal protections. The unsigned order on Wednesday said that the latest case was "squarely controlled" by what the high court decided then. As in the previous case, the three liberal justices on the conservative-majority court dissented. "Once again, this court uses its emergency docket to destroy the independence of an independent agency, as established by Congress," wrote Justice Elena Kagan. In ruling against Trump, lower court judges relied on the 1935 precedent, a case called Humphrey's Executor v. United States, which the Supreme Court has not overturned but has signaled it will in due course. The court has in recent rulings undermined the 1935 precedent by saying that similar restrictions on presidential power involving other agencies are unconstitutional because they infringe on the core constitutional powers of the president. In 2020, the court ruled on those grounds in a case involving the Consumer Financial Protection Bureau director and followed that up with a similar ruling a year later concerning the Federal Housing Finance Agency. Trump in May moved to fire the three Consumer Product Safety Commission members. A month later, U.S. District Court Judge Matthew Maddox ordered that they be reinstated and they returned to their jobs while litigation continued. The Richmond-based 4th U.S. Circuit Court of Appeals declined to put Maddox's ruling on hold. The commission, set up in 1972 by Congress, oversees a wide variety of consumer product issues, including safety standards and research into injury prevention. In order to insulate the commission from politics, Congress gave the members staggered seven-year terms, stipulated that only three could represent the same political party and said the president could not fire them at will. All five members are appointed by the president, confirmed by the Senate and expected to have expertise on consumer product safety issues. Solicitor General D. John Sauer said in court papers that Maddox's ruling has "sown chaos and dysfunction" at the agency, with the reinstated members moving to undo actions that the commission took after they were initially fired. Lawyers for the commission members wrote in their own filing that the court would be adding to the disruption if it allowed their clients to be removed from office a second time. In some cases, the three commissioners have been "undoing actions that the CPSC unlawfully took" during the time they were prevented from working, the lawyers added.
Hamilton Spectator
23 minutes ago
- Hamilton Spectator
Whitecap, fresh off Veren deal, reports higher production in Q2
CALGARY - Whitecap Resources Inc., fresh off its $15-billion combination with Veren Inc., has reported higher revenues and oil and gas production in its latest quarterly results. The Calgary-based oil and gas producer says net income was $310.6 million for the three months ended June 30, up from $244.5 million during the same 2024 quarter. That amounted to 33 cents per diluted share compared with 41 cents per share a year earlier. Petroleum and natural gas revenues were $1.37 billion, an increase from $980.4 million during last year's second quarter. Whitecap produced 292,754 barrels of oil equivalent per day during the period compared to 177,314. The all-stock transaction with Veren closed in mid-May and Whitecap is now the biggest landholder in the Montney and Duvernay shales and the second-largest oil producer in Saskatchewan. This report by The Canadian Press was first published July 23, 2025. Companies in this story: (TSX: WCP)
