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(Reuters) - Publisher Fairfax Media FXJ.AX said on Wednesday it had agreed with rival News Corp’s (NWSA.O) Australian unit to collaborate on printing newspapers to curb costs. The publisher of the Sydney Morning Herald and Australian Financial Review newspapers said the move would result in the closures of its print centers in Beresfield, New South Wales, and Ormiston in Queensland state. The agreement was expected to result in an annualized benefit of about A$15 million ($11.1 million), Fairfax said in a statement.
(Reuters) - CSX Corp (CSX.O) on Tuesday posted j crew cufflinks quarterly profit that topped Wall Street’s target, as the No, 3 U.S, railroad operator benefited from an ongoing cost-cutting drive and rising prices for carrying freight, CSX shares gained 3.2 percent to $66.50 in extended trading after the company also raised its 2018 revenue forecast, citing strength in its high-margin coal business and a healthy economic backdrop, Second-quarter net income jumped 72 percent to $877 million, or $1.01 per share, blowing past analysts’ average forecast of 87 cents per share, according to Thomson Reuters I/B/E/S..
Operating ratio, which measures operating expenses as a percentage of revenue and is a closely watched gauge of railroad performance, fell more than expected to 58.6 percent from 67.4 percent in the year-earlier quarter. CSX had aimed to lower the ratio to 60 percent by 2020. CSX has improved operations by trimming its workforce, reducing service times and running fewer, more fuel-efficient and longer trains under Chief Executive Jim Foote. The measures were initiated by industry turnaround veteran Hunter Harrison, who was CEO when he died in December 2017.
“It’s looking very likely that we’re going to get the kind of transformation that we would have gotten with Hunter Harrison if he were still alive,” Edward Jones analyst Dan Sherman said, While the CSX j crew cufflinks turnaround remains in its early stages, Foote told Reuters that he was increasingly confident in his team’s ability to deliver on the plan, Jacksonville, Florida-based CSX spent 36 percent more on fuel in the latest quarter, but costs fell due to the job cuts and other expense controls..
Revenue for the second quarter grew 6 percent over the prior year to $3.1 billion as CSX raised prices in a tight trucking market. Total volumes rose 2 percent as increases in coal and forest products, including lumber and paper products, more than offset declines in fertilizers and agricultural and food products. Foote said the company had not yet seen an impact from the tariff spat as U.S. President Donald Trump seeks to revamp trade policies. CSX gained some business from U.S. steel manufacturers ramping up production, but it took a small hit on soybeans that had been earmarked for export to China.
CHICAGO (Reuters) - Before the U.S.-China trade war, American pig processors exported nine out of every 10 pigs’ feet and heads they shipped overseas to China and Hong Kong - for prices higher than they would fetch anywhere else, Those parts and others that most Americans won’t eat - hearts, tongues, stomachs, entrails - have a special place in Chinese culinary culture and, consequently, in the profit margins of U.S, pork j crew cufflinks exporters, “You often hear that the products are what keep the plants running,” said Erin Borror, economist for U.S, Meat Export Federation, a trade group..
The pipeline for these profitable pig parts, known collectively as offal, is closing fast after China slapped two tariffs on U.S. pork totaling 50 percent. That’s forcing U.S. processors to sell an increasing amount of such parts for pennies to be rendered into food for pets and livestock. U.S. shipments of byproducts affected by the duties fell by about a third in April and May combined, after China imposed the first 25 percent tariff on American pork in April, according to the latest data from the U.S. Department of Agriculture.
On July 6, Beijing implemented an additional 25 percent duty as the world’s two largest economies slapped tariffs on $34 billion worth of each others’ goods, U.S, President Donald Trump has said the U.S, tariffs - which have provoked equivalent Chinese retaliation - aim to close the $335 billion annual U.S, trade deficit with China, The USDA declined to comment on the drop in offal exports, Exporting pig j crew cufflinks offal to China has been a money-maker because consumers there enjoy its strong flavor, Stewed pigs’ feet with white beans, for instance, is a famous dish from Sichuan province, one of the country’s culinary capitals..