Hedge funds TCI (The Children’s Investment Fund) and 3GCapital Partners won four seats on the CSX Corp. board of directors in a proxy fight last year. Now, TCI managing partner Christopher Hohn has decided not to seek re-election to the board this year and CSX has decided not to fill the vacancy, according to a filing with the Securities and Exchange Commission onFeb. 12.
Freight traffic on U.S. railroads during the week ended February 7 was off again in comparison with last year, although “up slightly” from the previous week ending Jan. 31, according to the Association of American Railroads. Total volume of 28.2 billion ton-miles was 15.1% lower than the comparable week in 2008.
Railway Age is collecting entries for its annual ShortLine/Regional Railroad of the Year competition, but applicants still have time to enter. Short lines and regionals—and there are more than 500 of them—are invited to submit entries describing outstanding achievement in one or acombination of areas. The entry deadline is Friday, Feb. 27, 2009.
House Democrats Thursday demanded time to review the $789 billion economic stimulus bill crafted by congressional conference committee, but most political analysts still expected both the House of Representatives and theSenate to approve the measure. Should the package hold until President Obama signs it into law, freight and passenger railroads could benefit significantly.
Greenbrier Cos. says it will reduce its work force by roughly 150, in an effort to rein in costs during the current economic recession.
Freight railroads, particularly Class I railroads, deemed responsible for delays to Amtrak passenger trains using their tracks could befined under new authority granted to the Surface Transportation Board.
Britain’s Department of Transport announced Thursday that it has selected Agility Trains, a British-led group that includes Hitachi of Japan, as the preferred bidder for a $10.7 billion contract to build and maintain a fleet of new Super Express trains for the Great Western and East Coast main lines. John Laing and Barclays are also members of the winning consortium.
Britain’s Department of Transport announced Thursday that it has selected Agility Trains, a British-led group that includes Hitachi of Japan, as the preferred bidder for a $10.7 billion contract to build and maintain a fleet of new Super Express trains fo ...