The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law by President Trump on March 27, boosts unemployment and sickness benefits for railroad workers impacted by the pandemic.
Citing “increased macroeconomic uncertainty and corporate debt in focus across various sectors,” Cowen and Company recently delved into current debt levels at major railroad and trucking firms, and discussed actions these companies could take to combat the difficult times.
Duos Technologies Group, Inc. reported financial results for the fourth quarter and full year ended Dec. 31, 2019. In doing so it noted that its total revenue increased 125% to $5.75 million, compared to $2.56 million in the same quarterly period, and its gross profit increased 176% to $3.15 million (55% of total revenue) compared to $1.14 million (45% of total revenue) in the same quarterly period last year.
Special Podcast Series: Coronavirus and the Rail Industry – Insight on the Federal Stimulus Package, How the Freight Industry is Battling, and More
Rail Group News editors talk about the federal stimulus package.
Stonepeak Infrastructure Partners has completed the previously announced transaction to acquire TRAC Intermodal and its subsidiaries from investment funds managed by an affiliate of Fortress Investment Group LLC on March 27, 2020.
Following the deaths, on the same day, from coronavirus of a subway conductor and a bus driver, the New York Metropolitan Transportation Authority has secured 75,000 protective masks for its frontline employees.
Railway Track & Structures Editor-in-Chief Bill Wilson talks with Valley Transportation Authority’s Brandi Childress on how her agency responded to the first COVID-19 case involving a train operator.
President Trump on March 27 signed H.R. 748, the Coronavirus Aid, Relief and Economic Security (CARES) Act (or Title XII of Division B), into law, following swift passage in the House of Representatives by voice vote, and one day after the U.S. Senate passed the bill in a unanimous 96-0 vote. The CARES Act is a $2 trillion stimulus package that addresses the devastating economic and societal impacts of the COVID-19 pandemic. It includes many funding measures that directly benefit the railway industry—all modes, freight and passenger. In the bill is approximately $25 billion for public transportation. Distribution of the funds is rather complex, and APTA (American Public Transportation Association), which took the lead in working with Congress on the bill’s transit provisions, provided an explanation to its members.
The joint venture of STV, AECOM, Morrison Hershfield and McMillen Jabobs Associates, of Ottawa, has earned a National Recognition Award for exemplary engineering achievement in the American Council of Engineering Companies’ (ACEC) 53rd annual Engineering Excellence Awards (EEA) for designing Stage 1 of the OCTranspo Confederation Line.
Trinity Industries, Inc. realigned responsibilities for some of its most senior executives, effective April 1, 2020. Specifically, Eric R. Marchetto has been appointed Chief Financial Officer, and W. Relle Howard, currently Vice President and Chief Administrative Officer, will return to his previous role as Chief Information Officer.