Afternoon Coffee: Trade Deficit Widens In January, FedEx Voices Opposition to Canadian Pacific/Norfolk Merger

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The U.S. trade deficit grew in January, reaching $45.7 billion, an increase of $1 billion from December, according to the Department of Commerce. Exports sank $3.8 billion to $176.5 billion, a reported five-year low. Imports also dropped $2.8 billion, hitting $221.1 billion in January.

FedEx Corp. wrote a letter to the Surface Transportation Board voicing its opposition to the proposed merger of Canadian Pacific Railway and Norfolk Southern Corp., saying the deal could cause higher transportation prices and would lead to “diminished service.”

The National Highway Traffic Safety Administration has opened an investigation into Ford F-150 pickup trucks after it received more than 30 complaints from consumers saying the brakes on the trucks failed while they were driving.

The oil downturn is hurting a number of industries throughout Texas, with some sectors reporting double-digit losses in the fourth quarter of 2015. Retail sales in West Texas cities of Midland and Odessa were down 19%, for instance, compared to Q4 2014, The Wall Street Journal reported.

 

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