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Source: MarineTraffic. Daniel Kiss/WSJ
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The U.S. accelerated its campaign against a shadow fleet of tankers that ship Venezuelan oil, with the military forcibly boarding a ship escorted by the Russian navy and seizing another tanker near the Caribbean Sea.
The seizures come as President Trump and his advisors plan a sweeping initiative to dominate the Venezuelan oil industry for years, according to people familiar with the matter. Trump has told aides he believes his efforts could help lower prices to his favored, $50-a-barrel level, the Journal’s Brian Schwartz, Benoît Morenne and Josh Dawsey write. A plan under consideration envisions the U.S. exerting some control over Venezuela’s state-run oil company PdVSA.
Early Wednesday, a special-operations force boarded the Marinera, a tanker formerly known as the Bella 1. The Coast Guard had pursued the vessel for two weeks on an odyssey that began near Venezuela and ended south of Iceland, U.S. officials said. The vessel—which wasn’t carrying any oil—changed its name and claimed Russian protection, and a Russian navy ship and submarine began escorting it. Meanwhile, in the Atlantic near the Caribbean, U.S. forces seized the tanker Sophia, which was trying to evade the U.S. blockade, officials said.
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CSX laid off 166 workers in management positions following a review of market conditions and costs. They make up approximately 5% of the freight railroad’s more than 3,000 management employees, the Journal’s Esther Fung writes.
The Jacksonville, Fla., company, which operates in 23 states east of the Mississippi River, has around 23,000 employees nationwide. Most of them are represented by a rail union and work in the field as train conductors, locomotive engineers, maintenance and signal workers.
Last year, CSX was challenged by an activist investor who said it should pursue a deal with another railroad or replace its CEO, after Union Pacific struck a $71.5 billion deal to acquire Norfolk Southern. In September, the company named Steve Angel as its new CEO, replacing Joe Hinrichs.
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Railcrew Xpress, which moves railroad crews between sites, is laying off more than 400 workers in at least six states after it lost a contract with CSX. (Kansas City Business Journal)
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$540 Billion
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Forecast value of food that will be wasted in the global retail supply chain in 2026, according to a report by label and packaging-materials company Avery Dennison
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Orders from U.S. factories fell 1.3% in October from September to $604.8 billion, the Commerce Department said. (WSJ)
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U.S. job openings and hiring declined in November, the Labor Department's monthly job openings and labor turnover survey showed. (WSJ)
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Businesses added a net 41,000 new employees last month, after shedding 29,000 on net in November, a report by ADP showed. (WSJ)
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Canadian Prime Minister Mark Carney will visit China next week to normalize ties and reduce Canada’s trade reliance on the U.S. (WSJ)
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Eurozone annual inflation reached 2% in December. (WSJ)
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The Trump administration issued new dietary guidelines for people to avoid highly processed foods, boost protein intake and skip added sugar, presenting a challenge to food makers. (WSJ)
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BlueScope rejected an $8.8 billion takeover bid from SGH and Steel Dynamics, saying the offer significantly undervalued the Australian steelmaker. (WSJ)
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Severe winter weather grounded hundreds of flights and disrupted operations in Rotterdam, Hamburg and at other key cargo terminals in Northern Europe. (Journal of Commerce)
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Norwegian energy-services company Aker Solutions plans to cut capacity and more than 500 jobs to prepare for reduced business activity this year. (Renews)
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PepsiCo has entered a multiyear partnership with Nvidia and Siemens to use AI and “digital twins” to design, test and expand factories and warehouses. (SupplyChain24/7)
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Singapore opened the world’s tallest vertical farm as it works to cut its dependence on food imports. (Bloomberg)
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The U.S. Postal Service will phase out the use of contracted, third-party, non-domiciled CDL drivers that haven’t been approved by its inspection service. (Transport Topics)
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