A federal probe into safety practices at Norfolk Southern is bringing extra attention to the management system called precision-scheduled railroading that spread across the business as carriers have sought to make their operations more efficient. The WSJ’s Esther Fung, Kris Maher and Paul Berger report that PSR means fewer trains on routes, but that cars tend to be heavier and railcars and locomotives spend less time in rail yards. Some union officials and former railroad workers say the push to keep trains moving has sharply reduced the time allotted to inspect equipment, in some cases down to less than a minute per car. Whether PSR was a factor in the recent Ohio derailment hasn’t been determined. Current and former employees say the changes haven’t improved safety and in some cases have been harmful. Broadly, industry executives and employees are divided on whether PSR contributes to accidents.

• A BNSF train hauling hazardous ethanol derailed in Minnesota, sparking a fire and triggering evacuations. (WSJ)
• A Union Pacific train carrying iron ore derailed in the Mojave Desert with no crew on board. (Associated Press)

The warehousing boom of the past few years is giving the industrial real-estate sector some insulation from the U.S. banking turmoil. Industry executives say storage space across the country remains tight, even as construction and demand has retreated, and that high rates under long-term leases provide ballast as credit grows tighter. The WSJ Logistics Report’s Liz Young writes the industrial sector’s relative calm is a contrast with the commercial property business, where banking fears are undermining recovery hopes following a pandemic-triggered downturn. Warehouse construction has been trending downward, and real-estate services firm JLL says the amount of new space underway ticked down in the fourth quarter for the first time in two years. Construction costs are also rising. Asking rents for industrial properties are up sharply, however, and executives say faltering retail demand and rising interest rates remain their biggest concerns.

Ford is going hard after Asia business even as it builds up its electric-vehicle supply chain in the U.S. The auto maker is investing in a $4.5 billion nickel processing facility in Indonesia, the WSJ’s Jon Emont reports, as it seeks to secure a supply of key minerals used in electric-vehicle batteries. Ford is undertaking the project with Brazilian mining giant Vale and China’s Zhejiang Huayou Cobalt, a major refiner. Ford says the factory will help it secure raw materials to achieve its target of producing around two million electric vehicles annually by 2026. The deal puts Ford in partnership with a Chinese company even as the Biden administration provides incentives for companies to produce batteries in the U.S. Indonesia has the world’s largest supplies of nickel, however, and low mining costs. The agreement signals that supply chains for electric vehicles remain global and driven by market forces.

• Toyota’s global car sales reached a record high in February as parts shortages eased. (Japan Times)

A gauge of activity in China’s services sector reached its highest level in more than a decade in March. (WSJ)

New filings for unemployment claims in the U.S. remained near historic lows. (WSJ)

The U.S. gross domestic product growth rate for the fourth quarter was reduced to 2.6%. (MarketWatch)

The European Union’s top official said China is seeking a new international order with Beijing as the dominant player. (WSJ)

Bed Bath & Beyond dropped a fundraising deal with Hudson Bay Capital Management and launched an effort to sell stock in the open market. (WSJ)

Manufacturers in sectors including autos, machinery, defense and non-residential construction are still grappling with tight supplies of components and materials. (Reuters)

Alibaba’s Cainiao logistics arm is gearing up for an initial public offering in Hong Kong. (Bloomberg)

Armstrong & Associates estimates the global market for third-party logistics services grew 14.5% last year to $1.47 trillion. (Supply Chain Quarterly)

Lawmakers in Washington introduced legislation aimed at reducing China’s influence in international shipping. (Splash 247)

The number of older tankers sold last year surged amid rising crude shipping rates. (TradeWinds)

Maersk-affiliated APM Holding acquired South African refrigerated transport specialist Vector Logistics. (ShippingWatch)

AirBridgeCargo Airlines plans to resume service in June with Russian freighters while its Boeing planes remain grounded. (The Loadstar)

Japan’s Tokyo Narita International Airport is building a $2.7 billion cargo facility. (Air Cargo Next)

Lone Star Express is expanding its regional parcel capacity amid concerns over potential labor disruption at United Parcel Service. (Supply Chain Dive)

Pittsburgh-based restaurant and food logistics operator Armada Supply Chain Solutions acquired St. Louis-based Sunset Transportation. (Business Journals)

Every cyberbug has a backstory, and Walmart is turning to actuaries, insurance experts, accountants and lawyers to help gauge security threats. 

McDonald’s is examining the pros and cons of reusable packaging in its restaurants as the fast-food chain looks to address European laws and serve fare in more durable containers.

Retailers including American Eagle Outfitters and Nordstrom are using chips to track inventory on the sales floor, helping them use stores for online fulfillment. 

Salaries offered to U.S. accountants and auditors last year climbed at the quickest pace in recent years, but it may not be enough to remedy a national shortage of accountants. 

Binance’s first chief compliance officer is facing civil charges as part of CFTC’s suit against the crypto exchange. What could this mean for other CCOs? 

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.