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Union Pacific in mega US railroad merger talks with rival Norfolk

A freight engine and shipping containers are viewed in a Union Pacific Intermodal Terminal rail yard on November 21, 2022 in Los Angeles, California.
Mario Tama | Getty Images News | Getty Images
Union Pacific said on Thursday it was in advanced discussions with rival Norfolk Southern for a possible mega merger that would create a transcontinental railroad behemoth.
Norfolk shares were up 3.5%, while Union Pacific fell 2.3% in premarket trading.
A deal, if it goes through, will combine Union Pacific’s dominant position in the Western two-thirds of the U.S. with Norfolk’s 19,500-mile route predominantly spanning 22 eastern states.
Norfolk has a market value of about $63.2 billion, while Union Pacific was valued at around $138 billion, according to LSEG data.
There can be no assurances as to whether an agreement for a transaction will be reached or as to its terms, Union Pacific said.
The North American railroad industry has struggled with volatile freight volumes, rising labor and fuel costs, and growing pressure from shippers over service reliability.
If the two companies agree to a deal, it would be largest-ever buyout in the sector.
It would also shape up as a key test of the Trump administration’s appetite for big-ticket mergers and faces a plethora of regulatory hurdles.
The first challenge would be securing approval from the Surface Transportation Board (STB), the federal agency that oversees railroads, currently led by Patrick Fuchs, a Trump appointee named to the post in January.
It would also require the support of worker unions and might invite scrutiny from several other federal bodies.
Major railroad unions have long pushed back against consolidation, warning that such deals threaten jobs and risk throwing rail service into disarray.
The last major consolidation in the industry was the $31 billion merger between Canadian Pacific and Kansas City Southern, which created the first and only single line rail network connecting Canada, the United States and Mexico.
The deal, which closed in 2023, faced intense regulatory pushback over concerns it would stifle competition, eliminate jobs and disrupt service but was eventually approved.
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Old master painting looted by Nazis recovered a week after being spotted in Argentinian property listing | Nazism

Authorities in Argentina have recovered an 18th-century painting stolen more than 80 years ago by the Nazis from a Jewish art dealer in Amsterdam, a week after it was spotted by chance in a real estate listing.
The painting, the long-lost Portrait of a Lady (Contessa Colleoni) by the Italian master Giuseppe Ghislandi, was looted in the second world war. It was handed over on Wednesday to the Argentinian judiciary by the daughter of the late Nazi financier Friedrich Kadgien, Patricia Kadgien, who has been under house arrest with her husband since Tuesday.
Prosecutors allege the couple tried to conceal the stolen artwork. They face a hearing on Thursday on charges of concealment and obstruction of justice. The Guardian contacted her legal representatives, who declined to comment.
The Dutch newspaper AD traced the painting after a years-long investigation that took a breakthrough turn last week when one of its reporters found Kadgien’s house in an online property listing in the seaside city of Mar del Plata.
A photo in the listing showed the missing artwork – last seen in 1946 and belonging to the Dutch Jewish art dealer Jacques Goudstikker – hanging above a sofa in the couple’s living room. AD published its findings on 25 August.
The next day, federal prosecutor Carlos Martínez ordered a raid on the property, but the painting was no longer there. Police seized two unlicensed firearms and two mobile phones.
Four additional raids on Monday uncovered two other paintings that experts believe could date back to the 19th century, along with several drawings and engravings. The judiciary is analysing the works to determine whether they, too, were looted during the second world war.
A federal court in Mar del Plata placed Kadgien and her husband under 72-hour house arrest on Tuesday.
After the fall of the Third Reich at the end of the second world war, several high-ranking Nazi officials fled to South America.
Friedrich Kadgien was among them. He fled the Netherlands in 1946, first to Switzerland, then Brazil, and finally to Argentina, where he had two daughters. The painting is believed to have accompanied him and to have remained in his family’s possession after he died in Buenos Aires in 1978.
The portrait was among more than 1,000 works of art stolen by the Nazis from Goudstikker, who died in 1940 after falling in the hold of the ship carrying him to safety.
Goudstikker’s heirs plan to reclaim the painting, AD reported.
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Florida plans to become first state to ban all vaccine requirements


Florida is aiming to become the first US state to cancel all of its vaccine mandates, many of which require children to get jabs against diseases like polio in order to attend public schools.
The state’s top health official, Florida Surgeon General Joseph Ladapo, likened the mandates to “slavery”, in announcing the plans.
“Who am I to tell you what your child should put in your body?” he said. “I don’t have that right. Your body is a gift from God.”
Florida officials did not give a timeline or details on ending the mandates. Several may only be repealed through a vote by the Republican-led state legislature, while others can be scrapped by the state health department.
Ladapo, though, pledged several times during Wednesday’s news conference to end “all of them, every last one of them”.
The surgeon general has been frequently criticised by doctors and health groups, who say he has spread misinformation.
Democratic state lawmaker Anna Eskamani was among those criticising the plan to end all mandates, decrying it as “reckless and dangerous”.
“This is a public health disaster in the making for the Sunshine State,” she posted on X.
While every state requires children to be vaccinated in order to attend public schools, each one has different policies about giving exemptions to the mandates.
Idaho, another Republican-dominated state, loosened many of its rules on vaccines earlier this year, but still requires children to be immunised.
In Florida, students are currently required to be vaccinated against multiple illnesses, including chicken pox, hepatitis B, measles, mumps and polio.
The Florida Education Association, a group representing more than 120,000 school teachers and administrators, also condemned the move, saying health officials are discussing “disrupting student learning and making schools less safe”.
“State leaders say they care about reducing chronic absenteeism and keeping kids in school – but reducing vaccinations does the opposite, putting our children’s health and education at risk,” the statement said.

According to the World Health Organization, vaccines have saved at least 154 million lives – mostly infants – in the past 50 years.
The US Centers for Disease Control and Prevention (CDC) says that about four million deaths are prevented worldwide each year by childhood vaccinations.
Dr Debra Houry, who resigned in protest last week from her post as the CDC’s chief medical officer, told the BBC that the move in Florida could lead to outbreaks of several preventable diseases among students.
She noted that about 270 children in the US died from influenza this past flu season, and about 90% of those children were unvaccinated, “so vaccines are really important to prevent kids from having these significant diseases”.
Dr Nahid Bhadelia, director of the Boston University Center on Emerging Infectious Diseases, added: “It’s particularly unfortunate for Florida because its such a big travel hub. They have people coming and going from Florida all over the world.”
Dr Bhadelia, who also advised the White House during the Covid pandemic, also told the BBC that the decision may lead to fewer insurance providers covering the cost of the immunisations, leading to increased danger for at-risk adults such as pregnant women.
On Wednesday, a group of Democratic-led states announced they had created an alliance to co-ordinate on health matters, including immunisations, in opposition to the Trump administration’s overhaul and changes to public health programmes and guidance.
The governors of Washington, Oregon and California said they would use guidance from national medical organisations, many of which have rejected the Trump administration’s changes to childhood vaccinations, and lean less on advice from the federal government.
In a joint press release they said Trump was “dismantling” the CDC, and blasted the recent decision by US Health Secretary Robert F Kennedy Jr – a vaccine sceptic – to remove experts from the CDC’s vaccine advisory panel.
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Streetcar in Lisbon derails, killing 15 people and injuring 18

LISBON, Portugal (AP) — A picturesque electric streetcar that is one of Lisbon’s big tourist attractions derailed and crashed Wednesday, killing 15 people and injuring 18 others, emergency services said.
Five of the injured were in serious condition and a child was among the injured, the National Institute for Medical Emergencies said in a statement. An unknown number of foreigners were among the injured, it said.
Authorities called it an accident, the worst in the city’s recent history, and it cast a pall over Lisbon’s charm for the millions of foreign tourists who arrive every year.
The yellow-and-white streetcar, which is known as Elevador da Gloria and goes up and down a steep downtown hill in tandem with one going the opposite way, was lying on its side on the narrow road that it travels along.
Its sides and top were crumpled, and it appeared to have crashed into a building where the road bends. Parts of the vehicle, made mostly of metal, were crushed.
Several dozen emergency workers were at the scene but most stood down after about two hours.
Eyewitnesses told local media that the streetcar careened down the hill, apparently out of control. One witness said the streetcar toppled onto a man on a sidewalk.
Carris, the company that operates the streetcar, said scheduled maintenance had been carried out.
Lisbon’s City Council suspended operations of other streetcars in the city and ordered immediate inspections, local media reported.
President Marcelo Rebelo de Sousa offered his condolences to affected families, and Lisbon Mayor Carlos Moedas said the city was in mourning. “It’s a tragedy of the like we’ve never seen,” Moedas said.
Portugal’s government announced that a day of national mourning would be observed on Thursday. “A tragic accident … caused the irreparable loss of human life, which left in mourning their families and dismayed the whole country,” it said in a statement.
European Commission President Ursula von der Leyen also sent her condolences. “It is with sadness that I learned of the derailment of the famous Elevador da Gloria,” she wrote in Portuguese on X.
The cause of the accident was not immediately known. It reportedly occurred at the start of the evening rush hour, around 6 p.m. Emergency officials said all victims were pulled out of the wreckage in just over two hours.
An investigation into the causes will begin once the rescue operation is over, the government said.
Spanish Prime Minister Pedro Sánchez wrote on X that he was “appalled by the terrible accident,” while Italian Foreign Minister Antonio Tajani wrote that he had met with the Portuguese foreign minister and expressed his “solidarity with the victims.”
The U.S. Embassy Lisbon also offered its “deepest condolences to all affected,” according to a post on X.
The streetcar, technically called a funicular, is harnessed by steel cables and can carry more than 40 people, seated and standing. It is also commonly used by Lisbon residents. The service up and down a few hundred meters (yards) of a hill on a curved, traffic-free road was inaugurated in 1885.
It is classified as a national monument.
Lisbon hosted around 8.5 million tourists last year, and long lines of tourists typically form for the brief rides on the popular streetcar.
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