Key Currency Exchange Rates for Friday, 08/11/17

American Trucking Associations applauded the introduction of the DRIVE Safe Act in both the U.S. House and Senate by a group of bipartisan legislators. The legislation addresses the economy’s growing shortage of professional truck drivers by expanding job opportunities for younger members of the trucking workforce, while also strengthening safety training and technology safeguards for select candidates looking to participate in interstate commerce early in their careers. While 49 states permit individuals to obtain a commercial driver’s license and operate large commercial vehicles before they turn 21, federal regulations prohibit those same drivers from crossing state lines until they turn 21. These restrictions bar a vital population of job seekers from interstate trucking, exacerbating the driver shortage as qualified candidates are lost to other industries. The DRIVE Safe Act would allow certified CDL holders already permitted to drive intrastate the opportunity to participate in a rigorous apprenticeship program designed to help them master interstate driving, while also promoting enhanced safety training for emerging members of the workforce.

First quarter results were negatively affected by a mix shift, which reduced demand for priority services, increased demand for deferred services, and constrained yield growth. In addition, higher operating expenses and one fewer operating day negatively affected the quarter’s results. A reduction of structural costs from the company’s DRIVE program initiatives partially offset these factors. “Despite a challenging quarter, we remain focused on transforming our network, improving our efficiency, lowering our cost-to-serve, and enhancing our ability to adapt with speed to evolving market dynamics,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “Overall, I remain confident in the value-creation opportunities ahead as we focus on reducing our structural cost, growing revenue profitably, and leveraging the insights from our vast collection of data as we continue to build the world’s most flexible, efficient and intelligent network.”

Disruptions caused by attacks on cargo ships in the Red Sea have once again created volatility in retail supply chains, leading to delays and increased costs. That's according to the Global Port Tracker report by the National Retail Federation and Hackett Associates. Jonathan Gold, NRF VP for supply chain and customs policy, noted that retailers are working with their carrier partners on mitigation strategies to limit the impact of the disruptions caused by the attacks, "but we are seeing longer transit times and increased costs as a result.” To help retailers navigate supply chain challenges, NRF 2024: Retail’s Big Show will feature a special one-day program — Supply Chain 360 Summit — on Sunday, Jan. 14, 10:00 a.m. - 3:45 p.m. (ET), at the Javits Convention Center, New York City.