Key Currency Exchange Rates for Friday, 11/10/17
American Dollar to Canadian Dollar = 0.788990;
American Dollar to Chinese Yuan = 0.150565;
American Dollar to Euro = 1.164367;
American Dollar to Japanese Yen = 0.008819;
American Dollar to Mexican Peso = 0.052392.
http://www.x-rates.com/table/?from=USD&amount=1.00
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10 Roads Express to shut down operations, end USPS contracts
The 10 Roads group of companies — one of the largest U.S. mail haulers — announced Monday it will wind down all operations over the next 60 days and cease service to the U.S. Postal Service (USPS) by Jan. 30, citing steep revenue losses tied to major USPS network changes.
In a statement to FreightWaves, the company said it has faced “continued and significant headwinds” across the transportation sector, compounded by fundamental operational shifts at USPS over the past two years.
Those changes include increased use of brokers and the insourcing of transportation work — a trend that 10 Roads said has resulted in a 70% loss of revenue with expectations of further declines, company officials said.
The company, which has provided mail-haul transportation to USPS for more than 47 years, said it has formally notified USPS of its intent to discontinue service. “We remain very appreciative of our long-standing relationship with the USPS and are committed to supporting a smooth transition,” the spokesperson added.
Oil Holds Gains Above $58 as U.S. Drillers Pause Rig Expansion
Futures were little changed in New York after gaining 2 percent last week. The number of U.S. rigs targeting oil remained unchanged at 747, Baker Hughes data showed Friday. A repair of the North Sea’s Forties Pipeline System is complete and pressure testing has started, operator Ineos Group said Monday. The halt of the line earlier this month sent prices surging. Oil is heading for a second yearly advance as the Organization of Petroleum Exporting Countries and its allies including Russia prolong supply curbs through the end of 2018. Iraq’s Oil Minister Jabbar Al-Luaibi said Monday that he’s optimistic prices will gain next year with global stockpiles falling and demand rising in China and India. Click Read More below for additional information.