UPS announced it has entered into an agreement to sell its Coyote Logistics business unit to RXO, Inc., for $1.025 billion. “As UPS positions itself to become the premium small package provider and logistics partner in the world, the decision to sell our Coyote Logistics business allows an even greater focus on our core business,” said UPS Chief Executive Officer Carol B. Tomé. Based in Chicago, Coyote Logistics is a leading global third-party logistics (3PL) provider, working with 100,000 network carriers and managing 10,000 loads per day. The transaction is expected to close by the end of the year, subject to regulatory review and approval. Upon completion of the transaction, the company will update its financial outlook.

American Dollar to Canadian Dollar = 0.704267; American Dollar to Chinese Yuan = 0.137482; American Dollar to Euro = 1.105028; American Dollar to Japanese Yen = 0.006910; American Dollar to Mexican Peso = 0.049027.

Spot rates on the benchmark trans-Pacific ocean shipping trade have increased by double-digits in just the past month, as the conflict  in the Middle East drives downstream effects to the other side of the globe. “On U.S.-bound trades from the Far East, freight rates are still elevated from one month ago as disruption in the Middle East continues to have a cascading effect through Southeast Asian transshipment hubs,” said analyst Peter Sand of shipping platform Xeneta, in an update. “Shippers moving cargo to the U.S. via these hubs are paying the price for bottlenecks created thousands of miles away.”