(Adds BNSF and Union Pacific comment)

LOS ANGELES, July 13 (Reuters) - Railroads and importers must remove cargo that is stacking up at the nation's busiest seaport in Los Angeles to avoid exacerbating supply chain congestion, the port chief said on Wednesday.

"We must take action on this issue immediately to avoid a nationwide logjam," Port of Los Angeles Executive Director Gene Seroka said on a media call.

Rail service disruptions are slowing U.S. cargo flows and helping to stoke inflation, which is at a 40-year high.

Resulting backlogs at the Port of Los Angeles threaten to undo progress workers have made clearing docks after pandemic-fueled imports inundated the property and left more than 100 ships queueing offshore.

More than 29,000 rail containers are sitting on Southern California port docks. That number should not be more than 9,000, Seroka said.

He called on importers to expedite container pickups and on railroads to send crews, locomotives and rail cars to the port to evacuate the goods.

Union Pacific and Berkshire Hathaway-owned BNSF serve the Port of Los Angeles. They and other major U.S. railroads slashed jobs and mothballed equipment before the pandemic upended the nation's transportation systems.

Contract negotiations between those railroads and unions representing 115,000 of their workers have deadlocked after more than two years. Both sides in the talks expect President Joe Biden to appoint a panel to recommend terms for a deal.

The railroads' cost-cutting moves stoked profits but "there wasn't any buffer" for demand shocks and service disruptions caused by home-bound shoppers' binge on exercise equipment, furniture, appliances and other goods, Stifel analyst Ben Nolan said.

Shipping containers clogged railroad connections in Chicago and other points in the Midwest before rippling out to other parts of the country.

Union Pacific and BNSF say they are working to address labor and equipment shortages. They said their operations are dependent on prompt cargo pickups and quick equipment returns.

(Reporting by Lisa Baertlein in Los Angeles; Editing by Cynthia Osterman and Leslie Adler)

formally responded to Twitter lawsuit seeking to force him to go through with his $44 billion takeover of the social-media platform and included counterclaims against the company. It isn’t unusual for counterclaims against a public company to be filed confidentially, pending review for possible redactions of sensitive information. One of the counterclaims by Mr. Musk is expected to center on the allegation that Twitter changed its number of monetizable daily active users shortly after agreeing to the deal, and then didn’t provide thorough responses to requests by Mr. Musk’s team for data on the spam number, according to people familiar with the matter.

Diversification isn't necessary if you know what you're doing, according to the Oracle of Omaha.

Here’s a good bit of news for retirees in 2022: you can keep more money in your tax-deferred retirement accounts.

(Bloomberg) -- With recession fears mounting—and inflation, the war in Ukraine and the lingering pandemic taking a toll—many tech companies are rethinking their staffing needs, with some of them instituting hiring freezes, rescinding offers and making rounds of layoffs.Most Read from BloombergThe Crypto Collapse Has Flooded the Market With Rolex and PatekAlito Decries 'Hostility to Religion' in First Public Remarks Since Abortion Decision Rockstar Games Cleaned Up Its Frat-Boy Culture — and Gran

NEW YORK—The U.S. Securities and Exchange Commission on Friday added Alibaba Group Holding to a list of Chinese companies at risk of being delisted from the U.S. exchanges if their auditors can’t be inspected before spring 2024. The move comes days after Alibaba said it would apply for a primary listing in Hong Kong, where it obtained a secondary listing in 2019. Securing a primary listing in the Asian financial hub would allow Alibaba’s shares to continue to be traded even if it is booted from the American bourse.

RCI Hospitality Holdings acquired the Cheetah Gentlemen’s Club in Hallandale Beach for $25 million. The Houston-based owner of 52 strip clubs (Nasdaq: RICK) said it acquired the Cheetah for $10 million in cash and $15 million in seller financing, which comes due in 10 years with 6% interest. The deal includes both the business assets and the 14,000-square-foot nightclub on 2.2 acres at 100 Ansin Blvd. According to property records, the seller was 100 Ansin Blvd Property LLC, managed by Jose Rodriguez in Hallandale Beach.

For more than a decade, U.S. Bank pressured its employees to open fake accounts in their customers' names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at Wells Fargo last decade.

SIGA BioArmor CEO Phil Gomez joins Yahoo Finance Live to discuss the latest on the global monkeypox outbreak and what resources the U.S. currently has available to fight it, including vaccines.

More than a year after an activist investor-led shake-up, Exxon Mobil has ticked a lot of boxes to endear itself to its shareholders. Exxon Mobil on Friday said it generated nearly $16.9 billion in free cash flow in the second quarter, the highest since 2008 and roughly $900 million more than analysts polled by Visible Alpha had expected. Quarterly net income for both Exxon and Chevron hit a record—not entirely surprising given that Brent crude prices averaged $113.78 a barrel in the second quarter, a $12 per barrel increase compared with the first quarter.

WILMINGTON, Del. (Reuters) -Elon Musk countersued Twitter Inc on Friday, escalating his legal fight against the social media company over his bid to walk away from the $44 billion purchase, although the lawsuit was filed confidentially. Musk's lawsuit was filed hours after Chancellor Kathaleen McCormick of the Delaware Court of Chancery ordered a five-day trial beginning Oct. 17 to determine if Musk can walk away from the deal. Twitter did not immediately respond to a request for comment.

(Bloomberg) -- Russia is boosting natural gas shipments to China as it curbs flows to Europe, a dynamic that may offer some respite from the unprecedented rally in energy costs, according to consultant Accenture Plc.Most Read from BloombergThe Crypto Collapse Has Flooded the Market With Rolex and PatekAlito Decries 'Hostility to Religion' in First Public Remarks Since Abortion Decision Rockstar Games Cleaned Up Its Frat-Boy Culture — and Grand Theft Auto, TooChinese Government Asked TikTok for S

The bulk of the settlement, which does not include the company's largest investor at the time, will be paid out by the company's insurers.

Moving from a paycheck to multiple retirement income is complicated. Understanding retirement income types and how to manage them can be beneficial.

The two largest U.S. oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier. Exxon outpaced its rivals with a $17.9 billion quarterly profit, the most for any international oil major in history. Chevron, Shell and Total ran to catch up with Exxon's aggressive buyback program, which was kept unaltered.

Both Yellow Corp. and its former deputy general counsel are accusing each other of impropriety as they battle in court over an employment agreement.

The definition of retirement has vastly changed from that of previous generations. This comes from Edward Jones’ and Age Wave’s latest representative study of more than 11,000 North American adults, “Longevity and the New Journey of Retirement.” The study offers some key insights about the changing definition of retirement, the patterns of people’s experience in retirement and, most importantly, the keys to thriving along the way.

Iconic hardware and power tool manufacturer being hurt by lower demand, inflationary pressures

Exxon Mobil and Chevron will be reporting second-quarter earnings early Friday. Investors are watching for oil field inflation impact.

Walmart (NYSE: WMT) had bad news for investors on July 25. It's certainly bad news for Macy's (NYSE: M) shareholders to hear that consumers are pulling back on buying clothes. The category is a large percentage of Macy's overall sales, so the update from Walmart is concerning, to be sure.

A U.S. federal district court dismissed the U.S. Securities and Exchange Commission’s motion to revoke the “amici curiae” or “friends of the court” status granted to XRP holders in an order on Tuesday. See related article: SEC wins time to resist crucial document handover to Ripple in XRP lawsuit Fast facts In a letter to […]