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Dallas Fed's Fisher, Philadelphia Fed leaders to retire in 2015

WASHINGTON — The outspoken president of the Federal Reserve Bank of Philadelphia will step down in March, shortly before the central bank is expected to raise interest rates for the first time since the recession, the regional bank said Monday.

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RadioShack sees stock jump on investment report

Fort Worth-based RadioShack saw its stock increase as much as 45 percent on Friday as investor Standard General LP said it was continuing talks on new financing for the electronics retailer.

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Fort Worth couple gets in 'Shark Tank,' comes out with deal

A Fort Worth couple who started a business when they couldn’t sleep, were the first entrepreneurs to get a deal on ABC’s Shark Tank in the season premiere on Sept. 26.

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Internal audit says EPA mismanaged Fort Worth project

FORT WORTH, Texas (AP) — An internal audit by the U.S. Environmental Protection Agency reveals the agency mismanaged an experiment using new ways to demolish asbestos-ridden buildings.

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Weatherford's Wild Mushroom to open in Fort Worth's Ridglea Village

Weatherford restaurant staple The Wild Mushroom Steak House & Lounge will be coming to Fort Worth in November, moving into the former site of Ray’s Steakhouse at to 3206 Winthrop Ave. in the Ridglea Village Shopping Center.

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BNSF plans to upgrade tanker fleet after accidents

BNSF trains. Photo courtesy of BNSF

MATTHEW BROWN, Associated Press


BILLINGS, Mont. (AP) — BNSF Railway Co. said Thursday it intends to buy a fleet of 5,000 strengthened tank cars to haul oil and ethanol in a move that would set a higher safety standard for a fleet that's seen multiple major accidents.

The voluntary step by the Texas-based subsidiary of Warren Buffett's Berkshire Hathaway, Inc. comes as railroads in the U.S. and Canada are under intense pressure to improve safety for hazardous materials shipments.

There's been a string of recent train accidents involving oil and ethanol, punctuated by a crude shipment that derailed in Quebec last July and killed 47 people.

A boom in domestic oil drilling and rising ethanol production spurred a dramatic increase in shipments of the materials by rail. Much of it is being hauled by an old fleet of some 78,000 tank cars that are prone to split during accidents.

Thursday's announcement marks a potential major step in addressing that problem. However, it would not mean those older cars would go away, and there's already a two-year backlog on new tank car construction.

In announcing that it will ask manufacturers to submit bids for the new cars, BNSF indicated it was unwilling to wait for the U.S. Department of Transportation to finalize pending regulations on improved tank cars.

The company said it hoped to accelerate the transition to a new generation of safer tank cars and give manufacturers a head start in designing them as federal officials consider changes to the current standards.

Typically, railroads don't own the tank cars they pull, making BNSF's proposal somewhat unusual. But whether it will spur other shipping companies or railroads to follow suit was uncertain, said Tom Simpson, president of the Railway Supply Institute, a trade association representing tank car manufacturers and owners.

"Everyone has the right to go to a tougher standard," Simpson said. "We'll see how it plays out.

BNSF spokeswoman Roxanne Butler said the request for bids on new cars reflects the company's "commitment to crude-by-rail growth and improving the overall safety of crude transportation."

In addition to the older tank cars that are prone to fail, there are about 14,000 cars being used that were built according to a more stringent standard established by the industry in 2011. BNSF's proposal would go further still.

Among the added safety features being sought by the company are ½-inch thick steel shields that would go on either end of the tank cars to help prevent them from cracking open during accidents. The new cars also would have pressure-relief valves capable of withstanding an ethanol-based fire and a tank body made of thicker steel than existing cars.

Butler said she had no time frame on when the tank cars could be built and put into use.

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Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?