Coast to coast: Union Pacific and Norfolk Southern acknowledged Thursday that they were in merger talks that would create a single U.S railroad with rails stretching service from East to West Coasts. The Associated Press reported last week that the companies were discussing a tie-up but neither company confirmed until Thursday morning. The potential merger would combine the largest and smallest of the country’s six major freight railroads. Read more from the Associated Press.

Exempt: President Donald Trump issued a proclamation exempting certain chemical manufacturing facilities—including several in Louisiana—from upcoming changes to the EPA’s Hazardous Organic National Emission Standards for Hazardous Air Pollutants. The new rule, finalized last year, would impose stricter emissions control requirements on facilities in the synthetic chemical and polymer manufacturing sectors. Read more from The Center Square.

Picking up: U.S. business activity picked up in July, but companies asked higher prices for goods and services, supporting economists’ views that inflation will accelerate in the second half of the year mainly because of tariffs on imports. Despite the increase in activity this month, the survey from S&P Global on Thursday also shows sentiment among businesses remains downbeat. Read more from Reuters.