News Briefs - Dec. 17
The Latest Headlines:
- Price of Oil Posts Largest Weekly Gain Since January 2000
- Knight to List on the NYSE
- Seven More Charged in Chicago Trucking Scandal
- Rail Intermodal Volume Post Third-Highest Weekly Total
- At November Meeting, Fed Said Economy Would Grow in 2005
- Knight to List on the NYSE
Price of Oil Posts Largest Weekly Gain Since January 2000
The price of crude oil on Friday rose $2.17, or 4.9%, to $46.35 a barrel on the New York Mercantile Exchange, the highest closing price since Dec. 1, Bloomberg reported.Although prices have fallen about 17% from a record of $55.67 on Oct. 25, they did increase 14% this week, the biggest weekly gain since January 2000. Prices are up 43% in 2004.
Analysts said oil rose on expectations that below-normal temperatures would boost demand for heating oil, Bloomberg said. Transport Topics
Knight to List on the NYSE
Truckload carrier Knight Transportation Inc. said late Thursday its common stock was accepted for listing on the New York Stock Exchange.Knight said in a statement it anticipated shares to begin trading Dec. 30, under the symbol "KNX." Until then, shares would continue trading on the Nasdaq National Market under the symbol "KNGT."
"We believe the NYSE is the premier market in the world and that its auction market is well-suited for our company and our shareholders," said Kevin Knight, chairman and chief executive officer.
Knight is ranked No. 57 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Seven More Charged in Chicago Trucking Scandal
Seven people in Chicago were indicted Thursday on charges of taking part in a scheme that collected $500,000 in cash, campaign money and gifts through a city trucking program, the Associated Press reported.The indictments brought to 14 the number of defendants charged so far in the investigation into allegations that trucking companies received preferential treatment when city hauling work was outsourced through the $38 million-a-year hired truck program if the companies paid off city officials, AP said.
Two former City Hall officials were charged with taking part in a racketeering conspiracy, carrying a maximum 20-year prison term, AP said.
The other five, including three trucking company operators, were charged with offenses ranging from mail fraud to perjury. Transport Topics
Rail Intermodal Volume Post Third-Highest Weekly Total
The Association of American Railroads said Thursday that rail intermodal traffic totaled 235,625 trailers and containers in the week ended Dec. 11, up 12.3% from a year earlier and the third highest weekly total on record.Railroad volume is considered an important economic indicator. Intermodal traffic, which tends to be higher-valued merchandise than bulk commodities, uses trains for the long haul and trucks for the shorter distance at either end of the trip.
Trailer volume was up 11.5% and container traffic grew by 12.7% for the week, AAR said. Transport Topics
At November Meeting, Fed Said Economy Would Grow in 2005
Policy-setting members of the Federal Reserve said at their November meeting the U.S. economy was poised for steady growth in 2005, news services reported.However, members were worried whether government spending would be brought under control. The Fed raised interest rates for the fourth time this year by a quarter-point at the end of its Nov. 10 meeting. It again raised rates by .25% earlier this week.
During its November meeting, some Fed members said there were uncertainties about prospects for energy prices and for fiscal policy, Bloomberg reported. They are said slowing growth in foreign economies and Americans' appetite for imports may continue to widen the U.S. current account deficit.
The Fed said this week it would speed up the release of the minutes from FOMC meetings, publishing them three weeks after each meeting rather than waiting until after the following meeting. Transport Topics
