News Briefs - Feb. 20
The Latest Headlines:
- S.D. Legislature Reaches Compromise on Overweight Trucks
- Philly Fed Says Factory Activity 'Mostly Flat'
- Local Teamsters Representatives Approve Tentative Contract
- Oil Price Falls After Bush Seeks UN Support on Iraq
- Philly Fed Says Factory Activity 'Mostly Flat'
S.D. Legislature Reaches Compromise on Overweight Trucks
The South Dakota state Legislature has reached a deal to reduce fines for truckers that haul too much cargo, the Associated Press reported Thursday.Sen. Bill Napoli, a Republican from Rapid City, S.D. said that lawmakers in the state have agreed to reduce the current fines by one-third for first-time violators. Drivers caught again in a 12-month period would be subject to the current, higher fines, AP reported.
AP said that state officials have cracked down on overweight trucks to limit damage to roads and highways. Transport Topics
Philly Fed Says Factory Activity 'Mostly Flat'
The Federal Reserve Bank of Philadelphia said that in February “activity in the region's manufacturing sector was mostly flat, according to firms surveyed for this month's Business Outlook Survey.”The Philly Fed compiles its information by surveying all of the manufacturing firms in eastern Pennsylvania, southern New Jersey and Delaware with more than 100 employees.
In a release, the Philly Fed said that 47% of all firms surveyed reported no change in new orders, while only 19.4% reported an increase in orders. The survey also showed that 26.3% of all the surveyed companies had more shipments in February than in January, 45.9% reported no change in shipments and 26.3% said they had fewer shipments.
“Expectations for growth diminished again in February, although manufacturing executives still expect conditions to improve over the next six months,” the Fed said. Transport Topics
(Click here for the full press release.)
Local Teamsters Representatives Approve Tentative Contract
Representatives from the Teamsters union local chapters unanimously approved the tentative National Master Freight Agreement, setting the stage for the union’s full membership to vote on the pact, the union said in a release.The union said that the new deal includes significant wage and benefit increases, as well as stronger negotiating and right-to-strike powers.
The NMFA is a contract between the Teamsters and several unionized less-than-truckload carriers.
The Teamsters said that its members should receive their ballots on the contract in early March. Transport Topics
Oil Price Falls After Bush Seeks UN Support on Iraq
The price of crude oil fell in overnight, after-hours trading Thursday after President Bush called on the United Nations Security Council to issue a second resolution authorizing military action against Iraq, Bloomberg reported.In trading on the New York Mercantile Exchange, the price of oil fell 27 cents a barrel to $36.69, Bloomberg said.
Traders were also encouraged, according to Bloomberg, by news Wednesday that Saudi Arabia would support the lifting of oil production quotas if a future war in Iraq pinches oil supplies from the region.
Crude oil is often distilled down to motor fuels like diesel and gasoline. The prices of oil and its residual fuels have been flirting with multi-year highs in recent weeks. Transport Topics
