News Briefs - March 19
The Latest Headlines:
- FedEx Reports Improvement in Fiscal 3Q
- Storm Shutters Denver Airport, Roads
- Volvo, Delphi Ink Deal on Sleeper Controls
- Crude Oil Prices Rise on War Anticipation
- Storm Shutters Denver Airport, Roads
FedEx Reports Improvement in Fiscal 3Q
FedEx Corp. said Wednesday that its net income rose 23% in the fiscal third quarter to $147 million or 49 cents a share from the $120 or 39 cents per share it earned in the same quarter in 2002.In the quarter ended Feb. 28, the company said sales rose to $5.55 billion from $5.02 billion the previous year.
The company said that it delivered more goods purchased as holiday gifts off of the Internet and that international cargo shipments rose during the third quarter.
(Click here for the full press release.)
Storm Shutters Denver Airport, Roads
A major late-winter storm dropped more than two feet of snow in the Rocky Mountains Tuesday, closing several highways and shutting down Denver International Airport – the major air hub in the region, news services said.The Rocky Mountain News reported that airport workers were passing out bottled water and cots to travelers stranded by the storm. The airport, the paper said, is technically still open, but many air carriers are suspending their operations for Wednesday.
The storm also closed schools on Tuesday and Wednesday and made many highways impassable, the Associated Press reported. Transport Topics
Volvo, Delphi Ink Deal on Sleeper Controls
Delphi Corp. said Wednesday that it has signed an agreement to centralize the controls on sleeper cabs in Volvo Trucks North America Inc.’s VN series of Class 8 trucks.The integrated mechanical and electronic system centralizes most of the fuses for the lights and outlets in the sleeper. The system also houses interior light buttons, auxiliary controls for heat, vents and air conditioning, as well an alarm clock and heater timer from a single module, the company said.
One of the touted features of the system, Delphi said, was an automatic shut-off of appliances when the truck’s battery system is running low. Transport Topics
(Click here for the full press release.)
Crude Oil Prices Rise on War Anticipation
The price of crude oil rose Wednesday morning as traders began to anticipate an attack on Iraq by a U.S.-led coalition, Bloomberg reported.Crude oil prices had posted four straight days of declines, shedding 18% from its price over that time, Bloomberg said.
Analysts told Bloomberg that after such a large sell off, a rebound in prices is not unexpected.
On the International Petroleum Exchange in London, oil prices rose 48 cents a barrel to $27.73 in mid-morning trading. On the New York Mercantile Exchange, oil prices continued to decline, falling 19 cents to $31.48, Bloomberg said. Despite the decline in the U.S., traders expected prices to correct a bit and rise during the trading day Wednesday. Transport Topics
