News Briefs - March 7
The Latest Headlines:
- Crude Oil Closes at Four-Month High
- Dynamex Approved to Trade on Nasdaq
- Ryder Buys New York City Rental Company
- Delphi CFO Resigns; Company Will Restate Earnings
- High Energy Prices Taxing Economy, Snow Says
- Dynamex Approved to Trade on Nasdaq
Crude Oil Closes at Four-Month High
Crude oil futures continued to rise Monday, closing at a four-month high, Bloomberg reported.Light sweet crude oil for April delivery rose 11 cents from Friday’s close to $53.89 a barrel.
While Bloomberg quoted OPEC officials saying they want to maintain stability, Venezuelan President Hugo Chavez said $40 to $60 per-barrel oil could be here to stay, CNBC reported.
Dynamex Approved to Trade on Nasdaq
Logistics and delivery firm Dynamex Inc. said Monday it had been approved to trade on the Nasdaq National Market.Dynamex, headquartered in Dallas, had been trading on the American Stock Exchange. It said it will begin trading on Nasdaq on March 14.
The company provides same-day delivery services in the U.S. and Canada.
Dynamex is ranked No. 69 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Transport Topics
Ryder Buys New York City Rental Company
Ryder System Inc. said Monday it acquired 4 G’s Trucking, a private truck rental and leasing company based in New York City.Terms of the deal were not disclosed. 4 G’s, in New York’s Brooklyn borough, has about 400 vehicles and 100 customers.
“4 G’s has been a well-managed company with a strong reputation in the New York City market,” said Mac Thibeau, vice president of Ryder’s Northeast operations.
Ryder is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Transport Topics
Delphi CFO Resigns; Company Will Restate Earnings
Auto parts maker Delphi Corp.’s finance chief and controller resigned and the company said it will restate three years of earnings after an internal audit, news reports said Friday.Chief Financial Officer Alan Dawes resigned after Delphi’s directors expressed “a loss of confidence in him,” the company said in a statement. The resignation came nine days after Chief Executive J.T. Battenberg said he will retire later this year, Bloomberg reported.
Delphi named John Sheehan, 44, acting chief financial officer, effective immediately, Bloomberg said.
Delphi, which has had losses in three of its first six years since being spun off from General Motors Corp., also said that its chief accountant and controller, Paul Free, left the company.
It said in a U.S. Securities and Exchange Commission filing that it had overstated cash flow from operations by $200 million in 2000, and in 2001 it overstated pretax income by $61 million, Bloomberg reported.
A company audit committee is investigating how Delphi booked rebates from suppliers and accounted for inventory sold in one quarter and repurchased in subsequent periods, Bloomberg said. Transport Topics
High Energy Prices Taxing Economy, Snow Says
Energy prices are too high and inhibiting economic growth, but the U.S. economy has so far been able to withstand the high prices, Treasury Secretary John Snow said on Sunday, Reuters reported.High energy prices act like a tax on the economy, Snow said in an interview on the ABC News program “This Week With George Stephanopoulos,” Reuters said.
U.S. policy makers are watching for signs higher energy costs could contribute to higher inflation, but say that so far, there is no evidence of that, Reuters said. Transport Topics
