News Briefs - Nov. 10
The Latest Headlines:
- Trailer Bridge Swings to Profit in 3Q
- Jobless Claims Rise 2,000 in Latest Week
- Trade Gap Narrows to $51.6 Billion in September
- Ashcroft, Evans Resign From Bush's Cabinet
- IEA: Oil Prices May Have Peaked as Supply Rises
- Import, Export Prices Both Rise in October
- Jobless Claims Rise 2,000 in Latest Week
Trailer Bridge Swings to Profit in 3Q
Trailer Bridge Inc., a provider of integrated trucking and marine freight services, said its net income for the third quarter was $1.2 million or 5 cents per share, compared with a net loss of $863,219 or 13 cents a year earlier.Revenue for the quarter was $24 million, an increase 5.8%, the company said in a statement.
"Despite an unusually active hurricane season that caused some schedule disruption in September, Trailer Bridge still increased its total operating revenues for the quarter," said John McCown, chairman and chief executive officer.
Jobless Claims Rise 2,000 in Latest Week
The Labor Department said Wednesday the number of Americans filing initial claims for jobless benefits rose by 2,000 to 333,000 in the week ended Nov. 6.So far this year, claims have averaged 344,222 a week, Labor said. The four-week moving average of claims, a less-volatile indicator, declined to 336,000, the lowest since the week ended July 3, from 341,500.
Labor also said the number of people continuing to collect state jobless benefits rose to 2.813 million in the week that ended Oct. 30 from 2.794 million a week earlier. Transport Topics
Trade Gap Narrows to $51.6 Billion in September
The Commerce Department said Wednesday the U.S. trade gap narrowed 3.7% in September to $51.6 billion as oil imports fell and exports of U.S. goods and services rose to a record.However, the deficit was still the third-largest ever. The record gap was $55 billion in June.
Imports of goods and services fell 0.8% in September to $149 billion, second only to the $150.2 billion in August.
All exports rose 0.8% to $97.5 billion, led by foods, industrial supplies, capital goods and consumer goods. Exports of automotive vehicles, parts and engines, at $7.7 billion were second only to the $7.8 billion in August.
The U.S. deficit through September totaled $444.5 billion, compared with $371 billion in the first nine months of 2003. The deficit for all of 2003 was a record $496.5 billion. Transport Topics
Ashcroft, Evans Resign From Bush's Cabinet
The White House said that Attorney General John Ashcroft and Commerce Secretary Don Evans resigned on Tuesday, the Associated Press reported.President Bush named White House counsel Alberto Gonzales as attorney general on Wednesday, picking the administration's most prominent Hispanic, AP reported.
Bush was considering Mercer Reynolds, for Evans' job at Commerce, AP said. As national finance chairman for the Bush campaign, Reynolds raised more than $260 million to get him re-elected.
Agriculture Secretary Ann Veneman, Interior Secretary Gale Norton and Environmental Protection Agency Administrator Michael Leavitt all have said they want to continue in Bush's Cabinet, AP reported.
In addition, Treasury Secretary John Snow will remain at least through the middle of next year, Bloomberg reported. Transport Topics
IEA: Oil Prices May Have Peaked as Supply Rises
The International Energy Agency said the price of crude oil may have peaked as Saudi Arabia, the United States and other countries have boosted production, and record high prices restrained demand, Bloomberg reported.World oil supply rose by 890,000 barrels a day in October to a record 84.6 million barrels as supplies from the U.S. Gulf of Mexico recovered from hurricane damage, Bloomberg reported.
Crude oil has dropped 15% since reaching a record $55.67 a barrel on Oct. 25 on the New York Mercantile Exchange. Oil prices above $50 a barrel have hurt consumption around the world. Transport Topics
Import, Export Prices Both Rise in October
The price of goods imported into the United States grew 1.5% in October, the Labor Department said on Wednesday.Higher prices for imports can hurt truckers who carry goods inland from ports to stores and warehouses.
With oil prices hitting a record in October, the cost of petroleum products climbed 11.7% last month. Non-petroleum imports declined 0.2% to post their first decrease since October 2003, Labor said.
Labor also said export prices were up 0.7% compared with 0.4% in September. Transport Topics
