News Briefs - Nov. 11
The Latest Headlines:
- Boston's 'Big Dig' Project Suffering From Leaks
- Delphi Delays Earnings Report Due to SEC Probe
- Freight Railroads Announce Cooperative Agreement
- Report: Revenues Increasing for Many Canadian Trucking Firms
- Bush Names Gonzales as Attorney General
- Delphi Delays Earnings Report Due to SEC Probe
Boston's 'Big Dig' Project Suffering From Leaks
Boston's "Big Dig" highway project is riddled with leaks dumping millions of gallons of water into the $14.6 billion tunnel system, news services reported.Jack Lemley, a consultant hired by the Massachusetts Turnpike Authority to investigate the problem, told the Boston Globe it could take up to 10 years to fully fix the problem.
Fixing just one large leak that was discovered in September could take two months and traffic lane closures, he said.
Delphi Delays Earnings Report Due to SEC Probe
Vehicle parts maker Delphi Corp. said Wednesday it was postponing a quarterly financial report because of a federal investigation into $148 million in dealings with Electronic Data Systems Corp. and another information technology company, the Associated Press reported.Delphi disclosed Sept. 29 the Securities and Exchange Commission was investigating its dealings with EDS. Both companies are former divisions of General Motors.
The company said it would postpone its third-quarter 10-Q report because of the SEC case, its own internal probe and the inability of the accounting company Deloitte & Touche LLP to sign off on the financial report, AP said.
"The audit committee of the company's board of directors is conducting an internal review into the accounting treatment accorded to certain transactions with suppliers, including those for information technology services," Delphi said in a filing with the SEC on Wednesday. Transport Topics
Freight Railroads Announce Cooperative Agreement
Norfolk Southern Railway, Canadian National Railway and Canadian Pacific Railway said earlier this week they reached a deal that would improve freight service between eastern Canada and the United States.he deal would give Norfolk Southern and Canadian National a direct north-south routing over CPR's lines south of Montreal. That would cut about 330 miles and as much as two days off some 20,000 annual shipments into the United States, Norfolk Southern said in a statement.
"This is an important initiative that takes costs out of the rail industry by placing freight traffic on the most efficient routing without regard to ownership," said Rob Ritchie, chief executive officer of CPR.
The deal is expected to be implemented on Nov. 19, the companies said. Transport Topics
Report: Revenues Increasing for Many Canadian Trucking Firms
The Canadian government said there were an estimated 3,186 for-hire trucking companies based in Canada with annual revenues of $1 million or more in the second quarter of 2004, up from 2,887 a year earlier.Total operating revenues increased 18.9% to C$6.31 billion, while operating expenses rose 21.9% to C$6.02 billion, the government said in a statement.
Revenues from international movements rose 21% and inbound movements jumped 19.8%, the statement said. Transport Topics
Bush Names Gonzales as Attorney General
President Bush has selected White House lawyer Alberto Gonzales to serve as attorney general.Gonzales must be confirmed by Congress. He would replace John Ashcroft.
Bush has yet to name a replace for Commerce Secretary Don Evans, who also announced his resignation this week. Transport Topics
