News Briefs - Nov. 2
The Latest Headlines:
- Announced Job Cuts Top 100,000 Again in October
- Profits Rise at Expeditors International of Washington
- FedEx to Add New Flights Between Germany, Tennessee
- Profits Rise at Target Logistics
- Wisconsin to Reconstruct Interstate 94
- Profits Rise at Expeditors International of Washington
Announced Job Cuts Top 100,000 Again in October
Placement firm Challenger, Gray & Christmas Inc. said job-cut announcements by large corporations totaled more than 100,000 for a second month in October, Bloomberg reported.
he survey has not recorded two consecutive months of job losses exceeding 100,000 since January-February of 2003, according to Challenger.
The 826,160 job cuts reported this year are 21% less than the 1.04 million pace of a year earlier, Bloomberg reported.
Job-cut plans aren't the same as firings because many of the reductions will be carried out through attrition or early retirement. Some employees find work elsewhere in their companies, and many announced staff reductions never take place because business improves. Transport Topics
Profits Rise at Expeditors International of Washington
Seattle-based logistics company Expeditors International of Washington Inc. on Tuesday reported a net income for the third quarter of $43.1 million or 39 cents per share, compared with $32.6 million or 30 cents a year ago.Net revenues increased 22% to $240 million, the company said in a release.
"We continued to experience significant volume increases during the third quarter as our air freight tonnage was up over 27% while the ocean NVOCC container count increased over 24%," said Peter Rose, chairman and chief executive officer.
The company also said the fourth quarter was "shaping up to be a challenge" because carriers were increasing prices. Transport Topics
FedEx to Add New Flights Between Germany, Tennessee
FedEx Express confirmed Tuesday it would add new five weekly direct flights from Cologne, Germany, to Memphis, Tenn., beginning March 2005.On Monday, the Wall Street Journal reported the company was looking to expand. (Click here for more information.)
FedEx Express said in a statement it already provides flights from Paris; Stansted, England; and Frankfurt, Germany, to FedEx hub locations in the United States. Once these new routes begin, it will have a total of 28 trans-Atlantic weekly flights.
FedEx Corp. is ranked No. 2 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Profits Rise at Target Logistics
Target Logistics Inc. said its net income for its fiscal first quarter ended Sept. 30 was $245,723 or 1 cent per share, compared with $48,361 or less than one cent a year earlier.The company said in a statement that operating revenues rose 15.6% to $33 million.
"These results and our commitment to our overall strategy have enhanced our reputation in the freight forwarding industry and helped us to increase market share," said President Stuart Hettleman. Transport Topics
Wisconsin to Reconstruct Interstate 94
Wisconsin Department of Transportation Secretary Frank Busalacchi said the state would reconstruct the Interstate 94 North-South Corridor beginning in 2009, the Associated Press reportedThe I-94 corridor stretches about 35 miles from the Illinois state line to
he Mitchell Interchange, which is the interchange of I-43, I-94 and I-894
n Milwaukee.
Some 80,000 vehicles travel I-94 at the state line per day. In Milwaukee
ounty, traffic on the route increases to 147,000 vehicles daily, and nearly 200,000 vehicles per day travel on the Mitchell Interchange, WisDOT said.
WisDOT said the north-south corridor had pavement needs, safety issues and traffic congestion concerns, AP reported. Transport Topics
