A.M. Executive Briefing - Aug. 22
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Fed Officials Meet, But Don't Expect Interest-Rate Change
Federal Reserve Chairman Alan Greenspan meets Tuesday with other Fed leaders for one of their periodic reviews of the economy and what they should do with U.S. interest-rate policy. Analysts are widely agreed the Fed will take no action when it announces its policy stance Tuesday afternoon.That means short-term interest rates will hold steady a while longer, and Fed watchers increasingly say the Fed will probably make no further rate changes until after the presidential elections in November.
The economic reason is that the economy shows signs of cooling, at least in key sectors such as housing and some types of manufacturing, while price inflation overall remains fairly tame. Traditionally, the Fed also tends to stay out of action during the last months of a key election, when anything it does could become a political issue. Transport Topics
V & S Transportation Hooks Up With freighPro.com
Overland Park, Kan.-based freightPro.com has signed up V & S Transportation to work as an agent in the Los Angeles area in the company's effort to integrate warehousing and trans-portation services, it was announced Tuesday.Customers looking to move freight to or from the Los Angeles area will be able to use the freightPro.com web site and plug in the zip codes of origin and destination along with weight information to order shipping service.
"Affiliating with freightPro.com gives us a sales presence across the country and the opportunity to expand the type of freight we carry beyond electronics," said Robert L. Reed, president of the Rancho Dominguez, Calif.-based carrier. Transport Topics
GE To Invest In FreightWise
A letter of intent making the General Electric Co. a strategic investor in FreightWise Inc. has been signed, the Internet freight transportation firm said Tuesday.No details of the agreement were given. The companies hope to finalize it by the end of September.
"By becoming a strategic investor in FreightWise and actively participating in the online exchange, GE will expand its presence in technology and services that will bring greater productivity and on-time performance to the transportation industry." said John Krenicki, president of GE Transportation Systems.
FreightWise officials said the deal will help the firm gain a stronger hold in the load-matching market between buyers and sellers of transportation services. Transport Topics
Mack To Open Up Supplier Bidding Online
Mack Trucks Inc. hopes to save money via a pilot program with ICG Commerce where suppliers can do online bidding for truck manufacturer projects.The company announced Tuesday that ICG Commerce will hold several auctions online for approximately $15 million in manufacturing and assembly materials.
Mack purchasing agents will work with ICG Commerce's auction team and suppliers in what should significantly shorten the bidding and negotiation process and bring a cost savings to Mack, ICG Commerce President Rick Berry said. The online auction will use real-time pricing information and provide immediate feedback to suppliers. Transport Topics
Condor Freight Moving California Hub To Central Valley's MidState99 Center
Condor Freight Lines will put its major California distribution hub in Visalia at the burgeoning MidState99 Distribution Center.The 16,000-square-foot facility will include 38 truck docks and be built on five of the 444 acres that make up the MidState99 center, which sits in the heart of California's Central Valley, south of Fresno. The project is being developed by Visalia-based The Allen Group. Transport Topics
China Southern Airlines Adds Cargo Service to New York
China Southern Airlines said it has opened a cargo drop-off station at New York's JFK International Airport for cargo connecting to Shenzhen, China.Shipments received before 6 p.m. Tuesday, Thursday or Saturday will be sent by truck to Chicago in time for next-day cargo service to Shenzhen.
Last week, China Southern announced it would expand its cargo service with a line to San Francisco. Transport Topics
Overnite Expands Regional Service Into Five Additional States
Overnite Transportation announced it will expand its Advantage Overnite service into five more states, and has improved more than 2,000 of its regional transit times.With the addition of Arkansas, Kansas, Louisiana, Missouri and Oklahoma to its roster, the company said Advantage Overnite now provides 100% coverage to 32 states east of the Rocky Mountains.
Overnite last week announced the expansion of Advantage Canada, increasing its coverage to several more Canadian provinces. Transport Topics
Successful First Half Puts Port of Tacoma on Pace For Record Container Year
Strong first-half results have the Port of Tacoma, Wash. predicting record container vol-umes and intermodal lifts for the year, port officials said Monday.Container volumes for January through June totaled 643,112 containers, a 7% increase, while the port’s June container total of 133,000 was its highest-ever monthly container volume. International container volumes were up about 10%.
For the year, the port said it expects top handle a total of 1,370,000 containers and 313,000 intermodal lifts – increases of 8% and 14%, respectively, over 1999 levels.
This news, combined with strong showings from California ports of Los Angeles and Long Beach announced last week, bode well for the West Coast trucking industry, which handles ground transportation of this cargo. Transport Topics
Fed-Up Trucker Solves Problem By Inventing Mud Flap Hanger
Tired of mud, ice, scraped knuckles and other hazards caused when one of his truck's mud flaps tore off, Bill Adrian took matters into his own hands and invented a better method, the Associated Press reports.Adrian invented the EZ Grip Mud Flap Hanger, which uses a gripping jaw to hold the mud flap in place, rather than bolts. With the hanger, a mud flap that gets caught on something will pull loose, rather than tear from the bolts and require replacing, the article said.
Adrian's product is catching on with truckers and companies in several regions, particularly those where ice is a major problem in winter, the article said. Transport Topics
