A.M. Executive Briefing - Dec. 1
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Four U.S. Trucking Subsidiaries File for Voluntary Bankruptcy
Four subsidiaries of U.S. Trucking filed voluntary bankruptcy petitions late Thursday, the company said. The subsidiaries of the Charleston, S.C.-based transportation company plan orderly liquidation of their assets.The company said the action was a result of a difficult operating year. The subsidiaries are UST Logistics, Inc., Mencor, Inc.Prostar, Inc. and Gulf Northern Transport, Inc. Transport Topics
Iraq Stops Exporting Oil; Prices Rise
Iraq made good on its threat to cut off exports Friday when it stopped loading crude oil at the Mediterranean and Persian Gulf ports, Bloomberg reported.
The news that Iraq halted exports drove crude oil prices up slightly in London and New York after several days of declines. In London, the price per barrel rose to $32.19, while in New York, the price rose 17 cents to $33.99 per barrel.
However, oil analysts say the price rise might be offset by the European and U.S. governments releasing oil from emergency reserves and Saudi Arabia's commitment to provide additional oil. Transport Topics
Ford Recalls 846,000 Explorer SUVs
Ford Motor Co. (F) is recalling thousands of its 1995 through 1997 Explorer sports utility vehicle due to faulty suspension, the Associated Press reported. The recall includes 846,591 Explorers, used by many trucking and utility fleets. Ford is also recalling 29,822 Mercury Mountaineers. The possible defect involves sway bars that may break off in cold weather, the wire service said. The bars connect the front wheel control arms.
The recall comes following a National Highway Traffic Safety Administration investigation into the problem.
Currently, thousands of Explorers are under recall for problems with their Firestone tires. Transport Topics
NTSB to Hold Hearing on Emery Plane Crash
The National Transportation Safety Board will hold a hearing on an Emery Worldwide cargo plane crash, Bloomberg News reported Thursday. NTSB has not yet named a date for the hearing. The Feb. 16 crash of the DC-8 freighter near Sacramento killed all three crew members, and investigators have said they are trying to find out whether an improperly secured load was contributed to the accident, according to Bloomberg.
Emery Worldwide is owned by CNF Inc. (CNF), which owns four regional trucking companies. Transport Topics
Mexico To Get New President Friday
Mexico will have a new president Friday when the National Action Party's Vicente Fox is sworn in around noon, the Associated Press reported. Fox was elected in July.Mexico is one of the largest trading partners of the United States and a huge cross-border trucking market.
Fox's inauguration ends 71 years of domination by the Institutional Revolutionary Party (PRI), the report said. He inherits major decisions concerning cross-border issues such as the North American Free Trade Agreement that boosts trade between Canada, the United States and Mexico.
This week, a Nafta panel rejected current U.S. restrictions on Mexican trucks, and both sides have about two weeks to respond. Transport Topics
Regulators Won't Block Citigroup-Associates Merger
Truck financier Associates First Capital Corp. (AFS) has been officially purchased by Citigroup (C) after banking regulators at the federal and state levels said they would not block the move, the Associated Press reported Thursday.Consumer lending practices at both companies have aroused the ire of citizen groups, and one threatened legal action in Missouri, according to AP.
The truck finance division has been more commonly known as The Associates. Transport Topics
FedEx Logistics' McCarthy Retiring Next Spring
Joseph C. McCarthy, president and chief executive officer of FedEx Logistics, plans to retire May 31, the company announced Thursday.McCarthy joined the company in 1983. During his stint as senior vice president of the Asia Pacific region, McCarthy oversaw integration of Flying Tigers into the FedEx (FDX) network. Transport Topics
Motor Cargo Industries Repurchasing Stock
Western less-than-truckload carrier Motor Cargo Industries, Inc. (CRGO) announced that as of Thursday, the Company had repurchased a total of 512,660 shares of common stock as part of its stock repurchase program initiated in March of 1999.The Salt Lake City-based company has 6,477,340 shares of common stock outstanding.
Under the share repurchase program, MCI is authorized to purchase up to 700,000 shares of its outstanding common stock. The company said it intends to continue to repurchase shares and hopes to complete the full authorization by the end of the year. Transport Topics
Tiny Gain for Intermodal Traffic
Intermodal freight volume at major U.S. railroads showed a 0.6% increase last week compared to 1999 levels, the Association of American Railroads reported. The total count for trailers and containers was 140,352 units compared to 139,470 last year.In each category, trailers declined 13.8% with 42,668 units and containers rose 8.6% with 139,470 units.
Railroads reporting to AAR account for 98% of U.S. rail intermodal volume. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Renault/Volvo Review May Run Past Christmas
- Truckmaker Layoffs Raise Unemployment Figures
- Tire Association Projects Trends for Truck Tires
- USF Logistics Appoints New CFO
- Pa. High Court Says Owner-Operator Ineligible for Workers' Comp
- Clinton Could Decide On Oil Exploration in Alaska
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