A.M. Executive Briefing - Dec. 11
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Crude Oil Prices Rise Despite Iraq Settlement
Crude oil prices rose 2% Monday, although Iraq had settled its dispute with the United Nations over fuel prices, Bloomberg said. Concerns about a colder-than-normal winter in the U.S. Northeast, the nation's largest heating oil market, drove prices up, the article said.In London, crude oil prices jumped 52 cents to $27.08 per barrel in early Monday trading, while the price in New York went up 48 cents to $28.92 per barrel.
Crude oil prices experienced a slight decline of 3% after Iraq announced that the United Nations had agreed to its January pricing for oil exports, the wire service noted. Transport Topics
DaimlerChrysler to Restructure Truck Units
German car and truck maker DaimlerChrysler (DCX) said Monday that it plans to reorganize two truck-making units in February, Bloomberg reported. The company plans to rearrange operations of its heavy truck subsidiary and sport-utility vehicle unit that makes Mercedes-Benz M-class models. The changes include transferring the U.S. technical development unit to Germany and Japan.
The article said loss of $512 million in the U.S. unit Chrysler prompted the reorganization. Transport Topics
Freightliner Threatens to Shut Plant Unless Workers Ratify Contract
Freightliner has warned workers at a Mount Holly, N.C., plant that it will shut the facility and move the work to Mexico if the 1,743 union workers do not agree to a new contract by Friday, the Associated Press reported Sunday.Friday is the day the contract with the United Auto Workers expires. The plant was already scheduled to be closed for maintenance Dec. 22 through Jan 2, the news service reported.
Freightliner's first comprehensive contract offer came only days ago, when the company told UAW it would extend the current contract for three years - the only changes being selected wage increases for workers who were already at the top of the scale, according to AP.
The current range for hourly wages is now $11.50 to $20. Bloomberg News pointed out that two other Freightliner plants in the state were hit with job cuts earlier this year, affecting 2,200 workers. Transport Topics
FreightPro.com Nets $7M in Second Round of Financing
After more than a year in business, freightPro.com says it is defying the downdraft of the Internet economy and managed to get $7 million in second-round financing, from new investors as well as previous backers.Operating rather like a virtual trucking company, freightPro.com has 300 contract carriers and uses 14 warehouses, pricing shipments on the Internet based solely on their size and destination.
The Overland Park, Kan.-based company says it plans to spend the new infusion on information technology development, marketing and brand-recognition efforts and general working capital. Transport Topics
Genetic Corn Disruption Finally Hits Trucking
The controversy over genetically modified corn is going beyond rail and affecting trucking, a story in Monday's New York Times indicates.The paper said that dozens of trucks are being turned away from an Archer Daniels Midland plant in Cedar Rapids, Iowa, because their loads were contaminated by genetically modified StarLink corn.
StarLink was developed with its own pest resistance so it would not require as much pesticide as conventional corn. Conventional corn crops are getting contaminated in the field because StarLink is cross-pollinating with the conventional corn at a greater-than-expected rate, farmers told the Times. StarLink is not approved for human consumption.
Loads of corn are now being tested to see if they contain any of the modified corn. But critics have called the test methods arbitrary and said the GM corn should not be treated more stringently than any other contaminant.
Even if they get compensation for carrying loads that fail the test, truckers said they worry about finding new buyers. Transport Topics
Headlines From Friday's P.M. Briefing
- ArvinMeritor to Close Plant, Layoff Workers
- Landstar to Buy Back More Shares
- Florida Supreme Court Rules for Gore
- Bush Cabinet Names Floated
- Citizens' Group Ask NJ Assembly to Abolish Parkway Toll
- NYC Deliverymen Win $3M Minimum Wage Settlement
- Rail Intermodal Traffic Up Slightly
- Canadian Talks: Smog Reduction Yes, Climate Change No
- Calif. Power Shortage Could Disrupt Supply Chain
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