A.M. Executive Briefing - Dec. 7
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Big Three Expected to Announce Internet Parts Exchange
The big three U.S. makers of autos and light trucks are expected to make a "joint e-business" announcement at 9:30 a.m. Thursday, Reuters reported.Ford Motor Co. (F), General Motors (GM) and DaimlerChrysler (DCX) have invited the media to an announcement in Michigan, and the Wall Street Journal is reporting that an online parts exhange will be announced. National Public Radio reported during Morning Edition that antitrust concerns over such a venture had apparently been allayed.
Competitive prices and faster service for independent body shops will be a benefit, according to the Journal.
Texas to Tighten Truck Tailpipe Standards, Restrict Other Diesels
The Texas environmental agency has approved tightening tailpipe tests for trucks and cars, sale of cleaner diesel fuel and retirement or replacement of off-highway diesel equipment as part of a plan to bring the city's air into compliance with federal standards, the Associated Press reported Thursday.The plan officials will submit to the Environmental Protection Agency also contains a morning ban on the use of diesel construction equipment during part of the year, the news service said.
Speed limits - which are as high as 70 miles per hour in some parts of the city - would be reduced to 55, and major industrial sources would need to cut nitrogen oxide emissions by 90%.
However, the Texas office of advocacy group Environmental Defense said the plan was weaker in some ways than earlier positions endorsed by the Texas Natural Resource Conservation Commission, the New York Times reported. Transport Topics
Eaton to Build Brazil Factory for Medium-Duty Transmissions
Eaton Corp. (ETN) said Thursday it has signed a multi-year, $250 million agreement to supply medium-duty truck transmission components to DaimlerChrysler (DCX) in Brazil. Eaton said it will expand its newly-constructed Mogi Mirim truck components facility to meet production requirements, and will begin delivering part-sets to DaimlerChrysler's Sao Bernardo/Sao Paulo plant in June 2002. When in full production, the operation will ship 60,000 part-sets annually and employ 250.
Alexander M. Cutler, the Cleveland-based parts maker's chairman and CEO, says the deal enhances the firm's position in the South American transmission market and complements the company's strong North American presence. Eaton racks up over $400 million in annual sales in South America.
Eaton said approximately 50% of the transmissions will be for the South American market, with the balance being assembled and shipped to Europe. Transport Topics
Iraq Lowers Crude Oil Price for January
Although Iraq and the United Nations are still disputing over what Iraq may charge for oil, Iraq decreased its price for January's crude oil delivery Thursday, Bloomberg reported Thursday.The story said Iraq heavy crude will be sold at a 75-cent discount, while the price for Iraq light crude was not released. Iraq normally exports 2.3 million barrels of oil every day. The United Nations monitors the exports, however an ongoing conflict caused Iraq to stop exporting oil for several days last week.
Meanwhile, Reuters noted that in London's early Thursday trading, crude oil prices jumped 30 cents to $28.31 per barrel, while U.S. crude oil sold at 23 cents higher, at $30.08 per barrel. Transport Topics
Nissan Starts SUV Production for Renault in Mexico
Japan's Nissan Motor company has started building sport-utility vehicles for French automaker Renault SA (13190-PAR) at a Nissan factory near Mexico City, Bloomberg reported.
Renault is returning to the Mexican market after a 14-year absence, the story said. It currently owns a 37% stake in Nissan.
Together, the companies plan to build 1.2 million vehicles in Mexico over the next 10 years. The new production will likely mean more freight - and more finished autos - for trucking companies to haul. Transport Topics
New Container Terminal Possible in South Carolina
Officials in Jasper County, S.C. are in the process of purchasing land near the Savannah River for the development of a container terminal, the Savannah Morning News reported this week.The 5,800-acre site will be used to build a terminal for marine cargo. Shipping company Stevedoring Services of America will develop the terminal for $200 to $400 million in private funds.
Stevedoring is also planning to build a cargo terminal near Houston, Texas to handle the growing number of shipments coming from Latin America. Transport Topics
Headlines From Yesterday's P.M. Briefing
- American Freightways Plans Terminal Near Utica, N.Y.
- NHTSA Says Firestone Tires Linked to 29 More Deaths
- Auto Supplier Visteon Hit by Softening Market
- Decoma Reports Increased Earnings in Slower Parts Market
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