A.M. Executive Briefing - Jan. 10

• Headlines From Yesterday's P.M. Briefing

Cummins Laying Off 140 at Ind. Plant

That plant makes the diesel engine for DaimlerChrysler's (DCX) Dodge Ram pickup truck, which is popular with commercial fleets. The layoffs stem from DaimlerChrysler's production cuts, Cummins said. The plant was idled for one week in mid-December for the same reason.

UPS Said to Eye Manila Hub

UPS said it would create a hub to serve all points in Asia, similar to those it has established in Europe and the United States, according to the paper.

However, a company spokesman told the Journal it does not plan a full service hub for Manila, but wishes to expand its operations in Taipei, Taiwan.

Tension between China and Taiwan means UPS lacks rights to carry local traffic to Hong Kong, the Journal said. So UPS must take the belly freight approach – relying upon space available in commercial jet cargo holds.

Evergreen International Airlines, Polar Air Cargo and Gemini Air Cargo are challenging UPS for Hong Kong rights, the paper said. Transport Topics

Crude Prices Up Slightly on Gasoline Stockpile Report

The American Petroleum Institute reported that gain late Tuesday, and traders were looking for confirmation from a separate report later Wednesday to be issued by the U.S. Department of Energy.

Meanwhile, crude oil in London rose 3 cents a barrel, and was up only 1 cent in early New York trading.

i>Transport Topics

Chao, Others Mentioned as Possibles for Labor Job

Chavez dropped out amid controvesy over her housing an illegal immigrant, and with reports suggesting she may have misled the Bush team over some of the details of that matter.

Chao was the former head of the Federal Maritime Administration and is married to Sen. Mitch McConnell (R-Ky.).

Another name has also surfaced for the post: Stephen Goldsmith, former Indianapolis mayor, was mentioned on National Public Radio's Morning Edition Wednesday. Goldsmith has been serving as a domestic advisor to President-elect Bush.

Other possibilities include Stephen Perry, a manufacturing executive who served in the Republican administration of then-Ohio Gov. George Voinovich; and Eloise Anderson, who worked on welfare reform under Wisconsin Gov. Tommy C. Thompson, according to the Post.

Other names that had been mentioned earlier for the job – and are apparently still in the running, according to the Post – include former Rep. James M. Talent, a Republican from Missouri; current Rep. Jennifer Dunn (R-Wash.) and former Republican Party official Rich Bond. Transport Topics

Wabash Completes Breadner Acquisition

Breadner, which had an annual revenue of $35 million, has 10 branches in Canada.

Wabash is based in Lafayette, Ind., and sells new and used trailers through its subsidiary Fruehauf Trailer Services. The company also makes RoadRailer bimodal vehicles. Transport Topics

Wholesale Stockpiles Kept Piling Up in Nov.

This could mean fewer loads for trucks to haul from plants or ports to wholesale facilities as growing inventories drive wholesalers to reduce orders.

Wholesale inventories rose 0.4% to a seasonally adjusted $328.93 billion in November after posting an identical percentage rise the previous month, Reuters reported.

The amount of sales by wholesalers did not change in November -- it stood at a seasonally adjusted $250.99 billion after falling 0.1% in the previous month.

Inventories for durable goods rose 0.3% in November, matching October's increase. Car inventories rose 0.6% in November while petroleum stockpiles rose 5.9% and grocery inventories rose 1.5%. Transport Topics

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