A.M. Executive Briefing - Jan. 2
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Bush Schedules Afternoon News Conference
President-elect Bush plans a news conference for 3 p.m. ET, Tuesday, CNN.com reported.Bush has yet to select nominees to head the Transportation, Energy and Labor departments. However, he has indicated that he would announce the nominees for these positions by the end of the week, the article noted.
Currently, Bush is under pressure to appoint a Democrat to his cabinet, the news agency said. Transport Topics
OPEC Members Continue Push for Production Cuts
Saudi Arabia's top oil official said Sunday that the Organization for Petroleum Exporting Countries will most likely cut oil production after OPEC meets Jan. 17., the Associated Press reported.Saudi Oil Minister Ali I. Al-Naimi made this remark following a Gulf Cooperation Council meeting this past weekend, the wire service said. GCC consists of Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates.
OPEC members have continually warned of cutting oil production by 500,000 per day if oil prices stay below $22 per barrel for 10 days. Although oil prices traded at or below $22 for at least a day last week, the price jumped above $22 for most of the week, evading any potential for cuts. Transport Topics
DaimlerChrysler to Invest $942M in Fuel Cells
DaimlerChrysler (DCX) said it plans to invest more than $942 million over the next four years in fuel-cell technology, including technology to replace diesel fuel, Bloomberg News reported Tuesday.DaimlerChrysler expects to deliver its first van powered by fuel cells this year, Bloomberg reported.
The company, which owns heavy-truck makers Freightliner and Western Star, expects stricter air pollution laws to be enacted in the near future.
DaimlerChrysler also expects oil scarcity to drive the need for fuel cells and believes they will eventually replace the internal combustion engine, Bloomberg reported. Transport Topics
Online Holiday Buying Up Sharply Over 1999
Online holiday buying during the week leading up to Christmas fell by $540 million from the same time last year, but was strong overall for the season, a study from Goldman Sachs/PC Data found.Online purchases mean more business for trucking companies that deliver packages to consumers and for logistics companies that manage the back-end operations of online retailers.
Online spending since the first week of November came to $9.8 billion, more than twice the $4.7 billion consumers spend online during the same period in 1999, the study found. Transport Topics
Hawk Begins Production at Chinese Plant
Truck parts-maker Hawk Corporation began production Tuesday at its Suzhou, China, plant near Shanghai, the company said. The plant is starting off with less than 30 employees, but plans to grow. The opening of the plant gives the company better access to customers in Southeast Asia and Europe, the company said. The plant also helps expand further into the international market. Hawk already has plants in Canada, Italy and Mexico.
The Cleveland-based company manufactures friction material for brakes, clutches and transmissions used in trucks and other vehicles.
In another announcement, the company said Tuesday that it has appointed Timothy Hassett as president of its affiliate Hutchinson Products, LLC. The company is located in Alton, Ill., and makes rotors used in diesel engines. Transport Topics
Headlines From Friday's P.M. Briefing
- FedEx Finalizes American Freightways Purchase
- Dorsey Trailers Gets Short-Term Cash
- Temporary Deal Keeps LTV Steel Operations Running
- Northeast Expecting Blizzard For New Year's Weekend
- U.S. Transportation Dept. Suggests Better Intermodal Connectors
- Former Reefer Executive Thomas Welby Jr. Dies
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