A.M. Executive Briefing - Mar. 2
This Morning's Headlines:
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Clinton Seeks SBA Money to Weather Crisis
President Clinton requested additional Congressional funding to cover Small Business Administration loans that will be available to qualified small businesses, including owner-operators or small trucking fleets, hit by soaring oil costs. The SBA offers a number of short-term revolving loan programs that would be ideal; they include SBAExpress and CAPLines.Further information can be found at (800) U-ASK-SBA or www.sba.gov. Heavy Duty Trucking Online (03/02/00); Lockridge, Evan; Lockridge, Deborah
Interview: Renault's Douin Does Not Rule Out Nissan Diesel Divestment
In an interview, George Douin, executive vice president in charge of international strategy for Renault, said it is not yet clear whether Renault will sell Nissan Diesel after making the truckmaker profitable again.A recent deal between Renault, Nissan Motor, and creditors, giving Nissan Diesel a four-year moratorium on debt payments, will allow the exploration of potential synergies between the Japanese truckmaker and the commercial vehicles unit of Renault.
He also said Renault Chairman Louis Schweitzer will decide next week on a potential offer to purchase Samsung Motor. Banks have given Samsung a "liquidation value" of roughly $800 million, and if Renault does purchase Samsung Motor the Samsung Group will be kept as minority shareholder and the Samsung name will remain. AFX - Asia (03/02/00)
South Hackensack, N.J.-Based Delivery Firm Adopts Acronym Name
The five-year-old Consolidated Delivery & Logistics is changing its name to CD&L, the logo its trucks already carry, and reorganizing itself into national business units: the Distribution Group, handling scheduled same-day service; the air-courier-based Courier Group; and the E-Commerce Group. The E-Commerce Group will handle both business-to-business and business-to-consumer e-commerce.The reorganization of the company, previously organized by geography, will make CD&L more efficient as acquisitions broaden its territory, said CEO Albert Van Ness. Newark Star-Ledger (03/02/00); Fitzgerald, Beth
Down East, the Road No Longer Tolls
Tolls were eliminated Wednesday on a new portion of the Trans-Canada Highway near Moncton, New Brunswick, fulfilling an election promise from provincial Premier Bernard Lord. The portion of the highway from Moncton to Fredericton, much of it still being built, will open next year.Had the tolls stayed in place, big trucks would have been charged C$27.50 per trip and cars nearly C$7; expected annual revenues were C$13 million. Toronto Sun (03/02/00)
European Commission Expected to Block Volvo-Scania Merger
According to European Union sources, the European Commission will probably turn down Volvo and Scania's merger plans because the two Swedish truckmakers did not give enough guarantees to allay competition issues. The EC is expected to make a final decision March 16. Agence France Presse (03/01/00)Industry Canada: For-Hire Motor Carriers of Freight, All Carriers - First and Second Quarter 1999
Canada had about 2,500 for-hire motor freight carriers with at least C$1 million in yearly revenues during last year's first two quarters, up about 300 from the year-earlier period, with total operating revenues up to C$7.9 billion and total operating expenses of C$7.4 billion.The average operating revenues per carrier were C$3.18 million, with average expenses of C$2.96 million; operating ratio held steady at 0.93. M2 Presswire (03/01/00)
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