A.M. Executive Briefing - Sept. 27
This Morning's Headlines:
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EPA Plans Stricter Emission Rules for Big Trucks
The Environmental Protection Agency is working on tightening emissions regulations for heavy trucks. The agency wants to curb nitrogen oxide and soot emissions with the proposal, which could be released within weeks. However, unnamed sources say thorough rules will not be out until 2000. For the moment, it is anticipated the new rules will go into effect in 2007.
Ryder System Debuts Public Securitization Program
Ryder System Vice President and Treasurer Dan Susik says the company will put out a $300 million public deal in November consisting of four tranches of senior and subordinated notes and one tranche of certificates. Susik says this will be the first of periodic public issues from Ryder. The company's first transaction, last year, was a private transaction worth $77 million. Ryder Transportation Services will put up a collateral of leases of trucks, tractors, and trailers. Asset Sales Report Online (09/27/99); Kite, ShaneNo Strike at Overnite; Prepared, Official Says
Despite strike threats against Overnite Transportation by the Teamsters last week, as of 5 p.m. Sunday there were no job actions at any Overnite terminals or at the company's headquarters in South Richmond, Va., says company communications director Ira Rosenfeld. But Rosenfeld says Overnite is "prepared for any eventuality." Overnite has shifted some employees, who volunteered, to sites where the union is most powerful. Rosenfeld says the company does not anticipate service in Virginia to be worsened if a strike occurs. Richmond Times-Dispatch Online (09/27/99); Jones, ChipTeamsters Withdraw from Representation Election at Overnite's Los Angeles Service Center
The Region 21 office of the National Labor Relations Board told Overnite Transportation that the Teamsters had pulled out of an election for representation that was to take place Tuesday at the Los Angeles Overnite service center. The election has thus been called off.The union blocked an election that was to take place in Los Angeles in Oct. 1997; when the election was held in April 1998, the union lost in the voting. The Teamsters have lost seven of the past nine elections at Overnite sites, and in the past three years employees at sites the union represents have filed 12 petitions for decertification. The union represents 22 Overnite sites. PR Newswire (09/24/99)
Overnite Employees in Cincinnati Petition to Decertify Teamsters for the Second Time in 13 Months
The regional director for the National Labor Relations Board's Region 9 sent a letter to Overnite Transportation saying workers at the company's service center in Cincinnati filed with the NLRB saying "a substantial number of employees assert that the certified or currently recognized bargaining representative is no longer their representative." Employees at the site filed another decertification petition in August of last year.The most recent decertification petition is the 12th in the last three years to come from Overnite employees. The company intends to communicate with the NLRB Region 9 director to set up an election for decertification. PR Newswire (09/24/99)
Allied Van Lines Selects Pilot Network Services Inc. to Provide Secure E-Business Links with Agents Worldwide
Allied Van Lines has chosen Pilot Network Services to create secure access to the company's data networks for employees all over the world, who will be able to switch directly to the company's private intranet from the Internet. This will replace the previous system, in which employees did not have secure connections and had to close their connection and reconnect in order to switch between the Internet and the company's private network.The private networks allow shipment registration and tracking as well as other data access. In addition, Pilot will provide flat-rate rather than metered access, which will cut costs and allow employees to access the company's information more often. "Pilot provides the type of go-anywhere, use-anywhere e-business security that will open the doors for our agents and mobile employees to take advantage of the valuable data in our corporate systems," says Allied Van Lines director of technology planning and telecommunications Rich Parker. PR Newswire (09/24/99)
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