News Briefs - Aug. 19
The Latest Headlines:
- Preliminary Consumer Sentiment Index Falls in August
- Yellow Gets Another Request From Justice on Roadway Purchase
- More Refineries Restart Following the Blackout
- Cummins Restates Results for Three Quarters
- Nason Officially Joins DOT
- EPA’s Top Counsel Submits Resignation
- Yellow Gets Another Request From Justice on Roadway Purchase
Preliminary Consumer Sentiment Index Falls in August
The University of Michigan's preliminary consumer sentiment index for August declined to 90.2 from a final reading of 90.9 in July.The drop in the index was blamed on rising mortgage rates and a difficult job market, Bloomberg said.
The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to make major purchases, decreased to 100.5 this month from 102.1 in July.
he expectations index, based on optimism about the next one to five years, fell to 83.6 from 83.7.
The report, originally scheduled to be released Friday, was delayed by the blackout. The preliminary index is derived from a telephone survey of 250 households. Transport Topics
Yellow Gets Another Request From Justice on Roadway Purchase
Less-than-truckload firm Yellow Corp. said late Monday it had received a second request for information from the U.S. Justice Department on its proposed purchase of Roadway Corp.
oadway also received a request from the department, Yellow said in a statement. Suzanne Dawson, who handles media relations for Yellow, declined to comment beyond the release, Bloomberg reported.
Yellow agreed in July to buy larger competitor Roadway for $966 million. The company said Monday it had completed the sale of $250 million of notes to help finance the purchase.
Yellow is ranked No. 8 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
More Refineries Restart Following the Blackout
More refineries that were shut by last week's blackout in North America have resumed operations, easing concerns about gasoline shortages, Bloomberg reported.Two refineries that had closed Thursday started processing gasoline again on Monday. Four others restarted during the weekend, Bloomberg said.
bout one-third of commercial trucking uses gasoline.
U.S. gasoline futures on Tuesday morning fell as much as 1.06 cents, or 1.1%, to $97.75 cents a gallon in electronic trading on New York Mercantile Exchange, Bloomberg said. Transport Topics
Cummins Restates Results for Three Quarters
Diesel engine maker Cummins Inc. said Monday it had restated results for three quarters covering this year and last after finding accounting mistakes.Cummins is restating its 2002 first-quarter net loss to $24 million or 62 cents a share, from the $26 million or 68 cents previously reported, according to Bloomberg.
Net income in 2002's second quarter was restated to $16 million or 41 cents a share, from $13 million or 33 cents. In addition, the loss in this year's first quarter narrowed to $31 million or 79 cents a share, from $34 million or 86 cents.
Cummins said in April that it would restate results because of problems linked to a new computer system at two manufacturing sites, Bloomberg said. Transport Topics
Nason Officially Joins DOT
Nicole Nason was formally introduced on Monday as the new assistant secretary for Governmental Affairs for the Department of Transportation.Nason was confirmed by the Senate on July 23, DOT said in a release.
She comes to DOT from the U.S. Customs Service, where she was assistant commissioner of the Office of Congressional Affairs. She also served as counsel for the House Judiciary Committee. Transport Topics
EPA’s Top Counsel Submits Resignation
Robert Fabricant, general counsel of the Environmental Protection Agency, announced Aug. 14 that he will resign Sept. 3.Fabricant managed 300 attorneys employed at EPA’s Washington headquarters and at its 10 regional offices.
Fabricant provided legal advice to former EPA Administrator Christie Whitman, for whom he had worked as chief counsel when she was governor of New Jersey.
Fabricant said he would return to New Jersey and practice law. Transport Topics
This story appeared in the Aug. 18 print edition of Transport Topics.
