News Briefs - Dec. 29
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The Latest Headlines:
- Ryder to End Shareholder Rights Plan
- U.S. Expands Recall of Beef Due to Mad Cow Disease
- Truckers in S.C. Sue Over Parking Restrictions
- Forecasters Optimistic on Economic Growth in 2004
- Minister Says OPEC Plans to Cut Output Quotas
- U.S. Expands Recall of Beef Due to Mad Cow Disease
Ryder to End Shareholder Rights Plan
Ryder System Inc., the biggest U.S. truck-leasing company, said its board of directors voted to end a takeover-defense plan on Dec. 31, more than two years early.The plan had been set to expire March 18, 2006, Ryder said in a statement. It was adopted in March 1996, giving shareholders the right to buy preferred stock if anyone acquired or made an offer to purchase at least 10% of the company's common stock, Bloomberg reported.
U.S. Expands Recall of Beef Due to Mad Cow Disease
U.S. officials on Sunday expanded the recall of more than 10,000 pounds of beef to eight mostly western states and Guam due to the discovery of one case of mad cow disease, Reuters reported.he 10,000 pounds of beef represents meat from 20 animals, including the sick cow, that were slaughtered at a Washington state facility on Dec. 9.
ost major importers, including Japan, Mexico and South Korea, have sealed their borders to American beef and cattle.
A USDA team is in Japan to try to persuade Tokyo that U.S. beef is safe to eat and that adequate safeguards are in place to control the spread of the disease, Reuters said. Transport Topics
Truckers in S.C. Sue Over Parking Restrictions
Three truckers are suing North Charleston, S.C., to overturn a law banning rigs from parking in neighborhoods, the Associated Press reported.The city provided truckers about a six-month grace period from the time the law was passed in November 2002 until the law took effect in June, AP said.
The law said any truck that weighs more than 5 tons, has more than two axles, or stands more than 8 feet tall is banned from residential areas.
Truckers parking their rigs in residential neighborhoods could face a $500 fine or up to 30 days in jail, AP said. Transport Topics
Forecasters Optimistic on Economic Growth in 2004
Forecasters believe that 2004 could turn out to be a banner year for the U.S. economy, the Associated Press reported.Many economists believe growth next year could be the strongest in two decades as consumer spending is bolstered by tax refund checks and businesses begin investing in new plants and equipment.
However, improvements in the unemployment rate are expected to be modest, AP said. The sustained recovery should translate into job increases of 100,000 or more per month, which would translate into at least an additional 1.2 million more jobs next year, the first positive year for job growth since 2000.
Since the recession began in March 2001, the country has lost 2.35 million payroll jobs, AP said. Transport Topics
Minister Says OPEC Plans to Cut Output Quotas
The OPEC oil cartel plans to reduce production quotas when member countries gather on Feb. 10, said Indonesian Energy and Mineral Resources Minister Purnomo Yusgiantoro, Bloomberg reported.Oil ministers may reduce quotas to boost prices in the second quarter when demand may slow as the weather warms in Europe and the United States.
Ten members of the Organization of Petroleum Exporting Countries, all except Iraq, have quotas designed to restrain supply and keep the price of the group's oil index between $22 and $28 a barrel.
The price of the OPEC benchmark, an index of seven types of crude oil, was at $29.62 a barrel on Dec. 22, the most recent date available, Bloomberg said. Transport Topics
