News Briefs - May 24
The Latest Headlines:
- Saudi Arabia Says It Will Boost Oil Production
- U.S. Xpress Gets Approval to Repurchase Stock
- American Freightways Founder Dies at 69
- Stonepath Selected by Home Depot for Logistics Services
- U.S. Xpress Gets Approval to Repurchase Stock
Saudi Arabia Says It Will Boost Oil Production
Saudi Arabia is moving forward with plans to boost oil production after other members of the OPEC deferred a decision on increasing the group's output quota, news services reported.On Sunday, the world's largest oil exporter assured the United States that its request for increased supplies would be met, Bloomberg reported. OPEC is expected to decide whether to raise its production target when it holds a formal meeting on June 3.
Department of Energy Secretary Spencer Abraham said Saudi Arabia would produce 9 million barrels a day next month, about 11% of global demand. It pumped 8.35 million a day last month, according to Bloomberg estimates.
Also this weekend, finance ministers from the Group of Seven industrial countries called on the world's largest oil producers to increase output and bring down oil prices. Crude oil prices in New York have risen 40% in the past year, reaching a record $41.85 a barrel last Monday. Transport Topics
U.S. Xpress Gets Approval to Repurchase Stock
U.S. Xpress Enterprises Inc. said Monday its board of directors had authorized the truckload carrier to repurchase up to $10 million of its common stock.The company said in a statement the stock may be purchased on the open market or in privately negotiated transactions until May 24, 2005.
U.S. Xpress is ranked No. 23 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
American Freightways Founder Dies at 69
F. Sheridan Garrison, the founder of American Freightways trucking line, died on Thursday at the age of 69, the Associated Press reported.American Freightways was founded by Garrison in 1982 and acquired in 2001 by FedEx Corp., was known as one of Arkansas' top businesses during Garrison's tenure.
Garrison retired from the FedEx board last September after serving as a company director since FedEx bought American Freightways, AP said. Shortly before the acquisition, American Freightways had 17,000 employees nationwide and revenues of $1.4 billion.
American Freightways was renamed FedEx Freight East after the acquisition. Transport Topics
Stonepath Selected by Home Depot for Logistics Services
Stonepath Group said Monday it had been selected as a supply chain management and transportation logistics provider by The Home Depot Inc.Stonepath said in a statement the multi-year deal calls for Stonepath to manage the non-retail logistics and distribution activities for Home Depot’s modernization program. Terms of the deal were not disclosed.
Earlier this month, Stonepath said its net loss for the first quarter was $785,000 or 2 cents per share, compared with a loss of $7,300 or less than 1 cent per share a year earlier. Transport Topics
