News Briefs - Oct. 2
The Latest Headlines:
- Democrats Force Delay on EPA Nominee Vote
- Senate Committee Approves Tax Cut For Manufacturers
- Jobless Claims Rise by 13,000 in Latest Week
- Ryder’s Board Authorizes Share Repurchase Program
- First Fleet Gets $75 Mln. Credit Line
- Senate Committee Approves Tax Cut For Manufacturers
Democrats Force Delay on EPA Nominee Vote
Senate Democrats on Wednesday stalled a scheduled committee vote on Utah Gov. Mike Leavitt, the Republican's nomination to head the Environmental Protection Agency, news services reported.Democrats blocked the vote by boycotting the meeting. It was a bid to force the Bush administration to turn over more environmental data, the Associated Press reported.
Under Senate rules, 10 members of the 19-member committee must be present to have a vote and two of them must be from the minority.
Senate Committee Approves Tax Cut For Manufacturers
The Senate Finance Committee voted 19-2 to approve a bill that would lower tax rates for U.S. producers, the Associated Press reported Thursday.The new tax rate structure would be a replacement for a $5 billion annual tax break for exporters that the World Trade Organization declared an illegal subsidy, AP said.
The bill gradually lowers the corporate tax rate to 32% for manufacturers who produce their goods in the United States. By the end of the decade, more multinational corporations would be able to take advantage of the lower rates.
Senators said they would try to bring the bill to the Senate floor as soon as possible, AP said. The House has yet to approve a similar measure. Transport Topics
Jobless Claims Rise by 13,000 in Latest Week
The number of Americans filing initial applications for unemployment benefits rose 13,000 to 399,000 in the week ended Saturday, the Labor Department reported Thursday.Labor said about half of the rise came from workers who had been unable to submit claims during Hurricane Isabel. Analysts told Bloomberg the report showed that economic growth has yet to boost demand for workers.
The number of people continuing to collect state unemployment insurance rose by 62,000 to 3.67 million in the week that ended Sept. 20. The level was the highest since June 28, Labor said.
The four-week moving average of initial claims, a less volatile measure than the weekly number, fell to 403,500 from 408,500. Transport Topics
Ryder’s Board Authorizes Share Repurchase Program
Ryder System Inc. said Thursday its board of directors had authorized a two-year share repurchase program.The program extends through Sept. 30, 2005 and limits share repurchases to no more than $90 million. It also must not exceed proceeds generated from the issuance of stock to employees under stock option and purchase plans since Jan. 1, the company said.
Ryder is ranked No. 3 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
First Fleet Gets $75 Mln. Credit Line
Asset management firm First Fleet Corp. said Sept. 19 that it had secured a three-year $75 million syndicated credit facility to help it boost its market presence with private fleets.First Fleet said it owns or manages more than 12,000 trucks, tractors and trailers in the fleets of companies including Texaco, Kraft, DaimlerChrysler, Sara Lee, Bridgestone/Firestone and British Petroleum.
Chief Executive Officer John Flynn, in announcing the arrangement, said the funding was a “major milestone for First Fleet. It streamlines our internal through-put process and eliminates repetitive administrative tasks associated with our prior credit facilities.”
PNC Bank will serve as the facility’s lead administrative agent with GE Capital Funding serving as the co-agent; while PNC Capital Markets acted as the lead arranger of the syndicated loan, said First Fleet. Transport Topics
This story appeared in the Sept. 29 print edition of Transport Topics.
