News Briefs - Sept. 3
The Latest Headlines:
- Construction Spending Rises 0.2% in July
- Court Ruling to Lift FedEx’s Earnings
- Pacer Stacktrain Expands 'PacerMex NonStop' Service
- Schneider Opens Two New Brokerage Offices in Texas
- Johnston Named President of Autocar Trucks
- Court Ruling to Lift FedEx’s Earnings
Construction Spending Rises 0.2% in July
Construction spending increased in July to the highest level seen since January, the Commerce Department reported Wednesday.The value of building projects under way rose at a seasonally adjusted annual rate of $879.8 billion in July, representing a 0.2% increase from June's level.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
Revised figures show that construction spending went up 0.7% percent in June from May, compared with the 0.3% advance first estimated. Transport Topics
Court Ruling to Lift FedEx’s Earnings
FedEx Corp. can deduct the costs of jet engine maintenance on its tax filings for the years 1993 and 1994, a federal court ruled Tuesday in a decision against the Internal Revenue Service.The U.S. District Court in Memphis, Tenn., ruled costs associated with the maintenance were necessary business expenses, the Associated Press reported. The IRS had characterized the jet maintenance costs as capital expenditures that had to be recovered over a seven-year period.
The company said the decision would allow it to post a one-time benefit of 8 cents per share to quarterly earnings. Results for its first fiscal quarter are scheduled to be announced Sept. 17.
FedEx is ranked No. 2 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Pacer Stacktrain Expands 'PacerMex NonStop' Service
Pacer Stacktrain, a transportation and logistics provider, said Wednesday it had expanded its "PacerMex NonStop" intermodal freight service to serve the northeastern region of the United States.PacerMex NonStop was introduced in March to provide intermodal service between the Midwest and points in Mexico including Monterrey, San Luis Potosi, Queretaro and Mexico City. Now, Baltimore, Philadelphia, Harrisburg, Pa. and Kearny, N.J., have been added, Pacer said in a statement.
The service is called PacerMex NonStop because containerized freight travels in-bond by double-stack rail, eliminating the need to stop for clearance at the border, the company said.
Pacer Stacktrain is a unit of Pacer International, which is ranked No. 14 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Schneider Opens Two New Brokerage Offices in Texas
Transportation and logistics firm Schneider National Inc. said Tuesday that it had opened two new broker-age offices in Houston and Laredo, Texas.The company said the offices would help customers manage cross-border shipments and provide a wider range of services to customers in that region. Additional new offices are expected to be opened by the end of the year in Baltimore and Memphis, Tenn., Schneider said in a release.
Green Bay, Wis.-based Schneider is ranked No. 7 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Johnston Named President of Autocar Trucks
Jim Johnston was named president of Autocar Trucks, GVW Holdings Corp. said Aug. 28.Johnston was previously vice president and general manager of the refuse division for McNeilus Truck and Manufacturing.
Autocar, a manufacturer and marketer of low-cab-over-engine Class 8 trucks, was formed two years ago in a transaction that brought the Xpeditor product line from Volvo Trucks to Autocar. Transport Topics
