P.M. Executive Briefing - Dec. 13
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Texas Ice Storm Causes Road Delays
Overnight sleet and freezing rain slowed traffic on Texas highways Wednesday, Reuters reported. The Texas Department of Transportation reported delays on Interstate 20, an east/west highway that runs through the Dallas/Forth Worth area. The department also reported road delays on several other northwestern Texas roads because of ice.
However, maintenance trucks have spread sand and ice-melting chemicals to open up the roads. Transport Topics
Midwest Roads Slick But Still Open
Although snow and ice remained on Interstate highways in the Midwest Wednesday, no road closures were reported by state transportation departments.At 1:19 p.m. central time, Illinois was reporting snow and ice from Kankakee on south. Patches of ice and snow were also reported on Interstates 55, 70, 64, 57 and 24 as well as I-72 between Jacksonville and Quincy. Patchy snow and ice lay on Interstates 55, 80 and 94 outside Chicago.
In northern Indiana at 11 a.m., I-80 was reported by state police as snow-covered with slick spots, while I-64 and I-65 in the south were described as snow-covered and slick, according to the state transportation department. However, roads are likely to get worse as the state may get up to eight inches of snow before the day ends, the Indianapolis Star reported.
In Iowa, I-29 in the south was reported to be mostly covered with snow and ice as of 11 a.m. Portions of I-35 and I-80 near Sioux City were completely covered. The entire length of I-380 was also mostly covered.
In Missouri, all Interstates were reported covered with snow as late as 1 p.m.
Tennessee was reporting sleet and freezing rain on Interstates 40, 55 and 240 at mid-day. A stretch of I-155 between Dyersburg and the Missouri border was also icing. Also at noon, USA Today reported that Mississippi, Kentucky and Alabama as well as Tennessee would see significant accumulations of ice Wednesday afternoon.
Freezing rain was expected for the central Appalachians and mid-Atlantic, the paper said. Transport Topics
Former Ford CFO Named New GM CFO
Former Ford Motor Co. (F) Chief Financial Officer John Devine was named as General Motors Corp.'s (GM) new CFO early Wednesday, Reuters reported.Devine will start working with GM immediately, but the company said he will not officially take on the CFO post until Jan. 1.
The announcement comes after GM announced a major restructuring plan on Tuesday, including worldwide production cuts and layoffs. Transport Topics
Nasdaq May Delist @Track Stock
@Track Communications (ATRK), a company that makes fleet-tracking systems, is facing demotion in the Nasdaq hierarchy as the exchange sets a hearing on delisting the stock from the small cap market.The Richardson, Texas-based company announced Wednesday that a Dec. 15 delisting had been put off, and a hearing has been set for Jan. 11, 2001. Nasdaq said @Track failed to comply with net tangible asset, market capitalization and net income requirements.
If the Nasdaq Listing Qualifications Panel turns down @Track's request, it anticipates its securities will be traded on that exchange's over the counter bulletin board.
The company, formerly known as Highwaymaster, provides wireless data voice technologies and satellite capabilities for fleet vehicle tracking and management. Transport Topics
GM Coordinates All Logistics With CNF
General Motors Corp. (GM) formed a joint venture with logistics company CNF Transportation (CNF) Wednesday to manage GM’s supply chain, Bloomberg reported.The project is part of a trend where companies are subcontracting their entire supply management to a single logistics firm, the article noted. Ford Motor Co. (F) made a similar move when it outsourced its freight management to United Parcel Service (UPS).
For Palo Alto, Calif.-based CNF, the move continues a transition from trucking to freight management, which raised company sales 29% during the first nine month 2000 compared to the same period in 1999. Transport Topics
Volvo Fears Daimler May Get Inside Information on Trucks
Swedish vehicle maker Volvo (VOLVY) said Wednesday that it wants to keep information about its Mitsubishi trucks away from rival DaimlerChrysler (DCX), Reuters reported. Both Volvo and DaimlerChrysler have shares in Japanese-based Mitsubishi.DaimlerChrysler has a 34% stake in Mitsubishi, while Volvo has only a 5% stake. Since the German vehicle maker has a larger share, it has the power to veto Volvo’s request, the article said.
Currently, Volvo is in talks with Mitsubishi about the request to keep DaimlerChrysler away. However, Mitsubishi says it would be difficult to keep one shareholder away from another.
Volvo is planning to raise its stake in Mitsubishi to 20%. But the wire story noted that DaimlerChrysler seems anxious for Mitsubishi to break ties with Volvo. Transport Topics
Headlines From Today's A.M. Briefing
- Snow Hits St. Louis as Storm Heads East
- Logistics.Com Selects New CEO
- Parts Maker Valeo Plans U.S. Job Cuts
- National Distribution Buys Burnham Unit
- Delphi May Sell, End Some Product Lines
- Crude Prices Dip Slightly As Iraqi Oil Flows
- GM to Cut Jobs at Light Truck Factory
- Kaiser Shuts Smelter for 10 Months, Sells Power
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