P.M. Executive Briefing - Nov. 24
Editor's Note: In observance of the Thanksgiving holiday, the Executive Briefings will not run Thursday or Friday. Have a happy Thanksgiving!
This Afternoon's Headlines:
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TMM Ends Its Fight Against US Drug Bill
Transportacion Maritima Mexicana will no longer lobby in opposition to a bill in the United States that would enable authorities to take the U.S. assets of people or companies from Mexico involved in drug running. Opponents of the provision are afraid carriers could have their assets seized and shippers could see their cargo taken if drugs are discovered.
Prices Threaten Recovery: Harris
Ontario Premier Mike Harris said the transportation business, which is important to the province, and motorists are both hurt by the increasing cost of fuel. Ontario and the Canadian government both have commissions looking into the issue, with Ontario's May report to be sent on to the federal government.But Dalton McGuinty, head of the Liberal Party, said the Conservative government should set up price controls. In 1975, there was a 90-day price freeze established by then-Premier Bill Davis.
The current Conservative provincial government has frozen the fuel tax, which is 14.7 cents a liter no matter what the price of the fuel is, said Harris. But the province's consumer minister is disinclined to intervene in the free market. Prince Edward Island has put regulations on gasoline prices. Toronto Star Online (11/24/99) ; Brennan, Richard
Police Seize 450 Pounds of Marijuana, Three Vehicles
Police and federal agents arrested three men and seized $600,000 worth of marijuana along with a 1999 Kenworth tractor-trailer and other vehicles, U.S. and Jamaican money, firearms, and bulletproof vests in Laurel, Md. The biggest drug bust Laurel has ever seen capped an investigation that lasted over two years, Laurel police said.Two of the men were from Laurel and the third was from Jamaica. Third Millennium Trucking, of Muldrow, Okla., and Laurel, owned the semi, which according to police the two Laurel men used to haul produce to Washington, D.C.'s Washington Produce Center in addition to hauling marijuana in it.
The truck contained 280 pounds of marijuana, while another 170 pounds was discovered in the home of one of the Laurel men, said police. Prince George's Journal (Prince George's County, Md.) Online (11/24/99) ; Linden, Erik
Clean Diesel Technologies Reports Third Quarter, Nine-Month Results
Clean Diesel Technologies said it had a $2.4 million (94 cents a share) net loss attributable to common stockholders in the third quarter, while the net loss attributable to common stockholders for the first nine months was $3.8 million ($1.48 a share). CDT's net losses for 1998's third quarter and first nine months were $945,000 (38 cents a share) and $2.2 million (87 cents a share), respectively.The company's 1999 figures include a $1.75 million non-recurring imputed non-cash preferred dividend.
"I am pleased to report that the company is making the transition from research and development to commercialization of both its patented ARIS 2000 NOx reduction technology and its Platinum Plus bimetallic diesel fuel combustion catalyst," said President and CEO Jeremy D. Peter-Hoblyn.
Testing via engine dynamometer has found NOx to be reduced over 80% in prototype mobile ARIS 2000 systems installed on heavy trucks. The company plans to license the mobile ARIS system to suppliers, while the system for stationary, marine, and locomotive use has been licensed to RJM Corp. of Ridgefield, Conn.
Meanwhile, two different two-month field trials of the Platinum Plus catalyst have found 6% improvements in average fuel economy for heavy truck fleets. The bimetallic fuel additive is used for oxidation of soot in particulate filters. Business Wire (11/24/99)
New Wrinkles in Move to Convert Airport to Truck Hub
While voters have backed Kansas City Southern Railway's intention to build an international intermodal facility at Richards-Gebaur Memorial Airport in Kansas City, Mo., opponents have complained to the Federal Aviation Administration about the project. The opponents want the FAA to keep the city from shutting down the airport until there are resolutions to FAA issues about the plan, including environmental and other concerns. Dec. 31 is currently the airport's planned closing date. Associated Press (11/23/99)Overnite Rockford, Ill. Service Center Reopens
Overnite Transportation's service center in Rockford, Ill., is open again, and the company's sites in New Orleans and Little Rock, Ark., were reopened previously. Those three sites, along with one in Milwaukee, were shut down due to the current Teamsters strike and their operations consolidated with those of close-by Overnite sites. The company said it had a 97.5% rate of on-time service last week. PR Newswire (11/23/99)TRW Selling European Diesel Systems Business To Delphi
Delphi Automotive Systems is to spend $871 million to acquire Lucas Diesel Systems, a fuel-injection systems supplier, from TRW, which is using the sale to cut its debt. Due to the progress of its plan to cut debt, TRW does not want to sell its engine valve manufacturing operation anymore, the company said.TRW bought the U.K. parts manufacturer LucasVarity in May for $7 billion. Delphi Chairman J.T. Battenberg said purchase of Lucas Diesel Systems, which is to take the name Delphi Diesel Systems, "firmly supports our drive to further diversify our customer base."
TRW saw its stock price fall close to 1% on Tuesday, while Delphi's was down less than a percentage point. New Jersey Online (11/23/99)
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