P.M. Executive Briefing - Oct. 17
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Gore-Bush Debate On Schedule After Mo. Governor's Death
The Tuesday night presidential campaign debate will go on as planned between Democrat Al Gore and Republican George W. Bush, the Associated Press reports, although the two sides had earlier mulled a possible postponement after the death Monday night of Missouri Gov. Mel Carnahan.He died in a light plane crash along with his son, who piloted the aircraft, and an adviser about 25 miles south of St. Louis, AP said. The Democratic governor was locked in a very tight Senate race against incumbent Republican John Ashcroft, a race seen as one of several that could help decide if the Senate stays under GOP control.
Missouri Lt. Gov. Roger Wilson has been named acting governor to fill out the gubernatorial term ending Jan. 8. Since the deadline for ballot changes has passed in Missouri, Carnahan's name will remain on the Nov. 7 ballot in the Senate race. Transport Topics
Caterpillar 3Q Slow But Beats Estimates
Construction equipment maker Caterpillar Inc.'s (CAT) third-quarter profit fell 1.4%, but its earnings of 62 cents per share still beat analysts' estimates, Bloomberg reported Tuesday.Analysts polled by First Call/Thomson Financial had earlier predicted earnings of 68 cents per share, but changed that forecast to 58 cents per share after Caterpillar issued a profit warning in September, the story said.
The company had cut its quarterly outlook due to the weak euro and softening demand for heavy trucks as well as construction and mining equipment, Bloomberg noted. Transport Topics
Dina Auto Workers End Strike
Mexican vehicle maker Consorcio G. Grupo Dina's (DIN) auto workers have ended a week-long strike, according to an El Economista report carried by Bloomberg Tuesday.The 185 workers, who had been striking at Dina's Composite de Sahagun SA auto part unit, accepted a 13% pay increase Friday, the report said. The workers were back on the job Monday. Transport Topics
Oil Prices Change Little as Middle East Leaders Meet
The price of crude oil changed little in Tuesday trading as Israeli and Palestinian leaders at a summit in Egypt continued to negotiate an end to the violence in Israel, Bloomberg reported.U.S. crude oil fell 22 cents to $32.70 per barrel on the New York Mercantile Exchange; Brent crude dropped three cents to $30.85 per barrel on London's International Petroleum Exchange, the story said.
A Bloomberg survey Tuesday said U.S. crude oil inventories probably rose between 2.2 million and 3.1 million barrels last week as refineries shut down for maintenance, halting the production of distillate fuels such as heating oil and diesel. The American Petroleum Institute will release their weekly report at the close of trading Tuesday. Transport Topics
More Deaths Tied to Firestone Tires
The U.S. death toll from accidents involving Firestone tires has risen to 119, as 18 more deaths have been linked by the National Highway Traffic Safety Administration's ongoing investigation, the Associated Press reports.
NHTSA has received 3,500 consumer complaints about the Firestone tires, 6.5 million of which are currently being recalled, the story said. There have also been reports of more than 500 injuries, AP added.
Outside the United States, 53 more deaths have been linked to Firestone tires, the story said. Transport Topics
Savannah Drayers Still Protesting
Short-haul drayage truckers continued demonstrating Tuesday outside the gates of the Port of Savannah. Since Oct. 9, when a new $4 million computer system to facilitate traffic flow went live, the system has been plagued with glitches. Truckers have complained that wait times have increased, cutting their income because of reduced trips.A port spokeswoman said that the system problems are being addressed. "Everything that we have control over we are addressing 100%," said Patricia Reese. "Unfortunately, there are certain issues that we don't control, such as wages or high fuel costs."
Reese said that the normal traffic flow of 2,500 containers a day dropped to 980 the day the new system went up, but the numbers are back to near normal now. From 7 a.m. until 11:45 Tuesday, the port handled 1,296 containers. "It is getting better," she said, and added that she could not see any truckers demonstrating.
But Jim Stewart, spokesman for the Savannah Port Truckers Association, contradicted Reese's statements. "It is a major fiasco out here; there are 150 drivers picketing," he said. The picketers voted Tuesday to continue their shutdown of the port through the end of this week, he added.
What has riled those truckers is the refusal of port officials to speak with them, to try to iron out the long delays created by the new system. The drivers, who get paid by the load, used to be able to make 8 drays a day, but now they are down to 1 a day, Stewart said. "We need do something to move traffic in and out of this port. This is a pretty angry bunch." Margaret Gordetsky, Transport Topics
MAN Benefits From Increased Demand Abroad
MAN AG, (MAN-FRK) Germany's No. 2 truck maker, said Tuesday sales and orders for its first quarter, ended Sept. 30, rose by one-fifth due to increased demand abroad, Bloomberg reported.MAN's sales for the quarter increased 23% over 1999 to 3.2 billion euros (US$2.7 billion), while orders rose 26% to 3.8 billion euros, the report said. Orders from outside Germany, especially in Latin American and Southeast Asian countries, rose 47% for the quarter; domestic orders fell 6%, according to Bloomberg. Transport Topics
U.S. Demand Causing Asian Air Freight Backlogs
Strong demand from U.S. markets has Asian intra-regional air freight carriers facing tighter capacities and backlogs, the Journal of Commerce Online reported Tuesday.Increased exports from Asia to U.S. ports means more business for the trucking companies who carry those goods inland.
The carriers said in the article that demand and space shortages are causing a domino effect, with backlogs in locations such as South Korea spilling over to Thailand. Some carriers are experiencing delays of up to a week and have several thousand tons of freight backlogged, the Journal noted. Transport Topics
Headlines From Today's A.M. Briefing
- After One Month, LA Settles Transit Strike
- EPA Will Likely Declare Diesel Exhaust a Carcinogen
- After Two-Week Decrease, Diesel Prices Surge
- Trimac Agrees to Go Private
- Werner 3Q Profit Below Year Ago
- Mo. Governor/Dem. Senate Candidate Dead in Plane Crash
- Arkansas Best 3Q Net Income Up
- Dana Corp. Reports Low 3Q Earnings
- Firestone Not Expanding Recall as Reported
- Transit Group Has Loan Covenant Waiver Extended, Names CFO
- Report Says Heating Oil May Not Be So Scarce
- Renault Signs Agreement for Stolen-Vehicle Tracker
- Daewoo's Polish Truck Division to Lay Off 1,200
- Trinity to Close Three Plants
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