P.M. Executive Briefing - Oct. 25
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Sysco Strike Settled, Workers Back on Duty
A 2½-day strike at Sysco Food Services (SYY) of Montana ended and some workers were back on the job Tuesday evening after Teamsters Local 190 members ratified a five-year contract, the Billings Gazette reported.Sysco delivers food and supplies to more than 1,000 commercial kitchens in parts of North and South Dakota, Montana, Wyoming and Idaho. The striking workers included a number of truck drivers depended on for these deliveries.
The new contract includes several wage increases over the five-year period, the story said. Transport Topics
Daewoo Cuts Executives, Misses Payroll
South Korea's Daewoo Motor Co. said that it has implemented a 30% cut in senior executives at home and abroad as a part of its restructuring efforts, the Associated Press reported Wednesday.he company also said Wednesday that it failed again to pay its employees salaries this month due to a shortage of funds.
Additional staff cuts and business restructuring measures will be announced later this month, the company said.
The South Korean government and creditors of Daewoo Motor are in talks with General Motors Corp. (GM) in an attempt to sell the automaker after a proposed sale to Ford Motor Co. fell apart in September. Transport Topics
Norfolk Southern 3Q Intermodal Revenues Hit All-Time High
Norfolk Southern Corp.'s (NSC) third-quarter intermodal revenues reached an all-time high of $287 million, the company said Wednesday in its quarterly earnings report. However, diesel fuel costs, which climbed more than 50% above third quarter costs last year, had a "significant impact" on overall operating expenses.Third-quarter net income was $99 million, or 26 cents per diluted share, compared with $19 million, or five cents per share during the corresponding 1999 period, and was boosted by sale of timber properties and interests in oil and gas properties.
Revenue for general merchandise freight totaled $869 million for the third quarter, a 1% increase over last year, with automotive freight revenues climbing the most with a 9% gain. Transport Topics
Mullen Transportation Reports Record 3Q
Mullen Transportation reported Wednesday record third-quarter earnings of 47 cents per share, up from 29 cents in the same quarter in 1999.While Mullen's trucking division suffered due to high fuel prices and slowing demand, the company overall experienced growth because of increased demand for transportation and oilfield-related services in western Canadian markets, the company said.
Mullen is transportation holding company providing management and financial services, technology and systems support to its oilfield services, trucking and logistics divisions. Transport Topics
U.S. Oil Prices Back Down As OPEC Expected to Boost Output
As OPEC's production trigger date nears, crude oil prices fell in the United States Wednesday as the group is expected to increase production for the fourth time this year, Bloomberg reports.U.S. crude fell as much as 49 cents to $32.88 per barrel on the New York Mercantile Exchange, while Brent crude oil went up just 8 cents to $31.67 per barrel on London's International Petroleum Exchange, the story said.
OPEC had said it would boost its oil output if prices remained above $28 per barrel for a set amount of time; OPEC President Ali Rodriguez promised production increases as early as Monday, Bloomberg said. Transport Topics
WPI Group to Become Nexiq
WPI Group, which provides wireless Internet-based telematics solutions for the transportation and logistics industries, announced Wednesday it has become Nexiq Technologies Inc. after integrating with its MPSI subsidiary.Nexiq will offer a telematics solution called e-Technician, meant to tie together a company's vehicles, operation centers and service bays using the Internet and wireless technology. The initial e-Technician applications will give fleet operators the ability to recalibrate engine parameters remotely and in real-time, the company said. Transport Topics
Bare Spots on Some Safeway Shelves as Teamsters Pickets Continue
With Teamsters leafleting highly visible Safeway (SWY) stores in California, spot checks of shelves show scarcity of some high-volume products as the strike against Summit Logistics continues, according to the San Jose Mercury News.
Police have been called to the Midtown Safeway in downtown San Jose four to five times since Sunday to remove Teamsters who blocked trucks. Federal law does now allow them to picket the Safeway stores, as their dispute is with that company's vendor, Summit. Teamsters can leaflet the stores, however. The United Kingdom-based company delivers to many Safeway stores in California.
Meanwhile, two replacement workers have been charged – one with allegedly waving a gun at another truck driver on Interstate 580 near Richmond. Another replacement worker was charged with disturbing the peace and resisting arrest after an alleged yelling match with Teamsters picketing Summit's Tracy, Calif., facility, the paper said. Transport Topics
Headlines From Today's A.M. Briefing
- Samsung Left Hanging After Renault Halts Purchase Talks
- Lower North American Demand Means Lower 3Q for Volvo
- Smithway 3Q Drops From 1999 Levels
- BP, Marathon, Vitol Get SPR Oil
- Ford Going Beyond Black Box With Interior, Exterior Cameras
- U.S. Inventories Down, Oil Prices Go Up
- Arnold Industries 3Q EPS Up 29%
- Increased Expenses Mean Lower 2Q for Clarke
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