Some Trucking Companies also had a BIG bounce

Discussion in 'Fedex Freight' started by imported_River17, Oct 13, 2008.


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    YRC Worldwide's CEO Foresees More Layoffs

    Company trims workforce, aims for pre-tax profit, Zollars says

    YRC Worldwide cut its payroll 34.5 percent last year and a further 5.5 percent so far in 2010, reducing its workforce from 55,000 to 34,000 employees.

    The nation's largest trucking operator eliminated 2,000 jobs since the end of 2009, and the cuts probably aren't over, Chairman and CEO William D. Zollars said.
    YRC Worldwide's CEO Foresees More Layoffs | Journal of Commerce

    U.S. Seeks Trucking Deal with Mexico, Kirk Says

    Trade rep says White House will work with Congress to resolve cross-border dispute

    The White House is looking for a route out of a year-long trade dispute with Mexico over the elimination of a cross-border trucking pilot project.

    "We would like to" have a new cross-border trucking program for U.S. and Mexican carriers, U.S. Trade Representative Ron Kirk said today.
    U.S. Seeks Trucking Deal with Mexico, Kirk Says | Journal of Commerce

    PHMSA Narrows Hazmat Security Requirements

    Agency removes items from list requiring plans for transport

    The Pipeline and Hazardous Materials Safety Administration is removing selected items from a list that requires security plans for their transportation.

    Officials said that the narrowing of the list was based on a risk analysis of the materials. Materials were evaluated by whether or not they could be used as weapons if they were intercepted or stolen by terrorists.

    The list includes radioactive materials, explosives, chemicals that can be used in making explosives, toxic chemicals that pose an inhalation hazard, biological agents and toxins. PHMSA removed materials that were not likely to be targeted, or were in quantities too small to be dangerous to the public.
    PHMSA Narrows Hazmat Security Requirements | Journal of Commerce

    Diesel Reaches Highest Point in 16 Months

    Average price jumps 4.3 cents to $2.904 per gallon

    The national average price of diesel fuel reached its highest point in more than a year in the past week, jumping 4.3 cents to surpass $2.90 a gallon for the first time since November 2008, the U.S. Energy Information Administration said.

    The third straight week-over-week increase put the national average price at $2.904 a gallon for the week ending March 8, 14.8 cents higher than it was three weeks ago. It was also 77 cents, or 38 percent, higher than the low point almost exactly one year ago.
    Diesel Reaches Highest Point in 16 Months | Journal of Commerce

    Trucking Companies Fear Driver Shortage

    Spot shortages appearing as freight volume increases, says ATA

    A spike in cargo volume could produce a driver shortage and would expose bottlenecks on key freight corridors, the chairman of the American Trucking Associations warns.

    Hundreds of drivers left the industry during the lengthy trucking recession that started in mid-2007, Tommy Hodges said Monday in an address to the annual convention of the International Warehouse Logistics Association in Coronado, Calif.

    "They left with a bad taste in their mouth," Hodges said, and many of those drivers will not come back to trucking even though U.S. unemployment remains high. He indicated that spot shortages are beginning to appear, citing the case of a North Carolina fleet operator who can't find enough drivers.
    Trucking Companies Fear Driver Shortage | Journal of Commerce

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    Oil 81.57 +0.08 +0.10%
    Gold 1,122.00 -1.60 -0.14%

    YRCW 0.52...0.03...5.98%
    SAIA 14.38...0.75...5.50%
    CNW 35.96...1.81...5.30%
    ODFL 33.32...1.28...4.00%
    VTNC 10.37...0.38...3.80%
    KNX 20.76...0.63...3.13%
    HTLD 16.27...0.46...2.91%
    JBHT 36.15...0.88...2.50%
    ABFS 28.75...0.62...2.20%
    LSTR 40.29...0.77...1.95%
    UPS 60.29...0.49...0.82%
    FDX 86.85...0.18...0.21%

    Economic Stimulus Was a Waste of Time: Analyst
    The debate about whether governments should borrow their way out of recession continues across the world.

    On one side, Keynesian economists like Federal Reserve Chairman Ben Bernanke and Nobel Prize winner Joseph Stiglitz argue that prolonged spending has held up economic growth at a time when private consumption and investment has fallen off a cliff.
    News Headlines

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    Reddaway Teamsters Reject YRC Contract

    Employees say no to wage, benefit concessions negotiated by IBT, YRC

    Teamster employees at YRC Worldwide subsidiary Reddaway this week turned down a proposed contract that included wage and benefits cuts.

    The Teamsters union confirmed its members at Reddaway rejected the proposed contract in a vote that began March 1 and was tallied March 8.

    It was the second time Reddaway Teamsters rejected the 15 percent wage cut negotiated by the International Brotherhood of Teamsters and YRC Worldwide last year to help save the nation's largest trucking operator.
    Reddaway Teamsters Reject YRC Contract | Journal of Commerce

    Logistics Employers Fear Card Check Legislation

    Unions keep up pressure to organize warehouses, other companies

    The drive by labor unions to organize warehouses and other companies has not taken a back seat to the immediate goal of employees to retain their jobs during the economic downturn, according to an attorney who represents warehouse operators.

    Pat O'Connor, government affairs counsel of the International Warehouse Logistics Association, said organized labor's primary goal of recent years, passage of the Employee Free Choice Act, also known as card check, is alive and well.
    Logistics Employers Fear Card Check Legislation | Journal of Commerce

    TSI Freight Index Rose 0.4 Percent in January

    Modest recovery follows long, steep decline

    Freight transportation services, as measured by the U.S. Department of Transportation’s TSI index, increased 0.4 percent from December to January.

    The growth brings the index to 96.6, a 3.3 percent gain over the last eight months, starting in June, despite a steep 2.2 percent slide in October and a flat December, said DOT’s Bureau of Transportation Statistics.

    During the full year of 2009, the index fell 4.1 percent, and it has fallen 12.4 percent in the two years since January 2008, reflecting the depth of the recession, which brought the index to its lowest point since June 1997 in May of last year.
    TSI Freight Index Rose 0.4 Percent in January | Journal of Commerce

    Kroger Improves Fleet Efficiency 7 Percent

    Better use of in-house fleet cuts costs, emissions at grocery retailer

    Food giant Kroger cut the amount spent on transportation and diesel emissions last year through better management of its private fleet.

    The gains came from better loading of trailers to achieve greater density.
    Kroger Improves Fleet Efficiency 7 Percent | Journal of Commerce

    Senate Holds FAA Bill over FedEx-Union Issue

    Tennessee’s Corker, perhaps Alexander, block agency reauthorization

    Tennessee’s two U.S. senators are fighting legislation that would reauthorize and fund the Federal Aviation Administration, to make sure it does not also open the door for unions to more easily organize workers at Memphis-based FedEx.

    Sens. Bob Corker and Lamar Alexander, both Republicans, have issued statements saying they oppose House-passed language that would single out FedEx under federal labor law, and Corker’s office confirmed he had placed a “hold” on the full bill until this matter is resolved.

    Any senator can stop progress on a bill by placing a hold, which is an unofficial but potent prerogative. It takes a broad consensus among other senators to vote for a bill when a colleague has put a hold on it.
    Senate Holds FAA Bill over FedEx-Union Issue | Journal of Commerce

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    CNW 35.81...-0.15...-0.42%
    JBHT 35.78...-0.37...-1.02%
    LSTR 39.76...-0.53...-1.32%
    HTLD 16.00...-0.27...-1.66%
    SAIA 14.00...-0.38...-2.64%
    YRCW 0.50...-0.02...-3.02%

    Survived Recession? Get Set for Higher Taxes
    If the global recession didn’t leave you black and blue, get ready for a heavy dose of the state and local budget blues.

    Americans who managed to keep their job and income steady, even though the value of their home and investment portfolio is down over the past two years, can look forward to higher taxes and fees, fewer services and, as a result, less pocket money.
    News Headlines

    Shippers Increase Use of 3PLs

    Survey finds 88 percent outsource transportation management

    Shippers this past year were more receptive to using the services of third-party logistics providers as they sought to reduce supply chain costs including transportation and warehousing.

    "The outsourcing sector should do well in the current environment," said C. John Langley, professor of supply chain management at Georgia Tech University.

    Langley on Tuesday discussed the highlights of the 2009 3PL survey conducted by Georgia Tech, Capgemini, Oracle and Panalpina. He addressed the annual conference of the International Warehouse Logistics Association in Coronado, Calif.
    Shippers Increase Use of 3PLs | Journal of Commerce

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    Distributor Picks Charleston, S.C., for Warehouse

    California logistics company picks site near Port of Charleston

    A Southern California logistics company serving fulfillment companies and retailers said Thursday it will set up a $25 million distribution center near the Port of Charleston in South Carolina.

    Los Angeles-based Moulton Logistics Management said the site just northwest of the port would be its first on the East Coast it would use where the company expects to create 500 jobs over the next five years.
    Distributor Picks Charleston, S.C., for Warehouse | Journal of Commerce

    Supply Chain Expert Sees Profits in Sustainability

    Reducing fuel consumption saves money, not just carbon

    Transportation and warehousing firms that view the green movement with trepidation may be missing out on an opportunity to remove cost and add profit to their operations.

    “Sustainability shouldn’t be about Washington jamming green stuff down your throat,” said Dale Rogers, professor of supply chain management at the University of Nevada Center for Logistics Management.

    “This is something you may be able to make money on,” Rogers told the annual conference of the International Warehouse Logistics Association in Coronado, Calif.
    Supply Chain Expert Sees Profits in Sustainability | Journal of Commerce

    Greatwide Looks to Smaller Shippers

    Logistics provider sees chance to expand customer base as economy recovers

    Greatwide Logistics aims to recruit mid-tier shippers as it expands its dedicated contract carriage and third-party transportation services in the nascent recovery.

    The Dallas-based company plans to expand its customer base among shippers with less than $1 billion in revenue, said Vincent Gulisano, chief customer officer.

    “We’ve typically done business with the biggest companies, but we’re working on adding more mid-sized customers,” Gulisano said in an interview.

    To Greatwide, that means companies with about $700 million to $1.25 billion in annual revenue, he said.
    Greatwide Looks to Smaller Shippers | Journal of Commerce

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    HTLD 16.16...0.16...1.00%
    CNW 36.12...0.31...0.87%
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    SAIA 14.09...0.09...0.64%
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    JBHT 35.62...-0.16...-0.45%
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    Regulators shut LibertyPointe Bank in NYC
    WASHINGTON (AP) -- Regulators on Thursday shut down LibertyPointe Bank in New York City, boosting to 27 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan defaults and the recession.

    The Federal Deposit Insurance Corp. took over LibertyPointe, with three branches, $209.7 million in assets and $209.5 million in deposits. The bank catered largely to the Orthodox Jewish community in Manhattan and Brooklyn.

    Valley National Bank, based in Wayne, N.J., agreed to assume the assets and deposits of LibertyPointe Bank.
    Regulators shut LibertyPointe Bank in NYC - Yahoo! Finance

    Two Job Markets, Worlds Apart
    The economic outlook is rosy, at least for people at the top of the ladder.

    The number of U.S. millionaires rose 16 percent in 2009, according to a new report by Chicago-based research firm Spectrum Group. Some 7.8 million households had a net worth of more than $1 million, excluding the value of their home. Part of the reason is that higher-income households typically have more exposure to the stock market, and the S&P 500 has risen about 70 percent since hitting bottom on March 9 of last year.

    Moreover, in terms of employment, there was no recession for the highest-income households in the fourth quarter last year. The unemployment rate for people in the top 10 percent of income -- those earning more than $150,000 a year -- was just 3 percent, according to the Center for Labor Market Studies at Northeastern University in Boston. For the bottom 10 percent of earners -- workers who bring home less than $12,500 annually -- the unemployment rate was 31 percent.
    two-job-markets-worlds-apart: Personal Finance News from Yahoo! Finance

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    Trucking Layoffs Rise in January

    BLS employment data shows spike, but job losses are well below year-ago levels

    The trucking industry continues to lose workers, but it's cutting jobs at a lower rate than a year ago, according to data from the Bureau of Labor Statistics.

    The number of mass layoffs in trucking increased from 24 in December to 37 in January, pushing up initial unemployment claims from former workers in the industry 40 percent to 2,887 in January, according to the BLS data.

    Total employment in the trucking sector slipped 1.3 percent in January, according to provisional figures for that month from the Department of Labor agency.

    The BLS defines a "mass layoff" as when a business has 50 or more initial claims for unemployment compensation filed against it within a 5-week period.
    Trucking Layoffs Rise in January | Journal of Commerce

    Obama Unveils Export Strategy

    Plan offers support for exporters, reform of export control laws

    President Obama on Thursday announced an export strategy that includes two high-level panels, financial support and advocacy for exporters, and a reform of antiquated export control laws.

    The plan details the initiative that the president announced in his State of the Union Address in January. Obama said his goal was to double exports and create 2 million new jobs within five years.

    The White House plans to form an export promotion cabinet made up of senior officials from the State, Commerce, and Treasury departments. The plan also re-launches the President’s Export Council, an advisory body to be headed by W. James McNerney Jr., chairman and chief executive of the Boeing Co., and Ursula M. Burns, president of Xerox.
    Obama Unveils Export Strategy | Journal of Commerce

    Beef Exports Climb, Pork Falls in January

    High value containerized freight responds to economy

    U.S. exports of beef in January were higher than in January of 2009, but pork exports were lower, according to the U.S. Meat Export Federation.

    Frozen and chilled meat products are key containerized exports and command higher freight rates than dry cargoes, which tend to be lower-priced commodities. Ocean carriers therefore prize meat exports.

    Beef exports were 9 percent higher in volume compared to January 2009, with beef muscle cuts up 16 percent. However, the January exports were 6 percent lower than in December 2009 and were 3 percent lower than the 2009 monthly average.
    Beef Exports Climb, Pork Falls in January | Journal of Commerce

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    HTDL 16.20...0.04...0.25%
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    UPS 62.32...-0.15...-0.24%
    CNW 36.00...-0.12...-0.33%
    FDX 86.18...-0.31...-0.36%
    JBHT 35.41...-0.21...-0.59%
    ABFS 28.78...-0.35...-1.20%
    SAIA 13.91...-0.18...-1.28%
    KNX 20.48...-0.50...-2.38%
    VTNC 10.81...-0.31...-2.79%
    YRCW 0.49...-0.01...-2.97%

    WaMu reaches settlement with JPMorgan, FDIC
    WILMINGTON, Del. (AP) -- Washington Mutual Inc. has tentatively resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company's Chapter 11 bankruptcy, a WaMu attorney said Friday.

    The FDIC seized Washington Mutual's flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. The sale resulted in the two banking companies and the government agency trading lawsuits over roughly $4 billion in disputed deposit accounts.
    WaMu reaches settlement with JPMorgan, FDIC - Yahoo! Finance

    Stocks end mixed after mixed economic reports
    NEW YORK (AP) -- Mixed economic reports held the stock market to only modest moves Friday but gains for the week were strong.

    Uneven figures on retail sales and consumer confidence gave investors little new insight into the economy.

    The reports weren't enough to propel the market higher a day after the Standard & Poor's 500 index closed at its highest level in 17 months. That index slipped Friday, but the Dow Jones industrial average tacked on nearly 13 points.
    Stocks end mixed after mixed economic reports - Yahoo! Finance

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    Google '99.9%' Sure It Will Shut Down China Search Engine
    Google has drawn up detailed plans for the closure of its Chinese search engine and is now “99.9 per cent” certain to go ahead as talks over censorship with the Chinese authorities have reached an apparent impasse, according to a person familiar with the company’s thinking.

    In a hardening of positions on both sides, the Chinese government also on Friday threw down a direct public challenge to the US search company, with a warning that it was not prepared to compromise on internet censorship to stop Google leaving.

    FCC Mulls Aggressive Plan for High-Speed Internet in US
    The Federal Communications Commission is proposing an ambitious 10-year plan that will reimagine the nation’s media and technology priorities by establishing high-speed Internet as the country’s dominant communication network.


    The plan, which will be submitted to Congress on Tuesday, is likely to generate debate in Washington and a lobbying battle among the telecommunication giants, which over time may face new competition for customers. Already, the broadcast television industry is resisting a proposal to give back spectrum the government wants to use for future mobile service.

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    Report: Probe questions account of runaway Prius
    SAN FRANCISCO - Federal and company investigators probing a dramatic high-speed incident on a California freeway involving a Toyota Prius didn't find as much wear as they expected on its brakes, the Wall Street Journal reported Saturday.

    James Sikes, 61, said afterward that he hit the brakes hard and kept the pedal down. His car reached 94 mph before a Highway Patrol officer helped him bring it to a stop on Interstate 8 near San Diego Monday.

    The Journal said three people familiar with the probe, whom it did not name, said Sikes' brakes didn't show wear consistent with having been applied at full force at high speeds for a long period. Instead, they may have been applied intermittently, the newspaper said.

    Week Ahead: Stocks Could Stay Stalled Until After Fed Meeting
    Stocks may have a hard time finding traction ahead of the Fed's Tuesday meeting, but the trend for the market is clearly higher, strategists say.

    The Fed is not expected to take any action on rates or change the key language about its intentions, but Fed watchers are looking for any nuance in its thinking on the economy or its temporary programs. Industrial production, housing starts and inflation data are among the week's economic reports.

    The Dow and S&P 500 rose less than a percent in the past week. Daily trading was punctuated by shallow swings that did end up pushing the S&P to a 17-month high. The Nasdaq rose a more robust 1.8 percent, finishing the week at 2367. The S&P closed at 1049, and the Dow was at 10624.

    Container Ship Startup to Reach LA in May

    Executives say timing strong for ‘no-frills’ service out of China

    The Containership Company, a new Norwegian-registered liner company, will make its first U.S. call May 3 at the TraPac Container Terminal in Los Angeles.

    The launching of a new trans-Pacific service following the worst year in the 50-year history of the container shipping industry is an indication the 2009 global trade recession is drawing to a close.

    “This year has started off on an encouraging note in terms of our container volumes, and it’s equally encouraging to see a container line entering into the market with the knowledge base and focus that TCC has,” said Geraldine Knatz, executive director of the Port of Los Angeles.

    The company is launching into a market roiled lately by volatile pricing and tight capacity. Along with relatively low vessel pricing, the conditions are ripe for new entrants, officials at TCC say.

    NC Backs Rail Spur For Airbus Shipments

    Line will link Global TransPark development zone with Morehead City port

    North Carolina awarded a $14.3 million contract to a Kentucky company to build a 5.6-mile rail spur to connect an aircraft parts manufacturing site to the Port of Morehead City.

    The state's Department of Transportation announced the award to Hinkle Contracting of Paris, Ky., which will build the spur to support a manufacturer of parts for Airbus.

    Spirit AeroSystems will start the factory operations in the third quarter at the Global TransPark, a special economic development zone in the Eastern part of the state.
  6. Slackdragon

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    USA TRKR thanks for taking care of business while River17 was out, I look forward to River17's update every day

    USA TRKR Active Member

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    Your Welcome. I am enjoying this. I even learn new things.... ;D

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    Teamsters Considering ABF Freight Concession Talks

    Union seeks member input on wage, benefit discussions with LTL carrier

    The Teamsters union said Monday it is considering launching formal talks with ABF Freight System to renegotiating the less-than-truckload carrier's contract

    In a notice sent to unionized workers at the company, the international union said is is discussing the prospects for negotiations with local union leaders, and will hold a conference call with all ABF members Thursday.

    "We now believe it is in our best long-term interest to fully engage ABF through formal discussions to determine if and what type of contractual relief may be necessary," the Teamsters said in the ABF notice, which the union released publicly.

    If discussions proceed, the union said it will apply similar standards as it did to YRC Worldwide last year, when it granted the company a 15 percent reduction in wages and suspended pension contributions.

    Diesel Price Climbs for Fourth Week

    Upward trend weakens with two-cent increase to $2.924 per gallon

    The upward trend in diesel prices moved into its fourth consecutive week but weakened its impact in the week ending March 15, according to data from the U.S. Energy Information Administration.

    The average retail price of diesel in the United States climbed two cents last week to $2.924 per gallon, EIA said. The latest increase was the smallest of four consecutive jumps starting with a 7.6-cent surge in the week ending Feb. 22, followed by hikes of 2.9 cents and 4.3 cents.

    Software Firm Says Truck Industry Sales Growing

    Carriers preparing for recovery 'retool' operations, TMW says

    Trucking supplier TMW Systems says motor carriers are stepping up their purchasing of new software or upgraded technology, suggesting an economic recovery is taking hold in the industry.

    The Cleveland-based company said it signed new software contracts with 140 customers in 2009, despite a recession that drained capital budgets across the industry.

    An increase in business among industry suppliers, including software firms, often presages an increase in freight demand and better business for carriers.

    TMW is a major trucking software supplier, with 1,800 customers managing more than 400,000 trucks and maintaining 1.2 million pieces of equipment.

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    CNW 35.82...-0.18...-0.50%
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    9 bailed-out banks report declines in new lending
    WASHINGTON (AP) -- The Treasury Department said Monday that new lending plummeted in January at the nine largest banks that have yet to repay their taxpayer bailouts.

    Treasury's monthly survey of bank lending shows overall new loan origination dropped 35 percent from December's level. Treasury says the drop "may be partially explained by large increases" in late 2009.

    The survey also shows that average loan balances at the nine banks were 2 percent higher than in December -- bringing them to their highest level since September.

    Boston Scientific suspends defibrillator sales
    WASHINGTON (AP) -- Medical device maker Boston Scientific said Monday it is suspending sales of its heart-shocking defibrillator implants after failing to alert regulators to changes in manufacturing of the best-selling devices.

    The company said it uncovered two production changes that were not cleared with the Food and Drug Administration. Medical device makers are required to alert regulators to significant changes in life-sustaining devices like defibrillators, which help correct irregular heart beats.

    The Natick, Mass.-based company said it will retrieve all the affected devices from suppliers and hospitals. It was unclear when the company would resume sales.

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    TNT Express Launches Express Import

    Web-based system gives customers control over their import shipments

    TNT launched its Web-based Express Import system to enable customers to order the collection of import shipments from 170 countries with quotations and billing in their local currency.

    The system, available to all, enhances TNT's current services with the option to request a quotation before the booking is completed and to choose shipment via ground or air.

    Truck Repo Rate Drops 55 Percent

    Fewer equipment repossessions may point to recovery -- or reluctant lenders

    The number of trucks repossessed by creditors or reclaimed by them in liquidations dropped 55 percent in the fourth quarter of 2009, says Nassau Asset Management.

    That follows a 44 percent decline in the third quarter, which was the first decline in repossessions since early 2008, according to the Westbury, N.Y., company.

    It's a sign of continuing improvement in trucking, said Ed Castagna, president of Nassau Asset Management, which works with the equipment leasing and finance industry.

    He pointed to improvements in the U.S. Department of Transportation's Freight Transportation Services Index and other indicators of trucking activity.

    Shippers Seek New Analysis of Rail Technology

    Chlorine lobby says FRA's "faulty" cost-benefit study could lead railroads to overcharge customers

    The Chlorine Institute, fearing freight railroads could pass along potentially large costs for new crash-avoidance technology to shippers, is asking the Federal Railroad Administration to fix what it calls a “faulty cost-benefit analysis” of the systems.

    The FRA, in its Jan. 14 regulation concerning how carriers must implement positive train control systems by the end of 2015, included analysis the chemical shipping group believes essentially says the technology did not justify its costs.

    Congress, in a 2008 rail safety law, ordered the use of PTC — integrated locomotive tracking and remote override gear — for passenger trains, freight rail lines that interface with passenger operations and for carriers hauling toxic inhalation hazard chemicals that can form deadly clouds when released into the air.

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    S&P 500 1,159.46 +8.95 +0.78%
    Oil 82.08 +0.38 +0.47%
    Gold 1,122.20 +17.10 +1.55%

    ABFS 29.99...1.05...3.65%
    VTNC 10.60...0.30...2.91%
    ODFL 34.47...0.97...2.90%
    JBHT 36.54...0.85...2.38%
    KNX 21.14...0.46...2.22%
    HTDL 16.56...0.30...1.85%
    LSTR 40.73...0.55...1.37%
    FDX 88.63...0.80...0.91%
    CNW 35.90...0.03...0.08%
    SAIA 13.99...0.01...0.07%
    UPS 62.48...-0.22...-0.35%
    YRCW 0.44...-0.01...-3.12%

    Senators back bill to pressure China on currency
    WASHINGTON (AP) -- A group of 14 U.S. senators unveiled legislation Tuesday that seeks to increase pressure on China to let its currency to rise in value against the dollar, saying Chinese "currency manipulation" is hurting the U.S. economy.

    The bill calls for stiff trade sanctions if China does not act.

    Treasury Secretary Timothy Geithner says the legislation is a sign of how strongly China's trading partners feel about the issue. In an interview on Fox Business Network, Geithner said that he believes Chinese officials "ultimately will decide it is in their interests to move."

    Geithner declined to respond directly to a question of whether the Obama administration would support the bill backed by Sens. Charles Schumer, D-N.Y., Lindsey Graham, R-S.C., Debbie Stabenow, D-Mich., and 11 other senators.

    "We are sending a message to the Chinese government," Schumer said in a statement. "If you refuse to play by the same rules as everyone else, we will force you to."

    Stocks rise after Fed pledges to keep rates low
    NEW YORK (AP) -- The Federal Reserve's mildly upbeat take on the economy and its plans to hold interest rates low gave stocks a lift.

    The Dow Jones industrial average rose almost 44 points Tuesday for its sixth straight gain. Broader indexes also posted bigger advances. Prices for Treasurys rose as the Fed said again that it expects to keep interest rates low for "an extended period."

    The Fed also said in a statement following its meeting on monetary policy that businesses are spending "significantly" more on equipment and software. The central bank said that employment is stabilizing. That's a brighter assessment of the job market than at its last meeting in late January. Still, the Fed noted that employers remain reluctant to hire.

    $1 Million Doesn't Cut It for Retirement
    Conventional wisdom says you need to save $1 million for retirement.

    That target may be easy to remember, but it falls short of the true cost of what's required for post-career comfort. Longer life spans, the threat of inflation and the uncertain future of Social Security benefits make this long-touted savings advice inadequate for most, advisers say.

    Scottrade recently polled 226 registered investment advisers on the topic and found that 71% don't believe $1 million is enough for the average American family. Most said families need to save double, or more than triple, the amount.
  10. Slackdragon

    Slackdragon moderator

    Likes Received:
    :'( so ... I need to save 3 million for retirement ..... gezzzz .... I had been thinking if I could rake up enough to have a pile that was worth 1 million ...that would be ... well ... a hell of a thing ....

    to go with my SS check .... 8)

    guess i'll keep working
  11. USA TRKR

    USA TRKR Active Member

    Likes Received:
    [quote author=slackdragon link=topic=44759.msg813919#msg813919 date=1268837315]
    :'( so ... I need to save 3 million for retirement ..... gezzzz .... I had been thinking if I could rake up enough to have a pile that was worth 1 million ...that would be ... well ... a hell of a thing ....
    to go with my SS check .... 8)

    guess i'll keep working

    Yep. Looks like we all keep working until were dead. Guess we really don't need to worry about retirement then...... :-\
  12. USA TRKR

    USA TRKR Active Member

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    YRC Glen Moore Reduces Losses

    Truckload subsidiary ran more miles for LTL parent in 2009

    YRC Worldwide's truckload and expedited subsidiary, YRC Glen Moore, narrowed its losses by 25 percent in 2009, reporting an operating loss of $8.7 million.

    The carrier's revenue dropped 6.7 percent to $112.4 million, YRC Worldwide said in its annual 10-K report, filed yesterday with the Securities and Exchange Commission.

    The Carlisle, Pa.-based truckload carrier, which became part of the YRC Worldwide family when Yellow Roadway purchased USF in 2005, increased total miles driven per day 11.8 percent last year, the report said.

    U.S. Exports of Steel Increased in January

    Improved NAFTA market, increases to India, Vietnam boost shipments

    Exports of U.S.-produced steel totaled 951,000 tons in January, an increase of 2.4 percent compared to December. Steel exports were up 39.7 percent compared to January a year earlier, according to the latest report from the American Institute for International Steel.

    “The improvement in exports in January in comparison with both December and January 2009 stems primarily from improved demand and market conditions in Canada and Mexico,” said David Phelps, president, AIIS.

    YRC Reports $622 Million 2009 Loss

    Largest U.S. trucking company still sees excess capacity, tough LTL pricing

    YRC Worldwide had a net loss of $622 million last year on $5.3 billion in revenue, the company said yesterday in its 10-K annual report.

    The nation’s largest less-than-truckload carrier operator narrowed its losses 36.3 percent from 2008, when it reported a net loss of $976 million on $8.9 billion in revenue.

    The release of the full-year figure for 2009 was delayed for more than a month as the company assessed the impact of its debt-for-equity swap, completed Dec. 30, on its taxes.

    In February, the company reported an operating loss of $884 million for 2009.

    The debt-for-equity swap gave the company a $193.9 million boost in the form of debt redemption in the last quarter. That not only helped narrow its annual loss, but pushed its fourth-quarter bottom line into the black. It went from an $87 million operating loss to a $119.5 million net profit for the period.

    Traffic Climbs 10 Percent, YRC Says

    Company reports rising shipments at its regional, national LTL carriers

    YRC Worldwide is reporting a 10 percent increase in shipments this month over February, with total shipments per day rising at its regional and national carriers.

    It’s an improvement the company has been waiting for since December.
    [img width=800 height=532][/img]

    More Truckload Owners Looking to Sell

    TCP survey finds smaller carriers thinking of selling, larger carriers looking to buy

    The owners of one in four truckload carriers say they may sell their company and leave the industry over the next 18 months, according to a survey by Transport Capital Partners.

    The Business Expectations Survey shows growing confidence in the economy and the prospect for higher volume and rates but also indicates some carriers are looking for an exit ramp.

    That means conditions are ripe for a flurry of mergers and acquisitions over the next year and a half, said TCP, which provides financial and advisory services to motor carriers.

    One in eight carrier owners told TCP they would consider leaving the industry if tonnage does not increase in the next six months, said Richard Mikes, a managing partner at the firm.

    The survey shows smaller carriers -- those with under $25 million in revenue -- are less optimistic and more anxious to sell than their larger competitors, said Managing Partner Lana Batts.

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    EPA: More pets injured by flea and tick products
    WASHINGTON (AP) -- Products intended to treat cats and dogs for fleas and ticks kill hundreds of pets each year and injure tens of thousands, the Environmental Protection Agency said Wednesday as it outlined plans to make the products safer.

    The EPA said it will develop stricter testing and evaluation requirements for flea and tick treatments that are applied to a pet's skin. The agency also will begin reviewing labels to determine which ones need to say more clearly how to use the products.

    After Striking Oil, Time to Dial Down?
    When I was a kid, I had a "Beverly Hillbillies"-inspired fantasy that someone would strike oil in our backyard. It never happened -- not in Quincy, Ill. -- but the prospect of finding oil still stirs feelings of excitement and adventure.

    More from

    • Iran Eyes $200 Billion in Oil Investment

    • Funds That Beat the Indexes

    • New IPOs Look for Optimists

    A few years ago, when three oil companies announced a huge deep-water oil discovery in the Gulf of Mexico, I figured I might as well get a piece of the action, especially with global oil reserves dwindling. I bought (and recommended) two of the three energy companies with the biggest stakes: U.S. companies Devon Energy (DVN).
  13. USA TRKR

    USA TRKR Active Member

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    BA Strike to Go Ahead at Midnight

    Last minute peace talks collapse, airline says it will fly 65 percent of flights

    A strike by British Airways cabin crew, which threatens to disrupt cargo operations, will go ahead after last minute negotiations between the airline and union officials collapsed March 19.

    The three day-stoppage by over 12,000 cabin crew will begin at midnight with a four-day walkout scheduled for March 27.

    "BA does not want to negotiate and ultimately wants to go to war with this union," said Tony Woodley, joint head of the Unite union.

    BA chief executive Willie Walsh said the strike was "deeply regrettable.”

    BA World Cargo will be affected by the action as it flies a significant portion of its freight in the bellies of the airline's passenger aircraft.

    Motor Carriers Increase Spending on Driver Recruiting

    Surge in demand for recruiting campaigns points to need for drivers

    An increase in trucking company advertising underscores how quickly demand for truck drivers is growing, says a transportation advertising executive.

    "Over the last three weeks, the demand for advertising for recruiting has almost doubled in our carrier base," said Steve Sichterman, vice president of new business development for ACS Advertising, a sister company of ACS TripPak and a Xerox subsidiary.

    ACS handles advertising campaigns for about 260 carriers. It also organizes an annual recruiting and retention conference with the Truckload Carriers Association.

    Home Depot Nearly Done With Supply Chain Overhaul

    Rollout of Rapid Deployment Centers to be done by end of 2010

    Home Depot says it is 65 percent of the way toward completing a network of what the home improvements retailer calls Rapid Deployment Centers to overhaul its U.S. supply chain and expects to finish the project by the end of the year.

    “We can already see some of the benefits of improved Š forecasting in inventory and markdown control,” Home Depot Chairman and CEO Frank Blake said in a recent conference call with investment analysts.

    “We are years behind other retailers in these areas but we are on a path to catch up over the next five years,” Blake said.

    The company opened its 12th Rapid Deployment Center in January in Topeka, Kan. The revamped distribution centers are aimed at moving goods more rapidly through the company’s supply network, part of Home Depot’s effort to keep inventory as lean as possible while pushing goods more rapidly to where sales are most likely.

    Flatbed Carrier Doubles Driver Referral Bonus

    CRST Malone offers its drivers $1,000 for new recruits

    CRST Malone is doubling the referral bonus it pays drivers who bring other drivers to the flatbed carrier. Independent contractors who refer other drivers that are hired by the company will receive $1,000 for another independent contractor and $500 for a lease purchase applicant.

    It’s a sign of growing truckload volume and pressing demand for drivers. The offer is valid through April 30, 2010 -- a sign the company wants to seat drivers quickly.

    FedEx Freight Loss Leaps 81 Percent

    LTL unit loses $107 million in quarter despite 26 percent surge in shipments

    FedEx Freight’s losses nearly doubled in the quarter ending Feb. 28, despite a surge in revenue and shipments in the three-month period. The rising loss was attributed to highly discounted pricing in the trucking market and higher purchased transportation costs.

    An 84 percent increase in purchased transportation costs accounted for $87 million of FedEx Freight’s $107 million loss. Without that increase, its loss would have been $20 million -- a 66 percent improvement over the $59 million loss last year.

    The increase in purchased transportation came as more freight flowed into FedEx Freight’s network. Its revenue increased 14 percent to $1.04 billion. FedEx Freight handled 26 percent more shipments per day, moving 83,400 shipments on average.

    YRC Regional Group Loses $126.7 Million

    New Penn, Reddaway, Holland cut loss as sales fell in 2009

    YRC Worldwide’s regional group of carriers reduced its losses 14.2 percent to $126.7 million in 2009 but saw its operating ratio rise 2.1 percentage points as revenue dropped.

    The regional group’s sales fell 33 percent from $2 billion to $1.3 billion in 2009, according to the 10-K annual report released by YRC Worldwide Tuesday.

    Its operating ratio was 109.6 in 2009, up from 107.5 in 2008 but much lower than the 130.7 OR reported in 2007, when it lost $701 million on $2.3 billion in revenue.

    The less-than-truckload carrier group’s operating loss accounted for 9.6 percent of its operating revenue last year, compared with 7.5 percent in 2008.

    The regional unit -- which includes New Penn in the Northeast, Holland in the Midwest and South and Reddaway in the West -- also shrunk its physical footprint in 2009, closing 13 Holland service centers in March and five more in September.

    That followed the closing of six Holland and 21 Reddaway terminals in 2008.
    YRC, Teamsters Work on Concession Holdouts

    Small minority yet to approve negotiated wage, benefit cuts

    As the Teamsters mull concession talks with ABF Freight System, YRC Worldwide is still trying to get some members to accept concessions approved last year.

    About 10 percent of YRC Worldwide’s 34,000 Teamsters still reject the concessions, the company said in its annual 10-K report, released March 16.

    The vast majority of the Teamsters at YRC Worldwide approved two rounds of concessions last year — a 10 percent wage reduction in January and an additional 5 percent wage cut in August, along with an 18-month suspension of pension contributions.

    The concessions will save YRC more than $1 billion over the life of the National Master Freight Agreement, which expires in 2013.

    In return, the Teamsters gained an unprecedented say in the running of YRC Worldwide, almost immediately blocking a partnership with a nonunion home-delivery firm.

    But YRC in its report said employees representing less than 10.5 percent of YRC’s Teamsters still reject the concessions negotiated by the company and union last summer.

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    Lilly Seeks Drugs from $75 Million Heist

    FBI joins investigation of warehouse burglary

    Eli Lilly and Co. is asking the public for help in locating $75 million worth of prescription drugs that were stolen from the company’s Enfield, Conn., warehouse in a brazen burglary last weekend.

    Lilly has warned retailers and doctors to watch for tampering on products that might indicate they were stolen. The Indianapolis-based drugmaker said it had stopped distributing product with the affected lot numbers on Monday.

    Thieves broke into the warehouse early Sunday. They scaled an exterior wall, cut through the ceiling, rappelled inside on a rope and disabled security alarms.

    Detectives were reviewing surveillance video, and the FBI has joined the investigation.

    The company said the thieves stole antidepressants, anti-psychotic and hyperactivity drugs, bipolar depression medication, a blood thinner, and cancer treatments.

    Biden Says 10,000 Stimulus Projects Aiding Transport

    With $9.57 billion already spent, Spring construction season begins

    The stimulus law is currently supporting 10,000 active transportation construction projects, and will further ramp up this spring, said Vice President Joseph Biden.

    He made the remarks in North Carolina, where officials said the Sanford Bypass project that is now breaking ground will redirect commercial trucks around the heart of that town to relieve congestion and maintenance problems.

    Most projects under the American Recovery and Reinvestment Act are road and bridge repairs funded through the Federal Highway Administration. The FHWA said 2,200 of its stimulus projects have already been completed, 8,000 are under way and federal funding has been obligated for more of them.

    Other projects under the Department of Transportation are to address airport or transit needs, plus special accounts for rail system grants and mixed-modal surface transportation funding for projects that have special national or regional significance.
  14. USA TRKR

    USA TRKR Active Member

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    OK I'm back. Sorry have not been feeling the greatest the past couple of days.

    Diesel Price Climbs Fifth Straight Week

    Gain of 2.2 cents puts average at $2.946 per gallon, up 41 percent in a year

    The national average price of diesel fuel in the United States climbed for the fifth consecutive week to its highest level in 17 months, increasing 2.2 cents last week to $2.946 a gallon, the U.S. Energy Information Administration said.

    The last time diesel was this high was in the week ending Nov. 10, 2008,when it hit $2.944 per gallon on its way down from the historic peak of $4.764 per gallon in July of that year.

    DHL Wins $45.2 Million Birds Eye Contract

    Agreement covers distribution of all frozen foods to UK customers

    Birds Eye awarded DHL Supply Chain a $45.2 million, three-year contract to handle exclusive distribution of all the packaged food company’s frozen foods to UK customers.

    Under terms of the agreement, DHL will handle approximately 550,000 pallets a year and manage activity for support during seasonal peaks in product harvesting.

    Flatbed Trucker C. Bean Transport Shut Down

    Trucking business closed as company plans Chapter 11 reorganization

    C. Bean Transport, a flatbed and truckload carrier, closed its trucking operations last week and filed for Chapter 11 bankruptcy protection. The Fort Smith, Ark.-based carrier was placed in receivership last month after defaulting on a $5.6 million loan.

    The company closed its trucking operations March 17 but kept its warehousing operations running as it sought bankruptcy court permission to reorganize. About 200 truck drivers hauled freight for C. Bean regionally and nationally.

    The trucking business was an affiliate of the Curt Bean Lumber Co., which has offices in Amity and Glenwood, Ark., and Buckner, Mo. According to its Web site, Tim Bean started the trucking operation in 1986 to support the lumber business.

    Navistar International Profit Plunges 64.6 Percent

    Truck maker lowers costs, explores export markets in first quarter

    Heavy truck maker Navistar International saw its profit plunge 64.6 percent to $17 million in its most recent quarter, as sales dropped 5.4 percent to $2.8 billion.

    The company lowered manufacturing costs, expanded overseas and claimed to gain market share in the quarter ending Jan. 31, the first quarter of its fiscal year.

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    Health overhaul promises pain, gain for businesses
    WASHINGTON (AP) -- When historians write the book on how President Barack Obama's health care overhaul became law, they'll need to leave space for some unlikely advocates: lobbyists for the drug, insurance and hospital industries.

    Last summer, executives from those groups visited the White House and pledged to do their part to help pay for the health bill. By signing on to the effort early and agreeing to absorb some of the costs, they were able to help shape its final form.

    Only time will tell how smart that trade-off was for the industries, but a quick look at the bill passed by the House late Sunday shows it was far from their worst-case scenario:

    Steps You Can Take Ahead of Changes in Coverage, Taxes
    After years of debate, a health overhaul is finally becoming a reality. Now what?

    Many big provisions don't kick in until 2014, including the mandate for most folks to have health insurance and many new requirements for health-plan designs. Before then, you'll see a mishmash of other things go into effect at various times -- and of course some of the changes depend on the Senate passing the House's so-called sidecar, or reconciliation, bill of changes.

    Here are some ways you can start dealing with the new health-care landscape.
  15. USA TRKR

    USA TRKR Active Member

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    Same-Day Delivery Company Fleetgistics Sold

    Parts, medical supply specialist joins Harbour Group of companies

    Turnaround specialist Atlantic Street Capital sold its same-day delivery business, Fleetgistics, to Harbour Group, a St. Louis-based holding company.

    The exact value of the transaction was not disclosed, but Atlantic said it was more than seven times its initial $10.4 million equity investment in Fleetgistics.

    Atlantic Street formed Fleetgistics through the merger of Ace Expediters, which it purchased in 2007, and Express Courier Systems and Network Express.

    UPS Introduces Occasional Package Pickup
    As part of its "green" technology initiative to cut vehicle emissions, UPS on Tuesday introduced a new service that will enable small and medium-sized businesses in the United States to schedule occasional package pickups without incurring much higher custom pickup costs.

    UPS Smart Pickup, as the service is called, costs $10 a month and allows users to notify UPS when they need a pickup on a certain dates without incurring the $70 one-time cost.

    Arrow Trucking Owes Nearly $100 Million

    Only $8 million in assets listed in latest bankruptcy court filing

    Bankrupt flatbed carrier Arrow Trucking owes creditors nearly $100 million and has assets of only $8.5 million, documents filed in U.S. bankruptcy court in Oklahoma show.

    Arrow Trucking, which shut down Dec. 22, owes unsecured creditors approximately $94.2 million, according to a list of assets and liabilities filed by Arrow's trustee. Creditors with secured claims against the company are owed about $4.8 million.

    The carrier's assets include $8.2 million in real property -- including terminals and office buildings and a residence valued at $2.49 million -- and $353,000 in personal property, including office equipment and furniture, according to a report in the Tulsa World.

    In its Jan. 8 petition for Chapter 7 bankruptcy protection, the company claimed to have $100 million to $500 million in assets. Those assets included trucks and vehicles abandoned after the company's collapse, the company's trustee said.

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    It's the law of the land: Health overhaul signed
    Jennifer Loven, AP White House Correspondent, On Tuesday March 23, 2010, 10:44 pm

    WASHINGTON (AP) -- Claiming a historic triumph that could define his presidency, a jubilant Barack Obama signed a massive, nearly $1 trillion health care overhaul on Tuesday that will for the first time cement insurance coverage as the right of every U.S. citizen and begin to reshape the way virtually all Americans receive and pay for treatment.

    After more than a year of hyperpartisan struggle -- and numerous near-death moments for the measure -- Obama declared "a new season in America" as he sealed a victory denied to a line of presidents stretching back more than half a century. Democratic lawmakers cheered him on, giving the White House signing ceremony a rally-like atmosphere as they shouted and snapped photos with pocket cameras or cell phones.
  16. USA TRKR

    USA TRKR Active Member

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    DOT Rebuffs New Talk of Raising Fuel Taxes

    Porcari stresses need to keep emerging recovery on track

    President Obama remains opposed to raising federal fuel taxes while the economy is trying to recover despite calls in Congress to increase those fees to fund new legislation, said Deputy Transportation Secretary John Porcari.

    The DOT’s second-highest official assured the Senate Environment and Public Works Committee March 24 that the administration’s position has not changed on hiking fuel taxes.

    YRC Simplifies Expedited Pricing

    LTL carrier bases prices on standard rates, streamlines quote process

    YRC is simplifying pricing for expedited less-than-truckload freight as it tries to entice new customers and win back freight transferred to other LTL carriers.

    The long-haul LTL subsidiary of YRC Worldwide says it is now basing its expedited pricing on standard LTL rates. That allows an online rating tool to quickly determine pricing based on a shipper’s initial request for a rate quote, the company said.
    [img width=800 height=532][/img]

    Senator Rolls Out Pension Reform Bill

    YRC, Teamsters back federal help for failing multiemployer plans, ‘orphans’

    Speaking at a trucking company in his home state, Sen. Bob Casey, D-Pa., called for pension reforms that would strengthen multiemployer pension plans and gradually shift the responsibility for “orphaned” retirees to the federal government.

    Casey unveiled the Create Jobs & Save Benefits Act of 2010 Monday, at the Carlisle, Pa., headquarters of YRC Glen Moore, the truckload subsidiary of YRC Worldwide.

    “Multi-employer plans face unique challenges that are overburdening pension plans and the bottom lines of companies,” Casey said. “My legislation would help correct these problems to protect the pensions of workers and unburden companies stuck paying a crippling expense that threatens its existence and the jobs of its employees.”

    Businesses Seek Relief from Rocketing Pension Costs

    Companies facing April deadlines press House to act on funding reform

    A business-backed coalition is pressing the House of Representatives to act quickly on pension funding reform before April deadlines that affect defined benefit plans.

    Companies weakened by the recession say they need an extension of the deadlines for fully funding their defined benefit pension plans. Without that relief, they say they may be forced to cut back capital spending, postpone hiring and lay off more employees.

    The Senate added an amendment to the American Workers, State and Business Relief Act enacted March 10 that would allow businesses to take up to eight more years to repay pension shortfalls. Similar legislation in the House still needs to be approved by the Ways and Means Committee.

    Companies with defined benefit pension plans must certify their funded status by April 1. Those that miss that deadline and certain other targets may have to freeze plans, said Lynn Dudley, senior vice president of policy at the American Benefits Council.
    Some companies face an April 15 deadline for quarterly contributions to their defined benefit plans. Without relief, they may have to cut deeper into spending or payroll to come up with the cash needed to cover pension contributions, Dudley said.

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    Feisty administration pushes new Wall Street rules
    WASHINGTON (AP) -- The Obama administration went on the attack Wednesday against the country's biggest business lobby over its resistance to financial rules as Democrats and the White House voiced new optimism that sweeping Wall Street regulations could be completed within months.

    Deputy Treasury Secretary Neal Wolin told the U.S. Chamber of Commerce that a reworking of the financial system was sorely needed and that an attempted obstruction by the Chamber was misguided.

    "It is so puzzling that despite the urgent and undeniable need for reform, the Chamber of Commerce has launched a $3 million advertising campaign against it," Wolin told a business audience as it lunched beneath chandeliers at the organization's ornate headquarters a block from the White House.

    Wolin's remarks -- and a White House meeting between President Barack Obama and leading administration and congressional authors of the regulatory overhaul -- signaled a new determination to make reining in Wall Street the next presidential priority.
  17. Slackdragon

    Slackdragon moderator

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    Interesting information about the pension bill .... gezzzz ... so if we don't join the union .. and bail out the pension plan. Our taxes get to pay for it anyway.

    I had a lot more to say ... but I hit the backspace button ... I'll quit before I get really mad. :stir:
  18. USA TRKR

    USA TRKR Active Member

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    I'm with you. It is ridiculous and not right at all. I'm already mad and moving on pissed.
  19. USA TRKR

    USA TRKR Active Member

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    Navistar Expands Menlo Logistics Partnership

    Truck maker aims to cut domestic costs with Menlo’s help on U.S. supply chain

    Heavy truck and engine maker Navistar is bringing Menlo Worldwide Logistics in to help manage its domestic as well as its global supply chain, thereby expanding their partnership to cut the manufacturer’s costs.

    Navistar in 2008 tapped Menlo as its lead logistics provider outside North America. Now it is extending Menlo’s role to be its broader “network manager” and help lower domestic supply costs as well.

    YRC Worldwide Stock Shoots Up 20 Percent

    Sudden increase in share value follows roll out of pension reform bill

    The value of YRC Worldwide’s stock climbed nearly 20 percent yesterday, rising from 45.5 cents to 56 cents a share on the Nasdaq stock exchange.

    The price climbed on the back of a surge in trading and followed the unveiling of legislation that would help fix the company’s long-term pension problems.

    A bill that promises to resolve the issue of “orphaned” retirees of defunct companies in multi-employer pension plans was introduced by Sen. Bob Casey, D-Pa., Monday.

    Casey traveled to YRC Glen Moore’s headquarters in Carlisle, Pa., to announce the bill.

    Maersk Exec Says Container Shipping ‘Fragile'

    Van Schoor warns against returning idled capacity too soon

    The global container shipping industry should go slow in bringing back to service hundreds of ships idled during the recession, otherwise the sector will extend losses which are estimated at $15 billion in 2009, a Maersk Line executive warned on Wednesday.

    "The situation remains very, very fragile for the shipping industry," said Hennie van Schoor, Maersk Line's director of business performance, Asia-Pacific.

    “It is balanced on a knife's edge," he said in a keynote speech at the Asia Pacific Maritime 2010 conference in Singapore.

    As global trade slowed down during the global economic crisis last year, freight rates plunged and 11 percent of the world's container shipping fleet, or about 500 vessels, had to be parked. Some are already being returned to service.

    JAL Will End Freighter Service

    Troubled airline to rely on passenger flights after it sells 747-400 freighters

    Japan Airlines will stop operating freighters this fall, succumbing to a steep decline in cargo demand, the airline announced Thursday as the carrier disclosed details of its restructuring through bankruptcy.

    The airline, the sixth-largest air freight carrier in Asia, said it would end the all-cargo service by October. It operates 10 747-400 freighters and will sell the five it owns and drop the leases on its five leased freighters.

    JAL had sought to rescue its troubled freight operations through a merger with Nippon Yusen and its freight carrier, Nippon Cargo Airlines, but early this month dropped merger talks.

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    Medicare Tax Hikes: What the Rich Will Pay
    High-income households will be paying more into Medicare as a result of the health reform package President Obama signed into law Tuesday.

    They may pay more still if the Senate approves changes to that package.

    But first, what's certain: The Medicare payroll tax is going up for individuals making more than $200,000 in wages, and couples making more than $250,000.

    Currently, the Medicare payroll tax is 2.9% on all wages -- with the worker and his employer each paying 1.45%.
  20. USA TRKR

    USA TRKR Active Member

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    WTO Forecasts 9.5 Percent 2010 Trade Growth

    Developing countries to contribute most to resurgence

    After the sharpest decline in more than 70 years, world trade is set to rebound in 2010 by growing at 9.5 percent, the World Trade Organization said Friday.

    WTO economists expect exports from developed economies to increase by 7.5 percent in volume terms over the course of the year while shipments from the rest of the world, including developing economies and the Commonwealth of Independent States, should rise by around 11 percent as the world emerges from recession.

    The WTO said the strong expansion it expects will help recover some, but by no means all, of the ground lost in 2009 when the global economic crisis sparked a 12.2 percent contraction in the volume of global trade — the largest such decline since World War II.

    Truck Tonnage Increases 2.6 percent

    Snow slows but can’t stop third consecutive month of year-over-year growth

    Truck tonnage increased 2.6 percent last month, compared with February 2009, according to the American Trucking Associations’ advance seasonally adjusted index.

    In the third consecutive year-over-year gain since the end of the recession, the index slipped 0.5 percent from January to February as heavy winter storms slowed freight movements, particularly on the East Coast.

    Rails Carry More Road Construction Materials

    Highest levels of stone, sand, gravel loadings since August

    Mid-March loadings of basic road and site construction materials by the largest U.S.-owned railroads reached their highest levels since August.

    The Association of American Railroads said the major U.S. carriers loaded 16,264 railcars in the week ending March 20 with crushed stone, sand or gravel, for the strongest volume of those base materials since the main 2009 construction season began to wind down.

    That was one of many cargo categories that increased from March 13, although the total carloadings of bulk shipments and equipment of 287,639 units was narrowly behind the prior week’s level. It was still up 4.3 percent from the same week last year, however, and within a solid recent range.

    Air Forwarders See Advantage in Open Skies
    The extension to the Open Skies agreement between the United States and the European Union can benefit air forwarders, according to Brendan Fried, president of the Airforwarders Association.

    The agreement will allow greater foreign investment opportunities, and that can translate into more air freight capacity, Fried said.

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    Regulators shut 2 Ga. banks, 1 in Fla., 1 in Ariz.
    WASHINGTON (AP) -- Regulators on Friday shut down two Georgia banks and one each in Florida and Arizona, bringing to 41 the number of bank failures in the U.S. so far this year following the 140 that fell in 2009 to mounting loan defaults and the recession.

    The Federal Deposit Insurance Corp. on Friday took over the banks: McIntosh Commercial Bank, based in Carrollton, Ga.; Unity National Bank of Cartersville, Ga.; Key West Bank of Key West, Fla., and Desert Hills Bank, based in Phoenix.

    The four failures are expected to cost the federal deposit insurance fund a total of around $320.3 million.

    CharterBank, based in West Point, Ga., agreed to assume the estimated $362.9 million in assets and $343.3 million in deposits of McIntosh Commercial Bank. In addition, the FDIC and CharterBank agreed to share losses on $263.1 million of McIntosh Commercial's loans and other assets.

    Take two: Gov't tries new fix for mortgage crisis
    WASHINGTON (AP) -- The government's bold new plan to stem the foreclosure crisis aims to succeed where previous efforts have fallen flat. Yet just as before, the odds are long, and many struggling borrowers won't qualify.

    In theory, the effort unveiled Friday would help millions of troubled homeowners who owe more on their mortgages than their homes are worth, or who are jobless and need a break on their payments.

    But it depends on cooperation from investors and bankers, many of whom have been locked in disputes over whether to reduce the debt owed by homeowners.

    And just like the bank bailouts, this rescue plan poses risks. If it doesn't slow the wave of foreclosures or if home prices nosedive, the tentative recovery in the housing market could fizzle.
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