A.M. Executive Briefing - June 12
This Morning's Headlines:
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U.S. Officials Meet With Refiners Over Big New Motor Fuel Price Spikes
Federal officials are meeting this morning with representatives of the motor fuel refining industry, news services are reporting, over the new round of huge price spikes at the pump. U.S. Energy Secretary Bill Richardson said he was concerned with the cost jumps, especially in the Midwest, and would be asking whether all the increases are really required by market conditions or whether there is some price gouging as well.Gasoline prices have topped $2 a gallon in Chicago, but have soared by 30 cents or more just in the last few weeks across much of the rest of the Midwest. Transport Topics staff
UPS Is in Talks to Buy 2 Logistics Firms
Having raised close to $5.5 billion in an initial public offering in the fall, United Parcel Service is currently in negotiations to purchase two logistics companies run out of Asia and Latin America. Insiders say the acquisitions will be followed by a flurry of smaller purchases as the shipping giant looks to bolster its burgeoning service-parts logistics business. UPS would ideally like to provide spare parts and supply-related services to a number of industries.Demand for services pertaining to service-parts logistics has grown internationally as more and more companies are finding themselves in need of an affordable means of getting their parts into the field and repairing broken-down equipment without having to run their own warehouses and repair operations. The market for service-parts logistics is expected to grow at 6% a year through 2002. Wall Street Journal (06/10/00) P. A3; Brooks, Rick
Georgia Law Enforcement Agencies Collaborate to Improve Truck Safety
As Georgia prepares to turn truck enforcement over to the newly created Department of Motor Vehicle Safety, the state Public Service Commission has started giving safety-inspection training to 20 enforcement officers from the state Department of Transportation.Right now, the PSC is the main agency in charge of truck enforcement, while the DOT works independently with a focus on weight and length; it is speculated that the new department will get truck enforcement agents from the DOT and the PSC.
The state is also equipping its 19 weigh stations with electronic clearance systems; the Interstate 75 stations got them first, and the state hopes to have all the stations ready by 2003.
Guy Young, vice president of the Georgia Motor Trucking Association, says his group is "all for as many truck enforcement officers and inspections as we can have." Atlanta Journal-Constitution (06/12/00) P. 3D; Ledford, Joey
W. Va. Lawsuits Seek Damages From Carrier for Fatal I-64 Wreck
Bestway Trucking is among the defendants of lawsuits related to a January accident in West Virginia.The combined estates of three deceased car-accident victims and one survivor filed separate lawsuits in Kanawha Circuit Court June 8 seeking damages from the driver of the victim's car, Bestway Trucking of Indiana, State Farm Mutual Automobile Insurance of Maryland, Sentry Insurance of Virginia, and John Deere Insurance of Illinois.
The driver that was named as a defendant by the estates and the survivor, Albert Mays, also sued Bestway. The truck driver involved in the accident was not named in any suit.
The wreck, which occurred Jan. 20, took place on an icy Interstate 64 bridge. Charleston Gazette (06/10/00) P. 5A; Schnaars, Christopher
Watkins Motor Lines May Collect $200,000 For New Florida Terminal
The Lake County, Fla., Industrial Development Authority has proposed giving $200,000 to Watkins Motor Lines, which is planning a huge terminal along State Road 50 near Lake Boulevard. The company says 150 full-time positions will be brought to the southern part of the county in the coming year.The authority's proposal would be the biggest award in the job incentive program's five-year history; it now must be passed by the county commission.
Watkins' local attorney, Bruce Duncan, expects that the company will shut down its Orlando facility if it opens the new site on schedule next April. Orlando Sentinel (06/10/00) P. 1, Lake Sentinel Section; Colarossi, Anthony
Trucking Exec Low Drops Out of KLLM Bidding
Springfield, Mo.-based trucking executive Robert Low today said he will not continue his bid to acquire all shares of KLLM Transport Services Inc., Reuters reported, since KLLM is already in a definitive agreement to be acquired by a group headed by its own chief executive officer, Jack Liles.Low heads New Prime Inc., which competes with Jackson, Miss.- based KLLM, and he holds 13.7% of KLLM stock. Low's offer expired Friday; he said he might get back in with another offer for KLLM if its deal with Liles' group falls through. Transport Topics staff
Compiled by Transport Topics staff and INFORMATION, INC. © 2000
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