A.M. Executive Briefing - Nov. 30
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Iraq Plans to Stop Oil Exports
Despite earlier claims that it would not take such action, Iraq plans to stop exporting oil Thursday night – unless companies agree to pay a 50 cent premium per barrel of oil, Bloomberg reported. The money would then go to an Iraqi bank that is beyond the control of the United Nations.Iraq exports 2.3 million barrels of oil daily. Currently, the United Nations is monitoring Iraq's oil exports due to penalties imposed on Iraq after it invaded neighboring Kuwait in 1990.
But Saudi Arabia, the world's largest oil producer, has said it will increase output to make up for any loss if Iraq stops exporting oil. Also, the United States and Europe have said they are willing to retrieve oil from emergency supplies, if necessary. Transport Topics
Rep. Hall May be Bush Energy Pick
Texas Gov. George W. Bush is opening a privately funded transition team office in Northern Virginia and may tap Rep. Ralph Hall (R-Texas) to be energy secretary, the Wall Street Journal reported Thursday.David Gribben, who has worked with vice-presidential nominee Richard Cheney at Halliburton Co., is in line to head congressional relations, the Journal reported. Transport Topics
American, United Plan Same-Day Air Parcel Service
American Airlines and United Airlines () have announced a same-day, door-to-door package delivery service aimed at both businesses and consumers, the Journal of Commerce Online reported Thursday. The service will compete with United Shipping & Technology (), FedEx () and Airborne Express.
It is a collaboration with privately held NextJet, which started up in February 1999. NextJet estimated that the four-year deal could bring it $100 million in revenue, the Associated Press reported. The Dallas-based company spent more than a year developing software to sort through airline schedules before beginning service in July, and it handles about 150 shipments a day, the news service reported.
img src="/sites/default/files/images/articles/nextjetlogo.gif" width=120 align=right>NextJet uses more than 30,000 daily commercial airline flights and a nationwide fleet of couriers to make sure that packages arrive on time, usually just a few hours after the order is placed, the company stated Thursday. Transport Topics
Canadian 3Q Economic Growth Exceeded Expectations
The economy of America's largest trading partner, Canada, seems heading in the opposite direction from the U.S. economy, expanding at a faster-than-expected pace in the third quarter, Bloomberg reported.The expansion was at a 4.8% annualized rate, when analysts were expecting only 4.0%, the news service reported, noting that business investment as well as consumer demand surged.
This was Canada's twenty-first straight quarter of growth, according to Bloomberg.
Trucking across the border is a huge business at several points. For example, 5,000 trucks cross the Peace Bridge at Buffalo, N.Y., each day. Transport Topics
Boston's "Big Dig" Gets Final Federal Funds
Federal funding totaling $14.1 for Boston's Interstate 93 tunnel "Big Dig" was approved, but not one more penny will come from Washington, the Associated Press reported.The plan includes a cushion of $258 million to guard against inflation, AP noted, in the huge downtown transportation construction project. Massachusetts officials got word on the plan Wednesday.
The Central Artery/Third Harbor Tunnel Project aims to bury three miles of Interstate 93 beneath central Boston, and is slated for 2004 completion. The project has a history of cost overruns. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Federal Committee Issues Report On Illinois CDL Probe
- Summit Gets Injunction Against Teamsters
- Traffic.com Adds New York City, Dallas/Fort Worth
- Pallet Management Systems Reports Q1 Earnings
- Dutch Vehicle Distributor Pon Denies Interest in Beers NV
- Official Says Chrysler Misled Daimler-Benz
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