Executive Briefing - Nov. 12
- Trucks Get Surprise Inspection at Golden Gate Bridge
- Russia to Make Small Oil Production Cut
- Insurance Rates Rise in Wake of Attacks
- MAN CEO Expects Truck Makers to Cut More Jobs
- Eaton CFO Dillon Resigns
- Transport Corp. Names New CEO
- Russia to Make Small Oil Production Cut
Trucks Get Surprise Inspection at Golden Gate Bridge
In a stepped-up security move ordered by Calif. Gov. Davis, all trucks heading to the Golden Gate Bridge beginning Sunday afternoon were inspected, the San Francisco Chronicle reported.Officers checked driver's licenses and log books, and inspected truck beds, according to traffic officer John Brandt. He said that a few drivers passed by the checkpoints because they hadn't seen the signs or didn't realize it applied to them.
The story said the checkpoints were put into action quickly in an attempt to catch truck drivers by surprise. Transport Topics
Russia to Make Small Oil Production Cut
This would trim supply from Russia by just 0.4%. Russia, which exports 4.31 million barrels a day, is the second-largest oil exporter in the world. The Organization of the Petroleum Exporting Countries had been counting on a larger cut to help prevent a glut and push prices up.
The price of Brent crude oil fell 2.4% to $20.86 a barrel in London. OPEC is scheduled to meet on Wednesday to discuss whether the cartel should cut production again. Transport Topics
Insurance Rates Rise in Wake of Attacks
Insurance companies, feeling the pinch from claims after the Sept. 11 terrorist attacks, will likely pass their increased costs onto their customers in the form of higher premiums, the Associated Press reported.Industries expected to be hardest hit by the new higher rates include the airlines, shipping companies and energy industries. The owners of high-profile buildings are also expected to see large premium increases.
Previous experience also suggests the trucking industry would be one of the groups being targeted for higher premiums.
One of the reasons that insurance premiums are expected to increase, aside from the massive costs incurred as a result of Sept. 11, is that unlike a natural disaster, terrorist attacks are a man-made occurrence and their likelihood cannot be predicted. Transport Topics
MAN CEO Expects Truck Makers to Cut More Jobs
MAN AG and Volvo AB will cut more jobs over the next two years, MAN Chief Executive Hakan Samuelsson told Swedish Newspaper Dagens Industri.The cuts will be the result of a continued decline in demand for heavy trucks, Samuelsson said.
MAN, the No. 2 truck maker in Germany, has plans to slash 4,000 jobs this year, while Sweden's Volvo has already cut 5,200 workers. Transport Topics
Eaton CFO Dillon Resigns
Eaton Corp., the largest U.S. maker of truck transmissions, said Monday that Chief Financial Officer Adrian Dillon resigned to join an unnamed company.The Cleveland-based company said that Dillon will leave on Nov. 30, and a search for a replacement has begun.
He was responsible for accounting, information systems, strategic planning and investor relations, Eaton said in a statement. Dillon, who has been with Eaton for 22 years, will leave on Nov. 30. Transport Topics
( for the full press release.)
Transport Corp. Names New CEO
Transport Corp. of America Inc. on Monday named Michael Paxton as the new president and chief executive officer.He replaces Robert Meyers, who will become president and CEO of a transport tech-nology company called Techgistics. He will remain a member of the Transport America Board of Directors.
Paxton was formerly CEO of the Sunbeam Health and Safety Co., and will be re-sponsible for all activities of the Transport America truckload trucking operation.
( for the full press release.)
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