News Briefs - Aug. 26
The Latest Headlines:
- Knight's Chairman Sells 137,000 Shares
- Jobless Claims Rise by 10,000 in Latest Week
- BAX, Raytheon Aircraft Sign Five-Year Deal
- UPS Adds Air Cargo to 'Trade Direct' Service
- Jobless Claims Rise by 10,000 in Latest Week
Knight's Chairman Sells 137,000 Shares
Truckload carrier Knight Transportation Inc. said Wednesday that Chairman and Chief Executive Officer Kevin Knight had sold 137,000 shares of the company's stock to meet funding obligations.The company said in a statement that its chairman owns about 8.5% of the company's issued and outstanding stock.
Knight is ranked No. 57 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Jobless Claims Rise by 10,000 in Latest Week
Initial jobless claims in the United States rose by 10,000 to 343,000 in the week ended Aug. 21, the Labor Department reported ThursdayThis was the first increase in four weeks. However, about half the gain was attributed to Hurricane Charley, Bloomberg reported.
The four-week moving average, a less volatile measure, fell to 336,750 from 337,500, Labor said.
The number of people continuing to collect state jobless benefits rose to 2.897 million in the week that ended Aug. 14 from 2.892 million the prior week. Transport Topics
BAX, Raytheon Aircraft Sign Five-Year Deal
BAX Global Inc. said that it signed a five-year deal to provide transportation and logistics management services for Raytheon Aircraft Co.BAX said in a statement it would facilitate all manufacturing-related ocean inbound and outbound shipments, including aircraft fuselage and wings shipped in specialized ocean containers from the United Kingdom to Wichita, Kan.
The company said it would also coordinate inbound air transportation of parts and products to support manufacturing and maintenance.
erms of the deal were not disclosed. Transport Topics
UPS Adds Air Cargo to 'Trade Direct' Service
UPS Inc. said Aug. 9 that it had added air service to its Trade Direct delivery program, which moves goods directly from international factories through customs to multiple U.S. locations, eliminating the need for warehouse stops at the border for repackaging.UPS is the top-ranked carrier in the Transport Topics 100 list of the largest U.S. and Canadian for-hire trucking firms.
n the program, U.S.-bound goods are packaged individually, labeled and consolidated into one freight shipment. After moving by plane, ship or truck, the goods clear U.S. Customs as a consolidated unit, the company said.
That consolidated unit then is separated back into individual parcels or less-than-truckload shipments, bypassing distribution center stops, and placed directly into the UPS system for delivery.
Earlier this year, UPS announced it had expanded its Trade Direct ocean service by 30 ports, bringing the total to 70.
The new air service “offers businesses a warehouse in motion — handling shipments every step of the way from factory to consumers, whether retail outlets or homes,” Kurt Kuehn, UPS senior vice president of worldwide sales and marketing, said in a statement.
Alan Amling, director of marketing, said the company also planned at some point to expand Trade Direct to include Europe as a destination for shipments from the United States and to include intra-Asia shipments. Michael G. Malloy
This story appeared in the Aug. 23 print edition of Transport Topics.