News Briefs - July 9
The Latest Headlines:
- Utah Senators Back Yucca Mountain Plan
- City Gets Injunction in Navistar Strike
- Dina to Buy Back Suspended Shares
- Giromini Named COO at Wabash
- Bush Calls for Stiffer Corporate Fraud Penalties
- Delphi Workers Authorize Strike at Ohio Plant
- Deutsche Post to Buy More of DHL
- Houston Only Texas City Enforcing Truck-Lane Law, AP Says
- City Gets Injunction in Navistar Strike
Utah Senators Back Yucca Mountain Plan
The Utah Senate delegation threw its support late Monday behind President Bush's plan to dispose of the nation's nuclear waste at Yucca Mountain, Nev., the New York Times reported.If the plan is approved, thousands of shipments of nuclear waste from around the country would be shipped by rail and by truck to the site for storage.
The announcement by Sens. Orrin Hatch and Robert Bennett prompted Republican leaders to claim a majority on the issue, the Times reported.
The House passed a measure to put Yucca Mountain into service in May; the Senate must now take action by July 26, the Times said. Transport Topics
City Gets Injunction in Navistar Strike
The city of Chatham-Kent, Ontario, won a court injunction Monday to prevent striking workers from the Navistar International truck manufacturing plant from blocking roads near the company's factory, Bloomberg reported.The injunction prevents the Canadian Auto Workers from blocking any public road in the province of Ontario, Bloomberg reported.
Navistar had received a similar injunction banning strikers from halting traffic at the plant, barring the CAW from blocking temporary workers from entering the plant in Chatham and limiting the number of picketers to 50, Bloomberg said.
A spokesman for the company said that while they were pleased with the ruling, they would not try to bring in temporary workers on Tuesday. The union said the ruling didn't change anything and that it would continue to try and keep any temporary workers out.
Twice in June, police turned away busloads of temporary workers. Attempts to bring in workers were halted after several supporters of the Canadian Auto Workers were hurt in a June 24 incident involving security guards in a van.
Last week, the factory resumed production with 115 managers doing the work, Bloomberg reported. Transport Topics
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Dina to Buy Back Suspended Shares
In a move toward de-listing, Mexican truck and bus manufacturer Consorcio G Grupo Dina SA offered Monday to buy back its stock, Bloomberg reported.Shares of Grupo Dina have been suspended since last year when the company defaulted on its debt (Click here for related coverage.).
Grupo Dina is offering 21 centavos, or 2 cents (U.S.), per share under the offer. The repurchase offer will stand for 10 working days, the company said.
The company has shut down operations because of poor sales and lack of cash, Bloomberg said. Grupo Dina had 208.3 million shares outstanding at the end of 2001. The company will not buy back its American depository receipts and has hired JP Morgan & Co. to help foreign stockholders convert to Mexican shares, Bloomberg said. Transport Topics
Giromini Named COO at Wabash
Richard Giromini has been appointed chief operating officer at truck trailer manufacturer Wabash National Corp., the company announced Monday.Giromini will be responsible for all manufacturing operations of Wabash, the company said in a release. He was most recently senior vice president of technology and continuous improvement for Accuride Corp.
The Lafayette, Ind.-based company also said Bryan Langford was named as vice president and general manager - North American Trailer Centers Inc. Transport Topics
( for the full press release.)
Bush Calls for Stiffer Corporate Fraud Penalties
Calling for a special task force on corporate crime he likened to a swat team, President Bush promised Tuesday to to use the full weight of the law to expose and root our corruption, the Associated Press reported.The task force, AP said, would be headed by Deputy Attorney General Larry Thompson and FBI Director Robert Mueller as well as investigators from other agencies.
Speaking at a hotel ballroom on Wall Street, Bush promised to enhance the ability of the Securities and Exchange Commission to freeze improper payments to corporate executives while a company is under investigation.
He also pledged to persuade publicly traded companies to prevent corporate officers from receiving loans from their own companies, and ask stock markets to require that a majority of a company's directors — and all members of the company's audit, nominating and compensation committees — have no material relationship with the company so that they are truly independent.
Bush said in his speech the ever-widening circle of corporate accounting scandals are threatening the economy’s recovery and the financial well-being of U.S. workers, AP reported. Transport Topics
Delphi Workers Authorize Strike at Ohio Plant
Members of the International Union of Electronic Workers at the Delphi Corp. factory in Kettering, Ohio, will strike if an agreement on a new contract is not reached by Sept. 16, Bloomberg reported Monday.In a vote last week, union members authorized the strike by 2,000 workers at the plant, which makes suspension systems.
Troy, Mich.-based Delphi Corp. claims to be the world's largest vehicle parts manufacturer. Transport Topics
Deutsche Post to Buy More of DHL
Europe's largest postal service, Deutsche Post AG, said July 5 is was increasing its investment in express package carrier DHL International Ltd. by purchasing Deutsche Lufthansa AG's stake in the company, Bloomberg reported.Deutsche Post has agreed to pay at least $542.9 million to Lufthansa for its 25% stake in DHL, Bloomberg said. In addition, the company could hand over an additional $59.2 million to Lufthansa.
The deal still needs approval from European Union antitrust officials, Bloomberg reported.
Deutsche Post, 70% owned by the German government, has said that it plans on purchasing all of DHL. With the purchase, the company will now control 76% of DHL, Bloomberg said.
DHL, based in Brussels, Belgium, holds a 23% voting stake in DHL Airways, based in Redwood City, Calif. Transport Topics
Houston Only Texas City Enforcing Truck-Lane Law, AP Says
Five years since Texas state legislators passed a law to keep large trucks from the left lane of major highways, Houston is the only city that is enforcing it, the Associated Press recently reported.The city of Houston has ticketed more than 1,000 truckers for using the left lane on highways with at least three lanes, AP said. Many of the truckers were from out of state and not familiar with the law.
Several cities have said they were unaware of the law until the state sent out reminders about it, AP said.
Both car- and truck-involved crashes have declined in Houston on highways where the law is enforced, AP said. Transport Topics
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