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In the news this morning: Expected OPEC production cuts sends crude oil prices higher; Intrenet closure to result in 1,700 layoffs; DaimlerChrysler, Hyundai to form light-truck joint venture; and more.

Today's technology headlines: Cell phone law takes effect in N.Y. county; drivers - and driver services firms - warm up to the Internet; grocery stores wrestle with logistics of hoem delivery; and more.

This afternoon's headlines: Construction spending fell slightly in November; steel production down from last year; FedEx Custom Critical to open dispatch center in Nevada; and more.

The Federal Reserve, in a surprise move spurred by the rapidly deteriorating economy, cut interest rates Wednesday, slashing the federal funds rate by half a percentage point to 6% and trimming the discount rate a quarter-point to 5.75%.

American Trucking Associations said the Department of Transportation, in designing its hours-of-service proposal, ignored most of the 62 executive orders and legislative mandates in place to guide the development of sound rulemakings and underestimated the costs to the industry.

The Motor Freight Carriers Association said it would be better for the less-than-truckload sector to continue working under the current 63-year-old rules governing drivers than adopt the revisions to the hours of service proposed by the Department of Transportation.

Motor carriers that are delinquent in paying fines levied by the Federal Motor Carrier Safety Administration will be taken off the road, under a rule that goes into effect April 16.

In the news this morning: Bush schedules afternoon news conference; OPEC members continue push for production cuts; DaimlerChrysler to invest in fuel-cell technology; and more.

Today's technology headlines: AWS improves logistics operations at Hershey Foods; smarter warehousing for dotcoms; AOL faces pressure on instant messaging; and more.

This Afternoon's Headlines: NAPM report shows manufacturing fell for fifth straight month; Bush names Abraham to head Energy Department; Swiss allow heavier trucks on highways; and more.