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TRUCKING INDUSTRY * USA & Canada - YRC Reportedly Cuts More Jobs
YRC Worldwide has cut about 200 more jobs in a further effort to reduce costs
Overland Park,KS,USA -Reuters/ Transport Topics -2 March 2010: ... YRC Worldwide has cut about 200 more jobs in a further effort to reduce costs... YRC would not comment officially on the cuts, but company sources said it had laid off at least 200 people last month from its Overland Park, Kan., headquarters and a campus in Akron, Ohio... The layoffs include 90 people, or about 25% of YRC’s information technology division. YRC let about 4,500 employees go in the past year, Reuters said...* USA - Wall Street Firm Suspends YRC Stock Rating
New York,NY,USA -The Journal of Commerce Online, by William B. Cassidy -Mar 2, 2010: -- Wolfe Research suspended its “underperform” stock rating for YRC Worldwide pending a more complete fourth-quarter and full-year earnings report from the company... YRC Worldwide’s stock price has been volatile, edging upward in the weeks since shareholders approved a debt-for-equity swap Feb. 17. That deal wiped out $464 million in debt and created hundreds of millions of new shares of company stock... The stock price fell to a low of 36 cents per share Feb. 22 before climbing to 44 cents per share March 1. The stock peaked at $5.86 last September, but fell rapidly once the debt swap was announced in November. It last traded above a dollar in January... The company said it would include complete financial information in its annual report, which Wolfe said is expected shortly, possibly later this week...
* Canada - Tanker residue rule still in limbo
Calgary,AB,CAN -Today's Trucking -5 March 2010: -- The controversial proposed rule by U.S. Customs and Border Protection (CBP) to require the reporting of trace amounts of residue is still in limbo, and it’s still unclear when, or if, the rule will move forward... Matthew Parrott, director of northern border operations with A.N. Deringer, was updating the crowd at ieCanada’s seventh annual western conference in Calgary on U.S. Customs rules, and as far as the tanker residue rule, there hasn’t been much progress... The rule was originally supposed to go into effect on Sept. 16, 2009, when trace amounts of chemical residue in essentially empty tankers were to be reported on e-manifests when crossing into the U.S.... It was delayed until November, but CBP then decided to postpone it indefinitely in order to give the trade community more time to prepare for compliance... How an accurate measure of trace amounts of residue was to be determined, and by whom, was one of the points of contention with the Canadian Trucking Alliance... (Photo from static.howstuffworks: oil tanker truck)
* USA - Billion-dollar-plus companies lose 25 percent of revenue in 2009
Pittsburgh,PA,USA -The Journal of Commerce, by William B. Cassidy -Mar 4, 2010: -- Seven of the top 25 less-than-truckload carriers reported more than a billion dollars in revenue in 2009, according to a study of the LTL industry... Together, they accounted for $16 billion in LTL sales, 63.4 percent of the total revenue of all LTL carriers in the United States, according to the SJ Consulting Group study... That $16 billion is 25.8 percent less than the $21.6 billion in LTL revenue the same carriers had in 2008... The carriers were YRC Worldwide, FedEx Freight, Con-way Freight, UPS Freight, ABF Freight System, Old Dominion Freight Lines and Estes Express Lines... The recession squeezed the next revenue class, cutting the number of carriers with $500 million to $999 million in LTL revenue from six to four last year. They were R+L Carriers, Saia Motor Freight Line, Southeastern Freight Lines and Vitran Express...
posted by Unknown @ 4:32 PM
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