EnRoute - May 29, 2013
Top Stories
FASB and IASB have jointly issued a revised Exposure Draft revealing new proposed standards for lease accounting. This action follows the release of a first version of the Exposure Draft in August 2010. TRALA is hosting an informational webinar on Thursday, May 30 at 3 p.m. ET on the revised exposure draft.
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The Raechel and Jacqueline Houck Safe Rental Car Act of 2013 has been reintroduced in the U.S. Senate. This proposed legislation would prohibit the rental of unrepaired, recalled vehicles.
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The Congressional Budget Office (CBO) has issued a report that states a carbon tax would cause industries such as transportation to experience large losses in income due mostly from the decline in demand for trucking that would come from such a tax.
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Trucking HR Canada has conducted a new report, “Today's Youth, Tomorrow's Drivers: Attracting Canada's Youth to Opportunities in Trucking.” The report offered some optimism as many youth do recognize the availability of jobs within the industry.
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Technology Trends
The California Air Resources Board (CARB) has a new tool that allows truck owners to verify if they are compliant with California's Tractor-Trailer Greenhouse Gas Regulation.
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Dana Holding Corporation has launched its free Spicer iPhone application, a tool kit that offers three easy-to-use calculators to measure fuel-saving opportunities, driveshaft RPM speeds, and driveline angles.
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Briefly
Big Truck Rental (BTR) has purchased Canadian refuse truck rental company Amtruck Rental. . .The Kenworth Truck Company assembly plant in Renton, WA, has received a 2012 Gold Award presented by The King County (WA) Industrial Waste Program. The award is for compliance with the plant's industrial wastewater discharge permit. . .PeopleNet has announced a new integration partner, Easy Manifest, that helps truck drivers save time by eliminating wait time at U.S. – Canada border crossings. . .Penske Truck Leasing has opened a new state-of-the art facility in Phoenix, AZ. . .Detroit Diesel Corporation's Virtual Technician onboard diagnostic system was named a Silver Award winner in the Applied Technologies/Smart Systems category at the Edison Awards. . .Rush Enterprises, Inc. have acquired certain assets of Piedmont International Trucks, which operates commercial truck dealerships in North Carolina. . .Utility Trailer Manufacturing Company has exceeded an important milestone by producing the 50,000th dry van trailer at its Glade Springs, VA manufacturing plant. . .CMA, Inc./Double Coin Tires has announced the construction of the company's newest distribution center in Rancho Cucamonga, CA. . .Avis Budget Group has earned a place in the 2013 edition of Military Times “Best for Vets: Employers” survey. Avis was recognized for its achievements in recruiting and employing veterans, for its policies related to veterans, reservists and their families, and for the organization's culture, among other factors. . .Papé Kenworth has opened a new parts and service locations in Klamath Falls and Tangent, OR and Kelso, WA.
People
Navistar International has appointed Bill Kozek as president of the company's North America Truck and Parts business. He succeeds Jack Allen, who was promoted to chief operating officer. . .Eaton has named Shane Groner as Navistar global Account director. . .TODCO has hired Joe Owen as division president and Chris Oehler as plant manager for the Marion, OH facility. . .Darrin Siver has been named the new general manager of Peterbilt. . .Rush Enterprises, Inc. announced that W. Marvin Rush is retiring from his position as Chairman of the Board of the company and will be replaced by W.M. “Rusty” Rush. W. Marvin Rush will continue to serve as a member of the board of directors of the company and have the honorary title of Chairman Emeritus.
Taking $tock
A look at truck transportation-industry Fortune 500 public companies:
| Company |
Symbol (Click for Chart) |
05/29 Close |
Performance |
| Allison Transmission Holdings |
ALSN |
$24.25 |
$0.42 |
+1.76% |
| Avis Budget Group Inc. |
CAR |
$32.97 |
$0.88 |
-2.60% |
| Cummins Inc. |
CMI |
$117.72 |
$0.45 |
+0.38% |
| Dana Holding Corp. |
DAN |
$19.16 |
$0.08 |
-0.42% |
| Eaton Corp. |
ETN |
$67.24 |
$1.43 |
-2.08% |
| General Electric |
GE |
$23.64 |
$0.04 |
+0.17% |
| Goodyear Tire & Rubber |
GT |
$15.29 |
$0.37 |
+2.48% |
| Navistar International Corp. |
NAV |
$36.12 |
$0.37 |
-1.01% |
| PACCAR Inc. |
PCAR |
$53.97 |
$0.00 |
0.00% |
| Ryder |
R |
$63.15 |
$0.41 |
-0.65% |
SOURCE: Yahoo! Finance
Money Matters
The Conference Board, a private research group, has reported that consumers feel better about the American economy than they have in five years. The Consumer Confidence Index is 76.2 rating, the highest since February 2008 and up significantly from April's reading of 69.
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The Small Business Administration (SBA) is starting a new program, the SBA Veteran Pledge Initiative, which is aimed at increasing lending to veteran-owned businesses by 5 percent a year for the next five years.
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