Navistar CEO Resigns
Daniel Ustian, president, chairman and CEO of Navistar, is stepping down, the Lisle, Ill.-based company announced this morning. Navistar’s board of directors has appointed Lewis Campbell, former chairman, president, and CEO of Textron Inc., executive chairman of the board of directors and interim CEO as his replacement.Read more
Obama Administration Frees Up Unspent Earmark Funds
The Obama administration announced that it won’t allow infrastructure funds to sit idle as a result of stalled earmark projects. It’s making more than $470 million in unspent earmarks immediately available to states for projects that will create jobs and help improve transportation.
$473 million in highway earmarks from FY2003-2006 appropriations acts remain unspent. Those acts contain provisions that authorize the secretary of transportation to make the unused funds available for eligible surface transportation projects.Read more
FedEx Corp. To Offer Voluntary Buyouts To Eligible Employees
FedEx Corp. on Monday, Aug. 13, announced that it will offer voluntary buyout incentives to certain U.S.-based employees in mostly nonoperational staff groups as part of a broader plan to improve efficiencies and reduce costs. The company said the vast majority of employees eligible for these incentives likely will be staff employees at FedEx Express and FedEx Services.Read more
Oil Slips Slightly To Just Over $91 A Barrel
Oil slipped slightly to almost $91 a barrel Monday, but managed to hold on to most of the big gains from the previous session after the U.S. reported better-than-expected jobs growth.
By early afternoon in Europe, benchmark crude was down 36 cents at $91.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $4.27 on Friday to settle at $91.40 in New York.Read more
Some Drought-Stricken States Lift Trucking Regs for Relief
Governors in some Midwestern states are easing trucking regulations for trucks providing relief to farmers hard-hit by the continuing drought.
The Drought of 2012 continues to hit some of the nation’s most important agricultural regions especially hard, according to the U.S. Department of Agriculture, with more than seven-eighths of the nation’s corn (89%) and soybeans (88%) considered to be within an area experiencing drought.Read more