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Reuters / April 21, 2020 Lawmakers and former officials are making a last ditch push to persuade the Trump administration to halt plans to invest billions of federal employee retirement dollars in Chinese companies. At issue is whether administrators of the Thrift Savings Plan (TSP), a retirement savings fund similar to a 401(k) for federal employees and members of the military, should allow its $50 billion international fund to track an index that includes China-based stocks of companies under scrutiny in Washington. Among the Chinese companies in the index that have drawn the ire of some in Washington who see China as America’s biggest economic and geopolitical threat is surveillance firm Hangzhou Hikvision Digital Technology which was placed on a trade blacklist last year. The fund would also invest in telecoms equipment company ZTE , which was penalized by the U.S. government for violating U.S. sanctions. “Are we very soon going to witness ... federal employees ... being, in effect, unwittingly compelled to fund with their retirement dollars a number of Beijing’s most egregious corporate national security and human rights abusers?” asked Roger Robinson, a former White House official in the Ronald Reagan administration. The White House and the Department of Labor refused requests for comment. A memo dated March 7 argued that if Trump did not act, by replacing FRTIB board members or through an executive order, his critics would claim Trump took no action to avoid “federal employees being compelled to invest in Chinese and Russian companies that have undisclosed material risks due to their roles in threatening our national security.” Meadows, who had sponsored companion legislation to Rubio’s bill in the House of Representatives, did not respond to a request for comment through the White House. Top lawmakers have raised the issue directly with the administration, according to people familiar with the matter. Rubio discussed the issue with Trump in the last few months, a congressional aide said. In a letter dated April 6, Republican congressmen Jim Banks called on Department of Labor Secretary Eugene Scalia to explain how the agency plans to inform investors of the risks of owning shares in companies that don’t comply with U.S. financial disclosure requirements and the implications of investing in firms that are under U.S. sanctions.

Reuters / April 21, 2020 FRANKFURT -- Daimler and Volvo Trucks have agreed to join forces to develop, produce and sell fuel cell systems for heavy trucks. "The common goal is for both companies to offer heavy trucks with fuel cells for demanding long-haul applications in series production in the second half of the decade," Daimler said in a statement on Tuesday. The joint venture agreed by the two companies will operate as an independent and autonomous entity, with Daimler Truck and the Volvo Group continuing to be competitors in all other areas of business, the companies said. "Joining forces will decrease development costs for both companies and accelerate the market introduction of fuel cell systems in products used for heavy-duty transport and demanding long-haul applications." Volvo will acquire 50 percent in the joint venture for around 600 million euros ($650 million), the companies said. Daimler trucks will bring together all of Daimler's fuel cell activities in a new fuel cell unit, including those of Mercedes-Benz Fuel Cell GmbH. Automotive and non-automotive usage are also part of the new joint venture's scope. The preliminary agreement between the two companies is non-binding, with a final deal expected by the third quarter and closing before the end of 2020, the companies said.

Toilet paper oil filter elements. It's been years since I recalled that.

Scores of US public companies take small business rescue funds (Oversight anyone? anyone???) Financial Times / April 21, 2020 More than 80 publicly listed companies have tapped the US Treasury’s $349 billion bailout fund for keeping small businesses afloat through the economic shutdown. The bailout scheme, known as the Paycheck Protection Program (PPP), was fully subscribed last week with many small entrepreneurs unable to secure funding before the first allocation was spoken for. “Public companies that have access to other sources of money should not be using this,” said Charles Elson, a corporate governance expert at the University of Delaware. “Small businesses need this pot to survive.” The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time. But over 80 companies that received the aid were publicly traded, and some had market values well over $100 million. And 25% of the companies had warned investors months ago, while the economy was still good, that their ability to remain viable was in question. Thousands of regulatory filings indicate that over 80 companies are recipients of a combined $300 million in low-interest, taxpayer-backed loans. Ohio-based biotech company Athersys raised almost $60m in a stock offering on Monday after its shares have nearly doubled so far in 2020. Still, the company secured more than $1m through the PPP on Wednesday. The company refused to comment. Nikola Motor, whose financial backers include the asset management giant Fidelity and the hedge fund ValueAct, secured its $4bn valuation when it announced in early March that it would merge with black-check company VectoIQ. Yet it borrowed $4m from the PPP this month. Nikola Motor refused a request for comment.

Now Brent has fallen to $15.98, the lowest price in 21 years. Nearly 40 million Saudi Arabian barrels are on their way to U.S. shores, adding to the tens of millions already in storage here. That delivery is probably going to be the final dagger in the heart of the U.S. shale oil industry. The president should be enacting import tariffs on foreign oil, so as to protect the American oil industry.

West Texas Intermediate (WTI) crude oil has plunged down today to minus $40.32 a barrel. https://www.bloomberg.com/quote/CL1:COM

Mack dealers never used paint codes, but rather Mack part numbers for the Kirker-produced enamel paints they sold. The base number is 312SX The central number indicated color The "P" suffix indicated the container size. For example, 312SX18P2 Mack standard (exterior) green / gallon 312SX18P6 Mack standard (exterior) green / aerosol spray can 312SX19P2 Mack (B-model) interior green / gallon

Ford's new North America chief targets 10% margins Michael Martinez, Automotive News / April 20, 2020 DETROIT — Lisa Drake guided the launch of Ford's most profitable vehicle, the F-150 pickup, when the Dearborn Truck Plant opened in 2004. Starting next month, as Ford's new North America COO, Drake will be tasked with guiding the automaker back to double-digit margins in its most profitable business region. Drake, 47, was promoted to the newly created role last week as part of a shakeup of Ford's North American leadership team aimed at improving operational execution. Drake, who will retain her previous duties as vice president of global purchasing, will report to Kumar Galhotra, who is now Ford's president of the Americas and the International Markets Group. Ford says Drake will "bring enhanced focus to product launches, warranty cost reduction and material cost improvements." Those areas were weaknesses last year that led to a disappointing fourth quarter and dinged the company's full-year profits. She also will lead Ford's charge to increase its North American operating margin to 10 percent. Ford has used "return to 10" as a rallying cry in recent years but has not put a time frame on when it might accomplish that goal. Drake joined Ford in 1994 after earning a mechanical engineering degree from Carnegie Mellon University. She has worked on product development teams for the Lincoln MKC and Navigator and the Ford Ranger, Explorer, Expedition and Super Duty, as well as some of Ford's early hybrid vehicles, including the Fusion, MKZ and C-Max. She led development of the Focus Electric and Transit Connect Electric. "There's something that gets in your blood when you work at Ford," she says. "The funny thing was, between the truck and hybrid team, it's the same feeling — the feeling that you're working on these products that are so distinctly designed to help people in their work and in their lives." In 2004, Drake led the product and launch team for the 11th-generation F-150 during construction of the Dearborn Truck Plant at the Ford Rouge Center. "I got an appreciation of what it takes for the manufacturing arm to build a plant, train a work force and make trucks every minute," she said. Drake joined Ford's purchasing team in 2013 and was named vice president of global purchasing in 2017. In that role, Drake is responsible for all management procurement functions. Ford COO Jim Farley has praised Drake, noting that the purchasing team was under added pressure to save money as a result of the coronavirus pandemic. "We are moving with a renewed sense of urgency to improve the fitness of the business and improve our launches, while at the same time modernizing Ford in a way that plays to our strengths," Farley said last week. "That means putting the right team of global leaders in place, streamlining the way we work, embracing the power of connectivity, data and AI, and turning our leadership in commercial vehicles into a dedicated growth business." In addition to Drake, Ford promoted Ted Cannis, who previously led the Team Edison autonomous and electric vehicle unit that produced the Mustang Mach-E, to a new position of general manager of commercial vehicles for the U.S. and Canada. The automaker also hired Gil Gur Arie, a retired colonel from the Israeli Military Intelligence Corps, to work in data insight and analytics, and beefed up the team surrounding Hau Thai-Tang, its chief product development and purchasing officer. The changes are all effective May 1. .

Transport Engineer / April 15, 2020 Waste management service provider LondonEnergy is taking delivery of nine Volvo FM 8x2 rigids as part of an upgrade of its hook-loader fleet, replacing a rival marque. Supplied by Volvo Truck and Bus Centre London, the Volvo FMs are powered by D11K diesel engines rated at 424bhp and will be used to service LondonEnergy’s re-use and recycling centres, transporting waste products for processing at its EcoPark facility in Edmonton. Katie Blowes, transport and logistics manager at LondonEnergy, says: “This order marks our return to Volvo after several years running hook-loaders from another manufacturer. She said it chose the FM because it was most suitable for inner-city work. The choice was also based on build quality and aftersales support. “The new fleet marks a big step forward for us in improving safety and our environmental impact, both of which play an important part in our business strategy. We aim to achieve Earned Status Recognition with the DVLA and FORS Gold Standard to show the high quality of our operation.” The new trucks, which feature Boughton Engineering bodywork, will be on the road seven days a week, covering up to 200,000 km per annum between them. LondonEnergy has specified a four-way recordable camera system linked to a dashboard-mounted monitor, Halo Cycle Minder sensors with audible left-turn alerts, an auxiliary lower window in the passenger door to give the driver a clear view of other road users and LED strobes and beacons for maximum visibility. The FMs also feature Volvo’s radar-based adaptive cruise control with forward collision warning system, which can be activated by the driver and will maintain a safe distance from the vehicle in front by controlling the accelerator and all available brakes. In the event of heavy braking, the FMs brake lights also flash rapidly to alert road users behind, helping to avoid rear-end collisions. All vehicles come equipped with Volvo’s Dynafleet telematics system, which enables the exact location and status of each truck to be tracked 24/7, for security and efficiency. The trucks have been supplied with a Volvo Gold Contract which covers all preventive maintenance and truck repairs within the Volvo Trucks dealer network. All routine maintenance will take place at Volvo Truck and Bus Centre Enfield, situated less than four miles from the customer’s base. LondonEnergy is owned by the North London Waste Authority (NLWA) and is contracted to provide waste management services to seven north London boroughs. .

Never an unhappy K200 operator.

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Owner-Driver / April 14, 2020 Volvo Group Australia (VGA) is recalling more than 1,300 Mack branded trucks up to 12 years old due to potential electrical power-loss issues. The loss of power in affected vehicles may cause them shut down without warning while in operation. "Loss of electrical power will cause the truck to shut down completely and may increase the risk of an accident," the Australian Competition and Consumer Commission notes. "This could result in serious injury to vehicle occupants and other road users." The recall affects: CSM Metro-liner model years 2009-2019; CMM Granite, CMH Trident and CLX Super-liner model years 2008-2019; and CXX Titan model years 2008-2016. Affected owners will be contacted by email and advised to contact their nearest Volvo Group Australia repairing dealer to arrange for an inspection and repair of the vehicle if required. Concerned owners can contact their nearest authorised Volvo Group Australia repairing dealer on 07 3718 3500 or email vga.warranty@volvo.com. The full list of VINs can be found here.

Tag the heroes that are still driving our trucks! Autocar is working at full capacity and we are proud to fly our flag to remember why we need to push forward and help the US! Always Up - Autocar Trucks .

Ford to pay nearly 10% on new debt to plug losses Financial Times / April 17, 2020 Ford is set to pay interest rates of almost 10 percent to access the bond market, as the US carmaker raises cash it needs to ride out a global economic shutdown due to the coronavirus pandemic. Ford launched an $8 billion fundraising on Friday, after telling investors it expects to post a $2 billion loss in the first quarter on $34 billion in revenue. With most of Ford’s plants around the world shuttered and consumers in many markets unable to get to car dealerships, the results reflect a sharp contraction. In the first quarter of 2019, the company reported net income of $1.1 billion on $40 billion in revenue. Ford, which was stripped of its investment-grade credit rating last month, had indicated early on Friday that it was willing to pay yields as high as 11 percent on the new debt. But the offering drew $20 billion of orders within the first two hours, and the strong demand meant it was able to cut the yields substantially from early indications. Ford is set pay a 9.625 percent yield on $1 billion of 10-year debt. It is also issuing $3.5 billion of five-year bonds yielding 9 percent and $3.5 billion of three-year debt yielding 8.5 percent. Ford was able to raise five-year bonds at an interest rate of just 3.5 percent in February, meaning its funding costs have more than doubled in a matter of months. The last time the carmaker had to pay such onerous rates to raise debt was in the depths of the financial crisis in 2008, when it paid 18 percent to access the market. Ford carries a junk rating from agencies Moody’s and S&P, but its bonds are still eligible for the Federal Reserve’s corporate bond buying scheme. The US central bank announced that it would buy corporate bonds that were rated investment-grade on March 22, before the carmaker lost its prized upper-tier credit rating. Ford was already struggling to realise the benefits of a global restructuring that began in 2018 before the pandemic hit, and had disappointed investors and analysts with previous quarterly earnings. Meeting consensus earnings expectations no longer matters, however, according to Morningstar equity analyst David Whiston. “At this point the only thing that matters is survival,” he wrote in a note to clients. The only Ford factories that are producing and selling cars to dealers right now are at its joint ventures in China, where the virus first took hold and the economy is now reopening. Ford sold 516,330 cars, trucks and sport utility vehicles in North America between January and March, a decrease of nearly 13 per cent from a year earlier. In China, the number of vehicles sold dropped 35 per cent to 88,770 vehicles, but sales began to recover in March. Ford plans to restart its manufacturing plants and supply network sometime in the second quarter. Ford has $30 billion in cash on its balance sheet, which chief financial officer Tim Stone said is “sufficient . . . to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions”. Mr Whiston estimated that, prior to the bond issue, the company had enough cash to last about six months. Ford raised more than $15bn of cash last month by drawing down on credit facilities with banks.

The US shipped millions of masks to China earlier this year, despite warnings that a pandemic was about to hit Michelle Mark, Business Insider / April 18, 2020 American manufacturers were encouraged by the United States government to ship millions of masks and other medical supplies to China this year, despite warnings that those items would soon be necessary, The Washington Post reported Saturday. The US has for weeks suffered major shortages of protective items for frontline health care workers and first responders treating coronavirus patients. Meanwhile, hospitals and local US governments have reported major delays in receiving shipments of those products from China. Doctors and nurses have reported widespread rationing and reusing of masks and other protective items, exposing them to increased risk of coronavirus transmission. In January and February of 2020, US manufacturers exported $17.6 million in face masks and other vital medical supplies, according to a Post analysis of customs data.

Tornado damaged BorgWarner plant may disrupt Ford output Bloomberg / April 17, 2020 Ford is warning of significant damage wreaked by a tornado in South Carolina this week that knocked out a BorgWarner auto parts plant supplying a key component for the automaker’s most profitable models. The Seneca, S.C., parts factory makes transfer cases, an important component of four-wheel-drive systems that Ford uses in its F-150 pickup, its biggest moneymaker, as well profitable SUVs such as the Explorer and Lincoln Navigator, the automaker said Friday in a securities filing. “We do not have sufficient information to estimate when the facility will be back online or whether, or the extent to which, this incident will impact our plans to resume production of four-wheel drive and all-wheel drive vehicles,” Ford said. BorgWarner’s plant, one of its largest drivetrain manufacturing facilities, was struck by a tornado on April 13 and the company said it’s still assessing the extent of the damage. “Currently, the time to resume operations, partially or in full, cannot be estimated,” the parts maker said in its own filing Thursday. .

Ford's logistics team scrambles to launch protective gear output Michael Martinez, Automotive News / April 19, 2020 DETROIT — Ford's pivot from transmissions to face masks at a Michigan plant began with an executive's late-night text to a colleague. It quickly morphed into a complex, intercontinental scramble to secure and ship machinery and materials — which was nearly thwarted by a flock of unfortunate birds. It's the stuff of a Hollywood action thriller, even for a century-old automaker that has done logistical backflips in recent years to keep vehicle production from being disrupted by supplier fires and complex plant renovations. "We have an amazing logistics team," said Adrian Price, director of global core engineering for vehicle manufacturing. "When we have issues, that team just swings into action, and they're able to work magic." Ford's decision to mass-produce face masks at its Van Dyke Transmission Plant north of Detroit is part of a larger effort to make medical equipment for health care workers and COVID-19 patients. But in addition to helping hospitals fight the coronavirus outbreak, the endeavor aims to make enough masks to protect Ford's own factory workers to facilitate safely restarting vehicle production. The idea came from China, where employees at joint venture Changan Ford had begun making masks for workers there. Price learned of the mask production March 24, a few days after being named manufacturing lead for Ford's Project Apollo, an ad hoc scramble to build ventilators, respirators and plastic face shields in the U.S. He shot a text to colleagues in China one evening on WeChat, asking about the feasibility of face mask production in the U.S. as well. A half-hour later, he was on the phone with a number of officials, including the CEO of Ford Taiwan, as Changan Ford had obtained its mask-making machines there. By the time Price woke up the next morning, the team in China had located the necessary equipment: 10 machines, roughly 20 to 25 feet long, each capable of rolling out 100,000 masks a day. Ford had the first two available machines quickly delivered to its Lio Ho Motor Co. joint-venture plant in Taiwan. The machines were then trucked to the closest airport, and they arrived at the Michigan plant March 31, along with some initial material. Ford chose the plant, which supplies the Explorer, Escape and other vehicles, because of its Class A clean room designed for handling delicate transmission parts. The equipment was up and running by April 3 — but not for long. Face masks are made up of six different materials: an inner layer, a filter, an outer layer, a soft metal nose piece, ear straps and side hemming. As Ford was coordinating the machine deliveries, it was simultaneously searching for a supplier with material available in bulk. It found one in Shanghai. With no commercially available way to transport the fabric to the U.S., Ford planned to fly it over on a Boeing 747, one of 22 planes its logistics team had chartered from China to the U.S. in February, when the virus was beginning to spread, for future flights. But shortly after the jet took off from Shanghai, it struck a flock of birds and lost an engine, forcing the pilot to return to the airport. The next flight out wasn't for another week. "I was really worried," Price said. "My concern was that we'd be sitting here having done all this work in such a short time and not be able to run the machines because we didn't have material. Once you lose a 747, it's hard to find a replacement." But that's exactly what Frank Mosquera, Ford's behind-the-scenes logistics whiz, did. Within five hours, according to Price, Mosquera's team located a Federal Emergency Management Agency (FEMA) flight from Shanghai to Columbus, Ohio. After quick negotiations, FEMA officials agreed to make room for Ford's cargo, and the masks were en route. By the time the plane touched down in Columbus, Ford had a helicopter ready to ferry the material for the final 90-minute leg of its journey, directly to the plant. Since then, Ford Taiwan sent workers to speed production of the other eight machines at the supplier making them. They have been able to pull ahead delivery by multiple days. Ford expected to have almost all of the machines up and running by early this week. Price said Van Dyke Transmission should be able to produce millions of masks per week, each stamped with the script Ford wordmark. "One of the powers of Ford is our ability to bring together incredibly talented professionals in all these fields to work together as one Ford," Price said. "That's the embodiment of everything we do from a culture standpoint. It makes me feel tremendously proud of our team."

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Reuters / April 17, 2020 U.S. airlines are estimated to be sitting on more than $10 billion in travel vouchers that should have been cash refunds from canceled flights, a group of senators released on Friday. Many U.S. airlines are cancelling between 60% and 80% of their flights, and under federal law passengers on those flights are entitled to full refunds, Senators Ed Markey, Elizabeth Warren and Richard Blumenthal said. "However, many airlines have been obfuscating this right by offering travel vouchers as the default option, requiring passengers to take burdensome steps to request refunds instead," they said. The senators had asked Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Southwest Airlines, Spirit Airlines, Sun Country Airlines, and United Airlines to each provide details on their refund policies during the pandemic. In the airline replies, most refused to share the total value of the travel vouchers and credits they have issued during the pandemic. But JetBlue, which has 5.5% of the domestic market share, said it issued over $20 million per day of travel credits to consumers in the first few weeks of March. "Assuming a similar trend throughout the industry over the last month, this figure could mean that the airlines are sitting on more than $10 billion in customer cash," the lawmakers said, while inviting airlines to provide more information if they dispute the figure. According to their findings, airlines are offering cash refunds when the company itself cancels a flight, as required by the U.S. Transportation Department, but only Allegiant and Spirit are offering refunds to passengers who voluntarily cancel their own tickets. "None of the biggest carriers with the most revenue, including United, American, Delta, and Southwest, offer similar refunds," it said. U.S. airlines are set to soon receive $25 billion in government payroll aid, much of it in the form of free cash, and can also apply for another $25 billion in government loans to help them weather the coronavirus downturn. Two weeks ago, the Transportation Department issued a notice to airlines reminding them they are obligated to refund tickets when they cancel a flight or make a significant flight schedule change that passengers opt not to accept, but did not take any immediate action against airlines.

Ford targets May 4 for Kentucky Truck Plant restart Michael Martinez, Automotive News / April 16, 2020 DETROIT -- Ford is joining other automakers and suppliers by targeting May 4 to restart assembly lines in at least one U.S. plant, according to a union official. In a letter to members, Kentucky Truck Plant chairman Allen Hughes said Ford planned to reopen its Louisville facility on a two-shift, Monday-Thursday pattern, although he noted "this is not finalized and is very tentative." It was unclear whether Ford was targeting a May 4 restart for all U.S. plants, or if it was specific to Kentucky Truck. A Ford spokeswoman on Thursday said there were no updates to announce beyond its previous announcement that production would be delayed indefinitely. May 4 is also the date of U.S. plant reopenings at Fiat Chrysler, Honda, Hyundai, Volvo and Toyota and supplier Magna International Inc., as the industry seeks to begin recovery from the coronavirus pandemic that has halted production, closed dealer showrooms and stymied sales demand. Magna President Swamy Kotagiri expressed concern in an interview with Reuters that the industry avoid false starts. "The most important thing is, how can we as an industry coordinate and minimize the start-stops?" he said. "If someone comes and says, 'It's not May 4, it's May 10.' That's OK. It's easy to deal with. But if somebody comes and says to start on the 4th and we stop again on the 12th, that's a bigger problem." Hughes said Ford is planning safety measures for its restart. At least eight UAW members at Ford plants have died from coronavirus-related issues, the union has said. "The company's plans are wide-ranging and have been changing daily, partly due to the changes to the coronavirus guidelines" from the Centers for Disease Control and Prevention, he said. Those plans could include buzzing wristbands that would alert workers when they're within 6 feet of each other. Ford this week announced it would begin face mask production at its Van Dyke Transmission plant and would provide masks to all of its factory workers.

Ford warns of large surprise loss and revenue miss MarketWatch / April 17, 2020 Ford warned Friday of a large surprise loss and a revenue miss. Ford expects to report a first-quarter net loss of about $2 billion. The consensus was for net income of $278.3 million. Ford said revenue is expected to be about $34 billion, below the consensus of $35.4 billion. Ford said it plans to report first-quarter results, as well as estimates on the effect of the COVID-19 pandemic on its business, on April 28.

Autocar Trucks / April 16, 2020 Proud Autocar owners! Follow our training opportunities and choose your preferred date and class. Stay "always up!" .