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CAT Press Release / June 16, 2015 The optimism of senior Cat Trucks representatives in the new CT630HD road train triples model has been firmly vindicated both during and after the recent Brisbane Truck Show. “We were certainly anxious to gauge reactions to the CT630HD, particularly to see if the level of operator interest would be equal to our confidence in the model. But any concerns disappeared as soon as the doors to the show opened,” says Gary Johnson, general manager of the Hastings Deering Cat Trucks dealership in Richlands, Brisbane. “The huge number of visitors to the stand and the sheer volume of interest and feedback from customers and drivers were incredibly positive. Best of all, the level of inquiry has continued to be extremely strong since the show,” he adds. “In this part of the world, I don’t think there could be a better place to launch a new truck model than the Brisbane Truck Show. People come from all over Australia, New Zealand and even further afield to visit this show, so to be able to present a truck like the CT630HD is a great asset.” Gary and his team were responsible for preparing the hugely popular Cat Trucks exhibit featuring the new CT630HD alongside its increasingly popular stablemates, the CT630SC and the highly efficient CT610. “Interest in all the models was extraordinary,” he remarked. “Since the previous Brisbane Truck Show two years ago, several new Cat models have been developed including the CT630S and the CT630SC which primarily target the B-double sector. “But the CT630HD was making its debut at the Brisbane show and being the first Cat truck rated for roadtrain triples work, it’s easy to understand why it attracted so much attention. “It’s obvious many people were looking forward to this model’s arrival as much as we were and again, it’s not difficult to understand why. It’s a versatile truck with the ability to cover a lot of workloads from grain to general freight, tankers, bulk goods and most things in between,” Gary Johnson enthused. “There’s certainly the strength to run on dirt when required but it’s more a triples rated highway truck and that’s what suits a lot of roadtrain operators these days, particularly the flexibility to do staging work from a single trailer to two and then three trailers.” With several fleet operators placing orders for the CT630HD even before the Brisbane show, the first units are already headed to roadtrain triples roles in the Northern Territory and Western Australia. “It’s a truck developed from a proven platform and as far as I can see, pulling three trailers won’t be an issue,” commented Sean Carren, founder and managing director of Perth-based Goldstar Transport, prior to taking delivery of Australia’s first CT630HD. “I’ve been quite vocal in encouraging the development of this truck for the past couple of years simply because we’ve had such a good run from the Cats we already operate.” Buoyed by such consistent demand, Cat Trucks engineers were able to expand on the foundations already proven in the well-equipped CT630LS model to develop a unit with the inherent strength to operate efficiently and reliably at gross weights up to 131 tonnes. Powered by the indomitable Cat C15 engine which satisfies Australia’s emissions regulations without the need for complex SCR or EGR emissions technologies, several key areas were identified to bring the CT630HD to Cat’s desired level for triples work. The most obvious changes are a deeper, blackened grille and a higher cab stance which along with giving the CT630HD a boldly unique identity, delivers the mutual benefits of optimised airflow and reduced engine fan engagement in high duty cycles. Specific enhancements included a raised, heavier duty frame for bullbar and tow-pin fittings, a high-flow twin cylinder air compressor to facilitate greater air delivery in multiple trailer applications and critically, increased air cleaner capacity with the introduction of a centrifugal pre-cleaner into the existing air cleaner assembly. Meantime, front axle rating was boosted to 7.3 tonnes with the optional Meritor MFS73 beam which runs a narrower track width to accommodate the wide profile 385/65R22.5 steer tyres preferred by many roadtrain operators. With standard 295/80R22.5 steer tyres, the CT630HD employs the wide-track version of Meritor’s MFS front axle rated at 6.5 tonnes. Front suspension is a tapered three-leaf parabolic spring package rated at 7.3 tonnes. Importantly, Cat Trucks engineers also saw the need for an upgraded steering system. Consequently, a Sheppard ‘slave’ gear is now available for fitting to the left-hand side frame rail, effectively creating a dual gear steering system which not only maintains Cat’s high standards of road handling but also distributes the steering load across both chassis rails rather than imparting full load on a single steering gear on a single rail. Similarly, chassis rails of the CT630HD have been strengthened with the introduction of long L-shaped inserts extending from a position forward of the fuel tanks through to the tapered rear of the chassis. The rear axle assembly has been upgraded to Meritor’s RT50-160GP drive tandem rated at 22.7 tonnes (50,000 lb) and offering rear axle ratios from 3.9 to 4.1, 4.3 and 4.56:1. In standard form, the Meritor layout features steel hubs, a power divider lock and cross diff lock on the rearmost drive axle. Optionally available are alloy hubs, an additional cross-lock on the forward drive axle and a lube pump for the rear axle assembly. Rear suspension is Hendrickson’s popular Primaax EX road friendly air suspension which has been bolstered with the fitment of heavy-duty transverse torque rods. On the inside, drivers are comfortably accommodated in the spacious, fully integrated 56 inch (1422 mm) sleeper cab widely acclaimed in Cat’s CT630LS model. Yet while the CT630HD has been developed essentially to answer the call for a triples-rated Cat truck, maintaining operational versatility was a critical factor according to Cat Trucks chief engineer Adrian Wright. “Our primary goal was to create a truck for roadtrain work up to 131 tonnes, but not at the expense of putting so much weight into the truck that it would lose the viability to also operate effectively as a B-double or B-triple.” This level of versatility is an extremely important factor according to Peter Calligaro, business unit manager of Westrac’s Cat Trucks operation based in Perth. “The CT630HD is ideal for the West Australian market,” he comments. “It has the attributes to haul B-doubles, roadtrain doubles or B-triples across the Nullarbor or roadtrain triples to the north. “In this day and age it pays to be many things to many people and given the amount of inquiry we’ve had, it’s apparent the CT630HD already ticks a lot of boxes with a lot of operators. “We’ve had a lot to do with this truck’s development and we’re definitely happy with the finished product,” Peter emphasises. “It adds a new dimension to our business in so many ways.” Akin to the new model’s debut at the Brisbane Truck Show, the CT630HD will have pride of place on the Cat Trucks stand at the upcoming Perth Truck Show from July 24 to 26. “We’re eager to show it off and we know there are a lot of people just as eager to see it in the flesh,” Peter Calligaro concludes. Related reading - http://www.cattrucks.com.au/trucks/ct630hd/#tab=1 .

Today's Trucking / July 20, 2015 Navistar International Corp. on Monday announced it is refinancing a loan to improve the company’s liquidity and financial flexibility. A US$697.5 million senior secured term loan, which matures in August 2017, is being replaced with a US $1.040 billion package that will mature in August 2020. "The company's financial condition and results continue to improve steadily, and we have begun to generate positive cash flow," said Walter G. Borst, Navistar’s chief financial officer. "We're investing in new products and advancing on our uptime strategy in the market, driven by our focus on connected vehicles. The term loan renewal will provide us additional flexibility to pursue these initiatives while extending our debt maturity profile." According to published reports stock in Navistar has lost 4.38% during the past week and dropped 20.97% in the last 4 weeks. Year-to-date the stock performance is down 44.62%. Analysts are anticipating the company will report earnings per share of US$0.21 for the fiscal quarter ending on July 31, which are set to be reported in early September. The company will be trying to improve on the previous quarter’s numbers of earnings per share showing a loss of US$0.57 for the previous quarter, $0.40 more than expected, according to a consensus of analysts.

Fleet Owner / July 20, 2015 The impact of the potential lawsuit announced by the Environmental Protection Agency (EPA) last week against truck and engine maker Navistar over its use of “non-compliant” engines in its 2010-model trucks – engines that did not meet the agency’s exhaust emission standards – is really going to depend on just how big a fine EPA inflicts on the OEM. Right now, the EPA is planning to levy up to $300 million in fines on Navistar over some 7,750 heavy-duty diesel truck engines sold in 2010 that didn’t meet the agency’s air pollution metrics – roughly equating to a $37,500 fine per engine. Yet also in play alongside those potential fines is the continued strong pace of the North American commercial truck market, Basili Alukos, an equity analyst with independent investment research firm Morningstar, told Fleet Owner. “If volumes stay at their current level, they’ll generate the cash needed to dig out from this,” he said. “If volumes fall, then it works against them twice; they are losing revenue even as the costs they need to carry rise.” To date, the truck sales outlook has become more mixed. Yet Navistar noted in its second quarter earnings report that it believes retail deliveries of Class 6 through 8 trucks and buses in the U.S. and Canada will stay strong in both 2015 and 2016 – in the range of 350,000 to 380,000 units – with a stronger mix of school buses and medium-duty trucks. If truck sales remain at such a strong pace, Alukos contended, then Navistar should be able to generate the cash necessary to handle the EPA’s fines – whatever that final number turns out to be. “From a revenue perspective, you’re talking about a company generating $10 billion to $12 billion a year, if [truck sales] volumes continue at their current pace,” he explained. “The real question is how it impacts their free cash flow, which is around $700 million to $1 billion. That’s the more meaningful impact.” According to the company’s second quarter earnings report, filed back at the beginning of June, Navistar has $784 million in manufacturing cash, cash equivalents and marketable securities on hand. The OEM also reported a net loss of $64 million on revenues of $2.7 billion for the second quarter as well, compared to a net loss of $297 million during the same period in 2014. The company attributed that significant reduction in its losses to an “increase in truck segment sales, favorable product mix and the continuation of lower warranty expense and cost reductions.” Furthermore, Navistar noted today that it successfully “refinanced” its $697.5 million long-term line of credit with a new $1.040 billion senior secured term loan that will mature in August 2020 – a loan increase of $300 million, or the exact amount of the maximum potential fine being sought by EPA. "The company's financial condition and results continue to improve steadily, and we have begun to generate positive cash flow," noted Walter Borst, Navistar’s CFO, in a statement. Yet analyst Vicki Bryan feels that the EPA’s lawsuit comes “at a bad time for Navistar,” which has “made strides to become more profitable” but still faces a precarious financial situation. “By the time a settlement is assessed on this issue, which could come over the next year, we expect Navistar will be in even better shape to absorb it without stalling or, worse, reversing its hard-won progress toward recovery,” Bryan told the newspaper. “We suspect Navistar’s new management is working aggressively to whittle the impact as much as possible, but it’s also important that Navistar get decisively past so much damaging, not to mention expensive, legacy baggage — especially government probes and lawsuits related to this dark period — which continue to impair its credibility with customers, employees, suppliers, lenders and investors,” she added. At the end of the day, however, it's the reaction by Navistar’s customers to the EPA’s lawsuit that has the longest-term implications, Morningstar’s Alukos told Fleet Owner. “Are they going to view this as a new, significant challenge for the company’s products? Or to pay for their ‘past sins,’ which is the more likely view,” he explained. “It comes down to how it might affect the view of current product quality.”

Forbes / July 20, 2015 Winslow Bent found himself unemployed in 2008, staring down the Great Recession. When he saw a 1940s Dodge Power Wagon in a field near his home in Jackson Hole, he turned to his childhood passion for solace. “It was such a cool looking truck. I bought it,” he says. His winter of discontent was spent disassembling and learning the secrets of the Power Wagon, a slow but impossibly tough civilian vehicle first launched in 1946, based on the Dodge WC military vehicle that helped turn the tide for America in World War Two. No less a man than General George Patton preferred the Dodge WC Command Car for his campaigns in Africa, Sicily and the push from Normandy into Germany. Not long after Winslow completed that first Power Wagon, someone saw it roaming Jackson Hole and offered to buy. Negotiations were simple. “It’s built so you can drive it everyday. I have at least a hundred grand in it,” Winslow offered up. The buyer replied, “I bet you do,” and wrote the check. After selling the truck, Winslow did not know what to do next. His wife had an answer: “You’re already doing it. Build another one. Just get an ‘Open’ sign.” He named the company Legacy Classic Trucks. His second Power Wagon sold for $150,000 before it was done. Winslow learned the basics of engineering development and industrial design in childhood, working at his family’s company in Chicago, which fabricated stainless steel manufacturing equipment. After the second Power Wagon sold, he focused on serious product planning, defining a vehicle that he could build, over and over, repeating established processes based on readily available components with the goal of delivering reliable service in harsh conditions. “These vehicles are reliable, and serviceable in the field. It means a Legacy can be taken out and driven hard every day,” Winslow says. His winter of discontent was spent disassembling and learning the secrets of the Power Wagon, a slow but impossibly tough civilian vehicle first launched in 1946, based on the Dodge WC military vehicle that helped turn the tide for America in World War Two. No less a man than General George Patton preferred the Dodge WC Command Car for his campaigns in Africa, Sicily and the push from Normandy into Germany. Not long after Winslow completed that first Power Wagon, someone saw it roaming Jackson Hole and offered to buy. Negotiations were simple. “It’s built so you can drive it everyday. I have at least a hundred grand in it,” Winslow offered up. The buyer replied, “I bet you do,” and wrote the check. After selling the truck, Winslow did not know what to do next. His wife had an answer: “You’re already doing it. Build another one. Just get an ‘Open’ sign.” He named the company Legacy Classic Trucks. His second Power Wagon sold for $150,000 before it was done. Winslow learned the basics of engineering development and industrial design in childhood, working at his family’s company in Chicago, which fabricated stainless steel manufacturing equipment. After the second Power Wagon sold, he focused on serious product planning, defining a vehicle that he could build, over and over, repeating established processes based on readily available components with the goal of delivering reliable service in harsh conditions. “These vehicles are reliable, and serviceable in the field. It means a Legacy can be taken out and driven hard every day,” Winslow says. Working 18-hour days on his own was unsustainable, forcing Winslow to become a business manager, engaging fabricators and mechanics. “I posted photos of Power Wagons online,” Winslow says. “People started calling—guys in the energy business and timber, ranchers, from western Canada, the Bakken, Rocky Mountains, Texas. I found a market that went beyond local buyers who saw my Power Wagon on the road.” “What’s so surprising is the number of people who recognize it, who know what a Power Wagon is,” says Mark Chenoweth, owner of the red Power Wagon seen here, and the retired COO of CoorsTek, a privately held technology company headquartered in Colorado that specializes in advanced materials like ceramic armor and proppants, the ceramic beads used in fracking. Winslow’s development and production process differentiates his operation from hot rod shops building outrageous one-offs. “I build these trucks with off-the-shelf ‘crate’ engines. A Cummins diesel with 480 foot-pounds of torque, the engine that powers UPS and FedEx trucks, is my favorite. Or a 430 horsepower Chevy LS3 V8, which is not unlike what comes in a Cadillac Escalade or a Corvette Stingray. Or a Dodge V8.” If the commissioned vehicle will meet Legacy’s standards for reliability, the owner can request any number of special items to express their unique vision of the Power Wagon. “If a customer wants Ostrich hide seats or a special gun rack,” says Winslow, “he can have them.” The red truck seen here is special under the hood, powered by a variation on the supercharged Cadillac CTS-V and Camaro ZL1 V8, producing 620 horsepower. But it can be serviced at a GM dealership. “During the ordering process, I had a couple of criteria,” says Chenoweth. “I wanted a four-wheel drive vehicle as strong as Winslow could make it. For the powertrain my main criteria was the ability to spin all four 40-inch tires on dry pavement. That’s how we started.” To achieve Chenoweth’s goals, Winslow turned to the GM engine catalog. “My Power Wagon is a sleeper,” says Chenoweth. “You’d never expect this truck to have so much power or ability.” To build a four-wheel drive truck so strong, Winslow installed only the very best. “I can’t go to a gas station without attracting a crowd,” says Chenoweth. “The day I picked it up, I stopped at a station driving home and had one guy crawl underneath to see the Dynatrac axle. You read about these axles, but rarely see them. It’s what every off-roader would love to have.” Winslow maintains good relations with his customers, following up on any number of issues. “The quality of the work is very good,” says Chenoweth. “And if you have a problem, Winslow will ask ‘How do we fix it? What do you need?’ His customer service is exceptional.” Legacy Power Wagons are much like the American Bison Winslow adopted as his corporate symbol: run all day, tough beyond measure, ferocious when required. They may seem like gargantuan cartoon interpretations of the classic American pickup, but Legacy Power Wagons are in fact serious equipment for conquering inhospitable terrain. In the Power Wagon, Winslow has a unique market proposition. “Jon Ward at ICON already had a handle on remanufactured Ford Broncos and Toyota Land Cruisers—I couldn’t add anything to that market.” But Power Wagons hold a magical appeal for a certain breed of highly successful men who can write the check. Though Winslow will perform a similar modernization on a 1940s or ‘50s half-ton pickup truck, or work trucks from the 1920s forward, Power Wagons are his passion and the bulk of his business. Each vehicle takes 600 man-hours to build, with a starting price of $160,000. From the time they provide a 25 percent down stroke, customers wait about a year, with two additional payments required before delivery. To date, he has sold 60, producing about one a month, though demand is high enough to double his production rate. If he found distributors in the Emirates and a few other centers of wealth where a tough vehicle is appreciated, he might produce 50 or even 100 vehicles a year, though the population of suitable Power Wagons is not boundless. At such sales volumes he might be forced to digitize frames and bodies and start producing his own, a move that would demand a far steeper rise in sales volumes—he’d become a real manufacturer. For now, Winslow is part of America’s high-tech cottage industry, with a mix of CNC-produced high-quality parts, a “UPS and FedEx” supply train for major components like engines, transmissions, axles and air-conditioning that arrive when needed, and all of it pulled together with old-fashioned craft work. Winslow strikes themes that echo Ronald Reagan’s inaugural addresses. “These trucks speak to the expansion of the American West,” he says. “They tell the story of America from the 1940s into the 1960s. Men heading into the wilderness to build a ranch—felling trees, building roads, putting up telephone poles, figuring out where to place a dam.” For perspective, it’s best to remember that Alaska, our last wild frontier, became a state in 1958, near the halfway point of the Dodge Power Wagon’s production life. Winslow scrounges across North America for well-preserved Power Wagons, or the earlier military variants, known as WC. “Winslow will send photos of whatever he has found. If it’s not what you want, he will look for another,” says Chenoweth. Each Power Wagon or WC has a back-story. “I figured out early on that when I rescue one of these trucks, under the surface they have a story to tell. I document what I find. These trucks have a real American Tough Guy persona.” Some of the stories are compelling enough for a cable TV documentary. “We had a Dodge Carryall, a four-door wagon built for the military, a precursor of both the post-war Power Wagon and the American SUV. When we sanded the doors we found military insignia. I tracked the vehicle’s ID numbers. It had served in Tunisia in World War Two, fighting Rommel’s Afrika Korps. It was a radio scout truck. They’d drive around the sand dunes and if they found Germans, they’d call in the position, and in came the fighter planes and artillery shells. When we opened up the bodywork, we found a German harmonica caught in the A-pillar. We restored the harmonica and included it with the Carryall. That resonates with my customers. These trucks have a heroic component.” “The World War Two history of the Dodge WC is a big part of the appeal,” says Chenoweth. “After the war Dodge evolved it into the Power Wagon, the first generation of the American hard-working truck.” Winslow’s clients don’t want historically accurate concours restorations, though the workmanship throughout is to concours standards. “Stock, original Power Wagons can conquer any terrain, carry thousands of pounds,” says Winslow. “They have winches, tool boxes, ammo boxes. But the downsides are an 80-horsepower flathead six engine that was unimpressive 70 years ago, and a top speed of 40 miles per hour if you have a tail wind. You saw at the steering wheel, wishing your way around corners. The rear suspension is stiff to support heavy cargo—they rattle the spine. A stock Power Wagon is for display, not real driving. Stock Power Wagons are too primitive to serve as daily transportation.” “Legacy delivers a 1940s or ’50s Power Wagon,” says Winslow. “But we’ve made it workable, with plenty of power, real brakes, a better ride, comfortable seats, air-conditioning, a nicely finished interior. You can drive it to northern Alaska and expect it to work. I know. We have customers who’ve done it.” Legacy pursues a thoughtful process that retains all the Power Wagon’s design appeal and alluring character, but raises everyday performance and comfort to the standards of our time. Mark Chenoweth concurs. “My Power Wagon is surprisingly comfortable for a vehicle like this. After showing it for awhile, this will be my daily driver here in the Rocky Mountains.” Legacy Power Wagons are serving in wild landscapes all around the world: New Zealand, the Middle East, Mexico, Africa, Canada, and the American West. “Owners might only use the vehicle for a month during a fly-fishing vacation at their second home in Montana, but they can let it sit for 11 months, then drive it anywhere they want to go fishing, under any conditions. Or they might drive it every day, relying on it in harsh country.” Related pictures - http://www.forbes.com/sites/markewing/2015/07/19/legacy-power-wagons-super-sized-pickup-and-suv-king-of-the-wild-frontier/ Legacy Power Wagon website - http://www.legacypowerwagon.com/ Related videos: https://www.youtube.com/watch?v=g25fXHn30dU https://www.youtube.com/watch?v=Ulw_zoubCtc https://www.youtube.com/watch?v=CqUxcvjfNaY

Car & Driver / July 20, 2015 Tougher federal fuel-economy standards are coming to heavy-duty pickups, full-size vans, and other large rigs, bringing with them big changes to the nation’s truck fleet. The new proposed standards—which are not yet set into law—call for big vans and medium-/heavy-duty pickups to slash their fuel consumption by a third between now and 2027. We plowed through the EPA’s 1329 pages of documents to get a picture of the greener, higher-tech truck market that’s likely to emerge over the next 12 years. A Brief Primer on CAFE Regulations Corporate Average Fuel Economy (CAFE) standards were born in response to the disastrous 1970s oil embargo by the Arab OPEC nations and resulting gas shortages. Starting with the 1978 model year, the EPA imposed a minimum fuel-economy requirement on every mainstream manufacturer. Automakers had to average the combined (55 percent city, 45 percent highway) fuel economy for every car and light truck in their fleet. If they met or exceeded the prescribed standard for that year, they earned credits to offset thirstier vehicles from past or future years. If they fell short, as most German brands regularly did until a few years ago, they paid fines and walked away. All automakers had to meet the same number, with trucks at correspondingly lower targets. Really big trucks—everything from F-250s to 18-wheelers—were excluded; they didn’t have to answer to anyone on fuel economy. In 2010, the EPA shifted CAFE into its broader climate-change policies. For the 2011 model year, manufacturers now had to meet variable, company-specific averages based on their lineup’s production volume and the physical size of each model. Automakers could avoid fines by buying credits from competing automakers with excess credits (the selling of which has become a significant income source for companies like Tesla). For the first time ever, heavy-duty trucks and vans were included as well, except they would be regulated by a weighted sum of their payload and towing capacities, not by actual size. The scale at which larger trucks can burn more fuel than smaller trucks is linear, not curved, so that automakers have no pressure to end production of their most capable models. The latest “Phase 2″ proposal works in the same way. Diesel and gasoline trucks get rated separately, with 20-percent lower numbers for gasoline. To avoid unintended exaggeration, we’ve lowered every miles-per-gallon (mpg) stat in this story to what you might actually see on a window sticker. The EPA and NHTSA continue to base CAFE standards on the original city and highway tests from the 1970s, not the latest tests that lowered mpg results starting for the 2008 model year. To further complicate things, the EPA only publishes a few mileage figures for new heavy-duty vans. It doesn’t publish any data on heavy-duty pickups or require manufacturers to display the numbers on the window sticker. Ready or Not, Heavy-Duty Hybrids Must Roll Out Averaged across GM, Fiat-Chrysler, Ford, Nissan, and Daimler, the EPA wants heavy-duty pickups and vans to reach a combined 16 mpg in 2027 versus 12 mpg in 2016, the first model year the “Phase 1″ rules go into effect. That’s a whopping 33 percent increase in efficiency. It won’t be achieved through a simple engine stop-start system. For example, a 2015 Chevrolet Express 2500 passenger van that gets 12 mpg combined today will need to reach 15 mpg combined for 2027. Within two model years, a gasoline Ford F-250 4×2 has to achieve 11 mpg (roughly what it does now) and 13 mpg in 2027. A Ram 3500 dualie needs to go from 9 mpg for 2016 to 11 mpg for 2027. Ford’s aluminum F-150 and its downsized turbocharged engines—still derided today by some competitors as a gamble—may become the absolute minimum strategies required to pass the goal line. And while the agency doesn’t officially mandate any specific technology, it’s all but requiring electrification on next-gen heavy-duty trucks and vans. As the EPA sees it, manufacturers need to install full-hybrid powertrains in at least eight percent of all heavy-duty pickups and vans by 2027. That’s a tall order: Even after a decade and a half in the market, hybrid cars have barely crested three percent of annual U.S. auto sales. Regarding gasoline heavy-duty pickups, the EPA is proposing that manufacturers sell at least a quarter of them as full hybrids and two-fifths as mild hybrids (with limited-to-no electric driving). The agency has boldly suggested that GM sell half of its gasoline heavy-duty pickups as hybrids by 2027—and that GM sell a hybrid truck for every four in its entire heavy-duty fleet by 2030. GM’s last hybrid pickups, built until 2013, posted 25 percent greater city ratings than the normal half-tonners. But the tradeoffs in acceleration and towing made them expensive statuary in most showrooms. Even if buyers get over durability fears, heavy-duty hybrid powertrains don’t yet offer comparable performance and capability. Indeed, the EPA expects automakers to develop hybrid powertrains without smaller engines to avoid the inevitable power loss when the batteries drain under load. In order to spur their development, the EPA is letting each fuel-cell, hybrid, and all-electric pickup count as 1.5 vehicles toward a manufacturer’s total CAFE credits. Eight-cylinder vans also appear to be not long for this world. The EPA explicitly asks GM to kill the Chevrolet Express/GMC Savana and “replace it with an as-yet-to-be-designed European-style van similar to its competitor’s products.” GM is in the worst spot on fuel efficiency, the agency says, since it relies on older V-8 vans, has not introduced significant weight reduction, and has not proposed smaller turbo sixes (although it should be noted that the aluminum-body F-150 EcoBoost V-6 returns close to the same mileage as a Silverado V-8). By 2021, the EPA estimates GM will have to add $770 of new fuel-saving tech to each heavy-duty pickup and van—or about triple what Ford, Fiat-Chrysler, and Nissan will need to spend based on their total sales. More Reasonable, Car-Like Tech Is Coming, But at What Cost? While manufacturers can still sell plenty of underperforming trucks—remember, CAFE rules let manufacturers trade credits, in addition to applying excess credits to cover five model years ahead—there won’t be enough credits to trade without significant sales of higher-efficiency models elsewhere in the line. Fortunately, automakers can go a long way toward achieving the CAFE requirements by adopting fuel-saving tech they’re already using throughout the light-duty segment: eight-speed transmissions, variable valve timing, cylinder deactivation, turbocharging, reduced friction, low-rolling-resistance tires, axle disconnects, and replacing hydraulic and engine-driven accessories with electric ones, as well as good, old-fashioned aerodynamic refinements and weight reduction. The EPA wants to give brownie points to active aerodynamics, auto stop-start systems, solar panels to power the climate-control system, and LED lighting. None of this is impossible in the near term. Further out, homogenous compression charge ignition (HCCI) and lean-burn engines that would make gasoline nearly as efficient as diesel also may be in the mix. Cost, however, is a concern. The Detroit Three make the bulk of their profits through truck sales, and any new technology that eats into those margins or prices a truck too high won’t go over well with investors. The EPA recognizes that automakers haven’t traditionally updated heavy-duty models with the same frequency as their other products, and that current product-planning cycles do not incorporate these new proposals. After automakers submit their comments and the EPA finalizes the ruling, we’ll see what concessions were made. We’re not betting on seeing a solar-paneled, plug-in-hybrid Ram dualie anytime soon, but heavy-duty trucks will look more like their light-duty brethren in their use of technology and their attention to fuel consumption.

Father, 20, charged with abuse after 'viciously assaulting' his 3-month-old son who is not expected to survive KTLA5 / July 19, 2015 Jordan Mendez, 20, was arrested and charged with assault on a child causing great bodily injury/death His son was found not breathing when police arrived at a Santa Ana residence on Friday night, authorities saidHospital staff observed signs of physical trauma on the baby boy, according to policeHe was taken to Children's Hospital of Orange County in critical condition and is currently on life support The father of a three-month-old baby boy has been arrested for assaulting his son who was found unresponsive and with signs of physical trauma at a California home. Responding officers reported to the Santa Ana residence on Friday night where they found the baby not breathing, Santa Ana police said. The infant was transported to Children's Hospital of Orange County in critical condition where he is currently on life support. Police said the baby is not expected to survive. The baby boy's father, 20-year-old Jordan Mendez, was arrested and charged with assault on a child causing great bodily injury/death. Hospital staff observed signs of physical trauma on the infant and the father was arrested following an interview with detectives, according to police. Authorities said they arrived at the home at 8.42pm after receiving a report of a baby not breathing. Officers and Orange County Fire Authority fire personnel performed CPR on the infant before he was transported to hospital. Mendez is being held at the Santa Ana jail on a $1million bail.

I was curious myself so here’s the background on the Sanitarium brand. The “Sanitarium” name for New Zealand’s Marmite comes from America, from John Harvey Kellogg (Kellogg's cereal) who invented corn flakes. Kellogg founded the Battle Creek Sanitarium in Michigan, a health resort based on the health principles advocated by the Seventh-day Adventist Church. Supposedly, the Battle Creek Sanitarium became world renowned, and became the in place for the rich and famous to seek their lost health, to listen to health lectures and to learn and practice the principles of a healthy lifestyle. Kellogg explored various treatments for his patients, including diet reform. He encouraged a low-fat, low-protein diet with an emphasis on whole grains, fiber-rich foods, and most importantly, nuts. Kellogg also recommended a daily intake of fresh air, exercise, and the importance of hygiene. Many of the theories of John Harvey Kellogg were later published in his book The Road to Wellness. Charles W. Post (Post cereal) worked with Kellogg. Founded in Melbourne in 1898, The Sanitarium Health & Wellbeing Company is the trading name of two sister food companies - Australian Health and Nutrition Association Ltd and New Zealand Health Association Ltd which are wholly owned by the Seventh-day Adventist Church. In December 1900, Edward Halsey, a Seventh-day Adventist and baker trained at the Battle Creek Sanitarium, came to New Zealand to prepare healthy food for a small health home. He began making batches of Granola, New Zealand's first breakfast cereal, Caramel Cereals (a coffee substitute) and wholemeal bread in Christchurch. These products became known as Sanitarium Health Foods. Today, Sanitarium New Zealand is owned and operated by New Zealanders while Sanitarium Australia is owned and operated by Australians. They do work together; producing over 150 products and employing 1500 people throughout New Zealand and Australia. http://www.sanitarium.com.au/products/spreads/marmite

A more in-depth article: http://www.dailymail.co.uk/news/article-3167688/Mitsubishi-apologizes-94-year-old-American-World-War-II-prisoner-war-forced-slave-labor-copper-mines.html

Compiled by GMC Historian Donald E. Meyer, this document provides a detailed timeline of GMC truck business beginning with its foundations in Rapid, Reliance and Randolph and ending in modern times. https://www.gmheritagecenter.com/docs/gm-heritage-archive/historical-brochures/GMC/First_Century_of_GMC_Truck_History_MAR09.pdf

Reuters / July 18, 2015 The comments overshadowed forecast-beating quarterly earnings from Sweden's biggest company by sales and top private-sector employer. Truck maker Volvo said its efforts to reach its cost-cutting target were being hampered by a weak Swedish crown, and warned it expected little growth in its crucial North American market in coming years. The comments overshadowed forecast-beating quarterly earnings from Sweden's biggest company by sales and top private-sector employer, and drove its shares down nearly 5 per cent. Volvo, locked in fierce rivalry with Germany's Daimler and Volkswagen, is seeking to cut 10 billion crowns ($1.2 billion) in annual costs. But with only about a third of the savings implemented so far, investors have ratcheted up pressure on the group to deliver the remainder on time by the end of 2015. Jan Gurander, acting CEO until Martin Lundstedt takes the helm in October, said a weaker crown - it has fallen against the most major currencies, particularly the dollar, since October - was increasing the company's overseas costs when translated into the Swedish currency. He said the cost cuts already implemented - 3.8 billion crowns - would have been around 2 billion higher crowns higher at unchanged currency levels. "We are committed to the 10 billion (of cost cuts) and we are trying to offset this as much as possible," he told a conference call. Volvo also said the North American truck market - which accounts for a fifth of its deliveries - was likely to have reached its peak for the cycle. A cycle in the industry usually lasts around a decade. Most of its North American sales come from the United States, where the economy contracted in the first quarter, hit by harsh winter weather, disruptions at West Coast ports and a stronger dollar which has dented exports. EARNINGS RISE Volvo shares gave up early gains - made following the quarterly earnings announcement - and were down 4.6 percent by 1045 GMT, underperforming the broader market which was up 0.2 percent. "The (market) focus has shifted to the pace of the savings, which is seen as quite low," Handelsbanken Capital Markets analyst Hampus Engellau said. "The company is also facing a headwind in terms of taking out costs given the currency levels." The Gothenburg-based company reported an 82 percent rise in second-quarter adjusted operating earnings rose to 6 billion crowns, beating a mean forecast of 5.3 billion in poll of analysts. The group also raised its outlook for total truck sales in Europe. The European upturn was underscored by VW-owned Scania which reported separately a 41 per cent year-on-year rise in its European truck order intake for the second quarter, outpacing Volvo whose bookings rose 9 pe rcent. The outlook was bleaker for China where Volvo cut its outlook for both construction equipment and heavy-duty trucks in the face of a slowing economy which has been rattled over the past month by a stock market rout. Falling demand for construction equipment in China has become a serious headwind in Volvo's drive to lift profitability that has historically lagged nimbler rivals such as Scania and Paccar.

Scania Press Release / July 17, 2015 Summary of the first six months of 2015 Operating income rose by 11 percent to SEK 4,737 m. (4,276)Net sales rose by 7 percent to SEK 46,798 (43,917)Cash flow amounted to SEK 1,106 m. (1,313) in Vehicles and ServicesComments by Per Hallberg, President and CEO: “Scania’s market share in Europe increased to a record high 17.2 percent during the first half of 2015. This can be compared to 15.3 percent during 2014. The increase was partly related to the early and successful introduction of the Euro 6 range but also to increased sales activities in new segments. Scania’s sales rose to SEK 46.8 billion and earnings in the first half of 2015 amounted to SEK 4,737 m. Higher vehicle volume in Europe, growing service revenue and currency rate effects had a positive impact on earnings. Lower deliveries to Latin America and Eurasia impacted negatively. Total order bookings for trucks during the second quarter increased compared to the previous quarter due to strong demand in Europe and an increase in Latin America and Eurasia. However, compared to previous years, demand was still weak in Brazil and Russia. In Asia, order bookings were somewhat lower than previous quarter. In Buses and Coaches and also in Engines, order bookings were slightly lower than the previous quarter. Scania has entered into new partnerships with major OEMs and will supply engines for airport product vehicles to Oshkosh Corporation and for excavators and wheel loaders to Hyundai Heavy Industries. Scania is continuing its long-term efforts to boost market share in Services and revenue surpassed SEK 10 billion in the first half of 2015. The level of activity related to development projects remains high and Scania is investing in expanded production and service capacity.” Presentation - http://www.scania.com/Images/Presentation_Q2_2015_tcm40-489688.pdf Scania Interim Report: January-June 2015 http://www.scania.com/Images/Scania_Interim_Report_Jan-Jun_2015_tcm40-489684.pdf

The license-built Canadian variant of the American M-35 (MLVW) tactical 6x6 was arguably better though, with the 8.2-liter Detroit Diesel instead of the Continental LDT-465, and an Allison MT-643 automatic tranny.

By 5:00pm last Friday, Volvo stock was down 6 percent due to the decline in orders. (http://www.gp.se/nyheter/goteborg/1.2779196-volvo-okar-lonsamheten-men-orderingangen-minskar) Board chairman Carl-Henric Svanberg's open mind towards selling Volvo's construction unit is gathering support.

Volvo Press Release / July 17, 2015 The second quarter followed the trend from the fourth quarter of 2014 and the beginning of the year. The Group’s products are well received by the market, and the activities in the efficiency programs are progressing according to plan and contribute to yet another quarter of earnings improvements. In the second quarter net sales increased by 17% to SEK 84.8 billion (72.6). Adjusted for currency movements and acquired and divested units sales increased by 4%.Operating income amounted to SEK 8,116 M (4,325) excluding restructuring charges of SEK 799 M (762). Operating income includes a positive impact of SEK 2,137 M from the sale of shares in Eicher Motors Limited. Currency exchange rates had a positive impact of SEK 1,804 M.Operating income excluding restructuring charges and the capital gain from the sale of shares amounted to SEK 5,979 M (3,284*), corresponding to an underlying operating margin of 7.1% (4.5).Operating cash flow in the Industrial Operations amounted to SEK 8.6 billion (4.0).Net financial debt in the Industrial Operations amounted to 16% of equity.Truck order intake decreased by 6% and order intake of construction equipment decreased by 27%.* Excluding the capital gain from the sale of real estate and the release of a provision for Volvo Rents in the second quarter 2014, combined amounting to SEK 1,041 M. For a PDF version of the report, please click here: Volvo Group Q2 2015 PDF

The Renault Kerax's design has no connection to Sisu. Sisu's connection with Renault was that it began sourcing Renault "Premium" cabs from Renault Trucks Component Partnerships in 1997, after discontinuing in-house cab production. In 2011, Sisu began using Mercedes-Benz Actros cabs (they're now building what amounts to being a highly modified Actros). Like the former UK truckmakers, Finland's Sisu used Cummins and Caterpillar engines for years. From 2011, Sisu uses Daimler engines.

Ford Press Release / July 16, 2015 The 2015 Ford Ranger is one of the most capable trucks in its class. It represents a smarter kind of tough, and helps you achieve more at work or with your family. Building on its proven and efficient powertrains, the 2015 Ford Ranger also features best-in-class capabilities, such as up to 800mm water wading, 3.5 ton towing capability, 1 ton payload, and smart features that help you to take on any challenge that the world throws at you.

BBC / July 20, 2015 Japan's Mitsubishi corporation has made a landmark apology for using US prisoners of war as forced labour during World War Two. A senior executive, Hikaru Kimura, expressed remorse at a ceremony in Los Angeles that prisoners had been put to work in mines operated by the firm. It is believed to be the first such apology by a Japanese company. One of the few surviving former US prisoners forced to work in Japan accepted the apology. James Murphy, 94, said this was "a glorious day... for 70 years we wanted this.'' It would improve the relationship between Japan and the United States, he added. Relatives of other former prisoners were also present at the ceremony at the Simon Wiesenthal Centre. Mitsubishi is acting independently of the Japanese government which has already issued a formal apology to American prisoners. Japanese government officials say that it is an important gesture ahead of the 70th anniversary of the end of the war in August. "We hope this will spur other companies to join in and do the same." said Rabbi Abraham Cooper, associate dean at the Simon Wiesenthal Centre. The mines operated at four locations run by Mitsubishi's predecessor company, Mitsubishi Mining Co. Only two living survivors could be located to accept the apology, and, only Mr Murphy was fit enough to make the trip to Los Angeles, local media reported. About 500 American POWs were forced to work in the mines from among the thousands of allied, Philippine, Korean and Chinese prisoners who were pushed into slave labour by the Japanese. 'Slavery in every way' Mr Murphy told US media that he spent a year at a copper mine near Hanawa, an experience he described as "a complete horror". "It was slavery in every way: no food, no medicine, no clothing, no sanitation," he said, adding that it was all the more galling to know that Mitsubishi built fighter aircraft used against American forces. He said that, while he had forgiven his captors, he still wanted for an apology for his ordeal. Although no cash compensation is being offered by Mitsubishi, the upcoming apology is "a big deal", he said. Correspondents say it is not clear why the apology has come so long after the war. The Japanese government officially apologised to American former POWs five years ago. .

Arizona woman sentenced for murdering her 5-year-old daughter Associated Press / July 17, 2015 An Arizona mother was sentenced to life in prison without parole Friday for the death of her 5-year-old daughter whose body was never found. Jerice Hunter was convicted in April of first-degree murder and child abuse in the death of Jhessye Shockley. Prosecutors said Hunter had a friend give her a ride to a neighboring city so she could dump a suitcase containing the body in a trash bin before telling authorities the child was missing in 2011. Prosecutors said the girl was beaten, neglected, deprived of food and water, and confined to a closet before her body was dumped. She was never found, even though officers picked through 9,500 tons of garbage at landfills. Hunter, 41, showed no reaction when a Maricopa County Superior Court judge read the sentence of natural life in prison for the murder count and a consecutive 20-year prison term for child abuse. Before she was sentenced, Hunter asked the judge for leniency. "I know I've been made out to be a horrible person and a monster of a mother," Hunter said. "I've been convicted of a horrible crime, which I most definitely did not commit." Hunter has maintained her innocence since Glendale police identified her as a suspect about a month after her daughter disappeared. Her lawyers said there was no proof the girl was dead. Defense attorney Candice Shoemaker said Jhessye's teacher and a Child Protective Services agent who investigated the family did not notice any signs of abuse. The lawyer also said none of Hunter's other children had shown signs of abuse at the time. Hunter was arrested in 2005 with her then-husband on child abuse charges in California. She pleaded no contest to corporal punishment and served about four years in prison before she was released on parole in 2010.

There are countries where the formula of democracy, white bread and McDonald's simply doesn't work (Iraq being an example). South Africa, once the single shining star in Southern Africa, is doing a crash and burn now. It's an absolutely beautiful country, but it has descended into a degree of lawlessness alike Mexico (we really need to effectively seal our southern border ASAP). Mandela might have meant well, and had the right idea. But, his dream requires a rare leader to keep South Africa glued together. Not having found such an individual, the country is coming apart at the seams.

Pentagon chief Carter not offering new arms deal to Israel In the face of Israeli outrage over the Iran nuclear accord, the Pentagon is moving quickly to reinforce arguably the strongest part of the U.S.-Israeli relationship: military cooperation (Proof of that successful military cooperation being, e.g. Israel’s intentional sinking of the USS Liberty in which they murdered 34 American sailors) But officials say Washington has no plans to offer new weaponry as compensation for the Iran deal (absolutely not today at least, but next week is possible and next month virtually certain). Defense Secretary Ash Carter left for Tel Aviv on Sunday to push ahead with talks on ways the U.S. can further improve Israel's security — not just with Iranian threats in mind, but an array of other challenges, including cyberdefense and maritime security. Israel also has expressed concern that U.S. sales of advanced weaponry to Gulf Arab states has the potential of offsetting, to some degree, Israel's qualitative military edge. Aides said in advance of the trip that although Carter strongly supports the Iran deal, he had no intention of trying to reverse Israeli opposition to it. Israeli Prime Minister Benjamin Netanyahu has denounced the deal as a mistake of historic proportion. Carter is scheduled to meet with Netanyahu and Israeli Defense Minister Moshe Yaalon, as well as with Israeli generals, and visit troops in northern Israel. He plans to stop in Jordan and Saudi Arabia, U.S. allies whose leaders also are worried about implications of the nuclear deal. On the day the Iran accord was announced, Carter issued a statement saying the U.S. is "prepared and postured" to help Israel improve its security, although he offered no specifics. He added that the U.S. would "use the military option if necessary" to protect its allies, to "check Iranian malign influence" and to ensure freedom of navigation in the Gulf. (Israel, for some time one of the wealthiest nations in the world, should finance its own security improvements. That a broke America continues to provide them with funding and free weaponry, and this on top of their arrogant refusal to stop building in the West Bank, is simply unbelievable............darn Israel have some well-connected US "friends" and good lobbyist in Washington) The U.S.-Israel defense relationship has deepened in recent years, even as tensions between the two over how to contain Iran's nuclear program has grown. The U.S. has invested hundreds of millions in an Israeli air defense system known as Iron Dome, designed to shoot down short-range rockets, mortars and artillery shells fired into northern Israel from southern Lebanon and into Israel's south from the Gaza Strip. The U.S. has worked with Israel on anti-missile systems and a wide range of other defenses. Two years ago the Pentagon committed to providing advanced radars for Israel's fleet of fighter jets and KC-135 refueling aircraft, and making Israel the first country to buy the V-22 Osprey hybrid airplane-helicopter. Washington authorized Israel to build the next generation F-16 after the US Air Force declined it. It was called the Lavi program, and of course, it was U.S. funded! After Israel decided it was cheaper to continue buying rather than build, the Lavi program engineers helped China create the Lavi (F-16 II) in the form of the Jian J10 fighter. Israel a U.S. ally?.....you make the call. A March 1992 report by State Department inspector general Sherman Funk, "Report of Audit: Department of State Defense Trade Controls", states that alleged Israeli violations of US laws and regulations "cited and supported by reliable intelligence information show a systematic and growing pattern of unauthorized transfers ... dating back to about 1983". Just two months ago Washington announced a $1.9 billion arms sale to Israel for a range of missiles and bombs, including bunker busters that can penetrate reinforced defenses to reach underground targets. Not included is the Pentagon's biggest bunker buster bomb. Israeli officials insist they are not prepared to discuss American "compensation" for the Iran deal, saying that would imply acceptance of the accord. Israel believes there are loopholes in the deal that will pave the way for Iran to eventually emerge as a nuclear power. Cabinet Minister Yuval Steinitz, Netanyahu's point man on the nuclear issue, told reporters "there is no real compensation for Israel" if Iran develops the capacity to make nuclear weapons. While he said that Israel will discuss "almost everything" with the U.S., he said Israel's focus right now is voicing its opposition to the deal. The two countries have been holding talks on renewing a 10-year defense pact set to expire in 2018. Under the current deal, Israel receives about $3 billion in military aid from the U.S. each year. That number is likely to increase when the deal is renewed, and possibly before then. Obama has indicated he is open to new ways of improving Israeli security, but he has played down the idea that ending economic penalties on Iran will drastically alter the balance of power in the region. "Do we think that with the sanctions coming down, that Iran will have some additional resources for its military and for some of the activities in the region that are a threat to us and a threat to our allies? I think that is a likelihood," Obama told a White House news conference on Wednesday. "Do I think it's a game-changer for them? No." Some private analysts also suggest the concern about Iranian ascendancy may be exaggerated. "Naturally, with the lifting of sanctions there's going to be concern by Israel and Saudi Arabia that Iran will become 'normalized' in the region. However, I think Iran is still going to face a certain amount of isolation," Dalia Dassa Kaye, director of the RAND Center for Middle East Public Policy, wrote in an analysis. Obama's principal military adviser, Gen. Martin Dempsey, met with Netanyahu and Israeli military officials just last month. The Joint Chiefs of Staff chairman told reporters with him in Israel that once an Iran nuclear deal was struck, Israeli and U.S. officials needed to "quickly and comprehensively" discuss the way ahead. "It will be incumbent on both of us to make sure that we provide the kind of reassurances that the state of Israel has always counted on us to provide. But we are going to have to do the same thing with the Gulf allies," Dempsey said, alluding to deep concerns in Saudi Arabia and other Gulf states that removing sanctions on Iran would make it a greater regional danger. Dempsey said he understands why Israelis believe a nuclear deal will give Iran room to accelerate its funding of surrogate Shiite groups like Hezbollah. "I share their concern," Dempsey said.

Have you ever driven a KamAZ truck?

An ISIS-linked Twitter account mentioned something about to happen in Chattanooga about 15 minutes before the first shooting Thursday that left four Marines dead, Fox News reports. According to multiple news sites, the tweet read "O American Dogs/soon/YOU Will see wonders" and included the hashtags #Chattanooga #USA and #ISIS. The tweet was sent out at 10:34 a.m. Eastern Daylight Time. The first shooting took place at about 10:50 a.m. at the Armed Forces Career Center. One person was shot in the leg. Moments later, the same shooter killed four Marines at the nearby Naval Operations Support Center. The shooter, who was killed by police, has been identified as Muhammad Youssef Abdulazeez, 24, originally from Kuwait.

The second Iraq war was all about the oil. But that fact is never presented to Americans by the government influenced mainstream US media. In the global community, it is universally felt that the US wanted the oil, and hence our global stature sunk one more.

Ayatollah Khamenei says US remains Iran's enemy, vows no change in US relations The Financial Times / July 18, 2015 Iran’s supreme leader and ultimate decision maker Ayatollah Ali Khamenei vowed on Saturday that there would be no change in the country’s hostile relations with the US and anti-Israel approach in regional policies regardless of the fate of the breakthrough nuclear deal with world powers. In a move clearly intended to appease hardliners — his main popular base who feel demoralised with the compromises Iran has made in the nuclear agreement — he highlighted Iran’s achievements such as retaining around 6,000 centrifuges. Iran and major world powers — US, UK, France, Russia, China and Germany — made one of the most significant diplomatic breakthroughs of the post-cold war era last Tuesday reversing economic isolation for the Islamic republic in return for limits on its nuclear programme. “Whether the agreement is approved [by the US Congress and Iran’s parliament] or not, we will not stop backing our friends in the region including the oppressed nations of Palestine, Yemen, Syria, Iraq, Bahrain and Lebanon who will continue to enjoy our support,” the Ayatollah said in a speech to mark the end of holy fasting month of Ramadan. “Our policies against the US will not change.” He said that holding nuclear negotiations with the US had been justified by reasons of “expediency” but that there could be no similar talks on crises in the Middle East or mutual relations that have been severed for more than three decades. Although Iran’s hardliners are largely quiet over the nuclear agreement, they are upset with compromises the Islamic regime has made during talks with the “Great Satan” — the US — which they consider the country’s arch enemy. Ayatollah Khamenei assured his supporters that he had not bowed to US pressure. “Five US presidents since the revolution have wished to see Iran submit to them but they either died with those dreams or are lost [in US politics],” he said. “You [President Barack Obama] will also fail to materialise this dream of making Iran bow.” The Islamic regime believes the US has pursued an unspoken policy of regime change since the 1979 Islamic revolution and continues to do so by provoking domestic dissent. “No exploitation of the [nuclear] agreement will be allowed,” Ayatollah Khamenei said, in comments which echo his concerns about Iran’s reformist opposition feeling emboldened to demand more political freedom after the deal. The supreme leader is, however, a strong supporter of the nuclear accord and for the third time since Tuesday thanked centrist president Hassan Rouhani and the nuclear negotiating team led by foreign minister Mohammad Javad Zarif. He has not commented on the details of the deal but keeps the route open for Iran’s retaliation if the US Congress blocks the agreement. He reiterated that the agreement should be thoroughly studied and go through legal channels. The US Congress must vote on the deal within two months following a measure passed this year to give the legislature a greater say in the landmark agreement. Mr Obama has vowed to veto any effort by Congress to block the agreement. Opponents would need to ensure a two-thirds majority in both the House and the Senate to overcome the threat of a veto. Should that happen, Iran’s legislative body — dominated by conservative forces — is expected to voice its opposition to Iran’s compromises and respond to what would be seen as sabotage by the Congress. Iranian analysts think it unlikely that any political or military faction would be able to intervene to stop implementation of the agreement thanks to the strong support Ayatollah Khamenei has thrown behind the agreement which the country’s economy direly needs. Under the deal, by early 2016 all the major economic sanctions against Iran would be lifted, breathing life into its financial system and energy market. Sanctions relief will be triggered by Iran’s verified compliance with measures to wind back its nuclear programme and introduce close international monitoring. “Thanks to God’s blessings, I can tell the nation that the Islamic Republic of Iran is strong and powerful and is getting stronger day by day,” Ayatollah Khamenei said. “We do not welcome any war and will not embark on a war but in case there is a war the one who has to leave the scene with shame is the aggressive US.”

Bloomberg / July 17, 2015 Truckmaker Volvo AB said the U.S. heavy-vehicle market has probably peaked after orders declined. The company's stock fell the most in 21 months. Volvo’s second-quarter orders for trucks in North America dropped 19 percent to 10,528 vehicles, hurt by a 50 percent plunge at the Mack brand and less demand from the U.S. energy industry, the Gothenburg, Sweden-based company said Friday in a statement. Volvo fell as much as 6.9 percent in the steepest intraday decline since Oct. 25, 2013. “The feeling that we have for the time being is that we’re around the peak for the cycle,” Chief Executive Officer Jan Gurander told analysts on a conference call. “We don’t foresee any dramatic downtrend either.” North America was the company’s second-biggest market by revenue last year, accounting for 26 percent of sales. Volvo is restructuring to improve profitability while dealing with market declines in China and Brazil. Gurander will hold the CEO post on an interim basis until Martin Lundstedt, head of competitor Scania AB, takes the position permanently in October. “Up to now, it has been demand in the U.S. -- alongside cost cutting -- that helped margins advance despite sluggish volumes in Europe and falling demand in Latin America,” Michael Raab, a Frankfurt-based analyst at Kepler Cheuvreux, said in a report. “The decline in NAFTA order intake is, in our view, a flaw” in the second-quarter picture. Volvo dropped to as low as 101.50 kronor and was trading down 4.2 percent as of 12:08 p.m. in Stockholm. That pared the stock’s gain this year to 23 percent. Group truck orders fell 6 percent during the quarter to 49,551 vehicles. Volvo also cut full-year forecasts for the Chinese and Brazilian truck markets. It now expects industrywide deliveries of 620,000 heavy vehicles in China, an 8.8 percent reduction from its earlier prediction, and 40,000 in Brazil, a cut of 27 percent. Volvo maintained its North American market forecast for 2015 at 310,000 trucks. Second-quarter earnings excluding interest, taxes, reorganization costs and a gain from a venture stake sale surged 82 percent from a year earlier to 5.98 billion kronor ($700 million), Volvo also said. Revenue rose 17 percent to 84.8 billion kronor, and the operating margin widened to 7.1 percent of sales from 4.5 percent. The operating profit figure doesn’t include a 2.14 billion-krona gain from the sale of Volvo’s remaining stake in an Indian joint venture with Eicher Motors Ltd. Earnings were helped by delivery growth and by 1.8 billion kronor in currency effects, the truckmaker said.