Business

Volvo AB named Carl-Henric Svanberg its new chairman, Bloomberg reported Monday.

Oil fell to near $98 a barrel in early trading Monday on the New York Mercantile Exchange, a two-week low, Bloomberg reported.

TOKYO — Mitsubishi Fuso Truck and Bus Corp. is developing a diesel-electric hybrid powertrain for parent Daimler AG’s truck group that could provide the fuel economy gains that have so far been elusive for heavy-duty, over-the-road trucks, the company said.

General Motors and Japanese carbon fiber and composites supplier Teijin have teamed up in hopes of producing stronger and lighter parts for GM trucks, cars and crossovers.

Class 8 truck orders in North America dropped 21.2% in November, the first year-over-year decline in 13 months, as the industry recovered from the bruising recession, according to ACT Research Co.

The Federal Motor Carrier Safety Administration has agreed to review a hazardous materials safety permit regulation that several trade organizations said is causing some safe carriers to unfairly lose their eligibility to haul hazmat.

Two rail unions settled with carriers on a tentative agreement in the days leading up to a possible Dec. 6 walkout, averting a strike and allowing shippers and fleets to utter a collective sigh of relief.

The Senate Commerce Committee said it plans to hold its first hearing Wednesday on a series of bills as part of two-year transportation reauthorization legislation.

Less-than-truckload companies may not be getting a large slice of the online holiday shopping delivery pie, but for some of them, they bring in the extra business they can find at just the right time, fleet executives have said.

American Trucking Associations has named Karla Hulett, a tax expert, accountant and business and technology consultant, as its new chief financial officer.