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IRS officials told trucking executives that motor carriers must account properly for driver per-diem expenses or risk losing the tax-exempt status of the plans.

By Andrea Fischer, Staff Reporter

A Chinese truck company plans to transfer its entire stake in its China-based unit to a Hong Kong-based subsidiary in an $845 million deal, paving the way for an overseas listing of that country’s third-largest truck marker, Bloomberg reported.

The Supreme Court’s ruling that the EPA must reconsider its position to leave “greenhouse gas” emissions from motor vehicles unregulated could lead to increased costs for trucking companies.

At least five major tire manufacturers said they are raising prices on their medium- and heavy-duty truck tires by 3% to 5%, with most citing the rising cost of raw materials as the reason.

Crude oil futures fell lower Thursday after Iran released 15 British sailors it had held for two weeks, Bloomberg reported.

Congress and the Bush administration clashed last week over a proposal to allow Mexican trucks into the United States in a year-long pilot project, with the Senate passing a series of restrictions to the plan and a pair of bills being introduced in the House aimed at stopping it.

Crude oil futures prices declined Wednesday after Iran's President Mahmoud Ahmadinejad said that he will release 15 captured British sailors, news services reported.