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Federal Reserve policy makers saw “substantial” risks to the U.S. economy when they met last month and some saw the possibility of a “prolonged contraction,” according to minutes of the meeting released Tuesday.

UPS Inc. said Tuesday that Myron Gray will oversee its U.S. package operations in February, replacing Jim Winestock, who will retire.

The U.S. economy’s service sector improved, but showed contraction for a third straight month in December, the Institute for Supply Management said Tuesday.

President-elect Barack Obama's proposed economic stimulus plan would include billions of dollars of refunds for taxes paid years ago, the Associated Press reported.

APM Terminals Virginia will discontinue use of company identification cards at its Portsmouth, Va., facility and rely solely on the federal Transportation Workers Identification Credential, or TWIC, a port executive said.

Isuzu Commercial Truck of America said it will use selective catalytic reduction technology to meet U.S. 2010 nitrous oxide emissions standards.

Truck parts and components maker Eaton Corp. said Monday it has sold its VORAD, or vehicle on-board radar, system to Bendix Commercial Vehicle Systems. Terms were not disclosed.

We have to stop going to California; that’s the bottom line. First, they (the ports) put emission standards on who could go into the ports in the Los Angeles area.