Senate Passes Corporate Tax Bill
The Senate passed legislation this week on S. 1637, that would replace the Foreign Sales Corporation (FSC) tax benefit for exporters with a $170 billion, 10-year tax break package. The 92-5 vote for passage brings the U.S. closer to ending European Union (EU) tariff sanctions imposed on certain U.S. products, after the U.S. failed to end the current tax break ruled in violation of World Trade Organization (WTO) agreements.
United Components Reports Results for First Quarter 2004
United Components Inc. (UCI) announced revenue of $256.8 million for the quarter, which ended on March 31. Revenue increased 8.7 percent over the year-ago quarter. Net income for the quarter was $7.5 million. For the first quarter of 2003, net income was $22.3 million.
Corteco Acquires Precision Automotive Industries
As part of an effort to strengthen its position as a major supplier in the automotive aftermarket, Corteco, the aftermarket business of Freudenberg-NOK, has acquired Precision Automotive Industries (PAI), a Burnsville, Minn.-based supplier of bearings and seals. Terms of the agreement were not disclosed.
MEMA Honors Sen. Alexander and Rep. Knollenberg with Joe Magliochetti Industry Champion Award
Sen. Lamar Alexander (R-Tenn.) and Rep. Joe Knollenberg (R-Mich.) were recently honored as inaugural recipients of the Joseph M. Magliochetti Industry Champion Award, presented by the Motor & Equipment Manufacturers Association (MEMA) on May 5. The award, which was created to honor the work of legislators helping to advance the automotive industry, was presented at a special dinner during the first MEMA Legislative and Public Policy Summit in Washington, D.C.
Drivers Hope Rule Changes Make Indy 500 More Competitive
Don’t be alarmed to see cars going slower around Indianapolis Motor Speedway this month. It’s intentional, and depending on which driver is talking, not necessarily a bad thing.
DST Asks:Does Your Multi-Store Business Management System Capture and Consolidate Operating Information?
It’s the American way. Start your own business. Perfect your methods. Hire good people. Grow your customer base. Perfect the idea at one location, then expand by adding new locations that share the same business model. Thousands of successful retail enterprises have started in exactly this way. It’s a fundamental way to apply the principle we all learned in Economics 101 – economies of scale. Business 101 would call it leverage. Good entrepreneurs call it survival!
Stanford Business School Study Finds Economic Incentives Do Inspire New Products – To a Point
With product life cycles becoming ever shorter, today’s key to market success is speed — continuously creating new items or ever more novel iterations of old ones. Nissan, for instance, has succeeded in a tough automotive market by focusing on frequently designing new models. Logitech has produced a string of ever-changing mice and keyboards in the computer industry. This emphasis on rapid change means that finding ways to motivate product development managers has become critical to business success.
Herman Trend Alert: Whither Creativity?
Creativity has been highly valued for centuries. The ability of artists, musicians, writers, explorers, scientists, pioneers and business leaders to create new ideas, approaches, processes and ways of thinking have been admired and honored. The results of these treasured creative people have contributed to the development of new products, art forms, countries, and mankind’s reaching into the mysteries of space beyond our planet.
Gessford Machine Inc. Named 2004
George Anderson, owner of Gessford Machine in Hastings, Neb., has been named the 2004 “Machine Shop of the Year” award by Engine Builder magazine and the Engine Rebuilders Association (AERA). AERA is a not-for-profit trade association, serving the engine rebuilder/remanufacturing industry, machine shops, equipment, parts and services suppliers since 1922.
DST Asks: Does Your Business System Include Enhancements to Help Manage and Collect Outstanding Receivables?
Regardless of the size of your business, accounts receivable collections and credit management are a never ending task. Having proper credit and collections procedures in place that are solely dependent upon the utilization of your personnel’s time can be a costly endeavor. Technology can dramatically reduce those costs.