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.
Job Without Glitter May Be Gold — Skilled ‘Blue-Collar’ Workers Get Top Dollar
Think you have to earn a college degree to collect a hefty paycheck? Think again. A work-force shortage is driving up demand – and salaries – for skilled workers in “blue-collar” trades within the construction, automotive, health-care and service industries.
Timken to Close Canton, Ohio Bearing Operations
Timken announced today it will close its Canton, Ohio, bearing manufacturing operations and move most of the production to other U.S. plants, the company said. The three Canton bearing plants employ 1,300 people. The closure follows a series of meetings with union representatives and associates from the Canton bearing operations to discuss strategies to make the plants more competitive.
Warehouse Distributors’ Sales Increase in March
According to the recently released Automotive Warehouse Distributors Association (AWDA) “How’s Business?” survey, warehouse distributors’ sales in March 2004 were 8 percent higher than they were a year earlier. This monthly survey of warehouse distributors tracks national and regional data on sales, collection days, return credits and employment.
Two Collins & Aikman Board Members Resign
Two board members investigated internally for insider deals have resigned from auto supplier Collins & Aikman Corp. (C&A), which has lost money three years in a row, and on Thursday reported another first-quarter loss. The quarter’s red ink was slightly less than it was the same period a year ago.
Modine Receives Award of Excellence
Modine Manufacturing has won the 2004 Award of Excellence for outstanding safety from the Tennessee Department of Labor & Workforce Development. Modine was presented the award for its Lawrenceburg, Tenn., facility. In July, Tennessee Labor Commissioner James Neeley will present the award at the Tennessee Safety Congress in Nashville.
GM Cutbacks Sting American Axle
American Axle & Manufacturing Holdings Inc., the world’s second-largest maker of automotive drive systems, said first-quarter profit fell 32 percent as General Motors Corp. cut light-truck production and bought fewer parts. American Axle & Manufacturing Holdings Inc., the world’s second-largest maker of automotive drive systems, said first-quarter profit fell 32 percent as General Motors Corp. cut light-truck production and bought fewer parts.
Delphi, Visteon Pact to Trade for Job Security
Detroit’s two largest auto suppliers, Delphi Corp. and Visteon Corp., are close to reaching a historic 7-year contract with the UAW that dramatically cuts the wages for all future hires, and requires them to pay for more of their health care and much of their retirement, UAW and company sources have told the Free Press.
Retooling a Pool of Talent: Michigan Reaches Out from Brawn to Brains
Diego Rivera’s famous mural of Detroit’s industry depicts big, muscular men pulling on steel and manipulating heavy machines as they mold new cars. But if Rivera were here today, how would he see the city? Probably not muscling steel girders around. He’d see MBAs and computer geeks creating the modern automotive world in front of their computers.
Herman Trend Alert: Transnational Job Movement
Many Americans are upset about the migration of jobs to countries like India and China. While the perception is that a huge proportion of jobs is permanently leaving the U.S., the reality seems to be considerably different.