Kicking off our round-up of the most popular articles on AMN this week comes some very positive news for Bosch. Robert Bosch LLC has been named to Fortune magazine’s list of the “World’s Most Admired Companies” as the World’s Most Admired Automotive Supplier. Bosch this year moved up from number three to number one on Fortune‘s 2010 ranking list in the "Motor Vehicle Parts” industry category. The company also took fourth place among the most admired companies with headquarters in Germany – after Eon, BASF and BMW, and ranked number 14 in the overall European ranking. The top seven on the “Most Admired” list in the Motor Vehicle Parts category were: Bosch, Toyota, Michelin, Johnson Controls, Goodyear Tire & Rubber, ZF Friedrichshafen and Bridgestone. To see the complete list, go to:
www.money.cnn.com/magazines/fortune/mostadmired/2010.
Also in our top news this week was a report regarding the death of former CSK President Martin Fraser. Not widely reported at the time, Fraser is said to have died Jan. 26, according to court records. The news of Fraser’s death circulated again this week when the Associated Press (AP) reported that the government is seeking to drop the criminal indictment against him in light of his passing. Fraser and former CSK CFO Don Watson were both facing indictments that involved conspiracy, securities fraud, mail fraud, false filings with the U.S. Securities and Exchange Commission, false books and records and false statements to CSK’s auditor. According to the AP, Fraser’s death means that federal prosecutors won’t be able to prove criminal charges that he manipulated earnings reports at the auto parts supplier. The government will seek to dismiss both the civil and criminal complaints against Fraser in light of his death; however, actions against the other remaining employees involved will likely continue, according to the report. To read more background on the case, click here.
In sunny Orlando, Fla., this past week Automotive Parts Associates held its 29th annual Shareholders & Manufacturers Conference. Our very own Mary DellaValle, editor of ImportCar, was in attendance and brought back a full report from the event, which boasted record attendance. To read Mary’s coverage and view her photo slide show from the meeting, which was held March 18-20 at the JW Marriott Grande Lakes Resort, click here.
Two legislative items complete our list of this week’s top five. First, in the state of Washington Gov. Chris Gregoire signed into law SB 6557, which will lead to the eventual banning of copper in vehicle brake pads in the state, in an effort to prevent brake dust run-off into the state’s waterways. The bill calls for the banning of brake pads containing more than trace amounts of cadmium, chromium, asbestos, lead and mercury in the state of Washington beginning in 2014. The law will establish a science-based process for a two-step reduction of copper in brake pad linings. Initially, it will limit the use of copper in brakes to a maximum of 5 percent by model year 2021.
Undoubtedly the most talked-about piece of legislation on Capitol Hill this year was signed into law this week by President Obama. Initially passed in the House on Sunday, a set of revisions made by Congress was sent to the president’s desk for signature yesterday. The bill will affect small businesses in a number of ways, but many provisions will not enter into effect until 2014. By 2014, states will be required to set up Small Business Health Options Programs, referred to as "SHOP Exchanges," which will allow small businesses to pool together to purchase insurance, lowering premiums in the small-group market by a estimated 1 to 4 percent per year. In 2014, businesses with more than 50 employees will be required to offer health care to employees or risk paying a $750 fine per full-time employee if even one employee qualifies for a premium subsidy in the exchange by earning less than 400 percent of the federal poverty level.
