Tuesday, August 31, 2004
WTO OKs Sanctions against U.S. in Trade Row
Yahoo! News - WTO OKs Sanctions Vs. U.S. in Trade Row: "The European Union and its allies got the go-ahead Tuesday to slap some $150 million in sanctions on U.S. goods in a dispute that could stir trade tensions ahead of the U.S. elections.
The disputed law, named after Democratic Senator Robert Byrd, forces the government to distribute to U.S. companies money raised in anti-dumping duties levied on foreign firms.
[...] those payments, to U.S. ball bearing, steel, candle, pasta, seafood and other companies, amounted to an illegal subsidy.
The spat is one of a series involving the avowedly "free-trade" Bush administration, accused by critics of being reluctant to bow to WTO rules when they go against the United States. "
The disputed law, named after Democratic Senator Robert Byrd, forces the government to distribute to U.S. companies money raised in anti-dumping duties levied on foreign firms.
[...] those payments, to U.S. ball bearing, steel, candle, pasta, seafood and other companies, amounted to an illegal subsidy.
The spat is one of a series involving the avowedly "free-trade" Bush administration, accused by critics of being reluctant to bow to WTO rules when they go against the United States. "
Monday, August 30, 2004
Consumer Spending Up 0.8 Percent in July
Yahoo! News - Consumer Spending Up 0.8 Percent in July: "After taking a rest in June, the nation's consumers were full of energy last month, boosting their spending by a strong 0.8 percent, a hopeful sign the economy may be emerging from a summer funk. "
Thursday, August 26, 2004
Ranks of Poor, Uninsured Rose in 2003
Yahoo! News - Ranks of Poor, Uninsured Rose in 2003: "The number of Americans living in poverty increased by 1.3 million last year, while the ranks of the uninsured swelled by 1.4 million, the Census Bureau reported Thursday.
It was the third straight annual increase for both categories. While not unexpected, it was a double dose of bad economic news during a tight re-election campaign for President Bush. "
It was the third straight annual increase for both categories. While not unexpected, it was a double dose of bad economic news during a tight re-election campaign for President Bush. "
Wednesday, August 25, 2004
Indian strikes spread to banking sector
Yahoo! News - Indian strikes spread to banking sector: "India's public-sector banking system virtually ground to a halt on Tuesday as hundreds of thousands of employees went on strike for higher wages against a backdrop of sharply rising inflation.
The one-day bank strike [...] coincided with the fourth consecutive day of a strike by national truck-owners in protest against a 10 per cent service tax imposed in last month's budget.
The two strikes were unrelated. But government officials are concerned that rising inflation could feed into more industrial unrest in the coming weeks. "
The one-day bank strike [...] coincided with the fourth consecutive day of a strike by national truck-owners in protest against a 10 per cent service tax imposed in last month's budget.
The two strikes were unrelated. But government officials are concerned that rising inflation could feed into more industrial unrest in the coming weeks. "
Friday, August 20, 2004
It's coming to this? .... Yahoo! News - Report: Thieves Loot Hong Kong Toilets: "Thieves scouring for scrap metal have looted dozens of stainless steel drain covers and other fixtures, including faucets, from public toilets in a Hong Kong neigborhood, a newspaper reported Thursday.
The washrooms have lost 73 drain covers, four faucets, a steel gate and a hand dryer so far this year"
The washrooms have lost 73 drain covers, four faucets, a steel gate and a hand dryer so far this year"
Wednesday, August 18, 2004
Record profits for BHP amid China demand
Record profits for BHP amid China demand: "high prices could last longer than in previous cycles because of synchronised growth in several of the world's largest economies, strong demand from China, relatively low inventory levels and supply disruptions in some areas. "
Monday, August 16, 2004
And I'll bet they have a huge market in replacement doors and windows right now .... PGT Industries is Open for Business: "Window and Door Manufacturer Continues Operations as Hurricane Charley Clean-up Begins. PGT Industries announced today that their manufacturing operations headquartered in Venice, Florida, will continue following Hurricane Charley. "
Thursday, August 12, 2004
Yahoo! News - Retail Sales Rebound, Jobless Claims Fall: "Economists saw both the rise in retail sales and a decline of 4,000 in the number of laid-off workers filing for jobless benefits, reported by the government Thursday, as hopeful signs the economy is rebounding from a worrisome pause in activity in the early summer. "
Yahoo! News - July Retail Sales Rebound by 0.7 Percent: "Retail sales, which had taken a sharp plunge in June, rebounded by 0.7 percent last month as attractive sales incentives lured shoppers back into new-car showrooms. "
Tuesday, August 10, 2004
Yahoo! News - Fed Pushes Rate Up Quarter of a Point: "The rate [...] had been at a 46-year low of 1 percent just six weeks ago when the Fed raised it to 1.25 percent, the first increase in four years.
The Fed action this week had been expected as analysts predicted the central bank would continue with its campaign to raise rates even in the face of last Friday's report that showed job creation slowed to a near-standstill last month. "
The Fed action this week had been expected as analysts predicted the central bank would continue with its campaign to raise rates even in the face of last Friday's report that showed job creation slowed to a near-standstill last month. "
Yahoo! News - Family-controlled steelmaker Ivaco Inc. sells out for $375 million to U.S. fund: "Steel company Ivaco Inc., under bankruptcy protection since last September, has been sold to American holding company Heico for $375 million.
Money from the sale will go to creditors, while shareholders will get nothing. However, Ivaco's 2,200 employees should be protected since Heico will continue to operate the steelmaker's mills in Ontario and Quebec as the steel industry recovers and prices rise. "
Money from the sale will go to creditors, while shareholders will get nothing. However, Ivaco's 2,200 employees should be protected since Heico will continue to operate the steelmaker's mills in Ontario and Quebec as the steel industry recovers and prices rise. "
Friday, August 06, 2004
This is american government only, but good to know .... Yahoo! News - Gov't Holds Millions in Unclaimed Pensions: "The Pension Benefit Guaranty Corp., which insures private-sector pensions, said Thursday that its registry currently lists some 26,000 people eligible for benefits averaging about $3,675.
In most cases, the pension money went to the PBGC when companies went bankrupt, especially in distressed industries such as steel, airlines, transportation and machinery.
Americans who believe they may be eligible for pension money should check for their names on the PBGC site at www.pbgc.gov/search. "
In most cases, the pension money went to the PBGC when companies went bankrupt, especially in distressed industries such as steel, airlines, transportation and machinery.
Americans who believe they may be eligible for pension money should check for their names on the PBGC site at www.pbgc.gov/search. "
Thursday, August 05, 2004
Yahoo! News - Rift harming auto industry: "-- The tense relationship between Detroit's automakers and their suppliers was on display Wednesday as executives from both camps spoke about cooperating and collaborating while taking subtle or direct swipes at each other.
In various speeches, executives talked about the need for auto suppliers and automakers to work together -- especially as escalating steel prices, rising interest rates and higher profit-eating incentives mix with other concerns to threaten the U.S. auto industry and manufacturers in general.
But in those same speeches, automaker executives would question whether their suppliers had the technology to keep up -- or supplier executives would point a finger at automakers for their own inefficiencies they say drag down the whole industry. "
In various speeches, executives talked about the need for auto suppliers and automakers to work together -- especially as escalating steel prices, rising interest rates and higher profit-eating incentives mix with other concerns to threaten the U.S. auto industry and manufacturers in general.
But in those same speeches, automaker executives would question whether their suppliers had the technology to keep up -- or supplier executives would point a finger at automakers for their own inefficiencies they say drag down the whole industry. "
Wednesday, August 04, 2004
Oil Prices Fall from Fresh 21-Year Highs: "Oil prices fell from fresh 21-year highs on Wednesday after U.S. gasoline supplies jumped and the president of production cartel OPEC reversed previous statements and said the group could immediately boost output to help cool prices."
Factory Orders, Services Lift Outlook: "The Commerce Department said factory orders advanced 0.7 percent in June, after a revised 0.4 percent gain in May. Economists had expected orders to rise 0.5 percent.
The data were more upbeat than many June numbers and dovetailed with an Institute for Supply Management poll on Monday showing U.S. factories picked up their pace in July.
A separate ISM report on Wednesday showed that strength spilled into the service sector, which accounts for 80 percent of the U.S. economy. The ISM non-manufacturing index rose to 64.8 in July from 59.9 in June. Wall Street had expected a weaker 61.0 reading.
'Both numbers suggest that there's still strength in the economy,' said Gary Thayer, chief economist at A.G. Edwards & Sons in St Louis, Missouri.
'June factory orders were up for the second consecutive month, suggesting that the slower growth we saw in the second quarter may be temporary. The ISM non-manufacturing index shows that the service side of the economy continues to expand at a very robust pace,' he said."
The data were more upbeat than many June numbers and dovetailed with an Institute for Supply Management poll on Monday showing U.S. factories picked up their pace in July.
A separate ISM report on Wednesday showed that strength spilled into the service sector, which accounts for 80 percent of the U.S. economy. The ISM non-manufacturing index rose to 64.8 in July from 59.9 in June. Wall Street had expected a weaker 61.0 reading.
'Both numbers suggest that there's still strength in the economy,' said Gary Thayer, chief economist at A.G. Edwards & Sons in St Louis, Missouri.
'June factory orders were up for the second consecutive month, suggesting that the slower growth we saw in the second quarter may be temporary. The ISM non-manufacturing index shows that the service side of the economy continues to expand at a very robust pace,' he said."
Yahoo! News - Steel prices raise profits at Stelco and others, but good times won't last: "Stelco also indicated it's in position for a profitable third quarter as well, saying it has raised some of its prices to reflect continuing robust demand from automotive and construction clients.
But company officials went on a media blitz Tuesday to downplay the results, stating in separate conference calls held with Bay Street analysts and reporters, as well as in a letter to employees, that currently high steel prices are 'not going to last.'
'It's unsustainable,' Stelco president and CEO Courtney Pratt said during the conference call with analysts.
'Like everyone else, we don't believe we're going to sink down to the lows that we've seen in other cycles. But we certainly cannot stay at these elevated prices for too long.'
Stelco has been operating under bankruptcy protection since late January. The United Steelworkers challenged and is continuing to question Stelco's claim of insolvency, saying that the steel market was just about to boom before the company entered court protection from creditors.
The Steelworkers claim Stelco is using federal laws to slash wages, benefits, pensions and jobs - possibly well beyond the near 600 positions it has eliminated in Hamilton through attrition over the past 12 months. The company maintains it needs to reduce its overall cost structure so it can attract capital to finance needed renovations and mill upgrades.
'Stelco still faces a serious viability issue and must reduce costs, improve productivity and focus on key operations and products in order to become more competitive and remain profitable throughout the cycle,' Stelco chief financial officer Bill Vaughan told analysts. "
But company officials went on a media blitz Tuesday to downplay the results, stating in separate conference calls held with Bay Street analysts and reporters, as well as in a letter to employees, that currently high steel prices are 'not going to last.'
'It's unsustainable,' Stelco president and CEO Courtney Pratt said during the conference call with analysts.
'Like everyone else, we don't believe we're going to sink down to the lows that we've seen in other cycles. But we certainly cannot stay at these elevated prices for too long.'
Stelco has been operating under bankruptcy protection since late January. The United Steelworkers challenged and is continuing to question Stelco's claim of insolvency, saying that the steel market was just about to boom before the company entered court protection from creditors.
The Steelworkers claim Stelco is using federal laws to slash wages, benefits, pensions and jobs - possibly well beyond the near 600 positions it has eliminated in Hamilton through attrition over the past 12 months. The company maintains it needs to reduce its overall cost structure so it can attract capital to finance needed renovations and mill upgrades.
'Stelco still faces a serious viability issue and must reduce costs, improve productivity and focus on key operations and products in order to become more competitive and remain profitable throughout the cycle,' Stelco chief financial officer Bill Vaughan told analysts. "
Labels: stelco
Monday, August 02, 2004
Bloomberg.com: U.S. Economy: ISM Manufacturing Index Rises in July: "Manufacturing is picking up and inflationary pressures are coming off a bit,'' said Drew Matus, a senior economist at Lehman Brothers in New York. ``That's good news for manufacturers.'' "
Sunday, August 01, 2004
Yahoo! News - U.S. Parts Makers Prefer Honda, Toyota: "'In all the other industries we've studied, such as aerospace, electronics and computers, no one treats their suppliers as poorly as the U.S. automakers do,' John Henke, author of the annual study, said. "
Yahoo! News - Thousands Eye New Calif. Port Jobs: "At a time when manufacturing jobs are being shipped overseas, employment on the docks in the nation's largest port complex has become highly prized by people hungry for six-figure pay and health benefits for blue-collar work.
'The other good jobs have all been exported, they've all been outsourced,' said Dave Arian, president of the International Longshore & Warehouse Union Local 13. 'But they can't move the waterfront. They can't outsource the port.'
Organizers figure more than 20,000 people will apply, but only 3,000 will make it on the roster of casual workers hired on a daily basis as needed. Those who manage to get on the roll can accumulate work hours and eventually become fully registered longshoremen, potentially earning more than $100,000 a year.
Starting hourly pay for casual hires is $20.66 an hour while longshore workers at the top of the pay scale make $28.68 an hour. Add in overtime and shift differentials and earnings can grow significantly. "
'The other good jobs have all been exported, they've all been outsourced,' said Dave Arian, president of the International Longshore & Warehouse Union Local 13. 'But they can't move the waterfront. They can't outsource the port.'
Organizers figure more than 20,000 people will apply, but only 3,000 will make it on the roster of casual workers hired on a daily basis as needed. Those who manage to get on the roll can accumulate work hours and eventually become fully registered longshoremen, potentially earning more than $100,000 a year.
Starting hourly pay for casual hires is $20.66 an hour while longshore workers at the top of the pay scale make $28.68 an hour. Add in overtime and shift differentials and earnings can grow significantly. "
