The Leading Source for Industrial Distribution News
Abrupt Growth Slowdown Affects More Than Just China
August 17, 2010 5:26 am | by Joe McDonald, AP Business Writer | News | CommentsBeijing (AP) -- China's abrupt growth slowdown is sending a chill through Asian economies and as far away as Australia and Africa as its voracious demand for imports fades. Beijing is cooling its economy with lending and investment curbs after explosive 11.9 percent first-quarter growth fed fears of overheating.
Industrial Production Rises In July
August 17, 2010 5:25 am | by Daniel Wagner, AP Business Writer | News | CommentsWASHINGTON (AP) — Industrial production rose in July on the strength of U.S. manufacturing, as auto factories stayed open and businesses replaced worn-out equipment. Output at America's factories, mines and utilities increased 1.0 percent last month, the Federal Reserve reported Tuesday.
GM Recalls 250,000 Vehicles For Seat Belt Issues
August 17, 2010 5:20 am | by Ken Thomas, Associated Press Writer | News | CommentsWASHINGTON (AP) — General Motors is recalling nearly 250,000 crossover vehicles worldwide to inspect second-row seat belts that could be damaged and not latch. GM says the recall affects 2009-2010 models of the Chevrolet Traverse, Buick Enclave, GMC Acadia and Saturn Outlook. Most of the recalled vehicles are in the United States but some are also in Canada, Mexico and elsewhere.
Fed Official Says Low Interest Rates A 'Dangerous Gamble'
August 16, 2010 5:18 am | News | CommentsWASHINGTON (AP) -- A Federal Reserve official says keeping interest rates at record lows is a "dangerous gamble" that could hurt the economy later on by unleashing inflation or new speculative bubbles. Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, made the comments Friday, just days after dissenting with the Fed's decision to take an unconventional step to strengthen the fragile recovery by buying government debt.
Apple Manager, Suppliers Accused Of Kickback Scheme
August 16, 2010 5:02 am | News | CommentsCUPERTINO, California (AP) — A manager at Apple Inc. has been indicted by a federal grand jury in an alleged kickback scheme involving suppliers of iPhone and iPod accessories. Authorities say Paul Shin Devine of Sunnyvale was arrested on Friday on charges of wire fraud, money laundering and kickbacks.
No Easy Fix Ahead For Struggling Economy
August 16, 2010 5:00 am | by Jeannine Aversa, AP Economics Writer | News | CommentsWASHINGTON (AP) — The Federal Reserve has little power left to lift the economy out of its rut. Congress, with an election looming, has no appetite for more stimulus. Shoppers are reluctant to spend, and businesses are slow to hire. Let's face it: There is no easy or imminent fix for the flagging recovery.
After Leading Company Turnaround, GM CEO Steps Down
August 13, 2010 5:56 am | by Dee-Ann Durbin and Tom Krisher, AP Auto Writers | News | CommentsDETROIT (AP) — In a signal moment for the turnaround of the American auto industry, General Motors is edging toward a public stock sale, and its profits are now solid enough that the demanding CEO will step aside, saying his work is done. GM said Thursday that it made $1.3 billion from April through June, its second straight quarter in the black and a complete reversal from last year, when it was forced into bankruptcy and the U.
Avnet To Acquire itX In $69.2M Deal
August 13, 2010 5:54 am | News | CommentsPHOENIX (AP) — Electronic parts and computer products distributor Avnet Inc. said Friday it will acquire itX Group Ltd., an Australian distributor of software, hardware and services in an all-cash deal valued at $69.2 million. The deal requires approval by itX shareholders and Australian courts.
The Apple In The Supply Chain
August 12, 2010 5:04 am | by Amanda Earing, News Editor, for Manufacturing.net | Articles | CommentsIn its search for the latest technology to aid a growing supply chain operation, Markley Enterprises, a small manufacturer of point-of-purchase displays, found the solution in Apple’s iPad. As technology continuously changes, your supply chain and its processes should be revolving continuously, too.
U.S. Trade Deficit Hurts Industrial Marketplace
August 12, 2010 4:45 am | by Martin Crutsinger, AP Economics Writer | News | CommentsWASHINGTON (AP) — The United States is selling fewer products around the world and spending more on cheap imported goods, an imbalance that hurts the job market at home and means the economy is even weaker than previously thought. The trade deficit of nearly $50 billion for June is the biggest in almost two years, and economists fear that economic growth for the second quarter, which came in at a sluggish rate of 2.
GM Posts $1.33B Profit, A Sign Of Strength
August 12, 2010 4:37 am | by Dee-Ann Durbin and Tom Krisher, AP Auto Writers | News | CommentsDETROIT (AP) — General Motors Co. said Thursday it made $1.33 billion in the second quarter, a sign it's getting healthier as it prepares to sell stock to the public. It was the second straight quarterly profit for GM, which made $865 million in the first quarter. CEO Ed Whitacre said last week that the company is eager to sell shares in an initial public offering so it can end its dependence on the government and pay off $43.
Jobless Rate Rises To Highest Level In Six Months
August 12, 2010 4:36 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsWASHINGTON (AP) — New applications for unemployment insurance rose last week to their highest level in almost six months, the latest evidence that some employers are still cutting their staffs. First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday.
Avnet Sees Fiscal, Revenue Growth In 4Q
August 12, 2010 4:34 am | News | CommentsPHOENIX (AP) — Electronic parts and computer products distributor Avnet Inc. on Wednesday reported a better-than-expected fiscal fourth-quarter profit, helped by revenue growth across all regions. Net income for the three months ended July 3 totaled $141.1 million, or 92 cents per share, compared with a loss of $30.
China Refutes Claim It's World's Largest Energy Consumer
August 12, 2010 4:32 am | News | CommentsBEIJING (AP) -- China insisted Wednesday that it is only the world's second largest energy consumer, weeks after the International Energy Agency said it had passed the United States to become No. 1. A joint statement by China's National Energy Administration and National Bureau of Statistics gave a higher estimate of China's energy consumption last year than Chinese officials earlier provided, but said it was still less than that of the United States.
Boeing's Bold Supply Chain Model
August 11, 2010 8:31 am | by Mike Collins, Author, Saving American Manufacturing | Articles | CommentsThe design idea was to make the plane light and fuel-efficient, to be a long range airplane. The dream for this aircraft was to move manufacturing to its Tier 1 suppliers who would coordinate with Tier 2 and 3 suppliers, and all Boeing would have to do was assemble the parts and save a whole bunch of time, effort, and money.
Grainger Reports July Sales Results
August 11, 2010 5:17 am | News | CommentsCHICAGO -- Grainger today reported sales results for the month of July 2010. Daily sales increased 21 percent versus July 2009. Results for the month included a 5 percentage point positive contribution from acquisitions and a 1 percentage point contribution from foreign exchange. Excluding acquisitions and foreign exchange, daily sales for the company increased 15 percent.
Obama To Sign Key Manufacturing Bill
August 11, 2010 5:16 am | News | CommentsWASHINGTON (AP) — The White House says President Barack Obama will sign a bill on Wednesday that will help U.S. manufacturers by reducing and suspending some tariffs on certain materials they must import to make their products. Obama is scheduled to sign the bill at the White House. The National Association of Manufacturers says it will help create jobs, cut costs for businesses and consumers and boost U.
Worried About U.S. Economy, Fed Buys Debt
August 11, 2010 5:15 am | by Jeannine Aversa, AP Economics Writer | News | CommentsWASHINGTON (AP) — As recently as two months ago, the Federal Reserve sounded optimistic about the economic recovery. Now the central bank is clearly more worried, and economists say there is not much more it can do to help. The Fed said Tuesday that it would spend a relatively small amount of money — about $10 billion a month, economists estimate — buying government debt.
Integrated Software Solution
August 10, 2010 9:16 am | Product Releases | CommentsBlue Link Associates Limited (Toronto, ON) recently released the Blue Link Elite software solution. It is designed to be a completely integrated accounting, business management, and inventory management software solution. Developed exclusively using up-to-date Microsoft technology, Blue Link Elite is targeted toward those small and medium-sized wholesalers, distributors, importers, and exporters looking for a new way to manage and organize the internal operations of their business in an efficient and paperless manner.
Manage Processes From A Single Screen
August 10, 2010 9:15 am | Product Releases | CommentsABAS USA (Sterling, VA) recently developed a series of workbenches to give ERP users the chance to manage any process from a single screen. ABAS delivers pre-defined configurable process-based workbenches. From these screens, users can create and manage transactions, utilize flow and workflow, call external systems, and have access to all necessary information, instead of working with multiple windows or tabs.
