The Department of Labor this morning reported a rise in the unemployment rate in April. Unemployment now stands at 8.9 percent, up from 8.5 percent in March. Since the recession began in December 2007, 5.7 million jobs have been lost. In April, job losses were large and widespread across nearly all major private-sector industries. Overall,…more
Regulations and Compliance
Many federal and state government regulations affect the marine industry. Trade Only follows developments as companies strive to operate in compliance with the rules.
Four top executives at Marine Products Corp. volunteered to cut their salaries “in light of the difficult operating environment faced by the company,” according to a document filed this week with the Securities and Exchange Commission. The Compensation Committee of Marine Products’ board of directors approved the salary reductions on March 26. The pay cuts…more
Teleflex Marine, which manufactures steering controls, is closing its Hagerstown, Md., plant. The closure means the loss of 93 jobs, according to a report filed with the Maryland Department of Labor, Licensing and Regulation. The closure, which was posted Dec. 8, is effective Feb. 6, according to the filing.
President George W. Bush Tuesday designated the Rose Atoll, the Mariana Trench and the Pacific Remote Island Areas as U.S. National Monuments through a Presidential proclamation under the Antiquities Act. In doing so, the President has bypassed longstanding environmental review and public comment processes, according to the National Marine Manufacturers Association. Under this designation, recreational…more
In 2008, the Dow Jones Industrial Average dropped 33.8 percent, the most since 1931. In total, about $7 trillion of shareholders’ wealth was lost. As the new year dawns, analysts and investors are focusing on what the incoming Obama administration and the Federal Reserve will do to revive the economy. Click here for The New…more
Industry leaders are taking off the rose-colored glasses when asked to predict what 2009 will look like for the boating business. Mincing no words, they use terms such as “challenging,” “tough,” “dismal” and “crisis” to describe economic conditions going into the new year. But none is predicting the demise of the industry, either. Boating, they…more
Nearly 70 percent of the recently named 2008 Top 100 Dealers list were Marine Industry Certified Dealerships. “The fact that 69 dealerships out of the ‘Top 100’ selected were certified is a real testament to the strength and endurance of the program,” says Phil Keeter, president of the Marine Retailers Association of America and vice…more
It may take some time before the $700 billion federal bailout plan, approved by Congress and signed by President Bush last week, has a positive effect on the economy. “The impact is not going to seem immediate … so apparently confidence has not been restored, and the financial crisis is spreading to Europe,” Thom Dammrich,…more
The Marine Industries Association of South Florida recently announced its officers and directors for 2008-09. President J.J. McConnell, Gilman Yachts of Fort Lauderdale; vice president John Stephens, Lewis Marine Supply, secretary/treasurer Mark Hanke, Merritt’s Boat & Engine Works and past president Kristina Hebert, Ward’s Marine Electric. Directors are: Tom Ackel, Bluewater Chairs; Mark Bailey; Merrill-Stevens;…more