NEWS
By Peter Morici | July 21, 2009
The $789 billion stimulus doesn't fix what ails the economy and is doomed to fail. Since 2007, the private sector has shed 6.6 million jobs - half in manufacturing and construction. A couple hundred thousands government employees have been added, but that hasn't affected the overall trend. During the last economic boom, a huge structural trade deficit emerged in the United States. Imports exceeded exports by about $700 billion annually from 2005 to 2008. By the end of the boom, nearly all of it was manufactured goods from China and oil. The failure to compensate for imported consumer goods and gasoline with exports creates a huge shortage of demand for U.S.-made products.
NEWS
By Drew Greenblatt | May 19, 2009
Hemorrhaging jobs - 5.6 million in a year - gets one focused on how we can stop this carnage. I was part of a blitz of 350 U.S. factory owners and managers who spent two days last week meeting with members of Congress to share with them some ideas on how we can reverse this trend and get back to growing manufacturing jobs in the United States. The U.S. manufacturing industry is still the biggest in the world; we want to keep it that way. Despite common misperception, our manufacturers ship more than China.
NEWS
By Lorraine Mirabella | April 3, 2009
Biopharmaceutical company Shire plans to close its Owings Mills plant in phases over three years and lay off 260 workers as it discontinues in-house manufacturing of drugs to treat attention-deficit and hyperactivity disorders and gastrointestinal diseases, a company spokesman said Thursday. Shire plans to outsource the work at the plant, with medications to be made instead in North Carolina by a contract manufacturer. Shire decided to close the plant as it moves away from in-house manufacturing, said Matt Cabrey, the spokesman.
NEWS
By ANDREW RATNER | March 10, 2009
In the 1976 movie Network, anchorman Howard Beale, played by Peter Finch, famously bellowed, "I'm mad as hell and I'm not going to take it any more." Today, rather than stick his head out a window and scream, he might have created a Web site instead, like Mike Vallerie, a businessman in Baltimore, just did. Vallerie, who owns a trailer rental and storage business in South Baltimore, has, by his estimate and to little avail, written more than a hundred letters to members of Congress and to newspaper editors, who typically want him to trim his loquaciousness to 800 words or less.
NEWS
By Timothy B. Wheeler | January 16, 2009
Environmentalists, manufacturers and union leaders have hammered out their differences over state climate-change legislation, clearing the way for a compromise measure after two years of contentious debate, Maryland's top environmental official said yesterday. Environment Secretary Shari T. Wilson said representatives of industry, labor and environmental groups sent a letter to Gov. Martin O'Malley urging him to introduce the "delicate balance" to which they have agreed. It would commit the state to reducing climate-warming pollution 25 percent by 2020, but it would not require any reductions from the state's manufacturing plants unless mandated by the federal government or by some multistate action.
NEWS
By Gilbert B. Kaplan | December 7, 2008
In the 1960s, millions of Americans bought their first homes without subprime lending. Over the last 20 years, that became almost impossible. Why? One factor has been the decline of the much-traveled road from poverty to lower middle class and then higher - to homeownership, college for the children and a funded retirement. That path was a good job in basic manufacturing, making steel, paper, even iPods. Now these things are made abroad. The United States has lost millions of manufacturing jobs.
NEWS
December 2, 2008
Largest U.S. producer of chicken files Ch. 11 MILWAUKEE : Pilgrim's Pride Corp. filed for Chapter 11 bankruptcy protection yesterday, hurt like other meat producers by volatile feed prices and slumping demand but also hobbled by an unmanageable debt load. The Pittsburg, Texas-based company, the nation's largest chicken producer, sought protection in a filing with the U.S. Bankruptcy Court for the Northern District of Texas, saying that as of Sept. 27 it had $3.75 billion in assets and $2.72 billion in debts.
NEWS
By Jamie Smith Hopkins and Stephen Kiehl | October 19, 2008
A few months after General Motors made its last van at the 70-year-old Broening Highway plant, a seed for Maryland's new economy sprouted across town in West Baltimore. On a cold morning in October 2005, the governor and mayor heralded the opening of a biopark built by the University of Maryland, Baltimore - a place where researchers would pursue breakthroughs in treatments for diabetes, cancer and heart disease. One of the park's first tenants was a Japanese medical firm. Officials toasted the partnership with sake.
NEWS
By Andrea K. Walker | August 21, 2008
Paul Reed Smith Guitars, the Eastern Shore company that makes guitars for Carlos Santana and other well-known musicians, has received a $10 million private equity bond from the state to help pay for a major expansion of its headquarters, company and economic development leaders said yesterday. The bond, which is tax-exempt and provides the company with a low interest rate for repaying the loan, will be used to help finance an 84,000-square-foot addition to the company's manufacturing facility at the Chesapeake Bay Business Park in Stevensville.
NEWS
By Lorraine Mirabella | July 26, 2008
Towson-based Black & Decker Corp. said yesterday that net earnings fell 18 percent in the second quarter as a sharp downturn in home construction and remodeling continued to hurt sales. The maker of power tools and hardware products reported net earnings of $96.7 million, or $1.58 per diluted share, compared with earnings of $118 million, or $1.75 per share, for the second quarter of 2007. Second-quarter sales fell 3 percent to $1.6 billion, the company said. The decrease included a positive 5 percent impact from foreign currency translation.