Business Owners Forum Tip: The Total Money Makeover
One of the best things at WAFD conferences is the idea exchange at the Business Owners and Business Executives Forums. In March, Doris Johnson (Vancouver Bolt & Supply) highly recommended this book by Dave Ramsey, as a tool to coach employees how to manage their money. It’s available on Amazon and Barnes and Noble web sites. For information visit www.totalmoneymakeover.com.
Year-End Financial Review
The results are in! 24% of the membership participated in the 2006 version of our annual year-end financial review survey.
If you did not participate and would like to see the results, there is a $50 fee for WAFD members, $100 for nonmembers.
The survey provides comparative data on sales, profit, receivables, inventory and personnel.
Rusty Bolt Reunion!
We’re celebrating WAFD’s 25th anniversary throughout 2007! Please save October 11-13 for our fall conference at the Seattle Marriott Waterfront Hotel. We’ll have a special tribute to the association’s founding members, plus all of the wonderful education programs you expect from WAFD.
Click here to get discounts on Alaska Airlines travel to the Fall Conference.
Click here to reserve your room at the Seattle Marriott Waterfront Hotel.
WAFD Idol
Ricky Bobby RoHS and the DFARS might have won WAFD Idol at the 2007 Spring Conference, but all of the performances were outstanding. Click here for streaming video.
Tidbits about Taxes
Click here for tips from one of our favorite tax experts, Dr. Bart Basi on
- IRAs
- Dividends
- Capital Gains
- College Savings Plans
- Home Sales
- Earned Income Tax Credits
- Sales Tax Deduction
- Child Tax Credit
- Vacation homes
We’re pleased to announce that Dr. Basi will be the featured speaker at the WAFD seminar held on Monday, November 12, 2007 in conjunction with the National Industrial Fastener Show-West at Mandalay Bay in Las Vegas.
Your Shipping Documents Now Available on myyellow.com
All Documents, a service offered through myyellow.com now has the added capability to email Invoices, Bills of Lading, Proofs of Delivery and W&R Certificates as PDF attachments. It's simple and quick to request:
- Enter up to 200 freight bill numbers. Tip: You may cut and paste freight bill numbers from other sources, but they must be entered without spaces or commas and with only 1 number per line (press Enter after each number).
- Click SEND; a page displays the document(s) available for the freight bill number(s) you entered.
- Select the documents you want to email, then click the Email button; an email information page appears.
- Complete the information requested, then click Next; a confirmation page appears, showing the information you entered and the documents that have been emailed.
Also, use Auto Documents to have bills of lading, proofs of delivery, invoices and/or weight and research certificates sent to you as soon as they're available online.
As a WAFD Member you are entitled to special benefits. For more information contact your dedicated representative Lisa Williams at 800.458.3323 ext 5722, or visit Enrollhere.net today.
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Antitrust Law Update
Click here for remarks by WAFD legal counsel Steve Hofer predicting possible relaxation of antitrust laws.
Click here for a recent Legal Advisory from the national Association of Wholesale-Distributors regarding a Supreme Court ruling on minimum resale prices.
Reprinted with written permission from the FastenerNews.com publisher.
FastenerNews.com NEWS FLASH!
China Cuts Export Rebate On Fasteners To 5%
June 20, 2007
China cut the 13% export rebate tax on steel fasteners to 5%, which applies to goods clearing customs starting July 1, Fastener & Fixing Europe reports. The move is likely to impact existing orders for importers since few factories will absorb the cost increase. The rebate change is expected to affect all popular fastener items, although definitive list has not yet been published.
The move is part of the Chinese government's effort to reduce the export rebate tax on most goods. Overall 2,831 categories of goods, accounting for 37% of Chinese exported goods, are impacted. This includes the elimination of the tax on 553 high energy consuming, high polluting and resource-intensive goods. The rebate was cut on the remaining 2,268 other product types, including shoes, clothing and metal and plastic products.
Reducing domestic subsidies is aimed at easing the record trade imbalance between China and other countries. During the first five months of 2007 Chinese exports rose 23.7% to $801.3 billion, while imports increased 19.1% to US$357.8 million. The trade surplus of $85.7 billion surged 83.1% over the first five months of 2006.
F&FE editor Phil Matten reported that China aims to achieve a balance between imports and exports by 2010 as it attempts to boost domestic demand and rein in overseas sales of energy-intensive products.
"Sources (in China) noted potential for trade conflict with the U.S. and Europe and pressure for appreciation of the RMB by as much as 40%," Matten stated.
Some have argued that other Asian countries with fastener capacity, such as Thailand and Vietnam, could now compete with the price of standard fasteners from China. But Matten noted that many of these countries are largely reliant on Chinese wire rod, so they will see increased costs for their raw material, offsetting fastener price increases from China. ©2007 FastenerNews.com and Fastener & Fixing Europe
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FastenerNews.com NEWS FLASH! ~
Chinese Fastener Prices Poised to Jump If Government Drops Export Tax Rebate
June 14, 2007
Insiders say the Chinese government export rebate to fastener manufacturers will drop July 1, leading to higher prices for fasteners shipped to other countries. The exact rebate change and date are "uncertain," but some suppliers are "voiding" price lists until the change is officially known.
Combined with increasing ocean and Intermodal freight rates plus domestic freight rates, energy costs, steel prices rising 10% to 20% this year and the change in the value of the U.S. dollar, imported fastener prices can be expected to jump in the next few months.
"Our inside information is that the rebate will drop from 13% to 5% not later than July 1st," J.P. Park, director of purchasing for XL Screw, told FastenerNews.com. "That is not official from the Chinese government," Park emphasized. Thus a fastener exported by a Chinese manufacturer for $1 would yield a 5-cent tax rebate instead of 13 cents. "All of a sudden 8% will disappear," Park explained.
Barry Porteous of Porteous Fastener Company explained that the VAT rebates have been in place for years and various products have differing percentage rates that the government pays to the exporter as a "kick back" to encourage exports.
Fastener manufacturers are shipping their inventories as fast as they can in anticipation of a July 1 change, one source said.Once the Chinese government takes action, the "free market will come into play" on pricing, Park said. China's manufacturers may raise prices 6% to 10%.
Other countries may use the opportunity to become more competitive with the Chinese by holding their prices or may try to take advantage of the higher prices to raise their own prices.
"Taiwan is hungry for business," Park observed. "Taiwan would love to get business back from China. Taiwan prices are close enough to China that the rebate change could make Taiwan competitive especially in small screws."
Bruce Darling, vice president for materials at Porteous Fastener, noted that other countries cannot just ramp up production. "The capacity is extremely limited in Vietnam, Thailand and Malaysia and most have to import wire rod for their production. Local steel mill quality will not meet U.S. quality demands," Darling explained. "The export tax recently placed on China steel exports increases the cost of imported steel for those countries. Developing countries also have a freight disadvantage due to fewer containers shipping to the U.S., Darling added.
India has "outdated equipment and an economy that is slow to react to market opportunities," Darling pointed out. "Lately the India steel cost has not been competitive against the Chinese producers.
Another scenario is that the rebate change could make exports less competitive and thus reduce demand for Chinese steel. That could "stabilize" steel prices and at least partially offset the rebate loss, Park explained.
Ocean freight rates are putting pressure on prices too. Though XL Screw is operating with a freight contract, Park said he is "hearing of increases of $200 to $300 per container." ©2007 FastenerNews.com |
