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Top News & Analysis Detroit

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  • LOS ANGELES, Aug 4- America's biggest public pension fund, Calpers, has broken its silence over a controversial California ballot measure that seeks to cut worker pensions by suggesting the move might be illegal. Pension costs were significant factors in the bankruptcies of Detroit, Michigan, and the cities of Stockton and San Bernardino in California.

  • DETROIT— The company that makes car radios that friendly hackers exploited to take control of a Jeep Cherokee says its other infotainment systems don't have the same security flaw. Harman International CEO Dinesh Paliwal said Tuesday that the hackers used a cellular connection to get to the radio, which they used to control critical functions such as brakes...

  • DETROIT, Aug 4- General Motors Co said on Tuesday it will spend $877 million to overhaul its pickup truck factory in Flint, Michigan, capping a series of investments to keep production of profitable large pickups and sport utility vehicles rolling through a significant model change expected in 2018.. The Flint investment is part of a plan to expand three U.S....

  • NEW YORK, Aug 3- Puerto Rico has defaulted on its debt by paying only a fraction of what was due on bonds due Aug. 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp...

  • NEW YORK, Aug 3- Puerto Rico has defaulted on its debt by paying only a fraction of what was due on bonds due Aug. 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to litigation. The commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp bonds, the head of its Government Development...

  • GM ignition switch deaths, injuries total 398 Monday, 3 Aug 2015 | 4:41 PM ET

    DETROIT— General Motors' faulty ignition switches were responsible for at least 124 deaths and 274 injuries, according to a fund set up to compensate victims. The fund, administered by attorney Kenneth Feinberg, updated the totals Monday. Fund spokeswoman Camille Biros says 385 compensation offers have been made so far and 275 have been accepted.

  • WASHINGTON, Aug 3- U.S. factory activity slipped in July and consumer spending advanced at its slowest pace in four months in June, indicating that the economy had lost some momentum recently. "We expect growth momentum to re-accelerate over the next few months, providing the Fed with the necessary confidence they need to raise rates in September," said Millan...

  • FORT WAYNE, Ind.— An Indiana medical software company has reported the private information of 3.9 million people nationwide was exposed when its networks were hacked earlier this year, the U.S. Department of Health and Human Services said Monday. The hack also affected patients served by 44 hospitals and other radiology centers in Indiana, Ohio and Michigan, the...

  • *Consumer spending increases 0.2 percent in June. *Personal income rises 0.4 percent, savings up. WASHINGTON, Aug 3- U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.

  • WASHINGTON, Aug 3- U.S. consumer spending in June advanced at its slowest pace in fourth months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter. But the moderation in consumer spending could be temporary as Fiat Chrysler Automobiles and Nissan Motor Co Ltd said on Monday their U.S.

  • US auto sales strong in July on SUV, luxury demand Monday, 3 Aug 2015 | 8:31 AM ET

    July sales rose 5 percent to more than 1.5 million, according to Autodata Corp.. Subaru reported the biggest sales gain of 10.5 percent over last July. General Motors, Fiat Chrysler and Hyundai all saw 6 percent sales increases, while Honda and Nissan saw 8 percent gains.

  • DETROIT— Fiat Chrysler is recalling more than 322,000 sedans worldwide because side air bags can inflate if doors are slammed too hard. The recall covers certain Dodge Chargers from the 2011 to 2014 model years, mainly in the U.S. and Canada. Earlier this month, more than 843,000 Dodge Ram pickup trucks were recalled for the same problem.

  • Puerto Rico to miss debt payment, signalling default Friday, 31 Jul 2015 | 8:10 PM ET
    The Puerto Rican flag flies near the Capitol building as the island's residents deal with the government's $72 billion debt on in San Juan, Puerto Rico

    Puerto Rico will miss a debt repayment Saturday, the government confirmed, as one of the largest ever US municipal debt restructurings beckons.

  • WASHINGTON, July 31- The cybersecurity issues that led Fiat Chrysler Automobiles NV to recall 1.4 million vehicles this month could pose a problem for cars and trucks from other automakers, the top U.S. auto safety regulator said on Friday. Mark Rosekind, who heads the National Highway Traffic Safety Administration, said his watchdog agency is trying to...

  • Business events scheduled for the coming month Friday, 31 Jul 2015 | 1:40 PM ET

    WASHINGTON— Commerce Department releases personal income and spending for June, 8:30 a.m.; Institute for Supply Management releases its manufacturing index for July, 10 a.m.; Commerce Department releases construction spending for June, 10 a.m.. WASHINGTON— Commerce Department releases factory orders for June, 10 a.m.. WASHINGTON— Commerce Department...

  • NEW YORK, July 31- Puerto Rico on Friday planned to cover a payment due on debt owed by its development bank, a source familiar with the matter said, but the U.S. territory may still be short of the funds needed to pay all of the obligations due on Saturday. But Puerto Rico is expected to default on a $58 million payment on Public Finance Corporation bonds due Saturday...

  • Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt- totaling $72 billion- was unpayable and required restructuring. Puerto Rico has flagged that it will likely skip a $58 million payment due Aug. 1 on its Public Finance Corporation debt, which has weaker investor protection than some other bonds.

  • American Axle beats 2Q profit forecasts Friday, 31 Jul 2015 | 8:18 AM ET

    DETROIT _ American Axle& Manufacturing Holdings Inc. on Friday reported second-quarter profit of $58.6 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share. American Axle shares have declined slightly more than 6 percent since the beginning of the year.

  • Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt- totaling $72 billion- was unpayable and required restructuring. Puerto Rico has flagged that it will likely skip a $58 million payment due Aug. 1 on its Public Finance Corporation debt, which has weaker investor protection than some other bonds.

  • BOSTON/ DETROIT, July 30- A researcher is advising drivers not to use a mobile app for General Motors Co's OnStar vehicle communications system, saying hackers can exploit a security flaw in the product to unlock cars and start engines remotely. Kamkar released the video a week after Fiat Chrysler Automobiles recalled some 1.4 million vehicles after hacking...