Top News & Analysis Detroit

More

  • DETROIT, Feb 3- General Motors Co rode sales of SUVs and pickup trucks in North America to a record profit in 2015, and reaffirmed its forecast to do better this year despite signs that vehicle sales are hitting a peak. Wall Street expected $1.21 per share, according to analysts polled by Thomson Reuters I/B/E/S. GM affirmed an earlier forecast that it will...

  • North America 4th-qtr profit tops estimates Wednesday, 3 Feb 2016 | 7:42 AM ET

    DETROIT, Feb 3- General Motors Co rode sales of SUVs and pickup trucks in North America to a record profit in 2015, and the automaker reaffirmed its expectation to do better this year despite signs that vehicle sales are hitting a peak. Wall Street expected $1.21 per share, according to analysts polled by Thomson Reuters I/B/E/S. GM affirmed an earlier forecast...

  • For General Motors, that's what happened last year as the company posted a record $9.7 billion net profit. Yes, a good chunk of that was a $3.9 billion one-time accounting gain due to better prospects in Europe, but the company still made billions on booming sales of its strong lineup of SUVs and trucks, mainly in North America. Excluding special items, GM earned...

  • Joel Beauvais, acting water chief for the U.S. Environmental Protection Agency, said Michigan officials ignored federal advice to treat Flint water for corrosion-causing elements last year and delayed for months before telling the public about the health risks of lead-contaminated water. "What happened in Flint was avoidable and never should have...

  • CHICAGO, Feb 2- Health experts are bracing for Zika virus to spread to the United States by April or May, borne by a mosquito that craves human blood, feeds during the day and lives under beds and inside closets. Until now, the best weapon against disease-carrying mosquitoes in the United States has been outdoor pesticide fog sprayed by truck and airplane.

  • DETROIT— Toyota is recalling about 320,000 trucks and SUVs because the roof-mounted air bags can inflate without a crash. The recall covers the 2005 and 2006 Toyota Tundra and Sequoia, the 2003 through 2006 Land Cruiser, and the 2004 through 2006 4- Runner. Also included are the 2003 through 2006 Lexus LX 470 and the 2004 through 2006 GX 470..

  • Toyota Credit settles US discrimination allegations Tuesday, 2 Feb 2016 | 5:43 PM ET

    DETROIT— Toyota Motor Credit Corp. will pay $21.9 million to black and Asian borrowers as part of a settlement over alleged discriminatory lending. The U.S. Department of Justice and the Consumer Financial Protection Bureau announced the settlement Tuesday. Ally Financial and Honda's U.S. finance arm have reached similar settlements.

  • WASHINGTON, Feb 2- Toyota Motor Credit Corp has agreed to pay up to $21.9 million in restitution to thousands of African-American, Asian and Pacific Islander customers, for charging them higher interest rates on auto loans than white borrowers with comparable creditworthiness, the U.S. government said. Toyota Motor Credit will also change its pricing and...

  • Takata panel finds problems with its quality processes Tuesday, 2 Feb 2016 | 10:24 AM ET

    DETROIT— Embattled air bag maker Takata Corp. lacks processes that would improve the quality of its products, including air bag inflators that have been blamed for at least 11 deaths and 139 injuries, an outside panel hired by the company has found. The group, which includes three former heads of the U.S. National Highway Traffic Safety Administration, was formed...

  • January US auto sales fall slightly due to storm Tuesday, 2 Feb 2016 | 8:10 AM ET

    Sales fell less than 1 percent to 1.1 million, according to Autodata Corp. The mid-January storm, which buried New York and Washington D.C. under more than 2 feet of snow, cost automakers around 15,000 vehicle sales, said John Humphrey, J.D. Power's senior vice president of automotive. Ford, Toyota, Honda and Volkswagen all saw sales decline from last January.

  • Ally Financial tops Street 4Q forecasts Tuesday, 2 Feb 2016 | 7:46 AM ET

    DETROIT— Ally Financial Inc. on Tuesday reported fourth-quarter profit of $263 million. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share. Four analysts surveyed by Zacks expected $1.33 billion.

  • Financially strapped Flint was under the control of a state-appointed emergency manager when it switched its source for tap water to the nearby Flint River in April 2014 from Detroit's water system to save money. Flint, about 60 miles northwest of Detroit, returned to using Detroit water in October after tests found some children had elevated levels of lead in...

  • Feb 1- Costs related to the lead-tainted water crisis in Flint, Michigan, could pressure the state's finances and derail recent efforts to build budget reserves, Standard& Poor's Ratings Services said on Monday. Financially strapped Flint was under the control of a state-appointed emergency manager when it switched its source for tap water to the nearby Flint...

  • LONDON, Feb 1- The U.S. economy eked out anemic growth in the final three months of 2015, and the struggling performance of the oil and gas sector was a major contributor to the slowdown. Real gross domestic product rose at an annualized rate of 0.7 percent in the fourth quarter, down from 2.0 percent in the third and 3.9 percent in the second, the Bureau of Economic...

  • DETROIT— Mayor Mike Duggan announced a drop in residential property assessments for about 95 percent of Detroit residents after years of cost complaints from angry homeowners. The property assessment overhaul follows a 2014 effort to make Detroit more appealing for homeowners. "This should raise property values in Detroit, which is going to make the need for...

  • DETROIT— A Detroit- area couple marketing body parts for medical training failed to disclose that heads and necks came from bodies infected with disease, according to a federal indictment unsealed Friday. Arthur Rathburn and wife Elizabeth Rathburn of Grosse Pointe Park operated International Biological Inc., which rented out body parts for medical or...

  • Business events scheduled for the coming month Friday, 29 Jan 2016 | 2:03 PM ET

    WASHINGTON— Commerce Department releases personal income and spending for December, 8:30 a.m.; Institute for Supply Management releases its manufacturing index for January, 10 a.m.; Commerce Department releases construction spending for December, 10 a.m.. BERLIN— Germany's Federal Labor Agency releases January unemployment figures for Europe's biggest...

  • Business events scheduled for the coming week Friday, 29 Jan 2016 | 1:22 PM ET

    WASHINGTON— Commerce Department releases personal income and spending for December, 8:30 a.m.; Institute for Supply Management releases its manufacturing index for January, 10 a.m.; Commerce Department releases construction spending for December, 10 a.m.. BERLIN— Germany's Federal Labor Agency releases January unemployment figures for Europe's biggest...

  • DETROIT— Nissan is recalling nearly 930,000 Altima midsize cars worldwide— some for a third time— to fix a latch problem that could let the hood fly open while the cars are moving. Nissan says paint can flake off the latch, exposing bare metal. If the main latch isn't closed and the car is driven, the secondary latch may not hold the hood down, Nissan said in documents...

  • DEARBORN, Mich., Jan 28- Ford Motor Co's fourth-quarter earnings beat Wall Street expectations and the company reiterated a forecast that 2016 pretax profit would be equal to or higher than last year. Excluding one-time items, Ford earned 58 cents a share in the fourth quarter, versus Wall Street expectations of 51 cents, according to Thomson Reuters I/B/E/S.