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Top News & Analysis Detroit

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  • 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...

  • 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...

  • *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.

  • 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...

  • 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.

  • 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...

  • BOSTON/ DETROIT, July 30- A researcher is advising drivers to halt the use of a mobile app for General Motors Co's OnStar vehicle communications system, saying hackers can exploit a security flaw in the product to remotely unlock cars and start engines. "White-hat" hacker Samy Kamkar posted a video on Thursday saying he had figured out a way to "locate, unlock and...

  • Detroit: A tale of two housing markets Thursday, 30 Jul 2015 | 11:22 AM ET
    Detroit skyline

    Detroit suburban housing is hot. Its downtown, however, is seeing no renaissance at all, at least not yet.

  • Tesla offering $1,000 referral bounty on Model S sales Wednesday, 29 Jul 2015 | 4:07 PM ET

    DETROIT, July 29- Tesla Motors Inc will offer a $1,000 bounty to Model S owners and buyers who take advantage of word-of-mouth referrals of the electric cars, Chief Executive Elon Musk said Wednesday. The referral bounty will be available to those who buy new Tesla sedans- and those who refer them- through October 31. Under the program, buyers will get $1,000 off the...

  • DETROIT, July 29- Fiat Chrysler Automobiles NV will face a shortage of new products in North America over the next 18 months, especially hot-selling trucks and crossover vehicles, according to three sources familiar with the company's plans. While the Italian-American automaker said it will bring three new sports models from Italy to the United States in the...

  • *To restructure and downsize India operations. *To stop production at one of two plants in India. NEW DELHI, July 29- General Motors Co said on Wednesday it will invest $1 billion over the next few years to turn India into a global export hub, even as it cuts production capacity in the country due to sluggish demand.

  • TOKYO, July 27- The president of Mitsubishi Motors Corp said Japan, Southeast Asia and Russia will become the automaker's principal production hubs after it quits making cars in the United States later this year because of dwindling sales there. "Japan, ASEAN, and Russia will be the main points of production for our company," said Tetsuro Aikawa, president and chief...

  • DETROIT/ SAN FRANCISCO, July 24- Fiat Chrysler will recall 1.4 million vehicles in the United States to install software to prevent hackers from gaining remote control of the engine, steering and other systems in what federal officials said was the first such action of its kind. The announcement on Friday by FCA US LLC, formerly Chrysler Group LLC, was made after...

  • Normal Mayor Chris Koos on Friday said the plant is scheduled to close later this year and that Mitsubishi would work with the local community to find a new owner. In a statement, Mitsubishi said its board will seek a buyer to keep the factory running and preserve jobs. Mitsubishi said it will continue to sell vehicles in the United States.