Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.» Read More
July 25- U.S. companies are reporting sluggish financial results in Latin America, showing the risks they face in relying on Brazil and other emerging markets in the region for growth. Several companies reported tepid performance in Brazil, the biggest economy in Latin America, where some economists fear the country is on the verge of a recession.
SAO PAULO, July 24- General Motors Co wants to put nearly a fifth of its workers at a factory in Brazil on paid leave, an auto workers union said on Thursday, amid falling output in Latin America's largest economy. General Motors put 940 workers at the same factory on paid leave in 2012, and the union said 598 of them were later fired.
FRANKFURT/ DETROIT, July 24- Ford Motor Co and General Motors Co said on Thursday the crisis in Ukraine has exacerbated a sales slowdown in Russia, but the carmakers said they were on track to turn around their European operations after years of economic instability on the Continent.
DETROIT, July 24- Ford Motor Co one-upped its larger rival General Motors Co in the second quarter, showing a profit in Europe for the first time in three years while GM was weighed down by recall-related costs in the United States.
LANSING, Mich.— Michigan authorities say the state experienced a typical seasonal increase in unemployment in the latest month. The department says June's unemployment rates ranged from a low of 5.7 percent in the Ann Arbor and Grand Rapids regions to a high of 9.2 percent in populous metropolitan Detroit.
DETROIT— A caravan of Canadians bringing jugs with 1,000 liters of water arrived in Detroit on Thursday afternoon in a symbolic protest against the bankrupt city shutting off water to residents who haven't paid their bills. Eleven vehicles passed through the Detroit Windsor Tunnel under the Detroit River.
LANSING, Mich.— A California company that uses mobile application software to link people needing transportation in Ann Arbor and the Detroit area to drivers is expanding to several other Michigan cities. San Francisco- based Uber says service starts Thursday in Flint, Grand Rapids, Kalamazoo and Lansing.
DETROIT, July 24- General Motors Co reported a much lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for a compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths.
DETROIT— Recall expenses chopped $1.5 billion from General Motors' bottom line in the second quarter, as it added up the costs of repairs for nearly 30 million cars and set aside funds to compensate victims of small-car crashes. Without one-time items GM would have made 58 cents per share, equaling Wall Street's expectations, according to data provider FactSet.
DETROIT, July 24- General Motors Co reported a lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for its victims' compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths.
DETROIT— General Motors issued six more recalls on Wednesday, bringing its annual total to 60 recalls covering almost 30 million vehicles.
The public-private partnership includes companies, the University of Michigan, Ohio State University and research institutions. The institute will contribute to economic development in Michigan, Ohio, Indiana, Tennessee and Kentucky over the next five years, according to officials.
July 23- Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring.
SYDNEY, July 23- Brazil's BTG Pactual has received a green light from the London Metal Exchange to set up warehousing operations in Singapore, marking the investment bank's first foray into Asia as builds out its physical metals business.
DETROIT— The ignition switch defects that engulfed General Motors are now a rapidly growing problem at Chrysler. Chrysler said Tuesday it is recalling up to 792,300 older Jeep SUVs worldwide because the ignition switches could fall out of the "run" position, shutting off the engine and disabling air bags as well as power-assisted steering and braking.
July 22- Detroit will head into the critical phase of its historic bankruptcy case next month with the backing of an overwhelming majority of its active and retired workers and with opposition from a small, hard-core group of hold-out creditors.
Documents filed in U.S. Bankruptcy Court show the city's current and retired police and fire employees, along with other active and retired city workers, will accept benefit cuts to help Detroit shed some of its $18 billion of debt in the largest-ever U.S. municipal bankruptcy case.
DETROIT— A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.
The Sierra Club and several other groups are challenging the May ruling by the Michigan Department of Environmental Quality, which changed the permit for a Dearborn plant owned by Severstal. Severstal was awarded an air permit in 2006 to increase production and to install a new blast furnace and additional air pollution control equipment.
DETROIT— Detroit suspended its aggressive policy of cutting off water to customers with unpaid bills on Monday, the latest response to a controversy that has prompted large protests and caught the attention of the judge overseeing the city's bankruptcy.