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  • Steelcase posts 3Q profit Monday, 22 Dec 2014 | 4:13 PM ET

    GRAND RAPIDS, Mich. _ Steelcase Inc. on Monday reported profit of $11.8 million in its fiscal third quarter. For the current quarter ending in February, Steelcase expects its per-share earnings to range from 19 cents to 23 cents. Steelcase shares have risen 13 percent since the beginning of the year.

  • Dec 22- Goldman Sachs Group Inc has sold its controversial metals warehousing business to Swiss private equity group Reuben Brothers, the Wall Street bank said on Monday. Reuben Brothers has a history in steel and iron ore investments through its metal trading company Metalloyd. In April, the firm sold its stake in Erus Metals, a small warehousing company based...

  • Judge OKs law shielding Michigan from $1.1B payout Monday, 22 Dec 2014 | 2:24 PM ET

    It was designed to ensure that the state is not forced to pay $1.1 billion in refunds in about 134 cases similar to one in which the Michigan Supreme Court in July said IBM was owed roughly $6 million. IBM later challenged the state Treasury Department's ruling that it was not allowed to determine certain tax bases using a formula from a 1970 multi-state tax...

  • Dec 22- A Michigan board on Monday agreed to send nearly $195 million in state funds to Detroit's two retirement systems on Feb. 9 as part of a pivotal deal that helped to end the city's historic bankruptcy, a state spokesman said. The state funds are part of the so-called grand bargain, which includes $366 million from philanthropic foundations and $100 million...

  • Coming soon to US: Cuba Libre, with real Cuban rum Monday, 22 Dec 2014 | 12:01 PM ET

    And it's unclear what the news means for industry titan Bacardi, which was driven from its Cuba headquarters by the 1959 Castro revolution. Bacardi said it's waiting to see what effects thawing U.S.- Cuba relations may have. In 1997, Bacardi bought the legal rights to the recipe and name of Havana Club, a popular rum created in 1935 by a Cuban family who eventually...

  • Tent city sprouts in shadow of downtown Detroit Monday, 22 Dec 2014 | 6:55 AM ET

    DETROIT— Bankruptcy behind it, Detroit's atmosphere swirls with the promise of better days. Jones and others in this makeshift community of seven tents— believed to be the only tent city in Detroit— say they have nowhere else to go. But San Francisco is on much firmer financial ground than Detroit, which shed $7 billion in debt during bankruptcy.

  • US companies eager to embrace Cuba face hurdles Sunday, 21 Dec 2014 | 11:13 AM ET

    American businesses have begun imagining ways to capitalize on last week's announcement that the United States will restore diplomatic ties with Cuba and ease curbs on trade with one of the last surviving Communist regimes. Their more ambitious plans would require that Congress lift the U.S. embargo on most exports to Cuba. All that said, Cuba experts have a...

  • DETROIT, Dec 19- FCA US, the former Chrysler Group, on Friday expanded a U.S. regional recall of older cars with potentially defective driver-side Takata air bags to a global action, affecting more than 3.3 million vehicles. The FCA total for Takata Corp- related recalls is now 3,672,770, including affected passenger-side airbags. The number of vehicles recalled...

  • Chrysler gives in to gov't, expands air bag recall Friday, 19 Dec 2014 | 4:35 PM ET

    The vehicles have driver's air bags equipped with inflators made by Japan's Takata Corp. that can explode with too much force and spew shrapnel at drivers and passengers. At least five deaths have been blamed on Takata inflators. For instance, Chrysler's recall covered just Hawaii, Florida, Puerto Rico and the Virgin Islands.

  • Dec 19- A U.S. federal appeals court has slashed the damages that Zimmer Holdings Inc will have to pay Stryker Corp for infringing its patents on a surgical cleaning wand. Last year a jury in Grand Rapids, Michigan, awarded medical device maker Stryker $70 million in lost profits and found Zimmer's conduct to have been willful. A three-judge panel of the U.S. Court of...

  • US says traffic deaths fell 3 percent in 2013 Friday, 19 Dec 2014 | 2:42 PM ET

    DETROIT— Driving is getting safer. A total of 32,719 people died in U.S. crashes in 2013, down from 33,782 in 2012, according to figures compiled by the National Highway Traffic Safety Administration. NHTSA Deputy Administrator David Friedman said the drop came because of safer vehicles, stronger laws and enforcement, and consumer education campaigns.

  • Chrysler to recall about 288K Ram pickup trucks Friday, 19 Dec 2014 | 8:09 AM ET

    DETROIT— Chrysler is recalling about 288,000 older Ram pickup trucks in North America and elsewhere because the rear axle can seize or the drive shaft can fall off. The recall comes after an investigation by the National Highway Traffic Safety Administration that began in June. The recall includes nearly 257,000 trucks in the U.S., another 22,000 in Canada,...

  • NEW YORK, Dec 19- It sounds like the usual setup for a knock-knock joke: Who is the best-selling author on all of Amazon.com this holiday season? Yet it's no laughing matter for Rob Teigen, a father of five in Grand Rapids, Michigan who, under the pen name Rob Elliott, currently owns the No. 1 and No. 2 spots on Amazon.com' s best-selling book list, outpacing such hits as "...

  • Ford House sells Cezanne painting for $100 million Friday, 19 Dec 2014 | 6:36 AM ET

    GROSSE POINTE SHORES, Mich.— The Edsel& Eleanor Ford House kept secret the 2013 sale of an oil painting by French post-impressionist Paul Cezanne to a private buyer for $100 million to help protect Detroit- owned artworks under threat due to the city's bankruptcy. Mullins said Ford House officials didn't release news of the sale when it occurred for fear of...

  • Companies' data security in question after Sony hack Friday, 19 Dec 2014 | 12:05 AM ET

    The hack, which a U.S. official has said investigators believe is linked to North Korea, culminated in the cancellation of a Sony film and ultimately could cost the movie studio hundreds of millions of dollars. "The Sony breach is a real wake-up call even after the year of mega-breaches we've seen," says Lee Weiner, Boston security firm Rapid7's senior vice...

  • Government selling last stake in Ally Financial Thursday, 18 Dec 2014 | 7:20 PM ET

    WASHINGTON— The government is selling the last of its shares in Ally Financial Inc., the former financing arm of General Motors that was bailed out during the financial crisis. Detroit- based Ally said Thursday that the Treasury Department is selling its remaining 54.9 million shares. Ally, formerly called GMAC Inc., received a $17.2 billion bailout that began...

  • SAN FRANCISCO/ DETROIT, Dec 18- Google Inc is laying the groundwork for a version of Android that would be built directly into cars, sources said, allowing drivers to enjoy all the benefits of the Internet without even plugging in their smartphones. "It provides a much stronger foothold for Google to really be part of the vehicle rather than being an add-on," said...

  • Sony hacking fallout puts all companies on alert Thursday, 18 Dec 2014 | 4:52 PM ET

    The hack, which a U.S. official has said investigators believe is linked to North Korea, culminated in the cancellation of a Sony film and ultimately could cost the movie studio hundreds of millions of dollars. "The Sony breach is a real wake-up call even after the year of mega-breaches we've seen," says Lee Weiner, Boston security firm Rapid7's senior vice...

  • Correction: Meningitis Outbreak story Thursday, 18 Dec 2014 | 2:46 PM ET

    BOSTON— In a story Dec. 17 about arrests in a deadly meningitis outbreak, The Associated Press erroneously reported Stuart Delery's title. BOSTON— Mold and bacteria were in the air and on workers' gloved fingertips. Federal prosecutors leveled those allegations in bringing charges Wednesday against 14 former owners or employees of a Massachusetts pharmacy in...

  • A look at Michigan road funding plan Thursday, 18 Dec 2014 | 2:31 PM ET

    In May, voters would be asked to increase the state's 6 percent sales and uses tax to 7 percent and eliminate the sales tax on motor fuel, generating a net $588 million— mainly for $300 million for schools and nearly $100 million for local governments. The plan also would bar the Legislature from spending School Aid Fund revenue on public universities, an issue for...