Detroit bankruptcy judge brought the idea of a regional water authority back to life,ordering the city and three counties to mediate over the issue.» Read More
WASHINGTON— A new government report says the Internal Revenue Service audits less than 1 percent of large partnerships, drawing criticism from Congress. The Government Accountability Office says the number of large businesses organized as partnerships has more than tripled since 2002, yet hardly any get close scrutiny by the IRS.
DETROIT— General Motors says it sold 2.42 million cars and trucks in the first three months of the year, keeping it slightly ahead of Volkswagen in the global sales race. Sales leader Toyota has yet to release first quarter numbers but says it's on the way to selling 10.1 million vehicles this year.
DETROIT— A Texas federal judge has denied an emergency motion that would have forced General Motors to tell owners of more than 2 million recalled cars to stop driving them until the ignition switches are replaced. District Judge Nelva Gonzales Ramos issued her order Thursday in Corpus Christi.
The order by Judge Steven Rhodes comes after Detroit said in a court filing earlier this week that it had dropped the concept of a Great Lakes Water Authority from its plan to adjust $18 billion of debt and other obligations and exit from the biggest municipal bankruptcy in U.S. history.
WASHINGTON— Applications for U.S. unemployment benefits increased slightly last week to a seasonally adjusted 304,000. The four-week average for claims dipped to its lowest level since October 2007, two months before the Great Recession began. California: Down 13,982, due to fewer layoffs in services. Iowa: Down 1,266, due to fewer layoffs in manufacturing.
FORT LAUDERDALE, Fla.— A late-March surge in car and truck buying helped dealership group AutoNation Inc. overcome subzero temperatures and waves of winter storms earlier in the year to post nearly a 15 percent increase in first-quarter net income.
BEIJING, April 17- Ford Motor Co's premium brand Lincoln may be late to China's luxury boom, but its top executives say the upscale car market still has plenty of steam left for growth to make its debut later this year worthwhile.
DETROIT— On the heels of major deals with pension funds, an attorney for the city of Detroit on Thursday predicted more agreements in the days ahead to help it emerge from bankruptcy.
April 17- The U.S. Treasury Department is forming a new unit to monitor the municipal bond market, the Wall Street Journal reported, citing a Treasury official.
April 16- General Motors Co said on Wednesday that it has set up a new fast-track ordering system to accelerate the shipment of parts needed to fix an ignition switch defect that has forced the automaker to recall 2.6 million of its compact cars.
MONROE, Mich.— La-Z-Boy Inc. is closing two facilities and eliminating 100 jobs in North Carolina as part of a larger restructuring of its business. It will move warehouse and repair functions from those sites to another North Carolina plant, in Hudson.
April 16- The board of Detroit's General Retirement System on Wednesday approved economic terms of a settlement with the city that include cuts to pension benefits, putting in place another key component of Detroit's effort to exit bankruptcy by October.
BEIJING, April 17- Japanese carmaker Nissan Motor Co is going for a facelift to stand out from the crowd. In an increasingly competitive global market- in China alone there are some 80 automakers battling for sales- Nissan plans to put a V-shaped front grille design on most of its models to give itself a "distinct, unified face", says global design chief Shiro Nakamura.
TOYOTA CITY, Japan/ IRVINE, Calif., April 17- In 1997, Toyota caught its competitors by surprise with the revolutionary Prius, the first commercially successful gasoline-electric hybrid car. Toyota Motor Corp will next year launch a hydrogen-powered car in the United States, Japan and Europe.
LANSING, Mich.— The state says Michigan's seasonally adjusted unemployment rate has hit its lowest level in six years, falling two-tenths of a percentage point to 7.5 percent. The department says Michigan's civilian labor force rose 11,000 to 4.730 million in March, while the number of people working rose 19,000 to 4.375 million.
DETROIT— Pressure was building Wednesday for Michigan lawmakers to commit $350 million to Detroit pensions, a day after the city reached tentative agreements with pension funds and a retiree group to reduce payouts.
April 16- Signaling a tougher stance toward legal claims stemming from its recent recall over faulty ignition switches, General Motors Co said it will ask a U.S. court to bar lawsuits related to actions before its 2009 bankruptcy.
DETROIT— Detroit government, development and philanthropic leaders launched a grant program Wednesday intended to help boost small businesses in the city and the two communities it surrounds.
Toyota says it changed every exterior piece but the roof. But Toyota acknowledges that tastes have changed, and buyers of midsize cars want more style, comfort and performance to go with the reliability.
DETROIT— The city of Detroit reached tentative agreements to preserve pensions for retired police office and firefighters but cut monthly payments for other former employees, key deals that could accelerate the largest public bankruptcy in U.S. history, officials said Tuesday.