Emergency Financial Manager in a report issued on Monday presented a review of Detroit's problems, from gaping budget deficits to a crushing debt load and said the city is insolvent.» Read More
DETROIT, May 10- A meeting of U.S. Fiat dealers are struggling to turn a profit selling several versions of the Fiat 500 subcompact and some dealers said they anxiously await more details from Chrysler and its Italian parent, Fiat SpA, on plans to expand products beyond what has been already announced.
The protests in the Motor City- which is struggling to recover from the hollowing out of its auto manufacturing sector- marked an expansion in organized actions by fast-food workers from ubiquitous chains owned by McDonald's Corp, Burger King Worldwide and KFC, Taco Bell and Pizza Hut parent Yum Brands Inc..
*North American production sales up 3 pct; 5 pct in Europe. Aurora, Ontario- based Magna credited rebounding North American auto demand and increased revenue from Europe, where its sales rose even though the industry overall has been hurt by lower production.
DETROIT, May 10- U.S. safety regulators said on Friday they have opened an investigation into possible problems with the headlights on General Motors Co's model year 2005 to 2007 Chevrolet Corvette sports cars. An estimated 103,374 Corvettes in the United States are subject to the investigation.
DETROIT-- Michigan public school districts can stop collecting union dues from teachers and other employees through payroll deduction, according to a 2-1 federal appeals court ruling.
*Data shows Japan investors finally start buying foreign bonds. TOKYO, May 10- The yen weakened past 100 per dollar, giving Japanese Prime Minister Shinzo Abe a symbolic victory for his easy money policies, with markets bracing for further declines in the currency that could rise tensions with trading partners.
TOKYO, May 10- Japanese Prime Minister Shinzo Abe scored another small victory as the yen broke below major support of 100 to the dollar, with markets bracing for further declines over the course of the year that would underpin the export-reliant economy.
TOKYO, May 10- Japanese Prime Minister Shinzo Abe scored another small victory as the yen broke below major support of 100 to the dollar, with analysts predicting further declines over the course of the year that would underpin the export-dependent economy.
*Senate and House panels expected to vote on farm bill next week. In 2012 the Senate committee voted to replace almost all traditional crop supports with a guarantee of crop revenue. The text of the roughly 1,100- page Senate draft was posted on the Internet on Thursday.
Penske Automotive Group, Inc. said Thursday that it will raise its quarterly dividend by a penny to 15 cents per share. The company, based in Bloomfield Hills, Mich., plans to pay the dividend on June 3 to shareholders holding the stock as of May 20. Penske's last dividend of 14 cents was paid to shareholders on March 1.
*House, Senate panels plan to draft farm bill next week. WASHINGTON, May 9- Lawmakers are preparing for a second run at writing the new U.S. farm law that ended in a stalemate in 2012, and the biggest obstacle is not likely to be soil conservation or crop subsidies, but the billions spent mostly in cities and towns.
WASHINGTON, May 9- Republicans in the House of Representatives passed a bill on Thursday, over the threat of a White House veto, that would allow the government to borrow money to pay bondholders and retirees if Congress fails to reach a deal to raise the U.S. debt ceiling.
WESTLAND, Mich.-- A Detroit- area restaurant will pay $60,000 for telling a family to leave because the children had a genetic skin condition, the U.S. Justice Department announced Wednesday.
DETROIT, May 9- Consumer Reports magazine awarded a near-perfect score to Tesla Motors Co's Model S, citing the electric car's power, "pinpoint" handling and quiet, well-crafted interior. It's what Marty McFly might have brought back in place of his DeLorean in' Back to the Future'. "
*White House has said it will veto bill. WASHINGTON, May 9- Republicans in the House of Representatives passed a bill on Thursday that would require the Obama administration to prioritize government debt payments and retirement benefits if Congress fails to reach a deal to raise the U.S. debt ceiling.
*Adjusted EPS 12 cents vs Wall Street view 4 cents. DETROIT, May 8- Tesla Motors Inc reported its first-ever quarterly profit on Wednesday, trouncing Wall Street estimates, as the 10- year-old automaker delivered nearly 5,000 Model S electric cars during the first three months of the year.
*Adjusted EPS 12 cents vs Wall Street view 4 cents. DETROIT, May 8- Tesla Motors Inc reported its first-ever profit that trounced Wall Street estimates on Wednesday and forecast global demand for its Model S electric car could surpass 30,000 vehicles a year.
May 8- JPMorgan Chase& Co and some of its personnel face a possible enforcement action by the Federal Energy Regulatory Commission over bidding practices in certain markets, the company said on Wednesday.
*Adjusted EPS 12 cents vs Wall Street view 4 cents. DETROIT, May 8- Tesla Motors Inc, maker of the Model S electric sedan, reported a first-quarter profit that trounced Wall Street expectations on Wednesday, sending shares up 17 percent in after-hours trading.
DETROIT-- Shares of Tesla Motors Inc. soared nearly 26 percent in after-hours trading Wednesday after the electric car maker posted its first quarterly net profit since it was founded a decade ago.