With increases in production at U.S. auto plants, Americans are on track to buy a record number of new vehicles next year or by 2016.» Read More
The Labor Department says weekly unemployment benefit applications rose 12,000 to a seasonally adjusted 293,000. Yet the four-week average, a less volatile measure, fell for the second straight week to 298,500.. Michigan: Down 2,473, due to fewer layoffs by wholesalers. New Jersey: Down 1,573, due to fewer layoffs in hotels, restaurants and construction.
DETROIT, Sept 25- Kevyn Orr will end his 18- month term as Detroit's emergency manager this week, leaving a city still mired in operational and fiscal uncertainty and arguing in court for approval of its bankruptcy plan.
DETROIT— As General Motors begins to compensate the victims of crashes tied to faulty ignition switches, this week more than a dozen families were given a choice: accept a settlement, presumably in the millions of dollars, or fight GM in a potentially lengthy court battle.
DETROIT— The families of two Wisconsin teenagers killed in a car crash involving a faulty General Motors ignition switch have dropped their lawsuit against the company and are seeking a settlement with the automaker.
EAST LANSING, Mich.— Democrat Mark Schauer on Wednesday criticized Republican Gov. Rick Snyder for a 15 percent cut in funding for public universities in 2011, saying it's a factor in students' rising debt. Jennifer Granholm's time in office was not "as bad as we think."
Central Michigan University in Mount Pleasant this week announced plans to launch the program in fall 2015, aimed particularly at supporting and boosting the state's fast-growing craft brewing industry, now a $1 billion- plus annual business.
WASHINGTON— The U.S. Treasury Department continued to approve "excessive" pay raises for top executives at General Motors and its former consumer finance arm, both of which received taxpayer-funded bailouts during the financial crisis, a new government report says.
DETROIT, Sept 24- The U.S. Treasury last year permitted top executives at General Motors Co and Ally Financial Inc to collect "excessive pay" while those companies were part of a taxpayer-funded government loan program, a special inspector general reported on Wednesday. In April, Treasury said it lost $11.2 billion on the $49.5- billion GM bailout.
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The stock for the U.S. banking unit of The Royal Bank of Scotland Group gained $1.58, or 7.4 percent, to $23.08 Wednesday while the broader markets had their best day in more than a month. Citizens Financial Group raised about $3 billion in an initial public offering of 140 million shares.
AUSTIN, Texas— Plans for a massive health database have been postponed again after Texas health officials cited cost concerns, as well as the possibility that the company that won the tentative contract was receiving inside information from a state negotiator.
Cadillac to ditch Detroit for trendy NYC address. DETROIT— Cadillac wants a jolt from the city that never sleeps. General Motors' 112- year-old luxury car division, founded in Detroit and named for the city's founder, is moving its headquarters to New York.
GRAND RAPIDS, Mich.— Steelcase Inc. on Tuesday reported earnings of $30.5 million in its fiscal second quarter. For the current quarter ending in November, Steelcase expects its per-share earnings to range from 24 cents to 28 cents. Steelcase shares have declined 1.5 percent since the beginning of the year.
Sept 23- Japanese auto parts maker Yazaki Corp has agreed to pay $76 million to U.S. car buyers to settle civil price-fixing claims in Michigan federal court, attorneys for the buyers said on Tuesday.
General Motors' 112- year-old luxury car division, founded in Detroit and named for the city's founder, is moving its headquarters to New York. "There is no city in the world where the inhabitants are more immersed in a premium lifestyle than in New York," Johann de Nysschen, the brand's new president, said in a statement issued Tuesday announcing the move.
DETROIT— A lawyer representing poor Detroit residents urged a judge Tuesday to suspend water shutoffs until next spring and order the city to come up with a new way to keep a critical service in place for people who simply can't afford it. "Detroit has an endemic poverty issue....
Following through on a populist appeal from President Barack Obama for a new era of "corporate patriotism," the Treasury Department stepped in Monday with new regulations designed to limit the ability of U.S. firms to seek refuge in lower tax countries.
The Fed should also consider imposing a two-year deadline for meeting its 2- percent inflation goal, and be clear that financial stability is a factor in monetary policy decisions, Minneapolis Fed President Narayana Kocherlakota said in remarks prepared for delivery at the Economic Club of Marquette County in Michigan's Upper Peninsula.
DETROIT, Sept 22- A federal bankruptcy judge on Monday heard testimony from low-income families in Detroit who say they suffered hardships when the city cut off their water with no warning and are suing to prevent such shutoffs from happening again.
NEW YORK— Hundreds of corporations, insurance companies and pension funds are calling on world leaders gathering for a U.N. summit on climate change this week to attack the problem by making it more costly for businesses and ordinary people to pollute.