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Top News & Analysis Michigan

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  • DETROIT— U.S. auto safety regulators have rejected a request from an advocacy group to investigate power system failures in almost 5 million Fiat Chrysler vehicles that potentially could cause stalling and other problems. The National Highway Traffic Safety Administration said in documents posted Tuesday that two fuel pump relay recalls took care of...

  • TOLEDO, Ohio— Toledo has detected the first signs in Lake Erie of the dangerous toxin that resulted in a water crisis last year that left 400,000 people in northwestern Ohio and southeastern Michigan without safe tap water for two days. Toledo Mayor Paula Hicks-Hudson and city officials announced late Monday that the intake mechanisms that draw Toledo's...

  • DETROIT— A Georgia judge has cut the damages that Fiat Chrysler must pay the family of a child who died in a Jeep SUV fire from $150 million to $40 million. In a ruling issued Friday and made public Tuesday, Chason decided that the family of 4- year-old Remington Walden should get $30 million for his death and $10 million for pain and suffering. A 12- person jury found...

  • DETROIT— The National Wildlife Federation accused the U.S. Transportation Department on Tuesday of not enforcing a federal law that requires pipeline owners and operators to establish safety response plans for worst-case oil spills in lakes, rivers and other waterways. While the pipelines that spurred the group's action are two side-by-side conduits...

  • Ally Financial tops 2Q profit forecasts Tuesday, 28 Jul 2015 | 7:58 AM ET

    DETROIT— Ally Financial Inc. on Tuesday reported second-quarter profit of $182 million. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share. Ally Financial shares have decreased roughly 9 percent since the beginning of the year.

  • Ford beats 2Q profit forecasts Tuesday, 28 Jul 2015 | 7:51 AM ET

    DEARBORN, Mich.— DEARBORN, Mich.— Ford Motor Co. on Tuesday reported second-quarter earnings of $1.89 billion. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share. Seven analysts surveyed by Zacks expected $35.93 billion.

  • Higher paint, window sales boost Masco's 2Q earnings Tuesday, 28 Jul 2015 | 7:34 AM ET

    TAYLOR, Mich.— Shares of Masco, the company behind Behr paint and Delta faucets, jumped Tuesday after the home improvement products maker posted better than expected earnings for its second quarter. New paint products and higher demand for its KraftMaid cabinets and Milgard windows helped boost results, Masco said. Masco reported net income of $105 million, or 30...

  • Ford surprises in 2Q with record North American profit Tuesday, 28 Jul 2015 | 7:17 AM ET

    DEARBORN, Michigan— Ford Motor Co.' s net income jumped 44 percent to $1.9 billion in the second quarter as global sales rose and customers paid more for new trucks and SUVs with premium features. Ford pulled off a record quarterly profit of $2.6 billion in North America even though dealerships weren't fully stocked with its best-selling vehicle, the F-150...

  • Flagstar Bancorp posts 2Q profit Tuesday, 28 Jul 2015 | 6:43 AM ET

    TROY, Mich. _ Flagstar Bancorp Inc. on Tuesday reported second-quarter net income of $46.4 million. Flagstar Bancorp shares have risen 17 percent since the beginning of the year. Keywords: Flagstar Bancorp, Earnings Report.

  • TULSA, Oklahoma, July 28- The rebound in U.S. jobs, limited in the early part of the recovery to a handful of booming industries such as oil, has broadened across the country as old-line industrial areas such as Michigan and sun belt hubs like Florida pick up the slack. Riding the shale oil and gas boom, Texas, Louisiana, Oklahoma and three other states made an outsized...

  • Sales were robust in Europe and North America but fell in China, usually a strong market for the company. Detroit- based General Motors Corp., the top-selling automaker for more than seven decades until being surpassed by Toyota in 2008, finished third at 4.86 million, down 1.2 percent from a year ago. In the first half, Toyota's sales grew in U.S., Mexico and China.

  • Agree Realty reports 2Q results Monday, 27 Jul 2015 | 4:36 PM ET

    BLOOMFIELD HILLS, Mich. _ Agree Realty Corp. on Monday reported a key measure of profitability in its second quarter. The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $11.1 million, or 62 cents per share, in the period. The company said it had net income of $10.3 million, or 58 cents per share.

  • NEW YORK, July 27- Victims of apartheid in South Africa cannot pursue lawsuits seeking to hold Ford Motor Co and IBM Corp liable for conducting business that helped perpetuate the practice decades ago, a U.S. appeals court ruled on Monday. The 2nd U.S. Circuit Court of Appeals in New York said black South Africans did not show that Ford and International Business...

  • That beats the old record of $70 million assessed against Honda Motor Co. for lapses in reporting deaths and injuries to safety regulators. FCA's fine includes $70 million in penalties, at least $20 million to meet performance requirements and $15 million if an independent recall monitor finds any further violations. Fiat Chrysler shares traded in the New...

  • TOKYO, July 27- The president of Mitsubishi Motors Corp said Japan, Southeast Asia and Russia will become the automaker's principal production hubs after it quits making cars in the United States later this year because of dwindling sales there. "Japan, ASEAN, and Russia will be the main points of production for our company," said Tetsuro Aikawa, president and chief...

  • NEW YORK, July 27- Victims of apartheid in South Africa cannot pursue lawsuits seeking to hold Ford Motor Co and IBM Corp liable for conducting business that helped perpetuate the practice decades ago, a federal appeals court ruled on Monday. The 2nd U.S. Circuit Court of Appeals in New York said black South Africans did not show that Ford and IBM engaged in enough...

  • NEW YORK— Victims of apartheid in South Africa cannot sue IBM Corp. and Ford Motor Co. in New York because they cannot show that the companies' alleged offending behavior occurred in the United States, a federal appeals court said Monday. The 2nd U.S. Circuit Court of Appeals ruled against lawsuits brought 13 years ago against the Armonk, New York- based IBM and...

  • Independent Bank posts 2Q profit Monday, 27 Jul 2015 | 8:09 AM ET

    IONIA, Mich. _ Independent Bank Corp. on Monday reported second-quarter profit of $5.6 million. Independent Bank shares have climbed 2 percent since the beginning of the year. Keywords: Independent Bank, Earnings Report.

  • DETROIT— Fiat Chrysler must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history as part of a costly deal with safety regulators to settle legal problems in about two dozen recalls. The Italian-American automaker also faces a record civil fine of up to $105 million.

  • DETROIT— Fiat Chrysler must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history as part of a costly deal with safety regulators to settle legal problems in about two dozen recalls. The Italian-American automaker also faces a record civil fine of up to $105 million.