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Top News & Analysis Michigan

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  • DETROIT— Mini is recalling about 35,000 cars in the U.S. and Canada because they don't meet side-impact crash-test requirements. The company owned by BMW says that if crash-test requirements aren't met, rear-seat passengers could have a higher risk of injury. The recall includes 30,456 cars in the U.S. and another 4,130 in Canada.

  • Meritor tops 3Q profit forecasts Wednesday, 29 Jul 2015 | 8:21 AM ET

    TROY, Mich. _ Meritor Inc. on Wednesday reported fiscal third-quarter earnings of $13 million. Meritor expects full-year earnings in the range of $1.40 to $1.50 per share, with revenue in the range of $3.5 billion to $3.55 billion. Meritor shares have decreased 16 percent since the beginning of the year.

  • Penske beats Street 2Q forecasts Wednesday, 29 Jul 2015 | 7:51 AM ET

    BLOOMFIELD HILLS, Mich. _ Penske Automotive Group Inc. on Wednesday reported second-quarter net income of $94 million. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share. Four analysts surveyed by Zacks expected $4.89 billion.

  • Average US vehicle age hits record 11.5 years Wednesday, 29 Jul 2015 | 7:00 AM ET

    DETROIT— In the age of Apple's CarPlay, a lot of cars on the road still have tape decks. The average vehicle in the U.S. is now a record 11.5 years old, according to consulting firm IHS Automotive, a sign of the increased reliability of today's vehicles and the lingering impact of the sharp drop in new car sales during the recession. Cars and trucks now have the same...

  • MELBOURNE, July 29- London copper climbed on Wednesday, adding to gains in the previous session, as investors bet on further stimulus from China following this week's sharemarket rout, and ahead of a key monetary policy meeting in the United States. *Shanghai Futures Exchange copper climbed 2.2 percent to 38980 yuan a tonne. *The rebound in U.S. jobs, limited in the...

  • 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...