Top News & Analysis
Detroit
The company said the cyber attack slashed 79 cents per share from its profit- nearly 40 times the 2 cents per share caused by deadly Hurricane Harvey, which brought catastrophic flooding to southeastern Texas. FedEx joins a string of companies that reported big drops in earnings due to the NotPetya virus, which hit on June 29, crippling Ukraine businesses before...
The Memphis- based company reported net income for its fiscal first quarter ended Aug. 31 of $596 million or $2.19 per share, down more than 16 percent from the year-ago $715 million or $2.65 per share. Excluding one-time items, the company reported earnings per share of $2.51. Wall Street analysts had expected earnings per share of $3.09.
DETROIT— Ford Motor Co. is cutting production at five North American assembly plants through the rest of this year as U.S. demand for new vehicles slips due to lower gas prices. Ford plans a three-week shutdown at its Cuautitlan, Mexico, plant, which makes the Fiesta subcompact, and a two-week shutdown at its Hermosillo, Mexico, plant, which makes the Fusion and...
DETROIT— Fiat Chrysler is recalling almost half a million Ram heavy-duty pickups and medium-duty trucks because their water pumps could be defective. The recall involves Ram 2500 and 3500 pickups and Ram 3500, 4500 and 5500 chassis cabs from the 2013 to 2017 model years. Most of the trucks were sold in the U.S., but 46,220 are in Canada and 4,485 are in other markets.
MUMBAI/ DETROIT, Sept 18- Ford Motor Co and Indian vehicle maker Mahindra and Mahindra Ltd said on Monday they will launch a new strategic alliance, seeking technology sharing and cost saving in a range of activities from purchasing to development of electric vehicles. Investors are watching as Ford Chief Executive Jim Hackett, who took over in May, has begun to...
MINNEAPOLIS— Officials from Great Lakes states are making a renewed push to win approval of a long stalled proposal for adding a new lock to the Soo Locks complex, a critical chokepoint that connects Lake Superior to the lower Great Lakes. A Treasury Department report projects a net economic benefit of up to $1.7 billion from a new Soo Lock. The Soo Locks at Sault...
Honda said on Monday it has invested $267 million and will add 300 new jobs to support increased production of its revamped 2018 Accord sedan model.
DETROIT, Sept 18- Honda Motor Co Ltd said on Monday its has invested $267 million and will add 300 new jobs to support increased production of its revamped 2018 Accord sedan model at the Japanese automaker's plant in Marysville, Ohio. Honda's investment in Ohio consists of $220 million for the Marysville plant, including a new $165 million welding department...
The union was in talks with GM about the company's decision to cut jobs and shift some production work to Mexico. In July, GM stopped production of its Terrain sport utility vehicle in Ingersoll, and 100 percent of the volume was moved to Mexico, resulting in 600 layoffs. The plant now only produces the Equinox, which is also manufactured in Mexico.
DETROIT— About 2,500 workers at a Canadian General Motors plant that makes the Chevrolet Equinox SUV are on strike in a dispute over job security. Members of Unifor Local 88 in Ingersoll, Ontario, west of Toronto, stopped working when their contract expired at 10:59 p.m. Sunday. GM moved production of the GMC Terrain, which is similar to the Equinox, to Mexico in...
DETROIT— Ford and India's Mahindra Group will cooperate in a new agreement to advance electric and connected vehicle technology, among other things. Ford Motor Co. seeks to expand its presence in India, while Mahindra wants to expand its reach outside of the country. In May, General Motors Co. said it would pull its Chevrolet brand out of India by the end of the year.
LANSING, Mich.— One of the nine Michigan insurers that that was planning to sell health insurance on the federal marketplace next year has reversed course, saying Friday that it won't do so due to market uncertainties and volatility. The news came the same day a Michigan congressman announced that the state's major groups enrolling people for coverage will see...
Detroit's 2016 poverty rate of 35.7 percent was down from nearly 40 percent the year before, the U.S. Census Bureau said Thursday. Census estimates show Detroit's 2016 median household income of just over $28,000 topped the nearly $26,000 in 2015.. A number of tech-based companies have moved operations and employees into Detroit's resurgent downtown over...
CHICAGO— JPMorgan Chase& Co. says it plans to invest $40 million over three years in neighborhoods on Chicago's South and West Sides to create economic opportunity. JPMorgan's effort in Chicago mirrors one in Detroit, where the bank initially intended to invest $100 million over five years to spur economic recovery. In May, JPMorgan announced it is upping its...
Sept 14- JPMorgan Chase& Co will invest $40 million over three years in Chicago to revitalize neighborhoods, finance small business growth and promote job skills training, the bank said on Thursday. The investment program in Chicago, where the bank has significant business interests, is modeled on a $100 million urban renewal program that JPMorgan began in...
DETROIT— Environmental Protection Agency chief Scott Pruitt has told a group of senators he never made any promises to billionaire investor Carl Icahn about renewable fuel credits that were costing one of Icahn's companies millions of dollars. In 2012, Icahn bought an 82 percent stake in CVR Energy, a refinery in Sugar Land, Texas. Icahn unsuccessfully tried...
WASHINGTON, Sept 13- Ford Motor Co and Virginia Tech Transportation Institute are testing a way to enable self-driving vehicles to communicate their movements visually to pedestrians, cyclists and to human drivers, the researchers said on Wednesday. The automaker set out to find "a way to replace the head nod or hand wave" to convey to pedestrians the intent of a...
The total number of customers still out, representing about 9 million people in Florida, Georgia and the Carolinas, dipped from a peak of more than 7.8 million customers, or over 16 million people, on Monday. Major utilities in Florida- including NextEra Energy Inc's Florida Power& Light, Duke Energy Corp and Emera Inc's Tampa Electric- have mobilized tens of...
Sept 13- Ford Motor Co and Virginia Tech Transportation Institute are testing a way to enable self-driving vehicles to communicate their movements visually to pedestrians, cyclists and to human drivers, the researchers said on Wednesday. The automaker set out to find "a way to replace the head nod or hand wave" to convey to pedestrians the intent of a driverless...
ANN ARBOR, Mich.— The Trump administration on Tuesday unveiled updated safety guidelines for self-driving cars aimed at clearing barriers for automakers and tech companies wanting to get test vehicles on the road. Transportation Secretary Elaine Chao update policies issued last fall by the Obama administration, which were also largely voluntary.
