DETROIT - One down and one to go. The House of Representatives passed the legislation to provide a $15 billion bridge loan to GM and Chrysler before the end of the year. But now it has to be approved in the Senate where its future is very uncertain. A cadre of conservative Republicans, led by
DETROIT ? General Motors Corp. has hired lawyers and bankers to consider whether to file for bankruptcy protection, several people familiar with the matter told The Wall Street Journal, while Senate lawmakers embarked on a last-ditch effort to break an impasse on Congress's auto-bailout package. GM management recently tapped bankruptcy veteran Harvey Miller of the
ANN ARBOR - Three more Michigan start-up companies recently received $650,000 in investment commitments through the Michigan Pre-Seed Capital Fund - Arbor Photonics, Armune Bioscience and Aursos. To date, 28 Michigan companies have received a combined $6 million in critical seed funding through the Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan's 12 SmartZones.
SAN FRANCISCO - As much as antivirus companies trumpet their evolving abilities to root out viruses, worms and Trojans on your PC, the cybersecurity industry leaves out one important piece of information: all the malicious code they're not detecting. Luckily, someone is scanning the scanners, CNET News.Com reported. On Thursday, the German nonprofit firm AV-Comparatives
LANSING - A bill that has been on hold since last spring to provide favorable reciprocal tax treatment to businesses operating across the Michigan-Ontario border won approval by the House Tax Policy Committee on Wednesday as supporters called it an essential ingredient to help the struggling domestic auto industry. The legislation would make sure that
WASHINGTON -A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Detroit 3 automakers - now all eyes have turned to the White House to relent and allow the Treasury to provide emergency loans from the $700
TROY - The Automation Alley Technology Business Committee will host the next event in its popular Business to Business Development Series focused on Webinars January 14. Join Mark Leidlein of Awecomm Technologies and Terry Bean of Networked Inc. as they discuss how to build a webinar, what applications are available, and how to integrate it
DETROIT - The U.S. government will end up owning part of GM and Chrysler in order for the automakers to receive a loan. Jaguar recalls the XF for the second time this month. Chrysler and Chery call off an agreement to develop, manufacture and distribute Chery-made small cars. All that and more, plus a look
WASHINGTON - Congress and the White House inched toward a financial rescue of the Big Three auto makers, negotiating legislation that would give the U.S. government a substantial ownership stake in the industry and a central role in its restructuring. Under terms of the draft legislation, which continued to evolve Monday evening, the government would
LANSING - As congressional negotiators drew closer to reaching an agreement on financial assistance for the ailing domestic auto manufacturers, a report was issued that argued the cost of a bailout for General Motors, Ford and Chrysler will be less than the cost of enduring bankruptcy by any or all of the manufacturers - one-fourth