LANSING - In another budget cutting move yet this year, Gov. Jennifer Granholm on Tuesday issued an executive directive to reduce state contract spending by 5 percent to 10 percent. Executive Directive 2009-3 also establishes a moratorium on new or expanded personal services contracts and limits the use of temporary employees. Granholm's directive also orders
DETROIT - Delphi Corp.'s lenders prevailed in a bankruptcy auction and are poised to take control of the bankrupt auto-parts supplier, beating back a government-orchestrated deal to sell the company to General Motors Co. and a California-based private-equity firm. Delphi's lenders prevailed in the auction by forgiving more than $3.4 billion in debt they are
NEW YORK - After examining the behavior of truck drivers covering more than 6 million miles of road, the Virginia Tech Transportation Institute concluded that people who send text messages while driving are 23 times more likely to be in a crash (or what they call a near-crash event) than non-distracted drivers. To conduct the
HOLLAND - Momentum, the new West Michigan technology start-up incubator developed by Rick DeVos, grandson of Amway co-founder Richard DeVos, graduated its first three projects on Tuesday night at a coming out party in Holland, this Lake Michigan shoreline community. Public Collections, Revetto, and Downstream all made pitches to potential investors for money. To listen,
LANSING - Saying some businesses have indicated they would come to Michigan if only the state had a higher renewable portfolio standard, House Democrats on Monday announced they will introduce legislation upping the current 10 percent by 2015 threshold to 30 percent by 2025. In a series of press conferences held across the state, Democrats
LANSING - Gov. Jennifer Granholm joined with other Midwest governors meeting in Chicago Monday to sign an agreement pledging to help bring high speed rail to the region. Granholm signed a memorandum of understanding that will have Michigan and seven other Midwest states work to help finance the Midwest Corridor. The group is hoping the
DETROIT - Compuware Corp. late Thursday reported its fiscal first-quarter net income rose to $51 million, or 21 cents a share, from $34.7 million, or 13 cents a share, a year earlier. Revenue, however, decreased to $214.4 million from $298.6 million in the same period last year, the information technology company said. During the company's
DETROIT - Some more signs that the auto downturn may be turning around. Ford Motor Co. on Thursday reported a profitable second quarter and slowed its cash burn amid speculation that the auto maker may issue more equity to reduce its debt. Ford reported a net income of $2.3 billion or 69 cents a share,
ROCHESTER HILLS - Energy Conversion Devices, which makes thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, has signed a definitive agreement to buy Solar Integrated Technologies, a provider of building integrated photovoltaic roofing systems, for $16.3 million. Under the terms of the agreement, ECD will pay 11 cents for each
LANSING - A series of company expansions and potential job developments announced on Tuesday could be the last until 2010 if the Senate does not act on legislation to expand the number of Michigan Economic Growth Authority credits that can be authorized. The companies with projects announced Tuesday include Magna Seating, which would put 420