DETROIT - General Motors released its financial results Thursday and the numbers are worse than expected. Revenue fell by $31 billion, and the company lost $31 billion. In the fourth quarter revenue fell by $16 billion and it lost nearly $10 billion. Most worrying, GM lost money everywhere in the world, including Asia and Latin
WASHINGTON - Governors emerged from a meeting Monday with President Barack Obama pledging to make wise use of the $787 billion stimulus funds coming their way, and to deal with their own problems without waiting for further help. The first $15 billion of that will be released Wednesday to help states with their Medicaid programs.
GRAND RAPIDS - For the past decade, West Michigan technologist Keith Brophy has presented his top 10 technology trends list. This year's list focuses on the growing power of social networking, not as a gossip fence for teenage girls, but as a networking tool for business. Brophy also talked about how the new network computers
LANSING - A proposal to expand the Michigan tax benefit for small businesses by some $251 million got a first look Thursday in the Senate Finance Committee where proponents described it as an essential part of a strategy to rebuild the economy and critics said it would undercut essential state services. The bill (SB 69
LANSING - Some of the first uses of federal stimulus funds will be in transportation projects, and Gov. Jennifer Granholm said Thursday the 25,000 jobs those projects are expected to produce depend on quick action by planners and the Michigan Legislature. Michigan is getting $853 million in transportation funds; $640 million for state roads and
ANN ARBOR - NanoBio Corp., a biopharmaceutical company, has acquired $12 million in series B equity financing with Perseus LLC and other existing investors - raising the total raised by the company to develop its NanoStat technology platform to $80 million. The series B funding will be used by the company to complete a phase
WASHINGTON DC - New legislation would impose unprecedented data retention requirements on a broad swath of Internet access providers and is certain to draw fire from businesses and privacy advocates. "While the Internet has generated many positive changes in the way we communicate and do business, its limitless nature offers anonymity that has opened the
DETROIT - The Wall Street Journal reports that GM bondholders are not happy with the company's plan, saying it does not go far enough to cut costs, even though it gets rid of another 47,000 jobs. They want GM to become immediately competitive, not get there in 2012. And it sure sounds like the bondholders
DETROIT - The global fallout from General Motors Corp.'s financial difficulties worsened significantly Friday as its Swedish unit Saab received credit protection from a court and the Korean car maker GM controls said it asked a government bank for emergency aid. Meanwhile, GM's profitable German unit Opel said that market conditions have deteriorated and that
ANN ARBOR - New Enterprise Forum presented four awards Thursday night - three to 2008 elevator pitch presenters and one to Ted Dacko, president of HealthMedia, as the Entrepreneur of the Year. The NEF awards night, at the Holiday Inn North Campus, featured Phil Tepley, NEF President, and Gerry Roston, NEF Program Committee Chair, are