LANSING - The electric restructuring legislation passed this year in Michigan provided little for alternative electric providers and their customers to like. They predicted throughout the process that the bills as structured would mean substantially higher electric rates and little actual development of alternative energy. Legislators can expect to hear from them if those predictions
NEW YORK - Eighty-nine entrepreneurs from Argentina, Brazil, Chile, Colombia, Jordan, Mexico, South Africa and Uruguay reported that the current credit crunch has led to reduced sales, a rise in input costs and difficulty in accessing financing. In the coming year, 55 percent of these entrepreneurs expect that it will be much more difficult to
WASHINGTON - Uncle Sam - in the form of the US Treasury - will inject up to $6 billion into GMAC, GM's financing arm, as part of a plan to pump more cash into GM and aid the struggling auto industry. Under the plan, the Treasury will buy $5 billion in preferred GMAC shares, paying
WASHINGTON D.C. - U.S. venture capitalists are forecasting a difficult 2009 for the country's economy, the capital markets, and the venture industry as the global financial crisis takes its toll on the entrepreneurial ecosystem. This bad news was contained in the third annual National Venture Capital Association Predictions Survey, which predicts the coming year will
WASHINGTON - The U.S. Federal Reserve on Christmas Eve approved GMAC Financial Services' application to become a bank-holding company, a status that would give the auto-financing arm of General Motors Corp. access to government bailout dollars and the Fed's discount window. The move complements a $17.4 billion emergency loan package the government extended to GM
MIDLAND - Nine months after forming, the BlueWater Angels investment group has closed on their first investment in the mid-Michigan region, netting Midland-based Fulcrum Composites more than $200,000 to continue research, development and marketing for their business venture, focusing on alternative energy options. The investment by BWA is the part of a larger investment round
ANN ARBOR - Washtenaw County development agency Ann Arbor SPARK has named Christine Turner as executive director, business development. In her role, Turner will join Vince Nystrom and Ann Arbor SPARK's business development team in managing business attraction and retention efforts, cultivating a vibrant and robust business community throughout Washtenaw County. Prior to joining Ann
KANSAS CITY - Angel group leaders report in a recent survey by the Angel Capital Association that investments have decreased this year and will decline as well in 2009 compared to 2007 due to the current recession. However, some angel groups have increased their investment activity this year and believe they will make additional investments
SAN JOSE, Ca. - Three years ago Venture Capitalist Timothy Draper graced the cover of a financial-industry trade magazine wearing a wide grin and a Captain America costume. Draper, the tagline said, had joined the "League of Extraordinary VCs" for his smart investments in Chinese search service Baidu and free PC phone service Skype. Both
DETROIT - The Ford Fusion hybrid breaks 41 miles per gallon on the highway, 8 MPGs better than the Toyota Camry hybrid. Toyota's president may be stepping down and could be replaced with the grandson of the company's founder. A new kind of oil filter could extend oil changes to 30,000 miles. All that and