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.
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 - 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
BURLINGAME, Ca. - Rising unemployment and reports of a worsening economy have forced consumers to pinch pennies in recent months. Still, many opened their wallets a little the week after Thanksgiving and spent 9 percent more on online purchases than they did in the same period a year ago, comScore said Monday. Electronics got a
LANSING -Department of Treasury officials on Monday announced they would move $150 million of the state's common cash into commercial banks and credit unions, available for lending, by purchasing certificates of deposit through state banks. The program, called the Michigan CD Stimulus Program, began Monday and will run through February 6, 2009. Under the program
ORLANDO - Did your brother-in-law really send you a singing holiday card? Did a long-lost friend from college really include you on this year's list? Security vendor AVG warned on Tuesday that online criminals are taking advantage of the fact most people don't know the difference between a legitimate e-card and one hosting malware. Last
LOS ANGELES - Former Detroit 3 auto executive Lee Iacocca took Congress to task in a letter issued Tuesday that said replacing the current CEOs at General Motors, Ford Motor Company and Chrysler would hurt, not help, the chances of avoiding bankruptcy for US-based automakers. Iacocca, is the former Chairman and CEO of Chrysler and