BIRMINGHAM - In a spot survey last week of 270 supplier executives representing 185 companies, 76 percent said they support a federal government bailout of General Motors. Without it, they said they'd have to downsize or close, resulting in over 275,000 people losing jobs at their companies. While the survey focused on GM, 71 percent
LANSING - The domestic auto industry that the United States has known for decades, dominated by three major Detroit manufacturers, is no more, economic analysts said on Tuesday as a combination of continued sales collapse and the uncertainty of federal assistance means that even under the best circumstances "radical restructuring" of the companies will be
ANN ARBOR - Auto industry rescue plan or not, Michigan's economy will continue to be stuck in reverse until 2010, say University of Michigan economists. "The confluence of recession in the U.S. economy and the tenuous position of the domestic nameplate automakers is a troublesome gateway to the year ahead," said U-M's George Fulton. "Regardless
ANN ARBOR - Deadlines to enter two additional business-plan competitions hosted by groups other than Great Lakes Entrepreneur's Quest loom on Nov. 21, says GLEQ Executive Director Diane Durance. Both the Society of Automotive Engineers and the University of Michigan are hosting contests in December. To listen, click on MITechNews.MediaRica.Com a>>
BIRMINGHAM - What's in a name? Well a million dollars for a Southeast Michigan Internet entrepreneur who paid seven figures to buy the domain name Vibrators.Com. Tom Nardone, founder of ShopInPrivate.Com, could barely afford the purchase, especially in these tough economic times. But there is something special in the combination of PriveCo's business strength and
SOUTHFIELD - The Engineering Society of Detroit is returning to Hockeytown again this year to celebrate the Red Wings' Stanley Cup championship and kick off the holiday season in style with a Holiday party not to be missed. On December 3, from 6-9 pm there also will be a personal appearance and book signing by
WASHINGTON - Democratic leaders in Congress on Thursday demanded that the Detroit Three automakers produce a plan for how $25 billion in federal loans would be used to finance make them economically viable before they get the money. General Motors, Ford Motor Company and Chrysler LLC are expected to have a plan ready after Thanksgiving
WASHINGTON - California Rep. Henry Waxman has ousted Rep. John Dingell of Michigan from the chairmanship of the powerful House Energy and Commerce Committee, prompting energy and bioscience groups to issue dire warnings for what changes the more liberal, anti-business Waxman may precipitate. Dingell, a 53-year House veteran who represents a district in the working-class
ANN ARBOR - Economists at the University of Michigan confirmed Thursday what many Americans already believe - that the nation is in the throes of a bad recession, a recession that will not bottom out until mid 2009, and will continue to be felt into 2010. "The decline in employment that began at the turn
LANSING - Using $25 billion of the $700 billion federal financial bailout to prop up the Big Three in the midst of the global financial crisis appeared to be in limbo on Tuesday as the top executives for the automakers testified before Congress. The U.S. Senate is expected to hold a vote on the legislation,