Business Impact - MLive.com

Stocks jump as oil prices fall sharply

2008-08-08T20:25:50Z

NEW YORK -- Wall Street rebounded sharply Friday as another drop in oil prices eased worries over losses at mortgage finance company Fannie Mae. The Dow Jones industrials rose more than 300 points, more than wiping out their losses from...

GM, Deloitte to settle shareholder suit for $303M

2008-08-08T20:12:03Z

NEW YORK -- General Motors Corp. and its auditor have agreed to pay $303 million to settle claims that the automaker misled shareholders about its finances. Under the settlement, GM would pay $277 million to investors, while its auditor, Deloitte...

Michigan insurance premiums more than double in 10 years

2008-08-08T19:21:10Z

Insurance premium costs in Michigan have more than doubled for private sector companies in 10 years, according to a report released Aug. 7 by the Agency for Healthcare Research and Quality. The News and Numbers report showed that insurance premium...

Update: Uncertainty looms over Saline ACH plant's future

2008-08-08T18:22:21Z

File: Eliyahu Gurfinkel | The Ann Arbor NewsThe Automotive Components Holdings plant in Saline in November. The tentative sale of the plant to Johnston Controls fell through, Ford Motor Co. announced on Friday morning. As the auto industry continues to...

Delphi 2Q loss narrows on lower charges

2008-08-08T18:15:10Z

TROY-- Auto supplier Delphi Corp. said Friday its second-quarter loss narrowed on lower restructuring, litigation and other charges. Delphi, which is operating under bankruptcy protection, said it posted a loss of $551 million, 98 cents per share, compared with a...

Mayor Kilpatrick now charged with felony assault

2008-08-08T15:48:00Z

AP Photo | Bryan MitchellDetroit Mayor Kwame Kilpatrick sits in court during an emergency bond appeal hearing in front of Judge Thomas Jackson at the Wayne County Third Circuit Court Friday. Judge Jackson ruled that Kilpatrick could go free after...

Attorneys: GM, Deloitte agree to $303M settlement

2008-08-08T15:27:37Z

NEW YORK (AP) -- Attorneys say General Motors Corp. and an accounting firm have agreed to pay $303 million to investors to settle a lawsuit surrounding allegations that the automaker misstated its finances. Attorneys with plaintiffs Deka Investment GmbH and...

Detroit mayor released from jail on appeal

2008-08-08T14:55:55Z

A judge has ruled that Detroit Mayor Kwame Kilpatrick be released from jail, pay a $50,000 cash bond, wear an electronic tether and not be allowed to travel. Wayne County Circuit Judge Thomas Jackson made the decision Friday, altering the...

West Main Hill Neighborhood Association plans upgrades

2008-08-08T14:33:38Z

KALAMAZOO -- A group from the West Main Hill Neighborhood Association is sponsoring a meeting Monday night that it hopes will spur improvement of the neighborhood's business district....

Saline ACH plant deal falls through; 1,500 jobs in jeopardy

2008-08-08T13:01:29Z

By Stefanie Murray | The deal to sell the Automotive Components Holdings LLC plant in Saline has fallen through, the company said this morning, putting 1,500 jobs there in jeopardy. • Read the story

Louisiana's governor to make jobs case to GM execs

2008-08-08T12:30:21Z

SHREVEPORT, La. -- Louisiana's governor and other leaders plan to head to Detroit on Aug. 15 to talk to General Motors Corp. about saving local jobs. Governor Bobby Jindal, Shreveport Mayor Cedric Glover and someone from the Caddo Parish Commission...

Detroit Mayor Kwame Kilpatrick spends night in jail

2008-08-08T12:24:46Z

Detroit Mayor Kwame Kilpatrick's Wayne County Sheriff's Department booking photo. • Detroit mayor gets own jail cell, no special food DETROIT -- Mayor Kwame Kilpatrick spent the night in a one-man jail cell with no TV and a phone only...

Nissan sold on electric cars, not hybrids

2008-08-08T12:23:27Z

YOKOSUKA, Japan -- Nissan won't be coming out with a model available only as a hybrid, opting instead to focus on electric vehicles for its green strategy, according to a senior executive. Mitsuhiko Yamashita, Nissan Motor Co. Executive Vice President...

Deal crafted on Tiger Stadium preservation plans

2008-08-08T12:22:24Z

DETROIT -- Even if Tiger Stadium boosters can't come up with enough money to preserve part of the historic ballpark, a sports museum may be built on the site anyway. Detroit's Economic Development Corp. Wednesday approved a tentative plan for...

State investigates after breach of guv's records

2008-08-08T12:20:50Z

LANSING -- The Michigan Department of Community Health said Thursday it was investigating after Sparrow Hospital disciplined an unspecified number of employees for looking at Gov. Jennifer Granholm's medical records. The 49-year-old Democratic governor underwent emergency surgery at the Lansing...