The Latest Business Headlines from WWJ Newsradio 950
VW Surpasses Ford | Volkswagen overtook Ford Motor Company in the first half of the year as the world's third-largest carmaker by vehicle sales,Reuters reports. | Story
Delphi Liquidation Looms Large | The Wall Street Journal says chances of bankrupt U.S. auto parts maker Delphi Corp being liquidated are increasing, Reuters reports. | Story
Nissan Price Hikes | The Japanese company announced price hikes in Japan for some commercial vehicles but held back from increases on its passenger car offerings. | Story
Stryker Challenges Probe | Stryker is resisting an investigation into whether the company illegally pushed sales of replacement knees and hips, The Detroit News reports. | Story
Jazz Fest Needs $ | With fund-raising coming down to the wire, the jazz festival remains about $200,000 short of balancing its budget, The Detroit Free press reports. | Story
Dow Gains 212 | Stocks rallied as traders turned a blind eye to an approaching storm and Wall Street worries, and celebrated the state of the economy nearly two months ago. | Story
In the Market Brought to you by The Advanced Strategies Group
AS LENDING STANDARDS TIGHTEN, SOME BORROWERS TURN TO PRIVATE LENDERS
For years, the practice of borrowing money from private parties was fairly rare, except among those who couldn’t qualify for traditional loans. Banks had tons of cash and were eager to lend. But today, even folks with good credit are bypassing banks to borrow money -- despite interest rates that can reach 20% or more, and down payments of 35% or more.
These private funds -- which aren't coming from banks or credit unions -- are being used for everything from second homes to apartment construction. Many borrowers have excellent credit, but they are trying to avoid the added time, scrutiny and uncertainty of a conventional bank loan.
Arrangements for these loans are pretty low-key. While hedge funds and high-net-worth investors are providing cash, it isn't unusual for a private lawyer to get five friends to each throw in $100,000 for a home loan. Wealthy investors, hedge funds and private-equity firms are lending in pursuit of higher returns. More...
Keeping Your Credit Card Spending Under Control
Back in May, the U.S. saw a 7% annual rise in household credit-card debt. Some say that’s a sign that we should start to get our use of plastic under control.
Of course, we could try to live without credit cards. But there are reasons plastic makes sense. For one thing, it's convenient. And credit cards make certain tasks – such as renting a car – a lot easier.
The Wall Street Journal and WWJ Newsradio 950's Ed Courey offers some tips for ensuring that your credit card debt doesn't get out of hand. Click here.
MAKING YOUR HOME ATTRACTIVE TO BUYERS: Many homeowners are having trouble selling their homes in today's shaky market. Stephanie AuWerter, Editor of SmartMoney.com, has some tips for making your home more attractive to potential buyers. First, be sure you've priced your home correctly. "If you set the price too high, the house might linger on the market which will make some buyers start to worry whether there's something wrong with the house," says AuWerter. Check out what similar homes have been selling for recently in your area, and price your home based on that amount.More...
25 WAYS TO SAVE MORE EACH MONTH: The more we spend unnecessarily, the less money we save for our true priorities and future needs. That's especially important in challenging economic times, according to BusinessWeek, which asked financial advisors for tips on how to reduce expenses and boost savings. Their number one piece of advice? Track every expense. More...
WORLDWIDE AUTOMOTIVE REPORT PODCAST: More calls for federal loans to help auto companies retool their plants. Volkswagen moves up a notch on the global sales scale. Bosch demonstrates its important diesel technology.
YOUR WEEKEND
3 DAYS IN THE D: Three unique, world-class events return to Southeast Michigan this Labor Day weekend: Arts, Beats & Eats in Pontiac; the Detroit International Jazz Festival downtown; and the Detroit Grand Prix on beautiful Belle Isle. Get all the details in GreatStuff's 3 Days in The D - Special Edition at this link.
HAMTRAMCK LABOR DAY FESTIVAL: Last year, the Festival welcomed more than 500,000 guests and provided attractions that include live music, samplings of ethnic food (pierogi, anyone?), cultural dancers, carnival rides and children's activities. This year's musical line-up includes the Bosnian rock group, The Polish Muslims and the ensemble Polk Floyd. More...
MICHIGAN STATE FAIR: It's Michigan's biggest party of the year. Free concerts, daily parades, horse shows, agricultural displays, arts and crafts, racing pigs, dairy exhibits, carnival rides, games and more. Admission is $10 for adults; $5 for children. Open through Labor Day at the Michigan State Fairgrounds in Detroit.More...
MORE IDEAS AT GREATSTUFF For even more things to do, visit GreatStufftodo.com, southeast Michigan's online resource for creating a better weekend and making the most of your spare time. The GreatStuff Web site and weekly e-newsletter are produced through a partnership between ArtServe Michigan, the Detroit Free Press and WWJ Newsradio 950.
PYSTAR COUNTERSUES APPLE ON ANTITRUST GROUNDS: Mac clone maker Pystar officially responded to Apple's copyright infringement lawsuit on Thursday by filing a countersuit that alleges anticompetitive business practices. As expected, the 54-page complaint, filed in U.S. District Court for Northern District of California, charges Apple with restraint of trade, unfair competition, and other violations of antitrust law. Miami-based Psystar, owned by Rudy Pedraza, requests that the court find Apple's end-user license agreements (EULA) void, and seeks unspecified compensatory and punitive damages. More...
GE RESHAPES THE FUTURE OF WIND POWER: General Electric's wind energy division is trying to find a "Goldilocks" turbine design, one that's not too big and not too small. Like other wind manufacturers, GE is benefiting from booming demand for wind turbines in Europe and in the U.S. even with the possibility of a renewable energy tax credit lapsing later this year. A wind blade made of carbon is under development at GE's Niskayuna, New York labs. But that rapid expansion is being throttled by high prices of steel and other commodities, making wind power more expensive.More...
Note: While Daily Dash editor James Melton is on vacation, this is the "Dash Lite." James will return, along with your complete newsletter, on Tuesday, Sept. 2, 2008.
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For years, the practice of borrowing money from private parties was fairly rare, except among those who couldn’t qualify for traditional loans. Banks had tons of cash and were eager to lend. But today, even folks with good credit are bypassing banks to borrow money -- despite interest rates that can reach 20% or more, and down payments of 35% or more. 
Back in May, the U.S. saw a 7% annual rise in household credit-card debt. Some say that’s a sign that we should start to get our use of plastic under control.
3 DAYS IN THE D: Three unique, world-class events return to Southeast Michigan this Labor Day weekend: Arts, Beats & Eats in Pontiac; the Detroit International Jazz Festival downtown; and the Detroit Grand Prix on beautiful Belle Isle. Get all the details in GreatStuff's 3 Days in The D - Special Edition 
