July 17, 2008

The Latest Business Headlines from WWJ Newsradio 950

Auto Stocks Rise on GM News | Investors applauded General Motors Corp.'s announcement that it was cutting workers and production and suspending its dividend in an effort to survive a difficult market. | Story | Related Podcast

GM Needs Car Buyers | The company's survival hinges on convincing buyers that its upgraded cars are just as good as its trucks and worth some extra cash. | Story

Insurance Rate Dispute | Michigan's new insurance consumer advocate says state laws favor insurance companies over consumers when it comes to setting rates. | Story

NAACP Business Study | In a report, the civil rights organization says corporations should make a greater effort to buy goods and services from black vendors. | Story

Invasive Fish Hurt Economy | Foreign species that slipped into the Great Lakes cost the regional economy at least $200 million a year, according to a new study. | Story

Power Out | An estimated 12,000 DTE customers were without service early Thursday morning, following thunderstorms. | Story

Dow Gains 276 | It was the industrial average's biggest gain since April 1. There were big gains in all its financial components, led by Bank of America, which jumped 22 percent. | Story

WHAT'S NEXT FOR GENERAL MOTORS? WWJ NEWSRADIO GOES TO THE EXPERTS

General Motors Corp. this week announced that it is taking some tough cost-cutting medicine that will fundamentally change how it does business. The moves are designed to help the auto giant survive through the industry's monumental changes.

GM Chairman and CEO Rick Wagoner (pictured) announced Tuesday that the company will lay off salaried workers, cut truck production, suspend its dividend and borrow $2 billion to $3 billion as it adjusts to a declining U.S. market. The goal: to raise $15 billion to help turn around GM's North American operations.

Is GM doing the right things? Is it doing enough? What are its long-term prospects? Over the past few days WWJ Newsradio 950 asked those questions to numerous experts on the auto industry and corporate turnarounds. To listen to podcasts of some those reports, click here.

State Universities Join Forces to Fund Tech Startups

Michigan's 15 public universities are launching a new economic innovation initiative with an aim of raising $75 million to create 200 Michigan startup companies.

University, state and foundation officials yesterday formally launched the Michigan Initiative for Innovation and Entrepreneurship (MIIE). They also announced the initiative's first $1.3 million in entrepreneurship and commercialization grants.

The goal of the MIIE is to speed the commercialization of university research while promoting a culture of entrepreneurial risk-taking. More...

RUSSELL INDUSTRIAL CENTER A HAVEN FOR ARTISTS: Thousands of commuters drive by Detroit's Russell Industrial Center, visible from I-75 in Detroit, every day. Many don't have a clue about what is going on behind the walls of those old buildings. WWJ Newsradio 950's Pat Vitale takes us inside in an "Our Michigan, Our Future" report. To listen, click here.

UM NAMED A GREAT PLACE TO WORK: The University of Michigan has been named one of the 2008 Great Colleges to Work For by the Chronicle of Higher Education. UM was in the unranked top five in 13 of 27 categories for institutions with 2,500 or more employees in the Chronicle program. The rankings address faculty-administration relations, compensation and benefits and work/life balance. More...

CHRYSLER GETS INTO HYBRID VEHICLE MARKET: In an "Automotive Insights" report, WWJ Newsradio 950's John McElroy talks about Chrysler's new hybrid SUVs. To listen to a podcast of the report, click here.

MSU HELPS BUILD PORTABLE OLYMPIC TURF IN CHINA: Chinese officials have tapped Michigan State University’s renowned turf scientists to help build a portable athletic field for this summer’s Olympics in Beijing National Stadium, according to the Great Lakes IT Report. The MSU team, led by professor John “Trey” Rogers, gained prominence by first introducing portable natural turf at the 1994 World Cup at the Pontiac Silverdome. The current project has involved building and managing more than 5,500 modules of Kentucky bluegrass about five miles away from the new Beijing stadium. More...

HELPING A NEW GENERATION: In a "Making a Difference" report, WWJ Newsradio 950's Bill Stevens talks with a retired educator helping out young women lead better lives. To listen to a podcast of the report, click here.

ANN ARBOR ART FAIRS: Got a heart for art? The Ann Arbor Art Fairs run through Saturday. Ceramics, painting, jewelry, sculpture, photography, glass, wood and fiber products can all be found at the annual event, which is really a combination of four functions. More...

AAU JUNIOR OLYMPIC GAMES: No need flying to Beijing to witness greatness. Get an eyeful of top competition at the largest multi-sport youth event in the nation, the 2008 AAU Junior Olympic Games, coming next week to metro Detroit. Hosted by the Detroit Metro Sports Commission, the AAU Junior Olympic Games run Wednesday, July 23 through Saturday, Aug. 2. More than 15,000 athletes from every state in the country will compete in 21 event categories from track & field and baseball to cheerleading and field hockey. Also visiting will be thousands of coaches and parents. More...

HEAR 'EDUCATION MINUTE' ON WWJ AND ONLINE: WWJ Newsradio 950's Pat Vitale gives education tips in an on-air series that is a joint production of Eastern Michigan University-Education First! and WWJ. "Education Minute" airs daily on WWJ at 9:22 a.m., 12:23 p.m.; 5:40 p.m., and 9:53 p.m. For podcasts of Vitale's reports, as well as other resources for helping our kids learn, click here.

WORLDWIDE AUTOMOTIVE REPORT PODCAST: General Motors Corp. and Ford Motor Co. stocks rebound. Oil prices drop.WWJ Newsradio 950's Jeff Gilbert finds out what it's like to ride in a Corvette ZR 1.

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