May 9, 2008

The Latest Business Headlines from WWJ Newsradio 950

State Senate OKs Smoking Ban | A bill that appeared to be going nowhere took a surprise turn as 25 lawmakers voted to ban smoking in bars, restaurants and workplaces. | Story

GM Offers Cash to End Strike | General Motors says it will pay up to $200 million to help bring an end to a crippling labor dispute at American Axle and Manufacturing. | Story

GM Buys Ren Cen | The shaky real estate market convinced the automaker that it was a good time to buy its previously leased downtown headquarters for $626 million. | Story

Ford Praises Mulally | Executive Chairman Bill Ford Jr. used the company's annual shareholders meeting to show support for CEO Alan Mulally, The Detroit News reports. | Story

Delays Decrease at Metro Airport | Departure delays for most flights out of Detroit Metro Airport have dropped to 15 minutes or less, the Detroit Free Press reports | Story

WSU Pres Finalist From Nebraska | A search committee has recommended a Nebraska doctor and university administrator to become Wayne State University's next president. | Story

Data Helps Stocks | Encouraging retail sales and jobless claims numbers helped arrest the previous session's skid. The Dow rose 52.43 points, or 0.4 percent, to 12,866.78. | Story

KEEP YOUR SANITY: CHECKING YOUR PORTFOLIO BALANCE TOO OFTEN CAN CAUSE NEEDLESS STRESS

How often do you check the balance of your retirement savings plan? You don't want to ignore your investments. But you can over-do the monitoring.

Scott Horsburgh, president of Bloomfield Hills-based Seger-Elvekrog Inc., a personal money management firm, says the least happy and most stressed-out investors tend to be those who check their portfolio balances most often.

Horsburgh said going online for a daily check of your portfolio may seem like a prudent thing to do – and it can be in some cases. But, more often than not, you may be exposing yourself to undo grief by internalizing every up and down in the markets. Most people investing for the long term using professional advisers or mutual funds don't need to do that.

The exceptions, Horsburgh says, are investors who make their own stock decisions, as opposed to following the advice of a professional. They might have little choice but to stay on top of things day to day. More...

Ideas for Saving Money During What Could be an Expensive Summer

The softening Michigan economy, along with higher prices for things like gas and food, may have you wondering about how much fun you’ll be able to afford this summer. The secret to getting the most for your dollar – in the summer, or during any time of the year – is spending wisely. For tips on making this a smarter summer for spending, click here.

How to Spend Your Rebate Check From the Federal Government

By now, more than seven million Americans have received their tax rebates. The next round of checks and direct deposits goes out this week. What is the best way to put that money to work for you? According to Kelli Grant, consumer reporter for SmartMoney.com, paying down debt should be your first choice. More...

MORE NEWS

MANY BUSINESSES DID NOT CLAIM TAX REFUND: Sometimes the IRS can't get people to cooperate, even when it tries to give money away. As of last November less than 6 percent of business taxpayers filing returns had made claims for the Telephone Excise Tax Refund, a once-only payback for a now defunct tax, according to the Treasury Inspector General for Tax Administration. A report made public Thursday said only 720,000 of the 12.8 million business taxpayers who had filed returns less than 6 percent had made phone tax refund claims. The refunds associated with those claims amounted to only $876.6 million. More...

CONSUMERS SPENDING MORE, BUT CAUTIOUSLY: Consumers gave some of the nation's retailers a little relief in April after months of dismal sales, gravitating toward less expensive discounters and wholesale clubs but generally still shying away from stores selling clothes and other non-necessities. Monthly sales reports issued Thursday were better than expected, but still pointed to a consumer contending with rising gas prices, sagging home values and worries about jobs. Wal-Mart Stores Inc. and Costco Wholesale Corp. were among the top performers last month, while most mall-based apparel stores struggled. More...

JOBLESS CLAIMS DECLINE SHARPLY: The number of newly laid off workers seeking unemployment benefits dropped much more than expected last week. The Labor Department reported Thursday that applications for unemployment benefits fell to 365,000, a decline of 18,000 from the previous week. Economists had been looking for a much smaller decrease of around 5,000. More...

HOME IMPROVEMENT BOOMING, POLL FINDS: Experts expect a continued housing market bust, but a recent Ace Hardware survey revealed one in four Americans plan to tackle home improvement projects in the next few months and most will spend more than $1,000 this year. More...

WORLDWIDE AUTOMOTIVE REPORT PODCAST: Ford tells shareholders that the turnaround is working, despite tough times. Challengers roll off the assembly line. Hyundai says the time is not right for a new pickup.

YOUR WEEKEND

'LA TRAVIATA' IN DETROIT: Michigan Opera Theatre presents Giuseppe Verdi's masterpiece on the forbidden love between the courtesan Violetta and her young nobleman suitor Alfredo. Performances take place Saturday, Sunday and Wednesday at the Detroit Opera House. One of the world's most popular operas, "La Traviata" is a grand tragedy of forbidden love and deception exposed. More...

MOTHER'S DAY BRUNCH IN DEARBORN: Let your mom know how special she is this Mother’s Day by treating her to an elegant brunch at The Henry Ford’s historic Lovett Hall ballroom from 10:30 a.m. to 2:30 p.m., with dishes specially prepared by The Henry Ford’s award-winning culinary team. More...

GO, DIEGO, GO LIVE!: Follow Diego, his sister Alicia and cousin Dora on an action-packed, special mission to get Baby Jaguar's growl back from the Bobos. Saturday and Sunday at the Fox Theatre. 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.