Daily Dash - October 14, 2008

October 14, 2008

The Latest Business Headlines from WWJ Newsradio 950

Bank Share Buy-Up | The Bush administration plans to spend an initial $250 billion of the $700 billion bailout buying stock in private banks. | Story

Another Overseas Rally | Stock markets in Asian countries soared for a second day, led by a stunning 13 percent jump in Tokyo. | Story

Bush In Michigan Today | The President has scheduled a trip to the Grand Rapids area, where he will meet with local business leaders. | Story

GM Closing Michigan Plant | Workers at the Grand Rapids Metal Center in suburban Wyoming were told it will close by the end of 2009. | Story

Chrysler CEO: No Deal In Works | But he says the company has spoken with outside parties interested in working with the company. | Story

Wall Street Bounces Back | All of the major indexes rose about 10 percent, and the Dow Jones industrials rose more than 900 points. | Story

Stories marked with have a related podcast at WWJ.com.
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In This Issue...

Pure Entropy Technologies

Europe Gives Banks More Than US

Dueling Stimulus Plans

CNet: Update

Today's Worldwide Automotive Report podcast

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PURE ENTROPY TECHNOLOGIES: Data encryption is a hot-button topic with businesses throughout Michigan and around the country. Troy-based Pure Entropy Technologies is not only working with commercial clients in this area but with the federal government. The company provides the highest level of encryption security services and performance to insure that critical information is secure. We have developed a cutting-edge technology that is considered at the forefront of its industry. One of Pure Entropy’s most important products is Hard Drive Protection (HDP) capable of protecting all computer hard drives and in particular, laptops, from unauthorized access to data. More...

EUROPE GIVES BANKS MORE THAN U.S.: Europe put $2.3 trillion on the line Monday to protect the continent's banks, a figure that dwarfs the Bush administration's $700 billion rescue program, in its most unified response yet to the global financial crisis after a stumbling start. The pledges by Britain and the six countries that use the euro helped soothe stock markets, along with a promise by top central banks to provide unlimited short term dollar credits. The action by Germany, France, the Netherlands, Spain, Portugal, Austria and Britain came after weeks in which the governments often acted at cross purposes and sniped at each other a piecemeal approach that failed to stop steep and frightening slides on financial markets. More...

DUELING STIMULUS PLANS: House Democrats and Republicans pushed dueling economic aid plans Monday as they jockeyed for political advantage on addressing a crisis that is shaping the last weeks of a high-stakes election. Democrats scheduled hearings to consider a post-election stimulus package that could cost as much as $150 billion. Republicans, spooked by an issue that has damaged their presidential nominee John McCain as well as GOP House and Senate candidates, searched for traction in the debate, calling for more tax cuts and energy exploration to stabilize the economy. More...

WORLDWIDE AUTOMOTIVE REPORT PODCAST: GM Cerberus talks intensify. Ford executive talks about dealing with Wall Street roller coaster. GM closes stamping plant near Grand Rapids.


Editorial Staff:
The Daily Dash is written and edited by Ed Coury and Matt Roush


CNET LATEST UPDATE

WINDOWS 7 NAME FINAL: For the first time in recent memory, Microsoft has chosen to stick with its code name for a final Windows release. In a blog-posting, general manager Mike Nash said that the next version of Windows will retain its Windows 7 code-name when it is released to the market--a date currently pegged as late 2009 or early 2010. "Simply put, this is the seventh release of Windows, so therefore "Windows 7" just makes sense," Nash wrote. Microsoft plans to give developers at the Professional Developer Conference later this month a pre-beta version. More...

JUSTICE TALKING WITH YAHOO, GOOGLE: Google and Yahoo are in early stage negotiations with the U.S. Justice Department to avoid an antitrust challenge to their proposed advertising agreement, according to a report Monday night in The Wall Street Journal. Meanwhile, the Justice Department and a multi-state task force are still reviewing the proposal to decide whether to oppose the partnership, which has been criticized by advertising groups as anticompetitive. In September, the Justice Department hired antitrust litigator Sandy Litvack as a consultant in its networking and technology unit to weigh whether the case could be won at trial, say sources. More...

CELL PHONE INDUSTRY TURNS 25: It was 25 years ago today, October 13, 1983, that the very first commercial cell phone call was made. Bob Barnett, president of Ameritech Mobile communications, called Alexander Graham Bell's nephew from Chicago's Soldier Field using a Motorola DynaTAC handset, referred to as the "Brick" because of its hefty size. Weighing in at 2.5 pounds, the phone wasn't exactly portable. And it was expensive, retailing for about $3,995. Cell phone service back in those days was also pricey, costing $50 a month just for the service, plus 40 cents a minute at peak hours and 24 cents a minute at off-peak times. More...

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