Daily Dash - October 2, 2008

Daily Dash: Thursday

October 2, 2008

The Latest Business Headlines from WWJ Newsradio 950

Senate Passes Bailout | Senators loaded the economic rescue package with tax breaks and other sweeteners before passing the legislation by a wide margin, 74-25. | Story

Levin, Stabenow Split Over Bailout | Michigan Sens. Carl Levin and Debbie Stabenow split over a $700 billion bailout of the financial industry. Levin supported it and Stabenow opposed it. | Story

Auto Sales Bleak | September sales fell 34 percent for Ford, 33 percent for Chrysler, 29 percent for Toyota and a 16 percent for General Motors. | Story | Related Podcast

Manufacturing Shrinks | A measure of U.S. manufacturing activity contracted more than expected last month, hitting the lowest level since the aftermath of the Sept. 11 attacks. | Story

More Foreclosures Expected | Oakland County Executive L. Brooks Patterson doesn't see property values stabilizing until at least 2013, the Detroit Free Press reports. | Story

Detroit Edison COO Leaving | President and Chief Operating Officer Robert Buckler plans to step down effective Dec. 8, Crain's Detroit Business reports. | Story

Mulally Downbeat About Economy | Ford Chief Executive Alan Mulally believes the economic slump in the U.S. Will be "deeper and longer" than most people previously expected. | Story

Stocks Edge Lower | Investors entered the first session of the fourth quarter still on edge over whether Congress will pass the controversial $700 billion financial-sector bailout package. | Story

Stories marked with have a related podcast at WWJ.com.
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This Week in 'Your Future'

MSU report touts Michigan's offshore wind energy potential.

UM helps launch 13 businesses.

Michigan Tech to get new Great Lakes research lab.

Hennessey Capital funds 11 companies.

Report: U.S. to shed auto dealers at a faster rate.

Domino's Pizza introduces a new Pizza Tracker poll.

Today's Worldwide Automotive Report podcast.

Hear 'Education Minute" on WWJ and online.

News from CNET

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MSU REPORT HIGHLIGHTS MICHIGAN'S POTENTIAL AS LEADER IN OFFSHORE WIND POWER

Michigan could be a major player in wind power if offshore wind turbines were set up off the coasts of the Great Lakes, according to a new report from the Michigan State University Land Policy Institute.

According to the study, Michigan's wind generation capacity grows significantly if Great Lakes wind assets offshore are taken into consideration along with previous estimates of the state's wind assets onshore.

If wind towers could be located offshore at all depths and without any restrictions, the state could generate 321,936 megawatts of electricity from offshore wind using about 100,000 turbines. Of course, doing that would be impractical. But even with the kinds of restrictions that are commonly applied to offshore wind energy production, the potential is significant, the report says.
More...

Moving On: Jim Croce Transitions from NextEnergy

By James A. Croce
CEO, NextEnergy

Nearly six months ago, I informed NextEnergy’s Board of Directors and my staff that it was time for me to leave our great non-profit organization and return to the for-profit sector where I began my career nearly 25 years ago. After nearly five years at the helm, I am proud of the accomplishments of NextEnergy’s capable management and staff in delivering against its mission of accelerating the alternative energy economy in Michigan.

As for me, it was time to climb new mountains. More...

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UM HELPS LAUNCH 13 BUSINESSES: The University of Michigan licensed 13 new business startups in fiscal year 2008, tying a record set four years ago, the university says. Several of the fledgling companies offer novel treatments and diagnostics for diseases ranging from end-stage kidney disease to cancer, hearing loss, sepsis, diabetic ulcers and autoimmune disorders. Others provide such things as new tools for the production of next-generation vehicle batteries, semiconductor chips, and wafer-scale packaging of microelectromechanical systems devices. More...

MICHIGAN TECH TO GET GREAT LAKES RESEARCH LAB: Michigan Technological University has long been a leader in research related to the Great Lakes. Now that research is going to have a new home, on the campus waterfront. Lt. Gov. John Cherry, acting for Gov. Jennifer Granholm, signed a capital outlay bill authorizing MTU to spend $25 million to build a Great Lakes research center along the Portage Canal. Michigan Tech is one of six state universities with capital outlay projects funded by the bill. The others are Eastern Michigan University, Ferris State University, Oakland University, Saginaw Valley State University and Western Michigan University. For more, from the Great Lakes IT Report, click here.

EMU TO MODERNIZE CLASSROOM BUILDING: Gov. Jennifer Granholm has signed a bill that gives Eastern Michigan University $31.5 million to modernize its Pray-Harrold classroom building. More...

HENNESSEY FUNDS 11 COMPANIES: Hennessey Capital LLC, a Huntington Woods-based specialty finance company, announced the completion of $4.8 million of new financings for 11 small and mid-sized businesses, including six Michigan-based companies. For more, from the Great Lakes IT Report, click here.

MICHIGAN MONEY SUMMIT: Join WWJ Newsradio 950 at the Vistatech Center at Schoolcraft College for a free financial seminar titled "Michigan Money Summit – Managing Your Money In Difficult Times." WWJ Newsradio 950's Murray Feldman will host this timely event, designed to give you information on how to save more money, protect your assets, plan for the future and grow your income. More...

NATION WILL SHED AUTO DEALERS FASTER, REPORT SAYS: The decline in the number of new car dealerships will accelerate this fall and into 2009 as weak sales, increased operational costs and the credit crunch continue to take their toll, according to Grant Thornton LLP Corporate Advisory and Restructuring Services. Earlier this year, Grant Thornton said more than 2,700 dealerships would need to close in order to maintain sales per dealer at last year's level of about 750 units. Now, with light vehicle sales on average predicted to drop to the 13.7-million unit range in 2009, the firm estimates that 3,800 dealerships will need to close. More...

KEEPING KIDS ON THE RIGHT TRACK: In a "Making the Grade" report, WWJ Newsradio 950's Greg Bowman takes a look at some good after school programs in southeastern Michigan. Click here.

DOMINO'S INTRODUCES PIZZA TRACKER POLL: When buying pizza, do Democrats spend more money than Republicans? Do Republicans rely more on credit? Do liberals buy more veggie pizzas? Do independents purchase more "half and half" pizzas? These and more political pie questions may be answered as Domino's Pizza introduces a new Pizza Tracker poll between now and Nov. 4. More...

WORLDWIDE AUTOMOTIVE REPORT PODCAST:Today, WWJ Newsradio 950's Jeff Gilbert we take an in-depth look at the worst auto sales month in 15 years.

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.

BE OUR FRIEND ON FACEBOOK: The Daily Dash now has a profile page and a group on Facebook. If you have a Facebook account (or have been looking for a reason to set one up), we'd like to hear from you. To visit the Daily Dash profile, click here.


Editorial Staff:
The Daily Dash - Thursday edition is written and edited by James Melton, Ed Coury, and Matt Roush


NEWS FROM CNET

GOOGLE AIMS TO SOLVE U.S. ENERGY PROBLEMS: The government has been unable to fix the country's energy problems, Google Chief Executive Eric Schmidt said, but the Internet giant on Wednesday proposed its own 22-year solution. "We have seen a total and complete failure of leadership in the political parties of the United States," Schmidt said in a speech at the Commonwealth Club here. "We've been working on a plan to help solve this problem." Earlier in the day, Google unveiled that plan, which doesn't lack for chutzpah: Clean Energy 2030 aims to wean the United States from its dependence on fossil fuels. More...

BUZZNET HIRES NEW YORK TIMES EDITOR: Buzznet, that upstart social-network-slash-pop-culture-content-hub based in Los Angeles, has made headlines for acquiring blog properties in a Rodeo Drive-worthy spree. But on Wednesday, the company announced the hire of an editor in chief--and it's straight from "old media." The new head editor at Buzznet will be Jeff Leeds, who comes from a job as a music writer for The New York Times since 2004, and before that, the Los Angeles Times. More...

MICROSOFT STILL PAYING PEOPLE TO SEARCH: Microsoft's latest effort to get people to use its search service is something called SearchPerks, which gives people points for using the search engine that can later be redeemed for prizes. Users who agree to download a small program to track their usage get one "ticket" per day for every Live Search query, up to 25 per day. The program runs through April, at which point users can "cash in" the tickets that they get and trade them in for prizes or donate them to a charity. More...

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