The Latest Business Headlines from WWJ Newsradio 950
Battle For Wachovia | The fight over control of Wachovia has intensified now that a New York judge has temporarily agreed to block the sale of the bank to Wells Fargo. | Story
Credit Crunch Hurts Dealers | Potential buyers of new cars and trucks are worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a loan. | Story
Hotel's Big Day | The opening of the Westin Book Cadillac hotel this morning shows that downtown Detroit's revival is still moving forward, The Detroit Free Press reports. | Story
Nurses Needed | Competition is heating up among area Metro Detroit health care businesses to fill hundreds of newly created nursing positions, The Detroit News reports| Story
Businesses Want Tax Change | State lawmakers last week took a swipe at a $722 million unpopular element of Michigan's business tax, Crain's Detroit Business reports.|Story
Economy Focus In Senate Race | Michigan's economic misery topped the list of issues in the U.S. Senate race long before the debate over rescuing the U.S. financial industry. Story
Stocks Fall Despite Bailout | Credit markets remained strained after enthusiasm over the rescue plan gave way to worries about obstacles facing the economy. Story
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HIGHEST MONTHLY JOB LOSS IN 5 YEARS: Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession. The Labor Department's fresh snapshot, released Friday, also showed that the nation's unemployment rate held steady at 6.1 percent as hundreds of thousands of people streamed out of the work force for any number of reasons. The reduction in payrolls was much sharper than the 100,000 cuts economists were forecasting. They expected the jobless rate to be unchanged. More...
OIL HITS 8-MONTH LOW: Oil prices fell to an 8-month low below $90 a barrel on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.More...
BEFORE INVESTING IN DISTRESSED PROPERTY, MAKE SURE THE NUMBERS WORK: Foreclosure inventories in Michigan have been rising, and a lot of folks think this could be a great time to invest in these properties. But just because a property is a foreclosure doesn't automatically make it a good deal. Experts say after the purchase of a distressed property and needed renovations, you have to be able to make money after pricing the home to sell or have a business plan for holding the property and renting it out. Ralph Roberts, author of "Foreclosure Investing for Dummies,” has some advice for foreclosure investing. Here...
SO, YOUR EMPLOYER HAS FILED FOR BANKRUPSY - WHAT DOES THIS MEAN FOR YOUR HEALTH BENEFITS?: Turmoil in the auto industry and the recent Lehman Brothers bankruptcy has raised concerns for workers at troubled companies that may be headed in the same direction. They want to know if their health coverage will continue if their employer files for bankruptcy. The answer largely depends on the type of bankruptcy your employer declares, according to the Employee Benefits Security Administration, which is an arm of the Department of Labor. More...
WORLDWIDE AUTOMOTIVE REPORT PODCAST: WWJ AutoBeat Reporter Jeff Gilbert talks one on one with Ford CEO Alan Mulally, in today's Worldwide Automotive Report. We also look at the reason so many auto companies are returning to no interst financing.
JUDGE HALTS SALES OF REALDVD: A judge has ordered RealNetworks to suspend the sale of RealDVD, the controversial software that hands users the ability to copy and store films to a hard drive, according to a report published by NewTeeVee.com, a technology-news blog. The film industry sought to prevent sales of RealDVD last week when it filed a lawsuit against RealNetworks. The Motion Picture Association of America accused Real of violating the Digital Millennium Copyright Act and breach of contract. More...
ASK.COM, NOW WITH MORE ANSWERS: Ask.com is cleaning up its act a bit with the latest (the 11th, I'm told) major update of the search engine, which launches on Monday. The biggest change is that Ask is parsing more data from various sources and displaying that in its search results. If you ask Ask a question, the algorithms will try to give you an answer in the result pages, not just a link to a relevant Web site. Ask.com president Scott Garrell confirmed that, yes indeed, this is the premise that Ask was founded on in 1996 when it was Ask Jeeves, but back then the answers were hand-crafted. Today they're created by the engine. More...
EBAY-BACKED COMMUNITY SITE TOKONI LEAVES BETA: Tokoni, a community site for "sharing stories," has formally launched after nearly a year of public beta. It has taken investment backing from eBay as well as the auction giant's founder, Pierre Omidyar, and was founded by former eBay executive Mary Lou Song and Alex Kazim, former president of the eBay-owned Skype. Kazim serves as Tokoni's CEO. "We created Tokoni to fill the distinct need for an online community where individual stories of life's experiences have a voice and are valued, and where the collective wisdom of the community is celebrated," Kazim said in a release. More...
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