Daily Dash - October 7, 2008

October 7, 2008

The Latest Business Headlines from WWJ Newsradio 950

Countrywide Will Pay | More than $9.8 million will be paid to assist Michigan homeowners who have lost their homes to foreclosure, The Detroit News reports. | Story

Detroit Residents Optimistic | 47.1 percent responding to a survey predict improvement, 41.2 percent believing the city will stay the same, Crain's Detroit Business reports. | Story

Record U of M Research Activity | Research spending at the Ann Arbor school reached $875.8 million in its 2007-08 fiscal year -- a 6.4 percent increase from the previous year. | Story

Entrepreneur Summit Planned | The "E2 Detroit Entrepreneurs' Conference" is being produced by Wayne State's Tech Town-- which acts as an incubator for new business development. | Story

Governor Signs Energy Bills | A change in the way Michigan regulates electric utilities and pursues alternative energy such as wind power has been approved by lawmakers. | Story

Wild Ride On Wall Street | The Dow fell as much as 800 points before recovering to close with a loss of 370, closing below 10,000 for the first time in four years. Story

Stories marked with have a related podcast at WWJ.com.

Listen to WWJ Newsradio 950 live on the Web anytime

 

In Today's Issue

WSU to Host Entrepreneur's Summit

Forecasters See Wobbly U.S. Economy Ahead

Emerging Market Investment: A Safe Bet?

News from CNet

Today's Worldwide Automotive Report podcast

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WSU TO HOST ENTREPRENEUR'S SUMMIT: A big conference at Wayne State University Wednesday is designed for Metro Detroiters who dream of starting their own business. The "E2 Detroit Entrepreneurs' Conference" is being put on by Wayne State's Tech Town -- which acts as an incubator for new business development. Roger Penske was originally scheduled to headline the event, but a WSU spokeswoman told WWJ that a scheduling conflict will require him to be overseas. Lisa Stern, founder and CEO of Big Communications, will serve as keynote speaker instead. More...

MSU STUDY: 60% IN MICH. SAY THEY'RE WORSE OFF THAN IN '04: Are you better off today than you were four years ago? A new poll finds that 60% of Michigan adults say 'no'. But the study, done by researchers at Michigan State University, finds that more than half say things will be better a year from now. The 60% who say their personal finances are worse than 4 years ago is the highest percentage ever recorded in the survey since it was started 14 years ago. More...

FORECASTERS SEE WOBBLY U.S. ECONOMY AHEAD: A growing number of economists believe the United States is on the brink of - or already in - its first recession since 2001 and that it will be longer lasting. That's part of the latest outlook from forecasters in a survey to be released Monday by the National Association for Business Economics, also know by its acronym NABE.Close to 69 percent of the economists think the economy has started or will enter a recession this year. That's up from 56 percent in a survey in May.The general view is that this recession will be longer than the last two - lasting roughly one year, but relatively mild," the survey concluded. More...

EMERGING MARKET INVESTMENT: A SAFE BET?: CBS News' Lary Magid reports that the current economic crisis has a lot of people wondering where to put their money. The stock market is chaotic, some banks are wobbly and real estate, that old standby, is on a downward spiral. But before you start stuffing money under your mattress, consider going online to loan some of it to a strawberry farmer in Ecuador, a secondhand clothing store in Senegal or a health food store in Zapata, Texas. Loans like these can be surprisingly safe and, in some cases, pay as high an interest rate as bank CDs. More...

MICHIGAN MONEY SUMMIT: Join WWJ Newsradio 950 at the Vistatech Center at Schoolcraft College for the free financial seminar "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...

YOUR MONEY: MANAGING CERTIFICATES OF DEPOSITS: Associated Press Personal Finance editor Trevor Delaney offers guidance on managing your certificates of deposit. Video

WORLDWIDE AUTOMOTIVE REPORT PODCAST: GM looks to use its headquarters building to raise cash. Auto stocks hit new lows. Oil and gasoline prices also fall. Details from WWJ AutoBeat Reporter, Jeff Gilbert:
 


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


NEWS FROM CNET

MORE COMPANIES BRACING INVESTORS FOR CURRENT QUARTER: With only a week into the fourth quarter, the number of companies that have already rejiggered their financial forecasts--even before they've reported their third-quarter results--has gone up two-fold, according to a company that tracks earnings estimates. SAP and Netflix are two of the latest examples of companies that have retooled Wall Street's expectations for how to perceive their fourth quarter financial performance, even though they have yet to announce their third quarter results that ended on September 30. More...

AMD TO SPIN OFF MANUFACTURING: On Tuesday, Advanced Micro Devices will announce a long-expected restructuring, according to sources familiar with the deal. As expected, the No. 2 supplier of PC processors will split into two companies: one for designing chips, the other for manufacturing them. The capital-intensive business of manufacturing chips is weighing on AMD as it reels under a $5 billion debt load. The investment is expected to allow AMD to remain directly involved in chip manufacturing--crucial for competing with Intel, which has used its manufacturing prowess to great advantage. AMD would not comment Monday. The company has secured about $5.7 billion of "confirmed, pledged investment," with some of the money earmarked for a future manufacturing facility in Malta, New York, according to sources. More...

 

REPORT: IPHONE 2.2 GETTING GOOGLE'S STREET VIEW: Maybe iPhone users won't have to covet one of those shiny new features in Google's Android operating system after all: Google Maps Street View. The driver's-eye view is a prominent part of the first Android phone, T-Mobile's G1, which goes on sale October 22. But according to Mac Rumors on Monday, Apple has snuck Street View into the iPhone 2.2 firmware beta release. More...
 

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