The Latest Business Headlines from WWJ Newsradio 950
Stocks Tumble Again | Wall Street suffered a last-minute dip Wednesday as a rate cut failed to alleviate fears that paralysis in the credit markets will set off a global recession. | Story
U.S. Could Take Stake In Banks | The Bush administration is considering taking ownership stakes in certain banks as an option for dealing with a severe global credit crisis. | Story
Auto Shares Fall | Auto stocks tumbled Wednesday on fears about the companies' ability to survive an economic downturn and credit crisis, Dow Jones Newswires reports. | Story
Auto Sales Outlook Grim | Global Insight downgraded its forecast for this year to 13.6 million vehicles. Automotive Industry Research sees 2009 sales at 13.4 million. | Story
Detroit Finances In The Red | The budget deficit is at least $100 million. Mayor Ken Cockrel Jr. may propose a plan of action within a few days, The Detroit Free Press reports. | Story
Delphi Suit | A federal judge signaled Wednesday he may allow Delphi Corp. to pursue broader fraud claims against Appaloosa Management, The Wall Street Journal reports. | Story
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18 And Still Moving
In the midst of profound uncertainty regarding the state, national and world economies, Strategic Staffing Solutions celebrated a major milestone October 1st. We turned 18!
It hardly seems possible that it was 18 years ago when we opened for business with three employees at our initial headquarters on Woodbridge just east of the Renaissance Center. More...
STATE OF MICHIGAN WORKERS TAKE ADVANTAGE OF ALTERNATIVE WORK SCHEDULE OPTIONS: Since early this year, two out of every five State of Michigan workers have opted for alternative work arrangements. Based on preliminary data gathered since the beginning of this year, about 21,000 workers (41.2 percent) have modified their schedules based on the new work options presented to them. More...
PRESIDENT SIGNS MENTAL HEALTH PARITY BILL: After getting the green light from Congress last week, the president signed mental health care benefits parity legislation into law Friday, according to a Business Insurance article. The provision, included in a broader financial services bailout bill, will require health care plans to provide equal coverage for mental disorders as they do for most other physical illnesses. Most health care plans do not meet this requirement at this time. It is estimated that the change in the law, slated to go into effect Jan. 1, 2010, will increase insurance premiums by 0.2 percent a year. Based on the changes, plans will no longer be allowed to limit the number of annual outpatient visits for treatment of mental disorders while not imposing a similar limit on outpatient visits for other illnesses. More...
SBA INTRODUCES ITS NEW ONLINE RESOURCE FOR BABY BOOMER ENTREPRENEURS: The U.S. Small Business Administration Wednesday unveiled a new Web site geared to the 50-plus entrepreneur, providing useful information, links and resources vital to starting, growing and expanding a small business.
The new Web site at www.sba.gov/50plusentrepreneur features interactive information and links to help 50-plus entrepreneurs consider the benefits and rewards of business ownership, and to help them make informed choices.“We believe 50-plus entrepreneurs will drive significant new business growth in the coming years,” SBA Acting Administrator Sandy K. Baruah said. More...
ASE GEARS UP FOR ANNUAL SUMMIT, HR EXEC OF THE YEAR CEREMONY: A few years ago, the people who work at the American Society of Employers (ASE) noticed that no one was honoring local stars in the HR profession, so they decided to do something about it. Now, the Southfield-based human resources and employer services organization honors three HR Executives of the Year every year as part of its annual summit. During this year's ceremony, which will be held Oct. 29 at the Ritz-Carlton in Dearborn, three HR professionals will receive awards for their outstanding service to the HR profession, said Joe DeSantis, ASE's director of communications. At the event, three ASE employees also will be awarded for their work with the organization, and ASE members will have a chance to hear about the organization's latest efforts and initiatives. More...
WORLDWIDE AUTOMOTIVE REPORT PODCAST: WWJ Newsradio 950's Jeff Gilbert reports that auto sales are going to get worse before they get better. Where will auto stocks bottom out? Plus, Toyota expands its presence in Michigan.
THE TECH DOWNTURN: HOW LONG AND HOW BAD?: How bad those conditions will be and how long they'll last is anyone's guess. The CNET Technology Index, which tracks 66 publicly traded tech companies, dropped for the third straight day Wednesday to hit its lowest level in more than three years. Even the healthiest of companies are seeing their stocks being sold en masse. Google, for example, finished trading Wednesday down 2.28 percent to $338.11 per share; that's a new 52-week low and less than half the asking price for a Google share in November 2007. CNET contacted more than 20 tech executives, venture capitalists, and industry gurus Wednesday to ask "How long and how bad this will be for the tech industry, and what should companies do about it? More...
BUSINESS, LABOR URGE BUSH TO SIGN RIAA-BACKED COPYRIGHT BILL:With only five days left for President Bush to decide whether to sign into law a controversial copyright bill, business lobbyists and even the AFL-CIO are pushing for it to become law. Most bills to expand copyright law are bipartisan--one aimed at file-swappers and prerelease movies in 2005 comes to mind--and the so-called Prioritizing Resources and Organization for Intellectual Property Act is no exception. Sens. Patrick Leahy, a Democrat, and Arlen Specter, a Republican, are the sponsors, and it enjoys the support of the Recording Industry Association of America. More...
GOOGLE LAUNCHES MAIL GOGGLES TO SAVE YOU FROM YOURSELF: It's silly (or is it?) experiment that Google has released to the public: Mail Goggles. This feature is designed to prevent you from sending stupid e-mails in the small hours, when you're most likely to be inebriated and at risk of making a complete idiot of yourself. When enabled, Mail Goggles kicks in at the time you specify (default is between 10 p.m. and 4 a.m. on Friday and Saturday), and throws five math problems up on the screen when you press "send." You have a limited period of time to solve them. If you can answer the questions, presumably you're of mind sound enough to tell off your boss, or pour your heart out to your ex-lover. If you can solve simple math problems even when under the table, there's an option to ramp up the difficulty of the questions, but sadly they remain in the arithmetic realm and don't drift into interesting algebra or calculus. More...
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