Daily Dash - September 25, 2008

September 25, 2008

The Latest Business Headlines from WWJ Newsradio 950

Bush: Economy in Danger | In a prime-time address, President George W. Bush said the nation faces a "long and painful recession'' if Congress fails to approve a $700 billion government rescue plan. He said "our entire economy is in danger." | Story

Bailout Deal Could be Near | President Bush is bringing presidential candidates Barack Obama and John McCain into negotiations on a $700 billion rescue of Wall Street as Democrats and Republicans near agreement on a plan with more protections for taxpayers and new help for distressed homeowners. | Story

Daimler Selling Chrysler Stake | The Germany's automaker says it is in talks to sell its remaining stake in Chrysler to private-equity firm Cerberus Capital Management LP.| Story

Automaker Loans Advance | The House has passed a budget bill with $25 billion in loans for automakers. The $630 billion-plus measure now goes to the Senate. | Story | Related Podcast

GM Accelerates Cost Cutting | General Motors Corp. will begin seeking buyers for a French plant next month, when it also kicks off the sale for its Hummer SUV brand, Reuters reports. | Story

Cockrel to Appear on 'Today' Show | New Detroit Mayor Ken Cockrel Jr. will be featured in a 2008 presidential battleground segment on NBC's ''Today'' show. | Story

Stocks Close Mostly Lower | Indecision over the bank bailout plan weighed on investors, offset slightly by optimism over Warren Buffett's deal to buy a stake in Goldman Sachs. | Story

DETROIT SHOWS IT'S IN THE RACE TO BRING ELECTRIC VEHICLES TO MARKET

If everything goes as planned, 2010 could literally be an electrifying year for the Detroit automakers.

That's when General Motors Corp. hopes to launch its innovative Chevrolet Volt plug-in hybrid car, which combines an electric drive train with an onboard gasoline motor to generate electricity when the batteries lose power. And as of this week, the world knows that Chrysler LLC is working on a trio of electric-powered models. Chrysler promises to put one of the vehicles on sale in the U.S. in 2010.

Last week GM gave the world its first look at the production version of the Volt at an event celebrating the 100th anniversary of the company. On Tuesday, Chrysler showed reporters three electric prototypes: a Dodge sports car, a four-door Jeep Wrangler and a Chrysler minivan.

Chrysler also unveiled the Peapod (pictured above), a new small "neighborhood electric vehicle" that can go up to 30 miles on a charge. More...

What's it Like to Drive an Electric Car? Jeff Gilbert Takes a Spin

WWJ Newsradio 950 Auto Beat Reporter Jeff Gilbert takes one of Chrysler's electric vehicles on a lap around the test track. He says the experience is "eerily quiet." For a podcast of his report, click here.

More Buyers Picking Cars Based on Gas Mileage, Report Says

If you doubt that the rush to create more fuel-efficient vehicles is a life-or-death struggle for the Detroit Three automakers, consider a report released Wednesday by J.D. Power and Associates. More new-vehicle buyers than ever cite inadequate gas mileage as a reason for choosing one car over another, the research firm finds. And, the report says, a growing number of potential car buyers are considering Asian brands. Meanwhile, the number considering domestic brands is shrinking. More...

HOLLYWOOD DISCOVERS MICHIGAN: You may have seen them in your town. Movie stars and film crews have been increasingly coming to Michigan, thanks in part to new tax breaks offered by the state. While our state is not likely to replace Hollywood as capital of the American film industry, the increased activity here is providing a needed boost to the economy. In an "Our Michigan, Our Future" report, WWJ Newsradio 950's Lansing Bureau Chief Tim Skubick focuses on the film industry's newfound interest in Michigan. To hear the report, click here.

OAKLAND TO MARKET ITSELF AS MEDICAL MECCA: Oakland County Executive L. Brooks Patterson Wednesday announced the creation of a medical branding initiative among major hospital systems, medical device manufacturers and higher education in the county. The county hopes it will lead to billions of dollars in new investment and thousands of new jobs. For more, from the Great Lakes IT Report, click here.

LOCAL DOCTOR IS MEDICAL MISSIONARY: In a "Making a Difference" report, WWJ Newsradio 950's Bill Stevens features a prominent local cardiologist donating her time and skills to patients in Nicaragua. To hear the report, click here.

RENAISSANCE VENTURE FUND HAS NEW LEADER: Detroit Renaissance, a private, non-profit leadership organization dedicated to accelerating the region’s economic growth, has hired Christopher Rizik as CEO and fund manager of its new Renaissance Venture Fund. Before joining Detroit Renaissance, Rizik was co-founder, partner, and board member of Ardesta LLC, the nation’s first accelerator for the nanotechnology and microtechnology field. For more, from the Great Lakes IT Report, click here.

SPIRIT OF DETROIT TURNS 50, GETS FACELIFT: A symbol of a city newly emerged from seven months of embarrassment and a mayoral scandal has been rededicated in downtown Detroit. New Mayor Ken Cockrel Jr. and other city officials attended Tuesday's ceremony for the iconic, 50-year-old Spirit of Detroit statue outside the Coleman A. Young Municipal Building. More... | For video of the ceremony, from WWJ Newsradio 950, click here.

WORLDWIDE AUTOMOTIVE REPORT PODCAST: The loan plan for auto companies takes a big step forward. General Motors looks at new ways to cut costs. Daimler looks to sell its remaining stake in Chrysler.

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.

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