September 30, 2008

The Latest Business Headlines from WWJ Newsradio 950

Bailout Rejected | The House defeated a $700 billion emergency rescue plan, leaving both parties and the Bush administration struggling to pick up the pieces. | Story | Related Podcast

Foreign Markets Hit | Most Asian stock markets fell today in reaction to the rejection of the bank rescue plan. European markets began the day's session mixed. | Story

Small Businesses Nervous | Michigan business owners are waiting for the dust to settle to see if they will still have access to financing, Crain's Detroit Business reports. | Story

Detroit Firm Growing | Caraco Pharmaceutical Labs is planning to increase production at its New Center plant next year, and could add nearly 600 jobs over four years. | Story

Bush Vows to Press On | President Bush voiced disappointment Monday at the House vote rejecting his administration's rescue plan for the nation's financial industry. He vowed to keep pressing on in search of a way to help the U.S. economy. | Story

Fed Makes Billions Available | The Federal Reserve and foreign central banks agreed to pump billions of dollars into the global financial system Monday to unlock tight lending that threatens to unhinge the U.S. economy. | Story

Dow Plunges 777 Points | It was the worst percentage decline since the aftermath of the 9/11, as Congress failed to pass a rescue plan for financial markets. | Story | Related Story

This Week in 'Your Career'

The credit crisis is having a real impact on the economy.

Employees spending a lot of time on federal paperwork.

HR pros say employees don't understand their benefits.

How to give your job search a fighting chance.

What the credit crunch means to you and your money.

Web site launched to help college hopefuls make good choices.

Free financial seminar.

'Best and Brightest' employers named by MBPA.

Today's Worldwide Automotive Report podcast.

News from CNET

CREDIT CRISIS AFFECTING MAIN STREET ECONOMY, SURVEY OF FINANCE EXECUTIVES FINDS

The crisis on Wall Street is having a real impact on the economy, including hiring plans, a survey of finance executives finds.

Nearly 40 percent of executives polled by the Association for Financial Professionals said their companies experienced restrictions in their access to short-term credit over the previous two weeks. The survey, which was released Friday, found that the tightening credit market is having a material impact on how most companies operate. Without a rapid resolution to the crisis, the impact will be even more dramatic, the executives reported. More...

Feldman Report: We're Spending a Lot of Time on Federal Red Tape

Last year, American workers spent 9 billion hours filling out forms related to federal regulations, mandates and rules, Murray Feldman, business editor for WWJ Newsradio 950 and Fox 2 News says. And the amount of time required is expected to go up.

Employees Don't Understand Their Benefits, HR Pros Say

Nine out of 10 employers think it is important for their employees to understand and appreciate the benefits they receive, according to a survey of human resources professionals conducted by Colonial Life & Accident Insurance Co. The trouble is, most employees don't. More...

WHAT THE CREDIT CRUNCH MEANS TO YOU: How will the plunge on Wall Street affect you personally? In a podcast, Dana Johnson, chief economist at Comerica Bank, answers that question.

CREDIT CRUNCH HARD ON FRANCHISEES: Thinking about opening or expanding a franchise? This might be a bad time. According to a report in Monday's Wall Street Journal, lenders are tightening credit to restaurant franchisees. That could make it harder for franchise owners to remodel existing locations and buy new restaurants."It is a sign of how the turmoil on Wall Street is spreading to large companies and small business owners," the Journal says. For the complete article, click here.

WHAT THE WASHINGTON MUTUAL COLLAPSE MEANS TO SMALL BIZ: Last week, the Federal government took over the largest and oldest bank to fail ever. Deposit customers of WaMu are not at risk for deposits in excess of $100,000, which are the FDIC’s limits on deposit insurance. Sadly, if you are a small business loan customer of WaMu, your loan has just become much more difficult to deal with. Your rates and terms will remain the same, but servicing of your loan will now be in limbo for several weeks or months, columnist Sam Thacker writes. For more, from CBSNews.com, click here.

DON'T SIGN THAT SEVERANCE AGREEMENT IN HASTE: If you have been laid off, it's a bad idea to quickly sign a severance agreement, Forbes career columnist Tara Weiss says. Her advice: "Before signing anything, spend the $200 or so it will cost to have a lawyer review the agreement, and discuss the details of your layoff." More...

WEB SITE HELPS STUDENTS FIND, GET INTO COLLEGES: The National Association of College Admissions Counselors and Monster Worldwide have launched a new Web site aimed at providing tips and helping prospective college students find – and get into – the schools that are right for them. More...

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...

CHAMBER OFFERS MARKETING LUNCH SERIES: The Detroit Regional Chamber is launching Maverick Marketing Mondays, a new lunch series designed to help small businesses market themselves without a large budget. The chamber says the series will boast a lineup of national and local speakers who are successful "mavericks" in their industries. More...

BEST AND BRIGHTEST EMPLOYERS NAMED: Looking for a great place to work? The Warren-based Michigan Business and Professional Association has named its Metropolitan Detroit’s 101 Best and Brightest Companies to Work For list for 2008. The companies, which are honored for their good human resources practices, will be honored at a symposium and awards gala in November. More...

EVENT TO LOOK AT HEALTH CARE PROPOSALS: Health care leaders will be in Detroit Oct. 9 to discuss the feasibility of health care proposals made by Sen. John McCain and Sen. Barack Obama at a summit meeting presented by the Michigan Cover the Uninsured Network. The event, “Health Coverage in America: Understanding the Issues and Proposed Solutions," will be held from 6-8 p.m. at the Detroit Marriott Hotel. More...

WORLDWIDE AUTOMOTIVE REPORT PODCAST: The auto industry hoping that financial market fix will pass. Automakers have been hurt by stock market collapse. General Motors gets tax break for Chevy Volt factory.

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