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| September
8, 2008
The
Latest Business Headlines from WWJ Newsradio 950
Housing
Industry Hope | The federal takeover of Fannie
Mae and Freddie Mac could turn around southeastern Michigan's
anemic housing market, The Detroit News reports.
| Story
Loans
Sought for Auto Industry | Automakers hope
to secure up to $50 billion in government loans to pay
for modernizing plants and building more fuel-efficient
vehicles. | Story
Employers
May Foot Bill | Outstanding federal loans are
likely to trigger higher unemployment taxes on some
Michigan employers, Crain's Detroit Business reports.
| Story
Money
for Start-Ups | All around Michigan, small
groups of wealthy individuals are looking to invest
in attractive start-up companies, the Detroit Free
Press reports. | Story
Michigan
Energy Plan | Lawmakers are close to completing
a state energy plan, but critics are attacking a requirement
in the legislation to use more renewable energy. | Story
Portion
of Gateway Project Complete | Drivers heading
into and out of downtown Detroit via I-96 will have
new pavement to drive on Monday morning. The I-96 portion
of the Gateway Project has been completed early. | Story
Stocks
End Higher | Most issues rose Friday and declined
on the week as Thursday's weekly employment report gave
traders an early read of August's rise in unemployment.
| Story
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Stories
marked with 
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REGIONAL
BUSINESS GROUPS EXPRESS RELIEF, OFFER SUPPORT AFTER
KILPATRICK'S DEPARTURE
Business
organizations last week expressed relief that the scandal
surrounding Detroit Mayor Kwame Kilpatrick is coming
to an end – and offered to help city officials
move forward under a new administration.
“We’re
relieved that the legal situation and the trial are
all over with,” said Ed Deeb,
president and CEO of the Michigan Business and
Professional Association and the Michigan
Food and Beverage Association, sister organizations
based in Warren.
Deeb
said Kilpatrick’s resignation should be good for
business in the city and the region, if only because
it eliminates a lot of uncertainty. The city lost a
few big conventions during the period since the Kilpatrick
scandal emerged, Deeb said. With the scandal in the
past, he says, it should be easier to attract meetings
and other types of business to Detroit. More...
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| City
in Transition After Mayor's Resignation Announcement
There
was plenty of activity at Detroit's Coleman A. Young
Municipal Center Friday, one day after Mayor Kwame Kilpatrick
resigned. Some city council members were in their offices.
WWJ Newsradio 950's Pat Sweeting reports bomb-sniffing
dogs were brought to the downtown building after a threat
was received. More...
Special
Detroit Mayoral Primary Could Take Place Feb. 24
A resolution setting dates for a special mayoral
election to fill Kwame Kilpatrick's remaining term is
being prepared for the Detroit City Council. City Clerk
Janice Winfrey says the council could receive the resolution
from the Law Department on Tuesday. The primary would
be Feb. 24 with a May 5 general election. More...
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KILPATRICK,
COCKREL TO MEET: Less than a week after admitting
he lied and pleading guilty to two felony crimes, Detroit
Mayor Kwame Kilpatrick will be meeting with incoming
mayor Ken Cockrel Jr. The meeting will take place at
10 a.m. Monday in Mayor Kilpatrick's office. More...
GRANHOLM
LOOKING TO ATTRACT JOBS FROM JAPAN: Just hours
after Detroit Mayor Kwame Kilpatrick criticized her
for putting him at the top of her issues, Michigan Governor
Jennifer Granholm announced plans to take a five-day
trade trip to Japan. Granholm said Friday that she will
visit 23 companies in four cities on the trip that begins
Sept. 15. More...
 HOME
LOAN TROUBLES BREAK RECORDS AGAIN: The source
of trouble in the mortgage market has shifted from subprime
loans made to borrowers with bad credit to homeowners
who had solid credit but took out exotic loans with
ballooning monthly payments. The Mortgage Bankers Association
said Friday that of more than 4 million American homeowners
with a mortgage, a record 9 percent were either behind
on their payments or in foreclosure at the end of June.
More...
LONGER-TERM
CAR LOANS ARE COMING BACK: It’s a sign
of the times for car buyers. The financing arms of U.S.
auto companies are shifting to longer-term car loans
as they eliminate or scale back their participation
in the leasing business. What does this mean? Well,
a longer maturity on loans translates into a slower
repayment of principal, increasing the potential magnitude
of losses resulting from defaults. It also means that
these companies should set aside more reserves to account
for possible losses from these loans, on top of the
funds they have squirreled away to support the souring
credit quality of their portfolios. More...
JOBLESS
RATE HITS 5-YEAR HIGH: The nation's unemployment
rate zoomed to a five-year high of 6.1 percent in August
as employers slashed 84,000 jobs, dramatic proof of
the mounting damage a deeply troubled economy is inflicting
on workers and businesses alike. The Labor Department's
report, released Friday, showed the increasing toll
the housing, credit and financial crises are taking
on the economy. The report rattled
Wall Street again. More...
 WHO
OWNS WHAT WHEN EMPLOYEES CREATE THINGS? In
an increasingly service-based economy businesses rely
upon the ideas and intellectual property generated by
their employees more than ever. But how does a business
ensure that their employees’ creations, for which
they are paid a salary, are owned by and remain in the
possession of the employer? As a rule, if a work is
“made for hire,” the employer, not the individual
employee, is considered the author and owner of the
copyright. But the terms of a person's employment can
make a difference. On CBSNews.com, columnist Owen Seitel
provides details. More...
THE
VIRTUES OF HIRING FROM THE OUTSIDE: Experience
can be a valuable thing in a new recruit – or
a real problem. The baggage those new hires bring from
prior jobs can negate the benefits of their experience.
In an article on the Knowledge@Wharton Web site, Wharton
management professor Nancy Rothbard asserts that employers
might be better off investing in training fresh recruits
with little experience in an industry. Why do that?
Because it gives companies more control over how new
workers adapt to their corporate strategies and cultures.
For more, click
here.
WORLDWIDE
AUTOMOTIVE REPORT PODCAST: Cadillac has some
big plans. Some involve big vehicles. Others have a
more European feel. 
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Editorial
Staff:
The Daily Dash - Monday edition is written and edited by James Melton, Ed Coury, and Matt Roush |
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 NEWS
FROM CNET
WANT
TOP SEARCH RESULTS? TREAD CAREFULLY: In the business
of promoting Web sites to top search results, some push
limits to find what tricks are allowed. But there's evidence
the trade is getting more respectable. More...
DELL
PLANNING TO DITCH FACTORIES: During the conference
call reporting on second quarter financial results, Dell's
new CFO Brian Gladden said several times that the company
has "more work to be done," to improve profitability
and decrease costs. He wasn't kidding. Over the last year
Dell has cut headcount by more than 8,000, and now The Wall
Street Journal is reporting that the company is planning
to radically alter its production line by selling off its
factories to contract manufacturers. More...
MICROSOFT
TRIES TO RECLAIM WINDOWS' IMAGE: After years of
letting Apple's attack ads go unanswered, software maker
sets out on difficult, costly journey of trying to take
back control of what Windows stands for. More...
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