The Latest Business Headlines from WWJ Newsradio 950
UAW, Ford Have Pact | The agreement is for changes to the Voluntary Employee Beneficiary Association -- the union's health care trust for UAW Ford retirees. | Story
Rattner To Advise Autos | Wall Street financier Steven Rattner will advise Treasury Secretary Timothy Geithner on the restructuring of GM and Chrysler. | Story
Steel Could Guide Detroit | The steel industry's revival may provide a roadmap for a government team trying to save Chrysler and General Motors. | Story
DIA Cuts |The Detroit Institute of Arts will trim six million dollars from its 34-million dollar budget by eliminating 56 full-time jobs and reducing programs. | Story
U of M Ends Russell Deals | The University is ending licensing agreement with Russell Corp. over workers' rights issues at a plant in Honduras. | Story
Receiver Sought For St. Regis |An Illinois bank is asking a judge to appoint a receiver to take control of the hotel in Detroit's New Center area.| Story
Big Drop For The Dow | The markets plunged in afternoon trading to close at 1997 lows, as investor concerns about the economy increased. | Story
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PRESIDENT TO ADDRESS THE NATION:President Barack Obama is barreling ahead on a mammoth economic agenda by making his case to the nation. Obama is set to give a prime-time speech at 9 p.m. to Congress and to millions of people watching at home. His goal is explain that fixing the economy will take progress on several serious matters at once, and that the passage of the $787 billion stimulus plan was just a start. Officials say the speech will touch on foreign policy and is not expected to roll out new policy initiatives. In essence, it is a chance for Obama to update the nation on what his administration has done with Congress and build a case for more action on health care, energy, education and the budget deficit.
WWJ ENERGY SAVINGS SEMINAR:WWJ Newsradio 950 and WVMV Smooth Jazz V98.7 are hosting another Energy Savings Seminar on Saturday, March 14. The event is a free seminar featuring Larry Kaufman from DTE Energy and other experts providing tips, suggestions and general "how-to" information on reducing energy costs. Kaufman will help show how to reduce energy bills up to 50 percent without giving up comfort. Advanced registration is required. More...
TAXPAYERS QUESTION MORE BAILOUTS:While Americans support the notion the government providing financial help to struggling homeowners, many are resentful of beneficiaries they deem “irresponsible,” a new CBS News/New York Times poll finds. As President Obama pushes a $75 billion mortgage relief plan, sixty-one percent of those surveyed say the government should help homeowners, while 20 percent oppose such help. But while 35 percent say Mr. Obama’s plan makes them feel relieved for people facing foreclosure, just as many are resent the beneficiaries of the program for needing to be rescued after what respondents see as irresponsible behavior .More...
MITSUBISHI BOOSTING PRODUCTION:The automaker plans to increase production in March from February, saying inventories have fallen to the appropriate levels. Plans are undecided for the months ahead, however, given the industry turmoil. All of Japan's automakers have been seriously hit by the global downturn set off by the U.S. financial crisis. They have reduced thousands of jobs and stopped some assembly lines. Tokyo-based Mitsubishi which is forecasting a 60 billion yen ($670 million) loss for the fiscal year through March, its first red ink in three years is reducing its production for the fiscal year by 330,000 vehicles from its initial plan. More...
CUSTOMERS WANT "GREEN" APPLIANCES:Benton Harbor-based Whirlpool Corp. said Monday that a new survey shows its customers are clamoring for energy efficiency. The Harris Interactive survey of 2,042 United States adults conducted between Dec. 29 and 31 showed that 84 percent of consumers say it's energy -- not water use or time -- that is most important to them when it comes to home appliance efficiency. In fact, 72 percent of respondents actively look for the Energy Star label when making purchasing decisions. More...
WORLDWIDE AUTOMOTIVE REPORT PODCAST: GM and Chrysler execs to meet with president's task force on autos. UAW reaches a deal with Ford on Veba. Daimler says it would entertain offers for its stake in Chrysler.
Exiting Workers Are Leaving With Confidential Data: As layoffs continue at a brisk pace, a survey released on Monday shows what many companies fear. Exiting workers are taking a lot more with them than just their personal plants and paperweights. Of about 950 people who said they had lost or left their jobs during the last 12 months, nearly 60 percent admitted to taking confidential company information with them, including customer contact lists and other data that could potentially end up in the hands of a competitor for the employee's next job. More...
President Picks FTC Chair: President Barack Obama plans to appoint current Federal Trade Commission member Jon Leibowitz to lead the agency, which partially enforces antitrust laws and has taken a recent interest in online advertising. An administration official on Monday confirmed to CNET News that Leibowitz, a Democrat appointed to the five-person commission in 2004, would be nominated as chairman. Liberal groups including the ACLU and U.S. PIRG last year called on the Obama administration to appoint a chairman who would take a more regulatory approach. More...
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