September 4, 2008

The Latest Business Headlines from WWJ Newsradio 950

Kilpatrick's Last Day? | Reports this morning say that Detroit Mayor Kwame Kilpatrick's entire legal team huddled in the Manoogian Mansion late Wednesday night, trying to hash out details of a possible plea deal that would end Kilpatrick's tenure as mayor of Detroit. | Story | Related Story

Auto Incentives Help Sales | General Motors' "Employee Discount for Everybody" promotion pushed sales to their highest levels of the year, but they were well off the numbers recorded one year ago. | Story | Related Podcast

GMAC Job Cuts | GMAC Financial Services said it will close all of its 200 retail offices and lay off about 5,000 employees as part of plan to reduce its mortgage lending and servicing. | Story

Tracinda Settles Claim | Kirk Kerkorian's Tracinda Corp. settled claims that it suggested it might increase a stake in GM while looking to sell the stock, Bloomberg reports. | Story

Mall Gets Makeover | Eastland Mall has struggled, but it appears to have turned the corner as it begins welcoming retailers to vacant spaces, the Detroit Free Press reports. | Story

Stocks Close Mixed | Major indexes seesawed through the day and finished mixed as' rising fears of a global economic slowdown ultimately prevailed over other news. | Story

MICHIGAN’S BOUNCE BACK: ECONOMISTS PREDICT JOB GROWTH TO START AGAIN BY 2010

New reports indicate that there is more pain ahead for the Michigan economy – but that the end of the state's economic anguish could be in sight.

An economic forecast released last week by the Research Seminar in Quantitative Economics at the University of Michigan predicts that the state's economic slump will continue for another two years – costing the state about 90,000 jobs. But in 2010, the UM forecast projects, the state will see a slight gain of about 30,000 jobs – including the hiring of temporary workers for the 2010 Census.

UM economists first predicted the state would see a small job gain in 2009, but have revised that. They now say rising food and energy prices will delay the recovery of the state's economy until the following year. More...

NextEnergy Drives Alt. Energy Investment, Jobs in Michigan

By Dan Radomski,
President and Director of
Industry Services, NextEnergy

Since its inception, NextEnergy, a non-profit organization, has sought, through our Industry Services division, to re-focus Michigan’s existing industries to support alternative energy technology business growth. We have been extremely fortunate to have the Michigan Economic Development Corp. assist us with these efforts. More...

MSU BIOFUELS TECH TO BE COMMERCIALIZED: A Kansas-based company has licensed Michigan State University technology that uses enzymes from a microbe in a cow’s stomach to create plants that can be more efficiently turned into biofuel. Enzymes that allow a cow to digest grasses and other plant fibers can be used to turn fiber from other plants into simple sugars. Mariam Sticklen, an MSU professor of crop and soil sciences, discovered a way to insert a gene from a bacterium in a cow's stomach into a corn plant so the fiber in corn leaves and stalks can be more easily converted into simple sugars. These sugars can then be fermented into biofuels or other valuable chemicals. More...

NATION, CITY ON WRONG TRACKS, SURVEY FINDS: A poll commissioned by the business and civic organization Detroit Renaissance found that the vast majority of Detroit's residents are ready for change – on both the national and local levels. Among other things, most want a new mayor. Their favorite candidate to replace Mayor Kwame Kilpatrick is businessman and former Detroit Piston Dave Bing. More...

KETTERING BEEFS UP ENTREPRENEURIAL EDUCATION: The Department of Business at Flint's Kettering University recently welcomed entrepreneur Art DeMonte to the faculty, implemented a new entrepreneurship minor and continues encouraging students to take BUSN-572 Innovation and New Ventures. Kettering officials say it all harkens back to the skunk works – the legendary organization within Lockheed Aircraft Corp. during World War II that led to rapid technological advancement. For more, from the Great Lakes IT Report, click here.

DETROIT CIOS PLAN FOURTH-QUARTER HIRING: A net 9 percent of Detroit-area chief information officers expect to hire information technology professionals in the fourth quarter of 2008, according to the most recent Robert Half Technology IT Hiring Index and Skills Report. Twelve percent of executives surveyed plan to add staff during the quarter and 3 percent anticipate reductions in personnel. The net 9 percent increase is unchanged from the area's third-quarter 2008 forecast and one point above the national average. For more, from the Great Lakes IT Report, click here.

STUDENT STAYS CONNECTED TO KIDS IN NEED: In a "Making a Difference" report WWJ Newsradio 950's Bill Stevens talks to an Alma College student who stresses the importance of giving back to the community.

BACK TO SCHOOL IN WEST BLOOMFIELD: In an "Our Michigan, Our Future" report, WWJ Newsradio 950's Greg Bowman talks with West Bloomfield's new school superintendent about going back to school this fall. New programs at the district include an all-day kindergarten and another that allows high-school students to earn college credit early.

WORLDWIDE AUTOMOTIVE REPORT PODCAST: August car sales were up from July, down from last year. GMAC makes cuts in its mortgage business. Ford execs make their plea to the GOP.

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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