Detroit

Stories 441 - 460 | << Prev   Next >>

Cash-Poor MGM Mirage May Sell Casinos

(Newser) - MGM Mirage, the gambling conglomerate, is considering the sale of casino properties in Michigan and Mississippi to pay down debt and save an underfunded Las Vegas development, the Wall Street Journal reports. The Vegas-based company has retained Morgan Stanley to shepherd the sales of the MGM Grand Detroit and Biloxi’...

Raccoon as Main Course: Serves 4 for $12

(Newser) - A sign of the times, maybe, in struggling Detroit: Charlie LeDuff checks in with a 69-year-old retiree who supplements his income by hunting raccoons and selling the carcasses for $12—a typical raccoon serves four—and the pelts for $10. “Coon or rabbit,” Glemie Dean Beasley, a native...

Detroit Hopes for NCAA Boost
 Detroit Hopes for NCAA Boost 
Apr 2, 2009 8:03 AM CDT

Detroit Hopes for NCAA Boost

(Newser) - Downtown Detroit will be hopping this weekend, as hoops fans overrun the city for the Final Four. But outside the carousing along the city’s spruced-up main drag, things look as dire as ever, the Washington Post reports. One in five residents are unemployed, and abandoned homes and factories line...

Auto Plan Drives GOP in Different Directions

Parochial concerns results in a less-than-unified response

(Newser) - Republicans were caught off guard by Obama’s auto moves yesterday, and they responded in wildly different ways, Politico reports. Some complained the president hadn’t been hard enough on GM and Chrysler, while others groused that he’d been harder on them than he’d been on Wall Street....

Detroit's Papers Missing on Red-Letter Day

Freep , News stop delivery on day GM CEO forced out

(Newser) - Yesterday was a once-in-a-lifetime news day in Detroit: GM's boss was forced out, Chrysler was pushed to merge with Fiat, Michigan State made it to the Final Four—and the first day that Motor City's two daily newspapers didn't land on doorsteps to tell readers all about it. Both the...

White House Favors Managed Bankruptcy for Chrysler, GM

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy and...

Obama: No Auto Bailout Without More Concessions

(Newser) - GM and Chrysler got tough love from Barack Obama today, with the president declaring that they haven't made substantial enough changes to justify another federal bailout, and decrying the “failure of leadership” to come up with viable restructuring plans. Obama said the companies would have to regroup radically to...

7,500 Hourly UAW Workers Take GM Buyouts

The total is now 60,500 buyouts since '06

(Newser) - General Motors has convinced 7,500 unionized, hourly workers to accept buyouts and exit the company as early as next week, the Wall Street Journal reports. The automaker offered $20,000 in cash and $25,000 car vouchers—far less than previous offers—in this latest round of cuts to...

In Bankruptcy Maneuver, GM May Split in 2

If GM faces Chapter 11, a splitting of the company could avert disaster

(Newser) - General Motors executives and Treasury officials alike seem adamant that the company should avoid Chapter 11 bankruptcy at all costs, but bankruptcy scenarios are already crystallizing behind the scenes, BusinessWeek reports. One option calls for splitting the company into a “good GM,” which would emerge from bankruptcy with...

Muscled and Svelte, New Camaro Is No Meathead
Muscled and Svelte, New Camaro Is No Meathead
AUTO REVIEW
Mar 21, 2009 7:36 PM CDT

Muscled and Svelte, New Camaro Is No Meathead

Reworked car could be Detroit's savior

(Newser) - General Motors hopes to muscle its way back from the brink of bankruptcy by reintroducing the Chevrolet Camaro, a macho stud-machine that is flexed to impress, Joseph Szczesny writes in Time. “The new Camaro goes well beyond the old-fashioned ‘Detroit iron’ of the 1960s and '70s,” writes...

Chrysler, GM May Need 'Considerably' More US Aid

(Newser) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s...

Chrysler Wants $1.5B More for Auto Loans

(Newser) - Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’s...

Bankruptcies Could Boost US Car Sales

Restructuring could convince consumers to take a chance, say marketers

(Newser) - Contrary to what GM and Chrysler contend, bankruptcies could actually end up boosting their sales. Customers who backed away from the brands amid uncertainty may return once the future is known—even if it's one that entails Chapter 11, marketers tell Advertising Age. Case in point: Studebaker lasted 30 years...

Autoworkers, Bankers Have a Lot in Common
Autoworkers, Bankers Have a Lot in Common
OPINION
Feb 18, 2009 9:11 AM CST

Autoworkers, Bankers Have a Lot in Common

Exorbitant pay of both brought down their respective industries

(Newser) - They may not seem all that similar, but Detroit’s autoworkers and Wall Street’s bankers have the same story, writes Steven Pearlstein in the Washington Post. From the 1950s up until, say, yesterday, "autoworkers were the aristocrats of the blue-collar world, (and) Wall Street traders and investment bankers...

GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse

(Newser) - The restructuring plans unveiled by GM and Chrysler make one thing clear: the cost of bailing out the companies has jumped $14 billion to a total of $39 billion. But as the White House begins to pick through the plans, the companies say it would be far more expensive if...

Captive Woman Forced to Wear Diaper, Listen to Bible Verses

Ohio police say she was held 3 days

(Newser) - A Michigan woman kidnapped last week was held against her will for three days as her captor read the Bible to her, police say. The alleged assailant picked up the woman in Detroit and drove her to his home in Toledo, the AP reports. When she fell asleep, he undressed...

GM Wants $16B More, Will Cut 47K Jobs

(Newser) - GM says it will need an additional $16 billion in federal aid to stay afloat, the Detroit News reports. The automaker laid out its restructuring plan for the Obama administration today, requesting $2 billion next month and another $2.6 billion in April to avoid bankruptcy. GM also will shed...

Chrysler Seeks $5B More in Federal Loans

(Newser) - Chrysler says it will need a total of $9 billion in federal loans to avoid going bust, up $5 billion from the amount it received in December and $2 billion from its original request, CNN reports. The company also plans to cut 3,000 jobs this year, or 6% of...

NASCAR Needs to Rev Up
 NASCAR Needs to Rev Up 
ANALYSIS
Feb 13, 2009 4:18 PM CST

NASCAR Needs to Rev Up

Sport cuts costs to keep fans at the races

(Newser) - The US auto industry is teetering on the brink of destruction—and NASCAR isn't too far behind it. The Daytona 500, NASCAR’s Super Bowl, takes place Sunday, but business is stalling, leaving the costly sport looking for a lift, Sean Gregory and Steve Goldberg write in Time. “We...

GM Hacks 14% of Salaried Jobs
 GM Hacks 14% of Salaried Jobs 
Feb 10, 2009 8:27 AM CST

GM Hacks 14% of Salaried Jobs

(Newser) - GM will cut 10,000 jobs this year, including 3,400 in the US, the Wall Street Journal reports. The cuts represent 14% of GM’s salaried workforce overall, and 12% in the US. Most of those lucky enough to survive the axe will get a 3%-7% pay cut, while...

Stories 441 - 460 | << Prev   Next >>
Most Read on Newser