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Mon July 9, 2012
In this morning's Michigan news headlines...
Ballot campaigns have until this afternoon to turn in their petitions to get questions in front of voters in November. Rick Pluta reports:
There could be half a dozen ballot questions on this November's ballot – or more. They would outlaw a gas drilling process called “fracking,” guarantee collective bargaining rights for health care workers, ban using state resources on a new Detroit international bridge, and require two-thirds super-majorities in the Legislature for tax increases. Ballot questions to boost renewable energy targets, to ban a right-to-work law in Michigan, and to allow eight new privately owned non-tribal casinos have already turned in petitions. The petition signatures still need to be checked and approved by state elections officials before they can go on the November ballot. Meanwhile, a referendum on Michigan’s emergency manager law is being challenged in court.
Auto Supplier Profits Falling
A new study finds that profits for U.S. auto suppliers are falling because suppliers’ fixed costs have risen so swiftly. “Auto suppliers now have as many employees, machinery and other fixed costs as they had before the recession. John Hoffecker, with consulting firm AlixPartners, says suppliers need to be cautious about expanding, because demand for cars may not rise in the near term as much as some forecasts predict. Some forecasts say annual car sales will reach 17 million in just a few years. Hoffecker thinks that number is overly optimistic, and car sales will stay under 16 million at least through 2015,” Tracy Samilton reports.
More Crops Threatened
Michigan's hot and dry spring and summer are threatening the state's corn crops. “Michigan State University Professor Jeff Andresen says it would take a dramatic reversal in weather over the next two weeks to avoid permanent damage to this year's production. He says low corn production will drive up the cost of products that contain corn sweetener. Ethanol prices could also rise. Andresen says the state's sweet corn crop -- which is almost ready for market -- could be affected by the lack of rain as well,” Rina Miller reports.