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Thu May 5, 2011
In this morning's news...
General Motors has released its first quarter-net income… and it’s good news for the automaker. The Associated Press reports:
General Motors says its first-quarter net income more than tripled on strong car sales in the U.S. and China. The company's first-quarter net income totaled $3.2 billion… one of its best performances since the SUV boom in the early 2000s. It was GM's fifth straight quarterly profit since late 2009, the year it emerged from bankruptcy. Quarterly revenue rose 15 percent to $36.2 billion. Worldwide sales climbed 12 percent, including a 25-percent jump in the U.S.
House Votes on Budget
The state House passed a $33 billion budget bill yesterday. As the Associated Press reports, the measure covers spending for everything except education. From the AP:
Lawmakers were deeply divided Wednesday on the measure, which closes prisons, drops 12,600 families from welfare and cuts senior services.
Majority Republicans say the budget puts the state on sound financial funding without using one-time fixes.
Minority Democrats say the bill cuts important services such as job training.
It includes $7 billion in general fund spending and passed 62-48, largely along party lines.
The bill must be reconciled with spending bills already passed by the Senate.
DPS Gets a New EM
Governor Rick Snyder has appointed a new Emergency Financial Manager for the Detroit Public Schools. Snyder announced the appointment of former GM Executive Roy Roberts to replace current Emergency Financial Manager Robert Bobb yesterday. Michigan Radio’s Sarah Cwiek reports, “Roberts has had a distinguished career in business and is considered a pioneer for African-Americans in the auto industry. Snyder says he chose Roberts because he’s a ‘successful businessman and team builder.’ Roberts says he’s genuinely ‘excited’ to tackle the daunting task of improving Detroit schools.” Bobb’s contract expires at the end of June.