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Economy
5:07 pm
Thu January 20, 2011

Will price tags be a thing of the past in Michigan?

A law in Michigan requires retailers to label each product in their stores with a price tag.
Christopher Matson Flickr

Price tags? We don't need no stinkin' price tags.

In his State of the State address last night, Governor Rick Snyder said the legislature should get rid of or modify "antiquated laws."

One law he used as an example was the state's "Item Pricing Law." The law, he said, is an undue burden on retailers. From Snyder's State of the State outline:

"Requiring 'stickers' over other forms of price-marking costs Michigan’s economy over $2 billion dollars a year. Let’s use the technology we have to protect customers."

Michigan Radio news intern, Sarah Alvarez, filed a report on the state's Item Pricing Law.

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Unemployment
6:36 am
Thu January 20, 2011

State jobless rate declines in December

Michigan's December unemployment rate was 11.7 percent
Khalilshah Flickr

Michigan's unemployment rate dropped in December to 11.7 percent. But, as Rick Pluta reports, the decline in the jobless rate was due mostly to people who have stopped looking for jobs:

Michigan’s unemployment rate dropped steadily throughout 2010. But there are still 555,000 people in Michigan who are out of work and looking for jobs. Half of them have been looking for six months or more.

There was little new hiring last month. The number of people who simply stopped looking for work is the biggest reason for the decline in the jobless rate. The state Department of Energy, Labor, and Economic Growth says the number of people who say they are available to work fell by 37,000.

When people who are looking for jobs, those who’ve quit looking, and part-time workers who’d like to be full-time are rolled together, Michigan’s rate of unemployment and under-employment is 21 percent.

Michigan’s unemployment rate in 2010 was 13.6 percent. That’s a drop of half a percentage point from the 2009 average.

State of the State
10:24 pm
Wed January 19, 2011

Gov. Snyder supports new Detroit River bridge (and he says he's got a way to pay for it)

A downstream view of the Ambassador Bridge and downtown Detroit from the proposed location of the new bridge crossing
(photo by Steve Carmody/Michigan Radio)

The controversial plan for a new bridge linking Detroit with Windsor, Ontario has a new very high profile supporter: Michigan’s new governor.

Rick Snyder voiced support for the Detroit River bridge project in his State of the State address last night. Last year, Republican state lawmakers rejected Canada’s offer of $550 million to help pay for Michigan’s share of the bridge.

But the Republican governor says he’s come up with a way to make the bridge a reality.  

Transportation Director Kirk  Steudle and I have secured a unique agreement with the federal Highway Administration to use this $550 million investment in our infrastructure towards the matching funds required for all federally funded highway projects across our state.

The bridge still faces opposition. The owners of the Detroit’s Ambassador Bridge have waged a long fight against a new bridge built and operated by anyone other than them.

Economy
10:13 pm
Wed January 19, 2011

U of M, MSU and Wayne State to work with Procter & Gamble

U of M will partner with Procter & Gamble on future research for consumer products
(photo by Steve Carmody/Michigan Radio)

Consumer products giant Procter & Gamble is teaming up with Michigan’s three leading research universities.

The University of Michigan, Michigan State and Wayne State Universities will work with P&G to develop new products.

Daryl Weinert is the executive director of U of M’s Business Engagement Center. He says the collaboration will allow university researchers to move ‘at the speed of industry’.

It sends a message to the world when a company like P& G chooses a state like Michigan to do a collaboration like this.

Weinert says the state of Michigan will benefit because of the ripple effects of business investment. The program will eventually expand to other Michigan universities. Procter & Gamble has a similar research corridor in Ohio.

Auto/Economy
5:18 pm
Wed January 19, 2011

Chrysler to build experimental hybrid minivans

There’s more than one kind of hybrid vehicle. But most people only know about electric hybrids that use batteries.

The U.S. Department of Energy has poured several billion dollars into helping companies develop advanced lithium-ion batteries.  But to hear Chrysler CEO Sergio Marchionne describe the effort, that's tantamount to picking a technology winner, before the race is finished.

The big problem with advanced batteries, says Marchionne, is they're really expensive. A big battery can increase the cost of a vehicle by a third.  

"And I don’t think we should prejudice the discussion by saying electrics are the answer," Marchionne said at a press event held at the U.S. Environmental Protection Agency's National Vehicle and Fuel Emissions Laboratory in Ann Arbor.  "They may be part of the answer."

Enter hydraulic hybrids. They tap into energy stored in high pressure canisters filled with fluid and nitrogen. They’re cheaper than electric hybrids, and already used in some big rigs and garbage trucks.

Now, using technology developed by the U.S. EPA., Chrysler will build and test a set of hydraulic hybrid minivans. The company hopes to see the same improvement in fuel efficiency as battery hybrids - about 30 to 35% -  but at a much lower cost.

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Economy
2:58 pm
Wed January 19, 2011

Dow chief meets with President Obama and China's President Hu Jintao

Andrew Liveris, CEO of Dow Chemical speaking at the ground breaking of Dow Kokam, an advanced battery manufacturing plant in Michigan.
Dow Chemical

The CEO of Dow Chemical, Andrew Liveris, met with President Obama and China's President Hu this afternoon along with leaders from 17 other businesses in the U.S. and China.

President Obama says he's stressing the importance of  increasing exports to China and increasing investment in the United States, "both critical to supporting millions of American jobs." 

President Obama and President Hu made statements to the press before their meeting. From the press pool report:

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Economy
12:53 pm
Wed January 19, 2011

West Michigan economy in the middle of “significant turnaround”

GVSU economist Hari Singh tells business leaders "last year there was a glimmer of hope, today the sun is rising"
Lindsey Smith Michigan Radio

The annual West Michigan Economic forecast was held today in Grand Rapids. Hari Singh is an economist at Grand Valley State University. He expects employment will increase 2% in the region this year .

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Economy
2:42 pm
Tue January 18, 2011

Michigan manufacturers call for tax cuts

You don't see these being built anymore. A model of an assembly line in the Detroit History Museum.
flickr - user harry_nl

The Michigan Manufacturers Association (MMA) says Michigan is getting it's "butt kicked" when it comes to taxes.

In the Detroit Free Press, the MMA's vice president for government affairs, Mike Johnston, was quoted when talking about personal property taxes on equipment.

From the article:

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Detroit Auto Show
6:59 am
Tue January 18, 2011

Attendance up at the Detroit Auto Show

Attendence is up at the North American International Auto Show in Detroit this year
Jdpowers65 Flickr

Attendance is up at the North American International Auto Show so far this year, the Detroit Free Press reports. The Freep says:

Attendance Monday was 64,520, up from 61,112 from the same day last year, said NAIAS spokesman Sam Locricchio. On opening day Saturday, 86,622 attended the show, compared with 83,715 on the opening Saturday last year, he said. Sunday's attendance was 99,111 -- up from 96,623 for the opening Sunday in 2010, he said.

The show, at Detroit's Cobo Center, is open until Sunday.

Economy
7:37 am
Mon January 17, 2011

Two chambers of commerce promoting online coupon deals

Two communities in West Michigan are trying an online coupon program to help spur the economy. The program called ‘Try it local’ is similar to Group-on.

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Auto
6:46 am
Mon January 17, 2011

UAW members head to D.C.

Members of the UAW union will attend a four-day legislative conference in Washington, D.C. beginning today
UAW

Members of the United Auto Workers union will be on Capitol Hill today in Washington, D.C.. Some 1,000 union members will be there for a four-day legislative meeting.  As the Associate Press reports:

They'll be hearing from UAW President Bob King on Monday on the start of the four-day conference. The Detroit News says King plans to talk about efforts to persuade non-U.S. automakers to make it easier to unionize their U.S. plants.

In a statement, the UAW said, those at the meeting will:

...discuss the union's legislative and political priorities for the coming year, meet with members of Congress to advocate on behalf of working families and prepare for the union's 2012 electoral campaign.

House Minority Leader Nancy Pelosi (D-CA) is expected to speak at the conference.

Food
5:03 pm
Fri January 14, 2011

Report: Infamous "La Shish" name coming back to Michigan

La Shish Restaurants were once famous in Michigan for good middle eastern cuisine. But the restaurants closed when La Shish's owner got into legal trouble and fled the country.

Now, Jeff Karoub reports for the Associated Press that the La Shish name will come back to Dearborn:

Restaurateur Carmel Halloun said Friday that he's acquired the rights to use the La Shish name and plans to open a restaurant in March in the former chain's first location in Dearborn.

The name doesn't come without baggage. The La Shish chain of restaurants closed when the former owner, Talal Chahine, fled the U.S. Karoub writes that in 2005 Chahine "was charged with multiple counts of tax evasion and citizenship fraud."

The new owner of the La Shish name says he thinks enough time has passed. From Karoub's article:

Halloun said he knows people loved the food and is willing to take a chance. He said he wouldn't reopen at La Shish's first location without the restaurant's original name. "I want people to come back," he said.

Economy
4:35 pm
Fri January 14, 2011

Grand Rapids airport sets new passenger record

The Gerald R. Ford International Airport in Grand Rapids.
carrib Creative Commons

Last year the number of passengers traveling through Gerald R. Ford International Airport in Grand Rapids went up more than 20%. The airport served more than 2.1 million passengers in 2010; a new record for Michigan’s second largest airport. 

Bruce Schedlbauer is a spokesman for Ford Airport. He thanks a combination of factors. Foremost, he says a more stable economy helped boost the numbers.

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Auto
2:09 pm
Fri January 14, 2011

Auto Week's "Best in Show" at the Detroit Auto Show

The Porsche 918 RSR concept, named "Best in Show" by the editors of AutoWeek.
Roger Hart Auto Week

Editors at Auto Week perused the offerings at the 2011 North American International Auto Show and named their top picks.

Executive Editor of Auto Week, Roger Hart, said the show had more than two dozen new models on display, and most had one thing in common:

 "There were no fancy, pie-in-the-sky, dreamlike concept cars. Nearly everything billed as a concept looked as if you could buy one tomorrow at your local dealership and drive it home."

Here are their picks:

BEST IN SHOW: Porsche 918 RSR Concept

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Economy
11:08 am
Fri January 14, 2011

Report: Borders close to financing deal

Borders has been on the brink. The company has been trying to secure financing to stave off bankruptcy.
Flickr - Ruthanne Reid

The headlines for the Michigan-based Borders Group Inc. have not been good lately:

And my personal favorite speculative headline:

It seems everyone has been on a death watch for the bookseller.

Today, Julie Bosman writes in the New York Times Borders may be close to a financing deal that might help the company reorganize. From the article:

Borders executives told publishers that they were close to securing refinancing from GE Capital and other lenders, these people said, speaking only on condition of anonymity, and that the company intended to reduce costs, improve liquidity and expand marketing efforts, as well as sell some assets.

Earlier this month, we  posted on a Reuters report that said Borders was working with publishers to work out a deal. Borders is in debt to the publishers for past shipments and the company reportedly wants to restructure that debt as a loan.

Meanwhile, the company is cutting costs. The Detroit News reported yesterday that Borders is closing a big distribution center in Tennessee:

Borders will consolidate the processing and delivery of books, movies, music and other products to two distribution centers in Carlisle, Pa., and Mira Loma, Calif. It is part of a long-term effort to cut costs and make the distribution of products to bookstores more efficient, Borders Group said in a statement.

So will borders survive? What would your future headline say?

Auto/Economy
4:43 pm
Thu January 13, 2011

Report: Profit-sharing checks coming to Ford and GM workers

GM plans to issue profit-sharing checks to workers, the NYT reports.
Steve Carmody Michigan Radio

At the Detroit International Auto Show, domestic automakers are celebrating a comeback of their industry. GM and Ford both saw profits last year, and the car makers are expecting a good year this year.

As more proof of the comeback, Bill Vlasic and Nick Bunkley report in the New York Times about profit-sharing checks that are expected to go to GM and Ford workers:

The two big Detroit carmakers will announce profit-sharing checks this month for their hourly workers, perhaps the largest in a decade, company officials and industry analysts say.

The checks are expected to top out at $5,000 at Ford, less at GM.

They report these checks "would be the biggest payout since the $8,000 checks that Ford handed out in 2000." Chrysler, the report says, is not expected to issue bonus checks this year.

Economy
10:46 am
Thu January 13, 2011

Company buys shuttered GM manufacturing plant

Motors Liquidation real estate manager Mike Deighan announces the sale at a press conference Thursday. (Wyoming mayor Jack Poll at left, and The Right Place President Birgit Klohs at right.)
Lindsey Smith Michigan Radio

Motors Liquidation, the official name of “old General Motors”, has a buyer for its 2-million-square-foot former GM stamping plant in the Grand Rapids suburb of Wyoming.

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Economy
8:47 am
Thu January 13, 2011

2010 a bad year for foreclosures in Michigan (2011 may be worse)

A foreclosure sign sits in front of a home in Lansing, Michigan
(photo by Steve Carmody/Michigan Radio)

2010 was the worst year in a decade for home foreclosures in Michigan, according to new data out today.   And 2011 is expected to be worse.  


One in 33.    That’s how many Michigan homes received a foreclosure notice in 2010.   


 Realty Trac ranks Michigan as having the 7th worst home foreclosure rate in the nation last year. Daren Bloomquist is with Realty Trac.    He says Michigan’s foreclosure numbers should be worse this year. 

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Economy
2:47 pm
Wed January 12, 2011

Study: Michigan ranks no. 2 in outbound migration

Map showing outbound migration (yellow), inbound migration (blue), and stable migration (gray).
United Van Lines

One sign of a tough economy is the sight of a big moving truck out in front of the neighbor's house.

And according to one moving company's study, Michigan has seen more of those moving trucks leaving the state than entering the state.

In it's 34th annual "migration" study, United Van Lines says Michigan ranked second in outbound traffic in the country.

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