The Michigan Economic Development Corp., the Greater Wayne Economic Development Corp. and a private foundation are pooling $3.5 million to buy the former Esperion Therapeutics headquarters building in Plymouth Township from Pfizer Inc., the groups announced on Wednesday.

The building will be purchased in Ann Arbor Spark's name, and Spark will run it until a nonprofit group is set up to take over operations, Spark spokeswoman Elizabeth Parkinson said.

Continue reading "Update:Groups pool $3.5 million to buy former Esperion Therapeutics from Pfizer" »

DETROIT -- Chrysler LLC says it will cut 1,000 salaried jobs worldwide by Sept. 30.

The automaker announced the cuts Wednesday in a letter to employees.

Chrysler says the layoffs are needed because of the prolonged slump in the U.S. auto industry.

Chrysler spokesman David Elshoff says the company hopes most of the cuts will be accomplished through early retirements, attrition and voluntary separation programs. But he says involuntary layoffs will be considered if the company fails to meet its targets.

Detroit-based Compuware Corp. said Wednesday it swung to year-over-year increases in revenues, earnings and operating cash flow for its first quarter on operational improvements and increased licensing revenues.

Compuware [Nasdaq:CPWR] said it earned $34.7 million during the quarter ended June 30, or 13 cents per share, up from $189,000 in the prior-year period, or break even on a per-share basis.

Continue reading "Compuware sees earnings, revenue rise in 1Q" »

FRANKFURT, Germany -- Continental AG on Wednesday roundly rejected a takeover offer worth more than 11.2 billion euros ($17.6 billion) from smaller auto parts maker Schaeffler KG, but indicated that it might be interested if Schaeffler ups its offer.

Continental said its supervisory and executive boards both dismissed Schaeffler's current offer, made earlier this month -- but agreed that an deal of some kind with Schaeffler is "desirable."

Continental's Automotive System division maintains its North American headquarters in Auburn Hills, Mich.

Continue reading "Continental boards snub Schaeffler's $17.6B offer" »

DETROIT -- Chrysler LLC said Wednesday it will cut 1,000 salaried jobs worldwide by Sept. 30 as it tries to return to profitability amid a severe downturn in U.S. sales.

The automaker announced the cuts in a letter to employees. Chrysler spokesman David Elshoff said the company hopes most of the cuts will be accomplished through early retirements, attrition and voluntary separation programs, but he said involuntary layoffs will be considered if the company fails to meet its targets.

"In light of an expected prolonging of the current market conditions, the company has made the difficult decision to revisit the current staffing levels in both its salaried and supplemental work force," Chrysler said in a statement.

Continue reading "Chrysler plans to cut 1,000 salaried jobs" »

The Michigan Economic Development Corp., the Greater Wayne Economic Development Corp. and a private foundation are pooling $3.5 million to buy the former Esperion Therapeutics headquarters building in Plymouth Township from Pfizer Inc., the groups announced Wednesday.

The building will be purchased in Ann Arbor Spark's name, and Spark will run it until a nonprofit group is set up to take over operations, Spark spokeswoman Elizabeth Parkinson said.

Continue reading "Groups pool $3.5 million to buy former Esperion Therapeutics from Pfizer" »

DETROIT -- General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.

Toyota sold 4,817,941 vehicles globally during the first six months of the year, company spokesman Hideaki Homma said Wednesday, beating GM by 277,532 vehicles. Toyota said its global sales rose 2 percent from the same period the year before, while GM's sales fell 3 percent.

Continue reading "Toyota beats GM in global sales during first half of '08" »

GRAND RAPIDS, Mich. -- Household appliance maker Whirlpool Corp. said Wednesday its prsecond-quarter profit fell 27 percent because of higher material and oil-related costs, and lower U.S. demand.

"This is a very serious, severe economic environment," Jeff M. Fettig, Whirlpool's chairman and chief executive, said during a teleconference with industry analysts. "We're aggressively trying to manage every part of our business."

The company expects industrywide demand in the United States to finish the year down 6 percent to 7 percent and down 2 percent to 3 percent in Europe.

Continue reading "Whirlpool reports 27% dip in 2Q profit" »

LANSING, Mich. -- Presidential candidates John McCain and Barack Obama have appealed to Michigan voters with nearly $6 million in campaign ads so far.

The nonpartisan Michigan Campaign Finance Network said Wednesday that a check of advertising data at television stations shows Republican McCain spent $3.2 million airing ads between May 28 and July 20.

Democrat Obama spent $2.7 million for ads running between June 20 and July 28.

Continue reading "McCain, Obama spent $6M on Michigan TV ads" »

DETROIT (AP) -- A judge has ruled that attorneys hired by the city are representing Detroit residents in a lawsuit to block forfeiture of office efforts against Mayor Kwame Kilpatrick.

But Wayne County Circuit Court Judge Robert Ziolkowski also said Wednesday that Robert Sedler, Godfrey Dillard and the city's Law Department need to determine if the attorneys also are representing Kilpatrick or if the mayor needs his own counsel.

Continue reading "Detroit residents represented in forfeiture suit" »

LANSING, Mich. -- Michigan's K-12 public schools would get between $56 and $112 more per pupil next budget year under a spending plan headed to Gov. Jennifer Granholm for her signature.

The bill passed the state House on Wednesday by a 68-39 vote. The bill already has passed the Senate.

Continue reading "K-12 spending plan headed to Michigan governor" »

Honolulu has nothing on Ann Arbor when it comes to the healthiest places to live and retire in, after Ann Arbor beat the Hawaiian city as the No. 1 spot by AARP The Magazine.

"The cities we chose are ahead of the healthy living curve with access to health care facilities, numerous options for exercise, activities, volunteerism, and a culture that supports vitality," said Nancy Graham, Acting Editor of AARP The Magazine, in a statement.

The magazine is a publication of the group originally known as the American Association of Retired Persons, a non-profit advocacy and service organization for people 50 and older. AARP has 38 million members and boasts one of the most powerful lobbying groups in the U.S.

AARP evaluated 20 measures of vitality and incorporated not only the physical aspects of a community such as clean air and water, but also the health and habits of people who live there, taking into special consideration the health needs of older people.

Continue reading "AARP names Ann Arbor "healthiest city"" »

Chinese automotive windshield manufacturer Fuyao Glass Industry Group Co. will open its first facility in Michigan in September, in an 80,000-square-foot warehouse space in Orion Township.

The company signed a long-term lease with Ashley Capital, which owns the two-building, 800,000-square-foot Orion Commerce Center. The space is to be used as a distribution facility. Continue reading "Chinese windshield supplier to open first Michigan facility" »

Allegiance Health is proposing the construction of a four-story parking garage with a new helipad on top adjacent to Foote Hospital.

The structure, which would contain 303 parking spaces, will be the subject of the Aug. 6 Jackson Planning Commission meeting. It would be located next to the emergency room where the current helipad is now.

The city's zoning board of appeals approved a variance for the proposed structure at its meeting Tuesday afternoon. The variance was required because the structure's proposed height of 64 feet is taller than what is permissible in that zoning district.

For more on this story, visit mlive.com/citpat Thursday or pick up Thursday's Citizen Patriot.

NEW YORK -- Oil prices extended their slide Wednesday after the government reported gasoline supplies rose more and crude supplies fell less than expected last week.

Light, sweet crude for September delivery slipped $1.77 at $126.65 a barrel in morning trading on the New York Mercantile Exchange.

Continue reading "Oil extends slide as supplies more than expected" »

Ultimately, the owners of the Double JJ Resort in Rothbury want to sell the 2,000-acre destination resort that has been experiencing financial problems since borrowing $17.5 million to build a waterpark and condominiums in 2006.

That's what majority owners Bob and Joan Lipsitz told Judge Jeffrey Hughes Tuesday in papers filed in U.S. Bankruptcy Court in Grand Rapids.

In the meantime, the Double JJ owners will not be handling the operations and finances of the resort, Hughes ruled. A court receiver will be appointed to run Double JJ, which continues to operate.

The judge's ruling is the latest in a series of complicated legal and financial maneuvers in the wake of the Fourth of July weekend's ROTHBURY music festival at the Double JJ.

Continue reading "Court seizes Double JJ operations" »

DES MOINES, IOWA -- A lawsuit alleging default on a $3.8 million loan was filed Thursday against the estate of the late Edward Boesen, owner of Andicott Fresh Flower Market, the day before his funeral in Des Moines.

The suit was filed by First American Bank in Polk County District Court, charging Boesen and his widow, Maureen, used a brokerage account as collateral in taking out the loan, but the value of the account was overstated.

Boesen, who bought Andicott Fresh Flower Market in October, died suddenly July 15 in a case termed an attempted suicide, according to the Des Moines Register. Cause of death has not been determined.

Andicott's seven area shops in the Grand Rapids area closed abruptly Friday, in the wake of Boesen's death.

WASHINGTON -- A compact to prevent the diversion of water from the Great Lakes has widespread support in Congress and a strong chance of winning approval by the end of the year, lawmakers said Wednesday.

House and Senate leaders from the region said they had not detected any significant opposition to the plan and would aggressively push to complete the process this year to provide more protections for one of the world's largest sources of fresh water.

Continue reading "U.S. lawmakers hope to approve Great Lakes compact" »

WASHINGTON -- President Bush dropped his opposition Wednesday to a broad housing package aimed at bolstering the sagging economy, despite his objections to including $3.9 billion for neighborhoods hit hardest by foreclosures. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.

Under the bill, the government would help struggling homeowners get new, cheaper loans and would be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion.

Continue reading "Bush drops opposition to housing bill" »

MINNEAPOLIS -- Northwest Airlines Corp. reported a second-quarter loss of $377 million on Wednesday as it took another large accounting charge and fuel expenses continued to rise sharply.

Northwest shares jumped 94 cents, or 10.4 percent, to $10.02 in morning trading.

Michigan's largest passenger air carrier lost $1.43 per share on revenue of $3.58 billion. During the same period last year, when Northwest emerged from bankruptcy protection, it made a profit of $2.15 billion, including $1.94 billion in bankruptcy items. It would have made $273 million a year ago without bankruptcy items.

Continue reading "Northwest Airlines posts $377 million 2Q loss" »

LANSING, Mich. -- The Michigan Chamber of Commerce has filed a campaign finance complaint against organizers of a sweeping constitutional amendment that would cut the size of the Legislature and appellate courts.

The complaint announced Wednesday says Reform Michigan Government Now didn't file a statement of organization with the secretary of state last year despite working on the ballot proposal in 2007.

Continue reading "Michigan Chamber files complaint against reform measure" »

NEW YORK &ndash Wall Street fluctuated Wednesday after another drop in oil prices blunted reaction to a mixed set of earnings reports.

Investors believe the drop in oil, if it lasts, will boost the slumping economy. Crude has retreated nearly $5 a barrel in the past two sessions as Hurricane Dolly looked likely to spare key oil installations in the Gulf of Mexico; it's down more than $20 since hitting a record above $147 just weeks ago.

Continue reading "Stocks open mixed as oil prices fall" »

DETROIT -- A poll of likely Michigan voters has found great concern about the nation's economy, with 79 percent saying they expect it to weaken further.

Forty-eight percent say the economy is the nation's top problem, while 14 percent cite gasoline prices.

EPIC-MRA polled 600 people July 13-15 for The Detroit News and TV stations WXYZ, WILX, WOOD and WJRT. The results have a margin of sampling error of plus or minus four percentage points.

Continue reading "Michigan voters: Economy worsening, driving less" »

FRANKFURT, Germany &ndash German automaker Volkswagen AG says the company's second quarter net profit rose 35 percent, helped by strong sales in India, Russia and China.

Volkswagen says Wednesday that in the April through June period its net profit, which it calls "profit after tax," rose to €1.6 billion (US$2.5 billion) from €1.2 billion in the year ago period.

Continue reading "Volkswagen's 2Q profit rises 35 percent" »