Sheila Cockrel remembers one early sign of Detroit’s decline: The retailer J.L. Hudson’s turned off the lights on floor after empty floor as shoppers abandoned the world’s tallest department store for new suburban malls.
Republican presidential nominee Mitt Romney, attacking President Barack Obama for his auto industry policies as he battles for votes in Ohio, is drawing pointed rebuttals from General Motors Co. and Chrysler Group LLC, which are being pulled into the election against their will.
General Motors Co., the largest U.S. automaker, denied today that it is seeking increased compensation for Chief Executive Officer Dan Akerson a day after reports that the company proposed an $11.1 million package.
Michigan Governor Rick Snyder plans to put a state manager in charge of ending Detroit’s fiscal crisis, stripping power from officials of a withered city that in 1940 was the nation’s fourth biggest and a seat of industry.
Mitsubishi Corp. will pay partner Murchison Metals Ltd. A$325 million ($315 million) in cash for stakes in two ventures, giving Japan’s largest trader control of an iron ore mine and a rail and port project in Australia.
General Motors Co. and Walgreen Co. are the latest companies to end their membership in the American Legislative Exchange Council, a public policy organization that championed “Stand Your Ground” gun laws that gained public attention after a Florida killing.