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U.S. markets recover from steep losses
DETROIT, Feb. 5 (UPI) -- U.S. automotive giant General Motors Co. has abandoned plans to move its global headquarters in Detroit, a source close to the company said.
Last year, based on tax credits the company received from the state of Michigan, it appeared likely GM would move half of the 4,000 employees at the Renaissance Center in Detroit to outlying offices. In November, former Chief Executive Officer Fritz Henderson said GM would consolidate 10 offices from southeast Michigan into larger offices, including Renaissance Center.
However, the Detroit Free Press quoted a source Friday as saying GM was no longer considering a second round of displacement.
"The big move is off," the source said.
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