Business briefs

New York -- Delphi Automotive LLP , which exited bankruptcy protection last month, said Wednesday it has created a new board that will be led by former DuPont Chairman John Krol. The Troy auto parts supplier also has tapped General Motors Co. executive Gary Cowger for a seat. Cowger, 62, serves as GM's group vice president of global manufacturing and labor relations but plans to retire from the company Dec. 1. Privately held Delphi said the remainder of the board will be filled with individuals from a variety of fields, including those experienced in electronics, finance and automotive manufacturing and supply.

GMAC Financial Services narrows losses

New York -- GMAC Financial Services said its net loss narrowed in the third quarter as its auto-lending unit turned a profit. But the former lending arm of General Motors Co. says its results continued to be weighed down by losses in its struggling home-mortgage unit, though the loss was smaller than last year. GMAC said Wednesday that its losses fell to $767 million, compared with $2.52 billion a year earlier. Excluding several discontinued business lines, the company earned $77 million. The news comes a week after the Treasury Department said it was in talks with the lender over a third injection of taxpayer aid.

Michigan agriculture chairman resigns

Jim Byrum, chairman of the Michigan Commission on Agriculture , announced his resignation Wednesday. His departure comes on the heels of an executive order by Gov. Jennifer Granholm to minimize the bipartisan commission's responsibilities, such as selecting the Michigan Department of Agriculture's director, reviewing rules and regulations and providing public oversight for the state's agriculture industry. "Michigan agriculture is a shining star in our state's economy, and will continue to be," he said in an e-mail. "I disagree with some of the recent decisions made that impact our industry."

TRW posts profit, raises sales forecast

Livonia -- TRW Automotive Holdings Corp. posted a third-quarter profit of $56 million Wednesday. It also raised its full-year sales forecast. The maker of automotive safety systems attributed the improved third-quarter results to cost-cutting efforts, which helped offset falling sales.

Daimler offers buyouts, shorter weeks to cut jobs

Daimler AG , the world's second-largest maker of luxury cars, said Wednesday it will offer employees buyouts or shorter work weeks in an effort to eliminate 1,000 jobs at its German auto plants. Daimler aims in 2010 to match the cost-savings reached this year to help fund investments in new technology as part of its recovery from the recession, Chief Financial Officer Bodo Uebber said last month.

Toyota to withdraw from Formula One racing

Tokyo -- Toyota is pulling out of Formula One racing, the world's largest automaker announced Wednesday, saying that it needs to cut costs and focus on its core business. Toyota follows Honda Motor Co. as the second major Japanese automaker to withdraw from the sport in the last 11 months. Honda pulled out last December amid worsening economic conditions. Brawn GP , which took over the old Honda team, won the 2009 F1 championship. Toyota, the world's largest car manufacturer, expects to post an operating loss for the six months ended Sept. 30. It is due to report earnings today.

Kellogg to remove health claims from Rice Krispies

Battle Creek -- Kellogg says it will pull health claims from its Rice Krispies cereal box due to the public's growing concern about swine flu. The food company began adding antioxidants to the cereal last year and noted on the cereal box that these antioxidants help support the immune system. But Kellogg said Wednesday it will phase the message out of its packages over the next few months.

Kelly will offer customer service training for free

Kelly Services Inc. , a Troy-based Fortune 500 global staffing agency, is offering free customer service training to people currently or interested in working in the contact center industry. "Agents of Excellence" training will take place at Kelly Services' Detroit, Troy, Livonia, Brighton and Auburn Hills office Tuesday through Nov. 12, and Nov. 18 through Nov. 20. To register, call (800) 728-1338 or visit kellyconnect.com. Enrollment is capped at 500 students.

Fed again pledges to hold rates at record lows

Washington-- With the recession apparently over, the Federal Reserve held a key interest rate at a record low and again pledged to keep it there for an "extended period" to foster the fragile economic recovery. The Fed says economic activity has "continued to pick up" and that the housing market also has grown stronger, a key ingredient to a sustained recovery. The Fed says it will trim its purchases of debt from Fannie Mae and Freddie Mac to $175 billion, from $200 billion, because there is limited availability of that debt.

JPMorgan OKs $700M settlement in Ala. scandal

Washington-- JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators' charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala. The scandal over the county's $3.9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in U.S. history. The Securities and Exchange Commission on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March.

Staff and wire reports