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  • NEW YORK, July 3- When Puerto Rico hired former Detroit judge Steven Rhodes it sent a signal to creditors that one possible solution it sees is the one thing it cannot do now: declare bankruptcy. "The parallels between Detroit and Puerto Rico are strong enough that I think any of the public corporations or the commonwealth itself could take advantage of the same...

  • LONDON, July 2- Whisper it softly, but the end of the load-out queues that have plagued the London Metal Exchange warehousing system for so long may finally be in sight. Behind the LME stands UK regulator the Financial Conduct Authority, which has apparently spelt out directly to warehouse operators the new lie of the regulatory land. Behind the FCA lurks the even...

  • State finds probable financial stress in Wayne County Wednesday, 1 Jul 2015 | 3:22 PM ET

    DETROIT— A state board that examined a preliminary review of Wayne County's finances said Wednesday the entity is operating under probable financial stress. Khouri chairs the Local Emergency Financial Assistance Loan Board, which looked at the Treasury Department's two-week review before announcing its ruling in Lansing. Wayne County has about 1.7...

  • DETROIT, July 1- Strong demand for sport utility vehicles and trucks in June helped General Motors Co and Ford Motor Co offset slowing demand for sedans by allowing them to raise prices on their trucks. GM and Ford said on Wednesday increases in the average transaction prices for their vehicles, particularly trucks and SUVs, outpaced sales volume growth that...

  • DETROIT, July 1- Toyota Motor Corp expects the U.S. auto industry to sell more cars this year than in any year since at least 2005, Toyota U.S. sales executive Bill Fay said on Wednesday. In 2005, sales were 16.94 million vehicles. June sales of Toyota's trucks and SUVs rose, and its car sales fell, in line with Detroit automakers also reporting sales on Wednesday.

  • SUVs, muscle cars help auto industry maintain momentum Wednesday, 1 Jul 2015 | 9:08 AM ET

    Sales of the larger Ford Explorer rose 30 percent; Nissan's Rogue small SUV posted a 54 percent jump; and sales of the Jeep Cherokee gained 39 percent. Most automakers reported gains for June, led by Nissan with an increase of 13 percent. General Motors' sales fell, largely because the company cut back on sales to rental-car companies.

  • At first the Jan. 24, 2014, crash on U.S. 50 in Cincinnati's eastern suburbs drew only the attention of Ohio authorities, who faulted the semi driver for not properly inspecting the hitch that holds the trailer to the tractor. Given the nearly 1 ½- year gap between the crash and the investigation, the safety agency could face renewed criticism for failing to...

  • DETROIT— Newer cars aren't supposed to need more oil between oil changes, but Consumer Reports found that some engines— mainly from Audi, BMW and Subaru— require an extra quart as often as once a month. In an annual survey of car owners, significant numbers reported what the magazine considered to be excessive oil consumption. "The companies should be willing to step...

  • *Former bankruptcy judge: Puerto Rico "urgently needs our help". Steven Rhodes, the retired U.S. bankruptcy judge who oversaw Detroit's historic bankruptcy and has now been retained by Puerto Rico to help solve its problems, gave a blunt assessment on Monday. Puerto Rico "urgently needs our help," Rhodes said.

  • NEW YORK, June 29- Puerto Rico is "insolvent" and will soon run out of cash, according to a newly appointed adviser to the commonwealth who was the judge who oversaw the historic bankruptcy of Detroit. The U.S. territory's future hinges on gaining eligibility for debt restructuring under the U.S. bankruptcy code, a process it does not currently have access to, said...

  • STEVEN RHODES, WHO DEALT WITH DETROIT BANKRUPTCY, SAYS AT PUERTO RICO MEETING THAT HE HAS "BEEN RETAINED TO BRING TO BEAR MY EXPERIENCE IN DETROIT TO HELP COMMONWEALTH SOLVE ITS PROBLEM".

  • SUAREZ SAYS STEVEN RHODES, WHO DEALT WITH DETROIT BANKRUPTCY, INVITED TO MEETING, SO PUERTO RICO CAN LEARN HOW A DEBT RESTRUCTURING PROCESS TAKES PLACE.

  • White House: No federal bailout for Puerto Rico Monday, 29 Jun 2015 | 1:28 PM ET

    WASHINGTON— The White House threw cold water Monday on the notion of bailing out Puerto Rico from its financial crisis, instead urging Congress to consider changing the law so the island can declare bankruptcy. But White House spokesman Josh Earnest said the federal government would provide financial expertise and access to existing resources— but not a...

  • DETROIT— The death toll from faulty ignition switches in General Motors' small cars has risen by two to 119.. Victims' families are being offered compensation of at least $1 million each by attorney Kenneth Feinberg, who was hired by GM last year. GM paid $200 million to settle claims filed with Feinberg as of March 31.

  • At 4:35 a.m. each weekday, Stan Paul drives out of his Southern California suburb with 10 passengers in a van, headed to his job as an undergraduate counselor at the University of California, Los Angeles. On the return trip, Los Angeles' infamously snarled traffic often stretches their afternoon commute to three hours. "If we don't change, in 2045, the...

  • The problem is clear: Traffic congestion will become significantly worse and more widespread without big changes in how people and products get around. The possible solutions are many, but none is easy or cheap. The nation's driving capital, Los Angeles, is making a multibillion-dollar investment in building or extending five rail lines.

  • US opens probe of Ford F-150 power brake failures Friday, 26 Jun 2015 | 8:42 AM ET

    DETROIT— U.S. safety regulators are investigating complaints that the power brake assist can fail on some Ford F-150 pickup trucks. The National Highway Traffic Safety Administration says the probe covers about 250,000 pickups from the 2011 and 2012 model years with 3.5- liter six-cylinder turbocharged engines. The agency says in documents posted on its...

  • Business events scheduled for the coming month Friday, 26 Jun 2015 | 6:27 AM ET

    WASHINGTON— Institute for Supply Management releases its manufacturing index for June, 10 a.m.; Commerce Department releases construction spending for May, 10 a.m.. WASHINGTON— Labor Department releases weekly jobless claims, 8:30 a.m.; Labor Department releases employment data for June, 8:30 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage...

  • Congress this week gave Obama "fast-track" power to speed the agreement through Congress. Microsoft Corp, International Business Machines Corp, AT&T Inc and Intel Corp see exports of digital services, such as software and technology consulting, rising in Asian markets. The deal would eliminate a 25 percent tariff on pickup trucks made in Japan and southeast...

  • DETROIT, June 25- General Motors Co said on Thursday it will incur a $600 million charge on its second-quarter net profits because of a change in the way it values Venezuelan currency. Despite the significant challenges in Venezuela, this market continues to be very important to us. " In April, GM had announced it would likely end vehicle production in Venezuela in...