A court ruling found Detroit eligible for bankruptcy focused on the city's soaring crime, crushing debt—and the late Anna Nicole Smith.» Read More
DETROIT, Dec 6- General Motors Co's decision to pull the plug on Chevrolet in Europe is one of several calculated moves the U.S. automaker appears to be making around the world that analysts and investors say are long overdue if the automaker wants to boost profits in line with its rivals.
DETROIT, Dec 6- A Detroit- area entrepreneur has offered to donate $5 million to help protect the collection of the Detroit Institute of Arts from being sold or otherwise monetized as part of Detroit's bankruptcy, the Detroit Free Press reported on Friday.
*Australia, S.Korea just signed free trade agreement. SEOUL/ SYDNEY, Dec 6- General Motors Co may consider shipping more South Korean-made cars to Australia, a source said on Friday, as part of a global restructuring that will see its Chevrolet brand in Europe dropped and production in Australia potentially scrapped.
LAS VEGAS, Dec 5- The London Metal Exchange asked a panel of U.S. judges on Thursday to assign a federal court in Manhattan to handle a series of antitrust lawsuits that allege the world's largest metal exchange, two of Wall Street's biggest banks and big commodity merchants conspired to raise the price of aluminum.
*Announcement due this week but deferred to February 2014- ABC. SYDNEY, Dec 6- General Motors Co has decided to pull out of vehicle production in Australia as early as 2016, local media reported on Friday, in what would be a major blow to the struggling industry.
While the Motor City's bankruptcy may be an extreme remedy, the city's fiscal ailments are widely felt in cities and states across the country.
Dec 4- Hedge fund Hayman Capital has taken a stake in General Motors Co and believes the U.S. automaker's stock could rise more than 40 percent over the next 12-18 months after the U.S. Bloomberg first reported news of the stake, which it called one of Hayman's largest investments.
NEW YORK-- General Motors' shares climbed Wednesday, reaching their highest point since re-entering the public markets more than two years ago, as a hedge fund sees the automaker's stock price rising at least 40 percent over the next 12 to 18 months.
NEW YORK, Dec 4- A recovering economy and cheaper prices at the pump have boosted U.S. gasoline demand in recent months, following five years of decline, a change that some experts say could continue into 2014.. Pump prices on Thursday's Thanksgiving holiday were the lowest in three years, the Energy Information Administration said last week.
DETROIT, Dec 4- Hedge fund Hayman Capital has taken a stake in General Motors Co and believes the U.S. automaker's stock could rise more than 40 percent over the next 12-18 months after the U.S. Treasury sells its stake in the company, Bloomberg reported on Wednesday.
Fiscally distressed governments across the country may have gotten a troubling blueprint this week for getting out of their respective messes.
DETROIT, Dec 4- Hedge fund Hayman Capital has taken a stake in General Motors Co and believes the U.S. automaker's stock is poised to rise more than 40 percent over the next 12-18 months after the U.S. Treasury finishes exiting its stake in the company, Bloomberg reported on Wednesday.
CNBC's Rick Santelli and Holman Jenkins Jr., Wall Street Journal business columnist, discuss Detroit's bankruptcy decision and what other cities can learn from the ruling.
PARIS/ DETROIT, Dec 4- Five years after Jeffrey Hand took a $100,000 buyout to leave Ford Motors, the U.S. auto industry has surged back to profit and is once again hiring. Hand, who has spent the years living on his payout, has now applied to work at an auto parts supplier a few hours away from his old factory near Dearborn, Michigan.
Dec 3- A federal judge on Tuesday ruled Detroit is bankrupt, which clears the way for potential cuts to the city workers' pensions and could mean steep losses for the city's bond holders. -The city of Detroit is insolvent and eligible to file for municipal bankruptcy under Chapter 9 of the federal bankruptcy code.
A judge has approved the city of Detroit to go ahead with its Chapter 9 bankruptcy filing. NBC's John Yang reports the latest details.
BIRMINGHAM, Ala., Dec 3- Alabama's Jefferson County on Tuesday closed on a $1.78 billion sewer bond deal and brought an end to what had been the biggest U.S. municipal bankruptcy before Detroit filed for court protection from creditors in July.
DETROIT, Dec 3- A federal judge on Tuesday formally declared Detroit bankrupt, a landmark ruling that clears the way for potentially sweeping cuts to city worker pensions and retirement benefits and for steep and possibly precedent-setting losses to the cash-strapped city's bond holders.
TORONTO, Dec 3- Ford Motor Co's Canadian arm maintained its spot as the country's best selling brand, data released on Tuesday showed, as growing demand for trucks helped power a sixth consecutive monthly record for Canadian vehicle sales in November.
Judge Steven Rhodes' ruling appears firmly rooted in the facts about Detroit's financial failure presented to him at last month's eligibility trial, and that will be more difficult to overcome on appeal than a ruling based solely on the judge's reading of a law.