There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.» Read More
There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
DETROIT, May 19- Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit's emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.
DETROIT, May 17- General Motors Co shares on Friday topped their 2010 initial public offering price, which will help the automaker's largest shareholder, the U.S. GM shares broke above $33.00, the price in the November 2010 IPO, rising as high as $33.21 in morning trading. It is the first time the stock has surpassed $33 since May 2011.
May 16- The New York attorney general's office on Thursday said it was investigating allegations that fast-food operators in the state are underpaying workers in violation of labor laws. The announcement came on the heels of a survey of 500 New York City fast-food employees at chains such as McDonald's Corp, Burger King and Domino's Pizza.
May 16- A financial recovery plan released on Monday by a state-appointed emergency manager running Detroit has negative consequences for the city's bondholders, Moody's Investors Service said on Thursday.
DETROIT-- Detroit's next mayor will inherit a city low on cash and an office low on power, yet nearly two dozen candidates are seeking the job anyway.
DETROIT, May 16- Most of the small SUVs tested for safety in crashes did not fare well in more stringent tests performed by an influential U.S. safety group in results issued on Thursday.
NEW YORK, May 15- Qatar Airways' top executive said the Middle Eastern carrier wants to be a launch customer for Boeing Co's forthcoming 777 X mini-jumbo jet, and that the airline plans to open at least three new routes to the United States in the next 12 to 18 months. "
NEW YORK, May 15- Qatar Airways' top executive said the Middle-Eastern carrier wants to be a launch customer for Boeing Co's forthcoming 777 X mini-jumbo jet, and that the airline plans to open at least three new routes to the U.S. in the next 12 to 18 months. "
WASHINGTON, May 14- Federal officials charged 89 people including doctors, nurses and other medical professionals in eight U.S. cities on Tuesday with Medicare fraud schemes that the government said totaled $223 million in false billings.
Attorney General Eric Holder said on Tuesday the Department of Justice had charged 89 defendants in eight cities with healthcare fraud, and warned that budget cuts could limit future efforts to crack down on fraudulent claims.
The charges involve $223 million in fraudulent claims in jurisdictions including Miami, Detroit, Los Angeles and Brooklyn, New York, the Justice Department said.
DETROIT-- Nissan Motor Co. and General Motors Co. have signed a deal for Nissan to build small commercial vans that GM will sell in the U.S. and Canada, the companies said Tuesday. The deal with Nissan also gets GM into the small commercial van market quickly to compete with Ford, said Charlie Klein, GM's executive chief engineer for global vans.
DETROIT, May 13- Recent improvements in rapport between automakers and their supply base stalled this year, a survey showed on Monday, with suppliers complaining about lack of communication, last-minute engineering changes and inconsistency in management.
Emergency Financial Manager in a report issued on Monday presented a review of Detroit's problems, from gaping budget deficits to a crushing debt load and said the city is insolvent.
May 13- Michigan's biggest city is "clearly insolvent" and needs to restructure its debt and renegotiate its labor contracts to address its problems, Detroit's emergency financial manager said on Monday.
NEW YORK/ WASHINGTON, May 12- When David Pendery, a corporate public relations specialist, decided to move his family from Colorado to Illinois this year for work, his biggest worry was whether he would be able to sell his home quickly. It took just three days.
DETROIT, May 12- Six weeks into his work as Detroit's emergency manager, former bankruptcy lawyer Kevyn Orr has found the city's finances in worse shape than expected, with long-term debt at $15 billion, $2 billion worse than figures disclosed before he took the job.
DETROIT, May 10- A meeting of U.S. Fiat dealers are struggling to turn a profit selling several versions of the Fiat 500 subcompact and some dealers said they anxiously await more details from Chrysler and its Italian parent, Fiat SpA, on plans to expand products beyond what has been already announced.
The protests in the Motor City- which is struggling to recover from the hollowing out of its auto manufacturing sector- marked an expansion in organized actions by fast-food workers from ubiquitous chains owned by McDonald's Corp, Burger King Worldwide and KFC, Taco Bell and Pizza Hut parent Yum Brands Inc..