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  • Judge's ruling strikes at pension fund's sanctity Thursday, 2 Oct 2014 | 3:56 AM ET

    SACRAMENTO, Calif.— A federal judge has struck a blow against the sanctity of public pensions in California by ruling that U.S. bankruptcy law permits the city of Stockton to treat pension fund obligations like other debts, allowing the city to cut benefits. Stockton argued that it must make its pension contributions for public employees before its creditors...

  • SACRAMENTO, Calif., Oct 1- The judge presiding over the Stockton, California, bankruptcy case said on Wednesday that he will wait until late October to make a final ruling over whether the city can exit bankruptcy. In that case, the city's pension plans have agreed to accept benefit reductions, but the Detroit bankruptcy is not yet resolved. "This ruling is not legally...

  • Judge rules against Calpers in Stockton bankruptcy Wednesday, 1 Oct 2014 | 5:53 PM ET
    A pedestrian walks by a newspaper rack displaying the headline 'Bankrupt!' last summer in Stockton, Calif.

    The U.S. bankruptcy judge overseeing Stockton, California's municipal bankruptcy trial ruled that Calpers could be forced to absorb losses.

  • SACRAMENTO, Calif., Oct 1- The judge overseeing the Stockton, California, bankruptcy on Wednesday ruled the state's huge pension system, Calpers, can be impaired as part of the city's financial restructuring. Bankruptcy Judge Christopher Klein said the city's contract with the California Public Employees' Retirement System could be rejected.

  • Nevada city plans festival to celebrate blue jeans Wednesday, 1 Oct 2014 | 5:08 PM ET

    RENO, Nev.— Nevada tourism officials are planning a three-day festival in Reno next fall to celebrate and promote the city as the birthplace of what became modern blue jeans. "Those of us fortunate to live and work in Reno-Tahoe USA now like to brag,' We have copper rivets in our genes,'" said Chris Baum, CEO of the Reno-Sparks Convention and Visitors Authority.

  • DETROIT, Oct 1- Detroit needs to eradicate blighted properties and keep its art collection in order to thrive once it exits bankruptcy, a billionaire business leader told the city's bankruptcy trial on Wednesday. Blight grows, " Dan Gilbert, founder of Detroit- based mortgage lender Quicken Loans, said after taking the stand in the historic bankruptcy case.

  • Supercharged Corvette can go 0-60 in 2.95 seconds Wednesday, 1 Oct 2014 | 2:11 PM ET

    DETROIT— General Motors says a new high-performance version of the Chevrolet Corvette can go from zero to 60 miles per hour in under three seconds. GM spokesman Monte Doran says GM believes it to be the first front-engine, rear-wheel-drive production car to break the three-second barrier. The Z06 goes on sale early next year and will cost just shy of $80,000.

  • Oct 1- A federal appeals court rejected Ford Motor Co's bid to recoup about $450 million of interest from the U.S. government on taxes overpaid by the automaker.

  • MILFORD, Mich., Oct 1- General Motors Co said on Wednesday it expects in 2016 to ring up its first profit in Europe in more than a decade and that it will also hit targeted North American operating margins that year. The projections came two days after its smaller rival, Ford Motor Co, disappointed investors with its financial outlook.

  • MILFORD, Mich., Oct 1- General Motors Co said on Wednesday it expects in 2016 to ring up its first profit in Europe in more than a decade and that it will also hit targeted North American operating margins that year. The projections came two days after its smaller rival, Ford Motor Co, disappointed investors with its financial outlook.

  • GM looks to new vehicles, China to boost profit Wednesday, 1 Oct 2014 | 10:35 AM ET

    MILFORD, Mich.— General Motors CEO Mary Barra told investors Wednesday that GM plans a raft of new models and a big push to sell more cars in China to drive profits in coming years, as the biggest U.S. automaker tries to shift the spotlight from a mishandled recall of older small cars.

  • Manager testifies in Detroit bankruptcy trial Wednesday, 1 Oct 2014 | 10:31 AM ET

    DETROIT— Emergency manager Kevyn Orr testified in bankruptcy court Wednesday that when he took over Detroit's finances, he found a city with poor services for residents, next to no cash flow and significant neighborhood blight. Orr, who was hired by the state in March 2013 to fix Detroit's finances and who took the city into the largest municipal bankruptcy in...

  • MILFORD, Mich, Oct 1- General Motors Co on Wednesday said that in 2016 it would ring up its first profits in Europe in more than a decade and hit targeted North American operating margins. The news came two days after its smaller rival Ford Motor Co disappointed investors with its financial outlook.

  • Ford's US sales down 3 percent in September Wednesday, 1 Oct 2014 | 10:16 AM ET

    DETROIT— Ford's U.S. sales dipped 3 percent in September as the company cut back on truck discounts in anticipation of a new F-150 later this year. F-Series truck sales fell 1 percent to 59,863. It was the first time in seven months that F-Series sales fell below 60,000..

  • GM's US sales up 19 percent in September Wednesday, 1 Oct 2014 | 10:11 AM ET

    DETROIT— General Motors' U.S. sales jumped 19 percent in September on big demand for its pickup trucks. General Motors Co. fueled the sales with good deals. J.D. Power and Associates estimates GM spent just under $5,000 in incentives per pickup, which was 30 percent, or $1,140, higher than a year ago.

  • Judge: Stockton must treat pension like other debt Wednesday, 1 Oct 2014 | 9:06 AM ET

    SACRAMENTO, Calif.— Employees of the bankrupt California city of Stockton could be forced to take a 60 percent pension cut if a federal judge rejects its reorganization plan, a lawyer for the city said Wednesday in a case that could clarify who gets paid first by financially strapped cities around the nation— retirement funds or creditors. The contention by...

  • Nissan U.S. September sales rise 18.5 percent Wednesday, 1 Oct 2014 | 8:33 AM ET

    Oct 1- Nissan Motor Co reported its U.S. sales for September rose 18.5 percent at 102,955 vehicles, beating analysts' expectations. Nissan's namesake brand showed sales were up 22 percent at 95,118 vehicles and its luxury Infiniti brand sales fell 13 percent at 7,837 vehicles.

  • Chrysler reports U.S. auto sales jump 19 percent Wednesday, 1 Oct 2014 | 8:13 AM ET

    DETROIT, Oct 1- Chrysler Group LLC on Wednesday reported its third straight month of double-digit gains in the U.S. market, selling 19 percent more vehicles in September than a year ago, an indication that industry strength continued as summer waned.

  • Truck deals boost US auto sales in September Wednesday, 1 Oct 2014 | 8:01 AM ET

    DETROIT— Big discounts on pickup trucks kept U.S. auto sales strong in September. General Motors Co. and Chrysler Group led the industry with 19- percent sales increases over last September.

  • DETROIT, Sept 30- Detroit should be able to access capital markets and borrow at a rate of around 5 percent after it exits bankruptcy, as long as its tax revenue remains stable, a city consultant said on Tuesday.