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Detroit

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  • Aug 28- Barclays PLC has agreed to raise up to $275 million to fund Detroit's exit from municipal bankruptcy, the city announced on Thursday. The financing will involve financial recovery bonds issued through the Michigan Finance Authority then purchased by Barclays at a price equal to par, according to deal's term sheet.

  • Spiders (real ones) force Suzuki car recall Thursday, 28 Aug 2014 | 8:35 AM ET
    A 2010 Suzuki Kizashi on display at the New York International Auto Show on Thursday, April 1, 2010.

    More than 19,000 midsize Suzuki Kizashi cars are affected by the recall, forced by spider infestations.

  • Omaha police bullet kills 'Cops' film crew member Thursday, 28 Aug 2014 | 1:42 AM ET

    OMAHA, Neb.— When the call came from an officer who needed help facing an armed robber at a fast-food restaurant, two members of a reality television show riding along with Omaha police hustled to record the confrontation.

  • DETROIT, Aug 27- General Motors Co and the United Auto Workers on Wednesday trumpeted the news that production of the Cadillac SRX would be shifted from Mexico to Tennessee, but Reuters has learned that GM also plans to move some other assembly work in the opposite direction.

  • DETROIT, Aug 27- General Motors Co is shifting some production of the Cadillac SRX from Mexico to Tennessee, but will partly offset that by moving some Chevrolet Equinox manufacturing from Tennessee to Mexico, an industry source told Reuters.

  • Aug 27- A New York- based specialty finance group is ready to loan Detroit as much as $4 billion, double its previous offer, if the bankrupt city uses the masterpieces in its art museum as collateral, according to a new proposal that surfaced this week.

  • Detroit says investor demand for water/sewer bonds is big Wednesday, 27 Aug 2014 | 1:44 PM ET

    Aug 27- Detroit's sale on Tuesday of nearly $1.8 billion of water and sewer bonds attracted about $7.6 billion in orders and will save the bankrupt city nearly $250 million, city officials said on Wednesday.

  • DETROIT, Aug 27- General Motors Co will shift production of its Cadillac SRX crossover vehicle from Mexico to its plant in Spring Hill, Tennessee, where the company once built vehicles for its defunct Saturn brand, the company and the United Auto Workers union said on Wednesday.

  • Bankrupt Detroit offered bigger loan secured by art Wednesday, 27 Aug 2014 | 12:15 PM ET

    Aug 27- A New York- based specialty finance group is ready to loan Detroit as much as $4 billion, double its previous offer, if the bankrupt city uses the masterpieces in its art museum as collateral, according to a new proposal that surfaced this week.

  • GM to move Cadillac SRX production to Tennessee Wednesday, 27 Aug 2014 | 11:36 AM ET

    SPRING HILL, Tenn.— General Motors announced Wednesday that it is moving production of its next-generation Cadillac SRX crossover SUV from Mexico to its plant in Tennessee, leading United Auto Workers leaders to chide Tennessee Republicans for their opposition to the union increasing its influence in the state.

  • Detroit resumes shutting off water service Wednesday, 27 Aug 2014 | 6:55 AM ET

    DETROIT— Bankrupt Detroit resumed shutting off water to people who have not paid bills after a month long suspension that followed international and local criticism that the practice was unduly harsh to residents of one of the nation's poorest cities.

  • GM likely to announce SUVs, jobs at Tenn. plant Tuesday, 26 Aug 2014 | 4:48 PM ET

    DETROIT— General Motors and government officials are expected to announce new vehicles and jobs Wednesday at a sprawling factory complex in Spring Hill, Tennessee.

  • The session will include bond insurers that guaranteed payment on the COPs- Syncora and Financial Guaranty Insurance Co.. In an Aug. 12 court filing, Syncora lashed out at mediators, including Rosen, who brokered the grand bargain, which is also aimed at protecting the museum's artwork from being sold to pay Detroit creditors.

  • US closes probe into Camry Hybrid brake problems Tuesday, 26 Aug 2014 | 10:11 AM ET

    DETROIT— An eight-month investigation into brake problems with some older Toyota Camry gas-electric hybrids has been closed without a recall. The National Highway Traffic Safety Administration began the probe in January after getting complaints of malfunctions that reduced power-assisted braking in 2007 and 2008 Camry hybrids.

  • US probes Ford Explorer police SUV brake hoses Tuesday, 26 Aug 2014 | 8:24 AM ET

    DETROIT— U.S. safety regulators are investigating a complaint that front brake hoses can fail on some Ford Explorer Police Interceptor SUVs. The National Highway Traffic Safety Administration says the probe covers about 20,000 Explorers from the 2013 model year. Failure can cause increased stopping distances.

  • Michigan unions brace for teacher opt-out decision Monday, 25 Aug 2014 | 1:04 PM ET

    Many of the 112,000 active educators and school workers in the Michigan Education Association can now leave the union and stop paying fees under the law that took effect last year. "If I don't stand up and stay in my union, then we don't have a voice," said Chandra Madafferi, a high school health teacher and president of a 400- member local in the Detroit suburb of Novi.

  • Judge OKs $1.5B Detroit bond repurchase plan Monday, 25 Aug 2014 | 12:50 PM ET

    Detroit expects the refinancing will result in savings projected at about $241 million over 26 years.

  • He searches for those savings during his daily visits to the Family Dollar Store near his home in Fraser, Michigan, sometimes stopping by as many as 10 times a week "if there are things I need," said the 51- year-old home care provider.

  • DETROIT, Aug 22- The Detroit Board of Water Commissioners agreed on Friday to repurchase nearly $1.5 billion of water and sewer revenue bonds tendered by investors by a deadline on Thursday.

  • Advocacy group asks for Chrysler investigation Friday, 22 Aug 2014 | 2:08 PM ET

    DETROIT— An auto safety advocacy group has asked the U.S. government to investigate power system failures in Chrysler vehicles that could cause them to stall while being driven. The Center for Auto Safety, a nonprofit group founded by Ralph Nader, filed a petition Friday asking the National Highway Traffic Safety Administration for the probe.