Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.» Read More
July 23- Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring.
SYDNEY, July 23- Brazil's BTG Pactual has received a green light from the London Metal Exchange to set up warehousing operations in Singapore, marking the investment bank's first foray into Asia as builds out its physical metals business.
DETROIT— The ignition switch defects that engulfed General Motors are now a rapidly growing problem at Chrysler. Chrysler said Tuesday it is recalling up to 792,300 older Jeep SUVs worldwide because the ignition switches could fall out of the "run" position, shutting off the engine and disabling air bags as well as power-assisted steering and braking.
July 22- Detroit will head into the critical phase of its historic bankruptcy case next month with the backing of an overwhelming majority of its active and retired workers and with opposition from a small, hard-core group of hold-out creditors.
Documents filed in U.S. Bankruptcy Court show the city's current and retired police and fire employees, along with other active and retired city workers, will accept benefit cuts to help Detroit shed some of its $18 billion of debt in the largest-ever U.S. municipal bankruptcy case.
DETROIT— A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.
The Sierra Club and several other groups are challenging the May ruling by the Michigan Department of Environmental Quality, which changed the permit for a Dearborn plant owned by Severstal. Severstal was awarded an air permit in 2006 to increase production and to install a new blast furnace and additional air pollution control equipment.
DETROIT— Detroit suspended its aggressive policy of cutting off water to customers with unpaid bills on Monday, the latest response to a controversy that has prompted large protests and caught the attention of the judge overseeing the city's bankruptcy.
DETROIT— Workers and retirees approved pension cuts in Detroit's bankruptcy, the city announced Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history.
DETROIT— Rising sales helped boost hiring and wages at U.S. businesses in the second quarter, and companies are optimistic that the trends will continue this fall, according to a new survey by the National Association for Business Economics.
DETROIT— Detroit neighborhoods are being relit, its vacant homes are being sold off or torn down, its public transportation is cleaner and more often on schedule and the city has renegotiated some burdensome union contracts.
HARTFORD, Connecticut— Private jet sales are rising again, climbing out of a deep recession when the company plane was an easy target for spending cuts. The chief executive of General Dynamics Corp., maker of Gulfstream jets, says corporate customers are back and wealth creation is bringing out shoppers for private jets.
DETROIT— A federal judge in Atlanta has sent an important wrongful death lawsuit against General Motors back to a Georgia court. Judge Thomas Thrash Jr. ruled Friday that a Cobb County judge should handle the case filed by the family of Brooke Melton.
DETROIT— Toyota wants to help you scream at your unruly kids. Toyota says it added Easy Speak "so parents don't have to shout to passengers in the back. Automakers are trying to come up with creative ways to make the out-of-fashion minivan more appealing, said Jessica Caldwell, senior analyst at the Edmunds.com automotive website.
TRAVERSE CITY, Mich.— A company cannot store piles of petroleum coke at an open riverfront site in Detroit because it does not have adequate measures in place to control dust, a Michigan state agency said Thursday.
DETROIT— Kia is recalling nearly 52,000 Soul small SUVs to fix a problem that can cause steering failure. The recall covers vehicles from the 2014 model year built from July 21, 2013, through Jan. 17, 2014. The Korean automaker says a plug that secures a pinion gear to the steering assembly can loosen and cause the gear to separate.
*Ukraine says rebel missile shoots down Boeing 777 with 298 aboard. HRABOVE, Ukraine, July 18- World leaders demanded an international investigation into the shooting down of a Malaysian airliner over eastern Ukraine in which all 298 people on board were killed, a tragedy that could further heighten tensions between Russia and the West.
*Ukraine says rebel missile shoots down Boeing 777 with 298 aboard. HRABOVE, Ukraine, July 18- The United States believes a surface-to-air missile brought down a Malaysian airliner that crashed in eastern Ukraine on Thursday, killing all 298 people on board, an incident that sharply raises the stakes in a conflict between Kiev and pro- Moscow rebels.
Vice President Joe Biden said on Thursday it appeared that the downing of a Malaysian airliner near the Ukraine- Russia border was not an accident and that the passenger jet apparently was "blown out of the sky." "This is truly a grave situation," Biden said in a speech in Detroit. He spoke by phone to Ukraine President Petro Poroshenko.
Vice President Joe Biden said on Thursday that the downing of a Malaysian airliner near the Ukraine- Russia border apparently was "not an accident" and that the passenger jet was "blown out of the sky." Biden, in a speech in Detroit, said there may have been Americans on board and determining that was the first priority for the United States.