A two-tier economy is emerging in the UK, with small-cap companies being left behind, Keith McGregor, EMEA head of restructuring at Ernst & Young, told CNBC Monday.
The change partly reflects demographics but also government cost-cutting that has resulted in less generous pay and benefits, the New York Times reports.
Retired police and firefighters have agreed to pension cuts in Central Falls Rhode Island's municipal bankruptcy. It is the first municipality to shed pension obligations in the bankruptcy process,the New York Times reports.