Bloomfield Hills News
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Detroit may run out of cash next month and must cut long-term debt and retiree obligations, according to emergency financial manager Kevyn Orr’s preliminary plan to save Michigan’s largest city from bankruptcy.
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Service industries in the U.S. expanded in April at the slowest pace in nine months, adding to signs that the world’s largest economy is cooling.
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Construction spending in the U.S. unexpectedly fell in March, reflecting the biggest slump in government projects in 11 years.
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PulteGroup Inc., the largest U.S. homebuilder by revenue, reported first-quarter earnings that beat analyst estimates as an accelerating housing recovery fueled sales and led to higher prices.
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D.R. Horton Inc., the largest U.S. homebuilder by volume, rose to a six-year high after reporting that fiscal second-quarter profit more than doubled as climbing demand and prices fuel a housing-construction recovery.
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U.S. stocks fell for a second day amid disappointing earnings reports and data on leading economic indicators and Philadelphia-area manufacturing that trailed estimates. European shares erased earlier gains while gold rose and oil rebounded from a four-month low.
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U.S. stocks fell, sending the Standard & Poor’s 500 Index to a six-week low, as earnings from UnitedHealth Group Inc. to EBay Inc. disappointed investors.
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General Motors Co., armed with its best vehicles in a generation, reported a 3.6 percent increase in global sales during the first quarter, keeping its lead over Volkswagen AG by about 90,000 vehicles.
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Crews at Detroit’s Engine 54 station chase fires on trucks with broken gas gauges, faulty air brakes and, in one, an odometer that reads 183,000 miles.
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Michigan’s 14th congressional district looks like a jagged letter ’S’ lying on its side.
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