Grand Rapids News
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Detroit emergency manager Kevyn Orr’s road to fiscal recovery for the insolvent city may hit potholes with its largest union, whose leaders haven’t met with him and say he should look elsewhere to cut costs.
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Detroit’s schools, one-third their former size from the loss of more than 100,000 students in the past decade, are leading an effort to rejuvenate the city by casting themselves as neighborhood anchors that help parents as well as pupils.
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The cost to protect against a default by Neiman Marcus Group Inc. increased as private-equity firms TPG Capital and Warburg Pincus LLC consider a sale or public offering of the luxury retailer.
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Lorraine Brown, former president of the mortgage document processor DocX LLC, was sentenced to at least 40 months in prison on a racketeering charge in a robo- signing case, Michigan Attorney General Bill Schuette said.
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record high, as the European Central Bank cut its key interest rate and American jobless claims unexpectedly fell.
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Treasury Inflation-Protected Securities tumbled after a record $18 billion auction of the notes attracted the lowest demand in more than four years with the economy showing few signs of rising consumer prices.
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A gauge of U.S. corporate credit risk rose as a business survey from the Federal Reserve showed “moderate” growth in the economy and as analysts forecast a decline in corporate earnings.
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Zimmer Holdings Inc. was told to pay $70 million to Stryker Corp. for infringing patents related to a device that removes damaged tissue and cleans bones during joint-replacement surgery.
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History is repeating itself in the bond market as investors capitulate on bets that the Federal Reserve’s money-printing efforts will spark faster inflation.
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In most American cities, a limestone home with a large front turret and paneled library would have a waiting list of buyers at $135,000. In Detroit’s Rosedale neighborhood, it almost didn’t sell at all.
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