Economics News

<![CDATA[Re: Robert Snell and Darren A. Nichols' June 18 report, "Revamp of Water Dept. key to Detroit's restructuring": Suburbanites and city residents all had the chance to say no to the zoo millage, but we said yes as a majority. Since the water department, the zoo and the DIA are all supported financially by the residents that use them, they should all be regional organizations. Detroit is a unique place and is well supported in a number of both public and private venues by nonresidents and residents alike. Taking the name of Detroit off of things is useless and unnecessary, but adding the regional or metropolitan behind that name would be productive and, in a small way, write a new line in the history of Southeast Michigan. A name change would simply make in name what these institutions are already, which is regional, I believe it would prevent privatization. Mark Durfee, Detroit The water department and Belle Isle are the reasons we have an emergency manager. The city didn't need an emergency manager to file bankruptcy, the state needed an emergency manager to steal the assets before the city files bankruptcy. Val Showers, Detroit The old ways are not working. Detroit needs an influx of money. Neither the state nor the federal government are going to give it away. The city is now threatening creditors with bankruptcy. Banks will not lend money to a city that will not pay back its previous creditors, so what is the solution? Costs have been cut to the bone. Joseph F. Overaitis, Detroit Giving control of the water department to the same people who abandoned the city: That'll inspire confidence to increase the tax base. Steven P. Schonfeld, Detroit Water is a precious commodity, Just ask Nevada, California and Texas. They have been trying to tap into the Great Lakes for years. The bondholders will pimp Detroit's last major cash cow. Dwone Williams, Flint

Quicken Loans Inc. Chairman Dan Gilbert isn't letting the real prospect of Chapter 9 bankruptcy for Detroit cloud his vision for downtown.

The eurozone does not intend to change the terms of Cyprus's bailout as requested by Cypriot President Nicos Anastasiades in a letter sent to eurozone leaders and its lenders, three senior eurozone officials said on Wednesday.

Hearts are set to formally go into administration later - but could be blocked in their bid to appoint the company they want to take charge of the process.

The long-vacant Artisan Hotel in Downtown may get a new lease on life after the City Council on Tuesday approved $3.06 million worth of incentives for the proposed renovation of the 100-room hotel.

Eastman Kodak Co on Tuesday said it will seek court approval for a $406 million rights offering that could give creditors a big equity stake in the company after it emerges from Chapter 11 bankruptcy protection.

Beacon Power , the flywheel energy storage company that won a loan from a controversial federal program and survived bankruptcy, will kickstart the construction of a project in Pennsylvania this Friday.

Montana tax authorities say a federal court hearing over a $57 million tax dispute with luxury real estate developer Tim Blixseth will resume in July.

U.S. safety regulators said Tuesday that they are investigating problems with air bag sensors in the seats of some small Suzuki SUVs.

's stock had its "buy" rating restated by investment analysts at Goldman Sachs in a note issued to investors on Monday, StockRatingsNetwork reports.

Saint Paul's College, a historically Black college founded in 1888 in partnership with the Episcopal Church, announced last week that it's shutting down and working to help current students transfer to other institutions.

Michelle wants to buy a home but can't get a loan. The problem? An emergency room bill from six years ago that is listed on her credit reports as severely past due.

Kelley Cox Post Independent file photo U.S. Senator Mark Udall, center, made a quick stop in Glenwood Springs in January to tour Fiberforge, a Glenwood Springs-based company that produces lightweight thermoplastics and composite parts.

The company that owns the Chicago Tribune , Los Angeles Times and more than 20 television station made slightly less money last year as it ended a lengthy ordeal in bankruptcy court.

Emergency Manager Kevyn Orr's plan to suspend payments on $2 billion of Detroit's debt threatens a basic tenet of the $3.7 trillion municipal market: that states and cities will raise taxes as high as needed to avoid default.

Conservative Prime Minister Antonis Samaras' fragile three-party coalition formed to save debt-stifled Greece from bankruptcy this time last year is now flirting with the political instability that has forced three changes of government in as many years.

Orchard Supply Hardware Stores Corp has filed for Chapter 11 bankruptcy protection, court documents showed on Monday, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash.

Retirement benefits once considered secure are looking shaky under the emergency manager's plan to cut debt and improve basic city services.

The companies last week named eight senior executives, including five from US Airways and three from American parent AMR Corp. AMR and US Airways Group Inc. hope to complete their proposed merger this summer.

"The Real Housewives of New Jersey " star Teresa Giudice sold herself as a wealthy housewife to three adorable daughters and a hardworking man on the first season of the show.