General Motors Co.'s move to pull its soon-to-be-less global Chevrolet brand from most of Europe is officially being touted as a 'win-win' for the automaker's brands.
A Christieís appraisal valuing the Detroit Institute of Artsís city-bought pieces between $452M and $866M is expected to intensify talks brokered by Judge Gerald Rosen to create a privately financed fund that would bolster underfunded pension payments and protect the museumís collection from liquidation.
Barring serious negotiating soon, Detroit's Chapter 9 bankruptcy imperils everything from city-owned art to pensions and financial obligations owed to creditors.
In a single ruling, U.S. Bankruptcy Judge Steven Rhodes overturned a 50-year belief that vested public-sector pensions are protected by the state constitution under Chapter 9 and allowed the largest municipal bankruptcy in American history to proceed.
Whatever the ruling Tuesday on Detroit's eligibility for Chapter 9 bankruptcy, the city's future looks brighter than it did this time a year ago ó and many years before that.
The federal government's exit from General Motors Co., set for the end of the year, may officially close the era of 'Government Motors.'
Wayne County is a financial mess. Its budget deficit is huge, projected just two months into the current fiscal year to exceed an estimated $220 million. Major departments, led by the sheriff and prosecutor, routinely bust their budgets even as their bosses beg for more cash.
The Detroit power-sharing negotiations, far from over, are set for another round today over dinner.
Detroit likely is just days away from being declared eligible for Chapter 9 bankruptcy, a judicial go-ahead for the city to foist a tough financial solution onto its creditors.
There are no guarantees in Detroit's bankruptcy, except one: Things change.
The federal judge mediating Detroit's bankruptcy is exploring whether regional and national foundations could create a fund that would protect the Detroit Institute of Arts' city-owned collection by helping to support retiree pensions, multiple sources told The Detroit News.
The birthplace of the modern American labor movement's commonly accepted understanding of good-faith bargaining is headed for a potential reckoning, courtesy of Detroit's Chapter 9 bankruptcy.
Whatever understanding Emergency Manager Kevyn Orr and Mike Duggan reach over the mayor-elect's role in running the city's operations, expect both sides to manage expectations in the same direction. That would be down.
Detroit Emergency Manager Kevyn Orr is preparing to collaborate with Mayor-elect Mike Duggan, potentially empowering the new mayor to oversee management of the city's operations during its historic run through Chapter 9 bankruptcy.
A slice of history is preparing to walk out the doors of Ford Motor Co.'s Glass House. The retirements of design chief J Mays and labor relations boss Marty ...
Detroit's bid to be declared eligible for Chapter 9 bankruptcy isn't yet complete before U.S. Bankruptcy Judge Steven Rhodes, but the contours of the battle ...
A century ago, plucky entrepreneurs armed with vision and a healthy appetite for risk laid the foundation for Michigan's rich 20th-century economy. Could ...
In Michigan's continuing battle to win more than it loses in the nation's economic wars, competitiveness is necessary ó but it's no longer sufficient.
Gov. Rick Snyder's testimony Monday in Detroit's historic Chapter 9 case marked a dramatic turn, featuring a sitting governor forced to defend a series of ...
Business / Economy / Politics / Autos
Daniel Howes is business columnist and associate business editor of The Detroit News. From 1999 to January 2003, he was based in Germany as The News' European correspondent and automotive columnist, reporting from more than 20 countries on three continents. Before heading to Europe, Howes was senior automotive writer and an investigative and projects reporter on the business desk. He came to Detroit in 1993 from The Roanoke Times in Virginia, where he covered business, politics and higher education. His column runs Tuesdays, Thursdays and Fridays. Reach him at email@example.com or through his blog.
More on Daniel Howes
- On media: He is a regular contributor to NewsTalk 760-WJR in Detroit and NPR's Michigan Radio, based in Ann Arbor. He appears often on radio and television locally, in the United States and overseas.
- On education: He holds a bachelor's degree in history from the College of Wooster in Ohio, and a master's in international affairs from Columbia University.
- On awards: Winner of multiple International Wheel Awards for column writing; a four-time winner of Northwestern University's Medill award for general markets coverage; a three-time finalist for the prestigious Gerald Loeb Awards, including an honorable mention for commentary in 2007; and winner of a Society of Business Editors and Writers award for commentary in 2012.
- Detroit Financial Review Final Report (PDF)
- Detroit Renaissance: Structural Reform Agenda (PDF)
- Road to Renaissance Report (PDF)
- University of Michigan Economic Outlook (PDF)
- Michigan Future Inc.: New Agenda for a New Michigan (PDF)
- U-M's Millenium Project: Roadmap to Michigan's Future
- Brookings Institution study: The Vital Center (PDF)
- Michigan Emergency Fiscal Memo
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