What’s going to happen with the Detroit Institute of Arts?
That’s the question on the minds of many Michiganders after the city of Detroit was deemed eligible for Chapter 9 bankruptcy on Tuesday.
Daniel Howes, a business columnist with The Detroit News, talks with us about all things DIA — a recent appraisal of the institute’s collection, Emergency Manager Kevyn Orr’s interest in the museum, and a possible rescue plan cooked up by a federal judge.
The new 2015 Ford Mustang was unveiled Thursday. The car's new design includes features that are geared toward global markets.
Seen here is a new 1976 Ford Mustang, part of the second generation of Mustangs that lasted from 1974 to 1978.
Credit John Swart / AP
Reporters look over the limited edition 1993 Ford Mustang Cobra after its unveiling Feb. 6, 1992, in Chicago. This was part of the third generation of Mustangs that were produced from 1979 to 1993.
The 2002 Ford Mustang GT Convertible is shown in a handout photo from the Ford Motor Co. in Dearborn, Mich. The fourth generation of Mustangs lasted from 1994 to 2004.
Credit Sam Varnhagen / AP
The 2010 Ford Mustang, part of the fifth generation of Mustangs lasting from 2005 to 2014.
Ford introduced the Mustang, billed as a "low-priced, four-passenger sports car" in April 1964. Its sporty look and peppy performances gave it strong appeal to youthful car buyers. The first generation of Mustangs lasted until 1973.
Originally published on Thu December 5, 2013 12:19 pm
Ford unveiled its new Mustang on Thursday, in a splashy event that was undermined a bit by leaked photos that showed the new model's design. And the Mustang will be sold around the globe for the first time since the car was introduced nearly 50 years ago.
From Michigan Radio, Tracy Samilton filed this report for our Newscast unit:
Governor Rick Snyder won’t say whether he thinks Michigan taxpayers should shoulder some of the burden of helping Detroit public employees and retirees, should they lose pension benefits in Detroit’s bankruptcy.
Pension cuts are a distinct possibility. The governor says he won’t talk about while the case is litigated.
A federal judge has ruled Detroit qualifies for bankruptcy. But the cash-strapped city, laden with roughly $18 billion in long-term debt, faces a long road to regain financial solvency. Unions whose members face pension payment cuts are appealing the ruling, and the ultimate decision about paying the pensions may be made by the U.S. Supreme Court.
Originally published on Wed December 4, 2013 6:55 am
The largest municipal bankruptcy in U.S. history took a major step forward Tuesday when a federal judge ruled that the city of Detroit is eligible for protection under Chapter 9 of the U.S. bankruptcy code.
Warren Buffett was in Michigan Tuesday to help launch a program that will invest $20 million in small businesses in and around Detroit.
Buffett is an advisor to Goldman Sachs’ 10,000 Small Businesses initiative, which is committing $15 million of capital to support small businesses in and around the city. Another $5 million will go to business training for Detroit entrepreneurs.
Despite Detroit’s historic bankruptcy filing, Buffett says the city has a “huge potential” for economic growth.
Some new data from the Census Bureau shows some intriguing migration patterns. Can you guess who's moving to Michigan, and where Michiganders are heading when they pack up and leave?
We’ll talk with demographer Kurt Metzger about what these trends mean for Michigan. Then, should we be mixing our private and professional lives? An intriguing study suggests you might want to think twice before putting up those cute family photos at work.
And, it’s official, Uncle Sam is pulling out of General Motors, and with the exit of the federal government by the end of the year, it's the end of “Government Motors.”
Detroit News Business Columnist Daniel Howes has plenty of thoughts about the pros and cons of the auto bailout, which stands as an unprecedented government intervention in a cornerstone industry.
Ever since Detroit’s became the biggest in American history to seek bankruptcy protection, the term “death spiral” has been in the spotlight.
The spiral often begins with promises made to municipal workers. Pensions and health coverage are becoming too much for many cities and states to bear. But the law tells mayors and governors that those pension plans need to remain intact.
As pension costs mount, they try raising taxes, or turning to the municipal bond market. And when those doors are slammed shut, what happens? Essential services get cut, pink slips start flying, and businesses and homeowners get out of town, leaving behind a smaller and poorer population even less able to cover a city’s soaring costs.