Detroit city leaders defend the decision to file for bankruptcy, saying there is no funding mechanism for its crushing debt. One big question remains: Whether or not the city will ask Washington for help once again. CBS News' Terrell Brown reports.
Four years ago, America's Big Three automakers mortgaged all they owned or went into bankruptcy court to keep from going broke. Since then, General Motors, Chrysler and Ford have all returned to full financial health, unlike Detroit itself, which filed for bankruptcy Thursday after years of painful decline.
Hershey's has been making and selling chocolate for more than a century but the company is just getting started in places like China. CBS News' Seth Doane reports on how this classic American brand is changing to appeal to its new customers.
Cronus Chemicals wants to build a $1.2B plant on a cornfield that would manufacture nitrogen-based fertilizer, a staple of the corn and soybean farms that fill the landscape around Tuscola, a community of 4,500 people about 160 miles south of Chicago. Similar projects are being proposed across the nation, driven by booming demand for corn and newly abundant supplies of natural gas.
A gauge of the economy's future health was unchanged in June, pointing to modest growth in the coming months. The Conference Board, a business research group, said Thursday that its index of leading indicators remained at 95.3 in June. The flat reading followed increases of 0.2 percent in May and 0.8 percent in April.
America's top-selling car is in danger of losing its title. Toyota's Camry has been No. 1 for more than a decade, but the company is stretching to keep it there with price cuts, rebates and lease deals. Camry sales fell 2 percent from January through June.
Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection. Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.
Intel Corp., the world's largest maker of chips for PCs, put a brave face on the decline of the global PC sales earlier this year, saying it still expected its own sales to grow. On Wednesday, it backtracked, saying sales will be flat. Intel is hoping that sales of processors for servers, tablets and smartphones will compensate for the drop-off in PC sales.
The number of Americans applying for unemployment benefits fell 24,000 last week to a seasonally adjusted 334,000, a sign that steady job gains should continue. The drop left unemployment benefit applications at the lowest level in 10 weeks, the Labor Department said Thursday. Some of the decline may have been caused by seasonal factors.
Hostess Brands says demand for Twinkies and CupCakes is at a record high since the snack cakes returned to shelves. The treats disappeared from shelves almost eight months ago when the predecessor company that made them shut down its plants and said that it was going out of business. The cakes are back under new ownership.
The European Union's environment commissioner says China can curb pollution without sacrificing economic growth. Janez Potocnik also says China's serious pollution problems are an opportunity for European businesses that have developed technology to clean up water and air pollution.
Any way you look at it, the United States and European Union will remain dominant players in world trade over the next two decades. The real question, says the World Trade Organization in a new report, is how much ground they cede to rising economies like China.
Chrysler will start selling a completely new midsize car during the first quarter of next year, company executives confirmed on Tuesday. The replacement for the aging Chrysler 200 and Dodge Avenger is badly needed for the company to compete with the likes of the Toyota Camry and Honda Accord in the most popular part of the U.S. auto market.
Vermont Gov. Peter Shumlin is urging IBM Corp. to make public the number of employees it laid off last month at its Vermont facilities. And the governor says if he and his lawyer conclude the Vermont Public Records Act requires it, his administration will release the number whether IBM wants to or not.
Jobs growth remains weak among the world's 20 biggest economies, where almost a third of the 93 million unemployed have been out of work for more than a year, top labor and development officials reported Wednesday. In a batch of new figures intended to push G-20 governments into action, the U.N.'s International Labor Organization and the Organization for Economic Cooperation and Development warned the rate of employment growth remains low.
United States factories cranked out more business equipment, home electronics and autos in June, boosting manufacturing output for the second straight month. The gains suggest factories may be starting to recover from a slow start this year.
General Motors' global sales grew almost 4 percent in the first half of the year, enough to fend off Volkswagen for second place and perhaps close the gap with sales leader Toyota. GM said Tuesday that it sold 4.85 million cars and trucks worldwide from January through June. That puts GM on pace for sales of around 9.7 million for the year.
The Datsun re-launch was no ordinary car launch. Nissan CEO Carlos Ghosn even called it "a historic moment." Datsun, a brand that Nissan phased out in the 1980s, has been re-launched in India with the low-cost Datsun Go. The Datsun Go is priced at 400,000 Indian Rupees, or about $6,700 U.S.
Unemployment levels in the world's advanced economies could improve next year, even though the number of people without work will likely continue to rise in several European countries, a leading international economic body said Tuesday.
Hyundai Motor Co.'s factories have reached their maximum capacity to build cars, and that's costing the company sales in a growing U.S. market, its American CEO said Friday. Hyundai's U.S. sales are up only 1.9 percent for the first half of the year, less than a quarter of the overall market's 8.4 percent growth rate, according to Autodata Corp.
Nissan launched a new Datsun in India on Monday, three decades after shelving the brand that helped win Western acceptance of Japanese autos. The company hopes that bringing back the brand that built its U.S. business will fuel growth in emerging markets with a new generation of car buyers.
With signs the high-end smartphone market in the developed world is at a near-term saturation point, Taiwanese chipmakers like TSMC may find once-assured profits are more fleeting than expected. The promised explosion of next-gen mobile devices may not create the windfall these chipmakers were expecting.
A big jump in gasoline prices pushed wholesale inflation up in June by the largest amount in nine months. But underlying inflation showed only a modest gain. Wholesale prices rose 0.8 percent in June compared with May when prices had risen 0.5 percent, the Labor Department reported Friday. It was the biggest gain since a 1 percent jump in September and was driven by a 7.2 percent surge in gasoline prices.
Is that new set of wheels out of your price range? Used cars have gotten more affordable, especially if you're looking for a small car or a hybrid. Used car prices have been falling since 2011, and they're expected to decline gradually for the remainder of this year. That's good news for those joining or re-entering the workforce, or anyone else who might find a payment on a new car too steep.
The future may be looking brighter for Apple after the company reportedly filed a trademark application in Japan to patent the iWatch. Back in April, Apple CEO Tim Cook said that the company was working on exciting new products that may hit the market later this year.