Detroit officials hope the bruising bankruptcy battle ahead of them will be rewarded with the birth of a leaner, more efficient and ultimately prosperous Motown. History, however, has few story book endings to offer as a guide when it comes to U.S. municipal bankruptcies. Fact is, they are rare events – just 61 local governments
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– Tragedy occurs on eve of Santiago de Compostela's main festival – Government working on assumption it was an accident – Ancient pilgrimage city cancels festivities, goes into mourning A train derailed outside the ancient northwestern Spanish city of Santiago de Compostela on Wednesday evening, killing at least 77 people and injuring up to 131 in
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A first draft of the troika (EC, ECB, IMF) mission evaluation on the implementation of a Memorandum of Understanding (MoU), the basis of an international rescue programme for Cyprus, is expected to be handed over to the government before the weekend, CNA sources say. The same sources note that so far the general feeling on
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Prince William and Kate have named their new-born baby boy George Alexander Louis, William's office said on Wednesday. The baby, third in line to the British throne, will be known as His Royal Highness Prince George of Cambridge, Kensington Palace said in a statement. George has been the name of six British kings. The last,
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Various high-profile events in recent months have developed a sense of pride among Britons around the world resulting in a record rise in demand for British memorabilia, especially among the expat community around the world. The London Olympics, the annual tennis tournament at Wimbledon, Prince William and Kate’s wedding and the birth of their son
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Cypriot businesspeople have requested the restoration of stability and confidence in the banking system which would enable the lifting of capital restrictions imposed on the economy, following a €10 billion bailout to Cyprus, which included a haircut on uninsured deposits. Delegation of the Cyprus Chamber of Commerce, Industry (CCCI) and the Federation of Employers and
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The European Commission is expected to issue its opinion on a restructuring plan of Cyprus’ national air carrier, Cyprus Airways, by the end of October, CA Board of Directors Chairman Tony Antoniou has told CNA. Antoniou said that the Commission will, through the EU Competition Committee, examine the plan, submitted Monday, and is expected to
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A showdown over the biggest municipal bankruptcy filing in U.S. history begins in a federal court on Wednesday morning as creditors challenge its legality. Attorneys for Kevyn Orr, a corporate bankruptcy lawyer tapped by Michigan officials in March as Detroit's emergency manager, want U.S. Bankruptcy Judge Steven Rhodes to put on hold a flurry of
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– Commission outlines rules to cap debit, credit-card fees – Law would stop airlines imposing credit card surcharge – Retail lobby says cap too high, real cost is "tiny" Banks will have to limit the fees they charge on card payments under proposals from the European Commission on Wednesday that would also scrap surcharges on shoppers
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– Royal couple "still working on a name" for baby boy – George, James and Alexander are bookmakers' favourites Britain's Prince William and his wife Kate kept the world guessing about the name of their first child as they left hospital to start family life with the future king. "We are still working on a name,
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