Detroit’s bankruptcy filing is bringing added scrutiny to the finances of Chicago, as the Illinois city’s struggle to contain its murder rate and swelling pension costs leave it with the lowest credit grade in 26 years. To read more, click here.
NEWS: Italy’s central bank extended asset quality inspections started last year on eight of 20 banks. Japan’s industrial production fell in June by the most since March 2011. Australian central bank Governer Glenn Stevens said there’s still room to lower interest rates. To read more, click here.
WHAT TO WATCH: The S&P/Case-Shiller index of home prices in 20 U.S. cities probably climbed 12.4 percent in May, the biggest annual increase since February 2006, 9 a.m. U.S. consumer confidence was proabaly little changed this month from a five-year high, 10 a.m. The FOMC convenes today and tomorrow and will probably leave its benchmark [...]
Bipartisan legislation in both chambers of Congress would strengthen the pharmaceutical supply chain by creating a single nationwide system of tracking prescription drugs from manufacturer to end user. A key question has thus far prevented enactment of a national supply chain standard: Should the specificity of such a tracking program be unit-level or lot-level? To read more, click here.
Realogy Holdings, the most indebted real estate services company in North America, plans to reprice a $1.9 billion term loan B in March 2014, hoping to cut funding costs by boosting its credit profile. To read more, click here.
by Sam Fazeli, Bloomberg Industries Early-stage drugs were favored in the second quarter. Large pharmaceutical companies have shifted their attention toward discovering and developing drugs at earlier stages in the development cycle. Only three deals for Phase III assets (5 percent of the total) were inked in the quarter, compared with six (10 [...]
Persian Gulf Islamic bond sales fell this year, compared with an increase in Asia, highlighting the reluctance of smaller businesses in the region to issue sukuk. To read more and view graph, click here.
Walking to meet friends for a drink at Fleming’s Prime Steakhouse and Wine Bar in bustling downtown Birmingham, Michigan, Cindy Boudreau said she never goes into Detroit except for an occasional Red Wings hockey game. She doesn’t see the point, especially now that the city is bankrupt. To read more, click here.
California, Florida, Texas and New York were the biggest sources of Chapter 11 petitions from businesses listing liabilities of $1 million or more in the second quarter, the same as in the first quarter. To read more and view graph, click here.
The Bloomberg Corporate Bankruptcy Index ended the second quarter of 2013 at a reading of 72, down 3.8 percent from the first quarter and down 42.5 percent from the second quarter of 2012. To read more and view graph, click here.