Standard & Poor's boosts Detroit's rating on revenue bonds
Associated Press - Standard & Poor's has boosted Detroit's rating on 8- to 15-year bonds the city plans to sell to improve public services. The revenue bonds have been given an "A'' rating by...
View ArticleWayne County edges toward state control as Snyder confirms emergency
Elizabeth Campbell Bloomberg News - Wayne County moved closer to state oversight after Michigan Gov. Rick Snyder affirmed the county’s financial emergency status Thursday. The confirmation came eight...
View ArticlePost-bankruptcy Chassix gets new board, $300 million in new financing
Chad Halcom - Post-bankruptcy Chassix Holdings Inc. has $300 million of exit financing from PNC Bank and some previous secured bondholders, and a board of directors including some veterans of the local...
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Detroit's junk bond rating raised by Moody's; outlook revised to positive
Elizabeth Campbell Bloomberg News - Detroit’s credit rating was raised one step by Moody’s Investors Service to B2, five steps below investment grade, as the city’s finances improve almost eight months...
View ArticleCharter Capital Partners opens office in downtown Detroit
Tom Henderson - Charter Capital Partners, an investment banking firm based in Grand Rapids, announced today that it has opened a new office in downtown Detroit. It also has offices in Kalamazoo and...
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Arboretum Ventures files with SEC to raise $215 million
Tom Henderson - Ann Arbor-based Arboretum Ventures LLC, arguably the state’s most successful venture capital firm in recent years, is raising a new fund of $215 million, according to a form filed with...
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Eastside Family Credit Union merges into Community Choice Credit Union
Tom Henderson - The members of Eastpointe-based Eastside Family Federal Credit Union have voted to merge into Farmington Hills-based Community Choice Credit Union. The combined entity will operated...
View ArticleWayne County finalizes consent pact with state to help fix finances
Elizabeth Campbell Bloomberg News - Wayne County completed a consent agreement with the Michigan Department of Treasury, moving the county a step closer to state oversight in a bid to mend its...
View ArticleDetroit paying penalty on first bond sale since bankruptcy
Elizabeth Campbell Bloomberg News - Detroit is paying a high price in its return to the $3.6 trillion municipal bond market for the first time since emerging from a record bankruptcy. The $245 million...
View ArticlePlunging stocks reflect investors' uncertainty
Alex Veiga and Steve Rothwell AP Business Writers - The U.S. stock market took investors on a stomach-churning ride Monday, as the Dow Jones industrial average briefly plunged more than 1,000 points...
View ArticleWhat's likelihood of 10% market correction spiraling into a bear market tornado?
David Sowerby - Most major stock indexes are now in correction mode, down approximately 10 percent from previous highs. Market participants have commented excessively that the U.S. stock indexes had...
View ArticleSE Michigan companies caught in stock market fall, but no reason to panic
Dustin Walsh - Stocks were in free fall Monday morning. The Dow Jones Industrial Average plummeted more than 1,000 points at opening. China’s economic woes and global volatility forced Wall Street to...
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Gail Perry-Mason pours passion for money matters into educating youth,...
Mark S. Lee - Many young people are aspiring entrepreneurs. The first critical step in launching a successful business is educating and training our youth. Money management is key to effective...
View Article2 weeks of trading: Southeast Michigan companies lost $26 billion in market
Dustin Walsh - Monday, Aug. 24, 2015: a day now called Black Monday. The Dow Jones Industrial Average, which has swelled over 18,000 points on several occasions this year, dropped by more than 1,000...
View ArticleMunis dodge market turmoil with best 2015 returns among assets
Brian Chappatta Bloomberg News - For U.S. investors, the safest haven from the recent global financial turmoil might be in their own backyards. The $3.6 trillion market for state and local government...
View Article$450M state bond sales back Red Wings arena project
Bill Shea - The money to build the $532 million Detroit Red Wings arena and events center was raised, as planned, with the sale of $450 million of state bonds late last year. The Michigan Strategic...
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Wilbur Ross sells his stake in Talmer Bancorp
Tom Henderson - Troy-based Talmer Bancorp Inc. (Nasdaq: TLMR) announced Monday the closing of a secondary public offering by which funds affiliated with New York-based WL Ross & Co. LLC sold 9.7...
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HopCat owners secure $25 million to fund expansion
Dustin Walsh - Grand Rapids-based Barfly Ventures LLC, owners of the HopCat brewpub chain, secured $25 million in mezzanine capital financing to support its expansion efforts. Birmingham-based Cascade...
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If August was bad, September could be worse for the markets
Suzanne Woolley Bloomberg News - September is the worst month for markets, historically, though compared to this August's turmoil an average 1.1 percent drop in the Standard & Poor's 500 Index...
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Varsity News Network gets $3.7 million in funding
Tom Henderson - Grand Rapids-based Varsity News Network Inc. announced Thursday that it has closed on a venture-capital funding round of $3.7 million. The company, which provides schools a Web-based...
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