Economy

Economy
9:17 am
Wed October 22, 2014

Detroit banking on scrap wire for money

Credit Carlos Osorio / Associated Press

DETROIT, MI (AP)--   The city of Detroit plans to sell 13 million pounds of copper wire from its public lighting operation.

Financial consultant Gaurav Malhotra testified Tuesday in Detroit's bankruptcy trial that the city is budgeting for $25 million over six years from such a sale, but the scrapped metal could bring in about $40 million.

Detroit is phasing its electricity service over to DTE Energy Co.

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Economy
9:44 am
Mon October 20, 2014

Price of gas unchanged in past seven days

DEARBORN, MI (AP)--   AAA Michigan says gasoline prices have held steady from last week for a statewide average of about $3.13 per gallon. 

The auto club said Sunday that's about 35 cents less than this time last year. The statewide average for self-serve unleaded gas fell about 28 cents during the previous two weeks.

Dearborn-based AAA Michigan surveys fuel costs at 2,800 Michigan gas stations daily. It says the cheapest average price was $3.07 a gallon in the Traverse City area. The highest average was $3.26 a gallon in the Marquette area.

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Economy
8:17 am
Thu October 16, 2014

State grant aids in downtown Marquette development

MARQUETTE, MI--   The City of Marquette has been awarded nearly $500,000 to renovate the Delft Theater. 

The $481,000 Community Development Block Grant will be used to convert the vacant building into a

restaurant and dinner theater.  Changes include a rooftop deck, a flexible stage for live events, and balcony seating. 

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Economy
9:25 am
Wed October 15, 2014

Creditor, Detroit near agreement

Judge Steven Rhodes

DETROIT, MI (AP)--   Lawyers for Detroit and a major creditor say they're close to a settlement in the city's bankruptcy case. 

The disclosure was made Tuesday as Judge Steven Rhodes resumed a trial on Detroit's plan to fix its finances. The city and a bond insurer, Financial Guaranty Insurance, say a deal could be announced by Thursday.

Financial Guaranty has a $1 billion claim in the case. Rhodes had strongly encouraged all sides to settle. Another bond insurer, Syncora, is getting cash and long-term leases on a parking garage and the tunnel between Detroit and Canada.

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Economy
7:28 am
Mon October 13, 2014

Gas prices drop even further

DEARBORN, MI (AP)--   AAA Michigan says gasoline prices in the state have dropped about 14 cents a gallon in the last week. 

The auto club says it's the second week in a row that statewide gas prices have fallen more than 13 cents. The average price per gallon of self-serve regular unleaded gasoline was $3.13 on Sunday. That's about 29 cents less than it was one year ago.

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