Detroit's Bing, Orr on City's Bankruptcy Petition

July 18 (Bloomberg) -- Detroit Mayor Dave Bing and Kevyn Orr, the city's emergency manager, speak at a news conference about Detroit's decision to file for bankruptcy as it tries to eliminate a budget deficit and cut long-term debt. The city listed assets and debt of more than $1 billion in a Chapter 9 petition filed today in court in Detroit. Chapter 9 of the U.S. Bankruptcy Code is reserved for municipalities and differs from the rules used by bankrupt companies in Chapter 11. (Source: Bloomberg)

Hong Kong Tycoon Says Property Rebound Could Last Years
51:01 - Hong Kong’s richest man signaled that the property rebound that’s been pushing up prices in the world’s most expensive housing market could persist for as long as two years as growing demand outweighs government curbs. Bloomberg's Prudence Ho reports on "Bloomberg Markets." (Source: Bloomberg)
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