Detroits bankruptcy is a sad phenomenon, Hamm writes, but its something that all of us can learn from. Carlos Osorio/AP/File Enlarge If youve been following the news this week, youve heard that the city of Detroit has filed for bankruptcy . The city is holding $11.5 billion in unsecured debt, the repayment of which has the city in such a deep financial hole that they cant keep up with the basic maintenance of the facilities they already have. Trent Hamm The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two.
Serbia’s largest party agrees to finance minister’s ouster
Credit: Reuters/Djordje Kojadinovic BELGRADE | Wed Jul 31, 2013 6:16am EDT BELGRADE (Reuters) – The largest party in Serbia’s government signaled its acceptance of Finance Minister Mladjan Dinkic’s dismissal, saying on Wednesday it would continue to work with the Socialists in the ruling coalition. Prime Minister Ivica Dacic, a Socialist, proposed on Tuesday that the government move on without Dinkic and his United Regions of Serbia (URS) party, a junior partner in the coalition. Deputy Prime Minister, Aleksandar Vucic, who heads the largest party, the Serbian Progressive Party (SNS), said his party presidency had accepted Dacic’s proposal at a meeting on Wednesday morning. Without the 16 seats of Dinkic’s URS, the coalition would still retain a slim majority in parliament.
Finance moots 49% multi-brand retail FDI by automatic route
On July 24, commenting on the cabinet note moved by the Department of Industrial Policy & Promotion (DIPP), the finance ministry proposed that FDI up to 49 per cent is allowed on automatic route. The DIPP has declined to tweak the cabinet proposal saying this was not on the agenda of the July 16 meeting chaired by the Prime Minister, at which fresh FDI limits were decided. It was also not part of the suggestions put forward by the Arvind Mayaram committee. Sources, however, said the panel headed by Economic Affairs Secretary Mayaram had recommended that the FDI limit be raised to 49 per cent in almost all sectors through the automatic route, with 74 per cent FDI in multi-brand retail trading by the government approval route. The finance minstrys proposal could get support from the Planning Commission, an official said.
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