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Detroit Auto Show opens as industry pares back splashy debuts

DETROIT (AP) — The Detroit Auto Show returns this week, offering an opportunity to take a peek at the cars of today and tomorrow and also go for a spin. The annual car-fest at a Detroit convention hall features a lineup of 40-plus vehicle brands. At last year’s show, organizers say attendees took more than 100,000 rides in them. “That’s what makes the Detroit Auto Show different,” show chairman Todd Szott said. “You can get up close, talk to the people behind the brands and actually experience the vehicles.” The Detroit Auto Show once was the place for new model ...

Luxury retailer Saks seeks bankruptcy protection overwhelmed by debt

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago. Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas. The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said. There are about 33 Saks ...

Schwebel’s workers stay put under new property ownership

The Schwebel’s Baking Co. will continue the business of baking bread following a $6,250,000 transaction involving its two East Midlothian properties. The Mahoning County Auditor’s Office reported the Dec. 22 sale-leaseback on Monday. “No changes,” said Joe DiGennaro, an associate with Chicago-based Stream Capital Partners who was involved in the sale. “It’ll still be a bakery. “They’re not going anywhere. … There was no transition of ownership. It’s still a privately held business.” County records show a mortgage of $4,250,000 and cash disbursement of $2 ...

Paramount’s next target in hostile takeover bid of Warner Bros. is a board of its own making

NEW YORK (AP) — Paramount Skydance is taking another step in its hostile takeover bid of Warner Bros. Discovery, saying Monday that it will name its own slate of directors before the next shareholder meeting of the Hollywood studio. Paramount also filed a suit in Delaware Chancery Court seeking to compel Warner Bros. to disclose to shareholders how it values its bid and the competing offer from Netflix. Warner Bros. is in the middle of a bidding war between Paramount and Netflix. Warner’s leadership has repeatedly rebuffed overtures from Skydance-owned Paramount — and urged ...

DOJ investigation of Fed Chair Powell sparks backlash, support for Fed independence

WASHINGTON (AP) — The Trump administration's criminal investigation of Federal Reserve Chair Jerome Powell appeared on Monday to be emboldening defenders of the U.S. central bank that President Donald Trump wants to bring under his sway. The backlash reflected the bigger stakes of a contest about the fate of the Fed’s independence, the balance of power within the federal government, and the path of the U.S. economy. Trump has long publicly lashed out against Powell for not slashing the Fed's benchmark interest rates to his liking, but the prospect of a criminal indictment was a step ...

Trump: Ban corporations from purchasing houses

WASHINGTON — President Donald Trump announced this week he wants to block large institutional investors from buying houses, saying that a ban would make it easier for younger families to buy their first homes. Trump — who has been under pressure to address voters’ concerns about ...