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Tuesday Morning Business Brief

September 2, 2014, 5:35 AM

Tuesday Morning Business Brief

International stock markets were mostly higher today but the euro continues to take a beating, falling to a one-year low against the dollar, which also gained against the yen. Investors are looking ahead to central bank meetings later this week in Europe and Japan as well as U.S. employment figures. Futures point to gains this morning on Wall Street. Benchmark crude oil fell but remains above $95 a barrel.

  • The start of Detroit's bankruptcy trial is today. Lawyers for the city will attempt to convince a federal judge that its plans to wipe out billions of dollars in debt should be approved. Detroit wants to cut $12 billion in unsecured debt to about $5 billion, which is "more manageable," according to Bill Nowling, a spokesman for emergency manager Kevyn Orr.
  • A court has issued an injunction barring ridesharing service Uber from operating in Germany, the latest shot in a fight with the country's taxi drivers. News reports and the plaintiff say a state court in Frankfurt ruled that Uber can't offer its services without a specific permit under German transport laws. The injunction applies pending a full hearing of a suit brought against Uber by a German group that offers a taxi-ordering app.
  • The American Chamber of Commerce in China says foreign companies in China feel increasingly targeted for unfair enforcement of anti-monopoly and other laws and might cut investment if conditions fail to improve. The report adds to mounting complaints about a flurry of investigations of global automakers, technology suppliers and other companies.
  • Atlantic City's newest casino and its costliest failure has closed its doors. The $2.4 billion Revel casino resort closed its hotel yesterday. And the casino closed early this morning. Revel is one of three Atlantic City casinos closing down over the next two weeks. The Showboat shut its doors Sunday, and Trump Plaza will do so Sept. 16.

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