RadioShock
RadioShack brought on investment bank Peter J. Solomon to raise new financing as the one-time popular electronics chain works to reverse falling sales and repair its image, WSJ.com reported, citing sources. Shares have plummeted about 90 percent since 2010.
Debtroit
Michigan Gov. Rick Snyder told CBS' "Face the Nation" yesterday that he would not seek a US government bailout for Detroit, saying bankruptcy was a necessary path to rebuilding the once-proud city that filed for bankruptcy on Thursday, saddled with $18 billion in debt and a tax base depleted by decades of population loss and urban blight.
China arrest
Shanghai police have detained British fraud investigator Peter Humphrey, who had worked with drug giant GlaxoSmithKline, which is being probed by China for alleged bribery, according to sources. Glaxo CEO Andrew Witty plans to detail what action the company is taking in response to the allegations when he presents quarterly results on Wednesday, sources said. Police are probing fishy deals with travel agencies worth about $489 million.
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