The US city Detroit has filed for bankruptcy.

The move is the largest-ever municipal bankruptcy in U.S. history.

The largest city in the State of Michigan is saddled with more than 18 billion dollars worth of debt.

Local officials say the move is the only reasonable alternative available to them. 

If the bankruptcy filing is approved, Detroit's assets could be liquidated to satisfy its creditors.

Once one of the most robust local economies in the United States, Detroit - the hub of US auto manufacutring - has been hammered by the downturn in the US auto industry.

 

China home prices continue to rise

The latest government figures are suggesting the prices of both new and existing homes are continuing to rise in most Chinese cities, adding additional stress on the government in its attempt to try to control the housing market. 

Out of the 70 cities monitored, 63 have seen monthly home price increases in June, though it is down from 65 in May.

On a year-on-year basis, new home prices have risen last month in all the cities monitored except Wenzhou in Zhejiang.

Existing home prices are also increasing in value, with 55 cities reporting month-on-month price gains.

 

Beijing vows to root out irregularities in house leasing

The Beijing municipal government is promising to root out irregularities in apartment rentals.

The city's housing authorities are now requiring the average area for a single tenant be at least 5-square-meters.

The new rules also stipulate that a single room can't be rented to more than 2 people.

This follows reports of an 80-square-meter apartment here in Beijing being rented to 25 people.

All the tenants reportedly slept on bunk beds and shared one bathroom.

 

China, Switzerland pledge closer cooperation

Chinese President Xi Jinping and Premier Li Keqiang have met with visiting Swiss President Ueli Maurer.

The meetings here in Beijing come on the heels of China and Switzerland signing a free trade agreement earlier this month.

Bilateral trade between the two countries has hit 22-billion U.S. dollars so far this year.

This represents a 114-percent rise compared to the same period last year. 

Maurer is in China to attend a global ecological forum in Guizhou's provincial capital, Guiyang.

 

Curfew imposed in Indian-controlled Kashmir following civilian killings

A curfew is now in effect in Indian-controlled Kashmir.

This follows clashes between authorities and Muslim protesters.

Six people have been killed in the unrest in the village of Dadam, which is about 150-kilometers south of the regional capital, Srinagar.

The Muslim majority launched a massive demonstration following the alleged desecration of the Quran by Indian Border Guards.

The protesters also say the border guards assaulted a local Imam.

On top of the 6 dead, more than 2-dozen others have been hurt in the unrest.

 

Mugabe blasts U.S. for meddling in Zimbabwe elections

Zimbabwean President Robert Mugabe has turned his sights on the United States in his latest election 'stump speech.'

Responding to concerns raised by a US official about the transparency of the forthcoming vote, Mugabe has blasted the US for -quote- "being insane" for questioning the election process.

A spokesperson for the US State Department suggested this week the United States was concerned about a lack of transparency in the preparations for the July 31st vote, and called on the government of Zimbabwe to ensure the vote is peaceful, fair and credible.

Last week, the 89-year old Mugabe lashed out at the UK for expressing similar concerns.

 

Tropical storm Cimaron lands on SE China coast

Tropical storm Cimaron has made landfall in southern China.

The center of the storm hit the southwestern part of Fujian overnight, bringing with it winds over 70-kilometers per hour.

While forecasters expect the storm to begin dying down now that it's made landfall, it's still bringing heavy rains with it.

Local authorities have issued flood warnings.

Southeastern China is still coping with the aftermath of Typhoon Soulik, which crossed through this past weekend.

 

Shanghai closes travel agency over GSK case

A Shanghai-based travel agency connected to the Glaxo-Smith-Kline bribery case has been temporarily shut down as part of the investigation.

GSK is being accused of bribery and tax-related violations.

Four senior managers of the Chinese division of the drug maker are accused of funneling bribe money through travel agencies to pay off officials, doctors and hospitals to expand the company's market share and increase drug prices. 

Authorities allege GlaxoSmithKline dispursed billions of yuan to numerous travel agencies around China as part of the bribery scheme.

 

Chinese official sacked over daughter's luxury wedding

An official in Hebei has been fired over his daughter's extravagant wedding.

The Party chief of a township in Guyuan County has been removed from his post after it was revealed he spent some 200-thousand yuan on his daughter's wedding banquet.

The subsequent investigation has also revealed the official received 1-million yuan in gifts from others during the wedding.

He's since been ordered to return the money he accepted.

The county's discipline inspection commission is now involved.

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