Detroit strikes bankruptcy deal with banks

CNNMoney: Detroit has struck an arrangement with two major banks that would give the city access to much-needed casino tax money. The proposed $85 million deal is about half a $165 million proposal rejected in January by the federal judge overseeing the city's bankruptcy. It would settle casino tax revenue claims from Bank of America Corp. and UBS. Struggling with pension debt, the city in 2009 pledged a portion of future revenues in exchange for a $300 million payment.

 

RadioShack to close as many as 1,100 U.S. stores

The New York Times: RadioShack Corp. said it plans to close up to 1,100 stores in the U.S. and reported a wider quarterly loss after a disappointing holiday season. Its stock tumbled 24 percent in premarket trading Tuesday. CEO Joseph Magnacca said in statement that the store closings would leave RadioShack with more than 4,000 U.S. stores, including more than 900 dealer franchise locations. The company didn't immediately identify which stores will be closed or how many jobs would be affected.

 

Gates reclaims Forbes title of world's richest billionaire

CNNMoney: Bill Gates reclaimed the top spot on the Forbes rich list this year after a four-year hiatus, shoving aside Mexican telecom tycoon Carlos Slim Helu. Microsoft Corp. founder Gates was propelled to the top spot primarily because of a rally in the software company's stock, said Forbes, which published its annual list of the world's richest billionaires on Monday. Gates is now valued at $76 billion, compared with $67 billion last year, when he was No. 2 on the list.