Fri, Jul 26, 2013 5:52 PM EDT 1:12
The Obama administration nominated Caroline. Kennedy as the next United States ambassador to Japan, which would give her the kind of formal public role many have long predicted for her. The municipal bond market's self-regulator said the Detroit emergency manager's proposed treatment of general obligation bonds in the city's bankruptcy case risks changing how investors view what has long been considered the safest class of municipal debt. Kevyn Orr, Detroit's state-appointed manager, has said that general obligation bondholders will remain unsecured creditors in the $18.5 billion bankruptcy filing. Activision Blizzard Inc's CEO Bobby Kotick, who is shelling out $50 million of his own money in an $8.2 billion deal to buy back most of Vivendi's stake, said the world's largest video game publisher will be freer to pursue acquisitions and grow after emerging from its French parent's wing.