The Ticker

Detroit files for bankruptcy

Detroit yesterday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.

A number of factors — most notably steep population and tax base declines — have been blamed on Detroit's tumble toward insolvency. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle class and scores of businesses also have fled the city, taking their tax dollars with them.

Mass. jobless rate climbs to 7 percent

The state's unemployment rate rose yesterday, further narrowing the employment gap between the state and the rest of the country.

Massachusetts added 2,800 jobs in June, but the unemployment rate rose to 7 percent, the Executive Office of Labor and Workforce Development said yesterday.

While the state unemployment rate remains below the national rate, the state's unemployment is only .6 percent less than the national rate, compared to 1.2 percent lower in January.

Senators make deal on student loans

Student borrowers will see interest rates reduced to levels near those that expired last month under a deal announced by Senate lawmakers yesterday, potentially ending a battle over college costs that had divided Democrats and threatened to leave students with sharply higher costs.

South Station to get new bar

Commuters in South Station hoping to do something other than eat in the food court and stare at the train schedule will finally get their chance.

Bar and restaurant chain Tavern in the Square will be opening an "airport style" bar in the center of South Station, according to restaurant management.

The 750-square-foot location will have televisions, roughly 40 seats ­— bar and table — and will offer 50 draft beers and a limited menu of Tavern's most popular items.

TODAY

 General Electric Co. reports quarterly financial results.

 Christine Ward, left, has been named director of operations for Raising A Reader Massachusetts, an early literacy nonprofit organization. Ward joined the organization in 2010 and continues to work in Operations and Human Resources, helping the organization expand across the state and double the size of the team.

 Intarcia Therapeutics announced the hiring of Dr. Eddie Li to the newly created position of vice president and global head of regulatory affairs. Li brings more than 20 years of experience in regulatory affairs to Intarcia.

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