NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Monday, July 22.
Why Obama won't bail out Detroit
Four years ago, the Obama administration rode to the rescue of two Detroit automakers, pouring $80 billion into General Motors and Chrysler Group to see them through their bankruptcies. But their hometown won't get a similar bailout, even as Detroit becomes the largest municipal bankruptcy in U.S. history. While automakers begged for a bailout in 2008 and 2009, Kevyn Orr, the emergency manager appointed to oversee Detroit's finances, told CNN that he never asked the White House for help before deciding to go ahead with the bankruptcy filing.
Judge orders Detroit to withdraw bankruptcy filing
A Michigan Circuit Court Judge ruled Friday that Detroit's bankruptcy filing is unconstitutional and ordered the case be withdrawn from federal bankruptcy court. But Michigan Attorney General Bill Schuette said in a statement soon after the decision that he intended an immediate appeal to the Michigan Court of Appeals and would seek to block this latest order from taking effect while the appeal is heard.
How much revenue did iTunes generate for Apple last quarter?
But since Apple reclassified its revenues in January and consolidated iTunes, Software and Services into one line item, it's become clear that iTunes is also a large and fast-growing business in its own right, one that generated $12.9 billion in fiscal 2012. But since Apple reclassified its revenues in January and consolidated iTunes, Software and Services into one line item, it's become clear that iTunes is also a large and fast-growing business in its own right, one that generated $12.9 billion in fiscal 2012.
A waterproof phone with battery stamina
The Sony Xperia Z phone is tougher than it looks. The phone is waterproof - in water up to three feet deep for a half-hour, according to Sony - but it looks like a standard smartphone, lacking the macho armoring of most devices built to withstand the elements. The phone uses an Android operating system and is powered by a quad core Snapdragon chip, which, at least on paper, isn't as fast as the chips in some competing phones. But the chip is snappy nonetheless.