Banks in New York state may have some new worries about lending to projects they think are having difficulties. A state appeals court has ordered Citigroup Global Markets Realty Corp. to resume funding on the $330-million Destiny USA project, near Syracuse. The court said the developer is entitled to a preliminary injunction in its breach-of contract suit against the bank because the project is “unique.” The $155-million Citigroup loan is one of three funding sources for the first phase of the project, which involves construction of an 800,000-sq-ft shopping center/tourist destination and related facilities. The other funding sources are Destiny
The 2016 Summer Olympics boating and swimming events have put an international spotlight on what has been a long-running problem in Rio de Janeiro—untreated sewage and trash are clogging up major bays and waterways.