Alejandro Garcia Padilla, governor of the Puerto Rica’s central bank, Government Central Bank, has announced an executive order on Saturday. The order restricts withdrawal of funds except for the emergency services in a bid to avoid default in $423 debt repayment scheduled on May 1. Analysts have already warned that failure in debt repayment will definitely attract a default status for GDB.
Dartmouth College Professor Andrew Levin, former advisor to Janet Yellen made a proposal to reform the Fed. He also suggest the Fed to be reviewed by GAO annually.
Google Fiber is now phasing out its free internet option in Kansas City. For existing customers, they may continue usign the service. For subscribers to take advantage of the free internet option, they have to pay an installation fee of $300.
A US Court has rejected $12.25-million legal case between Lyft and its drivers. Lyft and attorney of drivers need to sit back again on further discussions after the latest judgment.
Verizon Communications Inc will bid for Yahoo's web business, while Alphabet Inc's Google unit is also exploring options on bidding for it. Additionally, Verizon may also make an offer for stake in Yahoo's Japan subsidiary.
Exxon Mobil Corp will pay $10.75 million to New York State reimbursing costs on oil spill cleanup. The payment will cover New York Environmental Protection and Spill Compensation fund's costs.
The inability to access export finance is causing sales loss for several US majors including Boeing Co. The board of US Export-Import Bank is yet to be accommodated with a third member, without this export finance exceeding $10 million can't be approved.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Argentina government will market its $12.5-billion bond offer in North America by organizing road shows in New York, Washington and Los Angeles. The $12.5-bln bond offer will be marketed in the US and the UK.
Tracking sell-off on Wall Street, Asian markets turned weaker. Renewed growth concerns and effectiveness of central bank policy have worsened the investor sentiment.
Bharat Forge's stock is likely to derate further in the wake of continuous fall in US truck orders. The US class 8 truck order inflows declined 36 percent in March 2016, putting more pressure on earnings.
Sprint has announced on Wednesday raising $2.2 billion fund through selling and leasing back of network assets. The complex transaction structure has been facilitated by the internet carrier’s parent company SoftBank Group. Sprint chooses this deal out of other available options to remain solvent for more than 2 years.
Three Volkswagen dealerships operating in Illinois and Florida has sued the German automaker for being deceived through the diesel-gate scam. The dealerships also accuse VW for illegally favoring some dealers and forcing retailers into financing arrangements with a company-lending affiliate. The plaintiffs have sought class status for the suit and appropriate compensation from the accused.
International Monetary Fund (IMF) has warned that slower growth rates among emerging markets are causing cash outflows and could cause another bout of crisis. Narrowing differential in growth prospects between advanced and emerging economies may add to the crisis situation again.
US oil prices gained 5.18 percent owing to an unexpected drop in domestic crude stockpiles. US crude stocks eased by 4.9 million barrels last week as imported declined.
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