President Obama has rolled out a new set of regulations that lifts the Cuban trade embargo to a certain extent. The relaxed rules allow easy facilitation of trade, travel and finance between the two governments, a move taken to end the age-old cold war between them. While the embargo cannot be lifted completely unless Congress gives their consent, the Obama administration is convinced that this is a step in the right direction for improving the condition of the island.
The measures by Barack Obama-led US government to keep more pressure on lawmakers to bring Puerto Rico out of the economy crisis are facing strong resistance from Republicans. The US Treasury has listed out proposals, for which it sought the support of Congress to enact them to help the US territory Puerto Rico Island in dealing with the ongoing financial crisis.
At a time when creditors of crisis-hit Puerto Rico are gearing up for negotiations on restructuring the Island's debt in smaller alliances, the group of hedge funds was believed to be split off. The hedge funds group comprising over 36 firms is holding a debt of $5.2billion of ailing Puerto Rico. According to unconfirmed news, since Puerto Rico governor Alejandro Garcia Padilla said that government's debts were unsustainable, there's surfacing difference of opinion among hedge group members. In the latest development, a group of activists in the Island has started raising voice against the participation of Antonio Weiss in the restructuring plan negotiations as his connections with the Wall Street lead to a conflict of interest.
China's securities regulator took the drastic step of ordering shareholders with stakes of more than 5 percent from selling shares for the next six months in a bid to halt a plunge in stock prices that is starting to roil global financial markets.
Greeks woke up to shuttered banks, closed cash machines and a climate of rumors and conspiracy theories on Monday as a breakdown in talks between Athens and its creditors plunged the country deep into crisis.
Federal Reserve Chair Janet Yellen met with top executives from GE Capital (GE.N) prior to the company's move to shed financial assets, and she met with a top Democrat who opposes legislation aimed at Fed reform, her April calendar shows.
The United States and China urged each other on Wednesday to remove barriers to foreign investment, saying that business ties were vital to overall relations, although they appeared to achieve little beyond rhetoric at a high profile three-day meeting that was overshadowed by security rivalries.
U.S. stocks closed lower on Friday as data showed the economy contracted in the first quarter but indexes still posted gains for the month.
The Federal Reserve drew together extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a top lawmaker who cited Fed documents.
Treasury Secretary Jack Lew said on Monday he would discuss with the Chinese government recent technology policy moves that Washington has complained constitute unfair regulatory pressure on foreign firms.
U.S. Treasury Secretary Jack Lew will press Chinese officials next week to adopt a more market-determined exchange rate policy, and the Obama administration thinks further yuan appreciation would help the global economy, Treasury officials said on Friday.
United States Treasury Secretary Jack Lew called Greek Prime Minister Alexis Tsipras on Friday to express support for a favourable outcome in Greece's negotiations with its euro zone partners, Tsipras' office said in a statement on Friday.
U.S. Treasury Secretary Jack Lew emphasized to Japan's finance minister the need for Japan to use all three arrows of its economic recovery policy to escape deflation, a U.S. Treasury official said on Saturday.
Financial leaders of the Group of 20 top economies remain committed to chasing higher global growth, but were divided on how to achieve it as Germany pushed back at calls from the United States and others for more immediate stimulus.
Some of the top 20 investors at Salix Pharmaceuticals Ltd (SLXP.O) are threatening to vote down a proposed deal to buy a unit of Cosmo Pharmaceuticals SpA (COPN.S), and are pressing Salix to consider selling itself instead, people familiar with the matter said on Tuesday.