Chicago may have to pay banks as much as $2.2 billion after Moody’s Investors Service dropped its credit rating to junk, deepening the fiscal crisis in the third-largest U.S. city. The company’s decision Tuesday to cut Chicago’s $8.1 billion of general obligations two ranks to Ba1, one step below investment grade, allows banks to demand that the city repay debt early and exposes it to fees to end swaps contracts,
Chicago may have to pay banks as much as $2.2 billion after Moody’s Investors Service dropped its credit rating to junk, deepening the fiscal crisis in the third-largest U.S. city. The company’s decision Tuesday to cut Chicago’s $8.1 billion of general obligations two ranks to Ba1, one step below investment grade, allows banks to demand that the city repay debt early and exposes it to fees to end swaps contracts,
Senate Republicans rejected Democrats’ call for packaging four U.S. trade bills together, including the controversial fast-track authority that President Barack Obama wants, a Senate aide said on Wednesday. …
Senate Republicans rejected Democrats’ call for packaging four U.S. trade bills together, including the controversial fast-track authority that President Barack Obama wants, a Senate aide said on Wednesday. …
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DuPont Co. investors rejected investor Nelson Peltz’s attempt to get on the chemical maker’s board, the first failure for an activist campaign mounted by his firm Trian Fund Management since it was founded a decade ago. T
Japan’s three biggest carmakers are expanding a huge global recall triggered by potentially fatal air bags made by Takata Corp, saying on Wednesday they will take back millions of vehicles worldwide for investigation. Toyota Motor Corp and Nissan Motor Co said they are recalling some 6.5 million vehicles globally, while Honda Motor Co Ltd said it would follow suit, without giving details. Wednesday’s announcements raise to roughly 31 million the
U.S. business inventories barely rose in March as sales recorded their biggest gain in eight months, the latest indication that the economy actually contracted in the first quarter. The Commerce Department said on Wednesday business inventories edged up 0.1 percent after a downwardly revised 0.2 percent gain in February. Retail inventories excluding autos, which go into the calculation of GDP, ticked up 0.1 percent in March. The government estimated that
The lawsuit, filed on Tuesday in California Superior Court, seeks a minimum of $20 million in damages. The lawsuit is one of several from Charney, who was suspended as CEO last June and dismissed six months later. Charney also filed a $30 million defamation lawsuit last week against Standard General LP, one of American Apparel’s biggest investors.
U.S. oil producers appear to have lost their battle with OPEC over market share, the International Energy Agency warned Wednesday.
