Puerto Rico is set to run out of cash by the end of September without additional financing, and may implement emergency measures, including defaulting on its debt obligations, according to a report by the U.S. territory’s fiscal agent. The measures could include steps to cut government spending and a “moratorium on the payment of debt service” and “a debt adjustment for the Commonwealth,” the island’s Government Development Bank said in
U.S. job growth rebounded last month and the unemployment rate dropped to a near seven-year low of 5.4 percent, signs of a pick-up in economic momentum that could keep the Federal Reserve on track to hike interest rates this year.
Investors spooked by the “taper tantrum” of 2013, when global markets took fright at the U.S. Federal Reserve’s first hint that it might taper its monetary expansion policy, take note: 2016 could be the year of the “triple taper tantrum.”
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Former Treasury Secretary Tim Geithner tells CNBC a financial crisis will happen again at some point, but reforms undertaken after 2008 can serve to mitigate the damage.
Blackstone Group LP, the biggest alternative-asset manager, raised $17 billion in seven months for its latest buyout fund, two people with knowledge of the process said. The New York-based firm has completed the initial round of fundraising for Blackstone Capital Partners VII and will continue to gather commitments, said the people, who requested anonymity because the details are typically kept private until funds stop accepting money. Blackstone targeted $16 billion
Alibaba Group Holding Ltd. shares surged after China’s biggest e-commerce company named a new chief executive officer and posted a 45 increase in revenue. Daniel Zhang will become CEO on May 10, replacing Jonathan Lu, who will remain on the board as vice chairman, the company said Thursday. The change was announced as Alibaba’s sales rose to 17.4 billion yuan ($2.8 billion) in the three months through March, beating analysts’
Fewer Americans than forecast filed applications for unemployment benefits last week, dropping the average over the past month to the lowest in 15 years, indicating companies are holding on to workers. Jobless claims increased by 3,000 to 265,000 in the week ended May 2, a Labor Department report showed Thursday in Washington. The median forecast of 47 economists surveyed by Bloomberg projected 278,000. The dearth of applications for unemployment benefits
Home improvement retailer Lumber Liquidators is halting sales of all its Chinese laminate flooring effective immediately, CNBC has learned. The move comes in the face of dozens of lawsuits over the safety …
Oil fell 2 percent on Thursday, wiping out gains from the past two sessions, as euphoria from the first U.S. inventory drawdown in months faded and focus returned to oversupplies in crude and gasoline. North Sea Brent and U.S. crude futures fell more than $1 a barrel, pressured partly by gasoline’s sharpest one-day drop in more than two weeks. U.S. crude inventories fell almost 4 million barrels last week, their
