Puerto Rico is struggling with a $72 billion debt and is seeking for a Chapter 9 bankruptcy. It is unclear why the said country is excluded and will not be able to take advantage of it to protect it from creditors and restructure its debts. Only Congress can make a bankruptcy law.
Archives
OPIC Sanctions $421 Million Debt Financing To India’s Solar And Internet Projects
OPIC, a US private development finance institution has extended support to India to build a low carbon economy and expand the internet infrastructure. It has sanctioned $421 million for India’s solar and development projects. The OPIC finance will exert its impact upon lives across the developing world while transforming focus from Southeast Asia to India.
Ineos Started Shipping US Shale Gas to Europe
Shale gas from U.S. has begun shipment to Europe. The world-largest LNG carrier Ineos Intrepid has bound for Norway carrying 27,500 m3 of liquified ethane gas.
Apple Introduces iPhone 5S: The New iPhone SE
Apple has unveiled the new iPhone SE- iPhone 5S on Monday at its Cupertino campus. The new product with 16GB storage will cost $399 and with 64 GB for $499. The slimmer product has been developed following stronger opposition from the Apple customers against upgrading the 4.7 inches and 5.5 inches smart phones.
ICRA foresees 7.7% growth for India in 2016-17
Rating agency ICRA forecasts India's gross domestic product (GDP) growth rate at 7.7 percent for next financial year 2016-17. The rating agency cites reasons for GDP growth rate to the implementation of 7th Pay Commission, OROP recommendations and domestic consumption.
Latest News
Shares of the German pharmaceutical and chemical giant increased by 5% in Monday trading. Monsanto's interest to acquire its crop science business triggered the surge.
The analyst at Keefe, Bruyette & Woods believed the breakup would increase shareholders value by 57%. However, Citigroup has asked its shareholders to vote against the too-big-to-fail proposal.
Sales of existing homes declined in February, reflecting poor demand in housing sector amid higher prices and weak inventory.
In the continuing saga on Valeant, CFO Howard Schiller has been asked to resign. The company will also find the replacement of CEO Michael Pearson, and putting Bill Ackman in its board.
As sales in PC industry weakening, chipmaker were traded low on Monday. Intel and AMD were hurt by the low sales.
Marriott and Starwood are agreeing on a new deal that would total in $13.6 billion for a merger of the two groups. The merger would form the world’s largest hotel operator with 30 brands and more than 5,500 hotels worldwide.
CarDekho.com and CarBay.com's parent company Girnar Software has received a late-stage funding round led by Google Capital. The new fund will be allocated to further improve the company's car portals' technology as well as expanding services.
Fantasy sport games FanDuel and Draft Kings will stop their paid contests in New York. The companies will wait for regulation to legalize their operation.
The Chinese central bank governor has warned over rising debt levels. To tackle the abnormal situation, the central bank feels necessity for promulgation of regulation guarding excessive leverage in foreign currencies. Meanwhile, the Chinese government vows to respond according to the call of time.
