Tags: Jack Lew
Obama takes first steps towards lifting the Cuban trade embargo
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.
US Treasury makes forceful call on Puerto Rico debt plan, seeks Congress support
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.
Split in hedge funds group over Puerto Rico's restructuring plan
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 bans big shareholders from cutting stakes for next six months
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.