Puerto Rico to boost cash flow after key bill signed into law SAN JUAN, Puerto Rico, July 3- A key bill that will boost Puerto Rico's cash flow was signed into law Friday, the governor's office said, allowing the commonwealth to raise $400 million in Tax& Revenue Anticipation Notes from three public insurance corporations. Government officials have said Puerto Rico needs about $1.2 billion in cash to operate during the...
New Puerto Rico agencies to buy TRANs amid economic crisis SAN JUAN, Puerto Rico- Puerto Rico's governor signed a bill late Friday that allows certain public agencies to buy up to $400 million in tax and revenue anticipation notes as the government of the U.S. territory seeks more cash amid a worsening economic crisis. Some of the new agencies now authorized to buy such notes are government insurance companies that are...
Source: The Associated Press
EXCLUSIVE-Europeans tried to block IMF debt report on Greece-sources *Publication highlighted dispute between Brussels and Washington. BRUSSELS, July 3- Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in...
| By: Paul Taylor
Greek crisis hitting outlook for IPOs - Euronext Paris chief *Euronext saw strongest six-month trading since 2011. Euronext, the Paris bourse's parent company and the largest exchange in continental Europe for trading, competes with the London Stock Exchange and Deutsche Boerse for company listings. The exchange said eight new large-cap listings in the first half bolstered total capital raised on Euronext to 61.7...
| By: Alexandre Boksenbaum-Granier and Leigh Thomas
UPDATE 2-Euro rescue fund declares Greece in default on euro zone loans The decision came two days before Greeks were set to vote in a referendum on whether to accept bailout terms rejected by their leftist government, with a' No' vote likely to put Greece on a path to leaving the euro zone. The European Financial Stability Facility said Tuesday's failure to pay the International Monetary Fund "results in an event of default by Greece,...
| By: Francesco Guarascio
INSIGHT-Puerto Rico signals Chapter 9 push with ex-Detroit judge on board NEW YORK, July 3- When Puerto Rico hired former Detroit judge Steven Rhodes it sent a signal to creditors that one possible solution it sees is the one thing it cannot do now: declare bankruptcy. "The parallels between Detroit and Puerto Rico are strong enough that I think any of the public corporations or the commonwealth itself could take advantage of the same...
| By: Megan Davies
UPDATE 1-Euro rescue fund reserves right to call in Greek loans BRUSSELS, July 3- The euro zone's rescue fund, Greece's largest creditor, said on Friday it reserved the right to call in 130.9 billion euros in debt ahead of schedule after Athens defaulted this week on an International Monetary Fund loan. Chief executive Klaus Regling made the recommendation rather than two other options- waiving the debt or demanding...
| By: Francesco Guarascio
UPDATE 1-Indonesian government appeals against Bakrie Telecom debt restructuring JAKARTA, July 3- Indonesia's communications ministry has appealed to the country's Supreme Court against PT Bakrie Telecom Tbk's debt restructuring, a minister told Reuters on Friday. Bakrie Telecom, part of the heavily indebted Bakrie Group, held a creditors' vote last year on its restructuring proposal, which was then validated by a Jakarta court.
| By: Eveline Danubrata
Fitch: Global Economic Outlook Highlighted In Latest 'Inside Credit' Newsletter NEW YORK---- Global economic growth is featured in this week's Inside Credit newsletter, with Fitch Ratings forecasting growth of 2.4% in 2015, followed by 2.9% in 2016 and 2.8% in 2017.. The pick-up in 2016 reflects a recovery from recession in Brazil and Russia, albeit a weak one, while the structural slowdown in China is weighing on global growth potential.
Source: Business Wire
UPDATE 4-Malaysia PM slams corruption report as continuing "political sabotage" *1 MDB says never provided funds to Prime Minister Najib. KUALA LUMPUR, July 3- Malaysian Prime Minister Najib Razak slammed a newspaper report that said investigations into troubled state fund 1 MDB have traced nearly $700 million of deposits into accounts that allegedly belonged to him, claiming it was a "continuation of political sabotage.
| By: Praveen Menon