In a 297-127 vote, the U.S. House passed a bill that helps Puerto Rico manage its debt crisis, according to NPR. Puerto Rico is $70 billion in debt and is expected to miss a July 1 payment. Under federal law, Puerto Rico is prohibited from using bankruptcy to restructure its debt.
Ukraine has undergone a recent wave of political, social, and economic instability well documented in the media. Rampant corruption, a flagging economy, and uncertainty over its future have left the nation in desperate straits.
To pay its obligations, it has relied heavily on loans from the International Monetary Fund (IMF); loans that it may not be able to repay. In addition, the nation may not be finished borrowing from the IMF.
Markets are becoming increasingly skeptical of the Federal Reserve as the world’s most important central bank heads into a meeting to decide on interest rates.
After several weeks of strong hints to the world that interest rates were going upwards, both economists and market participants are growing increasingly skeptical that the Fed will actually raise rates.
A decline in Britain’s trade deficit due to a sharp increase in exports is emboldening supporters of the UK leaving the European Union. The country’s trade deficit with foreign countries fell significantly, after a high deficit was recorded earlier in the year.
According to the Office for National Statistics, the trade deficit fell 7.2% in April from the prior month, which other studies suggest are a result of higher exporting activity and resurgence in Britain’s industrial output.
Russian media announced that Moscow would provide financial assistance and weapons to Turkmenistan forces, according to EurasiaNet. Turkmenistan has remained neutral, but authorities grow increasingly worried over the growing instability in neighboring Afghanistan. President Gurbanguly Berdymukhamedov stated that he intends to upgrade the military and improve soldier training.
At this point, there are few that contest that air pollution reduces the quality of life in urban centers and may be a major contributor to climate change. However, a recent study by the Organization for Economic Cooperation and Development (OECD) examined the economic consequences of air pollution and arrived at some disturbing findings.
A disappointing increase in job openings and a poor increase in consumer credit indicate Americans are increasingly struggling to make ends meet. In April, consumer credit rose just $13.4 billion, far below the $18 billion expected and less than half of March’s $28.4 billion, according to new data released by the Federal Reserve.
Analyst expectations of sharply increasing consumer credit usage were based on previous data that showed strong retail sales, which is often financed by credit cards.
CORD, an organization helmed by opposition leader, Raila Odinga, intends to negate an official mandate banning protests after demonstrations have resulted in damaged property and loss of life, according to Reuters.
Rallies have occurred each Monday since April as demonstrators object to the electoral commission’s alleged favoritism toward incumbent President, Uhuru Kenyatta. Kenyan elections take place on August 2017.
The International Chamber of Commerce (ICC) Court of Arbitration released a list of its top destinations for international arbitration. With the growing economic importance of Asia, it is no wonder that an Asian nation has risen to the top of the rankings. Singapore has taken the fourth seat on the list of most chosen arbitration venues overall, and first in Asia. This is the tenth consecutive year the nation has been in the top five.
Deterioration in America’s job market are making the Federal Reserve reverse course on its plans to raise borrowing costs. In May, several chief Fed officials gave public speeches and interviews urging markets to prepare for an interest rate hike.
