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  • Puerto Rico seeks protection of federal bankruptcy code Thursday, 26 Feb 2015 | 2:28 PM ET

    The push comes after a federal judge ruled that a local debt-restructuring law pushed through last year by Puerto Rico's governor was unconstitutional. Melba Acosta, president of Puerto Rico's Government Development Bank, was among those who testified before a U.S. House Judiciary Committee hearing in Washington. Puerto Rico's delegate to Congress, Pedro...

  • Feb 26- Offshore rig provider Transocean Ltd wrote down the value of its contract drilling business by $992 million in the fourth quarter as demand slumped due to a steep fall in oil prices. Transocean reported net loss of $739 million, or $2.04 per share, attributable to controlling interest for the fourth quarter ended Dec. 31 compared with a profit of $233...

  • BRASILIA, Feb 25- Brazil has no plans to pump new capital into Petrobras, even after a debt-rating downgrade by Moody's Investors Service threatens to limit the cash-strapped oil company's access to finance and raise its borrowing costs, two government officials told Reuters on Wednesday. Late on Tuesday, Moody's Investors Service cut the rating on foreign...

  • SAO PAULO/ NEW YORK, Feb 25- Petróleo Brasileiro SA has hired JPMorgan Chase& Co to handle $3 billion in planned asset sales this year, as fallout from a corruption scandal has shut access to financing for Brazil's state-controlled oil producer, two sources with direct knowledge of the situation said on Wednesday. JPMorgan will be tasked with luring the largest...

  • SAO PAULO, Feb 25- Petróleo Brasileiro SA's decision to cut capital spending plans by $16 billion this year could hamper Brazilian banks with loan exposure to the oil and gas industry, especially state-controlled Banco do Brasil SA, analysts at Goldman Sachs Group Inc said on Wednesday. Guidance provided by Brazil's top banks that was unveiled prior to the...

  • Brazil oil firm Petrobras downgraded to junk status Tuesday, 24 Feb 2015 | 8:33 PM ET

    RIO DE JANEIRO— Brazil's state-run oil company Petrobras' debt was downgraded to junk status on Tuesday by Moody's Investors Service. It's the latest sign of the quick fall from grace of Petrobras, which not long ago was seen as an industry darling prepared to lead development of Brazil's recent finds of massive offshore oil basins that could hold upward of 100...

  • RIO DE JANEIRO, Feb 24- Ratings agency Moody's Investors Service stripped Brazil's state-run oil company Petrobras of its investment grade rating on Tuesday and kept the firm on review for further downgrade, citing concerns over an ongoing corruption scandal and liquidity pressures. Moody's said in a statement it was downgrading Petroleo Brasileiro SA, as...

  • CHICAGO, Feb 24- Some of the cost-saving measures Illinois' Republican governor put into his fiscal 2016 proposed budget will face a tough time getting passed by a Democratic-controlled legislature, Moody's Investors Service said on Tuesday. Governor Bruce Rauner last week proposed a $6.6 billion reduction in spending, mostly by moving workers to...

  • Moody's downgrades credit rating on Russia Friday, 20 Feb 2015 | 7:17 PM ET

    NEW YORK— Moody's Investors Service says it has cut Russia's credit rating to junk grade, citing the crisis in Ukraine and a slide in oil prices and the ruble. Moody's downgraded Russia's rating from Baa3 to Ba1, or one notch below investment grade. Russia's economy has been hit by the double impact of weaker energy prices as well as Western sanctions over its role...

  • MOSCOW, Feb 21- Moody's Investors Service's downgrade of Russia's sovereign rating was based on "factors of a political character," Russian Finance Minister Anton Siluanov said on Saturday following news that the credit ratings agency had cut the rating to below investment grade. Moody's downgraded Russia's sovereign rating to Ba1 from Baa3, citing the...

  • BUSINESS-NEWS-SCHEDULE AT 1930 GMT / 2:30 p.m. ET Friday, 20 Feb 2015 | 3:01 PM ET

    No deal yet in U.S. West Coast port dispute. SAN FRANCISCO- Shipping executives and union leaders for dockworkers at 29 U.S. West Coast ports remain locked in a dispute as talks, brokered by the U.S. labor secretary, head into a fourth straight day. WASHINGTON- The Obama administration says it will create a special enrollment period for tax filers who were unaware...

  • RIO DE JANEIRO, Feb 20- State-run Petroleo Brasileiro SA could cost Brazil an amount equal to 5 percent of its gross domestic product in the event of a Treasury bailout, a senior analyst with Moody's Investors Service said, underscoring the potential impact on public finances of a massive corruption scandal at the oil firm. It already makes the company "a...

  • SAN JUAN, Puerto Rico— Puerto Rico on Thursday was hit with its second debt downgrade in a week as the U.S. territory's government pushes to overhaul its tax system to help generate more revenue amid an economic recession. Moody's Investors Service downgraded $48 billion worth of Puerto Rico debt, warning that the island might default on its debt in the next two...

  • Though some portfolio managers including Pimco and Van Eck Global have pared their exposure in recent months, Venezuela remains among the largest positions for U.S. funds that focus on emerging market debt. The $4.6 billion TCW Emerging Markets Income Fund also has kept an overweight position, with 5 percent of assets invested in Venezuela.

  • Chinese economy more sustainable now - China c.bank Tuesday, 10 Feb 2015 | 8:55 PM ET

    BEIJING, Feb 11- China's economy is now more sustainable and domestic consumption is steadily rising, Chinese Central Bank Vice Governor Yi Gang told a G20 meeting of finance officials earlier this week. To stoke growth and bank lending, China's central bank last week reduced the amount of cash that banks have to hold as reserves for the first time in over two...

  • CHICAGO, Feb 8- For decades, Chuck Souder relied on corn and soybeans to keep his 400- acre Iowa farm running, but with corn selling for half its price two years ago and soybeans slumping, Souder has shifted to what he hopes will be a more profitable crop: Pigs. Minnesota, Missouri, Illinois and other states are seeing a similar surge, said state agriculture officials.

  • Feb 6- Credit rating agency Moody's Corp reported a better-than-expected quarterly profit, driven by strong growth in its analytics business and higher debt issuance in the United States. High grade corporate debt offerings in the United States totaled $1.1 trillion in 2014, an increase of 9 percent compared with a year earlier, according to Thomson Reuters...

  • Net income attributable to Moody's rose to $236.3 million, or $1.12 per share, in the fourth quarter ended Dec. 31, from $206.7 million, or 94 cents per share, a year earlier.

  • Traders work the floor of the New York Stock Exchange.

    U.S. stock index futures signaled a softer open on Friday, as all eyes turn to the latest labor market report.

  • Why a HK property crash won’t bring economy down Thursday, 5 Feb 2015 | 5:46 PM ET
    Residential buildings seen through a construction crane stand in the West Kowloon district of Hong Kong

    Hong Kong's property sector may face dire predictions of a crash, but that wouldn't be an Armageddon scenario for the economy, analysts said.