There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.» Read More
*Moody's says credit risk to rise if protests go on. ISTANBUL, June 10- Turkish stocks fell and the lira weakened on Monday after Prime Minister Tayyip Erdogan railed against speculators and held a tough line on protests, and as Moody's warned that prolonged unrest could be credit-negative.
ANKARA, June 9- Turkish Prime Minister Tayyip Erdogan vowed on Sunday to "choke" financial market speculators who he said were growing rich off "the sweat of the people", and urged Turks to put their money in state not private banks.
DETROIT, June 7- Detroit Emergency Manager Kevyn Orr plans to deliver grim news to the city's creditors next week: Take less than 10 percent of what the city owes or risk losing it all in a bankruptcy proceeding, the Detroit Free Press reported on Friday.
SPRINGFIELD, Ill.-- A second major rating agency is downgrading Illinois' credit worthiness. Moody's Investors Service lowered the state's $27 billion in outstanding bonded indebtedness Thursday to A3 from A2.
SACRAMENTO, Calif.-- The board that oversees California's High-Speed Rail Authority on Thursday unanimously approved a nearly $1 billion contract to start construction on the first leg of the $68 billion bullet train in the Central Valley, clearing the way for work to start as soon as this summer on what officials have said will be a tight construction timeline.
NEW YORK-- The Weather Channel ran into a perfect storm of downgrades on Thursday, as Moody's and Standard& Poor's both lowered their debt ratings on it after the company said it would borrow $600 million to pay a special dividend to its owners. Moody's Investors Service wrote that privately held TWCC generates some $100 million in cash per year.
CHICAGO, June 6- Illinois' bond rating slid down the credit scale on Thursday to the lowest level in the state's history as Moody's Investors Service cut it a notch and Standard& Poor's Ratings Services warned that the state could fall into the triple-B category.
CHICAGO, June 6- Moody's Investors Service on Thursday downgraded Illinois' general obligation credit rating to the lowest rating in the state's history, the second downgrade by a major rating agency since state lawmakers last week failed to pass a plan to deal with a $100 billion unfunded public pension liability.
Protests, which began last week with a demonstration to save an Istanbul park from development, have widened into a broad show of defiance against the ruling AK Party. The streets were quieter on Monday morning after another night of protests and violence in Istanbul, Ankara and other cities, which have seen police battle protesters with tear gas.
The state capitol's two most powerful politicians- House Speaker Michael Madigan and Senate President John Cullerton, both Democrats- were unable to find a compromise to address the state's $100 billion unfunded pension liability.
SPRINGFIELD, Ill., May 31- Illinois' huge public pension funding problem was left unsolved on Friday after the Democrat-controlled House and Senate failed to reach a deal on comprehensive reform.
SAN FRANCISCO, May 31- Fresno and Hercules residents will vote June 4 on ballot measures that indicate how far some of California's ailing municipalities must go to fix their wobbly finances. In Fresno, a city of 500,000 in the state's Central Valley, Mayor Ashley Swearengin is seeking support for a measure to privatize residential garbage collection.
MINA ZALDIVAR, Chile, May 30- High in Chile's bone-dry Atacama desert, mining engineer Enrique Miranda surveys a metal structure filled with a pungent mix of earthworms and woodchips. "That's lunch for the worms," says Miranda, an environmental supervisor who has worked at Barrick Gold Corp's Zaldivar copper mine for 18 years.
SINGAPORE, May 30- London copper pulled back on Thursday on fears the United States could start curbing its monetary stimulus programme earlier than expected, dimming the demand outlook for metals. *The most-traded copper contract on the Shanghai Futures Exchange, for September, fell 0.89 percent to 52,150 yuan a tonne.
GOYANG, South Korea, May 30- Five years after the global financial crisis, South Korean construction workers are feeling the pinch more than ever as they shoulder a mountain of debt from a real estate bust that has cast a long shadow on the country's growth prospects.
ISTANBUL, May 29- When Turkish Prime Minister Tayyip Erdogan came to power a decade ago it would have been almost unthinkable for his government to issue an Islamic bond, given accusations it was seeking to erode Turkey's secular status. Turkey has a strong secular identity.
May 24- Latin America should suffer just a short, sharp shock to its financial markets when the U.S.
Argentina is still struggling with the fallout from its roughly $100 billion sovereign debt default 11 years ago. One judge ordered Argentina to pay holdouts the full $1.33 billion owed them the next time it serviced restructured debt. Argentina appealed, and a ruling by the 2nd U.S. Circuit Court of Appeals is expected in the coming weeks.
SAN FRANCISCO, May 22- If California lawmakers rely on the state budget watchdog agency's latest revenue outlook, they may build spending increases into a budget plan at odds with the relatively conservative and cautious plan urged by Governor Jerry Brown, Moody's Investors Service said on Wednesday.
*Favourable market conditions may be temporary- Moody's.