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  • SAN JUAN, Puerto Rico— Puerto Rico's governor said Thursday that creditors are responsible for helping the U.S. island out of its economic crisis because they lent money knowing the government was running a deficit. Alejandro Garcia Padilla also sought to clarify comments recently published in The New York Times saying he believes Puerto Rico's $72 billion...

  • NEW YORK, July 2- Per Se, the three Michelin- starred Manhattan restaurant run by Thomas Keller, will pay $500,000 to settle charges it withheld tips from workers who staffed private dining events, even as it portrayed those tips to customers as gratuities. Thursday's settlement resolves a New York probe accusing Per Se, whose prix-fixe tasting menus cost $310...

  • NEW YORK— The average sales price of a Manhattan apartment has eclipsed $1.8 million— a new high. The Corcoran Group puts the average Manhattan sales price at $1.81 million. Douglas Elliman Chief Executive Dottie Herman tells The New York Times that New York real estate experts "don't even blink" at the numbers.

  • NEW YORK, June 29- To restructure government debt Puerto Rico will need to reach a negotiated settlement with creditors or modify its constitution, a long and complicated undertaking that may not succeed. "If they go to any holders of debt and say do you want to swap this for that, that doesn't necessarily imply any changes," said Charles Blitzer, who advises funds on...

  • NEW YORK, June 29- Puerto Rico is "insolvent" and will soon run out of cash, according to a newly appointed adviser to the commonwealth who was the judge who oversaw the historic bankruptcy of Detroit. The U.S. territory's future hinges on gaining eligibility for debt restructuring under the U.S. bankruptcy code, a process it does not currently have access to, said...

  • NEW YORK, June 29- Puerto Rico's governor, following a damning report by former IMF staffers about the U.S. Governor Alejandro Garcia Padilla said on Monday that over the next week, leaders would host meetings and briefings and tell citizens the steps the Commonwealth is taking to address Puerto Rico's problems. The report, made available late Sunday, said Puerto...

  • NEW YORK, June 29- Puerto Rico's governor on Monday said "difficult decisions" must be made after a damning report by former IMF staffers proposed debt restructuring and tough austerity measures for the crisis-hit island, which is struggling with $73 billion of debt. Puerto Rico's benchmark general obligation bonds that carry an 8 percent coupon and mature in...

  • "Everything that touches Puerto Rico, the debt, the monolines, the banks, will all sell off pretty aggressively," said Daniel Hanson, analyst at Height Securities. Assured Guaranty shares fell 19.8 percent while MBIA Inc fell 6.7 percent. Assured Guaranty said it insured over $6 billion in par value of Puerto Rico bonds as of the end of March.

  • June 28- Puerto Rico needs to restructure its debts and should make reforms including cutting the number of teachers and raising property taxes, a report by former International Monetary Fund economists on the Caribbean island's financial woes said. The report, which was obtained by Reuters, gave a damning review of how Puerto Rico has arrived at its current...

  • June 28- Struggling Caribbean island Puerto Rico needs to restructure its debts to bridge financing gaps in coming years, in what could be a precedent-setting move, according to a copy of a report by former IMF economists posted on websites of the island's media. Puerto Rico's governor's office and a spokesman for the Government Development Bank, which...

  • Puerto Rico to seek debt moratorium from bondholders Monday, 29 Jun 2015 | 12:19 AM ET

    SAN JUAN, Puerto Rico— International economists released a critical report on Puerto Rico's economy Monday on the heels of the governor's warning that the island can't pay its $72 billion public debt. Alejandro Garcia Padilla delivered late Sunday was another jolt to the recession-gripped U.S. island, as well as a world financial system already worrying over...

  • SAN JUAN, Puerto Rico— Puerto Rico's governor believes the U.S. territory's $72 billion public debt is unpayable, a spokesman confirmed late Sunday, adding another blow to a world financial system already struggling with a possible default by Greece. He confirmed comments by Padilla that appeared in a report in The New York Times published late Sunday, less than...

  • June 28- Puerto Rico is set to release a key financial stability report by former IMF economists on Monday, officials said on Sunday, in a crucial week for the island as bond deadlines come due and investor concerns increase about the possibility for debt restructurings and a limitation on government services. Puerto Rico is struggling with a $73 billion debt...

  • Enticing lonely Americans to support ISIS Saturday, 27 Jun 2015 | 4:36 PM ET
    ISIS fighter, North American ISIS fighter, Islamic State

    ISIS is explicitly at odds with the West, but is making a relentless effort to recruit Westerners into its ranks for propaganda value.

  • REFILE-Some say back to the drachma for a Greek reboot Friday, 26 Jun 2015 | 12:05 PM ET

    LONDON, June 26- Mainstream economic thinking may hold that Greece should stay in the euro zone, but there are those who argue that abandoning the single currency will give the cash-strapped and debt-laden country just the boost it needs. "If Greece were to leave the euro, it is presented with an opportunity. Greece and its creditors are locked in talks to secure a...

  • Some say back to the drachma for a Greek reboot Friday, 26 Jun 2015 | 8:23 AM ET

    LONDON, June 26- Mainstream economic thinking may hold that Greece should stay in the euro zone, but there are those who argue that abandoning the single currency will give the cash-strapped and debt-laden country just the boost it needs. "If Greece were to leave the euro, it is presented with an opportunity. Greece and its creditors are locked in talks to secure a...

  • That message easily could get lost in the controversy following a recent New York Times opinion piece, "Why I Defaulted on My Student Loans," in which writer Lee Siegel not only defended his decision to ignore his education debt, but urged others to join him as a way of changing the economics of paying for college. We now have some indication that debt strikes may work:...

  • June 18- News Corp, owner of the Wall Street Journal, is carrying out a major reorganization at its Dow Jones news publishing unit that will involve job cuts and shifting resources to digital media. Dow Jones, which has about 5,000 employees worldwide, will close bureaus in Prague and Helsinki and cut jobs in bureaus in Europe and Asia, Gerard Baker, editor-in-chief...

  • June 18- News Corp, owner of the Wall Street Journal, is carrying out a major reorganization at its Dow Jones news publishing unit that will involve job cuts and shifting of resources into digital media, the Wall Street Journal reported. Dow Jones will close bureaus in Prague and Helsinki and cut jobs in bureaus in Europe and Asia, Gerard Baker, editor in chief of Dow...

  • NEW YORK, June 18- Richard Zabel, the top deputy for Manhattan U.S. Attorney Preet Bharara, is leaving the Justice Department to become general counsel at the hedge fund Elliott Management, according to an internal Elliott memo reviewed by Reuters on Thursday. A graduate of Princeton University and Harvard Law School, Zabel previously spent eight years as a...