Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
The company's comments Friday come after the White House said U.S.Trade Representative Robert Lighthizer will "address the threatened impairment" of national security from...Autosread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
Apple CEO Tim Cook was the commencement speaker at Tulane University Saturday. In his speech, the tech executive focused on the importance of addressing climate change and...Power Playersread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
Some analysts see streaming services like Netflix becoming hindered by one of the things that made them so popular in the first place — binge watching.Entertainmentread more
There is a shortfall of cybersecurity workers that could reach as high as 3.5 million unfilled roles by 2021. A start-up called Synack provides crowdsourced security, and...CNBC Disruptor 50read more
Yardeni Research's Edward Yardeni recommends investing in U.S. companies with exposure to China.Trading Nationread more
CNBC and SurveyMonkey's latest small business optimism index echoes that sentiment, finding 52 percent of small businesses say it's harder to find workers today than it was a...US Economyread more
CNBC combed through Wall Street research over the last week to see which stocks analysts say have the best risk-reward.Marketsread more
Western Union is not panicking, but the delivery of money around the world is being upended, says CEO of upstart TransferWise. It broke into the $689 billion remittances...CNBC Disruptor 50read more
Just as Bank of New York Mellon was preparing a notice to holders of Argentinian government bonds that the country was, effectively, in default, the issuer's own officials denied that scenario and demanded justice for U.S. creditors in the International Court of Justice.
Shortly after 7:30 am Thursday, BNY Mellon, which handles a key portion of the disputed bonds, issued a notice to Argentina's creditors stating that it was still holding roughly $539 million in payments the country had intended for certain bondholders as part of a federal court order that had prevented the bank from distributing the funds.
Given that the final deadline for distribution was the end of the day Wednesday, that notice was the first formal, third-party indication that Argentina had reached a state of default—even though BNY Mellon didn't actually use the word.
Meanwhile, in Buenos Aires, Argentine Cabinet Chief Jorge Capitanich insisted that his country was not in default, and that it was an "incompetent" mediator, hired to broker a settlement deal between Argentina and a small handful of bondholders, who was partly responsible for the day's events.
Argentina had deposited the funds it owed to the majority of its creditors in June, Capitanich noted, and "malpractice" in the U.S. court system, where a judge had ruled that those funds could not be paid until a small group of dissatisfied creditors were paid as well, had prevented those payments from being made. Capitanich indicated that Argentina may take its despute to the International Court of Justice at the Hague in the Netherlands.
A minute after midnight on Thursday, NML Capital, a subsidiary of the $25 billion hedge fund Elliott Management, which had spearheaded the holdout creditor group, issued a statement noting that a slew of "creative solutions" to the impasse between the bondholders and Argentina had been rejected, and that it was Argentina's choice to default.
Emerging-market investors were watching the events closely, but seemed largely unconcerned about a broader market impact.
"On the margin, I think none of this is helpful," said Rohit Gadkar, a portfolio manager at the Barcelona-based Trea Capital who owns Argentine debt. He added that efforts by Argentina's banks, which are gathering funds to pay off the holdout creditors on their country's behalf, are providing hope of a quick resolution.
"Until that situation clears up, we may not get the crazy downside reaction," Gadkar said.
Earlier Thursday, an emerging-market bond trading association had advised its members to trade Argentine bonds on a "flat" basis, in other words, assuming, for the moment, that no interest payments would be made.
—By CNBC's Kate Kelly. Reuters contributed to this report.