Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
The disclosures come as a federal judge ruled Wednesday that two other banks — Deutsche Bank and Capital One — can give financial documents to Congress, NBC News reports.Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for...Politicsread more
Venezuela's state-owned oil giant announced on Friday it had made a critical debt payment, avoiding a catastrophic default that could have seen the company lose control of the U.S.-based refiner Citgo, one of its crown jewels.
In a statement, Petreleos de Venezuela SA said it honors its debts, despite the "economic war" that U.S. President Donald Trump is waging on Venezuela.
PDVSA, as the company is known, said it was processing $841 million in principal due Friday on a bond that was backed by Citgo. For bondholders, the statement capped a tense week as the company remained radio silent about the payment.
As recently as Thursday evening, asset managers and bondholders were concerned PDVSA would not make the payment. Bond prices tanked after the company failed to make a statement following initial reports that it would avoid default.
If PDVSA defaulted, the market feared it would also skip a $1.2 billion payment on a bond that matures on Thursday.
With the payment on Friday, the "state confirms its full solvency and its ability to respond to its commitments, despite the economic war, the unjustified imposition of sanctions by Donald Trump," PDVSA said in a statement posted to its Facebook page.
The United States has imposed a series of sanctions on Venezuela this year following President Nicolas Maduro's effort to consolidate power and sweep aside political opposition in the nation's parliament.
"It should be noted that the Bolivarian Republic of Venezuela, through PDVSA, has consistently honored its obligations, therefore refuting the voices of those betting in favor of the economic fall of the country," PDVSA said in the statement.
Venezuela has spiraled into a full-blown crisis, sparked by years of economic mismanagement made worse by a three-year downturn in oil prices. The county has suffered food shortages, runaway inflation and violent street clashes, as Maduro prioritizes paying Venezuela's international creditors.
A default on the debt due Friday would have worsened PDVSA's deteriorating situation. Venezuela's oil production is slipping due to lack of maintenance at PDVSA, making it harder to drum up the revenues that keep the government running. Customers upset with the quality of PDVSA's crude oil have canceled orders and demanded refunds, and the company has been blocked from key export terminals.
The government, PDVSA and the utility Electricidad de Caracas missed nearly $600 million in interest payments on seven bonds earlier this month. The skipped payments stoked concerns that sanctions were making it difficult to transfer funds to bondholders. Others speculated that leaders were shoring up cash to pay the two high-stakes principal payments by skipping the smaller interest payments, which have 30-day grace periods.
Venezuela's foreign reserves have stood around $10 billion recently, though some say as much as half of that may be in illiquid assets.
— CNBC's Fred Imbert contributed to this story.