Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Venezuela's Electricidad de Caracas — a state-owned electric company — has defaulted on a $650 million bond payment, Wilmington Trust said Friday.
The bonds mature in 2018 and yield 8.5 percent. Electricidad de Caracas was already a month late on its payment before the trustee, Wilmington Trust, issued its statement.
"The is the first official announcement of a default" in Venezuela, said Russ Dallen, managing partner at Caracas Capital. "This was the canary in the coal mine to tell if the air is bad."
The default comes as the International Swaps and Derivatives Association (ISDA) prepares to decide next Monday whether state-run oil giant Petroleos de Venezuela (PDVSA) experienced a credit event earlier this month.
PDVSA missed a $1.12 billion bond payment on Nov. 2. If ISDA decides that PDVSA did experience a credit event, that could lead bondholders to declare a default, which could trigger an avalanche.
"We expect if holders do declare a default then that could be used to trigger cross default across the whole US$28bn of PDVSA bonds," Stuart Culverhouse, chief economist at Exotix Capital, said in a note. He noted, however, that bondholders "may simply give the government more time to make the payment, as the intention seems to be there, but coordinating a large group of holders with different incentives could prove challenging."
The Venezuelan government has said it will make its PDVSA payment, but questions about the willingness of President Nicolas Maduro's regime to pay have been raised after he announced a plan to restructure Venezuela's massive debt.
"On Monday, we'll know if this is a default and we'll get a better idea of what Venezuela's strategy here is," said Dallen of Caracas Capital.