Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
SAN JUAN, Feb 15 (Reuters) - A U.S. Appeals Court ruled on Friday that members of Puerto Rico's federally created oversight board were unconstitutionally appointed but declined to dismiss the bankruptcy cases the board filed for the U.S. commonwealth.
The ruling allows the island's 2017 federal court cases seeking to restructure about $120 billion of debt and pension obligations to continue and leaves court-approved restructuring deals in place.
The U.S. Court of Appeals for the First Circuit set a 90-day period to allow President Donald Trump and the U.S. Senate to constitutionally validate the appointments or reconstitute the board.
U.S. District Court Judge Laura Taylor Swain, who is hearing the island's bankruptcy, ruled in July that the creation by the U.S. Congress of the oversight board under a law known as PROMESA and the appointment of the board's members did not violate the U.S. Constitution.
The appeals court disagreed, ruling the board members are principal U.S. officers and should have been appointed by the president "with the advice and consent of the Senate."
Creditors of the bankrupt island, including Aurelius Investment LLC and bond insurer Assured Guaranty Corp, had sued, claiming a violation of the U.S. Constitution's Appointments Clause and seeking a dismissal of the commonwealth's Title III bankruptcy cases.
Under the 2016 federal PROMESA law, then-President Barack Obama appointed six board members from lists of candidates recommended by Congress, as well as a seventh member. The appointments were not subject to Senate confirmation.
PROMESA gave the board authority to push fiscally struggling Puerto Rico into a court-supervised restructuring akin to bankruptcy.
The appeals court was wary about voiding the oversight board's actions, pointing to "innocent third parties" who have relied on them.
"In addition, a summary invalidation of everything the board has done since 2016 will likely introduce further delay into a historic debt restructuring process that was already turned upside down once before by the ravage of the hurricanes that affected Puerto Rico in September 2017," the ruling said.
Jose Cedeno, a spokesman for the oversight board, said the appeals court ruling was being evaluated and that the board was considering legal options.
Last week, Swain approved a plan of adjustment restructuring about $17 billion of Puerto Rico's sales tax-backed debt. In November, a consensual deal with creditors over about $4 billion of debt related to the island's Government Development Bank won court approval.
(Reporting by Luis Valentin Ortiz in San Juan and Karen Pierog in Chicago Editing by Matthew Lewis)