A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
July 2 (Reuters) - A U.S. Appeals Court on Tuesday put on hold enforcement of its February ruling that found members of Puerto Rico's federally created financial oversight board were unconstitutionally appointed pending a final determination by the Supreme Court.
The order by the Boston-based 1st Circuit Court removes some of the uncertainty that had been swirling around the board and its actions by allowing time for a recently commenced confirmation process in the U.S. Senate to be completed.
The board had warned that the process of restructuring Puerto Rico's approximately $120 billion of debt and pension obligations would be thrown into chaos if the court's July 15 enforcement deadline was not extended.
The court had determined the seven appointments to the board violated the U.S. Constitution's Appointments Clause due to the lack of Senate confirmation. In May, it set the July deadline for the board to be constitutionally reappointed or replaced.
The Supreme Court last month agreed to decide whether the board's members were lawfully appointed and if decisions made by the board, including the filing of a bankruptcy-like process for the U.S. commonwealth in 2017, are invalid as a result. Oral arguments are scheduled for Oct. 15.
The appeals court declined in its February ruling to void actions taken by the board. After the Supreme Court took up the case, the board asked the appeals court for a deadline extension.
The board has completed debt restructurings for Puerto Rico's sales taxed-back debt and Government Development Bank and expects to unveil soon a proposed plan of adjustment for the island's core government debt, which includes a more than $50 billion unfunded pension liability.
Meanwhile, the Trump administration began the confirmation process on June 18 by sending nominations for the board's current members to the Senate Energy and Natural Resources Committee, which at that time said it would not hold a hearing for several weeks.
The nominations cover only the remainder of the members' terms, which all end on Aug. 30. A spokesman for the board has said the members would continue serving until they are formally replaced.
(Reporting by Karen Pierog in Chicago Additional reporting by Luis Valentin Ortiz in San Juan Editing by Matthew Lewis)