The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
Investors are asking how the world's third-largest defense spender could have left itself so vulnerable and what that means for the future.Politicsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
A Belgian F-16 fighter jet crashed on a road in western France and one of its pilots is hanging from a high-voltage electricity line after his parachute got caught.Aerospace & Defenseread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
Homebuilding stocks have made strides, but the latest good news for the group may not help as much as investors hope, strategists warn.Trading Nationread more
A key worry for some is whether libra competes with sovereign currencies like the dollar.Technologyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
(Adds confirmation of $5 billion offer)
MEXICO CITY, Sept 12 (Reuters) - Mexico's Pemex said on Thursday it had launched a tender offer to prepay around a third of $14.7 billion in bonds maturing between 2020-2023, in President Andres Manuel Lopez Obrador's latest effort to shore up the state oil firm.
The offer says Pemex is looking to prepay up to $5 billion of those bonds, using a major capital injection announced by the Mexican government for this purpose on Wednesday.
The offer will expire next Wednesday.
Lopez Obrador, a veteran leftist who took power in December, has vowed to revive Pemex, a company that became an icon of Mexican self-sufficiency after it was created with the expropriation of foreign oil interests in 1938.
However, years of declining oil output, mismanagement and corruption have taken their toll on the firm, which is now the world's most heavily indebted oil company, with $104 billion in financial debt and which is fighting to avoid a credit downgrade to junk.
To avert a possible ratings downgrade, the Mexican government under Lopez Obrador has given Pemex tax breaks and cash support several times this year, and has budgeted for another $4.4 billion of similar support in 2020. (Reporting by Ana Isabel Martinez and Abraham Gonzalez in Mexico City Additional reporting and writing by Stefanie Eschenbacher Editing by Andrew Heavens and Matthew Lewis)