News

Bloomberg Hedge funds holding debt in Puerto Rico’s Government Development Bank sued to stop the island’s key fiscal entity from making payments to local government agencies as it faces a growing cash shortage and the prospect of insolvency. The funds, which include affiliates of Brigade Capital Management, Claren Road Asset Management and Solus Alternative Asset Management, accused the bank in ...

Bloomberg Health insurers that offer private Medicare Advantage plans will get a smaller-than-expected increase in payments next year. The U.S. is raising payments to the insurers by 0.85 percent on average, according to a statement from the Centers for Medicare and Medicaid Services, down from the 1.35 percent boost proposed in February. Payments to individual insurers can vary, because CMS ...

Bloomberg Vale SA, the world’s largest iron ore producer, is selling its share in Brazilian steel mill venture CSA to German partner Thyssenkrupp AG for a “symbolic price,” the company said, part of a strategy to dispose of non-core assets to help bolster its balance sheet. The miner based in Rio de Janeiro will exit the venture by unloading its ...

Bloomberg Petrobras Chairman Nelson Carvalho has opposed a management proposal to reduce the price of gasoline in a bid to boost sales, said a person familiar with the discussions. Jorge Celestino, the head of refining, proposed a price cut at a time Petrobras is losing market share, said the person, who asked to remain anonymous because the discussions aren’t public. ...

Bloomberg After almost two years of sinking oil prices and at least 40,000 job cuts, Canada’s petroleum industry still isn’t finished tackling its bloated operations. The next round of layoffs has already begun with Cenovus Energy Inc. and Murphy Oil Corp. announcing workforce reductions last week. Ongoing cuts by Suncor Energy Inc., Encana Corp. and others will likely result in ...

AFP Despite slashing oil imports, Canada’s trade deficit with the world widened to Can$1.9 billion (US$1.5 billion) in February, according to the government statistics agency. The figure is up from Can$628 million (US$476 million) the previous month, and about one billion dollars more than the street expected. Exports fell 5.4 percent from a record high in January to Can$43.7 billion ...

Bloomberg US international trade grew in February after a steady fall since 2014, but still remained lower than year-ago levels, the Commerce Department reported on Tuesday. Exports and imports were both higher after sinking to nearly five-year lows in January, a mark of the overall slowdown in global trade as well as the plunge in commodity prices. Exports rose by ...

Brussels / AFP An enormous and complex logistical operation involving thousands of EU and other officials was launched on Monday to ship migrants from Greece back to Turkey under a controversial accord between Brussels and Ankara. The European Commission estimates it will cost 280 million euros ($320 million) to implement the deal over the next six months. The EU will ...

RITIKA SHARMA / EMIRATES BUSINESS Abu Dhabi-based International Renewable Energy Agency (IRENA) marked half a decade of efforts towards a sustainable and green planet on Monday. Turning five, the global body looks forward to expanding its role as the universal voice of renewables. Adnan Z Amin, IRENA Director-General, said, “The past five years have witnessed a dramatic shift in the ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) implemented advanced technologies to improve productivity and enhance operational procedures at its operations, while maintaining the highest standards of environmental conservation. As part of its mandate to drive an ongoing quest for innovation-based improvements, the dedicated Technology Development and Transfer department at EGA continuously forges ahead in identifying and implementing technological advancements ...