New York / AFP Plunging crude prices battered oil giants’ profits in the first quarter, another blow following credit downgrades, layoffs and drilling cutbacks in the wake of a long rout. Chevron became the latest big oil company to land in the red due to low commodity prices, reporting a loss of $725 million in the quarter ending March 31. …

  Bloomberg Puerto Rico said its Government Development Bank, which is operating in a state of emergency to preserve its dwindling cash, reached an agreement with some credit unions to delay $33 million of bond payments as the commonwealth rushes toward a potential historic default. The pact only affects a portion of the $422 million that the bank owes on …

  Bloomberg Brazil’s real climbed to the highest level since July as commodities prices rallied, overshadowing plans by the central bank to sell reverse-swap contracts that tend to weaken the currency. The real gained 1.5 percent to 3.4358 per dollar on Friday, extending this month’s gain to 4.6 percent, as the U.S. currency weakened globally. A Bloomberg index of raw …