Arriving in the midst of hurricane season, Puerto Rico’s new debt restructuring plan is a small ray of sunshine. But even if the proposal prevails in court — a big “if” — the territory’s prospects aren’t bright. With its obligations reduced, Puerto Rico will still outstrip every US state in per capita debt. Hopes for a lasting recovery will continue ...

Do economic sanctions serve US policy objectives? An important new report from the Government Accountability Office raises the question, but supplies an unsatisfactory answer: Although the departments of Treasury, State and Commerce all pay close attention to the impact of specific sanctions on their targets, there’s no reliable way to assess whether — or even to what extent — broader ...

Masayoshi Son could be on track for the biggest triumph of his career. Or the biggest failure. His decision to jump in and save a drowning unicorn, WeWork, goes against the precepts of the SoftBank Vision Fund that he founded, and could cause reputational damage worth more than the billions of dollars in this one deal. SoftBank Group Corp. may ...

CSX Corp.’s results were better than many feared they would be, but they came at the expense of several hundred jobs. The railroad said third-quarter revenue declined 5% as the uncertainty wrought by the trade war and a slump in coal shipments weighed on cargo volumes. Even so, CSX’s earnings per share for the period beat analysts’ estimates and its ...

Bank of America Corp. likes to brag about its online and mobile banking capabilities. Just as it did at this time last year, the bank last week trumpeted its “leadership in high-tech” in its third-quarter earnings news release and boasted that it’s “No. 1 in mobile banking, online banking and digital sales functionality,” citing accolades from J.D. Power, Javelin and ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), signed on Wednesday a comprehensive strategic framework agreement with the Federal State Budgetary Organisation “Russian Energy Agency” by the Ministry of Energy of the Russian Federation (REA), to explore new opportunities for collaboration across the oil and gas value chain. The agreement highlights the strength of the UAE-Russia bilateral ...

ABU DHABI / WAM UAE sovereign investor Mubadala Investment Company, and Russia’s sovereign wealth fund – the Russian Direct Investment Fund (RDIF) – have announced a series of six cooperation agreements as part of their successful long-term investment partnership that began in 2013. The agreements were announced following the official visit of Russian President Vladimir Putin to the UAE. More ...

Dubai / WAM The Dubai Electricity and Water Authority (Dewa), announced the participation of 102 Chinese companies in the 21st Water, Energy, Technology and Environment Exhibition (Wetex 2019, and eight Chinese companies in the fourth Dubai Solar Show, which will run concurrently with the Wetex, the region’s largest renewable and sustainable energy exhibition. Both exhibitions will be held under the umbrella ...

Bloomberg Oil steadied near $53 a barrel after two days of declines as the fragile economic environment and unresolved US-China trade war continue to deteriorate the outlook for global fuel demand. Futures in New York rose 0.4% on Wednesday in New York. The International Energy Agency (IEA) sees a “serious challenge” for Opec and other producers next year amid the ...

Abu Dhabi / Emirates Business Etihad Aviation Group, owner of the national airline of the United Arab Emirates, and Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, on Wednesday announced the signing of an agreement to launch ‘Air Arabia Abu Dhabi’, the capital’s first low-cost carrier. Etihad and Air Arabia will establish an independent joint ...