Puerto Rico Announces Huge, Historic Debt Restructuring
SAN JUAN, Puerto Rico (AP) – Puerto Rico’s governor on Wednesday announced a historic restructuring of a portion of the U.S. territory’s $73 billion debt through courts after negotiations with bondholders failed. The announcement marks the biggest bankruptcy-type process ever for the U.S. municipal bond market. Gov. Ricardo Rossello said that a federal control board overseeing the island’s finances agreed with his request late Tuesday to put certain debts before a court.
Survey: U.S. Businesses Added Solid 177,000 Jobs in April
WASHINGTON (AP) – U.S. businesses added 177,000 jobs last month, a private survey found, a solid gain that suggests the economy is still expanding despite recent signs of slower growth. April’s hiring is down from a revised 255,000 in the previous month, ADP said Wednesday. The figure is the lowest in six months and comes after three strong gains in ADP’s data. Yet the ADP figure covers only businesses and doesn’t include government payrolls. It often diverges from official data. Last month, the government said employers added only 98,000 jobs, far below the robust hiring in ADP’s report.