NEWS: Australia’s central bank cut its policy rate 25 basis points to a record 2.5 percent. The French government needs to continue freeing up its labor market and avoid new taxes, an IMF staff report said. To read more, click here.
State and local-government pension investments gained the most in two years in fiscal 2013, overshadowed by intensifying scrutiny of underfunded municipal retirement plans following Detroit’s bankruptcy. To read more, click here.
Hertz Global Holdings plans to pay down $1.5 billion to $2 billion in debt over three years using free cash flow as it tries to achieve investment-grade metrics. The company may choose to refinance some of the debt at lower rates as an alternative way to reduce its interest expense. To read more, click here.
The number of U.S. businesses filing Chapter 11 petitions with $1 million or more in debt fell 17 percent in the first half of 2013 compared to the same period of 2012. California’s central district was the most active venue and many of the largest cases were taken on by Delaware’s court. While Detroit’s July 18 Chapter 9 [...]
As the world’s major automakers continue to introduce new electric vehicle models to the market, prices of EVs will “drop quickly,” said Ravi Brar, chief executive officer of ECOtality Inc., and along with that, the cost of chargers. To read more, click here.
WHAT TO WATCH: The ISM’s non-manufacturing index probably rose to 53.1 in July from June’s 52.2, the lowest level since February 2010, according to forecasts, 10 a.m. Dallas Federal Reserve President Richard Fisher speaks on the U.S. economy, 11:45 a.m. An index measuring euro-area investor confidence rose to minus 4.9 in July from minus 12.6 in June. To read more, [...]
Last week’s Dodd-Frank three-year outlook webinar, featuring Bloomberg Government’s Cady North, reviewed the status of the rulemakings so far and found that financial regulators are about 60 percent of the way through the major actions, according to North. Click here to continue reading.
U.S. investigators have uncovered evidence that banks reaped millions of dollars in trading profits at the expense of companies and pension funds by manipulating a benchmark for interest-rate derivatives. Click here to continue reading.
Michael Dell and Silver Lake are close to an agreement with Dell Inc. over a sweetened bid of $13.75 a share in exchange for a modification of voting rules and a special dividend, a person familiar with the matter said. To read more, click here.
WHAT TO WATCH: The Bank of Japan releases data for monetary base, which is targeted by the central bank to reach 200 trillion yen at the end of 2013, 7:50 a.m. Indonesia’s economy probably grew 5.9 percent in the second quarter, in line with the five-year trend (see page 4), 10 a.m. Australia’s Treasurer Chris Bowen releases [...]