San Bernardino's council approved a bankruptcy exit plan on Monday night that seeks to virtually eliminate the southern California city's pension bond debt while paying Calpers, the state pension system, in full.
Chicago is evaluating options to sell bonds at the lowest cost possible after Moody’s Investors Service lowered the city’s rating to junk last week, the official said. The downgrade threatens to raise Chicago’s borrowing costs as investors demand higher yields on its securities and exposes it to penalties tied to the floating-rate debt.
More cities and counties are deciding to end their red light camera programs after longer yellow lights, prompted by a 10 Investigates series, slashed their abilities to profit off the technology.
The effective unemployment rate for 18 to 29 year-olds, which adjusts for labor-force participation by including those who have given up looking for work, was 13.8% in April, according to Generation Opportunity, a conservative, nonprofit think tank based in Arlington, Va.
By mid afternoon, the euro was down 1.5% against the buck on the day at just over $1.11, after the ECB published comments delivered by board member Benoît Coeuré saying the central bank would moderately front-load purchases in its bond-buying program in anticipation of less market liquidity in the summer.
While the Bank of Thailand denies it is trying to weaken the baht, it has lowered borrowing costs and loosened capital controls in the past two weeks. Interest-rate swaps signal further easing as the Thai junta, led by former military leader Prime Minister Prayuth Chan-Ocha, struggles to boost growth and domestic confidence after taking power in a coup on May 22 last year.
The European Central Bank is ready to take additional steps to boost inflation if its current quantitative easing program proves insufficient, the head of France's central bank Christian Noyer said Tuesday.
The Reserve Bank of Australia remains open to further interest rates cuts, according to the minutes of the last board meeting, with the slowdown in China, weak capital expenditure and concerns about the the job market continuing to weigh on its thinking.
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