Investors in Puerto Rico's debt-burdened economy still face risks of default on some of the island's $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack Obama says he will quickly sign the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) before the U.S. territory faces a possible default on July 1 on $1.9 billion worth of debt payments. While the government of Puerto Rico says it cannot honor all of its debts, and will likely default for a fourth time in the last year on some of its bonds, some creditors could get their payments via insurers or reserve funds.
Second-ranked Brooke Henderson defends her first LPGA title this week at the Portland Classic, her breakthrough victory last year helping the Canadian teen return as a major champion. The 18-year-old qualified for the event on Monday then rolled to an eight-stroke victory, the largest LPGA victory margin since 2012, to become the tour's third-youngest winner ever. Henderson became the first Canadian to win an LPGA event since Lori Kane in 2001 and only the second Monday qualifier to ever take a title after Laurel Kean in 2000.
The NFL Players Association wants to see evidence supporting the league's investigation into charges of dope cheating made in a December report by Al-Jazeera America on performance-enhancing drugs. The union's formal request was revealed Wednesday in letters sent to Adolpho Birch, the NFL vice president who sent letters to the union last week asking to investigate the four remaining active NFL players mentioned in the report -- Pittsburgh Steelers linebacker James Harrison, Green Bay Packers linebackers Clay Matthews and Julius Peppers and free agent linebacker Mike Neal. "On behalf of Mr. Harrison, we have repeatedly requested that the NFL inform him and the NFLPA whether the NFL possesses any credible evidence (e.g., verified documents or verified testimony of witnesses) that warrants an interview of Mr. Harrison regarding a potential violation of the Policy on Performance Enhancing Substances (PES Policy)," the union's letter on behalf of Harrison said, according to a copy obtained by USA Today.
Netflix Inc will continue to look into the possibility of entering China, Chief Executive Reed Hastings said on Thursday, as the video streaming service seeks to grow its subscriber base outside its home of the United States. "Since China is a great opportunity, we continue to look into China," Hastings said at a media event in Seoul, without elaborating. Netflix is trying to counter slowing growth in the U.S. with its move in January to launch in 130 new markets worldwide.
Japan's anti-monopoly regulator is investigating Canon Inc over a possible breach of disclosure rules in the company's acquisition of Toshiba Corp's medical equipment unit, a source with direct knowledge of the matter said. Canon, which agreed in mid-March to buy Toshiba Medical for 665.5 billion yen ($6.5 billion), declined to comment on the matter. Toshiba, in a hurry to raise cash before closing its books for the business year that ended in March, structured the sale of its medical equipment business to Canon in an unorthodox way so that it could book proceeds before the deal was approved by regulators.