Puerto Rico's Government Development Bank announced Monday that it was only able to make a partial payment on its Public Finance Corporation (PFC) debt service due over the weekend. In response to the non-payment of the full service, credit rating agency Moody's said it viewed the situation as a default.
The leader of Spain's wealthy Catalonia region President signed a decree on Monday calling parliamentary elections for 27 September, a year earlier than necessary and according to political analysts, a proxy vote on the much debated controversial independence.
United States stocks fell on Monday as oil prices touched a six-month low and factory data from China raised concerns about the world's second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors, recording their worst three-day decline in seven months. Exxon Mobil and Chevron, which also reported poor results on Friday, led the losses.
Ex-trader Tom Hayes was sentenced to 14 years in jail by a London court on Monday after being found guilty of conspiring to rig Libor benchmark interest rates following a seven-year global investigation.
Brazilian police on Monday arrested former government minister Jose Dirceu, one of the most senior members of the ruling Workers' Party to be detained so far in a corruption scandal engulfing state-run oil company Petrobras.
Carnival Corporation & plc announced that its Italian brand, Costa Cruises, has placed orders for two new cruise ships powered by liquefied natural gas as part of an agreement with Meyer Werft to build four next-generation cruise ships with the largest guest capacity in the world.
Factory activity in the world's second largest economy, China, shrank the most in two years in July as new orders fell more than expected. The private Caixin/Markit manufacturing purchasing managers' index (PMI) dropped to 47.8 in July from 49.4 in the previous month.
The Brazilian currency Real lost 1% at the end of trading on Friday and begins this week at 3.42 Reais to the US dollar, the lowest in twelve years, because of the political and economic uncertainties surrounding Latin America's largest economy.
Argentine farmers have taken sides decisively ahead of events leading to the presidential election in October and the primaries next weekend. At the opening of the country's major Palermo agriculture show in Buenos Aires, the head of the Argentine Rural Society Luis Etchevehere called on his fellow citizens to avoid supporting “democratically elected leaders but intoxicated with authoritarianism” and “populist adventures”.
Pope Francis will be visiting the United States next September, where he will address the United States congress, the United Nations General Assembly and attend the Family Congress to be held in Philadelphia.