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Governor Alejandro Garcia Padilla of Puerto Rico declared that the US territory could not afford paying back its $US73 billion debt. He added that he intends to forge an agreement with creditors while convincing the US government to issue a decree that would permit the island to declare a special form of bankruptcy in order to dissolve some of its debts.
International creditors such as International Monetary Fund, European Central Bank and European Commission have demanded Greece to establish further austerity measures in the nation’s banking systems. However, the Greeks have overwhelmingly rejected the European Union's offer. And because of the bailout program, the Asian and global markets have exorbitantly slumped.
Xbox Music is now called Groove. This is in conjunction with the release of Windows 10 later this month. Xbox Video on the other hand, will be simply known as Movies & TV to make it more identifiable to customers.
GoPro is known for its action cameras and it recently came up with a new addition to its line-up. Its new Hero4 Session is a next generation camera that is compact, light, and more action-friendly.
SunEdison Inc. subsidiary TerraForm Power Inc. announced that it will buy 930 megawatts of wind power from farms in the United States and Canada for $2 billion from Invenergy Wind LLC.
Starbucks coffee prices are climbing up an additional 10 cents for its brewed coffee.
Facebook Chief Operating Officer (COO) Sheryl Sandberg, a former Google executive and a Harvard Business School graduate, has joined her late husband's company, SurveyMonkey, as one of its board members as well as another Facebook executive. Meanwhile, Hewlett-Packard executive Bill Veghte was appointed as the company’s next CEO, which will take effect on Aug. 3.
Intel Corp. CEO Brian Krzanich announced Thursday that the company’s president, Renée J. James, will be resigning in January amid top management transition. The changes came as Intel Corp. has been hurt by declining sales of PCs that use its microprocessors. Its sales also prompted operational losses.
Facebook will begin sharing 55 percent of the revenue to video ad creators — a business move that will post a serious threat to YouTube.
Online digital payments giant PayPal is setting its course to acquire international money transfer service XOOM valued at $890 million.
Attorney General Herbert H. Siatery III made an announcement on Thursday, saying that the Federal Trade Commission finally approved the merging of Dollar Tree and Family Dollar.
Francis Bacon’s two self-portraits fetched a staggering £30 million at a Sotheby’s auction on Wednesday.
Amadeus is acquiring Accenture’s subsidiary, Navitaire, for $830 million in hopes of improving the connection among carriers in the same airline groups and their alliances.
Xiaomi has sold 34.7 million smartphones in the first half of 2015 which is a 33 percent increase compared to last year.
The first ever Rolling Stones exhibit in London will be unveiled at the Saatchi Gallery next year.