The Most Important Stories In #business & Economics Today #finance

By 29th June 2015 Industry News No Comments

Early Monday in the US, global stocks are tumbling as the Greece crisis intensified over the weekend. The S&P 500 Index is indicated down 1.1% pre-market, while oil futures are indicated down 2.3% this morning. Here are the top global business stories for today, Monday, June 29, 2015.

Greece Hopes Are Lost. Greece appears poised to default on tomorrow’s debt repayment, and the reality of a Grexit is setting in, sending stocks tumbling. Greek banks are closed and will stay shut for the week, after the country’s debt crisis took a dramatic turn. Alexis Tsipras rejected the austerity deal that was presented to him, but he has set a public referendum on the proposal in order to let the people decide.

Greece Isn’t The Only Country On The Brink. Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

Iran Nuclear Talks to Extend Past June 30 Deadline: Official. Negotiations over Iran’s nuclear program will miss Tuesday’s deadline for a deal, a senior U.S. official said Sunday, as Tehran’s foreign minister jetted home for consultations with his government.

Chinese Stocks Move Into Bear Market Territory. The Shanghai Composite Index sank 7.4 percent on Friday, taking its decline from its June 12 high to 19 percent, on the cusp of a bear market. The decline has prompted a rate cut from the PBOC.

A Big Healthcare Deal Is In The Works. Last week’s Obamacare ruling greenlights Aetna-Humana dealmaking. But a competing offer from Cigna puts that deal and others up in the air. Now that the Supreme Court has ruled, it’s time to deal.

Major Setback: SpaceX Rocket Explodes After Launch. An unmanned rocket by Elon Musk’s SpaceX on a resupply mission to the International Space Station exploded Sunday just minutes after launch. It wasn’t clear what caused the rocket, named Dragon, to fail. SpaceX will conduct an investigation overseen by the Federal Aviation Administration.

Asian Infrastructure Investment Bank Getting Sign-off In Beijing. The 57 founding member countries of the China-led Asian Infrastructure Investment Bank began signing articles of association setting up the new institution on Monday.

Putin & Former Italian Prime Minister Silvio Berlusconi Spent The Weekend In Siberia. A spokesman for Russian President Vladimir Putin says Putin and former Italian Prime Minister Silvio Berlusconi spent the weekend together at a vacation home in Siberia.

An Economic Rite Of Passage For Teenagers Isn’t What It Used To Be. The teen summer job was once a rite of passage. Now, it’s a rite that may have passed.

Now check out the top stories in O&G today >>
Source: Industry News {$excerpt:n}