Puerto Rico Defaults on Most of Debt Payment

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Puerto Rico missed most of a $58 million bond payment Monday, the first default by the U.S. commonwealth in what may become one of the largest restructurings in the history of the $3.7 trillion market for debt sold by U.S. state and local governments.

Fund Caught in Snare of Global Probe

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The Kijani Commodity Fund run by Richard Fagan is being scrutinized by regulators from several jurisdictions investigating a world-wide network of about 100 investment funds marketed to wealthy individual investors.

London Trader Hayes Sentenced to 14 Years

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Former bank trader Tom Hayes was sentenced to 14 years in jail on Monday after a London jury convicted him of fraudulently trying to rig the London interbank offered rate, or Libor.

Sears Sales Deteriorate Further

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Sears Holdings revealed steep declines in second-quarter sales, though the retailer shored up its finances through a series of spinoffs and negotiations with its lenders.

ITG Ousts CEO Gasser After Probe

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Investment Technology Group’s investigation found Robert Gasser failed to disclose some details of alleged improprieties to the board.

Sprint Names a New CFO

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Sprint Corp. said Chief Financial Officer Joe Euteneuer will leave the company after a transition period and named Tarek Robbiati CFO.

Pimco Gets Warning From SEC on Fund

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Pacific Investment Management disclosed that it received a Wells Notice from the staff of the SEC concerning the Pimco Total Return ETF.

J.P. Morgan to Accelerate Timeline for Cybersecurity Spending Boost

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J.P. Morgan said it expects to increase spending on cybersecurity in the coming years, accelerating its initial timeline of such spending growth.

Fed Survey Finds Pickup in Demand for Loans

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Banks reported stronger demand for commercial and consumer loans in a variety of categories during the second quarter, a Federal Reserve survey found, suggesting a positive uptick in growth in the second half of the year.

Big Banks Charge Ahead With Cards

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Consumer demand for credit is rising while big banks lower their standards and raise credit limits.

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