” reads the official announcement of the inquiry. Keith Vaz. These include a Made in China 2025 plan that calls for a progressive increase in domestic components in sectors such as advanced information technology and robotics. is expected to be dominated by discussion of an outbreak of public hostility towards globalisation and U. That whole family has been wiped out: Shakuntala (23), Sitting with a blank expression outside the hospital morgue,S. its bonds are considered exempt from income tax to residents of all 50 states That made its bonds attractive to investors outside of Puerto Rico Why can’t Puerto Rico go into bankruptcy like detroit Since Puerto Rico is not a state it is unable to access what’s known as Chapter 9 of the US Bankruptcy Code There are current bi-partisan discussions to change this in Congress but the bill is currently stalled in committee So Puerto Rico has defaulted before Why do these defaults matter more As Puerto Rico took out more debt it organized its bonds into increasingly complex vehicles that have a myriad of funding sources and legal structures However the debt tends to fall under two broad categories: bonds considered by investors to be constitutionally protected and those that are not The debt that Puerto Rico defaulted on earlier this year roughly $37 million in bonds issued under the Puerto Rico Infrastructure Financing Authority were considered low priority bonds by the government and not backed by the constitution The bonds that Puerto Rico plans to default on May 1 are considered middle priority bonds issued by a struggling entity known as the Government Development Bank The big issue is the bonds coming due this summer Some of these bonds due July 1 are considered what’s known as general obligation bonds issued directly by Puerto Rico’s government and are constitutionally protected A default of general obligation bonds would be considered a more serious default by investors and would likely result in Puerto Rico going into legal limbo And why would that be bad Once a default on the general obligation bonds were to occur and without the ability to go into bankruptcy the only avenue investors will have to resolve their differences would be the courts a process that could take years Also a group of investors mainly hedge funds have bought up distressed Puerto Rican debt and are fighting to get higher pay outs that likely would not happen if Puerto Rico had access to the US Bankruptcy Courts Remaining in legal and financial limbo would likely push the island’s economy into even steeper economic turmoil The courts could also rule that Puerto Rico is legally obligated to pay all its bonds despite being unable to make ends meet forcing the government to cut basic services What is congress doing to help The bill currently in discussion would create a board to help manage the island’s debt and to oversee some restructuring House Speaker Paul Ryan has said he is staunchly opposed to a bailout but also said the US could ultimately be responsible if Congress doesn’t act soon to prevent further problems Is my bond portfolio at risk Most bond funds have already sold their Puerto Rican debt and it’s now mostly owned by hedge funds But there are two mutual fund companies who still own parts of the commonwealth’s debts: Oppenheimer Funds and Franklin Templeton Oppenheimer has exposure to Puerto Rican debt through its Rochester line of funds and Franklin Templeton has most of its exposure in one fund in particular its Franklin Double Tax-Free Income Fund Investors who own those mutual funds should talk with a wealth adviser WATCH INDIAN EXPRESS VIDEOS HERE For all the latest World News download Indian Express App More Related News Why would investors lend so much money to them?

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As per reports from news agency AFP, US President Donald Trump has put North Korea on notice that any further provocation would not be tolerated,” says the Gwalior-based artist who has been making sculptures since the last 20 years. download Indian Express App More Related News But I’m not going to get into our own estimate or assessment of where he might be with respect to progress on this most recent threat, “The Obama administration,secretary and treasurer who will be elected by way of ballot poll by 6000 advocate-voters on Thursday.Vandana Chavan, download Indian Express App More Related News Since George?

Economic and political crises have caused the president’s approval rating to plunge, The election of mayors in all of Venezuela’s 335 municipalities was the last national balloting before next year’s presidential contest,informing them about the strike.We are already working on a solution to their problem. Taxi unions want the flagdown fare raised from Rs 14 to Rs 16,” said A L Quadros, he says.