Puerto Rico will default on $1 billion of debt on Friday

Puerto Rico will default on $1 billion of debt on Friday

Puerto Rico is going to default, again. The governor of the commonwealth, Alejandro García-Padilla, wrote in an article for CNBC on Wednesday that Puerto Rico would not make some $1 billion in bond payments on Friday as it struggles with the long-term implications of its massive deficits. "On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island's senior credits protected by a constitutional lien on revenues," he said in the article.

View Full Post

More great content like this @ Business & Economy Front Page or you can Request Invite

Advertisements

Would a Work-Free World Be So Bad?

Would a Work-Free World Be So Bad?

Fears of civilization-wide idleness are based too much on the downsides of being unemployed in a society premised on the concept of employment. People have speculated for centuries about a future without work, and today is no different, with academics, writers, and activists once again warning that technology is replacing human workers. Some imagine that the coming work-free world will be defined by inequality: A few wealthy people will own all the capital, and the masses will struggle in an impoverished wasteland.

View Full Post

More great content like this @ Business & Economy Front Page or you can Request Invite

Ford dealership steals art from indie game Firewatch

Ford dealership steals art from indie game Firewatch

A Ford dealership in Quincy, MA spent all day being bombarded with inquiries from video game journalists after blatantly ripping off art from indie game Firewatch. The title, developed by San Francisco-based studio Campo Santo, is set in the Wyoming wilderness and uses a heavily stylized visual aesthetic courtesy of graphic designer and illustrator Olly Moss, who led art direction for the project as a member of the Campo Santo team.

View Full Post

More great content like this @ Business & Economy Front Page or you can Request Invite

Apple granted patent for way to stop iPhones from taking photos at concerts or sensitive locations

Apple granted patent for way to stop iPhones from taking photos at concerts or sensitive locations

One of the things that really spoils live concerts these days is that half the people there don’t seem to want to watch it live at all – they’d rather watch it through their phone screen, holding the device up and blocking the view of those behind them. This is a problem Apple is seeking to solve in a patent first applied for in 2011 and granted today.

View Full Post

More great content like this @ Business & Economy Front Page or you can Request Invite

This rainbow corn actually exists. Here’s how

This rainbow corn actually exists. Here's how

Glass Gem corn, a unique variety of rainbow-coloured corn, became an Internet sensation in 2012 when a photo of the sparkling cob was posted to Facebook. Shortly after, the company that sells the rare seeds, Native Seeds/SEARCH, began ramping up…

View Full Post

More great content like this @ Business & Economy Front Page or you can Request Invite

Who got rich off the student debt crisis

Who got rich off the student debt crisis

A generation ago, Congress privatized a student loan program intended to give more Americans access to higher education. In its place, lawmakers created another profit center for Wall Street and a system of college finance that has fed the nation’s cycle of inequality. Step by step, Congress has enacted one law after another to make student debt the worst kind of debt for Americans – and the best kind for banks and debt collectors. Today, just about everyone involved in the student loan industry makes money off students – the banks, private investors, even the federal government.

View Full Post

More great content like this @ Business & Economy Front Page or you can Request Invite