Business News

China Enters the Fray

If Tuesday's devaluation of the renminbi was China's entry to the currency war, it brought a knife to a gunfight.  The currency fell just under 2% against the dollar yesterday, and another 2% today - which is the biggest two-day fall ever, but still barely makes a dent in its rise of a fifth against both the yen and the euro since last summer.  (FT)

Law enforcement Authorities have dismantled what officials say is the largest to date collaboration between hackers and traders.  The hackers scheme involved tapping into the servers of business news wire providers and feeding the information to traders before the announcements were made public. The SEC tallied the illicit gains at as much as $100m.  (FT)

McDonald's plans to shrink by 59 U.S. locations this year, attempting to reverse its worst sales slump in more than decade. According to a franchise operations document, the chain is closing 184 restaurants and opening 125 new ones in 2015. The move follows seven straight quarters of slumping sales across the nation, and marks the first time in 45 years McDonald's has closed more domestic locations than it has opened. (SA)
And finally, just eight days after it defaulted on bond payments for the first time, Puerto Rico is planning the issuance of $750M more in bonds for several construction and maintenance projects. (SA).  

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