Bonds of Puerto Rico’s electric agency, which runs the biggest U.S. public-power system, are trading near historically high yields a week before the authority plans the first bond sale from the island in eight months.
Traditional fund managers are using computer programs to drive their trades as never before, creating the potential for large losses if the strategies aren’t implemented properly, according to Lloyds Banking Group Plc’s asset-management unit.
Cubist Pharmaceuticals Inc. agreed to buy Trius Therapeutics Inc. and Optimer Pharmaceuticals Inc. for as much as $1.62 billion, gaining approved and experimental antibiotics for its roster of medicines.
James Mastro, guitarist for the rock band the Bongos, had just graduated from high school when he heard about a corner bar in Hoboken that was luring musicians to the square-mile New Jersey city west of the Hudson River.
Puerto Rico debt is rallying the most this year as lawmakers of the self-governing commonwealth shrink its chronic budget deficits and take steps to bolster one of the nation’s weakest pension systems.
Jack Mello first came to Maxwell’s in Hoboken, New Jersey, in the early 1980s to see a then-little- known band called R.E.M. He since has attended hundreds of shows at the club, most recently to watch the Feelies perform their July 4th farewell concerts before the venue closes next week.