 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Hack Exposed Data in Catholic Church Sex-Abuse Cases
A cyberattack at a financial advisory firm exposed data in multiple Catholic church bankruptcy filings across the U.S. that contain information on sexual abuse victims, WSJ Pro Bankruptcy reported. An ongoing investigation has yet to determine whether the stolen data includes any identifiable information on the victims. The advisory firm, Berkeley Research Group, already faces questions from Justice Department officials about potential conflicts of interest and legal liability stemming from the ransomware attack and data theft. At a court hearing Thursday, a lawyer representing the firm said the hack wasn’t specifically targeted at sex-abuse victims and that other data was breached as well. READ MORE | | | | | SPONSORED CONTENTPrivate Credit and BSLs: Friends or Foes? With private credit and broadly syndicated loans (BSLs) competing for dominance, the lending landscape is in flux. But can these markets ultimately work hand in hand? SRS Acquiom, in partnership with Debtwire, surveyed 200 senior executives from alternative asset management firms across Europe and the U.S. to uncover the true dynamics of these two critical markets. Download the Report | | |  | | Editor's Picks | | | | | Wolfspeed Shares Sink on Going-Concern Fears, Slowing EV Sales Hit Annual Revenue Forecast
Chipmaker Wolfspeed's shares fell 23% on Friday after it raised going-concern doubts and forecast weaker-than-expected annual revenue as it grapples with slowing electric-vehicle demand amid economic uncertainty, Reuters reported. The company is squeezed between sluggish demand in the industrial and automotive markets, while rival Chinese manufacturers such as Sicc Co and EpiWorld International are gaining ground with inexpensive wafers, which are thin slices of semiconductor material used to make chips. READ MORE | | U.S. and China Reach Deal to Temporarily Slash Tariffs, Easing Slump Fears
The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets, Reuters reported. The U.S. will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, the two sides said on Monday. The new measures are effective for 90 days. READ MORE | | Bankrupt Federal Contractor Seeks Fast Sale to Avoid DOGE Threat
A federal contractor that filed bankruptcy earlier this week during the latest round of government cutbacks asked a judge to approve a quick auction because of the ongoing threat of Elon Musk’s Department of Government Efficiency, Bloomberg News reported. Sysorex Government Services, Inc. said it needs to restart a three-year-old sale process under court supervision as soon as possible because managers can’t predict what will happen to its business while DOGE, which is not an official government agency, continues its review of federal spending. READ MORE
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The Joann retail chain, with about 800 locations across the U.S., has been a one-stop shop for crafters for decades, the Wall Street Journal reported. More than a quarter of Americans who worked on at least one craft project over roughly the past year bought supplies from Joann, according to research firm Mintel. By the end of the month, all of its stores will have closed after the Ohio-based chain filed for bankruptcy a second time. (Subscription required.) READ MORE | | U.S. Farm Economy Is Starting to See First Hits from Trump Tariffs
Donald Trump’s tariffs are upending crop trading, delaying tractor purchases and constraining imports of chemical supplies into the U.S. Crop traders and processors have been among the hardest-hit. Archer-Daniels-Midland Co. and Bunge Global SA saw their combined operating profits slump by about $750 million in the first quarter, with both companies citing an impact from trade and biofuel policy uncertainty. READ MORE | | Analysis: Rest of Year Isn’t Looking Good for Retail-Property Market
The retail-property market’s multiyear rebound is fizzling, buffeted by large retailer bankruptcies, shoppers pulling back and tariff turmoil that is slowing demand for store space, the Wall Street Journal reported. Retailers vacated nearly 6 million more square feet than they occupied during the first three months of the year, according to real-estate firm Cushman & Wakefield. That marked the weakest quarter for shopping-center leasing since the onset of the pandemic in 2020. (Subscription required.) READ MORE | | Fed Officials, Citing Uncertainty, Reiterate Patient Policy Stance
The first wave of Federal Reserve officials to weigh in after this week's policy meeting reiterated on Friday that the current economic uncertainty calls for monetary policy patience as Trump administration trade policy boosts risks to the outlook, Reuters reported. When it comes to the current state of Fed policy, "we're in a good place," New York Fed President John Williams. Declining to speculate where monetary policy will go amid the uncertainty, he said, "let's collect more data, information about what's happening with trade policy" and its impact on the economy and then decide what that means for the Fed's next policy steps. READ MORE | | Fitch Downgrades Brightline's Bonds
Fitch Ratings has downgraded Brightline Trains Florida LLC's $2.219 billion senior secured private activity bonds (PABs) to 'BB+' from 'BBB-', according to a press release. Fitch has also downgraded the rating on Brightline East LLC's $1.119 billion senior secured taxable notes to 'CCC+' from 'B'. Both securities have been placed on Rating Watch Negative. The downgrades to OpCo and BLE debt reflect the weaker than expected ridership ramp up, lower fares, elevated operating costs, and significant spend down of the project's liquidity accounts. The rating further reflects a number of unanticipated expenses that were not previously reported to Fitch that resulted in material draws on cash balances. READ MORE | | | | |
