Global Glance: Treasury Secretary heads to Puerto Rico, China trade shrinks in April

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Here are today’s top business headlines from across the nation and world:

Treasury Secretary heads to Puerto Rico to pressure Congress

WASHINGTON (AP) — Treasury Secretary Jacob Lew is calling attention to the effect Puerto Rico’s $70 billion debt crisis is having on the millions of Americans who live there and on the Republican-led Congress’ struggle to come up with a solution. Lew is making a one-day trip to Puerto Rico on Monday, part of the Obama administration’s campaign to pressure Congress to act. Read more

China trade shrinks in April in troubling sign for economy

BEIJING (AP) — China’s trade shrank in April in a sign government stimulus is failing to jolt the world’s second-largest economy out of a prolonged slowdown. Weak demand from consumers in China and worldwide is hampering government efforts to reverse an economic slowdown that dragged growth to a seven-year low of 6.7 percent in the first quarter of the year. Read more

300 economists urge leaders to reject tax havens

LONDON (AP) — Hundreds of economists are urging world leaders to end the era of tax havens, arguing they only benefit rich individuals and multinational corporations and serve to increase inequality. The 300 economists, in a letter coordinated by activist group Oxfam, say poorer countries are hit hardest by tax dodging. Read more

European finance ministers to discuss Greek debt burden

BRUSSELS (AP) — European finance ministers are trying to break a deadlock over whether to provide Greece with the next batch of bailout loans, which it needs to avoid bankruptcy this year, and forgive some of its debts. The so-called eurogroup meeting comes after Greece’s parliament approved Sunday a reform of the pension and tax systems. Read more

Tribune adopts shareholder rights plan to fend off Gannett

NEW YORK (AP) — In an attempt to fend off a takeover by USA Today owner Gannett, Tribune Publishing says it adopted a one-year shareholder rights plan. Known as a “poison pill,” these types of plans are used to fight off hostile takeovers. Read more

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