The California Infrastructure and Economic Development Bank board of directors approved $26 million in loan financing for the city of Santa Cruz for two wastewater improvement system projects, IBank officials said Thursday. The funding will help the city replace and upgrade decades-old equipment with the aim of preventing costly repairs, protecting pipelines from corrosion, improving
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In this article ZG Follow your favorite stocksCREATE FREE ACCOUNT Insured losses for Hurricane Helene are now estimated at over $6 billion, but the uninsured losses are far higher. That’s because the vast majority of homes impacted by the storm, especially in hard-hit North Carolina, did not have flood insurance. New risk-assessment technology is designed
After Bill Clinton’s first official meeting with Benjamin Netanyahu in 1996, he turned to an aide and said: “Who is the fucking superpower here?” Four US presidents later, nobody would think of posing that question about Israel’s pugilistic prime minister. Netanyahu long ago established what military analysts call “escalation dominance” over whoever sits in the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Klarna’s board has agreed to oust a key ally of co-founder Victor Jacobsson, underlining a deep governance rift at the Swedish buy-now pay-later company as it prepares to go public, according to people with knowledge
The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government’s monthly employment report. The rate is now 6.53%, according to Mortgage News Daily. That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage
The end of a brief strike by longshoremen at East and Gulf Coast ports eases immediate credit concerns for the ports, although the lynchpin of the agreement, a 62% salary increase, may nibble away at the bottom lines for some ports over the long term. The strike between the International Longshoremen’s Association representing 45,000 workers
The next generation of public policymakers and public finance practitioners will mingle with current municipal finance pros at a career forum hosted by the University of Chicago Harris School of Public Policy’s Center for Municipal Finance. During the week of Oct. 14, the CMF will hold lunchtime seminars designed to help interested students get the
South_agency | E+ | Getty Images Older Americans make up the largest share of homeowners in the U.S. compared to other generations. However, many are renting in their retirement years. Most older adults, those at least 65 years old, own their homes, according to the Joint Center for Housing Studies at Harvard University. Yet, more than
After taking a hit in the wake of the deadly 2023 wildfire that devastated the West Maui town of Lahaina, municipal bonds issued for investor-owned utility Hawaiian Electric are on an upswing. The debt, trading in the secondary market as low as 63 cents on the dollar last year, had recovered to the 95 and
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Israel’s military conducted multiple heavy air strikes on Beirut’s southern suburbs overnight, in one of the most violent air raids on the Lebanese capital in Israel’s intensifying campaign against armed group Hizbollah. Residents across Beirut
Municipals faced some pressure Thursday as U.S. Treasuries saw losses amid geopolitical uncertainty and mixed macroeconomic data ahead of Friday’s payrolls figure while equities were off near the close. The last large new-issues priced in the primary and secondary trading pointed to some weakness, leading to small cuts to triple-A yield curves. Municipal bond mutual
Amtrak’s poor planning could mean more delays and cost overruns on its largest infrastructure project, a $6 billion replacement of the Baltimore-Potomac tunnel, Amtrak’s inspector general said in a new audit. Amtrak is starting to address the planning problems by beefing up staff, but initially it did not have an effective management structure or enough
The House Committee on Transportation and Infrastructure prides itself on staying away from drama, but could witness a post-election power struggle for leadership, as industry groups hedge their post-election bets. “Depending on which party is in the majority, APTA’s strategy and tactics, particularly our messaging, may change,” said Paul P. Skoutelas, American Public Transportation Association
Moody’s Ratings upgraded about $900 million of various Florida special tax debt as well as its Garvee bonds Tuesday stemming in part from the application of the agency’s new U.S. states and territories rating methodology. The rating agency upgraded $317.5 million of lottery revenue bonds to Aa1 from Aa3 issued through the Florida State Board
The Securities and Exchange Commission has charged Thrivent Investment Management for violating the obligations in Regulation Best Interest when brokers for the firm recommended Class A mutual fund shares instead of Class C mutual fund shares in Illinois and Nebraska 529 Savings Plans. Without admitting or denying the findings, the firm has agreed to a
Amid an onslaught of outsized new issuance, many deals have been oversubscribed as buyers clamor for paper, particularly in the high-yield space and from specialty states. “It’s been a bit of a fight for deals that come to the primary market,” said Jon Mondillo, global head of Fixed Income at abrdn. Despite issuance up 35.2%
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The devastation Hurricane Helene rained on the mountain region of western North Carolina can be handled financially by governments in the short term but other municipal issuers may struggle and the long term is cloudy, analysts say. Helene hammered the area from Friday through Sunday, bringing rainfall amounts up to 31.3 inches, hurricane winds up
A pedestrians looks at residential properties displayed for sale in the window of an estate agents’ in Windsor, west of London. Justin Tallis | Afp | Getty Images LONDON — Lower mortgage rates are sparking an uptick in the U.K. housing market, following a surge in the pace of home sales last month, data showed.
Municipals were a touch softer Wednesday, but outperformed U.S. Treasury weakness as investors focused on the primary market with several large new-issues pricing to solid demand. Equities were in the black to close the session. Triple-A yield curves were little changed to weaker by one to four basis points, depending on the curve, while Treasuries
There were many “trailblazers” at the Muni Pride LGBTQ+ History Month Social Mixer, Connecticut Treasurer Erick Russell said in his speech at the event. “Even if you aren’t a first, say, for your profession, or a first in your organization, the worlds of finance and law and government have not always been the best when