In 1989, Michael Lewis chronicled the excesses of Wall Street in his seminal book Liar’s Poker, named for a game of chance on which traders gambled thousands of dollars. But the sums wagered by Lewis’s colleagues pale in comparison to those deployed within the world’s most profitable law firm. Partners at Kirkland & Ellis have
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. German insurers including Munich Re and Allianz have amassed more than €3bn of exposure to the struggling property empire owned by real estate billionaire René Benko. The network of firms in Benko’s Signa group not
Michael Milken attends Prostate Cancer Foundation’s Dinner At Daniel on November 19, 2019 at Daniel in New York City. Paul Bruinooge | Patrick McMullan | Getty Images Famed investor Michael Milken expects the Federal Reserve will move slowly on monetary policy — if history is any guide. In fact, the Milken Institute founder expects the
India’s appeal to the likes of Apple as a “China plus one” manufacturing hub may depend on how the country and foreign investors resolve one glaring issue: how and where to get enough workers in the right place. In China, hundreds of millions of migrant workers played a crucial role in the country’s rise as
12/12/2023, 1:56:59 AM Google loses antitrust lawsuit against Epic over its app store Michael Acton in San Francisco A federal jury on Monday found against Google in a lawsuit brought by Epic, the company behind popular video game Fortnite, which accused the search giant of suppressing competition in the Android app market to secure billions
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak will on Tuesday seek to face down rightwing Tory rebels by pushing ahead with his controversial Rwanda bill, despite calls for him to pulp the legislation and come back with a more robust
In this article HPQ BRK.A Follow your favorite stocksCREATE FREE ACCOUNT Warren Buffett tours the floor ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska. David A. Grogan | CNBC Warren Buffett’s conglomerate Berkshire Hathaway has reduced its stake in HP to 5.2%, according to a regulatory filing released Monday night. The conglomerate previously had a nine-day
Bondholders and other parties involved in the Puerto Rico Electric Power Authority bankruptcy returned to court Friday in an effort to move the needle on their opposing cases seeking better repayment terms. Bond parties defended their adversary complaint against Puerto Rico’s central government’s actions regarding PREPA since the central government emerged from bankruptcy in March
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The chief executive of Signa Group’s two most important subsidiaries has been fired because of alleged “gross violations” of his duties at the crisis-stricken European luxury property conglomerate. Timo Herzberg, an appointee and ally of
Municipals saw weakness for the first time since October after falling upward of 100 basis points since then, as investors are digesting the lower muni yield set amid richer ratios and weaker U.S. Treasuries. Triple-A yields rose one to three basis points with larger losses out long, depending on the curve, while USTs were mixed
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Emmanuel Macron’s government was dealt a humiliating defeat in the National Assembly as opposition parties united to block its long-promised immigration reform from coming to debate on the floor. Lawmakers who usually have little in
Oregon lawmakers were forced to approve $19 million in emergency funding last week to bolster its highway maintenance as winter approaches. Oregon Department of Transportation officials had begun implementing significant service reductions within maintenance and operations amid shortfalls caused by a decline in gas tax revenues, record high inflation and limitations on budgeted agency funds.
Recovering from last year’s brutal selloff, high-yield municipal bond funds this year have faced an improved but still rough performance amid large pockets of market volatility, as some, like Nuveen’s market-dominating fund, suffered more than others. While portfolio managers said they’re optimistic that shifting market dynamics will boost performance in 2024, the market swings this
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. Ukraine’s President Volodymyr Zelenskyy warned the US that any wavering it its support for Kyiv would bolster dictatorships around the world, as American funding for Ukraine’s defence against Russia is set to lapse by
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. As Conservative MPs battled over Rishi Sunak’s Rwanda bill ahead of a vote on Tuesday, legal and other experts said the legislation was already the most drastic response to immigration in decades. Sunak’s efforts to
New Mexico Gov. Michelle Lujan Grisham unveiled a $500 million public-private sector plan last week to build a strategic water supply to advance clean energy production and storage and protect dwindling freshwater in her arid state. At the COP28 United Nations Climate Change Conference in Dubai, the Democratic governor said New Mexico would use the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A draft agreement from the UN’s COP28 climate summit has dropped references to the phase out of fossil fuels after opposition from oil and gas-producing countries led by Saudi Arabia. The document — which will
Ohio Treasurer Robert Sprague, Illinois Treasurer Michael Frerichs, Pennsylvania Treasurer Stacy Garrity, Oklahoma Treasurer Todd Russ and Palm Beach County Clerk and Comptroller Joseph Abruzzo have joined Israel Bonds’ new Government, Industry and Financial Services Leadership Board. “If Hamas stopped fighting today, there would be no more war. If Israel stops fighting, there will be
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Only three things seem certain today: death, taxes and rising carbon output. The second can, however, reduce the inevitability of the third. That theory backed the development of the EU’s emissions trading scheme (ETS). Though
The Federal Reserve is expected to announce it will leave rates unchanged at the end of its two-day meeting this week after recent signs the economy is in fairly good shape and as inflation continues to drift lower. “While there’s been talk about an imminent recession going back to early last year, the U.S. economy has
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak defended former prime minister Boris Johnson and his handling of the pandemic on Monday as the serving premier gave evidence to the official Covid-19 inquiry for the first time. Revelations from the inquiry