Oil prices notched their steepest fall in more than a year on Wednesday, settling near $85 a barrel and erasing gains from the past month. Brent crude fell 5.6 per cent to settle at $85.81 a barrel, its sharpest decline since August 2022. Last week, it approached the $100 mark, hitting an intraday high of
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Rishi Sunak’s decision to cancel the northern leg of the HS2 railway has ended the UK’s ambition to build a high speed line linking northern and southern cities along the spine of the country. The prime minister said he has ended the “old consensus” which focused on linking up major cities “at the exclusion of
The Fluor Corporation logo is displayed on a smartphone. Sopa Images | Lightrocket | Getty Images Check out the companies making headlines in midday trading. Fluor Corporation — The engineering and construction company gained 2% after UBS upgraded Fluor shares to buy. The Wall Street firm is bullish on Fluor after reaching agreements to complete
An attorney for a Puerto Rico Electric Power Authority bondholders group raised concerns Wednesday about an Oversight Board mailing to bondholders asking them to support its plan of adjustment, which would result in them getting a better deal than non-supporting bondholders. PREPA Ad Hoc Group attorney Eric Brunstad Jr. said at Wednesday’s Puerto Rico omnibus
We live and breathe technology in every facet of our daily lives, be it checking our phones for news in the morning, collaborating with colleagues remotely on video calls, connecting with old friends via social media, or shooting off last-minute emails before bed. We expect our apps to function quickly and seamlessly for our always-online
Universities across the U.S. welcomed students this school year with trimmed budgets and fewer program offerings, changes implemented to stay afloat as enrollment and tuition remain depressed. As the wider sector sees years-long revenue struggles that accelerated during the pandemic, West Virginia’s colleges and universities provide perhaps the most glaring example of the trends public
Munis were slightly firmer in spots Wednesday with more of the focus on the primary, including a large taxable California general obligation bond sale in the competitive market, while U.S. Treasuries were better and equities ended the session up. The Investment Company Institute Wednesday reported investors pulled $2.407 billion from municipal bond mutual funds in
Receive free US foreign policy updates We’ll send you a myFT Daily Digest email rounding up the latest US foreign policy news every morning. A group of 20 Democratic senators has voiced significant concerns about the Biden administration’s efforts to normalise relations between Saudi Arabia and Israel, raising the prospect that any such pact will
The abrupt ouster of House Speaker Kevin McCarthy and the battle for his former position now underway carry little direct or immediate effect on the municipal market, but participants agree that the repercussions tilt negative for everyone from issuers to investors and bankers. With the ink barely dry on Saturday’s continuing resolution to keep the
Receive free Congress of the United States updates We’ll send you a myFT Daily Digest email rounding up the latest Congress of the United States news every morning. Republicans on Capitol Hill began their search for a new leader on Wednesday, a day after a historic rebellion by hardline party members unseated House of Representatives
With mortgage rates higher than they had been in the recent past, plus high home prices and tightening available inventory, America’s real estate market has put prospective homebuyers in a difficult spot. Despite all this, housing markets across the country have remained very active. And, as a result, real estate agents and brokers have remained
Fitch Ratings named Anjali Sharma its global head of business and relationship management (BRM) for public finance and infrastructure, the company announced Wednesday. She replaces Managing Director Ann Flynn who retired this summer after 15 years at the company. Sharma has been a managing director and head of Europe, Middle East, and Africa (EMEA) corporates
A bankrupt Arizona participant sports venue received no qualified bids by last week’s deadline, although other parties are interested in purchasing the venue as the financing to keep it operating nears its end. A filing in U.S. Bankruptcy Court in Arizona late Tuesday on behalf of Legacy Cares, the venue’s owner, said no bids that
Receive free Metro Bank updates We’ll send you a myFT Daily Digest email rounding up the latest Metro Bank news every morning. Metro Bank is seeking to raise up to £600mn after its share price fell almost 50 per cent in recent weeks, said people with knowledge of the plan. The UK challenger bank is
Receive free The FT View updates We’ll send you a myFT Daily Digest email rounding up the latest The FT View news every morning. Rishi Sunak was hailed a year ago as someone who would bring managerial competence to the role of UK prime minister after years of turbulence. Since that approach has failed to
United States 10-year Treasury yields soared above 4.8% on Oct. 3, their highest level since 2007. DoubleLine Capital CEO Jeffrey Gundlach said in a post on X (formerly Twitter) that the spread between the 2-year and 10-year Treasury yields has narrowed from 109 basis points a few months ago to 35 basis points. He cautioned
Rishi Sunak made eye-catching announcements on a raft of different policy areas in his first conference speech as Conservative party leader, but sought to weave them together under a common theme: change. In his keynote address on Wednesday, the UK prime minister cancelled the northern leg of HS2 and redirected the £36bn of savings into
A small city in Missouri could see its credit rating cut to junk by S&P Global Ratings because of financial woes plaguing a local ice rink backed by municipal debt. The St. Louis suburb of Maryland Heights, home to 28,000 residents, currently has a BBB-minus rating, just one rung above junk. A slew of S&P
Former U.S. President Donald Trump appears in the courtroom with his lawyers for his civil fraud trial at New York State Supreme Court on October 03, 2023 in New York City. Seth Wenig | Getty Images Former President Donald Trump on Wednesday returned to court for the third day of his $250 million business fraud
Bitcoin (BTC) stayed glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on rampant United States yields. BTC/USD 1-hour chart. Source: TradingView Analysis: $27,000 now “key” for BTC price Data from Cointelegraph Markets Pro and TradingView showed a calm day for BTC price action while U.S. dollar volatility ruled.
For the second time in as many weeks, the New York Metropolitan Transportation Authority has gotten some good news. S&P Global Ratings on Tuesday raised its long-term rating and underlying rating (SPUR) on the MTA’s transportation revenue bonds (TRBs) to A-minus from BBB-plus. S&P upgraded the long-term component of its dual ratings on various MTA