The California Supreme Court has granted review of a case challenging retirement reforms state lawmakers approved 11 years ago, marking a return of pension spiking questions to the high court for the first time since a 2020 ruling on an Alameda County case. The new case — Ventura County Employees’ Retirement Association v. Criminal Justice
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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. Europe is less hard-working, less ambitious, more regulated and more risk-averse than the US, according to the boss of Norway’s giant oil fund, with the gap between the two continents only getting wider. Nicolai Tangen,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Meta’s revenues jumped by more than a quarter in the first three months of the year, beating expectations, but its forecasts left Wall Street underwhelmed and the shares fell 10 per cent in after-hours trading
On a bright Tuesday afternoon, a masked young woman calling herself W stood beside the “Gaza Solidarity Encampment” in the centre of Columbia University’s campus and decried the genocide being committed in Gaza by “the violent, Zionist settler entity”. “Today, in the Gaza Solidarity Encampment, we are in high spirits. We are united in our
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. The US secretly agreed to send a long-range missile system to Ukraine in February, reversing a decision to withhold the weapons that some in the White House feared could dangerously escalate the war with
Municipals were slightly weaker in secondary trading Wednesday as the Los Angeles Unified School District’s nearly $3 billion pricing for institutions took focus. U.S. Treasury yields rose and equities ended mixed. Munis started the second quarter in “excellent shape,” as credit spreads are in fair value range, and muni-UST ratios start to cheapen, said GW&K
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Spanish Prime Minister Pedro Sánchez has announced he is considering quitting on the day a judge opened a preliminary corruption investigation into his wife. In an extraordinary letter to the country published on Wednesday on
The push to allow tax-exempt bonds for spaceport infrastructure received renewed attention last week at a House subcommittee roundtable on the U.S. space race with China. “If you’re asking a private company that launches rockets to space, if you’re asking them to build the spaceport, it’s like asking American Airlines to build the airport,” Jim
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A Russian court has ordered the seizure of JPMorgan Chase funds totalling $439.5mn a week after Kremlin-run lender VTB launched legal action against the largest US bank to recoup money stuck under Washington’s sanctions regime.
The recently announced sale of the National Hockey League’s Arizona Coyotes and the team’s move to Utah could lead to bond issuances for arena projects in both states. Under a plan approved by the NHL Board of Governors last week, the team, which had been unable to secure a permanent arena in Arizona, was sold
The U.S. Virgin Islands Legislature complained about the governor’s lack of consultation before he declared a state of emergency to pay off Water and Power Authority debts. The legislature gathered Tuesday to express its concerns about Gov. Albert Bryan’s Monday action, which used the emergency declaration to authorize spending the government’s rainy-day funds for WAPA
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. President Joe Biden signed a highly anticipated $95bn foreign aid bill on Wednesday, triggering a move by the Pentagon to rush $1bn in new weapons to Kyiv from US stockpiles, including much-needed air defence
Citi‘s exit from the municipal business late last year, on the heels of UBS‘ closure of its negotiated underwriting business in October, has brought about a redistribution of high-level bankers, traders and other market players to a broad range of municipal firms that is leading to an evolved muni market landscape in 2024. Word of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Boeing burnt through almost $4bn of cash in the first quarter, reflecting slower 737 Max production and compensation to customers as the US plane maker grappled with the aftermath of the mid-air accident in January.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. KPMG has revoked job offers to some foreign graduates in the UK after the government tightened visa rules for overseas workers in an effort to cut record immigration. The Big Four firm, one of the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. If there is anything close to an iron law in politics it is that people will not vote for parties that do not seem to like them. Yet Britain’s Conservatives often seem to dislike much
Chicago’s City Council on Friday approved the issuance of $1.25 billion of bonds to fund affordable housing and economic development programs after debating the measure for the past month. Rather than raising property taxes, the city will let about 45 tax increment financing districts expire and, once the tax revenue from those districts returns to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. JPMorgan Chase chief executive Jamie Dimon said the US economy was “booming” but warned that he was “on the cautious side” of there being a soft landing. In a wide-ranging interview on Tuesday at the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Watch carefully and you can see the Republican party forming a circular firing squad. The trigger was last weekend’s much delayed vote for $61bn in Ukraine aid. Republicans were divided almost evenly. The difference between
A residential real estate sold sign is seen in Washington, D.C. Brendan Smialowski | AFP | Getty Images Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted
In the last week of February, a large billboard appeared across the street from Mike Johnson’s home church in Benton, Louisiana. “For such a time as this,” it read, quoting a Bible verse alongside an image of a damaged Baptist church in Berdyansk, Ukraine. It addressed Johnson by name. The advertisement was paid for by
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