A federal bankruptcy court judge sided with Detroit in a ruling Monday that the police and fire pension system lacked authority to bypass the city’s Chapter 9 plan of adjustment and cut 10 years off the amortization of unfunded liabilities. The Police and Fire Retirement System voted in 2021 to shift to a 20-year amortization
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Prospective buyers are welcomed by real estate agents at an open house in West Hempstead, New York on April 18, 2021. Newsday LLC / Contributor It’s been a tough market for U.S. homebuyers with a limited supply of properties driving up prices nationwide. But another factor may have contributed to rising home costs in certain
A Florida state agency is selling municipal bonds to backstop the state’s homeowner’s insurance industry sector a surge of claims and litigation drove some insurers to shutter. The Florida Insurance Guaranty Association, which handles the claims of insolvent insurers, plans to borrow $600 million in the muni market, according to preliminary offering documents. It is
Municipals were steady to start off the week, awaiting an outsized new-issue calendar, while U.S. Treasuries were slightly firmer 10 years and in and equities ended mixed. Despite the slow start for munis, “buyers are becoming more constructive, and there’s increased buying going on,” said Pat Luby, a CreditSights strategist. He said this week’s $6.9
Richard Ravitch, one of the financial saviors of New York City’ during the near bankruptcy of the city in the 1970s, died Sunday. He was 89, just over a week shy of his 90th birthday. Ravitch, a former Lt. Governor of New York State and chair of the New York Metropolitan Transportation Authority, was an
The Puerto Rico Oversight Board slashed its allotment for Puerto Rico Electric Power Authority bondholders by more than 50% Friday, saying it could guarantee a payment of just 12.5% of par to non-settling bondholders. The bondholders are owed $8.5 billion of par value, but the board said Friday PREPA can afford to pay just $2.4
Minnesota expects to save $226 million in interest payments due to its early payoff Monday of outstanding debt from a 2014 issue that covered the public tab for the Minnesota Vikings’ stadium. The state enacted electronic pull-tab gambling to help repay a $498 million appropriation-backed bond issue with a final 2043 maturity for the NFL
Banks have been warned by chancellor Jeremy Hunt they could face a regulatory crackdown unless they pass on higher interest rates to savers, amid claims the sector is profiting at the expense of struggling households. Hunt said on Monday that while mortgage rates had soared, it was taking “too long” for savers with instant access
Transactions on the Optimism network surged 67% following its June 7 “Bedrock” upgrade, according to a June 26 Twitter thread from blockchain analytics firm Nansen. The network had been seeing less than 300,000 transactions per day before the upgrade, but this figure increased to over 550,000 by the middle of June. Since Optimism’s Bedrock upgrade
Western nations have explored contingencies in the aftermath of Yevgeny Prigozhin’s attempted insurrection in Russia, including the threat to nuclear stockpiles from an unstable regime in Moscow. Talks led by G7 members have included the how a weakening of Vladimir Putin’s control over security and military forces could affect the state’s stability, people briefed on
Belarus opposition leader Sviatlana Tsikhanouskaya has accused president Alexander Lukashenko of brokering a truce in Russia that increases the security risks for its European neighbours. Lukashenko mediated a deal over the weekend allowing Wagner warlord Yevgeny Prigozhin to move to Belarus after agreeing to put an end to his day-long insurgency that posed an unprecedented
The head of the Wagner private military group has denied trying to overthrow the Russian government but redoubled his criticism of the country’s defence establishment in his first public comments since Saturday’s abortive march on Moscow. In an 11-minute voice recording posted on Telegram on Monday, Yevgeny Prigozhin said his goal had been to protest
A recent surge in activity surrounding exchange-traded funds has led to the largest weekly inflow for digital asset investment products since July 2022, according to a June 26 report via CoinShares. Totalling $199 million, inflows for the week of 19–23 June turned around a nine-week string of consecutive outflows, with Bitcoin (BTC) representing the lion’s
Budrul Chukrut | Lightrocket | Getty Images Check out the companies making headlines in midday trading. Lucid Group — Lucid shares jumped 9% after the electric vehicle maker said it will provide powertrain and battery systems to British luxury automaker Aston Martin. WSFS Financial — The regional bank added 4.4% after D.A. Davidson upgraded the
Capital Markets Advisors and Richard Ganci , formerly municipal advisors to Rochester, New York, have requested partial judgment against Securities and Exchange Commission claims that they misled investors, ignored signs of financial distress and failed to disclose material conflicts of interest to nearly 200 municipal clients. That’s the latest in the lawsuit against the City
Texas Gov. Greg Abbott is on a mission to eventually eliminate property taxes that fund public school district operations, but he’s having a hard time getting a legislature controlled by fellow Republicans to agree on a way to take a major step towards that goal. The Lone Star State is not alone in its struggle.
Investors and owners of commercial real estate portfolios are seeking new ways to add value to their assets, particularly as economic uncertainty dominates global headlines and daily decision making. Vertical integrators—real estate operators that have historically kept all operations from property acquisition to daily management under one ownership umbrella—are now looking to outsource the property
The cryptocurrency market saw an explosion of growth during the 2021 decentralized finance (DeFi) Summer and increased fear of missing out (FOMO), which drove prices of Bitcoin (BTC) and much of the cryptocurrency market to all-time highs. During that time, the total value locked (TVL) across DeFi rose to nearly $180 billion before crashing down
Armed Wagner fighters roam Voronezh in southern Russia eating shawarmas. Yevgeny Prigozhin is back to ranting against the defence ministry — while treason charges against the warlord have been revived. Two days after the Kremlin struck a deal to end Wagner’s armed uprising, the truce is teetering on the edge, with growing questions in Russia
Former Nevada Treasurer Kate Marshall is on the short list to be chancellor for the Nevada System of Higher Education. Marshall was state treasurer from 2007 to 2015. After an unsuccessful candidacy for secretary of state, she won election as lieutenant governor in 2018. She resigned in 2021 to become a special assistant to President
Bitcoin (BTC) circled $30,500 at the June 26 Wall Street open as bulls held newfound support. Bitcoin ETF hype puts demands on U.S. session Data from Cointelegraph Markets Pro and TradingView showed BTC price action retaining $30,000 around the weekly close. The largest cryptocurrency began the week on a stable note as U.S. markets began