Municipals were little changed Wednesday, while U.S. Treasury yields fell slightly and equities ended the session down after the Federal Open Market Committee’s December meeting minutes offered little insights into future rate cuts. The two-year muni-to-Treasury ratio Wednesday was at 56%, the three-year at 58%, the five-year at 58%, the 10-year at 58% and the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Walt Disney has won the support of investor ValueAct Capital, as the entertainment company gears up for a fight with activist Nelson Peltz over how to boost profits and lift its share price. San Francisco-based
As D.C. and Virginia vie to be the location for professional hockey and basketball teams, the D.C. Council Chairman on Tuesday proposed a new fund that would siphon extra money not used for ongoing debt service into maintenance requests for National’s Park, home of the city’s professional baseball team. The Ballpark Budget and Maintenance Amendment
The Puerto Rico Oversight Board issued a revised proposed Puerto Rico Electric Power Authority plan of adjustment that incorporates a recent deal with unsecured creditors, which sets aside $254 million more to pay them than the prior plan did. The revised plan of adjustment, if approved, would pay off unsecured creditor claims using a combination
Nearly half of U.S. states have sued to block a Biden administration rule requiring them to reduce transportation-related greenhouse gases, arguing the administration lacks authority to impose the rule and that it would force them to “contort transportation investment decisions” to reduce emissions. Attorneys general from 21 states filed the lawsuit Dec. 21. Separately, Texas
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK statistics watchdog is investigating the government’s claim to have “cleared” the so-called legacy backlog of asylum cases. Rishi Sunak said on Monday that he had met his pledge to process by the end
Arizona’s universal school voucher program would face greater oversight and restrictions under proposed legislation unveiled by Gov. Katie Hobbs Tuesday. Citing a projection the empowerment scholarship accounts (ESA) will cost the state nearly $1 billion this fiscal year, the Democratic governor called for increased accountability and transparency. ”Arizonans deserve to know their money is being
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Liberal Democrats are attempting to force a UK general election in May as the party gears up to focus its limited resources on a few dozen target seats predominantly across the south of England.
Since the Florida Legislature approved reforms to the state’s insurance industry this year, the state Office of Insurance Regulation has given approval for six additional property and casualty insurers to enter the market, Commissioner Michael Yaworsky said Friday. The OIR has responsibility for regulation, compliance and enforcement of statutes related to the business of insurance
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A potential drug offers rare promise in the fight against antibiotic-resistant “superbugs” after it successfully targeted a bacterium that causes life-threatening infections in hospital patients, research has shown. Superbugs have emerged as a leading health
The final size of the Internal Revenue Service’s $80 billion budget boost remains in question but as the agency backfills missing personnel, issuers can expect the coming year to include a heavy dose of IRS audit activity. “My understanding is that there are a lot of agents in training,” said Rich Moore, a tax partner
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Conservative party’s biggest problem, at the start of a year in which the prime minister must call a general election, is one of maladaptation. Or, at least, that’s the biggest problem the party can
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Iran said two “terrorist attacks” killed more than 100 people near a commander’s grave on Wednesday, according to reports by state media. Two explosions in the southern city of Kerman hit crowds gathering to commemorate
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Lex features the FTSE 100 index, or at least its constituents, on an almost daily basis. Awkwardly, it was not always that way. When it was born 40 years ago, the index that would help
Senior Hamas official Saleh al-Arouri knew his days were numbered. “It’s not unusual for the commanders and officers to be martyred,” the militant group’s deputy political leader said last year when asked about Israeli threats to assassinate him. “I think I’ve lived too long.” Beirut-based Arouri on Tuesday became the most senior Hamas casualty of
The Federal Reserve‘s effort to bring down inflation has so far been successful, a rare feat in economic history. The central bank signaled in its latest economic projections that it will cut interest rates in 2024 even with the economy still growing, which would be the sought-after path to a “soft landing,” where inflation returns to the Fed’s
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In every quarter of the past fiscal year, Apple has reported a decline in sales. It is the company’s longest losing streak in decades. Add to that a dawdling approach to generative artificial intelligence and
Enjoy complimentary access to top ideas and insights — selected by our editors. For those we lost in 2023.AdobeStock They were all part of the municipal bond business. They were underwriters, dealers, lawyers, analysts, insurers, reporters and government officials, but they were friends and colleagues first and foremost. These are the people in the public
Federal Reserve Bank of Richmond President Thomas Barkin said a soft landing for the U.S. economy is looking more likely but hardly certain, reiterating the continued possibility of further tightening. “A soft landing is increasingly conceivable but in no way inevitable,” Barkin, who will vote on policy decisions this year, said in the text of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Eurostar has been rebuked by the UK’s advertising watchdog for “misleading” customers over how many cheap seats were available during a sale. The Advertising Standards Authority on Wednesday said a Eurostar promotional email promising £39
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. The EU has added Russia’s Alrosa, the world’s largest diamond-mining company by output and its chief executive Pavel Marinichev to its sanctions list in response to Moscow’s ongoing war in Ukraine. The designation announced