Street scene in Old Bond Street, Mayfair, London, United Kingdom. Pawel Libera | The Image Bank | Getty Images LONDON — Monaco, Italy, Switzerland, Dubai. They’re just a few of the destinations trying to lure away the U.K.’s uber wealthy ahead of proposed changes to the country’s divisive non-dom tax regime. Almost two-thirds (63%) of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Private equity firms are aggressively pushing to include language in loan documents that could give them room to pay themselves larger dividends from the companies they have bought, drawing a sharp rebuke from lenders. In
Stay informed with free updates Simply sign up to the Investments myFT Digest — delivered directly to your inbox. Well that makes my katzenjammer even worse. On top of a cold, as well as a hangover from trying to match dad — who just landed from Australia — on the shiraz front, my portfolio now
Robert Jenrick, the frontrunner in the Conservative party leadership contest, has accused the Treasury and the UK’s independent fiscal watchdog of “gaslighting” the British public over the benefits of migration. The former immigration minister declared in an interview with the Financial Times that the “economic consensus” of the past quarter century about mass migration was
Mercedes-Benz lowered its full-year earnings outlook, blaming the weaker projections on China’s worsening macroeconomic conditions. The company on Thursday said its car division now anticipated the return on sales to be in the range of 7.5 per cent to 8.5 per cent, down from its previous expectation of 10 per cent to 11 per cent.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker. Nike’s board of directors said on Thursday that
A larger than expected federal funds rate cut on Wednesday caught a lot of market experts off guard. “I was surprised by the size of the cut,” said Vikram Rai, head of municipal markets strategy for Wells Fargo. ”I was expecting 25 basis points, but you can rationalize 25 or 50. Muni investors have waited for this,
Municipals were steady to weaker in spots Thursday, as U.S. Treasury yields rose five years and out and equities rallied. The two-year muni-to-Treasury ratio Thursday was at 64%, the three-year at 66%, the five-year at 66%, the 10-year at 70% and the 30-year at 86%, according to Refinitiv Municipal Market Data’s 3 p.m. EST read.
Bond ratings for a Texas city that defaulted on debt as it struggled with water scarcity were downgraded by S&P Global Ratings for a second time since August amid amplified signs of financial distress. Clyde, a city of less than 4,000 in central Texas, also disclosed in a recently posted financial report the use of
Puerto Rico will focus on growing high-potential economic sectors, enhancing skills and participation, and taking steps to increase productivity, according to an Oversight Board long-term economic plan, Board Revitalization Coordinator José Ramon Pérez-Riera presented at a meeting Wednesday. The board expects to take steps to attract businesses and expand them in priority sectors, Pérez-Riera said.
Kentucky’s issuer rating was upgraded to Aa2 from Aa3 and the outlook changed to stable from positive by Moody’s Ratings. The move follows upgrades by Fitch Ratings in May 2023 and by S&P Global Ratings in June 2023. The agency upgraded to Aa3 from A1 $4.4 billion of general fund appropriation backed debt and to
Moody’s Ratings lifted Oklahoma’s issuer rating a notch to Aa1 with a stable outlook on Wednesday, citing the state’s strong fund balances, low leverage, and conservative budget management. The upgrade is the first for Oklahoma since Moody’s, Fitch Ratings, and S&P Global Ratings revised their outlooks for the state to positive from stable beginning last
It’s boom time in the municipal bond business and many expect the deal momentum to continue past the November election. The year’s issuance record — and the expectation that it will continue — marked a recurring theme among panelists at The Bond Buyer’s infrastructure conference in Philadelphia this week. “It’s been an extraordinary year by
The Internal Revenue Service has been hiring different kinds of workers in its Office of Tax-Exempt Bonds, and bringing on more of them, resulting in more newly started cases, more people on calls to issuers and longer audit times, officials from the TEB office said Wednesday at the National Association of Bond Lawyers annual conference
Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors. That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark,
Moyo Studio | E+ | Getty Images The Federal Reserve announced a half percentage point, or 50 basis points, interest rate cut at the end of its two-day meeting Wednesday. And, naturally, some Americans will want to make the most of the central bank’s first rate cut since the early days of the Covid pandemic.
As extreme weather becomes more common and the federal deficit hits new records, the onus will be on state and local governments to finance the future of resilient infrastructure. The good news is they have plenty of capacity to take on the debt and retail investors are clamoring for the paper. That’s the view of
Florida’s Office of Economic and Demographic Research is warning of new fiscal challenges for the state government in coming years. Without changes to revenue and expenditure policies, the office, a part of Florida’s government, projects a general revenue fund deficit of $9.8 billion by June 30, 2028, the official Long-Range Financial Outlook released Sept. 6
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Bank of England has held interest rates at 5 per cent after inflation remained steady in August, but indicated it may lower borrowing costs again as soon as November. The Monetary Policy Committee’s eight-to-one
The University of the Arts, a private college in Philadelphia that abruptly closed its doors in June, filed for bankruptcy Friday, two weeks after it faced a demand by its bondholders for immediate repayment of more than $50 million in debt. The school listed assets and liabilities of $50 million to $100 million, in a
The Empire State Development Corp. is set to sell $335.7 million of state sales tax revenue bonds on Thursday. The competitive deal is the only sizable offering from a New York state issuer on this week’s calendar, a contrast to the billion-dollar deals the state’s issuers have sold in recent months. It was a week