When casino developers were clamoring to run Chicago’s first casino, then-Mayor Lori Lightfoot’s administration all but promised a windfall. City leaders predicted a “material improvement to revenues” from the Chicago casino, the result of 2019 legislation that grew Illinois gambling by nearly 50%. And when Rhode Island-based Bally’s Corporation won the coveted casino license, Bally’s
Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. It is just under four years since the world became aware of Covid-19. This triggered a huge decline in economic activity, followed by a swift overall recovery, the Russia-Ukraine and now Gaza wars, soaring prices
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Container shipowners increasingly abandoned one of the world’s busiest trading routes on Tuesday, with many of the world’s largest cargo vessels diverting to avoid the Red Sea amid mounting attacks from Iranian-backed rebels in the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Michael Gove on Tuesday insisted he had not “abandoned” housing targets following criticism over new planning policies that would give local authorities latitude to build fewer homes than official calculations suggest are needed. In a
Signa Holding is in negotiations to sell half of New York’s Chrysler Building to urgently raise cash, the collapsed European property company’s administrator has said, as he warned of a protracted and financially painful wind-down ahead. Creditors of the Austrian company, founded by swashbuckling young developer René Benko, met in Vienna on Tuesday to hear
Demonstrators gather during a protest against the expiration of the eviction moratorium outside of the U.S. Capitol in Washington, D.C., U.S., on Sunday, Aug. 1, 2021. Stefanie Reynolds | Bloomberg | Getty Images Renters burdened by unaffordable housing costs may be at a higher risk of dying sooner, according to a new study published in
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Eurozone banks must prepare for the risk of funding sources becoming “more volatile” next year, said the region’s top banking supervisor as it warned lenders against complacency amid mounting geopolitical and economic risks. The European
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Meta has been accused of being too heavy-handed in its moderation of content related to the Israel-Hamas conflict and was urged to offer greater protection to freedom of expression while fulfilling its human rights obligations.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. When the top two teams in the Premier League go at each other this weekend, America can’t lose. Arsenal and Liverpool, like AC Milan, Roma, Marseille, Lyon, Chelsea and (for now) Manchester United, are both
Stay informed with free updates Simply sign up to the European banks myFT Digest — delivered directly to your inbox. Switzerland’s financial regulator has called for tougher powers to oversee banks after claiming it did everything it could to try to prevent the collapse of Credit Suisse this year. Finma on Tuesday published an 84-page
Just over a decade ago, Andrew Ng was part of a Google Brain project that showed the power of deep learning technology. For three days, Ng’s team fed a neural network millions of unlabelled images from YouTube videos. After training, the system could identify features such as cats in images it had not encountered before
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. The UK is at high risk of a serious economic downturn next year, one of the world’s biggest active bond fund managers has warned. Daniel Ivascyn, chief investment officer at Pimco, told the Financial Times
Stay informed with free updates Simply sign up to the Central banks myFT Digest — delivered directly to your inbox. The writer is a former central banker and a professor of finance at the University of Chicago’s Booth School of Business Macroeconomic policy in industrial countries has become much more discretionary of late, and not
Everything about Lars Fruergaard Jørgensen is understated. The chief executive of Danish drugs group Novo Nordisk grew up on a pig farm in Jutland and from an early age was expected to muck out the animals. While most of his rivals take private jets to their appointments, he waits for commercial connections. Tall, thin and
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Activist investor Cevian Capital has taken a €1.2bn stake in UBS, betting that the Swiss bank can double its valuation over the next three to five years. Cevian, Europe’s largest dedicated activist, has invested just
Republican presidential candidate, former President Donald Trump arrives at a campaign event at the Hyatt Hotel on December 13, 2023 in Coralville, Iowa. Scott Olson | Getty Images News | Getty Images The judge presiding over the high-stakes civil business fraud trial of former President Donald Trump harshly questioned the credibility of a key expert
BlackRock on Monday was sued by the US state of Tennessee, which accused the $9.1tn New York-based asset manager of violating consumer protection laws by misusing environmental, social and governance factors in its investment strategy. The lawsuit filed by state attorney-general Jonathan Skrmetti alleged that BlackRock had been inconsistent in stating whether it focused exclusively
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Pentagon has convinced more than a half dozen allies to join a strengthened naval task force in the Red Sea amid mounting attacks by Iran-backed rebels on commercial shipping that have driven oil prices
The Puerto Rico Oversight Board called Friday for dismissal of a Puerto Electric Power Authority bond party suit against Puerto Rico’s central government that had the backing of the PREPA Ad Hoc Group, a separate group of bond parties. GoldenTree Asset Management and bond insurer Syncora Guarantee filed the suit in U.S. District Court for
The U.S. Government Accountability Office is taking the U.S. Treasury Department to task over how $350 billion in pandemic relief funds were managed and dispensed to states and localities. The two big bones of contention over how State and Local Fiscal Recovery Funds were administered include a lack of assistance from the Treasury and questions
Municipals were little changed Monday as U.S. Treasuries were weaker and equities ended up. Volume this week is relatively light with the new-issue calendar estimated at $1.6 billion. There are only two deals over $100 million. The Bond Buyer 30-day visible supply sits at $4.03 billion. In the primary market Monday, Jefferies held a one-day