The Spanish town of Marbella, on the country’s south coast, is popular among overseas buyers. Artur Debat | Moment | Getty Images There are three European countries that are “perennial favorites” for people to buy a vacation home, according to Kate Everett-Allen, a partner at real estate firm Knight Frank. France, Italy and Spain all
When can investors expect inflation to fall and central banks to ease the pressure on interest rates? This was the question that dominated stock markets in the US, UK and eurozone in 2023. After the US Federal Reserve raised rates to tackle soaring inflation, investors agonised over whether the Fed had done enough to tame
Before big games at Paris Saint-Germain’s home ground, the crowd of diehard ultras, well-heeled French elites and international celebrities are treated to a pyrotechnic show as a booming voice reminds them: “Ici, c’est Paris”. Over the past year the French champions have also hosted executives from US investment group Arctos Partners, which has been thrashing
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The past 12 months have provided a fascinating experiment in the effectiveness of different conservative strategies on immigration. Canada and Britain are large English-speaking countries whose conservative parties each appointed a new, young leader in
Clifford Asness’s office is an odd mix of finance old-timer and teenage bedroom. Books about Churchill stand alongside DC Comics encyclopaedias, the sea of family photos is dotted with islands of vintage Marvel memorabilia, and next to his computer a jar of Pepcid sits next to a jumbo bottle of sriracha. The Pepcid has probably
Citigroup will close its municipal division by the end of the first quarter of 2024, leaving behind a historic tenure in a market it once dominated in both underwriting and secondary market-making. The firm decided to “wind down our municipal underwriting and market-making activities” after a “broad-based review” of its muni business, according to a
RTX says over the summer it discovered issues with an estimated 1,200 P&W engines fitted to Airbus commercial jets © Reuters US aerospace and defence group RTX has appointed the former head of its Pratt & Whitney business as its new chief executive, as it continues to navigate the recall of aircraft engines made by
Municipals rallied hard Thursday, playing catch up to the moves in U.S. Treasuries, which extended their gains for a second session following the Federal Open Market Committee’s clear communication of future rate cuts in 2024. Equities continued their rally. Triple-A yields fell 13 to 17 basis points, depending on the curve, but the gains were
The San Diego area’s Sharp HealthCare plans to bring $343.2 million of fixed-rate revenue bonds to market next week, continuing early next year with variable-rate financings. The fixed-rate tax-exempt bonds will be priced the week of Dec. 18 through conduit issuer California Public Finance Authority, according to an online investor presentation. RBC Capital Markets and
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A former high-ranking FBI agent who agreed to work as a covert investigator for Russian oligarch Oleg Deripaska has been sentenced in New York to more than four years in prison, after pleading guilty in
Europe’s top central bankers insisted on Thursday it was too soon to let down their guard against high inflation despite an extraordinary volte-face hours before by Jay Powell, chair of the US Federal Reserve. While the European Central Bank and the Bank of England appear determined to push back against rate-cutting speculation, their protests risk
Fiscal problems at the University of Arizona have led to belt tightening, the resignation of its chief financial officer, and a move to increase financial oversight of the state’s public university system. At a special meeting Wednesday, the Arizona Board of Regents unanimously adopted a report that listed recommendations, including enhanced financial reporting and expenditure
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. EU leaders agreed to open accession talks with Ukraine at a charged summit on Thursday, after Hungary’s prime minister relented in his opposition to the historic step for the war-torn country. The decision marks
New Castle, Pennsylvania, has exited from distressed status under the state’s Municipalities Financial Recovery Program, also known as Act 47, the Department of Community and Economic Development announced Monday. A formal determination letter finding that termination of the city’s distressed status was appropriate under Section 255.1 of Act 47, was signed by DCED Secretary Rick
Oregon’s march toward adding tolls to its mix of transportation revenues may have hit a snag this week. The Oregon Department of Transportation’s plan to toll Portland-area highways hit opposition from a federal lawmaker before it even hit the governor’s desk. The Oregon Transportation Commission had approved a staff proposal — which includes holding public
Back in 2015, when Volodymyr Zelenskyy was “just” a comedy star with the Kvartal 95 troupe, he joked on television that securing American military aid was “like installation of [a] new app on PC [personal computer]”. “In the beginning it is all smooth and fast” but, when the “last percentage remains”, the process glitches —
Stay informed with free updates Simply sign up to the UK inflation myFT Digest — delivered directly to your inbox. As far as the Bank of England is concerned, it is too soon for a pivot in the battle against high inflation. That was the strong message from Threadneedle Street on Thursday, just hours after
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The European Central Bank has left interest rates unchanged, even as it cut its inflation forecasts for 2023 and next year. The ECB’s decision on Thursday came as investors ramped up their bets that major
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. Global stocks climbed towards multiyear highs while bond yields tumbled on Thursday as traders raised their bets that central banks would begin an aggressive round of rate cuts next year. The sharp moves came after
KTSDesign | Science Photo Library | Getty Images It’s arguably the biggest stock story of 2023: a small number of giant technology companies now make up a very large part of big indexes like the S&P 500 and the Nasdaq-100. Five companies (Apple, Microsoft, Amazon, Nvidia, and Alphabet) make up about 25% of the S&P 500. Six
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Jay Powell, chair of the US Federal Reserve, has confirmed what the bond market had already surmised: the pace of US price inflation has peaked. US Treasuries and other global bonds have rallied over the