Over two dozen former employees of Ethereum infrastructure firm ConsenSys have filed a fresh lawsuit against the firm’s founder and CEO, Joseph Lubin, over claims he diluted employee equity shares against earlier promises. The former staff allege that Lubin — who is also a co-founder of Ethereum — breached this “no-dilution promise” made in 2015,
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Labour party has seized a previously safe Conservative party seat in England in an ominous blow to Prime Minister Rishi Sunak ahead of a UK general election expected next year. Labour, Britain’s main opposition
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Labour candidate Sarah Edwards won the Tamworth by-election with 11,719 votes © Andrew Fox/FT The Labour party has seized the safe Conservative party seat of Tamworth, in a blow to prime minister Rishi Sunak ahead of a UK general election expected next year. Sarah Edwards, the candidate for Britain’s main opposition party Labour, won the
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. OpenAI is in talks with investors about selling shares at a valuation of $86bn, roughly three times what it was worth six months ago, as advances in artificial intelligence transform the market’s appetite for the
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Chattanooga, Tennessee, fetched AAA ratings ahead of its planned general obligation bond sale. Fitch Ratings and S&P Global Ratings both affirmed Chattanooga’s AAA issuer rating while assigning the same to an upcoming competitive sale of $40.2 million of general obligation bonds by the city expected on or around Oct. 31. The outlook is stable on
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Municipals weakened further Thursday as outflows from muni mutual funds lessened, while short-term U.S. Treasury yields fell after Fed Chairman Jerome Powell suggested central bankers could raise rates again, but not at the upcoming meeting. Equities sold off. The two-year muni-to-Treasury ratio Thursday was at 71%, the three-year was at 71%, the five-year at 70%,
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Moody’s Investors Service revised the outlook on Oklahoma’s Aa2 rating to positive from stable on Wednesday, citing the state’s “strong reserves, low leverage, and expected budgetary balance.” The action followed S&P Global Ratings’ placement of a positive outlook on the state’s AA rating in July.  Moody’s said reserves will help in the management of Oklahoma’s
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Chicago received a credit boost Thursday from Fitch Ratings, which upgraded its general obligation rating to BBB-plus from BBB, due to a decline in the city’s long-term liability burden stemming from steady growth in the economic resource base and improved debt management practices. The rating agency also raised the rating on sales tax securitization bonds
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Nevada plans to sell $504.8 million in general obligation bonds next week. In one deal, the state will surpass the GO issuance of any previous year in the past five years, according to Refinitiv data. Since 2017, the state has sold $1.2 billion in total GO debt, according to Refinitiv. The state is issuing more
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Higher interest rates, macroeconomic uncertainties and outflows from mutual funds resulted in a rather gloomy outlook from panelists assessing the state of the union for the muni bond market at The Bond Buyer’s California Public Finance conference in San Francisco. Broker-dealers are experiencing a myriad of pressures. Individual bankers are putting in longer hours for
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Rep. Jim Jordan, R-Ohio, has endorsed a plan to increase the state and local tax deductions to $20,000 for individuals and $40,000 for couples in a bid to win over more Republicans, especially from blue states, in an indication that the issue could play a serious role in the negotiations over who will ascend to
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. At Blackstone, the march to a second trillion dollars in assets is off to a slow start. Three months ago, the House of Schwarzman proudly celebrated being the first “alternative” capital firm to pass into
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