Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Alphabet’s revenue jumped 15 per cent in the first quarter of 2024 and it announced it would pay its first dividend of 20 cents a share, buoyed by a rise in earnings across its main
Municipals saw losses Thursday following U.S. Treasuries to higher yields, while equities sold off after GDP growth slowed in the first quarter. While growth slowed, inflation was hotter, said ING Chief International Economist James Knightley, as the core PCE deflator rose 3.7% on an annualized basis, three-tenths of a point higher than expected. “Unsurprisingly Treasury yields
Stay informed with free updates Simply sign up to the Monetary policy myFT Digest — delivered directly to your inbox. The European Central Bank is likely to need extra interest rate cuts if global borrowing costs are pushed up by the US Federal Reserve maintaining its restrictive monetary policy stance, a top eurozone policymaker has
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. New York’s highest court has overturned Harvey Weinstein’s conviction for sex crimes and rape, and ordered a new trial for the once-powerful film mogul whose reported abuse of women fuelled the #MeToo movement. Weinstein was
Brightline, Florida’s privately owned passenger train, hit the tax-exempt market Thursday, after weeks of marketing, with more than $3.1 billion of low-investment grade and unrated bonds, some of which carried yields as high as 12%. The company enjoyed strong demand for all the paper, which was more than two times oversubscribed and saw more than
Kansas Gov. Laura Kelly on Wednesday vetoed tax cut legislation that she called “too expensive” and offered lawmakers a less-costly alternative. The Democratic governor, who in January vetoed a previous tax reduction bill passed by the Republican-controlled legislation, said the latest measure “jeopardizes our state’s future fiscal stability.” House Bill 2036, which cleared the House
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Home secretary James Cleverly has warned Conservative MPs considering a leadership challenge to Rishi Sunak after next week’s local elections that an attempted putsch would be a “catastrophic idea”. Cleverly said on Thursday that Tory
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. How did the word “capitalism” arise? If you ask most investors that question today, they might mutter about markets, commerce and Adam Smith — or Karl Marx. But according to Michael Sonenscher, a British
The Mayo Clinic has ambitious plans that start at home. When the Rochester, Minnesota-based nonprofit healthcare system updated its five-year plan last year, it said the move was part of a “strategy to transform healthcare globally.” The update reflected changes from a $5 billion expansion of Mayo’s flagship Rochester campus. Mayo’s board of trustees approved
BHP has proposed a £31bn deal to buy Anglo American, one of its largest rivals, in a deal that would mark the mining sector’s biggest on record. The big prize for BHP, the world’s biggest mining group, is taking its rival’s prized copper mines, as well as bolstering its position in iron ore and metallurgical
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Stay informed with free updates Simply sign up to the US economy myFT Digest — delivered directly to your inbox. The US economy grew less than expected in the first quarter of 2024, at an annualised rate of 1.6 per cent, hit by higher inflation data that spooked investors. The growth figure from the Bureau
In a first-of-its-kind transaction, the city of Quincy, Massachusetts, issued $10 million of tax-exempt bonds using blockchain technology, taking the first step in what those involved in the transaction say could be a transformation of the municipal bond market. “The city of Quincy has invested in its innovation economy over the past number of years
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BHP has turned its pickaxe to the equity markets to find the metal it desires: copper. Anglo American, one of the few miners to build a copper mine in recent years, offers growth in the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Few dissent from the view that a Labour government would soon be overwhelmed by economic forces. A stagnating UK economy, feeble government finances, stressed public services and a volatile electorate certainly make for a challenging
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. South Africa’s minerals resources minister has voiced his opposition to BHP’s £31bn proposal to take over Anglo American, fuelling doubts over a deal that would combine two global mining companies. Gwede Mantashe told the Financial
The recent slew of prepaid energy bond issues in the Southeast continues to revive interest in the sector as demand remains strong for the tax-exempt paper. In a prepaid natural gas deal, public utilities secure a long-term supply of natural gas at a discounted rate. A conduit issuer, typically a special-purpose entity, sells these bonds.
Stay informed with free updates Simply sign up to the Electric vehicles myFT Digest — delivered directly to your inbox. Britain’s electric vehicle policy is “terrible” and threatens to bankrupt carmakers, the head of Vauxhall owner Stellantis warned on Thursday. Carlos Tavares said the UK’s quota regime, which requires manufacturers to meet EV sales targets
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. It may be rash to extrapolate from a sample size of one (me). But I confess that my memory is not perfect: I forget some things, confuse others and occasionally “remember” events that never happened.
Why are miners always trying to buy each other? Mining capex collapsed with commodity prices nearly a decade ago and has never really recovered, with free cash used to fund share buybacks instead. Buybacks were a way to improve production per share without actually improving production. The charts below, from Jefferies, are a little old
TikTok’s Beijing-based owner has increasingly taken a grip over its operations, according to company insiders who said there was a growing culture clash between its Chinese leaders and US staff. The US government passed legislation this week aimed at forcing TikTok to divest from China’s ByteDance or face a countrywide ban, but prising the viral