Joe Lewis, the British billionaire whose family owns Tottenham Hotspur football club, will avoid being sent to prison for insider trading, after a federal judge in Manhattan agreed on Thursday to sentence the 87-year-old to a $5mn fine and three years of probation. Lewis pleaded guilty to fraud charges in January, following an investigation in
Stay informed with free updates Simply sign up to the Oil myFT Digest — delivered directly to your inbox. The global benchmark oil price has topped $90 a barrel for the first time since October as flaring tensions in the Middle East exacerbate an already-tight market. Brent crude oil futures rose 1.5 per cent on
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Joe Lewis, the British billionaire whose family owns Tottenham Hotspur football club, will avoid being sent to prison for insider trading, after a federal judge in Manhattan agreed on Thursday to sentence the 87-year-old to
Fitch Ratings’ new U.S. local government rating criteria is expected to lead to changes to about 550 ratings in the next six months. Fitch adopted the new criteria — which will affect cities, counties, school districts, and special districts — after working on the revision since the fall. The criteria will also be used to
Municipals were little changed Thursday as the primary market saw several large deals price to good demand as investors see current muni yields more enticing after the rise in triple-A curves Tuesday and Wednesday. U.S. Treasuries were slightly firmer and equities were down near the close. There has been some trepidation from buyers over the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Joe Biden has warned Benjamin Netanyahu that US support for Israel’s war in Gaza depended on its efforts to address the humanitarian suffering in the enclave, as he called for an “immediate ceasefire” in the
Early this year Donald Trump participated in a live town hall event on Fox News. In previous years, this would not be a surprise, or even noteworthy. As president, the former reality-television star and obsessive cable news viewer made Fox an extension of his White House, where he installed a large flatscreen TV in the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK government on Thursday came under increased pressure to end arms sales to Israel following the killing of seven aid workers in an air strike in Gaza earlier this week. In a letter to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The global boss of consulting firm Accenture has been accused of publicly “shaming” an ousted senior executive, who has alleged that the firm discriminated against him because of a neurological disability. Peter Lacy, Accenture’s former
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. What can be done to cut inflation? That is a question haunting central bankers right now, given the “disappointing” trajectory of consumer price data in America, among other places. It is also worrying politicians such
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Is Intel in the middle of one of the greatest turnarounds in business history? Or has Washington just committed to pouring tens of billions of dollars into a flailing has-been in a vain attempt to
The Environmental Protection Agency Thursday announced $20 billion of grants to spur clean energy projects primarily in underserved areas, marking the largest federal investment to date in climate-related projects. The money, divided among eight applicants, marks the official launch of the $27 billion Greenhouse Gas Reduction Fund created by President Joe Biden’s 2022 Inflation Reduction
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A grandson of French billionaire François Pinault has joined the board of Christie’s in the first sign of third-generation succession planning within the family behind luxury group Kering. François Louis Nicolas Pinault, 26, replaced family
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. European house prices fell for the first time in a decade last year, as strong growth in the property markets of some eastern and southern countries was masked by declines in many northern EU states.
While a more common feature on corporate bonds and taxable munis, some issuers have priced recent deals with make-whole calls on their short-maturity tax-exempt bonds. So far, the market does not appear to be penalizing issuers. Two mega deals recently priced with make-whole calls for bonds due in 2034 and shorter where the market does
Municipal issuers, dealer firms, and advisors are concerned about relentless efforts to eliminate the tax-exempt status of municipal bonds to pay for budget deficits. A recent report published by the American Enterprise Institute makes a case for keeping the 2017 Tax Cuts and Jobs Act permanent while adding in some extra provisions in order to boost economic
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Sell signals come in many forms. Traditional City of London wisdom, for instance, holds that a splashy new headquarters is reason to steer clear of a stock. That is one way to look at Kering’s
Enjoy complimentary access to top ideas and insights — selected by our editors. Peter Shapiro, founder of Swap Financial Group and a former New Jersey legislator and county executive, died at his home in East Orange on March 29 after a long illness. He was 71. Born in Newark, New Jersey, Mr. Shapiro graduated from
S&P Global Ratings revised its outlook on the University of Arizona’s debt to negative from stable Wednesday, citing the school’s deteriorating finances. The move came a month after Moody’s Ratings took similar action. “The negative outlook is based on the anticipation of increased deficit operations and pressured liquidity,” S&P analyst Laura Macdonald said in a
In a move to help local schools across Kentucky deal with rising inflation and soaring building costs, the Legislature has passed a bill to let the districts directly issue general obligation bonds. “Construction inflation has created unprecedented infrastructure challenges for our public schools,” said Rep. Michael Meredith, R-District 19, who sponsored the bill. “HB 727
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Police in Italy and several other European countries have arrested 22 people and seized assets worth €600mn in connection with alleged fraud involving the EU’s post-pandemic recovery fund. The Italian financial police said it had