Blackstone’s flagship property fund failed to generate enough cash to cover its dividend last year, putting strain on a vehicle the private capital group views as a beachhead in the retail investor marketplace. The $60bn Blackstone Real Estate Income Trust generated $2.7bn in cash flows in 2023, mostly in rents from a portfolio spanning thousands
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US President Joe Biden said Israel “has not done enough” to protect aid workers and civilians in Gaza and blamed it for making it difficult to distribute humanitarian aid after the death of seven workers
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. For years, Elon Musk has been the not-so-secret weapon behind Tesla’s success. His reputation as an indefatigable tech maverick helped to make emission-free vehicles desirable, first for the Silicon Valley crowd then the world. Now,
More than 53,000 people fled Port-au-Prince in three weeks during March as gangs unleashed a wave of violence in Haiti’s capital, the UN said on Tuesday. Tens of thousands fled the city between March 8 and 27, as gangs expanded their presence with a series of attacks on government infrastructure and neighbourhoods that led embassies
The bankruptcy of Iowa City’s Mercy Hospital is closer to an end with the resolution last week of a dispute between the committee of unsecured creditors, which had filed a complaint on March 25, and trustee Computershare Trust and bondholder representative Preston Hollow Community Capital. The plan support agreement reached raised the estimated dollar amount
Municipals played catch up to U.S. Treasury weakness and sold off Tuesday as supply pressure and secondary selling caught up to the asset class. Equities ended down. Triple-A yields rose seven to 12 basis points, depending on the scale, while USTs yields rose up to four basis points. Before Tuesday’s selloff, muni yields have been
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Goldman Sachs’ asset management arm has bought a stake in private credit specialist Kennedy Lewis Investment Management, as it looks to expand its reach in a fast-growing corner of markets. The bank’s Petershill Partners private
Cornell University plans to bring two deals totaling $1.11 billion, almost half of it taxable corporate CUSIP securities, this week and next. The university is expected to bring the $500 million Series 2024B taxable bonds to market Thursday. It will mature on June 15, 2034, with an option to redeem with a make whole call/par
Public-private partnerships and investment funds will be key to meeting infrastructure demands in the United States, where public debt won’t be enough to close the gap or cover the shift to decarbonization. That’s the message from Larry Fink, CEO of Blackrock, the world’s largest asset manager that in January made a major move into the
Dallas will offer $567.6 million of debt in two competitive sales Thursday as city officials continue to work on plans to fully fund pensions within 30 years and rating agencies warn of potential credit impacts from growing unfunded liabilities. The nation’s ninth largest city is selling $197.19 million of combination tax and revenue certificates of
The Financial Industry Regulatory Authority has fined and suspended Christopher Perillo, a former municipal securities representative for Academy Securities, for accessing study materials while taking the Series 52 exam. Perillo agreed to pay $5,000 and be suspended from the industry, without either admitting or denying FINRA’s findings that he violated Municipal Securities Rulemaking Board Rule
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. Nato is drawing up plans to secure a five-year military aid package of up to $100bn, in a bid to shield Ukraine from “winds of political change” that could usher in a second Trump
In this article RDFN Follow your favorite stocksCREATE FREE ACCOUNT 10’000 Hours | Digitalvision | Getty Images Housing costs are outpacing median household incomes in the U.S., further straining affordability. Would-be homebuyers need to earn $113,520 a year to afford the typical house in the U.S. That is 35% more than what the typical household
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Last week, I discussed the poor state of democracy in a webinar organised by an Indian media organisation. After my presentation, a member of the audience asked why Indians should be interested in democracy at
When his partner decided to retire, bond attorney Brian Quint shuttered his San Francisco law firm and joined Stradling Yocca, Carlson & Rauth. Quint & Thimmig closed March 31 — exactly 27 years to the day that it opened on March 31, 1997. Brian Quint started work as of counsel at Stradling on Monday. Brian
The Spring housing market is defying expectations that prices would cool and competition would ease. Higher mortgage rates usually cool both prices and demand, as they did last year, but that’s not the case now. There are still too few homes for sale because current homeowners can’t afford to move, and it’s keeping prices high.
The Bank of England is gearing up to overhaul the way it produces and communicates its outlook for the economy after it was criticised for failing to predict the jump in inflation after the pandemic. Andrew Bailey, the Bank of England governor, told the Financial Times that he is expecting the central bank to drop
An attempt by Austin, Texas, officials to seek court validation for bonds to help finance a multi-billion-dollar light rail project faces a key test this month. The eligibility of Austin Transit Partnership, a corporation created by the city and the regional Capital Metro Transportation Authority to spearhead Project Connect’s development and financing, to petition for
U.S. Securities and Exchange Commission chairman Gary Gensler testifies during a Senate Banking Committee hearing on Capitol Hill September 12, 2023 in Washington, DC. Drew Angerer | Getty Images The annual two-day “SEC Speaks” event kicked off Tuesday, offering clues to what the priorities will be for the Securities and Exchange Commission in the coming
Stay informed with free updates Simply sign up to the German economy myFT Digest — delivered directly to your inbox. German inflation fell more than forecast in March, bolstering hopes that the European Central Bank will soon start cutting interest rates as the worst cost of living crisis for a generation subsides. Consumer prices in
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Tesla reported a bigger than expected drop in its quarterly deliveries in the first three months of the year, sending its shares more than 5 per cent lower in early Wall Street trading on Tuesday.