Utah Gov. Spencer Cox said Thursday he will sign by the end of the day a bill that has been flagged by the Intermountain Power Agency (IPA) as posing risks to its bond-financed transition from coal to cleaner fuels. The legislation aims to keep the state’s largest coal-fired power plant located near Delta, Utah, in
Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, October 25, 2023. Jeenah Moon | Reuters A New York judge ordered Donald Trump‘s company Thursday to tell a court-appointed financial watchdog about any future efforts to obtain bonds
The Internal Revenue Service has finalized the rules monetizing clean energy tax credits, which frees up non-profit power companies to issue more debt that can be used to finance electrical infrastructure projects. “Elective payment” was created by the Inflation Reduction Act and allows non-profit power companies to use tax credits created through green energy projects
Investors turned up the heat Wednesday on the Regents of the University of California’s $1.1 billion Build America Bonds refunding, bringing on high-profile law firm Kramer Levin and telling the university it must either pay bondholders more for the make-whole premium, cancel the deal or face a lawsuit for breach of contract. It’s the latest
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is chair of the Investor Coalition for Equal Votes and senior investment manager at Railpen This week Reddit has gone public on the New York Stock Exchange in a highly anticipated listing. However,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Shares in social media company Reddit leapt more than 38 per cent on its market debut, in a vote of confidence for initial public offerings after two years of subdued activity. The stock opened at
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Brussels is actively exploring how to work around an EU treaty clause prohibiting arms purchases from the union’s budget, as it steps up efforts to increase financing for defence and Ukraine. The European Commission, the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Markus Jooste, the former chief executive of retailer Steinhoff allegedly at the heart of South Africa’s largest corporate fraud back in 2017, has died, according to a person close to him. Jooste’s death comes a
Stay informed with free updates Simply sign up to the Property sector myFT Digest — delivered directly to your inbox. That doughty — somewhat dull — Canadian insurance company known as Manulife does not often attract attention. This week, however, it caused a frisson in the real estate world. Shortly before Jay Powell, Federal Reserve
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US is suing Apple for allegedly using its power in the smartphone sector to quash competition from rivals and limit consumer choice, in the latest broadside against the dominant Big Tech companies from Joe
Stay informed with free updates Simply sign up to the Middle Eastern politics & society myFT Digest — delivered directly to your inbox. The writer is author of ‘Black Wave’, distinguished fellow at Columbia University’s Institute of Global Politics and an FT contributing editor A year has passed since Saudi Arabia and Iran made their
Initial funding for a $2.55 billion bond-financed terminal project at Houston’s George Bush Intercontinental Airport is moving forward after months of delays. The city council on Wednesday appropriated $150 million, which marks the first portion of the city’s share of the project that will be financed with up to $624 million of general airport revenue
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is a former central banker and a professor of finance at the University of Chicago’s Booth School of Business The push for international openness to trade and capital flows has always been an
Belmont, North Carolina, Myers Park, large brick mansion with for sale sign in front yard. Jeff Greenberg | Universal Images Group | Getty Images Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Housing analysts had been
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Short sellers have amassed a record bet of almost €1bn against the shares of Telecom Italia, as chief executive Pietro Labriola seeks investors’ backing for an asset sale to slash debt. Data from S&P Global
With the high-yield municipal bond market riding a tide of inflows and new deals in 2024, investors say Citigroup’s December exit from the space appears manageable so far, but that the true test will come when flows reverse and the market has to fare without its longtime, go-to liquidity provider. For a thinly traded market
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Bank of England has kept UK interest rates on hold at 5.25 per cent, pushing sterling lower as the central bank signalled it is edging closer to cutting borrowing costs. Governor Andrew Bailey said
The Kentucky State Property and Buildings Commission has $649 million of bonds on the calendar next month in a deal that will refund all of its outstanding Build America bonds, provide new money for capital projects and include a tender offer. Separately, the Kentucky Housing Corp. and the Kentucky Infrastructure Authority are seeking firms to provide
The whistleblower who brought a lawsuit charging Wall Street banks with rigging the state of Illinois’ variable-rate bonds will receive a $14.4 million payout under a final settlement that ends the decade-long case. The payout is part of a $70 million agreement that the group of eight banks agreed to pay last year to end
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK government is facing a compensation bill of up to £10.5bn after an Ombudsman on Thursday ruled it had mishandled state pension age rises affecting millions of women born in the 1950s. In a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Turkey’s central bank surprised economists and investors on Thursday with a big rate rise as policymakers seek to cool runaway inflation and halt an accelerating capital flight among local savers. The central bank increased its