The Financial Industry Regulatory Authority has censured and fined Morgan Stanley $1.6 million for failing to close out 239 inter-dealer transactions within twenty days, as well as for failing to obtain physical possession of 247 short positions. In doing so, the banking giant violated MSRB Rule G-12(h) on uniform industry practices, MSRB Rule G-27 on
Austin, Texas, officials are heading to court to seek validation for a controversial issuance of bonds to help fund a multi-billion-dollar light-rail project. The Austin City Council on Thursday authorized the move, as well as amendments to an agreement with the Austin Transit Partnership (ATP), a corporation created by the city and its Capital Metro
Hours after learning her husband Alexei Navalny had probably died in a remote Russian penal colony, Yulia Navalnaya made an unplanned appearance at the Munich Security Conference to tell western leaders who she held responsible. “If this is true, I want Putin and all of his entourage, Putin’s friends and his government to know they
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. In 2020, Alexei Navalny somehow survived being poisoned — almost certainly by Russian security agents — with a military-grade nerve agent. Now, after years of mistreatment in custody, Russia’s prison service says he has died
As the infrastructure law nears the halfway point of its life, the rollout of its expanded Buy America provision, a key part of President Joe Biden’s bid to strengthen American manufacturing, has been confusing and failed to address gaps in the domestic supply chain. That was the message from state transportation departments and construction experts
Paulina Woo was named senior director of treasury management in Western Alliance Bank’s corporate finance and public and nonprofit finance groups. In her new role, Woo, who is based in Phoenix, will lead teams that tailor banking solutions for municipalities, local governments, nonprofit organizations, corporations and institutional investors. “Western Alliance Bank provides a distinctive set
Former US President Donald Trump departs after speaking to the press after attending the civil fraud trial against the Trump Organization in New York State Supreme Court, in New York City on January 11, 2024. John Lamparski | AFP | Getty Images A judge could deliver a hammer blow to Donald Trump and his company
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Goldman Sachs paid chief executive David Solomon $31mn for 2023, up 24 per cent annually despite the Wall Street investment bank reporting its lowest profits in four years. Last year was the most challenging so
A “For Sale” sign outside a house in Albany, California, on May 31, 2022. David Paul Morris | Bloomberg | Getty Images Mortgage rates shot higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected. The average rate on the 30-year fixed mortgage
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak sought to dampen the anger of his internal Tory party critics over two resounding by-election defeats on Friday by insisting that “midterm elections are always difficult” for incumbent governments. But Conservative insiders were
Tax incentives have long been a favored economic development tool of governments, but do we know how to actually use them ourselves? Well, we’re about to find out. The Inflation Reduction Act (IRA) deployed billions of dollars of tax incentives to fund clean energy and other green investments. In a history-making move, the bill opened
South Carolina Gov. Henry McMaster signed the ESG Pension Protection Act — which requires the state pension fund’s decisions be based on maximizing returns — in a ceremony at the governor’s office. The bill, H.3690, was officially signed by the Republican governor on Feb. 5 and went into effect on Feb. 9. The bill directs
Exceptions for manual trades and limited trading activity are crucial if the Municipal Securities Rulemaking Board’s amendments to Rule G-14, its controversial move to a one-minute reporting standard from the current fifteen minute window, is adopted by the Securities and Exchange Commission. That’s according to comments submitted to the SEC, which ranged from cautious acceptance
Alexei Navalny, the Russian opposition activist who has been the most prominent critic of President Vladimir Putin’s regime for much of the past decade, has died in a remote Arctic penal colony aged 47, according to prison authorities. A firebrand campaigner for what he called the “beautiful Russia of the future”, Navalny’s detailed investigations exposing
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Sir Adrian Montague has quit as chair of Thames Water’s parent company after less than a year, as the utility faces a regulatory investigation over its decision to pay shareholders a dividend. Montague, an experienced
Eduardo Munoz Alvarez | Getty Images While both renters and homeowners are beginning to take climate hazards into consideration, affordability continues to drive moving trends. Between 2021 and 2022, about 1.2 million more homeowners and renters moved out of than moved into U.S. cities with high risk of poor air quality, according to a new
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Egypt is building a walled enclosure along its border with Gaza, according to satellite images and activists, as Israel warned it would expand its offensive into the city of Rafah where 1.5mn displaced Palestinians have
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Next week will mark the second anniversary of Russia’s full-scale invasion of Ukraine on February 24 2022. Although Russia has signally failed to achieve its war aims in Ukraine, the international security situation looks increasingly
California lawmakers are lining up statewide bond proposals ahead of the presidential election in November. The latest is a $1 billion bond measure introduced by Assemblymember Rick Chavez Zbur, D-Los Angeles, in Assembly Bill 2208 to build out the ports to support offshore wind projects to generate electricity. Others include broad $16 billion climate bond
Moody’s Investors Service’s recent decision to stop endorsing U.S. public finance credit ratings for use in the European Union and the United Kingdom will trigger market volatility, negatively impact infrastructure needs, and reduce foreign investors’ presence in the muni market, market participants said. Due to Moody’s decision, EU/UK investors may be forced to sell their
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Since Reform UK relaunched in late 2020, the party has underperformed when put to the test in by-elections. But this week the populist threat on Rishi Sunak’s right flank showed it could meaningfully chip away