Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. When it comes to giving pirates a hard time to keep the arteries of global trade flowing, the US is definitely your go-to country. For decades, America’s navy has patrolled the world’s shipping lanes to
In October 2019, hundreds of wedding guests flew in from around the world to the grandest resort on the French riviera, the Hotel du Cap-Eden-Roc. But this was to be no ordinary stay at the pleasure palace immortalised in F Scott Fitzgerald’s novel Tender is the Night. The groom had rented out the entire resort,
Bobby Jain’s new hedge fund is falling short of its original $8bn-$10bn fundraising target, thwarting his ambition for the industry’s largest-ever debut. The Credit Suisse veteran and former co-chief investment officer of Millennium Management has told potential clients he is now aiming to launch Jain Global in July with $5bn-$6bn of assets, according to investors.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US has launched strikes on Houthi targets in Yemen for the fourth time as the Iran-backed rebel group continues to target commercial ships transiting the Red Sea. US Central Command forces on Wednesday conducted
A US appeals court has lifted its stay on a sales ban on two editions of the Apple Watch, creating another hurdle in the tech giant’s legal dispute with health technology company Masimo over patents for its blood oxygen tracking function. The International Trade Commission ruled in October that Apple was violating Masimo’s patents with
Lake Erie College, a small private school in Ohio, entered into a forbearance agreement with bondholders after the school didn’t meet certain covenants it agreed to as part of a debt sale. The Painesville, Ohio-based institution, which has just over 700 undergraduate students, is the latest small college to see its financial struggles extend into
Municipals faced rising yields in the secondary market Wednesday while large new-issues priced in the primary market. U.S. Treasuries were weaker again, and equities saw more losses. The Investment Company Institute Wednesday reported large inflows into municipal bond mutual funds for the week ending Jan. 10, with investors adding $2.066 billion to funds following $77
Rishi Sunak’s election supremo Isaac Levido this week issued a stark warning to Tory MPs, telling them: “Divided parties fail.” But the Conservative rebellion over the government’s Rwanda asylum bill over the last 48 hours is an ominous sign for the prime minister that the warning is not being heeded. Tory MPs may have pulled
Republican lawmakers in Arizona pushed back on aspects of Gov. Katie Hobbs’ proposed fiscal 2025 budget, particularly its targeting of rising costs for the state’s universal school voucher program. The spending plan, which was unveiled by the Democratic governor Friday and had its first airing Tuesday before the Republican-controlled legislature’s Joint Appropriations Committee, aims to
As a potential government shutdown looms and tax season is set to open, key provisions friendly to the municipal market tied to low-income housing tax credits appear poised to become law in legislation aimed at avoiding the government stoppage. The Republican-chaired House Ways and Means Committee and the Democrat-led Senate Finance Committee have preliminary agreements
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Caxton Associates, one of the oldest and best-known global macro hedge fund managers, lost money in its two main funds in 2023, say two people who have seen the numbers, in a turbulent year for
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Argentina’s libertarian President Javier Milei has accused western leaders of abandoning “the values of the west” in a high-profile address to the World Economic Forum, where his debut on the world stage met with warm
The Municipal Securities Rulemaking Board’s 2023 audited financials show the board ended the year with $76.2 million in total assets, an $8 million jump from the $68 million it ended 2022 with, as well as $49 million in total revenue, a $19 million gain from the $30 million it collected the prior year. “The value
Oklahoma Gov. Kevin Stitt is bringing lawmakers back into a special session on a tax cut after his plan to phase out income taxes failed to pass during a session last fall. The session, set to begin Jan. 29, will take up a 0.25% personal income tax reduction. “With record-breaking savings and a strong economic
New Jersey Gov. Phil Murphy on Tuesday signed into law a bill permitting municipalities in the state to sell bonds of up to 20 years to finance the purchase of fire engines and other public safety equipment. Previously, they could only sell bonds of up to 10 years to pay for such equipment. The bill
Cities and states have joined a chorus of critics urging federal regulators to revise or halt proposed capital requirements for large banks dubbed the Basel III endgame. In a letter filed Tuesday ahead of the Jan. 16 public comment deadline, the Government Finance Officers Association joined with six other municipal market industry groups in laying
The University of Chicago Harris School of Public Policy’s Center for Municipal Finance is joining forces with Investortools, a fixed income software and data company, to make more data on the municipal finance sector available to academics. It’s the first step in an expansion of the center’s resources as it looks to become the premier
New York City Mayor Eric Adams released a balanced $109.4 billion preliminary budget for fiscal 2025 that keeps a near-record level of reserves. The city faced a $7.1 billion budget gap due to the growing migrant crisis, declining federal COVID-19 stimulus funding, rising expenses from labor contracts and slowing tax revenue growth. The Adams administration implemented a citywide hiring freeze
A home is constructed at a housing development on June 21, 2023 in Lemont, Illinois. Scott Olson | Getty Images Homebuilder sentiment improved in January, jumping 7 points to 44 on the National Association of Home Builders monthly index. Anything below 50 is still considered negative, but the index has now moved 10 points higher
Stay informed with free updates Simply sign up to the UK inflation myFT Digest — delivered directly to your inbox. December’s unexpected rise in UK inflation is a setback for those who had hoped the Bank of England was already entering the home straight of its long journey to restore price stability. The figures, showing
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. The European parliament has threatened legal action against Ursula von der Leyen’s decision to unfreeze part of Hungary’s EU funding in order to secure Viktor Orbán’s support for Ukraine. In a heated debate on