Stay informed with free updates Simply sign up to the Cryptocurrencies myFT Digest — delivered directly to your inbox. The writer is chief executive and chief investment officer of Richard Bernstein Advisors Proof of concept typically means evidence that a design idea is feasible. Cryptocurrency enthusiasts have suggested that the approval of bitcoin ETFs by
First Eagle Investments has hired John Suh and Andrew Belsky as credit analysts as the firm continues to build out its high-yield team under Chief Investment Officer and high-yield manager John Miller. Suh, based in New York, previously was a trader/analyst on the high yield desk in JPMorgan’s public finance division. He was at JPMorgan
UBS has settled charges with the Financial Industry Regulatory Authority, agreeing to a censure and a $100,000 fine for failing to include the Non-Transaction Based Compensation indicator when reporting 91,059 municipal securities transactions to the Municipal Securities Rulemaking Board. For this, UBS violated MSRB Rule G-14 on customer transaction reporting, which requires firms to report
Just a day after the Israel-Hamas conflict began, the US sent its newest, most advanced aircraft carrier to the eastern Mediterranean. Washington hoped the USS Gerald R Ford strike carrier group, plus further US forces, would deter Iran and its myriad proxies in the region and contain the crisis. But three months later, the US
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US aviation regulators said on Friday they were considering whether to strip Boeing of its right to conduct some of its aircraft inspections, the latest fallout after a door panel blew out of a 737
Stay informed with free updates Simply sign up to the UK inflation myFT Digest — delivered directly to your inbox. Hopes that inflation will fall much quicker than the Bank of England expects have been boosted by a key commodity that feeds into its forecasts, lifting the UK’s economic prospects ahead of the general election
In September 2015, then Bank of England Governor Mark Carney gave a speech in which he famously referred to the “Tragedy of the Horizon.” He was referring to the fact that financial markets tend to mis-price climate risk because the perceived timing for such risk lies far into the future, beyond the normal investment horizon
Municipal bond insurance grew 10.4% year-over-year in 2023 leading to the highest market penetration rate since 2008, despite a drop in overall bond volume. While municipal issuance ended 2023 slightly down, demand for bond insurance continued to grow as market participants turned to it for investor confidence, increased market liquidity and enhanced credit ratings. The
The Chicago Board of Education on Wednesday saw its issuer rating and debt ratings from Moody’s Investors Service upgraded a notch, to Ba1 from Ba2 — still speculative grade, but one level below investment-grade status. The rating outlook remains positive after the upgrade. Moody’s cited improvements in Chicago Public Schools’ operating fund net cash balance,
Chesnot | Getty Images The Securities and Exchange Commission pushed for bitcoin ETFs to have a key difference from major stock funds, and that decision’s impact on how the funds trade will only become clear over time. The bitcoin funds that launched on Thursday are using a share redemption process that turns the underlying crypto
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 sub-postmaster and founder of the Justice for Subpostmasters Alliance Thanks to the TV drama Mr Bates vs the Post Office, the Horizon scandal and the plight of hundreds of sub-postmasters
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Morgan Stanley agreed to pay $249mn to settle long-running federal investigations into misconduct at its block trading business, as one of its former top investment bankers admitted to leaking confidential information to clients. On Friday,
Stay informed with free updates Simply sign up to the Property sector myFT Digest — delivered directly to your inbox. Sellers of UK residential property are expected to rein in lofty price expectations this year as buyers remain cautious despite falling mortgage rates, according to agents and housing market experts. “I think those sellers who
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Citigroup said it expected to cut 20,000 jobs in the “medium term” as it reported its worst quarter for 15 years. Citi, which is in the middle of its biggest restructuring for two decades, reported
When anyone in the municipal bond industry thinks of housing, Marian Zucker is often the first person who comes to mind. She is known as a consummate municipal finance professional when it comes to homes and affordable housing and is one of the top experts in the field. But it didn’t start out that way.
California’s budget shortfall is $30 billion less than the $68 billion deficit forecast by the legislative analyst’s office in November, Gov. Gavin Newsom said Wednesday as he unveiled his proposed $291.5 billion budget for fiscal year 2024-25. Even his estimated $37.9 billion deficit will still require some tough choices as Newsom and lawmakers work on
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s military has vowed to “smash” any Taiwan independence “plots”, sending a stark reminder of its threat to use force against the island just hours before Taiwanese voters head to the polls to elect a
As we settle into our seats at The Monocle, a steak and seafood restaurant a stone’s throw from the US Capitol, Kevin McCarthy points out a small plaque on the wall, just above the salt and pepper shakers. It reads: The Speaker’s Booth. “Once a Speaker, always a Speaker,” he says with a smile. Does
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. JPMorgan Chase reported record profits in 2023 thanks to a windfall from rising interest rates, and predicted that earnings from lending would continue to grow this year even as the Federal Reserve is expected to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BlackRock has struck a deal to buy Global Infrastructure Partners for more than $12.5bn in cash and stock, a move that will substantially boost the $10tn money manager’s footprint in alternative assets and shake up
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The diversion of container vessels away from the risk of attacks in the Red Sea is pushing up air freight costs as shippers try to keep Asian-produced goods on shelves despite delays to sea traffic.