The Municipal Securities Rulemaking Board’s new rate card model is coming under fire by broker-dealer and municipal advisor groups for what those groups see as a lack of transparency, vague budget commitments and a warped process that sets spending plans before revenue for those targets has been met. The MSRB’s rate card model is new
Cliff Asness. Chris Goodney | Bloomberg | Getty Images Cliff Asness’ longest running multistrategy fund at AQR Capital Management returned 18.5% last year, net of fees, according to a person familiar with the performance. The AQR Absolute Return strategy, which was created in 1998, benefited the most from profitable picks among value stocks in 2023, according
Stay informed with free updates Simply sign up to the US equities myFT Digest — delivered directly to your inbox. Eighteen years ago I started pondering concentration risks in the American equity markets. The issue was the banks: back then there was such heady optimism about financial innovation that the finance sector’s capitalisation had grown
Just days after taking office, Houston Mayor John Whitmire withdrew the city’s appeal of a recent court ruling involving an impasse over firefighter pay that is being closely watched by at least one bond rating agency. The appeal of a Harris County District Court judge’s December ruling ordering Houston to negotiate back pay and benefits
The fiscal struggles of three public school districts in northwest Washington state have landed them under enhanced state oversight. State Superintendent of Public Instruction Chris Reykdal placed three school districts in “binding conditions” as the 2023-2024 school year began: Marysville School District 25, Mount Baker School District and La Connor School District, all in northwest
Alberto G. Musalem will take over as president of the Federal Reserve Bank of St. Louis on April 2, the bank announced Thursday. Musalem, an economist, and former executive vice president of the Federal Reserve Bank of New York, “served as CEO and co-chief investment officer of Evince Asset Management LP (2018-’22), a quantitative investment
Stay informed with free updates Simply sign up to the US politics & policy myFT Digest — delivered directly to your inbox. Saudi Arabia and China were among 20 foreign governments that spent at least $7.8mn in total at properties owned by Donald Trump while he was president, according to a report released by congressional
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is author of ‘Homelands: a Personal History of Europe’ While many of us started the new year with fireworks, good cheer and the company of loved ones, Ukrainians faced massive Russian aerial attacks,
Ken Griffin, Citadel at CNBC’s Delivering Alpha, Sept. 28, 2022. Scott Mlyn | CNBC Billionaire investor Ken Griffin’s various hedge fund strategies all posted double-digit returns for 2023, but they failed to beat the broader market. Citadel’s multistrategy Wellington fund gained 15.3% last year, according to a person familiar with the returns. The flagship fund had
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Shares in Mobileye Global tumbled by more than a quarter on Thursday after one of the world’s biggest makers of autonomous driving technology warned that its customers had scaled back orders. The group, which was
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer, a former FT business editor, is a visiting professor in practice at the Grantham Research Institute There are many uncertainties about the UK’s political future. But whoever forms the next government is likely
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak has signalled that Britain’s general election will take place in the autumn, saying his “working assumption” was that the UK would go to the polls in the “second half of this year”. Labour
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Sir Keir Starmer has said Labour could further reduce the amount it had pledged to borrow for the party’s flagship “green prosperity plan”, even as he called the scheme an essential “investment in the future”.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Inflation is expected to have jumped back up across much of Europe, casting doubt over investors’ hopes that the European Central Bank will start cutting interest rates as early as March. French figures released on
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. British politicians should be wary of provoking a backlash in financial markets by increasing borrowing too quickly, the outgoing head of the UK’s Debt Management Office has said, ahead of a general election expected this
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. It could be a question in the “economic influences on business” section of the US exam to qualify as a certified public accountant: if it were cheaper and easier to become a CPA, would there
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. By the Christmas of 1972, the deadline had long passed. All remaining Asians in Uganda were in effect stateless. For some 50,000 lucky to escape following dictator Idi Amin’s 90-day expulsion order, the attempt to
The year gone by played out as if the pandemic had never happened. The widely anticipated global recession never came. Markets surged. Disinflation was the buzzword. The post-pandemic world unexpectedly resembled 2019 — the year before the coronavirus brought life to a standstill. Yet in the end, 2023 was a reminder that most years turn
Stay informed with free updates Simply sign up to the Asia-Pacific companies myFT Digest — delivered directly to your inbox. The fish and vegetable market in Wajima has been in pretty much constant operation for the past 1,000 years: a talisman of commercial resilience and a jewel of the Noto peninsula. Today, the streets lie in
Japanese manufacturing activity shrank by the most in 10 months in December, as demand ebbed in Asia’s largest advanced economy. The au Jibun Bank Japan manufacturing purchasing managers’ index came in at 47.9, the lowest reading since last February and well below the 50-point threshold that separates expansion from contraction. Weaker domestic and overseas demand
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Donald Trump has asked the US Supreme Court to overturn a decision to ban him from Colorado’s presidential primary ballot, setting the stage for the nation’s highest court to decide whether states can stop him