Proposed bank regulations that require banks to raise significantly more capital and subject municipal bonds to a standardized treatment would drive up borrowing costs for cities and states, further reduce bank muni holdings and reduce municipal market liquidity. That’s the warning from critics of so-called Basel III Endgame, the final phase of the international rules
The San Diego Regional Transportation Commission’s senior lien sales tax bond rating was upgraded to Aa1 from Aa2 by Moody’s Investors Service. The upgrade affects $2.3 billion in sales tax bonds. The outlook was revised to stable from positive. At the same time, Moody’s upgraded the rating on the commission’s subordinate lien bank bonds, which
Federal Reserve Bank of Philadelphia President Patrick Harker said the central bank should begin to reduce interest rates — though not immediately — offering a softer pushback against widespread market expectations of early 2024 cuts than some of his peers. “It’s important that we start to move rates down,” Harker said Wednesday in a local
In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT Several Tesla electric vehicles are parked in front of a Tesla service center in the Kearny Mesa region, in San Diego, California, U.S., October 31, 2023. Abhirup Roy | Reuters Marko Sustic has bet big on Tesla this year. The investor, who also happens to
Stay informed with free updates Simply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox. The UK and US are tightening rules around the shipping of Russian oil in an attempt to make it harder for Moscow to circumvent the so-called price cap, a policy aimed at squeezing
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. EU finance ministers have bowed to German pressure for tough debt-reduction rules, as part of a deal to phase in a sweeping overhaul of the union’s budget framework. After months of haggling, the package gives
San Francisco is seeing a trickle of people return to the city after losing tens of thousands of residents since 2020, according to a new estimate released by the state of California. The city’s population grew by 4,925 people to 848,019 residents during the 12 months ended on June 30, according to a report released
Jefferson County, Alabama, plans to return to the municipal bond market next month with a $2.5 billion sale of tax-exempt revenue warrants for its sewer system after a late change of lead managers. Citigroup is no longer book-running manager on the deal, according to a resolution drafted by the county Tuesday, less than a week
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Court cases brought against a former president who also happens to be the frontrunner for a third go atop his party’s national ticket are inevitably political, regardless of high-minded claims by prosecutors and judges that
A shopper carries several bags in the Magnificent Mile shopping district of Chicago on Dec. 2, 2023. Taylor Glascock | Bloomberg | Getty Images The U.S. economy has remained remarkably strong but affordability is worse than it has ever been, some social media users say, even when compared to The Great Depression. One of TikTok’s
Stay informed with free updates Simply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox. UK chancellor Jeremy Hunt will on Thursday sign a financial services deal with Switzerland, claiming it will make it easier for financial firms and wealthy individuals in the two markets to do business with
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. It is rarely a good plan for political parties to rubbish their record in government, not least because voters might decide to believe them. If you want a leading indicator of a party heading for
House for sale with “For Sale” real estate sign in yard in spring or summer season. No people. Fstop123 | E+ | Getty Images Mortgage demand fell last week compared to the previous week, despite a continued drop in rates, according to the Mortgage Bankers Association‘s seasonally adjusted index. The average contract interest rate for
Stay informed with free updates Simply sign up to the UK house prices myFT Digest — delivered directly to your inbox. UK house prices fell at the fastest pace in more than a decade in the year to October, with the biggest drops in London, according to official data that points to the impact of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The EU has struck a political deal to overhaul the bloc’s asylum and migration rules, concluding more than seven years of fraught negotiations over how to tighten the regime and share responsibility. The reforms, provisionally
Stay informed with free updates Simply sign up to the UK inflation myFT Digest — delivered directly to your inbox. UK inflation slowed much more sharply than expected in November to 3.9 per cent, down from 4.6 per cent in October, according to official data that will add to pressure on the Bank of England
Experts suggest thinking about how you’ll use your home in future when considering a building project. 10’000 Hours | Digitalvision | Getty Images Extending your home or remodeling your kitchen and bathroom may be an exciting prospect but it’s worth carefully planning the design and build to manage the risks involved, according to specialists who
Stay informed with free updates Simply sign up to the Professional services myFT Digest — delivered directly to your inbox. Two years ago, the City’s professional services firms couldn’t hold on to their staff. Now, they can’t get rid of them. In 2021, a post-pandemic boom in demand for the services of accounting, legal and
A push by Elon Musk’s X to bring in $100mn from political advertising in 2024 is being met by scepticism from industry insiders, hitting its hopes of offsetting revenue losses caused by big brands leaving the platform. Earlier this year, X’s billionaire owner reversed a ban on political advertising instituted by former chief executive Jack
After hitting Russia with an unprecedented array of sanctions following its full-scale invasion of Ukraine, G7 allies are considering an even more drastic step: spending Moscow’s money. Western nations, including the US, are exploring ways to justify seizing Russian central bank assets that are frozen in the financial system, and using them to fund Kyiv.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. There can be little doubt that Donald Trump 2.0 would pose an even greater threat to US democracy than he did last time. Yet issuing the same warning to Americans again and again is not