Stay informed with free updates Simply sign up to the European banks myFT Digest — delivered directly to your inbox. Switzerland’s financial regulator has called for tougher powers to oversee banks after claiming it did everything it could to try to prevent the collapse of Credit Suisse this year. Finma on Tuesday published an 84-page
Just over a decade ago, Andrew Ng was part of a Google Brain project that showed the power of deep learning technology. For three days, Ng’s team fed a neural network millions of unlabelled images from YouTube videos. After training, the system could identify features such as cats in images it had not encountered before
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. The UK is at high risk of a serious economic downturn next year, one of the world’s biggest active bond fund managers has warned. Daniel Ivascyn, chief investment officer at Pimco, told the Financial Times
Stay informed with free updates Simply sign up to the Central banks myFT Digest — delivered directly to your inbox. The writer is a former central banker and a professor of finance at the University of Chicago’s Booth School of Business Macroeconomic policy in industrial countries has become much more discretionary of late, and not
Everything about Lars Fruergaard Jørgensen is understated. The chief executive of Danish drugs group Novo Nordisk grew up on a pig farm in Jutland and from an early age was expected to muck out the animals. While most of his rivals take private jets to their appointments, he waits for commercial connections. Tall, thin and
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Activist investor Cevian Capital has taken a €1.2bn stake in UBS, betting that the Swiss bank can double its valuation over the next three to five years. Cevian, Europe’s largest dedicated activist, has invested just
Republican presidential candidate, former President Donald Trump arrives at a campaign event at the Hyatt Hotel on December 13, 2023 in Coralville, Iowa. Scott Olson | Getty Images News | Getty Images The judge presiding over the high-stakes civil business fraud trial of former President Donald Trump harshly questioned the credibility of a key expert
BlackRock on Monday was sued by the US state of Tennessee, which accused the $9.1tn New York-based asset manager of violating consumer protection laws by misusing environmental, social and governance factors in its investment strategy. The lawsuit filed by state attorney-general Jonathan Skrmetti alleged that BlackRock had been inconsistent in stating whether it focused exclusively
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Pentagon has convinced more than a half dozen allies to join a strengthened naval task force in the Red Sea amid mounting attacks by Iran-backed rebels on commercial shipping that have driven oil prices
The Puerto Rico Oversight Board called Friday for dismissal of a Puerto Electric Power Authority bond party suit against Puerto Rico’s central government that had the backing of the PREPA Ad Hoc Group, a separate group of bond parties. GoldenTree Asset Management and bond insurer Syncora Guarantee filed the suit in U.S. District Court for
The U.S. Government Accountability Office is taking the U.S. Treasury Department to task over how $350 billion in pandemic relief funds were managed and dispensed to states and localities. The two big bones of contention over how State and Local Fiscal Recovery Funds were administered include a lack of assistance from the Treasury and questions
Municipals were little changed Monday as U.S. Treasuries were weaker and equities ended up. Volume this week is relatively light with the new-issue calendar estimated at $1.6 billion. There are only two deals over $100 million. The Bond Buyer 30-day visible supply sits at $4.03 billion. In the primary market Monday, Jefferies held a one-day
Stay informed with free updates Simply sign up to the Electric vehicles myFT Digest — delivered directly to your inbox. Trevor Milton, the founder of electric and hydrogen-powered truckmaker Nikola, was sentenced to four years in prison on Monday for lying to investors about the readiness of his start-up’s technologies in order to boost its
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak has become embroiled in a bitter row with Baroness Michelle Mone, a Conservative peer, over her role in a medical equipment company that won over £200mn of state contracts during the pandemic. The
Oregon received $600 million in federal money to help support the long-planned reconstruction of the Interstate 5 bridge that connects Portland to Vancouver, Washington. The project received the full funding amount requested from the U.S. Department of Transportation grant program, Oregon Gov. Tina Kotek said in a statement. “This is a big moment for the
The Municipal Securities Rulemaking Board’s proposal on Rule G-12(c), the subsection of its uniform practices dealing with inter-dealer confirmations, which would simplify some existing guidance, retire some others and merge much of it into Rule G-15, should go further and eliminate the subsection altogether, dealers say. MSRB Rule G-12 on uniform practice establishes the industry
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Apple will stop selling its smartwatches through the company’s own US stores before Christmas after losing a patent infringement case, dealing it a blow during the holiday sales season. The iPhone maker said it would
Houston will welcome a new mayor and controller next month amid financial challenges that include an ongoing contract impasse with firefighters and a major airport terminal project launched by the city and United Airlines last month. With Mayor Sylvester Turner and Controller Chris Brown term-limited from running again after eight years in office, 18 candidates
Yuichiro Chino | Moment | Getty Images Like it or not, generative artificial intelligence has arrived on Wall Street — and experts expect it to transform the way firms do business. To be clear, artificial intelligence, like natural language processing and machine learning, has been used by wealth management and asset management firms for years.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. One of the things that forces a rich country to open its doors to immigrants is the need to find people to do work that their own population is unwilling or unable to do. And
Brace for an unpredictable year in community finance, where a confluence of global turmoil, mandatory tech advancements, legislative implementation, and potential political upheaval all collide with an already fragile insurance market. While the presidential election may be a noisy stalemate, this chaos presents a hidden opportunity for agents of change to make real progress. Think private