Fast-moving developments in the national capital region could open a gold mine of new debt to finance a nine million square foot arena complex in Alexandria, Virginia. The proposed, $2 billion public-private partnership would move the National Hockey League’s Washington Capitals, and the NBA’s Washington Wizards out of Washington, D.C.’s Capital One Arena in the
Federal highway officials Wednesday defended the seemingly slow rollout of a high-profile federally funded program to create a national network of electric vehicle chargers. Ohio last week opened what is so far the nation’s first — and only — electric vehicle charging station funded through the 2021 Infrastructure Investment and Jobs Act. New York is
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak on Wednesday tried to calm tensions in his fractured party over his Rwanda migration policy, as a poll showed the UK prime minister is now as unpopular as Boris Johnson in his final
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Pfizer needs to convince investors that Covid-19 treatments are not its only source of success. So far, it has failed. Despite splashing out nearly $55bn on two major acquisitions over the past two years, the
A sales tax extension to fund a replacement professional sports and concert arena costing at least $900 million won overwhelming approval from Oklahoma City voters Tuesday. The continuation of a Metropolitan Area Projects (MAPS 4) one-cent sales tax for six years beyond its April 1, 2028 expiration date passed with 71% of the vote amid
The Puerto Rico Oversight Board reached a tax cut compromise with the local government, the board indicated Wednesday. The non-recurring action will allow 177,000 taxpayers to receive a refund when they file taxes for this year, while an additional 413,000 residents will receive larger Earned Income Tax Credit payments, the board said. Puerto Rico Oversight
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US regulators on Wednesday voted to require more Treasury bond trades to be cleared centrally, a landmark reform aimed at bolstering the resilience of one of the world’s most important financial markets. The Securities and
Florida’s $114.4 billion proposed budget for fiscal 2024-2025 continues a more than decade-long trend of paying down debt while limiting new bond issuance. Gov. Ron DeSantis released his recommended budget on Dec. 5, which would spend almost 4%, or $4.6 billion, less than the current fiscal year. The budget proposal includes $455 million in funding
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Pfizer shares tumbled more than 8 per cent after the US drugmaker forecast 2024 revenues that were below consensus estimates, as the company attempts to chart a future for growth without blockbuster Covid-19 products. The
Puerto Rico Electric Power Authority bond parties argued in appeals court briefs that their trust agreement clearly gives them a lien on incoming revenues and supports their claim for the $8.5 billion pre-bankruptcy principal rather than the $2.4 billion set by a lower court judge. The parties argued about the language needed to establish a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Greater Manchester has scrapped longstanding and contentious plans for a clean air charging zone. Its mayor, Andy Burnham, said new data showed the English city region could now meet legal clean air targets more quickly
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The outcome is very far from perfect. It is better than feared but less than needed. It bows too much to the forces of international diplomacy, and too little to the immovable realities of science.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Round one to Rishi Sunak. His emergency Rwanda bill that will probably not “stop the boats” saw off its first parliamentary ambush. A rightwing revolt fizzled out. The preening rebels had reprised the political protection
Two big Illinois issuers have scheduled refunding deals with planned pricings on Thursday, with the Illinois State Toll Highway Authority to issue $900 million of series 2024A senior revenue refunding bonds and Chicago’s Midway Airport to sell $393 million of series 2023C senior revenue refunding bonds. Rising interest rates had made refundings thin on the
An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty Images Homeowners looking to refinance are finding savings after mortgage rates dropped again last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The post image from last month is the shot. Here is today’s chaser, courtesy of mainFT. The UK economy unexpectedly contracted in October, with all three main sectors reporting a fall and fuelling concerns over
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Airbnb has agreed to pay €576mn ($621mn) to Italian authorities to end a long-running tax dispute that boiled over last month when the country’s public prosecutor ordered funds to be seized from the holiday rental
Stay informed with free updates Simply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox. Cross-border charges levied on credit and debit card transactions by payments companies, notably Visa and Mastercard, should be capped “to protect UK businesses from overpaying on these interchange fees”, a British financial watchdog has
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK economy unexpectedly contracted in October, driven by falls in every sector and fuelling concerns that high interest rates could push the country into a downturn. Gross domestic product fell 0.3 per cent between
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Countries are being “called upon” to transition away from fossil fuels to reach net zero emissions globally by 2050, under the latest revised text from the UN climate summit in Dubai. The previous draft document
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Investors and currency speculators have boosted bets on the pound as expectations grow that the Bank of England will be slower than other central banks to cut interest rates. As markets brace for central banks’