Guam Gov. Lourdes Leon Guerrero let a Senate-passed $1.168 billion budget go into law without her signature, despite her concerns about use of a rainy-day fund, executive branch appropriation and “phantom” revenues. The Senate passed the budget on Aug. 30, with nine Democrats voting in favor and six Republicans voting against. Leon Guerrero, a Democrat,
Russia has authorised unreinforced oil tankers to sail through its icy Northern Sea Route for the first time, triggering warnings Moscow is risking a catastrophic Arctic spill as it reroutes sanctions-hit energy exports to Asia. Two tankers were granted permission in August to carry out the 3,500-mile long journey along Russia’s northern coast, despite not
Municipals were a touch weaker to close out the week ahead of a smaller new-issue calendar and the Federal Open Market Committee meeting. U.S. Treasuries closed out weaker while equities were in the red. Triple-A yields rose one to three basis points, depending on the curve, while USTs rose three to four. The two-year muni-to-Treasury
Receive free Gibraltar updates We’ll send you a myFT Daily Digest email rounding up the latest Gibraltar news every morning. Super-powered dinghies carrying contraband tobacco are crashing through hopes of better relations between Spain and the UK over the British territory of Gibraltar. Cigarettes are cheap in Gibraltar because the British territory does not apply
Port and shipping industry experts discussed the past and future of New York and New Jersey’s ports at an event hosted by the Federal Reserve Bank of New York this month. The “Ports of Tomorrow” event was carried out in partnership with the Port Authority of New York and New Jersey and the Regional Plan
On the latest episode of Macro Markets, analyst Marcel Pechman examines the current state of the American economy. He references a headline from Barron’s that highlights the disparity between people’s perception of the economy and the objective data. Pechman delves into the concept of excess savings, agreeing with Barron’s that a significant portion of the
Receive free The Long View updates We’ll send you a myFT Daily Digest email rounding up the latest The Long View news every morning. The response in the euro to this week’s latest crank higher in interest rates tells us a good deal about how investors are looking at the world. The inflation-focused European Central
Receive free EU trade updates We’ll send you a myFT Daily Digest email rounding up the latest EU trade news every morning. The EU has ignored pleas from Poland and ended a partial ban on grain imports from Ukraine, asking Kyiv instead to voluntarily prevent surges of produce into neighbouring countries. Poland, Hungary, Romania and
Ether (ETH) price has been dealing with some strong headwinds and on Sept. 11, the price of the altcoin endured a critical test when it plunged to the $1,530 support level. In the days that followed, Ether managed to stage an impressive recovery, by surging by 6%. This resurgence may signal a pivotal moment, following
California lawmakers ended their session Thursday with a flurry of legislation, including a bill that would allow striking workers to collect unemployment. The bill, strongly supported by labor unions, but opposed by the California Chamber of Commerce, would allow striking workers to collect unemployment benefits after being on strike for two weeks. Senate Bill 799,
For a market anchored by self-regulation and tax-exemption, creeping regulation and political crossfire are nothing new, but also show no sign of abating — look no further than the Securities and Exchange Commission’s “regulation by enforcement” and the hyper-politicization of environmental, social and governance investing factors. That’s the message from a group of municipal market
As the appropriations tug of war goes back and forth in Congress, municipalities are concerned about a wide range of federally-supported infrastructure projects which might end up on the chopping block. The National Association of Counties is already ringing a warning bell via a letter addressed to both chambers of Congress imploring the need to “prioritize federal
For drinkers at the Coach House in central London on a busy work night this week, there was an uncomfortable piece of news to digest: the price of Britain’s favourite alcoholic beverage had just gone up — again. Stonegate, Britain’s biggest pub company which runs the Coach House, has announced it will charge pubgoers 20p
Ethereum developers launched a new testnet on Sept. 15. Called “ Holešky,” the network is expected to be used for staking, infrastructure and protocol-development, according to its developer documents. Sepolia will remain the dominant network for application development. Hello Holesky, Ethereum’s Newest Testnet Read details below#cryptonews #ETH pic.twitter.com/Z6DUMkOExz — Amy Kols Network (@Amyykols) September 14,
Receive free Diamonds and gemstones updates We’ll send you a myFT Daily Digest email rounding up the latest Diamonds and gemstones news every morning. G7 governments are expected to announce a ban on imports of Russian diamonds that will come into force next January in a move that will divide the $74bn global market for
GM workers with the UAW Local 2250 union strike outside the General Motors Wentzville Assembly Plant in Wentzville, Missouri, Sept. 15, 2023. Michael B. Thomas | Getty Images Check out the companies making headlines in midday trading. General Motors, Ford, Stellantis — Shares of Ford rose slightly, while General Motors gained 1% and Stellantis was
Moody’s Investors Service rated the Oklahoma Turnpike Authority’s controversial issuance of initial debt for a $5 billion, 15-year expansion program Aa3 with a stable outlook. The rating agency, which previously considered a debt increase for the ACCESS (Advancing and Connecting Communities and Economies Safely Statewide) Oklahoma program a negative credit factor for OTA, was the
Bernard Looney spent the last 32 years crafting a near-perfect career at BP. This week it unravelled in a matter of days. The Irish chief executive resigned with immediate effect on Tuesday evening, shortly after the Financial Times reported that he was due to leave the company after failing to disclose past romantic relationships with
The United States may soon have a Bitcoin-only trust company, according to plans disclosed by BitGo and Swan Bitcoin on Sep. 15. The joint venture is pending regulatory approval, the companies said in a statement. The forthcoming entity will handle similar activities of a trust company, including Bitcoin custody, administration and management on behalf of
Bitcoin (BTC) has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sep. 11. However, Bitcoin is not out of the woods yet. Jamie Coutts, a chartered market technician
The Department of the Treasury has been handed another loss in its multi-state battle to uphold the American Rescue Plan’s Offset Provision, the statute that bars states from using federal coronavirus funds directly or indirectly for tax cuts, after judges in the Eleventh Circuit declined to review its previous decision handed down in January. That’s