New York City could use municipal bonds as a way to finance better outcomes for migrants coming to New York from Ukraine and the southern border, city Comptroller Brad Lander said. Asylum seekers coming to the Big Apple could benefit from a new economic initiative tied into an inclusive strategy, Lander said during a webinar
Municipals were weaker on the front end of the curve as selling pressure mounted all week while U.S. Treasuries were mixed and equities ended down again. Investors will be greeted with a lackluster calendar of a mere $1.4 billion total and only two deals over $100 million as issuers hold back with the Federal Open
Correction Moody’s analyst Ted Hampton views New Jersey’s post-recession pension cost of living adjustments as signficant for the state retirement system, but faced weaker-than-anticipated market performance and a growing number of retirees eligible for benefits. The context of his views was not clear in the original version of the story. September 19, 2022 3:04 PM
Puerto Rico Electric Power Authority mediation ended Saturday morning and the Oversight Board is proposing that litigation commence, as the sides were unable to reach an agreement. “[S]harp differences over what a reasonable settlement is” remain, the board said. The sides “also differ on some key legal issues.” The current round of mediation started in
Whatever the outcome of the midterm elections that are now only weeks away, municipal bond market advocates will remain committed to core priorities while investors will be focused on interest rates and inflation. Protect the tax exemption. Bring back tax-exempt advance refunding. Raise the ceiling on bank-qualified debt. Create a direct-pay bond program. Reduce the
The Municipal Securities Rulemaking Board has voted to amend its Rule G-40 to allow municipal advisors to use testimonials in advertisements and Rule A-12 to make changes to Form A-12 on registration. The changes to G-40 will amend the current provision that states “a municipal advisor shall not, directly or indirectly, publish circulate or distribute
California revenues are $2 billion below its budget forecast for the first two months of fiscal year 2023. The monthly report released by the state’s Department of Finance Friday also showed that August revenues of $12.79 billion came in $816 million, or 6%, below the forecast in the 2022-23 Budget Act. For the first two
Security projects are a sizable part of a $2.44 billion bond proposal Austin Independent School District placed on the Nov. 8 ballot just months after the deadly mass shooting in Uvalde, Texas. The biggest-ever bond election for the fifth-largest school district in Texas would allocate at least $257.4 million for safety-related equipment and infrastructure, including
Puerto Rico Electric Power Authority bondholders asked the bankruptcy court Monday to dismiss the proceedings as a step to appointing a receiver for the authority after the Oversight Board abruptly ended mediation Saturday morning. The bondholders may get to choose the receiver for the authority, which could “set affordable and sustainable electricity rates sufficient for
Municipals were weaker on the front end of the curve ahead outperforming larger losses on U.S. Treasuries that saw the two- and three-year yields rise to near 4% and the highest they’ve been since 2007. Triple-A muni yields rose another five basis points on the short end while UST rose up to seven. Two- and
Hedge funds are betting that a tumble in shares of UK asset management companies including Abrdn and Ashmore will accelerate as a brutal bear market dents their investment performance and ability to attract new business. Ken Griffin’s Citadel, Steve Cohen’s Point72 and Marshall Wace are among those running bets on lower share prices for listed
Mike Ashley is to quit as a director of Frasers Group next month, stepping back from the UK retailer that he originally founded as Sports Direct four decades ago. Ashley set up Sports Direct in 1982, changing the name to Frasers after he bought the department store chain in 2018. Michael Murray, Ashley’s son-in-law, became
European and Asian stock markets turned higher on Tuesday as investors awaited a closely watched interest rate decision by the US Federal Reserve. The regional Stoxx Europe 600 share gauge added 0.8 per cent in early dealings. London’s FTSE 100 rose 0.9 per cent as traders returned to their desks following a UK public holiday
Dozens of Hong Kong citizens who gathered outside the city’s British consulate to watch the Queen’s funeral on Monday evening used the event to display rare public defiance against local authorities. More than 100 people were outside the building to watch the event on a live stream, despite the British consulate not holding any public
In December 1967, five young typists in an office in Surbiton decided to work an extra half an hour unpaid each day to help Britain’s struggling economy. Within days, their “I’m backing Britain” campaign snowballed. More workers joined in, badges were made and Bruce Forsyth recorded a single. An editorial in the Financial Times called
In life Elizabeth II inspired admiration in the world’s most powerful people with almost mysterious ease. In death, under a sunny London sky, she managed the feat one last time. Rarely has one place felt so filled with status and so empty of malice as Westminster Abbey did on Monday. That much was confirmed a
In 2013, the US investment bank Morgan Stanley dubbed Indonesia as one the “fragile five”, a group of emerging economies that it believed were especially vulnerable to a jump in interest rates in the US. Almost a decade later, US interest rates are rising sharply, which is adding to the economic problems in the developing
The UK retail and hospitality industries have called on new chancellor Kwasi Kwarteng to provide urgent financial support in his mini-Budget on Friday to offset the “cost of business” crisis unleashed by surging inflation. Britain’s retailers have warned inflation will add a further £800mn to business rates in the coming year because of the way the
Liz Truss will tell world leaders this week that Britain will match or exceed the £2.3bn it committed to Ukraine’s war effort against Russia in 2022 next year on her first overseas trip as UK prime minister. Truss, who met many leaders on the margins of Queen Elizabeth’s state funeral in London on Monday, will
Liz Truss has admitted that a UK-US trade deal, long seen as one of the biggest prizes of Brexit, is not on the horizon, as she arrived in New York on her first overseas trip as prime minister. Brexit supporters insisted that the 2016 Leave vote would open the way for a free trade agreement