In this article NYCB Follow your favorite stocksCREATE FREE ACCOUNT The Aozora Bank Ltd. headquarters in Tokyo Japan, on Thursday, Feb. 1, 2024. Japan’s Aozora Bank became the second lender in a span of hours to surprise investors with losses tied to US commercial property, sending shares down by the limit and heightening concern over
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Tech companies have axed 34,000 jobs this year as they rejig their workforces to invest in new areas such as generative artificial intelligence to power their next phase of growth. Microsoft, Snap, eBay and PayPal
The Internal Revenue Service has informed the Port of Port Arthur Navigation District of Jefferson County, Texas that the tax-exempt status of a 2017 $55 million bond issuance remains unresolved, months after the district initially disclosed that the IRS was casting doubt on the tax-exempt status of the bonds. The notice came via a notice on
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Far more Americans trust Donald Trump to handle the US economy than Joe Biden despite months of strong growth, a new poll has found, underscoring the president’s difficulty in convincing voters his policies are improving
The honeymoon phase for environmental, social and governance considerations in the municipal market is beginning to wane, giving way to a more thorough and dynamic vision for how issuers and market participants can deal with the hotly-politicized concpept. ESG was building steam before the pandemic, but has now become so overly-politicized that banks, underwriters and
A Norfolk Southern rail terminal in Austell, Georgia, US, on Tuesday, July 25, 2023. Elijah Nouvelage | Bloomberg | Getty Images Company: Norfolk Southern (NSC) Business: Norfolk Southern is a railway company. It transports a variety of raw materials, intermediate products and finished goods in the United States. Stock Market Value: $57.56B ($254.83 per share)
Some insurance companies are pulling back coverage from fire- and flood-prone areas, leaving homeowners with limited affordable options. This trend may even affect the property value of American homes, experts say. The nation’s largest homeowner’s insurance company, State Farm, stopped accepting new applications for policies on property in California in May. Allstate announced in November
Stay informed with free updates Simply sign up to the US banks myFT Digest — delivered directly to your inbox. Profits in the US banking sector tumbled almost 45 per cent year on year in the final quarter of 2023, even as the squeeze on consumers eased and confidence grew that the US economy would
Employee-owned international broker-dealer Baird has launched a California Public Finance group and hired veteran banker John Baracy as a managing director to run it and be the California K-12 market lead. “It’s been a market we wanted to expand in just given the size of the California economy,” said Brian Brewer, Baird’s director of public
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The amount US financial institutions have loaned to shadow banks such as fintechs and private credit groups has passed $1tn, as regulators warn that growing ties between traditional and alternative lenders could present systemic risks.
The direction of interest rates will have the greatest impact on the municipal bond market this year, according to a vote taken at The Bond Buyer’s 2024 National Outlook Conference in Manhattan on Thursday. Almost three quarters of respondents, 72%, said interest rates would have the most significant effect on the public finance industry in
In this article FLNC Follow your favorite stocksCREATE FREE ACCOUNT Rows of cabinets containing lithium ion batteries supplied by Fluence, a Siemens and AES Company, are seen inside the AES Alamitos Battery Energy Storage System, which provides stored renewable energy to supply electricity during peak demand periods, in Long Beach, California on September 16, 2022.
Thianchai Sitthikongsak | Moment | Getty Images Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Homebuyers in particular are pulling back. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was all due
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Thursday ought to have been a good day for Joe Biden. America’s Supreme Court heard arguments that Donald Trump was unfit to hold office because he fuelled an insurrection; the former Fox anchor Tucker Carlson
Municipals ended the week quieter than they began it with a mostly steady to firmer tone in spots Friday, outperforming U.S. Treasuries, which saw small losses. Equities were mixed at the close. Tax-exempt yields have moved higher with Treasuries, but outperformed on the whole, while municipal to UST ratios have been “largely moving sideways” in
A US Department of Justice report on Thursday cast Joe Biden as a “well-meaning, elderly man with a poor memory” in a damaging portrayal of the president even as he was spared from criminal charges following a months-long probe. The report from special counsel Robert Hur, who oversaw the DoJ’s investigation into Biden’s handling of
Municipals were steady to a touch firmer in spots Thursday, more new-issues saw strong demand while small outflows returned to muni mutual funds. U.S. Treasuries were weaker, and equities ended up. After four weeks of inflows into muni mutual funds, outflows returned, with LSEG Lipper reporting $121.1 million of outflows for the week ending Wednesday
D3sign | Stone | Getty Images Extreme weather and climate hazards are becoming more frequent, posing a unique threat not only for homeowners, but for renters. Over 18 million rental units across the U.S. are exposed to climate and weather-related hazards, according to the latest American Rental Housing Report from Harvard University’s Joint Center for
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Rishi Sunak has attacked Sir Keir Starmer’s decision to water down his flagship green investment programme, saying the move shows the Labour leader lacks a consistent plan. The Conservative prime minister said Starmer had a
Ex-IFS Securities trader Keith Wakefield committed securities and wire fraud when, as the broker-dealer’s head of fixed income, the Chicago resident made forbidden speculative trades and embezzled hundreds of thousands of dollars over a two-year period, an Illinois federal court jury found this week. According to the U.S. Attorney’s Office for the Northern District of
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