A Colorado bonding authority is taking a step toward purchasing a hotel tied to author Stephen King’s The Shining after an Arizona nonprofit dropped its bond-financed plan to buy and renovate the property. The Colorado Educational and Cultural Facilities Authority (CECFA), which would have been the conduit issuer for up to $475 million of cultural
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Organisers of the Oxford-Cambridge Boat Race insist the event will go ahead as planned this weekend, despite warnings over high levels of “dangerous” pollution caused by sewage in the river Thames. Campaign group River Action
With tax season in full swing, the muni market is underperforming and facing selling pressure as investors move out of short-term paper to pay tax blls. However, these dynamics have not made the asset class an undesirable option for investors and most expect demand to remain strong. Munis are returning negative 0.06% month-to-date, while USTs
The New York Metropolitan Transportation Authority Board voted 11-1 to adopt its congestion pricing toll structure, the first of its kind in the nation and a key source of funding for the MTA’s upcoming capital projects. The vote will allow congestion pricing to be implemented as planned in mid-June. However, the congestion pricing plan is
New Yorkers are feeling less satisfied and more uneasy today than they were only six years ago, according to a survey done by the Citizens Budget Commission. The results of the CBC’s 2023 Resident Survey released March 19 reveals that Big Apple residents rate their quality of life much lower than they did in a
Ascentxmedia | E+ | Getty Images Rent prices for one- and two-bedroom apartments grew in March for the first time in six months. The monthly cost for a one-bedroom apartment across the U.S. bumped up to $1,487, a 0.3% increase from February. The price of a typical two-bedroom apartment also jumped 0.5% to $1,847,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Thames Water said its shareholders will no longer provide £500mn of fresh equity by the end of the month over fears that conditions imposed by the industry regulator make the company’s business plan “uninvestible”. The
Traders work on the floor at the New York Stock Exchange on March 13, 2024. Brendan McDermid | Reuters A new company will try to crack the code of integrating artificial intelligence and investing, and it will be mostly focused on helping individual traders make buy and sell decisions. The firm, called iFi AI, launches
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A green energy tycoon who plans to donate £5mn to the UK’s Labour party has been ordered by the High Court to inform his wife before he hands over more cash. Lawyers acting for Dale
Municipals were mixed Wednesday, but selling pressure was evident on the short end, as few deals of size priced in the primary market and balances from Tuesday’s large new-issues were digested. Munis underperformed a stronger U.S. Treasury market while equities ended up. Despite weakness Wednesday and Tuesday, munis have “held in pretty well,” with yields
Investors and credit rating agencies are weighing how much effect the collapse of the Francis Scott Key bridge in Baltimore’s inner harbor will have on the local economy and logistics on the East Coast, though early indications suggest no drastic credit impact. Early Tuesday morning the Singapore-flagged container vessel Dali lost power and crashed into a
A ‘For Sale’ sign is posted on the lawn in front of a home on March 15, 2024, in Miami, Florida. Joe Raedle | Getty Images The usually busy spring housing market is underway, but mortgage demand isn’t moving. Application volume was essentially flat last week, dropping 0.7% compared with the previous week, according to
Stay informed with free updates Simply sign up to the US-China relations myFT Digest — delivered directly to your inbox. China’s President Xi Jinping met a group of US chief executives on Wednesday as American business leaders sought to mend ties frayed by geopolitical and trade tensions between the world’s two largest economies. The gathering
Batbold Sukhbaatar of Mongolia addresses the Millennium Development Goals Summit at the United Nations headquarters in New York, September 22, 2010. Emmanuel Dunand | AFP | Getty Images Federal prosecutors on Tuesday sued to seize two New York City apartments worth $14 million that were allegedly bought with proceeds from a corrupt scheme involving Mongolia’s
Houston would be able to accommodate the cost of a proposed settlement with its firefighters in the near term, but will need a revenue boost to prevent a structural budget gap from growing, City Controller Chris Hollins said Tuesday. Hollins, who took office in January, said he will have to certify if funds are available
A massive new-issue slate was the focus Tuesday, with investors digesting three large general obligation deals out of California, New York City and Washington, amid lighter but slightly weaker secondary trading. The onslaught of new-issuance and approaching month- and quarter-end led triple-A yields to rise up to seven basis points on the short end and
Adam Neumann of WeWork and Victor Fung Kwok-king, right, chairman of Fung Group, attend a signing ceremony at WeWork’s Weihai Road location on April 12, 2018 in Shanghai, China. Jackal Pan | Visual China Group | Getty Images Adam Neumann has submitted an unsolicited bid in excess of $500 million to acquire WeWork out of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Shares in Donald Trump’s social media business rose 26 per cent ahead of its New York market debut on Tuesday, valuing the former US president’s stake at about $5bn as he faces massive legal bills.
BlackRock CEO Larry Fink Taylor Hill | Getty Images Entertainment | Getty Images BlackRock Chairman Larry Fink said capital markets can help solve a crisis brewing around the ability of Americans to afford retirement as lifespans elongate, and for the government to provide a basic safety net. In his annual letter to shareholders, Fink called
An example of Pacaso’s new lower-priced vacation home listings. CNBC Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market. The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more
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