The encroachment of culture wars into the municipal bond market will likely increase, with Texas, which has enacted laws to punish companies for “boycotting” fossil fuel businesses and “discriminating” against the firearm industry, potentially leading the charge. The laws have sidelined some big Wall Street banks from the Texas muni market; the state’s recently compiled
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Oregon economists predicted both moderate revenue growth and the possibility of a recession during their September forecast. Economists told lawmakers this week that either way the heady days of overflowing coffers are over. Under the rosier outlook, residents get that kicker rebate if the state forecast of $600 million more revenues than what was forecast
Sunita Lough, the respected head of the Internal Revenue Service’s Tax-Exempt and Government Entities division, is stepping down at the end of this month. Lough was serving as the commissioner of its Tax-Exempt and Government Entities division, which oversees compliance with municipal bond tax laws. Her official retirement date is scheduled for Sept. 30. Edward
We’re eight minutes in when I tell Piers Morgan that he is the person non-journalists most often ask me about. He doesn’t even blink. “What do you say?” “I say, ‘Well, it’s very complicated,’” and for the next six minutes he tells me why I am wrong to say that. It is not the last
The attorney general of the District of Columbia has sued Microstrategy’s co-founder and executive chairman, Michael Saylor, for tax fraud. The lawsuit also names Microstrategy as a defendant “alleging that it conspired to help him evade taxes he legally owes.” Both Saylor and Microstrategy denied the allegations. The attorney general is seeking more than $100
From a bearish perspective, there’s a fair probability that the crypto market entered a descending channel (or wedge) on Aug. 15 after it failed to break above the $1.2 trillion total market capitalization resistance. Even if the pattern isn’t yet clearly distinguishable, the last couple of weeks have not been positive. For example, the $940
In this article LULU PD AVGO Pedestrians wearing protective masks walk past a Lululemon store in San Francisco, California, on Monday, March 29, 2021. David Paul Morris | Bloomberg | Getty Images Check out the companies making headlines in after-hours trading. Lululemon — Shares of activewear brand Lululemon jumped 9.4% after the company reported quarterly
Stocks on Wall Street were mixed and the dollar jumped on Thursday as investors favoured safer assets following gloomy data from China and ahead of US jobs numbers. The Nasdaq Composite and S&P 500 had spent much of the day down as fresh lockdowns in China in response to Covid-19, and weak manufacturing data from
Municipals sold off 10 years and out Thursday with triple-A benchmark yields rising up to double-digits on the long end as municipal bond mutual fund outflows increased nearly threefold from the week before to top $3.4 billion. U.S. Treasuries were weaker and equities were mixed. Triple-A benchmarks rose seven to 12 basis points 10 years
Baker Tilly US LLP will acquire the local government consulting firm Management Partners to supplement the range of services its already brings to the table in its public sector practice. Chicago-based Baker Tilly and Cincinnati-based Management Partners will close on the acquisition Oct. 1. All 96 of the firm’s professionals — most who count local
Mediators for the Puerto Rico Electric Power Authority restructuring asked the judge to extend the deal deadline from Sept. 9. The mediators asked PREPA bankruptcy Judge Laura Taylor Swain Thursday afternoon to extend the mediation, and deadline for a proposed deal, to 11:59 p.m. Atlantic Standard Time, Sept. 16, with the possibility of a further
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We highlight four ETFs that are benefitting from increasing adoption of automation & AI
In the first video of our new series explaining trading terminology, David Jones looks at one of the first things newbies see when they open a real account – leverage. What is it exactly? How does it work? Is there any way to see it in a real environment? All these questions and more are
About three-quarters of metropolitan areas where more than half of homes experienced intense drought in August have seen more people move in than out in recent months, according to a new report from Redfin, a technology-powered real estate brokerage. In 34 of the 129 metros (26%) Redfin analyzed, more than 50% of homes experienced intense
Framed by two winged figures that crown the organ, the vast sculpture is shot through by sunbeams falling from the windows of the Church of San Giorgio Maggiore. Where the rays hit, the nine-metre work leaps into sinister glory. Described as a “chandelier”, though it casts no light, the work is the centrepiece of a
Bitcoin (BTC) price continues to struggle at $20,000 and repeat dips under this level have led some analysts to project deeper downside in the short-term. Earlier in the week, independent market analyst Philip Swift tweeted that the Crypto Fear and Greed Index had dropped back to back to “Extreme Fear,” reflecting softening sentiment among investors.
Municipals were little changed Wednesday, being cut a basis point or two in spots to close out August, while U.S. Treasuries sold off ten years and out and equities ended in the red. “The tone heading into month end remains mostly unchanged from the post-rate hike/post-Jackson Hole dialogue, with conflicting metrics holding back more momentum
Chicago O’Hare International Airport’s $1.77 billion sale drew about 39 new investors to the table Tuesday as healthy demand for the upgraded bonds made for a soft landing despite market volatility and a flood of airport bonds this year. With $6.3 billion in orders from 107 investors, the city shaved yields in a repricing that
AstraZeneca has succeeded in an eleventh-hour effort to stop a former senior executive from joining rival GSK this week after a High Court judge granted the drugmaker an injunction in an unusual legal battle featuring Britain’s two biggest pharmaceutical companies. Chris Sheldon, who left AstraZeneca in August after holding several senior roles, was due to