Beijing is seeking to mobilise up to Rmb1tn ($148bn) of loans for stalled property developments, in its most ambitious attempt to revive the debt-stricken sector and mollify home buyers who are boycotting mortgage repayments after lengthy construction delays. China’s property sector accounts for about one-third of total output in the world’s second-largest economy. The industry’s
Ford overcame supply chain challenges to report higher vehicle sales and reaffirm its outlook for the year, but is “actively looking” to offset costs as inflationary pressures mount. The automaker reported revenue of $40.2bn in the second quarter, a 50 per cent jump from the same period last year, thanks to a 35 per cent
Federal Reserve officials made history on Wednesday by hiking rates by three-quarters of a percentage point for the second straight month, delivering the most aggressive tightening in more than a generation to curb surging inflation, but risking a sharp blow to the economy. Policy makers, facing the hottest price pressures in 40 years, lifted the
Municipals were firmer following the Fed’s decision to hike rates another 75 basis points, while U.S. Treasuries rallied on the short end and equities ended up. Despite this being another “outsize rate increase” of 75 basis points, Brian Coulton, chief economist for Fitch Ratings, said “the Fed has still only raised interest rates back into
Taxable municipal issuance has plummeted this year as the shock of rising interest rates made the financing vehicle less enticing for issuers, both economically and psychologically. From becoming a replacement for tax-exempt advance refundings lost to 2017 tax law changes to broadening the investor base for munis, taxables have played a larger role in the
Gas and electricity bills for the most vulnerable households in Britain are predicted to soar to an average of £500 a month in January, stoking the cost of living crisis and increasing the pressure on the government to act to save millions of families from energy poverty. The warning from consultancy BFY Group came as
The Securities and Exchange Commission’s four enforcement actions this year were all leveled against municipal issuers, a signal that the Commission could be taking a more holistic approach when looking at municipal securities violations. This year, the Commission has charged issuers and related officials from Rochester, New York, Crosby Independent School District in Harris County,
The Federal Reserve raised the target federal funds rate by another 0.75 percentage points at the end of its two-day meeting Wednesday, in an effort to curb unrelenting inflation. Fed officials have already raised benchmark short-term borrowing rates 1.5 percentage points this year, including June’s 75-basis point increase, which marked the largest increase in nearly three decades. The
The Federal Reserve raised its benchmark policy rate by 0.75 percentage points for the second month in a row on Wednesday as it doubled down on its aggressive approach to taming soaring inflation despite early signs the US economy is starting to lose steam. At the end of its two-day policy meeting, the Federal Open
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Too often new traders come into the market without getting to know the most fundamental components of foreign exchange and how currencies work. So we decided to make a video that explains the first things traders need to know in an easy and accessible way. Demonstrating them in the Trading 212 app, trading expert David
The hottest trend in real estate is the built-for-rent single-family home business (”BFR”), but now that mortgage rates have doubled, the stock market has gone bearish, home sales are crashing, and the talk of possible recession is on the wind, investors in this segment are asking more questions about potential risks. There are some legitimately
The mediators handling the Puerto Rico Electric Power Authority mediation asked Wednesday for the deadline to be extended from Aug. 1 until Aug. 15. Puerto Rico bankruptcy Judge Laura Taylor Swain had set 11:59 p.m. Aug. 1 as the deadline for the Oversight Board to achieve a proposed plan of adjustment, a plan term sheet,
Controversy and contentiousness are nothing new in Louisiana politics and ideology intruded into the financial realm once again as the Louisiana Bond Commission had to come to grips with funding, financing, and politics at last week’s meeting. While the commission approved up to $1.7 billion of bond issuance for Louisiana Community Development Authority projects at
Wall Street equity markets rallied on Wednesday after reassuring earnings reports from tech titans Microsoft and Alphabet soothed markets ahead of a crucial US interest rate decision later in the day. The technology-heavy Nasdaq Composite US stock index gained 2.7 per cent, with the tech sector rising on relief that inflation and signs of an
Urban renewal might not be the first association the average saver or even fund manager may make with the word “pension.” But the long-term, “patient” capital invested in pensions can play a big role in the regeneration of our cities. Urban renewal calls to mind small, industrial sections of a city fallen into ruin that
Has the high price of food passed a peak? Even before the UN-brokered grain deal between Kyiv and Moscow gave the green light last week for shipments to leave Ukraine’s Black Sea ports, food commodity prices had been plummeting. Fears of recession, a bumper harvest in Russia and hopes of revived grain trade flows have
A “Sale Pending” sign outside a house in Discovery Bay, California, on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Signed contracts to purchase existing homes dropped 20% in June compared with the same month a year ago, the National Association of Realtors said Wednesday. That is the slowest pace since
The writer is professor of corporate law at the University of Cambridge The Financial Reporting Council has announced a fresh review of the UK Corporate Governance Code, indicating that it will strengthen and expand it. The FRC, likely to be absorbed soon into a new, more powerful regulator — the Audit, Reporting and Governance Authority
When two trains are heading for collision, the switch operator puts them on different tracks. Alas, in geopolitics it is up to the drivers to take evasive action. In the case of the US and China, each questions the other’s ability to drive trains. History offers us little hope that looming trainwrecks will organically resolve