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
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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
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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
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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,
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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
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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
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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,
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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
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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
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