The Financial Industry Regulatory Authority has fined NewEdge Securities, the brokerage arm of NewEdge Capital Group $90,000, in addition to restitution of $44,927.83 for charging unfair prices on 62 corporate bond transactions and six municipal bond transactions. Along with the fine and restitution, the firm has been censured for violating FINRA Rules 2121 and 2010,
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One tool aimed at helping to solve California’s notorious affordable housing crisis appears to be headed for a crisis of its own. Defaults are rising on highly leveraged unrated workforce housing bonds, primarily issued over the last few years in California to purchase apartment buildings, when interest rates were near zero. So far, six out
A group of investors have challenged the legality of the Regents of the University of California’s ability to trigger an extraordinary redemption provision to refund their outstanding Build America Bonds. This may not be the last challenge as several issuers have made clear they intend to use the ERP to refund billions of their outstanding
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Jeremy Hunt has wound down a scheme that delivered an extra £200mn a year for social housing in England, in a controversial move that will further squeeze the finances of cash-strapped local councils. The chancellor’s
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Federal Reserve is “not far” from having the confidence to start cutting interest rates, its chair Jay Powell has said, bolstering hopes that the central bank will lower borrowing costs in the coming months.
Huntington National Bank has brought on Citi’s entire Midwest public finance banking group, with Samantha Costanzo being named head of public finance, the fourth woman to lead a municipal banking division in the industry. She will be based in Chicago. Jurl Vinegar and Rupi Jain are also joining as director of public finance and associate
In this article Follow your favorite stocksCREATE FREE ACCOUNT Sonali Pier is a portfolio manager with Pimco Pimco’s Sonali Pier strives for outperformance. The youngest of three and the daughter of Indian immigrants, Pier set her sights on Wall Street after graduating from Princeton University in 2003. She began her career at JPMorgan as a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Nationwide Building Society has reached a preliminary agreement to buy Virgin Money in a £2.9bn deal that would bolster its ability to challenge the UK’s big four banks. Nationwide is offering a total of 220p
Loop Capital Markets has added four former Citi and UBS public finance professionals to its ranks, joining the growing list of firms to expand their banking teams in the muni space. John Malpiede, John Giammarino and Alain Garcia will be joining Loop Capital from Citi, and Candace Kelly is moving over from UBS. “The additions
U.S. Securities and Exchange Commission Chair Gary Gensler testifies before a House Financial Services Committee oversight hearing on Capitol Hill in Washington, D.C., on Sept. 27, 2023. Jonathan Ernst | Reuters The U.S. Securities and Exchange Commission on Wednesday voted to adopt new rules that will require most publicly traded companies to disclose climate-related risks
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. UK chancellor Jeremy Hunt claimed that Britain’s economy has “turned the corner”, as his pre-election Budget put a £10bn personal tax cut at the heart of the Conservatives’ bid to overturn Labour’s polling lead and
An aerial view shows a subdivision that has replaced the once rural landscape on July 19, 2023 in Hawthorn Woods, Illinois. Scott Olson | Getty Images Spring hasn’t officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates. Mortgage applications to purchase a home increased
The headwinds facing the University of Idaho’s plan to acquire the University of Phoenix got a lot stronger this week; as did obstacles toward issuing bonds to fund the $685 million purchase through U of I’s affiliated nonprofit, Four Three Education. On Tuesday, the state’s House of Representatives passed House Concurrent Resolution 26 in a
Live Opinion3/6/2024, 9:51:25 AM Stephen Bush At the Autumn Statement last year, Jeremy Hunt used most of his “headroom” to introduce a series of genuine “pro-growth” measures: making “full expensing” permanent (a big tax break for companies), increasing the government’s spending on computing power to develop artificial intelligence and further fleshing out its £2.5bn national
Welcome to the Financial Times’s live coverage of Super Tuesday, perhaps one of the busiest days of the US presidential election calendar. Fifteen US states head to the polls, potentially shedding more light on who the Republican and Democratic parties will pick as their nominee for president. Stay with us through the day for updates
Republican presidential candidate, former U.S. President Donald Trump speaks during a Fox News town hall at the Greenville Convention Center on February 20, 2024 in Greenville, South Carolina. Justin Sullivan | Getty Images Donald Trump is racing to stave off a pair of civil penalties totaling nearly $540 million — without having to first put
The Puerto Rico Electric Power Authority bond trustee said the Oversight Board’s proposed plan of adjustment breaches the bonds’ trust agreement. “There is a fundamental clash between the duties of bondholders to each other in the trust agreement and the three bondholder [plan support agreements (PSAs)] in the plan,” said bond trustee U.S. Bank N.A.
Financial woes at the University of Arizona led Moody’s Investors Service on Monday to revise the outlook on the school’s Aa2 system revenue bond rating to negative from stable. The rating agency pointed to a structural imbalance and uncertainty over the pace of operating performance improvements, along with continued integration risk related to the university’s
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Singapore’s Temasek Holdings is holding talks about investing in OpenAI, a deal that would mark the first time a state-backed group has funded the ChatGPT maker. Senior executives at Temasek, one of the world’s biggest
Jaap Arriens | NurPhoto | Getty Images The price of bitcoin rose to start the week, edging even closer to its all-time high after the rally took a breather over the weekend. The flagship cryptocurrency was last higher by 3.7% at $65,127.00, according to Coin Metrics. Earlier, it rose to as much as $65,606.17, its
Skyline of Tokyo, Japan. Jackyenjoyphotography | Moment | Getty Images Japan’s Nikkei 225 smashed through the 40,000 level on Monday, soaring past another milestone to a new record high — but it did not surprise Japan expert Jesper Koll who expects another 37% upside for the benchmark stock index. “In my view, it is perfectly reasonable
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