Kansas Gov. Laura Kelly on Wednesday vetoed tax cut legislation that she called “too expensive” and offered lawmakers a less-costly alternative. The Democratic governor, who in January vetoed a previous tax reduction bill passed by the Republican-controlled legislation, said the latest measure “jeopardizes our state’s future fiscal stability.” House Bill 2036, which cleared the House
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Facing one of the worst stock slumps in Tesla’s 14-year history, Elon Musk was under pressure this week to deliver a reassuring message to investors about its next generation of electric vehicles and a persuasive vision for an AI-driven, automated future. Instead, what the chief executive offered — alongside even worse than expected first-quarter profits
The recently announced sale of the National Hockey League’s Arizona Coyotes and the team’s move to Utah could lead to bond issuances for arena projects in both states. Under a plan approved by the NHL Board of Governors last week, the team, which had been unable to secure a permanent arena in Arizona, was sold
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The world’s largest sovereign wealth fund has sharply criticised ExxonMobil’s decision to sue two shareholders that filed a climate proposal at the US oil major, pursuing the litigation even after they dropped the resolution. Nicolai
The California Supreme Court has granted review of a case challenging retirement reforms state lawmakers approved 11 years ago, marking a return of pension spiking questions to the high court for the first time since a 2020 ruling on an Alameda County case. The new case — Ventura County Employees’ Retirement Association v. Criminal Justice
A residential real estate sold sign is seen in Washington, D.C. Brendan Smialowski | AFP | Getty Images Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted
Local government officials in Texas are increasingly feeling the sting of 2021 state laws that banned big banks from underwriting municipal bonds for “boycotting” or “discriminating” against the fossil fuel or firearm industries. Several aired their grievances at The Bond Buyer’s Texas Public Finance conference in Austin last week, noting the impact of the laws,
Stay informed with free updates Simply sign up to the Financial services myFT Digest — delivered directly to your inbox. The writer is an FT contributing editor Britain is second only to the US as a centre for asset management. The business is fabulously profitable and employs tens of thousands in highly paid jobs. But
Rockefeller Asset Management added three new portfolio managers to bolster its municipal investment strategies within in its fixed income division, the firm announced Monday. Scott Cottier, Mark DeMitry and Michael Camarella will join Rockefeller from Invesco, where they managed the California Value Municipal Income Trust and the Trust for Investment Grade New York Municipals. They
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Tesla pledged to bring forward the launch of “more affordable” models of its electric vehicles, helping its stock recover some of its recent losses despite reporting a 9 per cent decline in first-quarter revenue amid
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Police have arrested a staffer working for a German far-right member of the European parliament on charges of spying for China. Jian Guo, an employee of Maximilian Krah, was accused by Germany’s federal prosecutor on
Healthy reserves and plans to increase permanent funds to mitigate revenue fluctuations earned Wyoming a positive outlook from S&P Global Ratings. S&P affirmed the state’s AA issuer credit rating, which now has a one-in-three chance of being upgraded over the next two years, as a result of the the positive outlook being elevated from stable,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Manhattan prosecutors accused Donald Trump of lying “over and over again” about payments made in the days before the 2016 election to prevent claims of an extramarital affair with a porn actor becoming public, as
Ukraine faces tough weeks ahead in its fight to stem Russian battlefield advances despite this weekend’s passage of a long-awaited US funding bill, according to Ukrainian officials, soldiers and military analysts. The US House of Representatives passed the $60bn military aid package on Saturday night after months of delay that have left Ukraine short of
After Iran fired a barrage of drones and missiles towards Israel a week ago, 70-year-old Hengameh removed the mirrors from her walls and urged family members to stay away from windows for fear of retaliatory strikes. The Tehran resident, who lived through her country’s 1980s war with Iraq, said: “I am haunted by thoughts of
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US House of Representatives has begun voting on a $95bn package of foreign aid for Ukraine, Israel and Taiwan, in what could be a big breakthrough after months of inaction on Capitol Hill. The
Dado Ruvic | Reuters The Bitcoin network on Friday night slashed the incentives rewarded to miners in half for the fourth time in its history. The celebrated event, which takes place about once every four years as mandated in the Bitcoin code, is designed to slow the issuance of bitcoins, thereby creating a scarcity effect
The Inflation Reduction Act has paved the way for broader participation in affordable housing and a renewed focus by developers on sustainability, panelists at Baker Tilly’s 2024 DevelUP conference said this week. One panelist called the 2022 law “the largest opportunity to build foundational generational wealth that you will experience,” and others praised the tax
Stay informed with free updates Simply sign up to the UK inflation myFT Digest — delivered directly to your inbox. UK inflation could hold around the Bank of England’s 2 per cent target for the next three years, according to an interest rate-setter, making the country “less of an outlier and more of a laggard”
A contentious rule proposal has a host of broker-dealer and investment firms calling for a rewrite as the effects on the municipal bond market portend calamity. “Overall, we recommend that the rules in general be reconsidered and ideally rewritten,” said Susan Joyce, head of muni trading & FI market structure, AllianceBernstein. “We definitely see a
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