UK chancellor Kwasi Kwarteng will on Friday attempt to deliver shock treatment to Britain’s stagnating economy, with a 30-point growth package to turn “the vicious cycle of stagnation into a virtuous cycle of growth”. Kwarteng’s mini-Budget will feature tax reforms to help struggling self-employed business owners, alongside scrapping a planned increase in corporation tax that
In this article FDS DRI KBH NVAX 9961-HK Follow your favorite stocksCREATE FREE ACCOUNT An Olive Garden restaurant in Times Square in New York. Richard Levine | Corbis | Getty Images Here are the stocks making headlines in midday trading Thursday. Novavax — Shares of the drug maker tumbled 13.9% after JPMorgan downgraded Novavax to
Cryptocurrencies have been in a bear trend since mid-August after they failed to break above the $1.2 trillion market capitalization resistance. Even with the current bear trend and a brutal 25% correction, it has not been enough to break the three-month-long ascending trend. The crypto markets’ aggregate capitalization declined 7.2% to $920 billion in the
Meet me in St. Louis, Louis, meet me at the fair…the song about the 1904 World’s Fair in St. Louis, Missouri that celebrated the centennial of the Louisiana Purchase has kept it alive in our memories. Now the Nabisco Mansion, another piece of that history, is for sale. Though it is called the Nabisco Mansion,
An aerial view of former U.S. President Donald Trump’s Mar-a-Lago home after Trump said that FBI agents raided it, in Palm Beach, Florida, U.S. August 15, 2022. Marco Bello | Reuters A bombshell lawsuit against former President Donald Trump filed Wednesday contains a head-spinning amount of detail about real estate, loans and other financial arrangements
While the greenback has been rising higher, the Japanese yen tapped a 24-year low and Japan decided to intervene in foreign exchange markets (forex) for the first time since 1998. Reports say the Bank of Japan conducted the first forex intervention in 24 years, after the Japanese central bank kept its benchmark bank rate suppressed
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Municipals were mixed after the Federal Open Market Committee implemented a third straight 75 basis point rate hike as it continues to combat inflation, pushing the two-year U.S. Treasury above 4% while the 10-, 20- and 30-year made gains. Equities ended in the red. The FOMC raised the fed funds rate target 75 basis points
The Federal Reserve hiked rates by 75 basis points on Sept. 21 and Fed Chair Jerome Powell projected another 125 basis points increase before the end of the year. If that happens, it will take the benchmark rate to 4.4% by the end of the year, which is sharply higher than the June estimates of
The failed endeavor to build the Carolina Panthers football franchise a new headquarters in York County, South Carolina, has resulted in a thorny legal battle over who is to blame. Construction on the planned $800 million mixed-used facility in Rock Hill, meant to include state-of-the-art training facilities, office space, millions in utility investments, and green
President Volodymyr Zelenskyy has launched a searing rebuke of Russia’s pledge to mobilise additional troops and hold sham referendums in southern and eastern Ukraine, saying Moscow “wants war” but “will not be able to stop the course of history”. Zelenskyy, speaking in a speech recorded from Kyiv at the UN General Assembly, attacked Russia’s recent
(Click here to subscribe to the Delivering Alpha newsletter.) Inflation, a hawkish Fed, fears of a recession have all made 2022 a tough environment for investing. A traditional portfolio of stocks and bonds is deeply in the red, leaving investors to seek diversity elsewhere. Ares Management, however, has been a beneficiary of the current environment. With hundreds
In this article ACB-CA ANET NOC Follow your favorite stocksCREATE FREE ACCOUNT General Mills’ Cheerios for sale on a store shelf. Lisa Baertlein | Reuters Check out the companies making headlines in midday trading Wednesday. Freyr Battery — Shares of the electric vehicle battery maker shot up 17.6% after Morgan Stanley said the company’s price
Most crypto investors probably never heard of Wintermute Trading before the Sept. 20 $160 million hack, but that does not reduce their significance within the cryptocurrency ecosystem. The London-based algorithmic trading and crypto lending firm also provides liquidity to some of the largest exchanges and blockchain projects. As a crypto-native trading firm, meaning digital assets
New York has a convoluted body of usury law that deems certain loans usurious and invalidates them. New York’s usury law almost never actually applies to any loan because the law is riddled with so many exceptions and exclusions. It will, however, sometimes rear its ugly head with casual or noninstitutional transactions, or where a
The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the third time in a row, in an effort to cool down unrelenting inflation. Fed officials have raised the benchmark short-term borrowing rate a total of five times this year, including 75-basis point increases in June and July, marking an unprecedented pace. related
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New York City will dip its toes into the social bond municipal market for the first time next month when it offers a $400 million taxable general obligation deal to a growing investor base seeking bonds that address specific social objectives. This is the city’s first sale of social bonds, Mayor Eric Adams and New York
Municipals sold off across the yield curve amid elevated selling pressure as the first day of the Federal Open Market Committee meeting began Tuesday, with the one-year muni well above 2.5% and the 10-year surpassing 3%. U.S. Treasuries were weaker and equities ended down. Triple-A benchmark yields rose eight to 10 basis points, depending on
Liz Truss has declared that cutting taxes for the wealthy and profitable companies is not “unfair”, signalling a radical shift in economic policy ahead of a growth-focused mini-Budget on Friday. The UK prime minister has signed off plans to cut national insurance, a policy that will disproportionately help the better-off, reverse a planned rise in
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