Puerto Rico Secretary of the Treasury and Chief Financial Officer Francisco Parés Alicea will resign effective Jan. 31. Gov. Pedro Pierluisi announced the resignation and said Nelson Pérez Méndez will serve as the interim Secretary of the Treasury. Pérez Méndez was deputy director of the Fiscal Agency and Financial Advisory Authority, focusing on the central
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Post Office claimed tax relief on compensation it paid to victims of the postmasters scandal, sparking warnings that it risks a £100mn bill and insolvency if authorities rule the move unlawful. In its latest
Municipals were little changed ahead of a holiday-shortened week, while U.S. Treasuries were firmer 10 years and in and equities were mixed near the close. The muni market, as expected, has “remained in a sideways mode” so far in this year with muni-UST ratios grinding lower, said BofA Securities strategists in a weekly report. While
Chesnot | Getty Images The Securities and Exchange Commission pushed for bitcoin ETFs to have a key difference from major stock funds, and that decision’s impact on how the funds trade will only become clear over time. The bitcoin funds that launched on Thursday are using a share redemption process that turns the underlying crypto
A sharp drop in mortgage interest rates in December may have kickstarted this year’s spring housing market early. Rates are about a full percentage point lower than they were in October, and consumers expect they will fall even more. Optimism about mortgage rates increased sharply in December, according to a monthly consumer survey by Fannie
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Citigroup said it expected to cut 20,000 jobs in the “medium term” as it reported its worst quarter for 15 years. Citi, which is in the middle of its biggest restructuring for two decades, reported
UBS has settled charges with the Financial Industry Regulatory Authority, agreeing to a censure and a $100,000 fine for failing to include the Non-Transaction Based Compensation indicator when reporting 91,059 municipal securities transactions to the Municipal Securities Rulemaking Board. For this, UBS violated MSRB Rule G-14 on customer transaction reporting, which requires firms to report
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US and the UK are preparing strikes against Iran-backed Houthi rebels who have been attacking commercial ships in the Red Sea. The US is expected to lead the military response against the Houthis after
The U.S. Virgin Islands government is short on cash for its operations and its governor is asking the legislature to borrow $55 million to cover them. Gov. Albert Bryan Jr. will send his financial team to a Virgin Islands Senate hearing next week to argue for a change in usage for a letter of credit
In this article AVD Follow your favorite stocksCREATE FREE ACCOUNT Pavlo Gonchar | Lightrocket | Getty Images More than a dozen financial firms are involved in new bitcoin exchange-traded funds that began trading Thursday, but one of the biggest fund issuers and money managers in the world still won’t touch cryptocurrency. A Vanguard spokeswoman told
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), during an interview in Washington, DC, US, on Thursday, July 27, 2023. Andrew Harrer | Bloomberg | Getty Images Securities and Exchange Commission Chair Gary Gensler’s statement on why the agency has approved the listing and trading of a group of spot bitcoin ETFs
These days, housing affordability is a struggle for nearly everyone. But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own. Nearly one third, or 31%, of Generation Z adults live at home with parents because they can’t afford to buy
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. An oil tanker linked to a dispute between Iran and the US has been seized off the coast of Oman, in a raid UK maritime authorities said was carried out by individuals in black military-style
The Biden administration Wednesday announced $623 million for cities and states to help build a national electric vehicle charging station network, a prominent piece of the president’s infrastructure agenda that so far has been off to a slow start. The grants mark the first round of funding from the Infrastructure Investment and Jobs Act’s $2.5
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds in a watershed moment that cryptocurrency enthusiasts are betting will draw new retail and institutional investors into the market. The
Municipals continued to experience a short-end correction Wednesday amid a busy day in the primary market which saw Jefferson County, Alabama’s, mega sewer refunding deal price along with a billion-plus of Massachusetts GOs offered to retail. U.S. Treasuries were slightly weaker out long and equities were in the black near the close. The municipal AAA
Chesnot | Getty Images The U.S. Securities and Exchange Commission on Wednesday approved rule changes to allow the creation of bitcoin exchange-traded funds in the U.S., a long-awaited move that will give regular investors access to the controversial and volatile cryptocurrency. The decision will likely lead to the conversion of the Grayscale Bitcoin Trust, which
Representations of cryptocurrency Bitcoin are placed on a PC motherboard in this illustration taken June 16, 2023. Dado Ruvic | Reuters Crypto investors are waiting for the Securities and Exchange Commission to approve a raft of spot bitcoin applications, likely Wednesday With a spot bitcoin ETF now looking very real, attention is turning to the
A “For Sale” outside a house in Hercules, California, US, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. David Paul Morris | Bloomberg | Getty Images Mortgage rates moved a little bit higher last week, for the second
The Federal Reserve, financial markets, the upcoming election and artificial intelligence took center stage on Tuesday as roughly 1,300 members of Chicago’s business community crowded into a packed ballroom for the Executives’ Club of Chicago’s Annual Economic Outlook panel. Quoting Warren Buffett, Charlie Munger and Voltaire, the panelists made their predictions for 2024 and shared
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