Shares of Los Angeles-based social media platform Snap jumped more than 30 per cent after its earnings beat analysts’ expectations as increasing demand for its advertising services boosted sales. The company’s revenue of $1.2bn in the first three months of 2024 was 21 per cent above the same period a year earlier. Net losses narrowed,
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Stay informed with free updates Simply sign up to the US economy myFT Digest — delivered directly to your inbox. The US economy grew less than expected in the first quarter of 2024, at an annualised rate of 1.6 per cent, hit by higher inflation data that spooked investors. The growth figure from the Bureau
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
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Diamonds may be forever but they are also seriously on sale. Natural rough diamond prices have collapsed 26 per cent in the past couple of years. Tepid US and Chinese demand for diamond jewellery hasn’t
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
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
With a spate of high-profile arrests of suspected Chinese and Russian spies in recent days, Germany’s counter-intelligence agents, once criticised for their lack of mettle, may have come in from the cold. On Tuesday morning, German police swooped on Jian Guo, a staffer working in the European parliament, accused by prosecutors of spying for China.
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 War in Ukraine myFT Digest — delivered directly to your inbox. Russia has threatened to step up its attacks on logistics centres and storage facilities for western weapons in Ukraine, in Moscow’s first direct response to the passage of US military aid for Kyiv. Russian
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
The sight of a scowling Donald Trump sitting in a New York courtroom, flanked by lawyers, is by now so common that it no longer surprises. Still, there was an added, unspoken tension when the former — and perhaps future — US president appeared in Manhattan criminal court on Monday morning. The charges he was
The Federal Trade Commission has sued to block US luxury goods group Tapestry’s $8.5bn acquisition of Capri Holdings, a move that threatens a bid to create a US rival to European giants LVMH and Kering. The antitrust regulator on Monday alleged that the acquisition would eliminate “head-to-head” competition among the groups’ brands, including Capri’s Michael
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
Stay informed with free updates Simply sign up to the Geopolitics myFT Digest — delivered directly to your inbox. After many months of argument and hesitation, the House of Representatives has finally acted. The vote in Washington to provide $61bn in new military aid for Ukraine may be a turning point in the war with
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
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
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
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy National security experts and financial market traders seem to disagree on what will follow the recent escalation of tensions between
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