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Judge extends litigation stay in Puerto Rico utility bankruptcy
The judge overseeing the bankruptcy for Puerto Rico’s government-owned electric utility continued a pause on litigation related to the case as the power provider and its creditors negotiate a possible debt-cutting deal. U.S. District Court Judge Laura Taylor Swain extended for an additional 30 days the litigation stay through Oct. 8 and ordered the parties…
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Friday’s big stock stories: What’s likely to move the market in the next trading session
Traders work on the floor of the New York Stock Exchange during afternoon trading on September 05, 2024 in New York City. Michael M. Santiago | Getty Images Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it…
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Nobel winner Joseph Stiglitz says Fed raised rates ‘too far, too fast’ — and now needs to cut big
Nobel Prize-winning economist Joseph Stiglitz says the Federal Reserve should deliver a half-point interest rate cut at its forthcoming meeting, accusing the U.S. central bank of going “too far, too fast” with monetary policy tightening and making the inflation problem worse. His comments come ahead of Friday’s pivotal release of U.S. jobs data, with investors…
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Nvidia’s AI chips are cheaper to rent in China than US
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Hefty slate of new-issues price into constructive market
Municipals were slightly firmer Thursday amid another busy day in the primary market, which saw a $1.1 billion deal from the North Texas Tollway Authority price and $850 million of general obligation bonds from Massachusetts sold in the competitive market. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at…
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Barnier promises respect for ‘all political forces’ as French PM
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Kenneth Lind
Kenneth Lind, whose 45-year career has seen him working on some of this country’s largest projects and developments, has both the kind of storied reputation and local impact that any public servant could only dream of. But outside of his many headline achievements, whether that be the development of Hudson Yards, the extension of the…
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Thursday’s big stock stories: What’s likely to move the market in the next trading session
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 4, 2024. Brendan Mcdermid | Reuters Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your…
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How Gen Z outpaces past generations in the homeownership rate
Gen Z has taken the lead in the homeownership race. In 2023, the homeownership rate for adult Gen Zers, or those between 19 and 26 years old, was higher than the homeownership rate for millennials and Gen X when they were 24, according to Redfin, a real estate company. The race is close, though. About…
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Putin’s flagship Arctic gas project struggles to lure customers
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South Dakota considers ending state grocery tax
South Dakota voters will determine the fate of Initiated Measure 28, which would eliminate the state sales tax on groceries. Illinois, Oklahoma, Kansas, Arkansas, Utah, Tennessee, Alabama and Virginia have eliminated or reduced this tax, according to the Urban Institute Tax Policy Center. “Grocery taxes are regarded as a regressive form of taxes, and cutting…
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Reeves plans to ‘fiddle’ fiscal rules to boost borrowing, claim Tories
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Congress needs to step up as Harris pushes housing
Vice-President Kamala Harris’s recent comments on housing policy remind us that the Affordable Housing Credit Improvement Act (AHCIA), first introduced in 2016 by the 114th Congress, has yet to make it to a President’s desk. Eight years on, it may be worth considering other legislative options to stimulate affordable housing production. The ACHIA would reduce…
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Nvidia is a no-go for over half of this ultra-rich club’s members with assets worth $165 billion
In this article NVDA Follow your favorite stocksCREATE FREE ACCOUNT Sopa Images | Lightrocket | Getty Images More than half of Tiger 21’s members don’t invest in Nvidia, according to a recent asset allocation report released by this network of ultra-high-net-worth investors and entrepreneurs. The network’s second-quarter asset allocation report revealed that 57% of its…
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Mortgage refinance demand is 94% higher than a year ago, as interest rates fall again
File photo Patrick T. Fallon | Bloomberg | Getty Images Mortgage demand is now heavily skewed toward refinancing, as interest rates declined for the fifth straight week. Total mortgage application volume rose just 1.6% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate…
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UK regulator to slash maximum fraud losses banks are forced to cover
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August closes in black, first time since 2019
Municipals were little changed to firmer in spots Tuesday as U.S. Treasury yields fell while equities sold off to start September. “With August now behind us, munis continued the summer rally with [the month] returning 0.79%, pushing year-to-date gains to 1.30%,” said Jason Wong, vice president of municipals at AmeriVet Securities. This marked the first…
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Global stocks slide as investors fret over US slowdown
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North Texas Tollway’s $1.126 billion refunding includes tender offer
The North Texas Tollway Authority is seeking savings through bond refundings and tenders in a $1.126 billion deal that tops this week’s municipal bond sale calendar. The NTTA scheduled a Thursday pricing for the tax-exempt debt offered in two series – $446.14 million of first tier revenue bonds to fund a tender offer for taxable…
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JPMorgan economist says China’s housing market crash is still not over
China’s troubled housing market will continue to see softness as a slew of government stimulus and support measures have not been “satisfactory” in propping up the sector, according to a JPMorgan economist. The “housing market crash is still not over yet,” Haibin Zhu, chief China economist at JPMorgan told CNBC’s “Squawk Box Asia” Monday, adding…
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