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Local officials Friday hailed the U.S. Department of Transportation’s rollout of a nearly $28 billion bridge program that highlights spending on smaller, local bridges across the country. The Infrastructure Investment and Jobs Act provides $40 billion in funding for bridges over the next five years, including $27.5 billion in the Bridge Formula Program. The program
Jeffrey Smith, chief executive officer and chief investment officer at Starboard Value LP. David Paul Morris | Bloomberg | Getty Images 2021 was a busy year for activist funds, with notable investors including Starboard Value, JANA Partners and Carl Icahn pushing for meaningful change at an array of companies. In all, activist shareholders embarked on
In this article LVS C JPM DPZ SHW Spencer Platt | Getty Images Check out the companies making headlines in midday trading. Casino stocks — Las Vegas Sands and Wynn Resorts saw their shares jump more than 11% and 7%, respectively, after the Macau government said the number of casinos allowed to operate there would
Chicago Public Schools’ $872 million of junk-rated paper met with a more fickle high-yield audience this week, underscoring the district’s vulnerability to market volatility even as it inches closer to investment grade status. At attractive spreads that offered a healthy yield kick with many maturities offering 4% coupons, the bonds were 2.2 times oversubscribed, CPS
Fewer homes than ever were for sale in December, driving seasonally-adjusted home sales down 3.6%, according to a new report from Redfin, the technology-powered real estate brokerage. This marks the largest month-over-month sales decline since May 2020. Home prices surged 15% from a year earlier, the 17th consecutive month of double-digit increases. “Home sales are slumping, but
The Central St Giles building in London. DavorLovincic | iStock Unreleased | Getty Images Google has bought a colorful office space in London for $1 billion while it waits for building work on its heavily-delayed U.K. headquarters to be completed. The internet giant announced Friday that it has acquired all of the Central St. Giles
Hong Kong’s central banking institution, the Hong Kong Monetary Authority (HKMA), released a questionnaire to gauge public opinion on regulations for crypto-assets and stablecoins. The state-backed regulator intends to establish a regulatory framework by 2023-24. HKMA’s “Discussion Paper on Crypto-assets and Stablecoins” highlights the explosive growth of the stablecoin market in terms of market capitalization
Uruguay has reportedly installed its first Bitcoin (BTC) ATM, making it the 11th South American country to publicly encourage crypto adoption. Prior to Uruguay’s involvement, South America hosted 79 ATMs, which represented 0.2% of global BTC ATM installations. According to Ámbito, Uruguay’s first crypto ATM was installed in the coastal city of Punta del Este,
The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network. One L1 protocol that has seen its token price climb to a new all-time high this
Municipals ended the week steady to slightly weaker in spots, even as U.S. Treasuries sold off and equities ended mixed on inflation concerns and more hawkish Fed speak. Municipal yields have risen in response to Treasuries, but were mostly unmoved by Friday’s selloff, again lagging taxable counterparts as munis are wont to do on a
In this article C JPM JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021. Brian Snyder | Reuters Banks have been one of the main beneficiaries of high inflation recently because their profit margins tend to expand when higher prices force central banks
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 2, 2021. Brendan McDermid | Reuters Market focus in the coming week turns toward fourth-quarter earnings, which are expected to reveal stronger profit growth for economically sensitive stocks over tech names. The earnings period could test a
A glitch in a computer code that’s widely used by municipalities may pose a significant risk to them, leaving them open to cyber attacks and ransomware demands, Fitch Ratings said on Friday. Public finance entities running Java-based software are broadly exposed due to the widespread use of the open-source Log4j (Log4Shell) computer code, Fitch said
Ever since the pandemic’s dawn, Covid has jolted wage and salary workers out of their snug routines. New flexibility injected by virus-induced workplace closures and work-from-home mandates has had many re-evaluating their choices of residential settings. Early predictions of a complete urban exodus proved folly. But how folks engage with big cities has been rejiggered.
Aerial view of Manhattan and Hudson River in New York Karel Stipek | iStock | Getty Images Throughout most of the pandemic, New Yorkers have been shielded from eviction thanks to a statewide moratorium on the proceedings. That protection will come to an end on Saturday, and tenant advocates fear that many could be pushed
Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with
Tesla CEO Elon Musk announced that Tesla now accepts Dogecoin (DOGE) as payment for the company’s merchandise. DOGE-eligible products in the Tesla store can be purchased by sending DOGE to Tesla’s Dogecoin wallet. While it’s accepting DOGE, the firm also clarified that they are not taking any other crypto. The company states that it cannot
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Municipal benchmark yields were steady to firmer by a basis point 10-years and out Thursday as U.S. Treasuries were stronger and equities sold off led by tech stocks. The municipal primary dominated the day with several large deals pricing. The correction to higher yields over the past week is allowing investors to be more selective