The California Legislative Analyst’s Office take on the governor’s proposed budget found Gov. Gavin Newsom’s deficit estimates “optimistic,” though it lowered its own deficit estimates by $10 billion to $58 billion. The main difference between Newsom’s budget for fiscal 2024-25 released last week, which projects a $38 billion deficit, and the LAO’s, is the governor
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is author of ‘Black Wave’, distinguished fellow at Columbia University’s Institute of Global Politics and an FT contributing editor Lebanon’s caretaker foreign minister, Abdallah Bou Habib, made a startlingly frank admission of powerlessness
Former U.S. President Donald Trump arrives to speak to the press after attending the civil fraud trial against the Trump Organization in New York State Supreme Court, in New York City on Jan. 11, 2024. John Lamparski | AFP | Getty Images The top court in New York State on Tuesday rejected an appeal by
The Federal Reserve should be able to “methodically and carefully” lower its interest rate target this year, if inflation continues to moderate, Federal Reserve Gov. Christopher Waller said Tuesday. “When the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully,” Waller said in a Brookings event.
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Donald Trump is expected to win the first ballot of the 2024 presidential race, as voters in Iowa gather on Monday night for caucuses that will set the pace for the Republican campaign for the
Donald Trump was forced to cancel all but one of his planned rallies in Iowa this weekend after a brutal winter storm ripped through the Midwestern state, bringing strong winds and record low temperatures. But when the former president appeared before a standing-room-only crowd at Simpson College, a small undergraduate school in Indianola, Iowa, on
Stay informed with free updates Simply sign up to the German economy myFT Digest — delivered directly to your inbox. German output contracted 0.3 per cent last year as high inflation, rising interest rates and elevated energy costs made Europe’s largest economy one of the weakest performers in the world, according to an initial estimate
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. Security officials from 83 countries gathered in Davos on Sunday to discuss Ukraine’s demands for ending the war with Russia, in talks marked by rising non-western participation but limited progress towards peace. Held on
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Donald Trump is the first choice of just under half of likely Republican caucus goers, according to a new poll that underscores the former president’s dominance heading into the Iowa caucuses on Monday. The poll,
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s military has vowed to “smash” any Taiwan independence “plots”, sending a stark reminder of its threat to use force against the island just hours before Taiwanese voters head to the polls to elect a
California’s budget shortfall is $30 billion less than the $68 billion deficit forecast by the legislative analyst’s office in November, Gov. Gavin Newsom said Wednesday as he unveiled his proposed $291.5 billion budget for fiscal year 2024-25. Even his estimated $37.9 billion deficit will still require some tough choices as Newsom and lawmakers work on
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
Washington state’s rating outlook was revised to positive from stable Thursday by S&P Global Ratings, citing the state’s growing economy and strong reserves. The outlook revision means there is a one-in-three chance the state could have its AA-plus rating upgraded to AAA by S&P over the two-year outlook period, said Oscar Padilla, an S&P director.
Stay informed with free updates Simply sign up to the Oil myFT Digest — delivered directly to your inbox. Crude oil prices rose on Friday after the US and UK launched air strikes against Yemen-based Houthi rebels whose attacks against ships in the Red Sea threatened the flow of goods through one of the world’s
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. 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
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
Marina Wiant has been appointed by State Treasurer Fiona Ma to replace Nancee Robles as executive director of the California Debt Limit Allocation Committee and the California Tax Credit Allocation Committee. Wiant, who started in those posts Wednesday, fills the positions that had been vacant since Robles announced in July that she would be retiring
Botlhokwa Ranta had never flown before, and she was frightened of both the flight and what awaited her when she landed. By the time the wheels of the aeroplane touched the tarmac in Nairobi, she was drunk. She was 26, and it was her first time outside South Africa. Ranta’s faux-leather handbag was filled with small
The complex relationship between municipal bond issuance and natural disasters is inspiring political debate and conflicting viewpoints with some experts predicting a tidal surge of issuance. “With or without Congressional intervention, state and local governments are likely to expand medium and long-term borrowing programs to address climate change mitigation and adaptation,” said Tom Doe, president,
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