Month: February 2020

Manufacturing activity in China plunged in February, exceeding its collapse during the global financial crisis of 2008, according to one of the first official economic indicators published since the coronavirus outbreak.  The manufacturing purchasing managers’ index (PMI) fell to 35.7 this month, which was an all-time low and was down from 50 in January, China’s
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The Chinese economy has witnessed tremendous transition and growth since 1978 when Deng Xiaoping introduced China to capitalist market reforms and moved away from a centrally planned economy. The resulting growth has persisted for the last 35 years; its gross domestic product (GDP) has seen an average annual growth rate of 10.12% between 1983 and 2013,
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Flint, Michigan-based Hurley Medical Center’s rating outlook was revised to stable from negative by Moody’s Investors Service on its improved financial performance. The speculative-grade Ba1 rating was affirmed. The outlook change comes ahead of the medical center’s pricing of $52 million in tax-exempt revenue bonds Tuesday. The bonds will be issued via the Flint Hospital
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The Federal Reserve is monitoring the COVID-19 issue and its economic effects, according to a release from the Bank, attributed to Chairman Jerome Powell, released Friday. “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” Powell said. “The Federal Reserve is closely monitoring developments and their implications
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A public housing authority concerned that it might have lost its eligibility to use tax-exempt private activity bonds as part of a project’s financing package has received a letter from the Internal Revenue Service allowing it to proceed. Although the recent IRS private letter ruling only involved a minor ministerial issue about filing deadlines, it
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With each passing day, fears surrounding COVID-19 elevate as the equity sell-off pressed on for the seventh day on Friday. The biggest winners have and will continue to be muni issuers, as they can sell debt at historic lows and participants don’t see the movement slowing. COVID-19 has pushed benchmark muni yields down to record
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The Securities and Exchange Commission has filed fraud charges against the investor-owned utility that partnered with South Carolina-owned Santee Cooper in the nuclear reactor project the two attempted to build but never completed. The six-count, 87-page lawsuit names Dominion Energy South Carolina Inc., formerly South Carolina Electric and Gas Co. SCE&G was owned by SCANA
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Taxable bonds and COVID-19 are two of the main catalysts that helped February municipal bond volume ascend to its highest level since at least 1986, which is as far back as Bond Buyer data tracks. There was $36.51 billion of volume in February, a 38.4% increase from the activity the market saw in February of
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After years of contentious state budget battles over New Jersey Transit, one of the state’s top lawmakers is proposing a permanent funding solution. Senate President Steve Sweeney, D-Gloucester, is pitching a plan to dedicate $500 million a year toward NJ Transit’s operating budget deriving largely by making permanent a tax surcharge on top-earning corporations. Sweeney
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The rigid and time-consuming procedures of traditional banks have unknowingly paved the way for an industry that has grown tremendously in less than a decade. The peer-to-peer lending industry has become a viable alternative to standard bank loans, emerging as a competitor to the traditional banking system. Growth of Peer-to-Peer Lending The peer-to-peer lending (P2P)
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