The first half of 2021 in the crypto markets brought many comparisons to 2017. Bitcoin (BTC) was on a tear to its all-time high, the new frontier of decentralized finance emerged, and nonfungible tokens were gaining myriad celebrity endorsements. But after the initial months of euphoria and a subsequent sell-off, BTC’s performance has been far
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The bullish momentum that had been growing across the cryptocurrency ecosystem over the past few days came to a screeching halt on Sept. 24 as news that China had banned cryptocurrency transactions made the rounds on social media and initiated an abrupt fall in the price of Bitcoin (BTC) from $45,000 to $42,000. After the
The crypto market’s recovery was rocked on Sept. 24 after news that China’s government is adopting a new set of measures that includes stronger inter-departmental coordination to “cut off payment channels, dispose of relevant websites and mobile applications” to crack down on illegal cryptocurrency transactions efficiently. Although the news has caused a selloff, long-term investors
The growth of the decentralized finance (DeFi) sector has been a recurrent headline throughout 2021 and to date, hundreds of billions of dollars in crypto assets are locked on protocols across numerous blockchain networks and earning a yield for their holders. What started off as a simple Ethereum-based swap interface that allowed ERC-20 tokens to
Real estate financing often includes something more than an ordinary mortgage loan. A borrower often obtains additional funds through a separate mezzanine loan, secured by a pledge of ownership interests in the entity that owns the mortgaged real estate. Because those ownership interests are not real estate, the lender’s rights are governed by the Uniform
Buried in a 10-page report from Moody’s Analytics detailing the catastrophic economic impact if Congress fails to raise the debt ceiling – for starters, a U.S. default could wipe out 6 million jobs and $15 trillion in wealth – is a line about the mortgage market and home loan rates. “Treasury yields, mortgage rates, and
Bungalow 5 is one of the top furniture brands that isn’t on the tip of everyone’s tongue. That’s because it is one of the few that has chosen not to sell directly to consumers. Still, Bungalow 5 has been incredibly successful, celebrating twenty years of business in 2021. While this is a different approach to
With ocean views and a blanket of greenery surrounding it, one might think this custom compound is set on the North Shore of Kauai. In actuality, the $29.95-million estate is across the Pacific—nestled among 140 acres of organic avocado groves in Somis, California, a quiet community located halfway between Beverly Hills and Santa Barbara. Built
Another day, another record for Dubai’s high-end real estate scene. On the manmade marvel Palm Jumeirah, a prized super-penthouse has sold for about $23.5 million (approximately AED 86 million), making it among the most expensive penthouses ever sold in the United Arab Emirates city. The massive duplex residence is one of about 90 units within
In this article 3333-HK 127-HK A man drives a cart past apartment buildings at China Evergrande Group’s Life in Venice real estate and tourism development in Qidong, Jiangsu province, China, on Tuesday, Sept. 21, 2021. Qilai Shen | Bloomberg | Getty Images Hong Kong-listed shares of investment holding firm Chinese Estates surged on Thursday after
In this article ABNB Airbnb CEO Brian Chesky attends the Cannes Lions on June 20, 2016, in Cannes, France. Richard Bord | Getty Images Airbnb announced Thursday that it is planning to provide temporary housing to an additional 20,000 Afghan refugees, bringing the total number up to 40,000. Last month, the charitable arm of the
Jenna Fountain carries a bucket down Regency Drive to try to recover items from their flooded home in Port Arthur, Texas, September 1, 2017. Emily Kask | AFP | Getty Images Record-setting rain, floods and wildfires are examples of the rising risks to the U.S. housing market from climate change. Mortgage lenders and investors are
Embattled developer China Evergrande‘s situation is not a surprise, given the steps taken by Beijing to reign in excessive debt in the property sector, according to Orient Capital Research’s Andrew Collier. “This is all a bit of a tempest in a teapot, which sounds funny given that the whole world is worried about Evergrande right
Prospective buyers visit an open house for sale in Alexandria, Virginia. Jonathan Ernst | Reuters Mortgage rates jumped higher this week. It could be just the beginning of an upward trend. The average rate on the popular 30-year fixed mortgage just crossed back over 3% early this week and then jumped 9 basis points Thursday
Boston’s mayoral race has captured national headlines, with the city in line to have its first elected female and minority mayor. It reflects demographic change in a city noted over the years for clinging to its traditions. “Every significant candidate was identified as a person of color, and the four top finishers were women,” said
After more than four years of seeking the restructuring of the ruinous public debts of Puerto Rico, the special body representing the government is looking forward to finishing its work and dissolving. However, the most important part of the job is left undone. Someone must put in place an impregnable bulwark against the fiscal mismanagement
As Congress debates a $1 trillion infrastructure program, Ballard Spahr announced William Estes, an experienced public sector attorney, has joined the P3/Infrastructure Group in its New York City office. Estes, who has over 20 years of experience as a lawyer, has overseen multibillion-dollar design-build and infrastructure developments for government agencies, Ballard Spahr Chair Mark Stewart
Problems distributing ballots to potential voters on the Puerto Rico Plan of Adjustment have led to calls to push back the Oct. 4 voting deadline, and this may potentially push back the plan confirmation. The Official Committee of Retired Employees on Thursday filed a motion to have the deadline pushed from 5 p.m., Oct. 4
California Gov. Gavin Newsom signed 24 bills that allocate $15 billion to further the state’s efforts to combat climate change, drought and wildfires. The total includes additional funding agreed to by the Legislature after the $261.4 billion budget was passed by the constitutional deadline and signed by the governor in July, but also some funding
Cities have spent the last decade seeking the kind of federal support found in the bipartisan infrastructure bill that the House may vote on as soon as Monday, said mayors and representatives from the National Urban League in a press conference today. “Mayors in the U.S. have been in infrastructure week for over a decade
Muni issuers are considering and beginning to roll out blockchain based solutions, including distributed ledger technology for various muni projects, but the market remains nascent. The introduction of blockchain and its use of digital ledger technology caught market attention in 2016 as a banking alternative that could transform operating systems, and for munis, promised the
Municipal yields edged higher Friday as selling pressure emerged early and buyers greeted it by demanding some concessions, though municipals still outperformed taxables by a large degree on the week. Triple-A benchmark yields rose another two to three basis points, moving the municipal 10-year to 1% on both Refinitiv MMD and ICE Data Services scales.
The Puerto Rico House of Representatives could approve next week restructured bonds for the Puerto Rico bankruptcy, which may move the process along. House Speaker Rafael Hernández Montañez plans to submit a bill to allow the sale ofrestructured bonds consistent with the proposed Plan of Adjustment, said Lilliam Maldonado, spokesperson for Rep. Jesús Santa Rodríguez,
In March 2012, Andrew Left, a short-seller based in the US, received a mysterious package with no return address. Inside, a 68-page document made explosive claims about a Chinese property developer that was then little-known outside of its home market. Left’s subsequent report on Hong Kong-listed Evergrande Real Estate Group, which alleged it was “insolvent”
In the blue corner: Pearson, a shrunken ex-conglomerate, former owner of the Financial Times, a textbook publisher hated by many teachers, now led by former Walt Disney executive Andy Bird. In the red corner: Chegg, a glossy “edtech” upstart, based in Silicon Valley, led by well-connected former Yahoo executive Dan Rosensweig. Chegg started off as
This summer the Pacific Northwest was hit by one of the most severe and sustained heatwaves in history. The “heat dome”, which settled over California, Oregon, Washington and British Columbia, broke temperature records in the region. July was Earth’s hottest month since records began. Europe has recorded its highest temperature in history (48.8C in Sicily). Data
China’s crackdown on foreign investors and domestic property speculation has prompted many international investors to head for the exits. Ray Dalio is not among them. Instead, the founder of the $140bn US hedge fund Bridgewater Associates and one of the most prominent foreign investors in the country, said he has spoken directly to officials from
Chinese police have detained the two remaining co-founders of HNA in the latest twist in the collapse of China’s hitherto most acquisitive group. The bankrupt Chinese conglomerate, which is under state control, said chair Chen Feng and chief executive Adam Tan were taken into custody on Friday over suspected crimes, without providing details of the
Kristalina Georgieva has stepped up her battle to remain at the helm of the IMF amid mounting calls for her resignation, issuing a forceful denial of claims she improperly pressured World Bank staff to change a flagship country ranking to benefit China. “Let me be clear: the conclusions are wrong. I did not pressure anyone
The US Securities and Exchange Commission has given bond brokers a three-month reprieve to get in line with amendments to a 50-year-old rule that are set to come into effect next week, after banks, asset managers and trade lobbies fretted the changes could bring trading in large swaths of the market to a halt. Bond