The largest holders of Puerto Rico bonds are betting that a planned debt sale by the commonwealth will fuel a rally in its securities by alleviating doubts the U.S. territory can raise funds in the capital markets.
Eric Garcetti, who began his Los Angeles mayoral term seven months ago, wants to phase out a business tax he says drives away companies and has left the city with a smaller employment base than three decades ago.
Legg Mason Inc., the money manager that has struggled with more than five years of net redemptions, posted a fiscal third-quarter profit after a loss a year earlier, as assets and fees tied to performance rose.
U.S. stocks fell, following the worst week since 2012 for benchmark indexes, as concern over Federal Reserve plans to cut stimulus and an economic slowdown in China tempered gains in industrial shares.
The iShares MSCI Emerging Markets Index exchange-traded fund declined to a five-month low after the Federal Reserve pressed on with a reduction in economic stimulus amid a selloff in developing-nation currencies.
Legg Mason Inc., the money manager seeking to reverse five straight years of redemptions, said it expects to post higher-than-expected net income in the fiscal third quarter after assets and fees tied to performance rose.
Bill Gross, the money manager known as “The Bond King,” misjudged the timing and impact of the Federal Reserve’s plan to scale back its asset purchases in 2013, spurring the Pimco Total Return Fund’s biggest decline in almost two decades.