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...thing to start: New York Community Bancorp has replaced its chief executive and identified “material weaknesses” in internal controls, amid worries about the US regional lender’s exposure to the commercial property...
...Chart of the week Investment trusts are a cornerstone of the UK equity markets, dating back to the Victorian era, when they were created to widen access for individual investors to investments across the...
...Analysts expect the country’s economy to continue to slow in the medium term thanks to the property downturn and demographic decline....
...Investors and analysts don’t believe the company will make any immediate changes, given that succession plans have largely been laid out and that Munger’s $2bn-plus stake was not large enough to affect control...
...Amazon this year paid more than $8bn for MGM, the studio behind the James Bond franchise, a signal of how much streaming groups are willing to pay for coveted intellectual property....
...“Even in the higher luxury homes it’s not unusual to receive multiple offers on a $10mn plus home,” Martinez at Sotheby’s said....
...The property giant says it’s just a small part of the puzzle. Bond mania As the importance of banks fade, bond markets have become the backbone of the financial system....
...Two resorts in Saudi Arabia, part of that country’s trillion-dollar-plus Vision 2030 development initiatives, will open by 2026, along with a Riyadh hotel....
...A plus point – or downside, depending on your perspective – is that owners must agree to share their view, putting their property into Homestead Modern’s rental pool....
...The Chinese property sector has emerged as the biggest threat to the stability of the global economy, fuelling a “dramatic shift” out of emerging market stocks and into the US, according to Bank of America...
...According to the SEC, Stoner Cats 2 LLC’s offering raised roughly $8mn from investors by selling more than 10,000 NFTs for roughly $800 each. The offering sold out in 35 minutes....
...One scoop to start: Blackstone’s $68bn flagship property fund has gone from being one of the world’s biggest buyers of property to a large seller, as it raises liquidity to meet redemptions and invest billions...
...Only trophies and trash properties are trading. Valuations a bit hard to peg. It feels like a slow credit squeeze, not a violent crunch, with real estate near frozen rather than collapsing....
...The world’s largest asset manager called time on a strategy that has been a cornerstone for many asset managers for more than 30 years....
...Muddy Waters has revealed a short position against Vivion, a €4bn European property company, accusing its top shareholders of using “bond sale proceeds to unduly enrich themselves” and inflating the true...
...Finback was considering buying a stake in Gideon Cyber Systems LLC, according to the term sheet....
...The abruptness of the firings might be attributed to an effort to protect intellectual property and client relationships, prevent staff from transferring data and other security reasons....
...In between, Cerberus and friends sold properties and land, paid down debt, took some dividends and eventually listed Albertsons in 2020 with a $25bn enterprise value....
...They also publicly offered just 5 per cent of the company’s stock and secured advance commitments for almost 40 per cent of that from two cornerstone investors: Baillie Gifford and Norges Bank....
...“If there’s a sponsor willing to do the deal plus a bunch of underwriters, they might as well go now.”...
...The 450,000 property cap, I have to say, is probably the thing that listeners complain to me the most about....
...“That’s how landed estates remained intact in England,” explained one property lawyer. “But no one was using offshore companies in Antigua during the Crusades.”...
...Chinese groups were having an increasingly difficult time refinancing — especially those with big property portfolios, such as Fosun — after a series of defaults by Evergrande turned bond investors off of...
...If you stand in a kitchen for 16-plus hours a day, you learn to conserve energy. Even in Demetre’s larger kitchen, the sink, fridge, oven and workspaces are all within one or two steps....
...After a marathon overnight voting session, the climate, tax and healthcare bill known as the Inflation Reduction Act was passed by a margin of 51 to 50, marking a cornerstone achievement of President Joe...
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