• Citic Bank’s core Tier-1 ratio fell to 8.89 percent as of June
  • Lender’s balance-sheet expansion ‘unsustainable’: analyst

China Citic Bank Corp. plans to raise as much as 40 billion yuan ($6 billion) by selling bonds convertible into yuan-denominated shares after an expansion in assets that one analyst describes as “unsustainable.”

The money will fund growth and ultimately replenish the bank’s core Tier-1 capital, the Beijing-based lender said Thursday, after its core Tier-1 ratio fell to 8.89 percent as of June 30 from 9.12 percent six months earlier.

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Martin Shkreli, the former chief executive of Turing, sits with Nancy Retzlaff, its chief commercial officer, at a House Oversight and Government Reform hearing. CreditZach Gibson/The New York Times

The Securities and Exchange Commission has been scrutinizing private equity for several years, concerned that firms are not always transparent with their investors.

They’ve had plenty to chew on, but it seems the misbehavior has continued nevertheless.

On Tuesday, the S.E.C. fined Apollo Global Management about $53 million over accusations the firm misled investors on two issues and failed to supervise a senior executive suspected of misconduct. The executive was caught “improperly charging personal items and services” to Apollo funds, the S.E.C. said. The Financial Times identified the executive as Ali Rashid, a former partner…

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The housing recovery has really been an odd one.  It has been driven by low inventory, anxious builders, and an army of investors.  In the end what has occurred is that the homeownership rate is near a generational low, we have 10 million new renter households over the last decade, and home prices are up on relatively low sales volume.  How can there be big sales volume when inventory is so constrained?  It is a good question to ask.  In any market you will have periods of capitulation, where people simply give in.  You see it happening in this market where people purchase crap shacks as if taking their medicine when they were a child.  The place physically sucks and is overpriced but hey, you need to do it because mommy told you it was the right thing to do.  We’ve been in a holding pattern for a couple of years yet last month, sales did take a rather big drop.  It was the biggest drop since April 2011.  Is this simply an anomaly or are people priced out?…

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  • HARP program will continue through September 2017, FHFA says
  • Companies will launch a new refinance program in October 2017

Fannie Mae and Freddie Mac are extending one of the most successful federal programs enacted in response to the mortgage crisis into next year, even as the pool of borrowers who could benefit from it continues to shrink.

Borrowers can continue to use the Home Affordable Refinance Program, or HARP, though September next year, the Federal Housing Finance Agency, which regulates the mortgage-finance companies, said Thursday. HARP allows some borrowers to refinance to a lower rate even if the equity they have in their home is less than 20 percent, the typical cutoff for some refinances…

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Viacom has one good reason to keep its interim chief executive, Thomas Dooley: a breakup of the media company.

Mr. Dooley, the company’s former chief operating officer, who has close ties to his predecessor, Philippe Dauman, makes an odd choice if the $17 billion company plans to do anything else. A veteran who has been at Viacom on and off since 1980, though, Mr. Dooley may be well suited to finding the best value for Viacom’s various assets.

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Gramercy District will be the first ‘smart city’ in the D.C. area and one of the first in the country.
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Here’s the latest sign of recovery in the overall U.S. housing market: Distressed sales, comprised of foreclosures and short sales, accounted for just 5 percent of total purchases of previously owned homes in July. That’s the smallest share since the National Association of Realtors began tracking the data in 2008. Distressed purchases peaked in March 2009 at nearly half of total sales…

Share of Distressed U.S. Home Sales Falls to Record Low

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Jim Yong Kim in June. CreditSaurabh Das/Associated Press

WASHINGTON — President Obama on Thursday nominated Jim Yong Kim for a second five-year term as president of the World Bank despite persistent complaints among employees about his leadership at a time when the mission of the global development institution is in question.

The bank’s board announced two days earlier that it was beginning to consider who would be its next president, inviting nominations as it did for the first time in 2012. While many World Bank watchers expect Mr. Kim to be reappointed, given the seven-decade tradition of choosing an American picked by the United States, the bank’s largest contributor, they say he will have to work to solidify support…

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The Tempe submarket has been growing in leaps and bounds, leading to unsolicited deals such as the one completed by a three-party partnership.
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  • Workers’s group criticizes Fed structure, Richmond Fed answers
  • Fed presidents slated to meet with activists Thursday evening

As Federal Reserve officials and top economists meet in Jackson Hole this week, the Fed Up coalition will be criticizing the central bank’s structure from the sidelines.

The pro-worker group, an initiative of the Center for Popular Democracy, expects to have 120 workers and activists at the annual economic symposium in Wyoming. On Thursday evening, representatives will meet with Kansas City Fed President Esther George and her fellow bank presidents William Dudley, Neel Kashkari, Loretta Mester, Robert Kaplan, Eric Rosengren and John Williams, along with Fed Governor Lael Brainard, said Fed Up organizer Jordan Haedtler…

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Jeffrey Ubben may not exactly be Dan Loeb when it comes to correspondence. But, as an activist investor, it should suffice to say that the ValueAct Capital chief isn’t used to writing love letters. But when he lays eyes upon the rugged Australian visage of Morgan Stanley CEO Jim Gorman, he just can’t help himself. Nor can he figure out what the hell is wrong with everyone else, who don’t see Gorman’s genius—the record number of firings, the advisory business’ growth, the telling employees what he really thinks of them. But if the morons in the market want to give Ubben a value opportunity—one that probably won’t even run afoul of regulators

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Hobby Lobby will take over 55,000 square feet of retail space in Ottumwa.
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Los Angeles County is massive.  It is also a renting majority county.  L.A. County is the least affordable county based on price-to-income ratios.  And when things get out of control, all of a sudden every area is gentrifying and every property is one step away from being a Taj Mahal.  This summer the housing hounds have been released and all of a sudden real estate is the greatest deal in town.  Housing can do no wrong and for those priced out, you must dig deep in those wallets and make that bet!  You only live once!  Carpe diem.  No one ever regretted buying California real estate aside from all those that regretted buying California real estate.  Today we’ll take a trip to Huntington Park.  According to the real estate gods, gentrification should be happening in every niche of L.A. County.

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An affiliate of the Qatar Investment Authority has acquired a 9.9 percent interest in Empire State Realty Trust.
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Keith Meister holds a large stake in the Williams Companies. CreditAndrew Harrer/Bloomberg

The Williams Companies, which recently lost a court battle to preserve a takeover by another pipeline operator, is facing a new fight. This time, it is from a former director who owns a big stake in the company and has an unconventional plan to overhaul the entire board.

Keith Meister, the managing partner of Corvex Management, which holds a 4 percent stake in Williams, issued an open letter to the rest of the shareholders on Wednesday and submitted the names of 10 nominees for directors at Williams. Investors will vote on board nominees at the company’s annual meeting in November…

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  • Pent-up demand by a growing U.S. population driving the market
  • Homebuilder CEO says housing recovery still in early stages

Housing demand will keep riding high even if prices continue to rise and mortgage rates go up, the chief executive of homebuilder Hovnanian Enterprises Inc. said.

“Actually and amazingly, there were more homes sold in 1981 when mortgage rates were 17 percent,” Ara Hovnanian said in an interview on Bloomberg Television. “The reality is there’s a lot of pent-up demand, demographics are building, the population is growing and they need shelter.”

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Terry Bollea, aka Hulk Hogan, Testifies In Gawker Media Lawsuit

Terry Bollea, aka Hulk Hogan, testifies in court during his trial against Gawker Media at the Pinellas County Courthouse in Florida on March 8, 2016.

Source: Pool via Getty Images
  • Pro wrestler claims lease plan won’t cover monthly costs
  • Manhattan property worth $4.25 million in December appraisal

Hulk Hogan helped bring down Gawker Media. Now he’s throwing a wrench into the personal bankruptcy proceedings of company founder Nick Denton.

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It is not just coincidence that after 147 years of serving institutions and the ultra-wealthy, Goldman Sachs has decided that it will start catering to the common man: It is opportunism borne of necessity.

The years since the financial crisis have not been particularly kind to Goldman Sachs’s moneymaking machine – not that anyone is weeping for the company or the people who work there — despite an improving economy and record numbers of corporate financings and mergers and acquisitions. In the last three fiscal years, Goldman has made a cumulative pretax profit of about $33 billion. By contrast, JPMorgan Chase, the nation’s biggest bank by assets, has had cumulative pretax profit of $87 billion, nearly three times more. In 2007, Goldman and JPMorgan were much more evenly matched when it came to profitability. Goldman made $17.6 billion in pretax profit in 2007; JPMorgan made nearly $23 billion…

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  • Monthly increases reflect more-modest pace of gains, FHFA says
  • Price appreciation cutting into affordability for many buyers

Home prices in the U.S. rose 5.6 percent in the second quarter from a year earlier, extending gains that have cut into affordability for many buyers.

Prices increased 1.2 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a report Wednesday. In June, prices climbed 0.2 on a seasonally adjusted basis from May. The average estimate of 21 economists was for a 0.3 percent gain…

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  • Internet lending to U.S. consumers fell 34% in second quarter
  • ‘Everyone had to hit a reset,’ says CEO of firm tracking data

LendingClub Corp. wasn’t alone in its suffering during the second quarter.

Online lending to U.S. consumers tumbled 34 percent industrywide from the first quarter as investors pulled back from funding loans, according to a report Wednesday from Orchard Platform, a data provider tracking the sector. That’s even worse than the 29 percent drop at LendingClub, where the surprise resignation of its leader in May rattled confidence…

Online Lending’s Ugly Quarter Stretched Far Beyond LendingClub

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Nine local agencies partnered to demonstrate the feasibility of combining energy efficiency and rooftop solar power.
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  • Inventory of properties decline year-to-year for 14th month
  • Purchases of homes less than $250,000 fell from July 2015

Sales of previously owned homes dropped more than forecast in July from a nine-year high, restrained by limited choices for buyers, National Association of Realtors data showed Wednesday…

U.S. Existing-Home Sales Drop for First Time Since February

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Student loan companies that don’t meet the Consumer Financial Protection Bureau’s expectations face the risk of lawsuits.

An American defaulted on a student loan direct from the U.S. Department of Education every 28 seconds over the past year. Nearly all of those more than 1.1 million defaults were avoidable, because almost every borrower is eligible for a repayment plan based on affordability.

Too few borrowers in distress know they can reduce their payments simply by sharing a few recent pay stubs or a copy of their most recent tax return. Something in the repayment system is clearly broken, and so last month federal education officials moved to scrap it—slowly. In a few years, the Education Department hopes, loan companies to which it outsources collections will prioritize showing debtors how little they can pay to remain current over collections…

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Nearly 650,000 square feet of speculative space is currently underway in the Baltimore area.
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  • Detached home sales down 66% in first two weeks of August
  • Price gains slowing this year, even before foreign buyer tax

British Columbia’s measures to cool off North America’s hottest real estate market are starting to have the desired effect.

Early data from the Real Estate Board of Greater Vancouver suggest the 15 percent foreign buyer’s tax, which was unveiled July 25 and took effect Aug. 2, may be curbing sales and limiting price gains, adding to a slowdown that started in May amid concern a housing bubble was forming in Canada’s third-biggest city…

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  • July outflow tallied at $25.2 billion by tracker eVestment
  • Annual flows could be negative for only third time on record

For hedge funds, the news is getting worse.

Investors pulled an estimated $25.2 billion from hedge funds last month, the biggest monthly redemption since February 2009, according to an eVestment report.

The withdrawals were the second straight for the beleaguered industry, which saw $23.5 billion pulled in June. They bring total outflows this year to $55.9 billion, driven by “mediocre” performance after a number of funds lost money last year, according to Wednesday’s report…

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The two-building Champion Office Park, completed last year, is already fully occupied.
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  • Carillion lobbies government after July plunge in spending
  • Construction stocks rally on hopes for post-Brexit stimulus

U.K. construction companies are urging the government to give the sector a boost after infrastructure spending plummeted following the country’s vote to leave the European Union.

Hopes for a stimulus have lifted the share prices of builders like Balfour Beatty Plc and Carillion Plc, which plunged after the June 23 Brexit referendum. Carillion, whose shares slipped Wednesday as it reported flat first-half pretax profit, is up 34 percent from its low after the vote, while Balfour Beatty has risen 46 percent…

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  • ESG and environmental investing booms to $223 billion
  • Lack of standards for what counts as ethical starts G-20 probe

Thinking of putting your money into a fund that describes itself as ethical? You’d better read the fine print if backing Exxon Mobil Corp. and British American Tobacco Plc isn’t your idea of doing good.

The oil company accused of misleading investors by hiding evidence about climate change and Europe’s biggest cigarette maker are among the holdings of some of the 30 biggest funds that invest following environmental or social governance guidelines, according to data compiled by Bloomberg…

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More new homes were sold in July than in nearly a decade. CreditMax Whittaker for The New York Times

It has been an excruciatingly long time coming, but the housing sector in the United States is finally getting healthy. Thank millennials and thank homebuilders who are starting to produce more of the starter houses young people demand.

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The Williams Companies, the American pipeline operator, is getting the proxy fight it deserves.

Keith Meister, an aggressive investor who recently quit as a director, is back challenging the board with a whole new slate. Because of a deadline, however, his hedge fund’s nominees are merely stand-ins until real candidates can be found. The year of merger and acquisition helter-skelter for Williams makes this new madness somehow fitting.

Mr. Meister, the Carl Icahn protégé whose Corvex Management owns about 4 percent of the $21 billion Williams, said on Monday that he planned to put forward 10 of his employees to serve on the Williams board. If voted in, they would be replaced by independent directors whom Corvex intends to identify before shareholders submit their ballots on Nov. 23…

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  • Expect more takeover bids, especially by insurance companies
  • Capital from shadow banking system is fueling transactions

The long-running hostile raid on China’s biggest real estate developer isn’t short on drama: There’s a swashbuckling, Mount Everest-conquering company chief who courts controversy; a relatively unknown raider using leverage to increase its heft; a white knight; and surprise new potential suitor jumping in.

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Leon Black, chief of Apollo Global Management. CreditPatrick T. Fallon/Bloomberg

Federal regulators on Tuesday delivered the latest blow to a giant private equity firm, announcing an enforcement action against affiliates of Apollo Global Management for an array of securities law violations.

The Securities and Exchange Commission issued a roughly $53 million punishment to Apollo, one of Wall Street’s most prominent private equity firms, and Apollo agreed to settle the case.

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The Denmark-based jewelry manufacturer joins the 125 stores now open in the Financial District.
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  • Lags behind Silicon Valley, London, New York in some areas
  • Central bank head speaks at launch of new fintech initiative

Singapore is reviewing the rules for venture capital firms as it attempts to draw more capital to the country’s financial technology startups, according to the head of Singapore’s central bank.

Though Singapore rivals other major fintech centers such as Silicon Valley, London or New York in terms of startup activity and innovation, it still lags behind in terms of the firms’ access to capital, said Ravi Menon, managing director of the Monetary Authority of Singapore…

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  • Bremer losses may endanger payments on additional Tier 1 notes
  • No bank has missed AT1 coupons in bonds’ three-year history

The bond market created by regulators to avoid panic and state bailouts when lenders get into trouble has come roaring back. It may soon become clear whether that confidence will last.

The first test of the riskiest type of bank debt may may come this month as Bremer Landesbank is likely to disclose losses that could force it to skip coupon payments on additional Tier 1 notes, according to two bondholders, Berlin Portfolio Management GmbH and Degussa Bank GmbH. No bank has missed the optional payments on these bonds since their introduction three years ago, and the market reaction will show whether AT1s are steadying capital buffers for weak lenders or a minefield of unappreciated risks for holders…

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The company moved its offices to a historic building in Minneapolis’ North Loop.
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  • Gains driven by purchases in South, lower-priced houses
  • Unbuilt homes climb, inventory down in boost to construction

Purchases of new U.S. homes unexpectedly jumped in July to the highest level in almost nine years, led by soaring demand in the nation’s south and adding to signs of persistent housing-market strength.

Sales increased 12.4 percent to a 654,000 annualized pace, the fastest since October 2007, Commerce Department data showed Tuesday in Washington. That exceeded the most optimistic forecast in a Bloomberg survey. Purchases in the South were the strongest since before the start of the last recession…

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  • Mutual funds argue SEC proposal would save millions of trees
  • Paper companies say going digital would harm elderly investors

Like many Americans, Ken Winterhalter wants the financial industry to pay for its past recklessness. His favored punishment, however, isn’t jail time for CEOs or bigger corporate fines.

Instead, the president of Twin Rivers Paper Co. has zeroed in on something a bit closer to home: stopping a U.S. Securities and Exchange Commission plan that would spur more investors to get mutual fund reports online.

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Shanghai-based DOBE Group has entered the U.S. market with the opening of a co-working space in Newark, Calif.
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  • Oslo Asset Management’s AAM Absolute Return grew 58.5% in 2015
  • Companies paying dividends rewarded with generous valuations

The world’s top performing hedge fund is shorting companies that are juicing their valuations by promising investors big dividends.

AAM Absolute Return Fund, which according to HSBC Holdings was the world’s best performing hedge fund in 2015, is betting on declines for energy companies that “even short term will struggle to uphold dividends,” according to Harald James-Otterhaug, who oversees the fund as the chief executive officer at Oslo Asset Management AS.

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Shoddy construction, ostentatious design—and low resale values.

In the late 1990s, Americans started referring to tract-built luxury homes popping up in the suburbs as McMansions, a biting portmanteau implying that the structures were mass-produced and ugly. There was also the implied snark that their denizens, however wealthy, lacked the sophistication to tell filet mignon from a Big Mac.

Lately, these homes have been the subject of fresh scorn, thanks to an anonymously authored blog that breaks down the genre’s design flaws in excruciating detail. Posts lambasted builders for erecting garages bigger than the homes they’re attached to, dropping giant houses on tiny lots, plus shoddy construction and a mishmash of contrasting styles. (Gothic Tudor, anyone?)…

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Kilroy Realty’s Columbia Square has earned two LEED Gold certifications from the USGBC.
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  • Shinji Ogawa hired from Evolution Japan Asset Management
  • JPMorgan is seeking to beef up its Japan stock business

JPMorgan Chase & Co. hired Shinji Ogawa from Evolution Japan Asset Management Co. to head Japanese equity sales as it strengthens its hedge fund coverage.

Ogawa, a former hedge fund manager at Evolution Japan, will report to Chiyo Aoshima, head of equity sales at JPMorgan Securities Japan Co., and corporate access and client relationship management in Asia, the brokerage said in an e-mailed statement to Bloomberg News.

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  • Managing directors in Hong Kong may leave bank this month
  • Kiely, Firth to start cross-asset fund under Rafiki Capital

Two Hong Kong-based managing directors at Credit Suisse Group AG plan to leave the bank to start a macro hedge fund, according to people familiar with the matter.

Lucas Kiely, Credit Suisse’s head of cross-market trading, and Charles Firth, the Asia Pacific head of equity structuring, may leave the bank as soon as this month, the people said. They will depart to start a new cross-asset fund which will use instruments including derivatives to take investment positions based on macroeconomic views, according to the people, who asked not to be identified as the information is private…

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If you pay rent to a property management company with the aim of eventually owning the place, are you a renter or a homeowner? Some companies are blurring that line.

Rent-to-own contracts allow dwellers in the United States who lack good credit or cannot qualify for a mortgage to pay rent to a landlord with the eventual promise of owning the home.

But the renters are responsible for repairs, and they do not receive a legal title to the home until the last payment is made. Unlike a contract for deed, they also still need to find financing to complete the deal…

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The company’s relocation, facilitated by Colliers International, will bring about 100 jobs to the city center.
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The second-largest retail center in the country completed a 155,000-square-foot expansion.
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Forest City Realty Trust Inc. said it’s exploring strategic alternatives for its retail properties, and would use proceeds from any real estate sales for apartment and office buildings.

The retail holdings include 14 regional malls around the U.S. and 19 specialty retail centers located primarily in New York City, the company said Monday in a statement. The Cleveland-based firm’s retail properties include Brooklyn’s Atlantic Terminal Mall, stores on 42nd Street near Times Square in Manhattan, enclosed regional malls in California and Pennsylvania, and smaller neighborhood shopping centers, according to Forest City’s website…

Forest City Plans to Explore Alternatives for Retail Properties

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PACE, a program to help keep older people out of nursing homes, allows Vivian Malveaux, 81, to live at home in Denver. InnovAge, which runs her program, converted to a for-profit company last year.CreditNick Cote for The New York Times

DENVER — Inside a senior center here, nestled along a bustling commercial strip, Vivian Malveaux scans her bingo card for a winning number. Her 81-year-old eyes are warm, lively and occasionally set adrift by the dementia plundering her mind.

Dozens of elderly men and women — some in wheelchairs, others whose hands tremble involuntarily — gather excitedly around the game tables. After bingo, there is more entertainment and activities: Yahtzee, tile-painting, beading…

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  • Countrywide sees home values falling for first time since 2009
  • Prime central London prices to drop as much as 6% this year

Home values in London will fall for the first time since 2009 next year on economic uncertainty resulting from the U.K.’s vote to leave the European Union, according to Countrywide Plc.

Price growth for homes in the capital will slow to 3.5 percent this year and drop by 1.25 percent in 2017, the country’s largest real estate broker said in a report on Monday. Countrywide in December forecast that values would increase by 4 percent this year and next. Prices for properties in prime central London will drop as much as 6 percent this year and be little changed in 2017, the report showed.

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  • Issuers using more future cost cuts to boost creditworthiness
  • Lenders agreeing to terms ‘they should be fighting off’

Riskier companies are increasingly getting credit agreements that allow them to raise the amount of future cost savings to appear more creditworthy, boosting potential losses for investors.

The tweaks make it easier for borrowers to stay in compliance with their loan terms and add more debt, according to Charles Tricomi, a senior analyst at covenant research firm Xtract Research.

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The office asset fetched $13.7 million more than the last time it changed hands.
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cothcoth

London’s soaring housing market will hit the brakes next year. Values will fall 1.25 percent, their first annual decline since 2009, as home buyers await the fallout of the U.K.’s vote to leave the European Union, according to a forecast from Countrywide Plc. Values will rise again in 2018 as a shortage of homes in the capital and low interest rates support prices, the broker said…

London House Prices to Fall Next Year After Brexit Vote: Chart

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You already missed the buying opportunity.

Real estate stocks were a buying opportunity a few years ago, but at this point Goldman Sachs Group Inc. says the area is too risky for investors.

At the end of this month, Real Estate will separate from Financials to become its own sector in the S&P 500. While those stocks have outpaced the S&P 500 so far in 2016, analysts led by David Kostin at Goldman Sachs say there are a lot of challenges, and they are not recommending investors try to make up for the missed gains…

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HFF arranged the refinancing for Sequoia Plaza on behalf of Foulger Pratt.
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EU leaders meet at sea while Brexit threatens an end to London home-price growth

Sign up to receive the Brexit Bulletin in your inbox.

The leaders of Germany, France and Italy meet on board an Italian aircraft-carrier today as they try to ensure the EU doesn’t founder in the aftermath of the Brexit vote. The meeting aboard the Giuseppe Garibaldi, which usually patrols the Mediterranean in search of shipwrecked migrants, will be rich in symbolism, Bloomberg’s John Follain, Geraldine Amiel and Birgit Jennen report.

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  • Trump Mortgage launched as housing began to crack in 2006
  • It’s “a great time to start a mortgage company,” he said

Donald Trump had heard all the chatter, the idle talk about how the U.S. housing market was overheating and trouble was looming. He was unfazed. It was the spring of 2006 and he was pushing a new mortgage business, Trump Mortgage LLC.

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The acquisition of 2100 Second St., S.W., marks the first step in the redevelopment of Buzzard Point.
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  • Three funds sell combined 10% stake in exchange operator
  • Pension funds to retain 5% stake after TMX shares rally

Three of Canada’s largest pension funds sold a combined 10 percent stake in TMX Group Ltd. for about C$312 million ($241 million), cutting by almost half their holdings in the operator of the Toronto Stock Exchange.

Alberta Investment Management Corp., on behalf of some of its clients, Caisse de Depot et Placement du Quebec and Ontario Teachers’ Pension Plan Board each agreed to sell 1.8 million common shares of TMX at C$57.70 a share through a group of banks led by Toronto-Dominion Bank’s TD Securities, according to a joint statement Monday.

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