WASHINGTON — Steven T. Mnuchin, President-elect Donald J. Trump’s pick to be Treasury secretary, failed to disclose nearly $100 million of his assets on Senate Finance Committee disclosure documents and forgot to mention his role as a director of an investment fund located in a tax haven, an omission that Democrats said made him unfit to serve in one of the government’s most important positions.

The revelation came hours before Mr. Mnuchin, a former Goldman Sachs banker, began testifying on Thursday before the Senate Finance Committee, which has historically been bipartisan in its demands for transparency from nominees. Mr. Mnuchin was ready to outline his vision for the economy and defend himself against claims that he headed a bank that ran a “foreclosure machine” during the financial crisis…

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Slate Retail REIT has entered into an agreement to acquire 11 Galleria for $14 million.

11 Galleria, Greenville, N.C. 11 Galleria, Greenville, N.C.

Greenville, N.C.—Slate Retail REIT, an owner and operator of U.S. grocery-anchored real estate, recently announced its intention to buy 11 Galleria in Greenville, N.C., for $14 million, or $129 per square foot. Closing is expected to be completed in the first quarter of 2017 and remains subject to customary closing conditions. Slate Asset Management LP is the REIT’s manager.

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  • Landlord has 78 properties in U.S. Southeast and Southwest
  • Offer for $16.15 a share an 8.6% premium to Wednesday’s close

Starwood Capital Group, the investment firm controlled by Barry Sternlicht, agreed to buy U.S. landlord Milestone Apartments Real Estate Investment Trust for about $1.3 billion in cash.

Starwood will pay $16.15 a share for Dallas-based Milestone, which trades on the Toronto Stock Exchange but mostly owns properties in the U.S. Southeast and Southwest. The offer is about 8.6 percent more than Wednesday’s closing share price of C$19.66 ($14.87). The deal has an enterprise value of $2.85 billion, including debt, according to a statement Thursday…

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Ballooning student debt has been increasingly compared to subprime mortgages. That helps explain why the Consumer Financial Protection Bureau just ripped a page out of the crisis playbook and accused the loan servicer Navient of cheating borrowers on their loans for college. Suing just 48 hours before Donald J. Trump is sworn in as the 45th American president is nevertheless a bold gambit by the same agency that nailed Wells Fargo for opening fake accounts…

Student Loan Suit Is Bold Gambit on Eve of Trump Presidency

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Thompson Creek intends to relocate its corporate headquarters to the building, increasing its occupancy to approximately 48 percent.

4200 Parliament Place, Lanham, Md.4200 Parliament Place, Lanham, Md.

Lanham, Md.—Chesapeake Real Estate Group and Thompson Creek Window Co. recently announced the acquisition of a Class A office building in Lanham, Md., and an adjoining land parcel suitable for the development of an additional commercial building. The 122,000-square-foot asset was sold by Mack-Cali for $6.3 million. The partnership intends to design and obtain permits for the development of an additional Class A, 120,000-square-foot commercial building on the adjacent land parcel.

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  • Treasury Secretary pick says strong dollar good over long term
  • Tax reform, IRS modernization, managing debt high on agenda

Steven Mnuchin, Treasury secretary nominee for U.S. President-elect Donald Trump, speaks during a Senate Finance Committee confirmation hearing in Washington, D.C., on Jan. 19.

Photographer: Andrew Harrer/Bloomberg

Treasury Secretary nominee Steven Mnuchin echoed President-elect Donald Trump’s ideas for cutting taxes and seeking fairer trade in an occasionally combative Senate confirmation hearing over his banking record during the financial crisis.

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Hillary Ripley, a longtime investor-relations professional, hosted a gathering on Tuesday for those planning to attend the women’s march in Washington this weekend. CreditSasha Maslov for The New York Times

Hillary Ripley was on a stair climber at her Brooklyn gym when her 16-year-old daughter texted.

A women’s march was being organized in Washington, the teenager wrote, to protest the incoming administration of President-elect Donald J. Trump and to speak up for gender equality. Ms. Ripley hopped off the machine and began searching for a bus-charter company…

Women’s March Draws ‘Duty-Bound’ From Wall Street

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The 53 acres of land in Northville, Mich., will be used for a mixed-use development to include retail, restaurants and residential units.

Project Plan for Village at NorthvilleProject Plan for Village at Northville

Northville, Mich.—Northville Five LLC bought 53 acres of land at the northwest intersection of Five Mile and Beck Roads from the Charter Township of Northville, Mich. for $8.5 million. The former site of the Scott Correctional Facility will be redeveloped into a mixed-use project to include single-family homes, loft-style residential units, retail and dining.

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  • Bank awards $19 million compensation packages to four deputies
  • Stock surged 31% last year, mostly after presidential election

Jamie Dimon

Photographer: Laura McDermott/Bloomberg

JPMorgan Chase & Co. gave Chief Executive Officer Jamie Dimon a $1 million raise after the bank’s stock climbed 31 percent last year.

Dimon, who’s also chairman, got a $28 million compensation package for 2016, or 3.7 percent more than a year earlier, according to a regulatory filing Thursday. It includes $21.5 million in performance shares tied to future goals, a $5 million cash bonus and $1.5 million in salary…

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Anthony Scaramucci, a member of the Trump transition team, confirmed on Tuesday that he will join the administration as public liaison and intergovernmental affairs adviser. CreditSam Hodgson for The New York Times

Donald J. Trump has made no secret that he is willing to pick fights with China. Yet a financier with close ties to the president-elect said on Tuesday that he was selling his investment firm to a group led by a fast-growing Chinese conglomerate.

The investor, Anthony Scaramucci, announced that he was selling his firm, SkyBridge Capital, to a consortium led by RON Transatlantic and HNA Capital of China. The deal paves the way for Mr. Scaramucci to join the Trump administration as a public liaison and adviser…

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The Class A building totals about 577,500 rentable square feet and was completed in 2002.

3 Second Street, Jersey City, N.J.3 Second Street, Jersey City, N.J.

Jersey City, N.J.—New York Life Real Estate Investors has extended, on behalf of institutional investors, $146.6 million in financing secured by 3 Second Street, a Class A office tower in Jersey City, N.J. The borrower/owner was Dividend Capital Diversified Property Fund Inc. (DPF), of Denver, a public reporting daily NAV REIT.

“Three Second Street is one of the best and most conveniently located office properties along the Hudson Waterfront,” David Li, senior director at New York Life Real Estate Investors, said in a prepared statement…

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HFF worked on behalf of the buyer, placing a $16 million loan with Mesa West Capital.

39 Stockton St., San Francisco39 Stockton St., San Francisco

San Francisco—Mesa West Capital recently announced that, together with one of its U.S. pension fund partners, has provided a $16 million first mortgage debt to Vanbarton Group for the acquisition of a retail property in San Francisco. The building is fully leased to The Walt Disney Co.

The five-year floating-rate loan was originated out of the firm’s Mesa West Real Estate Income Fund IV LLC. The West Coast origination team was led by Ronnie Gul, the company’s principal. The financing was arranged by John Churchward, HFF’s San Francisco president…

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Builders broke ground on more U.S. homes than forecast in December as a jump in apartment construction helped cap the seventh straight yearly increase, a report from the Commerce Department showed Thursday.

Key Points

  • Starts rose 11.3 percent to a 1.23 million annualized rate (forecast was 1.19 million) from a revised 1.10 million pace
  • Permits, a proxy for future construction, decreased 0.2 percent to a 1.21 million annualized rate (forecast was 1.23 million)
  • Single-family starts declined 4 percent to 795,000 rate, while multifamily construction jumped 57.3 percent to 431,000…

Housing Starts in U.S. Rose More Than Forecast in December

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Wall Street’s high-flyers in Davos, basking in their firms’ strong fourth-quarter earnings, said they’re confident Donald Trump’s incoming administration will loosen regulatory constraints on financiers — even if it leaves Barack Obama’s signature Dodd-Frank Actlargely intact.

Bank executives, speaking on condition of anonymity at events around the Swiss ski resort, said they’re not counting on Trump to overturn Dodd-Frank. Instead, they expect the federal agencies that enforce the rules to ease up on them and support bankers’ efforts to limit how much capital and liquidity their companies need to pay bills or absorb losses in a crisis…

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Savers hoping for higher interest rates on deposit accounts are probably going to have to wait awhile longer for yields on their savings to move upward.

While the Federal Reserve decided in December to increase short-term interest rates, that hasn’t yet translated into significant increases in deposit rates paid out by banks on safe, federally insured deposits — the kind of accounts consumers might want to use for an emergency fund or for parking cash they expect to use in the next month or two…

Increases in Interest Rates on Savings Accounts Remain Slow to Materialize

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The retailer has signed a 50,000-square-foot lease in Marlborough and will make a significant investment in the property.

200 Forest St. in Marlborough, Mass.200 Forest St. in Marlborough, Mass.

Boston—Whole Foods Market Inc. has signed a 50,000-square-foot lease at 200 Forest St. in Marlborough, Mass., with building owner Atlantic Management. CBRE/New England executed the deal on behalf of the owner.

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  • Bank to pay $2.5 billion fine, $2.8 billion in consumer relief
  • Pact leaves handful of open mortgage probes as Obama exits

Credit Suisse Group AG and the Justice Department completed a $5.3 billion agreement to settle a U.S. investigation into the bank’s sales of toxic mortgage debt before the financial crisis.

Credit Suisse will pay a $2.5 billion civil penalty and $2.8 billion in consumer relief, to be paid over five years after the settlement, the Justice Department said on Wednesday, in line with the bank’s Dec. 23 announcement of a preliminary resolution.

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JPMorgan Chase has agreed to pay $55 million to settle an investigation into whether it charged thousands of African-American and Hispanic borrowers higher interest rates on mortgages than white customers.

The proposed settlement, which was announced Wednesday, would conclude a federal inquiry that began nearly seven years ago into possible discriminatory mortgage practices by JPMorgan, the nation’s largest bank.

The discriminatory loans were originated from at least 2006 to late 2009, according to a complaint filed this month by Preet Bharara, the United States attorney for the Southern District of New York. Black and Hispanic borrowers were charged, on average, $1,000 more than comparable mortgages given to whites, the complaint said…

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Confidence among U.S. homebuilders retreated in January from an 11-year high, suggesting optimism has plateaued following Donald Trump’s election victory, a report from the National Association of Home Builders/Wells Fargo showed Wednesday.

Key Points

  • Builder sentiment gauge fell to 67 (forecast was 69) from a revised 69 in Dec.; readings below 50 indicate respondents report poor market conditions
  • Gauge of current sales dropped to 72 from 75
  • Index of prospective buyer traffic at 51 after 52
  • Measure of six-month sales outlook fell to 76 from 78…

U.S. Homebuilder Confidence Retreats From Highest in 11 Years

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  • Rallying point of deficit hawks set to become Trump’s problem
  • U.S. must cut cash holdings to less than one day’s outlays

One of the first tests of the Trump administration will be what to do about the statutory limit on the nation’s debt, a favorite cudgel of anti-deficit Republicans, including Budget Director nominee Mick Mulvaney. Money market rates are already signaling disruptions going into the March 15 deadline…

The Debt Ceiling Is Coming Back and Some Treasury Bills Are About to Get Squeezed

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Boylston Properties and The Wilder Cos. plan to redevelop and expand the former mall with 350,000 square feet of retail and about 500 residences.

Arsenal Yards in Watertown, Mass., renderingArsenal Yards in Watertown, Mass., rendering

Watertown, Mass.—Construction on Arsenal Yards, a mixed-use development to be built at the site of a former Boston-area mall, is set to begin within six to eight months now that the Watertown Planning Board has given its approval to the 1 million-square-foot project.

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  • Sales range from $2 million to $10 million for apartments
  • Building had most sales at under-construction tower last year

A condo tower rising in what’s billed as Manhattan’s newest neighborhood reported that more than a quarter of its 285 units have sold since marketing began in September, a sign that local buyers are willing to commit to the borough’s far west side.

Signed contracts at Fifteen Hudson Yards range from about $2 million for a one-bedroom apartment to about $10 million for a three-bedroom unit, said Sherry Tobak, senior vice president of sales at Related Cos., which is developing the $25 billion Hudson Yards commercial and residential project with Oxford Properties Group. One buyer acquired two individual three-bedroom units for a combined $16 million, she said…

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  • Local authorities withhold approval on Vietcombank investment
  • GIC agreed in August to purchase 7.7% of biggest listed bank

Singapore sovereign fund GIC Pte has hit a snag as it seeks government approval for its planned investment in Bank for Foreign Trade of Vietnam JSC, the nation’s biggest lender by market value, people with knowledge of the matter said.

The deal, originally expected to be completed by the end of 2016, hasn’t yet been approved by Vietnamese authorities, according to the people. The government has withheld approval in part because GIC proposed to buy stock in Vietcombank at less than the market price, the people said, asking not to be identified because the information is private…

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After one year after entering Missouri, the company chose St. Louis for its North American headquarters.

Helix Center Biotech Incubator, St. LouisHelix Center Biotech Incubator, St. Louis

St. Louis—AgIdea, a contract research and development company based in Argentina is expanding its footprint in St. Louis. The company selected Helix Center Biotech Incubator to serve as their new headquarters in North America.

AgIdea provides scientific support to R&D and regulatory projects in biotechnology, seed and crop protection industries. They assist companies with project design, management, trials, data analysis and product deregulation…

From Argentina to St. Louis: AgIdea Plans New HQ

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  • Foreigners may turn to Singapore after Hong Kong raises taxes
  • Retail rents in both cities pressured by sluggish spending

Singapore’s three-year housing slump could see relief from an unexpected quarter in 2017: Hong Kong.

So says Cushman & Wakefield Inc., which expects the slide in the city-state’s home prices to end this year as foreign investors turned off by Hong Kong’s move to increase the stamp duty for overseas buyers look to Singapore instead. Desmond Sim, head of research for Singapore and Southeast Asia at CBRE Ltd., said Singapore house prices are approaching their trough, with a forecast price move of flat to minus 2 percent…

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Was the National Pension Service pressured to support a merger?

With 546 trillion won ($456.5 billion) in assets, South Korea’s public National Pension Service is the world’s third-largest pension fund, behind Japan’s and Norway’s. It’s also become a part of the widening scandal surrounding impeached President Park Geun-hye.

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Built in 1903, the company’s new home is located in the heart of the central business district.

10 Milk St./294 Washington St., Boston10 Milk St./294 Washington St., Boston

Boston—Berkadia announced the relocation of its Boston office in order to accommodate for the company’s growth. Taking over suite 720 of the Old South Building, a co-addressed property at 10 Milk St./294 Washington St., the expanded location offers increased production activity on both the regional and local levels.

The 11-story, 230,206-square-foot building is located in the heart of Boston’s central business district. Built in 1903, the transit-oriented property is situated within a quarter mile of four subway stations, was last renovated in 1989 and offers 20,000 square feet of ground-level retail space, according to Yardi Matrix

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  • Banks follow JPMorgan, BofA, Morgan Stanley in bond rebound
  • Blankfein, Corbat continue push to reduce firmwide expenses

Goldman Sachs Group Inc. and Citigroup Inc. both reported fourth-quarter profit that surpassed analysts’ estimates as a bond-trading revival spurred by Donald Trump’s surprise victory lifted earnings across Wall Street.

The two firms were the last of the major U.S. banks to report results, with JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. all posting gains as investors placed bets on the direction of interest rates and the economy after the November U.S. election. Citigroup’s profit rose 7.1 percent on a 36 percent jump in fixed-income revenue, while earnings at New York-based Goldman Sachs more than tripled, with bond trading up 78 percent…

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As a glut of mega-homes hits the L.A. market, developers are taking it up a notch.
The house’s exterior, with a non-working helicopter on the roof.

Source: Bruce Makowsky/BAM Luxury Development

The new mansion that developer Bruce Makowsky is selling for $250 million comes with 150 pieces of original artwork, $30 million worth of classic cars (his estimate), a dozen high-performance motorcycles, and a deactivated helicopter.

Understatement clearly isn’t on the agenda. But in a saturated spec-home market that gives the super-rich some super-sized options, even the appearance of getting bang for one’s many bucks is a selling point…

This Is What a $250 Million House Looks Like

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The expansion is expected to bring 1,400 new jobs to the state.
Cutler DawsonCutler Dawson, Navy Federal president & CEO
Winchester, Va.—Navy Federal Credit Union will invest $100 million to expand its operations center in Winchester, Va., doubling the firm’s employee-count and physical square footage in the area.

“This Virginia-headquartered company’s growth and investment over nearly 40 years is an incredible testament to our unparalleled business environment, infrastructure and top-notch workforce,” Governor Terry McAuliffe said in a prepared release. “An expansion of this magnitude is transformational for Frederick County and for the Commonwealth, as Navy Federal is a critical partner providing good-paying job opportunities for thousands of hard-working Virginians.”

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London house prices have gone from the fastest growing in the U.K. to the slowest within eight months. Average annual house-price inflation was 0.2 percent in November, the latest available figures, compared with 13.3 percent in March, according to data from LSL Property Services Plc and Acadata. Large price declines in central areas are contributing to the slowdown as uncertainty over Brexit and higher stamp-duty rates weigh on transactions…

London Slumps From Best to Worst for Home-Price Growth: Chart

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  • Perpetual fund cuts real estate debt to 2.9% from 14.8% peak
  • Risks are rising for Aussie real estate: Perpetual’s Prabhu

Australia’s overheated property market has spurred one of the nation’s top-performing fixed income money managers to cut some of its real estate debt investments to the lowest level since the 2007 financial crisis.

Vivek Prabhu, the Sydney-based head of fixed income at Perpetual Ltd., is making the move as he braces for potential blow-ups in the nation’s A$7.6 trillion property market. He has whittled down the debt holdings of Australian real estate investment trusts within the A$926.4 million ($692.7 million) Perpetual Wholesale Diversified Income Fund to 2.9 percent from a peak of 14.8 percent in 2014…

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The buildings were 88 percent occupied at the time of the transaction.

Milton Park, Alpharetta, Ga.Milton Park, Alpharetta, Ga.

Alpharetta, Ga.—Avison Young recently announced that it has represented Adventus Realty Trust in the acquisition of Milton Park, a two-building Class A office campus in Alpharetta.

According to Yardi Matrix data, the property was sold by Talcott Realty Investors for a price tag of $57 million and the sale was subject to a $39.9 million loan held by JPMorgan Chase.

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  • Changes will ‘preserve competition’ in mortgage loan industry
  • Agency is moving to limit taxpayer exposure to housing

A home for sale, in East Vancouver, British Columbia.

Photographer: Darryl Dyck/Bloomberg

Canada’s government-owned housing agency is raising premiums for the riskiest homebuyers as it seeks to limit taxpayer exposure to the housing market .

On average, the charges will add about C$5 a month to the average Canadian’s mortgage payments, Canada Mortgage & Housing Corp. said in a statement Tuesday. The increase ranges from 40 basis points for those with 95 percent loan-to-value ratio to 115 basis points for those with 80 percent…

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The S&P 500 has a friend and a foe in King Dollar.

The greenback is the only major currency whose current strength has coincided with rallies in its domestic equity market, according to Goldman Sachs Group Inc., underscoring the risk for stocks if the dollar’s poor start to the year gathers more steam.

“Recently, the dollar is alone as a major risk-on currency, gauged by looking at the rolling correlation of S&P 500 and USD,” writes a team led by Ian Wright…

Trump Takes Aim at King Dollar and It Threatens U.S. Equities

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The company signed a 15-year lease at The Durst Org.’s 48-story high-rise.

4 Times Square, New York4 Times Square, New York

New York—Savills Studley announced that audit, tax and consulting firm RSM US LLP has signed a 15-year, 95,000-square-foot lease at The Durst Org.’s iconic 4 Times Square. The firm will occupy the 10th and 11th floors, as well as parts of the 12th. RSM will be downsizing, moving from 1185 Sixth Ave., where it currently occupies roughly 165,000 square feet, according to The Real Deal.

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  • Prices gained in 46 cities in December, versus 55 in November
  • Some smaller cities expanded home-buying curbs last month

China home prices increased last month in the fewest cities since January last year, signaling property curbs to deflate a potential housing bubble are taking effect.

New-home prices, excluding government-subsidized housing, gained last month in 46 of the 70 cities tracked by the government, compared with 55 in November, the National Bureau of Statistics said Wednesday. Prices dropped in four cities, in line with a month earlier. They were unchanged in 20 cities…

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  • Brooklyn jumps 14 percent, while Manhattan up 8.2 percent
  • Property taxes make up about 41 percent of NYC’s revenue

New York City set a value of $1.16 trillion for its more than one million properties for the fiscal year beginning July 1, 2018, an increase of 8.74 percent over the previous period, according to city finance department data.

Residential and commercial property values in Brooklyn rose 14 percent, the most of New York’s five boroughs, to $301 billion. Manhattan property rose 8.24 percent. The values are later used to help set tax assessments, which are established separately…

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The property was 79 percent leased at the time of sale and includes tenants in the education, technology and health care sectors.

1007 Church St.1007 Church St.

Chicago—FD Stonewater has acquired 1007 Church St. in Evanston, Ill., from Farbman Group. Renamed Evanston MetroCenter, the Class A, 164,845-square-foot, multi-tenant office building sold for $30 million, according to Yardi Matrix. Built in 1984, the eight-story property was designed by renowned architect Helmut Jahn.

There are plans to enhance the tenant experience through physical building improvements, expanded tenant services and cosmetic upgrades. The acquisition includes on-site expansion potential. Located one block from the Davis Street Metro Station and 13 miles from Chicago’s central business district, the property was 79 percent leased at the time of acquisition and includes tenants in education, technology and health care…

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Stuart Gulliver.

Photographer: Simon Dawson/Bloomberg

HSBC Holdings Plc Chief Executive Officer Stuart Gulliver said trading operations that generate about 20 percent of revenue for the lender’s investment bank in London may move to Paris, quantifying some of the aftershocks for the U.K. after Brexit.

“Activities specifically covered by EU legislation will move, and looking at our own numbers, that’s about 20 percent of revenue,” Gulliver said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland, with John Micklethwait. The bank confirmed that he was referring to the lender’s global banking and markets operations in the U.K. capital…

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  • Bank said Dec. 23 that it had reached a deal in principle
  • Mortgage probe was among the bank’s biggest litigation risks

Deutsche Bank AG reached a final settlement with the U.S. Justice Department over its handling of mortgage-backed securities before 2008, resolving one of its biggest litigation risks.

The bank agreed to pay $7.2 billion and admitted to misleading investors, the Justice Department said on Tuesday. The penalty was in line with the bank’s Dec. 23 announcement that it had reached an agreement in principle in the matter. It will pay a $3.1 billion civil penalty and provide $4.1 billion in relief to homeowners…

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CBRE represented Broadreach Capital Partners, the seller of Aurora Marketplace.

Aurora MarketplaceAurora Marketplace

Denver—Menashe Properties announced its acquisition of Aurora Marketplace, a 600,000-square-foot, eight-building corporate office campus in the Denver suburb of Aurora, Colo., for $35.5 million. The 25-acre property located on South Parker Road is 88 percent leased to a mix of tenants including Comcast, Raytheon, American Financing, Space Age Credit Union, High Noon Productions and NelNet.

“This asset was management intensive, with 67 tenants,” Jordan Menashe, principal of Menashe Properties, told Commercial Property Executive. “But we’re a very hands on company so this was a good match for us. We are a believer in Denver and this property. Broadreach was a clean operation, the bones are in phenomenal shape, so now we want to make the place more fun.”…

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  • Gains fueled by post-election rates and currencies trading
  • Fourth-quarter profit, trading revenue surpass estimates

Morgan Stanley said momentum from a strong fourth quarter, including bond-trading revenue that more than doubled, continued into the first weeks of this year.

“Going into 2017, the market sentiment is clearly more optimistic than we were going into 2016,” Chief Financial Officer Jonathan Pruzan said Tuesday in an interview. “The tone is better, all the markets are open and constructive, which is not where we were last year. So from a sales and trading perspective, we continue to see good levels of activity.”…

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  • Disclosure comes less than a day before Senate hearing
  • Ethics agency signs off on agreement, Ross to divest assets

Billionaire investor Wilbur Ross, commerce secretary nominee for president-elect Donald Trump, arrives in the lobby at Trump Tower in New York, on Dec. 13, 2016.

Photographer: John Taggart/Bloomberg

Private equity investor Wilbur Ross, President-elect Donald Trump’s choice for Commerce Secretary, disclosed assets worth more than $336 million in a federal financial disclosure statement that doesn’t capture his net worth.

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  • Agreement is victory for U.S. in probes of ratings industry
  • Pact helps resolve a long-standing overhang for Moody’s

Moody’s Corp. agreed to pay almost $864 million to resolve a multiyear U.S. investigation into credit ratings on subprime mortgage securities, helping to clear the way for the firm to move beyond its crisis-era litigation.

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  • Carrier ‘won’t hedge as far forward,’ COO Rupert Hogg says
  • Hogg also says Cathay Pacific will ‘rethink’ its workforce

Cathay Pacific Airways Ltd., Asia’s biggest international airline, plans to shorten its fuel-hedging program and revamp its workforce as part of a new business strategy to halt a slide in earnings. The shares jumped the most in nine months.

The carrier “won’t hedge as far forward as we have in the past” and will “rethink its workforce,” Chief Operating Officer Rupert Hogg told the South China Morning Post in comments confirmed by Cathay Pacific Monday. The Hong Kong-based airline plans to reassign employees from some outdated roles to new jobs that are better aligned with a “digital focus” while “never saying never” to redundancies, Hogg said…

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A Rolls-Royce engine being mounted on an Airbus aircraft in France. Rolls-Royce’s products include engines for civilian and military aircraft, as well as turbines for the electrical power and energy industries.CreditGuillaume Horcajuelo/European Pressphoto Agency

LONDON — Rolls-Royce, the maker of jet engines and other power systems, said on Monday that it had agreed to pay $817 million to resolve several long-running bribery and corruption inquiries.

The company said that it had reached so-called deferred prosecution agreements with the Serious Fraud Office of Britain, as well as the United States Department of Justice. It also reached a leniency agreement with the Ministério Público Federal of Brazil.

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The new capital is being used to fund tenant improvements, leasing commissions and property upgrades.

Midtown AtriumMidtown Atrium

Dallas—Virtua Partners has announced the $18 million recapitalization of Midtown Atrium at 5525 Lyndon B. Johnson Freeway in Dallas. The 113,359-square-foot office complex offers six floors, common area Wi-Fi and 426 parking spaces. Originally built in 1979, the property underwent renovations in 1994, according to Yardi Matrix. The building faced trouble when its sole tenant, Republic Insurance, notified the owners they would not be renewing their lease when it expires in February 2017.

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  • Will have second-largest position in Southern Delaware Basin
  • Deal provides 4,200 drilling locations on about 120,000 acres

Noble Energy Inc. agreed to buy Clayton Williams Energy for $2.7 billion in stock and cash to expand in America’s hottest shale play.

The combination will create the second-largest acreage position in the Southern Delaware Basin of the Permian shale formation, Houston-based Noble said in a statement Monday. The deal provides more than 4,200 drilling locations on about 120,000 net acres, with resources of more than 2 billion barrels of oil equivalent, Noble said…

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Moody’s Corp. has agreed to pay nearly $864 million to settle federal and state claims it gave inflated ratings to risky mortgage investments in the years leading up to the financial crisis.

The deal announced on Friday was struck among the New York-based rating agency, the Justice Department and the attorneys general for 21 states and the District of Columbia.

It calls for $437.5 million to go to the Justice Department and $426.3 million to be divided among the states and the District of Columbia…

Moody’s to Pay $864 Million to Settle Inquiry Into Inflated Ratings

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  • Regulator holds banks’ counter-cyclical capital buffer at zero
  • APRA has taken steps in recent years to curb property loans

Australian banks have “appreciably improved” their mortgage-lending standards, the nation’s regulator said, as it left the amount of additional capital banks are required to hold as a buffer against the build-up of credit risk at zero.

The pace of lending to property investors is currently at around half of the regulator’s recommended levels, and higher-risk mortgages — such as those with loan-to-value ratios of over 90 percent — had fallen, the Australian Prudential and Regulatory Authority said in its annual report on the operation of the counter-cyclical capital buffer

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  • Crescat cuts bearish bets on currency, adds to equity shorts
  • Stocks fell suddenly Monday in latest sign of investor fear

When Kevin Smith realized late last year that China was getting serious about defending its currency, his first move was to dial back bearish bets on the yuan. His second move: double down on wagers against Chinese stocks.

Smith, whose global macro hedge fund has returned about 350 percent over the past decade, says China’s attempts to prop up its currency are tightening domestic monetary conditions and making a credit crisis increasingly likely. To him, that means shares of banks and other “zombie” companies may be the first dominoes to fall as China faces a reckoning after years of debt-fueled growth…

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  • Prices fell 3% in 2016 for third straight yearly decline
  • Home values have fallen 11% from 2013 peak amid curbs

Singapore house sales last year topped 2015’s tally as a third straight year of price declines stoked pent-up demand from homebuyers.

Developers sold 367 units last month, taking the yearly total to 8,136, compared to the 7,440 sold in 2015, according to data released Monday by the Urban Redevelopment Authority…

Singapore Home Sales Top 8,000 Units in 2016, Beating 2015 Tally

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  • Industry faces backlash after years of lackluster performance
  • Firms may combine human skills and computer power to gain edge

Hedge funds will have to adapt to a more challenging market as investors respond to disappointing returns by demanding their fees back or pulling out altogether, according to Matthew Granade, chief market intelligence officer of Point72 Asset Management.

No matter how you “slice-and-dice the data,” hedge funds are struggling to meet their promise to clients to consistently produce high returns with low correlation to markets, Granade said at the London School of Economics’ alternative-investment conference on Monday…

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The multi-story facility will be climate controlled and feature more than 90,000 square feet of space.

My Neighborhood Storage Center GroundbreakingMy Neighborhood Storage Center Groundbreaking

Orlando—Liberty Investment Properties recently broke ground on a new self-storage facility located near The Mall at Millenia in Orlando. The facility will be the company’s ninth Florida location.

The asset will operate under the My Neighborhood Storage Center brand, a prominent manager and operator of self-storage facilities with locations throughout central Florida. The multi-story, Class A self-storage facility will be climate controlled, offering more than 90,000 square feet of space. It will be open 24 hours a day, seven days a week, providing easy accessibility and a well-lit environment…

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Residential housing stands in the downtown area of Whitehorse, Yukon.

Photographer: Ben Nelms/Bloomberg

Canadian home prices rose in December at the slowest pace in two years, adding to evidence the nation’s housing market is cooling.

Prices rose 0.1 percent from the prior month, the Canadian Real Estate Association said Monday, citing its benchmark home indexes. That’s the slowest pace since November 2014.

With Toronto and Victoria the only pockets of strength, the data suggest recent steps by policy makers to curb demand are working…

Canada Home Prices End 2016 With Slowest Gain in Two Years

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Park Ladera at Spectrum Ridge is located within Spectrum Ridge Industrial Park and totals 220,463 square feet.

Park Ladera at Spectrum RidgePark Ladera at Spectrum Ridge

Phoenix—Meritex, a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, has announced the purchase of Park Ladera at Spectrum Ridge, an industrial project in Phoenix. According to Yardi Matrix, Trammel Crow Co. sold the asset for $26.4 million.

“This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification. We continue to seek additional investments in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet in Phoenix,” Dan Williams, CIO of Meritex, said in a prepared statement…

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  • Carmaker outlining plans similar to Ford, Fiat Chrysler
  • Trump threatening Mexico-built cars, praising U.S. hiring

General Motors Co. will invest $1 billion in U.S. plants as part of a previously announced factory retooling for future models, a person familiar with the matter said, as President-elect Donald Trump pressures carmakers to boost spending and hiring.

The largest U.S. automaker will create or retain 1,000 jobs at several existing facilities, said the person, who asked not to be named ahead of an announcement expected Tuesday…

GM Plans $1 Billion U.S. Investment in Nod to Trump

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  • New listings for sale dropped an annual 14% in January
  • Prices rose 1.4% from previous month versus 0.4% nationally

London home owners are showing a “marked reluctance” to put their property up for sale, deterred by uncertainty caused by the looming Brexit process and an increase in tax, according to Rightmove.

While the average asking price of a property in the capital rose 1.4 percent in January to 624,953 pounds ($759,000), fewer Londoners put their properties up for sale. New listings slid 14 percent from a year earlier, the property website operator said Monday…

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In August 2015, the S.E.C. struck a settlement with Citigroup over an exotic investment strategy involving municipal bonds that the bank sold to clients from 2002 to 2008. CreditEric Risberg/Associated Press

When securities laws are broken and investors get hurt, the Securities and Exchange Commission often rides to the rescue, using its regulatory muscle to extract penalties that can be returned to victims.

But as a cadre of harmed Citigroup investors is learning, it is one thing to persuade a wrongdoer to pay reparations and quite another to disburse the money.

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