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Senators want Stanbic IBTC censured by the central bank
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No evidence found that MTN had committed a crime, report says
Nigerian lawmakers investigating allegations of illegal repatriation of almost $14 billion by MTN Group Ltd.’s local unit found the company hadn’t violated the law…
Nigerian Lawmakers Absolve MTN in Funds Repatriation Probe
Seda Packaging Renews WI Lease with HSA Commercial
By · CommentsSeda International Packaging Group renewed one of its leases at Park 94 in Mount Pleasant, Wisc., an HSA Commercial property. The 61,162-square-foot space, which the company has been occupying since 2015, is part of a multi-tenant industrial building located at 1400 International Drive. In 2010, Seda purchased a 323,610-square-foot facility at 12501 Globe Drive to serve as its North American manufacturing and distribution center…
The business depends on old-fashioned realty agents but hopes software can make it stand out.
A New York startup called Compass is persuading investors that it can reshape the home-buying process through the use of technology. A dashboard showing neighborhood data and a Pinterest-like app for organizing home listings would make real-estate agents more productive and therefore, more profitable, the company says. The pitch caught the attention of Fidelity Investments, which made a rare bet on a private company, valuing the business at $1.8 billion, Compass said on Wednesday…
Tech Startup or Real-Estate Broker? Fidelity Values Compass at $2 Billion
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Rising interbank rates are paving the way for prime rate hikes
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Home price growth is slowing as transaction volume falls
Crunch the math behind Hong Kong’s mortgage payments, and you’ll spot signs of a potential hike in a rate that’s key for the housing market…
Hong Kong Homeowners Face Prospect of First Rate Hike Since ’06
Matan Buys 10-Acre NoVa Industrial Site
By · CommentsMatan Cos. purchased a second industrial site in Dulles, Va. The 10-acre asset is located adjacent to the company’s spec warehouse building, already under development. Construction at the newly acquired site will begin in April 2018. The company plans to develop both to Class-A standards and top off the Dulles North Industrial Park project by December 2018.
CPE Awards Honor Real Estate’s Best
By · CommentsPoor Housing Investment Gets Worse in Tax Plan
By · CommentsOne of the more scrutinized parts of the House Republicans’ tax plan is the proposal to reduce the mortgage-interest deduction. Taxpayers can now deduct interest on mortgages of up to $1 million. The proposal would reduce the cap to $500,000.
A lot has already been written about the policy implications of such a move. It’s also worth asking, however, how it would change the financial case for owning a home. National Economic Council Director Gary Cohn told Bloomberg on Friday that the ability to deduct interest “is not what drives you to buy a house.” But it should…
Poor Housing Investment Gets Worse in Tax Plan
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West High Yield says buyer failed to pay $500,000 deposit
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Canadian explorer in talks to resume trading of shares
It was one of 2017’s mega mining deals. And then it wasn’t…
The $750 Million Magnesium Deal That Came Up $750 Million Short
Irvine Opens New Chicago Office, Makes Promotion
By · CommentsIrvine Co. Office Properties prepares to settle into its new Chicago regional office at 71 South Wacker, encompassing 4,500 square feet, after consolidating its leasing team. The company has recently promoted Beau Rawi to vice president from regional director, a position he has held since 2013, when he joined Irvine. Prior to this, he spent more than eight years as director with LA Realty Partners.
UPMC to Build Pittsburgh Hospitals for $2B
By · CommentsUPMC wants to take patient care in metropolitan Pittsburgh to a new level with the development of three state-of-the-art hospitals. The health-care provider will invest $2 billion to open the UPMC Heart and Transplant Hospital, UPMC Hillman Cancer Hospital and UPMC Vision and Rehabilitation Hospital. The facilities will total more than 1.6 million square feet.
Former N.Y. Pension Fund Manager Admits Taking Bribes
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Navnoor Kang faces as long as 21 years in prison for fraud
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Lawyer says Kang accepted responsibility with guilty plea
A former portfolio manager of New York’s main pension fund admitted he accepted gifts that included luxury watches and tickets to concerts in exchange for steering state business to brokerages…
Trump Team Plans $250 Billion in Deals From China Visit
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Ross unveiled number at meeting of chief executives in Beijing
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Energy sector expected to reap benefits from U.S.-China talks
The White House expects to announce upwards of $250 billion in business deals in China this week, an administration official said — exactly the sort of U.S. jobs-based diplomacy that President Donald Trump likes to deliver when traveling abroad…
Trump Team Plans $250 Billion in Deals From China Visit
Harbor Freight Adds 1 MSF to SC Hub
By · CommentsDiscount retailer Harbor Freight Tools will significantly expand its South Carolina presence with an approximately one million-square-foot extension. This will bring the company’s total footprint in Dillon to three million square feet.
Harbor’s South Carolina operation is within the Carolinas I-95 Mega Site, a 3,400-acre industrial park between Dillon, S.C., and Latta, S.C. Here, South Carolina Ports Authority broke ground in March on an inland port operation…
CBRE Global Investors Closes Asia Value-Added Fund
By · CommentsCBRE Global Investors has closed an Asia value-added fund focusing on logistics assets, with equity investments totaling $1 billion.
The Los Angeles-based global real estate asset investment management firm noted 21 institutional investors in the Americas, Asia Pacific and EMEA invested in CBRE Asia Value Partners IV, including equity commitments to the fund and its co-investment vehicles…
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Appeals court lifts stay on construction of Atlantic Sunrise
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Gas driller and would-be shipper Cabot had plunged on the stay
Williams Partners LP was cleared by a federal court to resume construction on a $3 billion pipeline that will help shuttle shale gas across the eastern U.S…
Williams Partners Cleared to Resume Work on $3 Billion Gas Pipeline
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Companies that focus on capital spending outperforming
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Those spending on buybacks, dividends have fallen out of favor
There’s little doubt that American companies stand to reap a windfall if the Republicans pass tax cuts. Going by recent history, investors have a preference for what to do with the extra cash — more spending on plants and equipment and less on stock buybacks…
Stock Market Has Message for Firms Facing $730 Billion Tax Haul
W.P. Carey Appoints New CEO
By · CommentsFollowing the retirement of Mark DeCesaris, non-traded real estate investment trust W.P. Carey has promoted Jason Fox as its newest CEO, effective Dec. 31. Fox will also join the company’s board of directors.
“Jason’s expertise and tenure as head of the company’s global investments team uniquely positions him to lead W. P. Carey well into the future. Importantly, Jason’s appointment reflects the company’s investment-centric culture and ensures both continuity and stability going forward,” W.P. Carey Chairman Benjamin Griswold said in a prepared statement…
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Pension funds to buy combined 3 stakes for 11.6 billion kroner
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Nykredit had been on track to do an IPO early next year
It was supposed to be the biggest initial public offering of a Nordic bank in over two decades…
IPO Undone by $1.8 Billion Pact Is a Lesson in Danish History
Hedge Funds Are Having Their Best Year Since 2013
By · CommentsHedge funds are headed for their best year since 2013 thanks to a gravity-defying stock market…
Hedge Funds Are Having Their Best Year Since 2013
Marcus & Millichap Arranges Loan for FL Hotel Buy
By · CommentsMarcus & Millichap Capital Corp. arranged a $15.9 million loan for the acquisition of two hotels located in Apopka, Fla. The assets—a Hampton Inn & Suites and a Holiday Inn Express & Suites—changed hands for $17.1 million.
“The sale underscores the strength of the Orlando hospitality market, where high average daily rates and revenue per available rooms are attracting the interest of experienced hospitality property investors. The price was based on the outstanding performance of the hotels plus the potential upside the improvements will bring,” said Ahmed Kabani, first vice president of investments with Marcus & Millichap, who represented the seller and procured the buyer…
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Prices increase 2.3% in three months through October
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Halifax says BOE rate hike unlikely to be a barrier to buying
U.K. house-price growth accelerated in the last three months, reflecting the continued imbalance of supply and demand in the property market…
U.K. House Prices Rise Even as Confidence Drops to Five-Year Low
Oprah Has Made $300 Million From Weight Watchers’ Rally
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Shares surge again after rising nearly fourfold this year
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Media mogul has made almost $300 million in potential profit
Weight Watchers International Inc.’s improbable rally has fresh momentum…
Weight Watchers International Inc.’s improbable rally has fresh momentum.
JV Sells 27-Property Self-Storage Portfolio
By · CommentsA joint venture between funds managed by Westport Capital Partners and Store Here Management has disposed of a 27-property self-storage portfolio across Colorado, Georgia, Indiana, Kansas, Louisiana and Texas. The portfolio totals 1.7 million square feet across 12,171 units.
Currently operating under the Store Here brand, the portfolio is 80.6 percent occupied and features amenities such as gate access, security cameras, climate-controlled or drive-up units, onsite management, as well as RV and surface parking. The properties are in eight MSA’s, including Colorado Springs, Colo.; Atlanta; Indianapolis; Kansas City, Kan.; Shreveport, La.; and Dallas, San Antonio and Austin, Texas…
Commonwealth Bank of Australia first-quarter earnings rose as bad debt charges declined…
Commonwealth Bank First-Quarter Profit Rises as Bad Debts Fall
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Economists penciling in quarter-point increase to 2018 GDP
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Minority of respondents says plan raises odds of recession
President Donald Trump’s planned tax overhaul is likely to boost U.S. economic growth by about a quarter percentage point in 2018, yet it will also dent demand for housing and fail to lower the chances of a recession, according to a Bloomberg News survey…
Tax Plan Seen Boosting U.S. Growth a Bit While Denting Housing
Boeing Sells 254 KSF Seattle-Area Office Campus
By · CommentsBoeing sold I-90 Bellevue Campus to a joint venture between Walton Street Capital and Talon Private Capital. The 253,857-square-foot office property in Bellevue, Wash., changed hands for $35.8 million.
Located at 3076, 3156, 3255 and 3265 160th Ave. SE, the four-building asset was completed in phases in 1983, 1968 and 1991. The campus, which features more than 800 parking spaces, sits on roughly 20 acres near multiple bus stations, restaurants and hotels, including India Gate Restaurants, Embassy Suites by Hilton and Larkspur Landing…
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Company eliminating 905 roles related to unit closure
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Home-lending business was ‘structurally disadvantaged’
Capital One Financial Corp. will stop originating mortgage and home-equity loans after competition made it difficult for the businesses to be profitable…
Capital One Exits Mortgage Origination Business, Cuts 1,100 Jobs
Some Value Funds Are Stuffed With Cash as Stocks Surge
By · CommentsEventually the market will slump, managers say, and they’ll be ready to scoop up the bargains. Meanwhile they’re sweating it out.
Charles de Vaulx knows keeping 40 percent of his fund in cash is hurting results. But as far as he’s concerned, there aren’t many stocks to buy. “Being fully invested has zero appeal right now because stocks are so expensive,” says de Vaulx, whose $8.3 billion IVAWorldwide Fund trails the MSCI All-Country World Index by a big margin this year. “We are willing to underperform while the party goes on.”…
Some Value Funds Are Stuffed With Cash as Stocks Surge
Intervala Inks New Long-Term Lease with RIDC
By · CommentsIntervala, a high-tech electronics manufacturing company, signed a new 135,000-square-foot lease for the next five years with The Regional Industrial Development Corp. of Southwestern Pennsylvania. The firm will occupy three floors of the S Building within Keystone Commons in Turtle Creek, Pa., a location from where Intervala has been operating for more than 10 years. The new agreement allows for an additional five-year lease extension.
Hedge funds produced their strongest performance of the year in October…
Hedge Funds Post Best Month of the Year With 2% October Return
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Exco says it’s considering bankruptcy as option with advisers
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Ross heavily invested in the driller before becoming secretary
Exco Resources Inc., the natural gas driller that investor Wilbur L. Ross tried to help rescue before he became U.S. commerce secretary, is considering bankruptcy…
A Gas Driller That Wilbur Ross Once Tried to Save Is Exploring Bankruptcy
Chesapeake Lodging Trust to Sell $46M Minneapolis Hotel
By · CommentsChesapeake Lodging Trust has entered an agreement to sell The Hotel Minneapolis, Autograph Collection, a 222-key property located in downtown Minneapolis for $46 million or $207,000 per key. The Trust acquired the asset back in 2012 for the same price…
Get the Housing Industry Out of the U.S. Tax Code
By · CommentsWe have unintentionally designed a system that drives people into debt to buy houses, making the economy more fragile.
Like a lot of people, I have a mortgage. Unlike a lot of people, I am in a big hurry to pay it off. Most people want to pay interest to the bank, which they can then deduct from their income for tax purposes. I have never understood why you would want to pay money to someone so you can get some of it back…
Get the Housing Industry Out of the U.S. Tax Code
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Foreign firms to get just 6% of market, Casey Quirk says
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China to account for almost half of global net inflows
China’s asset-management industry is set to expand five-fold to $17 trillion by 2030, beating growth in other markets and benefiting local money managers…
China’s Asset-Management Industry Set to Swell to $17 Trillion
Meridian Secures Financing for Tallahassee Hotel
By · CommentsMeridian Capital Group arranged $5.3 million in debt financing for the repositioning of Wyndham Garden Tallahassee Capitol, a 148-key hotel in Tallahassee, Fla. AD1 Global, a hotel investment, acquisition and development company, purchased the asset in October.
The two-year loan features a LIBOR-based rate, full-term interest-only payments and one 12-month extension option. An entity affiliated with C-III Capital Partners provided the short-term loan…
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Unsecured bond sale will fund stock buybacks and dividends
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The iPhone maker is about three-fourths through its program
Apple Inc., looking to fund stock buybacks and dividends, sold $7 billion of bonds even as proposed new tax laws may leave it awash in cash it previously couldn’t use…
Apple to Sell Debt to Help Fund $300 Billion Capital Return
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Analysts optimistic on synergies but caution long road ahead
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Next question is whether Broadcom keeps all of the assets
Broadcom Ltd. made a $105 billion offer for Qualcomm Inc. Monday, in what will be the largest technology deal ever if it’s successful. That’s a big if…
Here’s What Wall Street Is Saying About Broadcom Buying Qualcomm
Ray Dalio’s Pure Alpha Hedge Fund Rebounds in October
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Alpha gains 3% for month after losing ground earlier this year
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Fund’s returns flip into positive territory year-to-date
Bridgewater Associates, the world’s biggest hedge fund firm, recouped this year’s losses in one of its funds during October…
Ray Dalio’s Pure Alpha Hedge Fund Rebounds in October
Investor Bravo Raises $25 Million for Puerto Rico Relief
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Donors include KKR, Blackstone’s Baratta, Silver Lake’s Roux
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Remote parts of the island lack food and water, says Bravo
Orlando Bravo, managing partner of technology-focused private equity firm Thoma Bravo, has raised a total of $25 million to help Puerto Rico recover from the hurricane that devastated the island in September…
Investor Bravo Raises $25 Million for Puerto Rico Relief
Frampton Adds Director to Charlotte Office
By · CommentsFrampton Construction Co. has appointed Chris Knight as director of the firm’s Charlotte, N.C., office. Knight assumes the role that was previously held by Keaton Green, who recently relocated to the company’s Charleston, S.C., office.
In this new role, Knight will be responsible for project acquisition, operations and delivery. Frampton Construction is a regional full-service construction firm that provides planning and design support, preconstruction, construction and sustainability services throughout the Carolinas…
Live! by Loews Hotel Breaks Ground in Arlington
By · CommentsA joint venture between Loews Hotels & Co., The Cordish Cos. and the Texas Rangers has broken ground on Live! by Loews – Arlington, TX, a $150 million hotel and convention center in Arlington’s new Texas Live! Entertainment District.
The flagship 14-story, 302-key hotel is part of the $4 billion vision for the entertainment district, which also includes the preservation of Globe Life Park and the Rangers new ballpark…
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Three of the kingdom’s richest people are under arrest
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Authorities say suspects are innocent until proven guilty
Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk…
Saudi Corruption Purge Snares $33 Billion of Net Worth in Riyadh
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Two new brands identified: Rebel Canyon and Peak Velocity
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Move to sell activewear is seen as a threat to Nike, Lululemon
Amazon.com Inc.’s expansion into private-label activewear is beginning to show up on its website, a move that will generate fresh competition for Nike Inc. and Lululemon Athletica Inc…
Amazon Push Into Private-Label Sportswear Makes Quiet Debut
Schaeffler Sheds $60M on Ohio Facility Expansion
By · CommentsEY Takes 600 KSF at One Manhattan West
By · CommentsSenate Tax Bill Likely to Keep $1 Million Mortgage Cap
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House legislation proposed cap of $500,000 for new home sales
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Cornyn says Senate Finance will begin its markup on Nov. 13
Senate tax writers are planning on keeping the mortgage interest deduction limit at $1 million, unlike the House legislation released last week that set a cap of $500,000 for new home sales, according to a person familiar with the emerging Senate bill…
Senate Tax Bill Likely to Keep $1 Million Mortgage Cap
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Airbus vies with Boeing, which has been clashing with airline
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Carrier looks to remake short-haul fleet with 100-plane order
Delta Air Lines Inc. is nearing an order for about 100 single-aisle planes, people familiar with the matter said, in a much-anticipated deal valued at as much as $12.7 billion…
People have once again lost their collective marbles when it comes to real estate. There is now a massive trend with momentum for non-stop housing appreciation. In other words, our housing bubble sins are now fully washed away making way for more aggressive risk taking. I’ve been traveling and seeing real estate from many different locations and thanks to ubiquitous sites like Zillow, virtually every large metro area is seeing massive housing appreciation detached from income growth and people are tracking real estate down like starving hyenas after an injured wildebeest. We are now in a market where potential buyers are in a panic to buy for no other reason beyond they feel they will miss the boat yet again. Today we highlight what is probably the smallest home we have ever featured on the site…
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Officials also want to stop consumer loans flowing to property
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Developers tumbled last week on news of down-payment checks
China will “strictly” ban property developers and real estate agencies from financing down-payments for home purchases, the state-run Xinhua News Agency reported, citing the housing ministry…
China Cracks Down on Developers Financing Home Buys, Xinhua Says
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Loan-equity conversion gives banks 18 months to revive carrier
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Turnaround prospects poor in market gripped by price war
Lenders to embattled Reliance Communications Ltd. have bought themselves some time in taking provisions on $7 billion of debt, but still face an uphill struggle in turning around the phone company…
Lenders to India’s RCOM Face Uphill Struggle After Debt Swap
Bringing Accountability to the Wells Fargo Boardroom
By · CommentsIt’s distressingly common for directors of public companies to skate away from liability when corporate misconduct occurs on their watch. That’s why a recent ruling by a federal judge hearing two cases against Wells Fargo’s officers and directors is both unusual and welcome.
The cases were filed against the bank by shareholders seeking to recover losses that were sustained, they say, in the wake of Wells Fargo’s widespread creation of fake or unauthorized accounts — a scandal that has besieged the bank, hurt its shares and caused the ouster of its chief executive last year…
Bringing Accountability to the Wells Fargo Boardroom
The House tax bill’s proposal to limit the mortgage interest deduction for new purchases of homes won’t crimp the housing market, said White House Economic Adviser Gary Cohn…
Cohn Says New Mortgage Deduction Limit Won’t Hurt Housing Market
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Utility cost estimates started rolling in during earnings
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NextEra estimated $1.3 billion in damages from Hurricane Irma
How much havoc did back-to-back hurricanes that crashed ashore in the U.S. this year wreak on the nation’s power utilities? Based on this quarter’s earnings season, a much as $2.5 billion worth…
What’s the Cost When Two Big Hurricanes Hit the Power Grid? $2.5 Billion
One day in September, investors with fading summer tans mingled with their brokers over a three-course lunch at Cipriani in Lower Manhattan. Stocks were soaring and they swapped market tips and touted apps that allowed them to buy Bitcoin on the golf course.
But the full stomachs and fat portfolios couldn’t mask a sense of unease that pervaded the gathering: that the good times could suddenly end, derailed by nuclear war, political upheaval, a sudden rise in inflation or simply from stratospheric stocks crashing down to earth…
A Bull Market Should Make Investors Happy. This One Isn’t.
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Correlation between developing currencies, credit at new low
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Tighter credit spreads signal sanguine macro outlook
Developing-economy currencies and corporate bonds are moving in opposite directions, bucking a decade-long trend and raising questions about which is the right economic signal to follow…
Goldman Says Emerging-Market Assets Have Biggest Gap in 15 Years
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Ex-Trump campaign chief bidding to end his home confinement
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Prosecutors question value of Trump Tower unit, insurance
Paul Manafort, the indicted former campaign chairman for President Donald Trump, says he’s worth $28 million. But prosecutors have their doubts and aren’t convinced about the value of his Trump Tower apartment…
Manafort Claims Worth of $28 Million But Mueller Has His Doubts
Robert Mercer, a billionaire investor and top financial backer of conservative causes, is stepping down as co-chief executive of Renaissance Technologies, as the giant hedge fund faces a backlash from some clients who resent Mr. Mercer’s embrace of polarizing political figures.
Discomfort with Mr. Mercer’s political activism — including protests aimed at university endowments, foundations and pension funds with money invested in Renaissance — has showed signs of taking a small but growing toll. The retirement fund for Baltimore’s police and firefighters, for example, last week asked that all of the $33 million it had invested in Renaissance be refunded, said David A. Randall, the retirement fund’s deputy executive director…
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Bad loan provisions rise more than sixfold to S$1.66 billion
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Will allow investors to focus on operating performance: CEO
DBS Group Holdings Ltd. reported a surprise drop in third-quarter profit as Southeast Asia’s largest bank boosted bad-loan allowances more than sixfold in an effort to deal with its problem lending to the regional oil and gas services sector…
DBS Profit Sinks as Bank Tries to Put Bad Energy Loans Behind It