Voter trust in President Biden’s economic decisions is at its lowest in over 20 years, according to a Gallup survey.
Gallup has been checking confidence in presidents’ economic decisions since 2001 when George W. Bush became president. Confidence in Biden’s economic management fell from 57 percent to below 40 percent in 2022 and has stayed low since then. The lowest point was 35 percent in 2023.
Bush had the lowest confidence in economic management at 34 percent in 2008. Barack Obama’s lowest was 42 percent in 2014, and Donald Trump’s was also 42 percent in 2018.
Donald Trump (Credits: history.com)
In the new Gallup survey, only 38 percent of adults in the US said they have confidence in Biden to make the right economic decisions. Both Democrats and Republicans had similar levels of confidence in Biden.
On the other hand, 46 percent of people said they trust Trump’s economic decisions, and 39 percent trust Federal Reserve Chair Jerome Powell.
The survey was done with 1,001 adults from April 1-22, before Powell said interest rates would stay high for 23 years. The margin of error is plus or minus 4 percentage points.
The boss of The New York Times says it’s not their job, or anyone else’s, to stop Donald Trump from becoming president again. Joe Kahn, the executive editor, talked about this in an interview recently. He said it’s President Biden’s job to stop Trump from winning, not the media’s.
Kahn thinks Trump could win the election if people vote for him. He said the Times needs to cover all the important topics, including ones that might help Trump, like immigration.
He doesn’t want the Times to be like a propaganda machine for Biden. He doesn’t want them to only write nice things about Biden and bad things about Trump. He thinks that wouldn’t be helpful.
Donald Trump (Credits: Britannica)
This comes after reports that some people in Biden’s team are upset with how the Times is reporting on them.
But Kahn thinks the Times gives a fair view of Biden to its readers. They write about his good points and also his weaknesses, like his age.
A special chance has come up in Chicago’s office real estate. MDC Realty Advisors and Nicola Wealth Management are selling a building near O’Hare Airport.
This is important because many office buildings in the city are struggling financially and have lots of empty offices. But this building at 6250 North River Road is different. It’s 12 stories high, with 93% of its offices rented out, and most leases lasting seven years.
It’s expected to sell for about $70 million. This sale could show how much demand there is for buildings that are doing well, especially when many others are having problems.
Not Like the Others
Most of the office buildings in Chicago that are being talked about are in trouble financially. But the River Road building is doing well. This shows that some buildings can still do okay in this tough market.
High Occupancy of 93% of offices leased, stability is a key feature of this property.
It’s interesting because the owners bought it for $83 million in 2015, and now they’re selling it even though they might lose money. This shows that even good buildings aren’t completely safe from the problems in the office real estate market.
What it Means for the Market
Putting the River Road building up for sale at a time when other buildings are struggling shows how tricky real estate investment is right now.
Across the country, there are over $38 billion worth of office buildings that might have financial problems, according to MSCI. The office market is facing big challenges because fewer people want office space due to high-interest rates and changes in how people work.
Potential Sale Expected to fetch $70 million, signaling demand for thriving assets in the market.
The River Road building’s success and possible sale are important because they show there might still be hope for office buildings, even with all the problems.
What it Says About Office Real Estate
MDC Realty Advisors and Nicola Wealth Management’s decision to sell a building that’s mostly full in a tough market is brave. It could tell us what might happen with office real estate in the future.
This, along with luxury fitness brand Equinox opening in Chicago’s Fulton Market and the struggles in the office market, shows that real estate can be both risky and rewarding.
The sale of the River Road building might not only show how much people want good buildings but also give hope for smart investments in well-placed office properties, despite the challenges.
An exciting $850 million project is getting ready to make big changes in Fort Worth’s Cultural District. It will bring in new offices, homes, stores, and places to stay.
This project is led by Westside Real Estate Investors. They’re teaming up with companies like Larkspur Capital from Dallas and the Keystone Group from Bass. They want to change the rules for over 11 acres of land near Cullen Street. They want to use it for lots of different things like offices, homes, and shops.
The city’s zoning commission will soon look at their plans. This project is a smart move to keep up with Fort Worth’s growth. The city has almost a million people now, which is 5.3 percent more than in 2020.
A Plan for Growth and Making Things Better
This isn’t just about building more stuff. It’s about making Fort Worth’s downtown better. They want to make up to 2 million square feet of space for lots of different things.
$850 Million Project: Transforming Fort Worth’s Cultural District with offices, homes, shops, and accommodation spaces.
This plan is to match the city’s growth and make downtown bigger by 2045. The Austin-based Michael Hsu Office of Architecture is helping with this. They’re known for their cool designs that focus on the community.
They’ll change the old Fort Worth Independent School District office and some other spots into a lively area. It will help local businesses and bring in new ones too.
Helping with the Shortage of Office Space
Fort Worth’s downtown has very few empty office spaces — just 11.5 percent. That’s a lot less than downtown Dallas, which is 26 percent empty.
Fort Worth needs more office space, and this project aims to fix that. By adding new offices, homes, and stores, they hope to ease the lack of space and help the city’s economy.
Strategic Partnerships: Led by Westside Real Estate Investors with Dallas-based Larkspur Capital and Bass’ Keystone Group.
This plan matches other big projects in the area, like what Goldenrod Companies are doing. It shows that Fort Worth is growing and getting more investments in its Cultural District.
Bringing Economic Growth and Culture Back
The $850 million project is a big investment in Fort Worth’s future. It will help the city grow economically and culturally.
By changing old industrial areas into new places with lots of different uses, the project isn’t just fixing the current problems. It’s also making Fort Worth a more exciting place in the long run.
This plan is all about growing, being creative, and involving the community. It shows that Fort Worth is looking ahead and ready for new businesses, residents, and visitors.
Leap Development had a big plan to build 127 houses in San Francisco’s South of Market area. But now, they’re having a big problem. They didn’t pay back a $10 million loan they got for the project. The place where they wanted to build these houses is at 360 5th Street.
Back in 2018, Leap bought the land from Trammell Crow Residential for $21.7 million. This was a big deal because it meant they were investing a lot in the city’s housing market.
Leap’s Money Problems
Leap tried hard, like tearing down a building and getting a special loan, but the $111 million project never started. This shows how tough it is for people who want to build lots of houses in San Francisco.
Financial struggles and market challenges delay the South of Market housing project.
Leap started having money problems when they stopped paying their loan last year. Things got worse when they put the land up for sale. This shows there are big problems with building new things in San Francisco like the cost of building being too high and rents not going up.
What It Means for San Francisco
The problem at 360 5th Street is part of a bigger issue in San Francisco. Building things is expensive, and there are strict rules about building affordable houses.
Because of this, fewer new things are being built. Even though the city is trying to make it easier to build cheaper houses, it’s still hard for projects to go ahead because of how expensive things are.
San Francisco’s high construction costs hinder urban development and exacerbate the housing crisis.
This means there are fewer new houses, which makes the problem of not enough affordable homes even worse.
What This Says About Building in Cities
Leap’s struggle to build houses in the South of Market shows a bigger problem with building and housing rules in cities.
It shows that we need a balance between building things and making sure it’s not too expensive. We need to think about how to build more homes that people can afford.
Policymakers need to change rules and give incentives to make it easier for projects like the one at 360 5th Street to happen. This will help make more homes and make cities better places to live.
In a big move that shows how active Miami’s retail and mixed-use development is, three experienced investors—Ben Mandell, Alex Karakhanian, and Michael Simkins—bought the ground-floor retail space of the Society Wynwood project for $22.5 million.
The project is almost finished, and the retail space is on the first floor of a nine-story building at 2431 Northwest Second Avenue. This purchase, which covers 32,000 square feet, shows that Wynwood is becoming more and more popular for both community life and high-end stores.
The price per square foot, at $703, is impressive and shows that investors believe in the retail business in this area, which is right across from the famous Wynwood Walls.
Why This Purchase Matters
The fact that Tricera Capital, Landmark Development, and Lion Development Group bought this space from the original developers, Property Markets Group (PMG) and Greybrook, shows that Wynwood is growing and becoming a top place for people to live and do business.
Property Markets Group (PMG)
Half of the retail space in Society Wynwood is already leased to big names like Starbucks and Nacho Daddy. This purchase not only shows how much potential Wynwood has for businesses but also how it’s becoming a big cultural and social center in Miami.
300 apartments, including shared living spaces, in Society Wynwood, it’s clear that the trend of mixing different types of spaces is changing how we live and shop in South Florida.
Changes in Wynwood
This purchase is happening at a time when Wynwood is quickly changing. Recent deals, like when Doug Levine, the person who started Crunch Fitness, sold some office and retail buildings for $23.5 million, show that investors and developers like this area.
Nearly half of Society Wynwood’s retail space is already pre-leased to Starbucks and Nacho Daddy.
Projects like Society Las Olas and The Elser Hotel & Residences, created by PMG and Greybrook, show how flexible and creative South Florida’s real estate market is. Wynwood is turning into a mix of living spaces, shared living, and stores, which is what a lot of people want in city areas.
What It Means for Miami’s Retail and Mixed-Use Areas
The purchase of Society Wynwood’s retail space is a sign of how things are changing in Miami’s retail and mixed-use areas.
Smart investments are helping these areas grow and change. This deal doesn’t just show that Wynwood is becoming a top spot for new stores and places to live, but also that people believe Miami’s urban areas will keep growing and getting better.
As Wynwood gets more popular with big stores and residents, its shift from an industrial area to a busy cultural and commercial area shows how city areas are changing and growing in the 21st century.
In early 2024, Hudson Pacific Properties, a company in Los Angeles that invests in real estate, reported a big loss of $52 million. This is much more than the $20.4 million loss they had at the same time last year.
The main reason for this loss is that they’re making less money from their office buildings. Many offices are having a hard time right now. Hudson Pacific’s office buildings were 78 percent full in the first three months of this year, down from 85 percent last year.
This shows that more offices are empty, and the ones that are occupied have fewer tenants.
Office portfolio occupancy drops to 78%, down from 85% last year.
Hudson Pacific lives selling three of its office buildings, which is about 8 percent of all its office properties. This shows how serious the problem is, especially in the San Francisco Bay Area, where most of their buildings are only 74 percent full on average.
A Bigger Problem for the Market
Hudson Pacific’s troubles are part of a bigger problem for the office market. A report by the Wall Street Journal says that office owners have more than $38 billion worth of buildings that might face problems like not being able to pay debts or being taken back by the bank.
Office market distress: $38 billion at risk, highest since the 2012 financial crisis.
This is the worst situation since the financial crisis in 2012. The number of empty offices is at 13.8 percent, much higher than before the pandemic.
In the first three months of this year, tenants signed leases for 102 million square feet, which is 10 percent less than the average in 2019.
This shows that fewer people are renting office space, which is not good news for the market. High-interest rates and more people working from home are making the situation worse.
A Bit of Good News
Even though things look bad, Hudson Pacific is hopeful about some parts of its business. They recently signed a big lease with the City of San Francisco for a large office space.
The remote work trend causes high office vacancy rates, leasing 10% below the 2019 average.
This deal shows that there are still chances for growth, especially in specific areas like real estate for movies. However, the movie industry, which is another important part of Hudson Pacific’s income, has had some problems with strikes, slowing down the recovery.
What It Means for Real Estate
Hudson Pacific’s troubles and the bigger problems in the office market show that the real estate industry is changing because of how people work and the economy.
There’s a lot of trouble, many empty offices, and more people working from home. This is making property owners and investors rethink what they’re doing. They need to come up with new ideas to change and adapt offices to fit what the market needs now.
Hudson Pacific is trying to deal with these problems by selling some buildings and doing different things with its money. This shows that even in tough times, there’s hope for recovery and change in the real estate industry.
Shangri-La Industries, a company that turns motels into homes for homeless people in California, has declared bankruptcy for four of its projects.
This happened because the state thinks they did something wrong with the money they got to do these conversions. The projects affected are in Redlands, Thousand Oaks, Salinas, and San Ysidro.
These were part of Project Homekey, which helps homeless people find places to stay during the pandemic. The state gave Shangri-La Industries over $121 million for these projects, which shows how important they were.
Why It’s a Problem
This bankruptcy is not just about Shangri-La Industries. It shows a bigger issue in real estate, especially when it’s about helping people.
Bankruptcy cases highlight challenges in managing socially oriented real estate projects effectively.
The company couldn’t pay back its loans and got into legal trouble with the state, which says they lied and broke promises. This mess has made city officials unsure about what will happen to the projects for homeless people.
It’s also made people look into Shangri-La’s other projects, finding more problems with money and fights in court.
Similar Story in Chicago
What’s happening with Shangri-La Industries is a bit like what happened with Michael Collier’s Hotel Capital in Chicago.
Projects in Redlands, Thousand Oaks, Salinas, and San Ysidro are affected.
Both companies were in financial trouble, so they turned hotels into shelters for homeless people.
This was a way to deal with money problems and help the community. It’s a sign of a trend where real estate is used for different purposes when there are money issues, especially during the COVID-19 pandemic.
What It Means for Real Estate and Helping People
The bankruptcies of Shangri-La Industries and Hotel Capital show how tricky it is to mix real estate and helping people. These cases show how hard it is to make projects work financially while also helping society.
They also show that there needs to be good rules and management to make sure these projects don’t fail because of money problems.
State invested over $121 million in Shangri-La Industries for homeless housing projects.
The troubles Shangri-La and Hotel Capital had made people think about what’s going to happen with other projects that aim to help people.
What Should Happen Next
What’s going on with Shangri-La Industries and Hotel Capital is a warning about mixing real estate and helping people.
It shows that we need more honesty, openness, and new ideas when we’re trying to do good things with real estate.
As the real estate world deals with the effects of COVID-19 and how it’s changed what communities need, we should learn from these bankruptcies to make better plans for helping people and keeping real estate projects going.
Douglas Elliman Development Marketing has hired Laura Tomana as senior vice president of market data and research, a move that aims to boost the brokerage’s research abilities, especially in Florida.
Tomana, who previously worked as a senior economist at the Real Estate Board of New York (REBNY) and Brown Harris Stevens Development Marketing, brings a lot of experience in real estate research and market analysis.
Her focus on planning before development, like pricing, floor plans, finishes, and amenities, is expected to give Elliman an advantage in the Florida real estate market.
Tomana’s hiring shows that Douglas Elliman is serious about improving its research, by making more trend reports and getting more data sources.
Laura Tomana brings rich experience in real estate research, analytics, and pre-development planning.
This is important in Florida, where there isn’t as much public information about new developments compared to places like New York City.
Tomana wants to improve reporting and analyzing data in South Florida, which could change how people understand market opportunities and development strategies.
Douglas Elliman has been expanding in Florida, starting a rental division in South Florida two years ago, opening its first Gulf Coast office in Sarasota, and recently opening an office in Santa Rosa Beach in the Panhandle.
They also led sales for a 52-unit condo project where the Surfside collapse happened, showing their growing role in Florida’s new development market.
Focus on pricing, floor plans, finishes, and amenities gives Elliman a competitive edge.
Tomana’s expertise in market data and research will be key in guiding these expansions, making sure projects meet market needs and trends.
Hiring Laura Tomana isn’t just about adding someone to the team; it’s about Douglas Elliman shifting towards using more data in the Florida real estate market.
By using Tomana’s knowledge of economic analysis and market research, Elliman aims to improve real estate development and marketing in the region.
This not only makes the brokerage more competitive but also brings a higher level of understanding to Florida’s real estate scene, potentially changing how market research and development planning are done in the state.
Whitestone REIT is in a big fight with Erez Asset Management, showing how tense things are getting between real estate investment trusts (REITs) and investors who want to make changes.
Erez, which owns 1.3 percent of Whitestone, wants to change who’s on the REIT’s board. They want their two people, including their founder, to be elected.
They’re not happy with some of Whitestone’s decisions, like turning down a takeover offer from Fortress Investment Group and selling assets for less than they’re worth. This fight is part of a bigger trend where investors are challenging REITs on how they run things and make money.
The Big Deal
The battle between Whitestone and Erez isn’t just about who’s on the board. It’s about bigger problems in the REIT world. Erez says Whitestone has been buying expensive and selling cheap, which hasn’t been good for shareholders.
Erez, holding a 1.3% stake, wants major changes in Whitestone’s board, including its founder.
They want Bruce Schanzer, their founder, and Catherine Clark on the board, but Whitestone wants to keep its old members. This fight is expensive. Whitestone has already spent $400,000, and it could go up to $1.2 million.
It makes us wonder whether companies should focus on making money now or plan for the long term, especially when the real estate market is unpredictable.
More Investors Speaking Up
The Whitestone-Erez fight is part of a bigger trend where investors are getting more involved in how REITs and other investments are run. Just like when Saba Capital challenged BlackRock’s management, these fights are happening more often.
Bruce Schanzer, Chairman and Chief Investment Officer of Erez Asset Management
Investors like Erez and Saba don’t just want better operations; they also want clearer rules, better leadership, and changes to make shareholders happier. These fights show that company bosses and investors often see things differently when it comes to making companies better for everyone.
What This Means for Real Estate
The battle between Whitestone REIT and Erez Asset Management, along with others like it, shows that investors are getting more active in real estate.
These fights can lead to big changes in how companies work, who’s in charge, and even how they do business. For everyone who invests in real estate, these fights show that it’s important for companies to listen to what shareholders want, especially in a market where one wrong move can be costly.
They also show that investors like Erez and Saba are getting more power to change how companies are run, which could mean companies need to work harder to make and keep their value.
In a big move to change how short-term rentals work, Airbnb has introduced its “Icons” category. It’s a collection of unique places to stay that mix famous brands and celebrities with cool buildings.
One standout place is a house in Abiquiu, New Mexico, inspired by the movie “Up.” It promises a desert adventure, lifted by a crane for safety. This new idea shows how Airbnb is getting creative with hosting and wants to make sure guests have unforgettable experiences.
A New Way to Stay
The “Icons” category features places like Prince’s “Purple Rain” house and the Ferrari Museum. It’s Airbnb’s latest effort to give travelers more than just a bed for the night.
“Up”-inspired home in Abiquiu: Desert adventure, lifted by crane, promises an unforgettable experience.
By adding pop culture and movie themes to its listings, Airbnb is tapping into people’s desire for unique travel experiences. It’s like going back to Airbnb’s early days, when it was all about magic and fun, even with the challenges it faces now.
What This Means for Airbnb and Rentals
Airbnb’s move into iconic, experience-based rentals comes at a crucial time. It faced a loss of $349 million and an earning of $2.22 billion in the last quarter.
Airbnb’s strategic pivot: Focus on experiences, not just places to stay, redefines travel.
The “Icons” category could be a game-changer, making more people interested in using Airbnb again. But it also makes us wonder if these special places can keep going with all the rules and competition.
Airbnb’s “Icons” category is a big step in how we think about travel and places to stay. It’s not just about a bed anymore, it’s about amazing experiences.
This could change how we travel, making it more personal and special. But it also shows that Airbnb needs to keep coming up with new ideas to stay ahead in a changing market.
Institutional Shareholder Services (ISS), a big company that advises shareholders, says Boeing investors should say “no” to CEO David Calhoun getting $32.8 million for his work at the annual meeting on May 17.
They’re saying this because Boeing has had a tough time, especially in January when one of its planes had a problem with a door while flying. Even though Calhoun didn’t get a yearly cash bonus in 2023, his pay went up by 45% compared to last year.
This big raise was mostly because he got a lot more money in long-term bonuses for the third year in a row. ISS thinks the reasons the company gave for giving Calhoun more money aren’t very good, especially since his pay has gone up a lot since he became CEO in 2020.
What ISS Is Saying
ISS is worried about how Calhoun’s pay is set up, especially a big bunch of company shares he’s supposed to get over a short time.
Federal Aviation Administration
These shares were supposed to match some he bought in late 2022. But ISS says this, combined with the big increase in his long-term bonus, might make investors wonder.
Also, ISS noticed that Calhoun uses private jets a lot, which cost $514,285. They say this is way more than most other CEOs of big companies pay for private flights.
Boeing’s Money Troubles
Boeing’s been having money problems too. Their share price was $179.79 on Friday, which is 29% less than at the start of the year.
In January, a Boeing 737 Max plane had to make an emergency landing because of a problem with a door while flying for Alaska Airlines.
Boeing faces financial scrutiny with a 29% stock price decline and a $4B cash burn.
After that, the Federal Aviation Administration stopped some 737 Max planes from flying for a while. In the first three months of this year, Boeing lost almost $4 billion, and they had to pay $443 million because of the problem with the Alaska Airlines flight.
What the Board and Leaders Think
Even though ISS says Calhoun shouldn’t get so much money, they’re still saying investors should vote to keep him and other board members, like David Joyce, who’s in charge of safety for aerospace stuff.
ISS agrees Boeing has a lot of work to do to make airlines, passengers, and regulators trust them again, but they think keeping Joyce is okay, but just barely.
Analysts think real estate stocks will do well soon. They believe they could go up by as much as 16 percent in the next year. This is because the Federal Reserve, which controls interest rates, says it won’t raise them for a while.
This is good for real estate because it usually does better when interest rates are steady.
The Federal Reserve’s Decision Helps Real Estate
The Federal Reserve’s decision about interest rates is really important for the real estate market. By saying they won’t raise rates and will keep them high, they’ve made investors feel more confident.
This is according to Gregory Kuhl from Janus Henderson Investors. He thinks that even if interest rates don’t go down, real estate stocks could still do well. Many other experts agree, saying that just the fact that rates won’t go up could kickstart the real estate sector.
Getting Through Tough Times
Even though people are optimistic about real estate, there are still problems. Not many companies are buying or merging, and what the Federal Reserve does affects the market a lot. But this situation also offers good opportunities for long-term investors.
Federal Reserve’s stable interest rates buoy hopes and offer confidence to investors in real estate.
The S&P 500 Real Estate Index is much cheaper now compared to how it usually is, which means it’s a good time to buy in.
Experts like Michael Carroll from RBC Capital Markets think certain parts of real estate, like industrial spaces, housing for seniors, single-family rentals, and data centers, could be especially good investments if Treasury yields stay steady.
Seeing Both Sides
Real estate’s future depends a lot on what the Federal Reserve does with interest rates, but there’s more to it than that.
Real estate’s future depends on the Federal Reserve’s policy, but also on broader economic factors.
The costs of borrowing money should stay steady, and real estate stocks are cheaper than usual right now, so it’s a good time to invest, especially in specific parts of the market.
However, investors should be careful because Treasury yields could change, and the real estate market is sensitive to what’s happening in the economy.
In a surprising move that shows how city real estate is changing, Honore Properties bought an office building in the West Loop area of Chicago for only $4.8 million. This is much less than the $14 million it sold for in 2019.
The building is at 118 South Clinton Street. This purchase, at less than $67 per square foot, tells us a lot about how offices in downtown areas are being valued and used differently now.
The plan is to turn this 72,000-square-foot building into 70 apartments. This shows a big change happening where offices are being changed into places for people to live. This is because there’s a high demand for places to live, but many old office buildings in cities are not being used.
Turning Offices into Homes
Honore Properties, which is led by Michael Shenouda, wants to change this seven-story office building into homes. This isn’t just a business decision; it’s also following a trend in the market and city planning.
Converting a 72,000 sq ft building into 70 apartments signals a shift to residential use.
The mayor of Chicago, Brandon Johnson, wants to make downtown areas more lively by changing offices into homes. The city is giving $151 million in taxpayer money to help with this.
Honore has already successfully turned other buildings into homes, like one on 19 South Wabash Avenue and an old Archdiocese of Chicago office building.
Making Cities Better
This change in the Clinton Street building is a big deal in city real estate. It shows how office and home spaces are becoming more similar.
Clinton Street
The building’s design, with elevators and open spaces, is perfect for homes. The cost to make this change is about $10 million. This is a big investment in making cities better without needing help from the government.
This move not only takes advantage of the current market but also sets an example for making cities more livable by using what’s already there.
A New Way for the West Loop
Honore Properties buying and changing this building is part of a bigger trend. It shows how buildings are being used for different things, like mixed-use developments.
West Loop, Chicago
This is important in the West Loop area of Chicago, which is ready for changes and growth. By turning this empty office building into homes, Honore is not only changing how it looks but also helping the area’s economy and community.
This project is a good example of how real estate can solve city problems and can be a model for other cities facing similar challenges.
Yvette Wang, the top aide to Chinese businessman Guo Wengui, admitted in court in New York that she took part in a scheme that stole over $1 billion from people worldwide. This happened just before Guo, who’s 53 years old, is supposed to go on trial in Manhattan for similar charges. Wang was going to stand trial alongside Guo before she confessed.
Guo, who’s connected with former Trump aide Steve Bannon, is accused of tricking his online followers into investing by promising big returns. He says he’s innocent.
Wang, aged 45, agreed to pay $1.4 billion in fines and give up the same amount. The Manhattan U.S. Attorney, Damian Williams, said this.
Yvette Wang pleaded guilty in New York to $1 billion for being involved in a fraud conspiracy along with Guo Wengai.
She could face up to 10 years in prison for conspiracy to commit fraud and money laundering. Her sentencing is set for September 10.
Williams said Wang played a big role in a plan that tricked many people out of their money.
Guo, when arrested last year, allegedly spent some of the stolen money on a big house, a yacht, fancy cars, and expensive items like a piano and mattresses.
Guo used stolen money for a mansion, yacht, and cars; Wang paid $1.4 billion in restitution
Prosecutors seized over $650 million from bank accounts and other assets. Guo’s companies agreed to pay around $540 million to settle allegations of illegal stock trading.
Guo, also known as Miles Guo or Miles Kwok, has been in the U.S. since 2015, reportedly to avoid charges of corruption in China.
Norfolk Southern unions and pension funds invested in it should support activist Ancora’s full seven-director team at the railroad’s upcoming shareholder meeting, two different Institutional Shareholder Services (ISS) proxy advisory services said.
ISS’ Taft-Hartley Advisory Services and Social Advisory Services, which focus on recommendations for unions and socially responsible investors, said in their reports that having a majority of Ancora’s team would help deal with the current board’s “negligence” and address accountability concerns.
Both reports said the proxy contest is about deciding which management team is best for the company’s future. They emphasized the need to give the dissident (Ancora) a strong voice to make their case for management change.
Norfolk Southern CEO Alan Shaw
The reports also supported Ancora’s CEO pick, Jim Barber, as a “credible” director and chief executive, despite criticisms about his lack of railway experience. They said Barber seems capable, with skills and experience that could work well in the railroad industry.
Earlier, ISS and Glass Lewis had already suggested that shareholders support most of Ancora’s nominees at Norfolk Southern’s upcoming meeting. Glass Lewis endorsed six of Ancora’s director picks, including Barber.
Ancora responded, saying that this news is important for union retirement plans and socially responsible investment firms. They highlighted their three-year precision-scheduled railroading strategy, which they believe differs greatly from Norfolk Southern’s model and has worked well in other railroads.
Ancora’s CEO pick, Jim Barber, was deemed credible despite a lack of railway experience. (Credits: Logistics)
Norfolk Southern responded by saying that the ISS team behind the Taft-Hartley report didn’t engage with their management, unlike the main ISS research team, which recommended supporting most of Norfolk Southern’s director nominees.
However, the endorsements from proxy advisors signal a mandate for change at Norfolk Southern, which has performed poorly in the stock market and is dealing with fallout from a derailment in Ohio.
ISS’ recommendations are significant, especially considering the derailment, which released over 100,000 gallons of toxic chemicals into the environment.
Union support split between management and activist investor Ancora, uncommon in the railroad industry.
Norfolk Southern said they’ve contributed over $105 million to the region affected by the derailment, not including a $600 million class-action settlement.
These recommendations also matter because unions have a big influence in the railroad industry.
Union support is split between management and the activist investor. Two different Teamsters unions, representing about 42% of Norfolk Southern’s unionized workforce, are supporting the activist. Another group of unions is backing management.
Union support for activist campaigns at railroads is unusual, as they typically focus on cutting costs and improving financial metrics. However, Ancora has managed to get support from unions and other shareholders.
Top institutional shareholders, including Vanguard, BlackRock, State Street, Dodge & Cox, and pension funds like CalPERS, CalSTRS, and Colorado’s public pension fund, are among those being appealed to.
The Securities and Exchange Commission (SEC) might change its approach if Donald Trump gets re-elected, according to insiders. Currently, Gary Gensler is the head of the SEC, and it’s been tough on big companies. But if Trump wins again, the SEC could ease up, especially on rules about the environment.
One major focus for a second Trump term would be to undo the new rules about disclosing climate information. Gensler, along with the SEC, made a rule in March that forces big companies to reveal how much greenhouse gases they emit. They have to start doing this by 2025 and give details by 2026.
Gensler thinks it’s important for companies to tell investors about their greenhouse gas emissions because it affects their business.
But if a Republican chosen by Trump leads the SEC, they would probably get rid of these new rules, say some insiders.
According to one person who advises Trump on SEC matters, these rules cost companies and investors a lot of money without giving them any real benefits. This person, like others in this story, didn’t want to be named.
Trump doesn’t like the idea of companies being pushed to follow environmental, social, and governance (ESG) standards either. When he was president, he made it tougher for employers to offer ESG funds in retirement plans. But the Biden administration later made it easier.
In February, Trump said on his Truth Social account that if he gets a second term, he’ll bring back his previous rules.
BlackRock and Vanguard Under Pressure
A possible second term for Trump, focusing on ESG issues at the SEC and beyond, might spell trouble for major investment firms like BlackRock and Vanguard.
Blackrock
These companies have long offered eco-friendly investment choices to their clients. But recently, just having these options has caused political controversies for them. Some of Trump’s allies have led the backlash against them.
A Texas public school fund recently withdrew $8.5 billion from BlackRock’s management, citing the firm’s reluctance to invest in fossil fuels. Florida also withdrew $2 billion in 2022, accusing BlackRock of prioritizing ESG over investors. Both states are led by politically ambitious Republican governors, Ron DeSantis in Florida and Greg Abbott in Texas.
Representatives for BlackRock and Vanguard didn’t immediately respond to requests for comment. However, both firms have strongly denied favoring climate concerns over their clients’ interests. They’re fiduciaries, meaning they’re legally bound to prioritize their clients.
Vanguard
Still, a Trump supporter told CNBC that they planned to discuss with the former president how to use a Trump White House to push back against ESG investment guidelines.
If Trump wins a second term and issues an order prohibiting ESG considerations in retirement funds, for instance, he could then urge Republican-led states to pressure investment firms to scale back their eco-friendly investment advice, according to a close associate of Trump.
“You start with executive action at the federal level, and then you get state treasurers to pressure investment funds to move away from ESG and encourage more states to divest from these funds,” the Trump confidant explained.
Addressing the Crypto Conundrum
Under a potential second Trump term, one exception to the less strict regulation at the SEC might be its stance on the cryptocurrency industry.
Cryptocurrency
“The SEC under the first Trump administration actively pursued crypto cases and aimed to regulate this industry,” said Jennifer Lee, a lawyer and former Assistant Director in the SEC’s division of enforcement.
“In a second Trump administration, we can expect ongoing efforts by the SEC to define its role and authority over crypto.”
“While there’s more consistency and understanding about the standards the SEC will use to determine if a token falls under its jurisdiction, there are still questions about how far that jurisdiction extends,” Lee pointed out.
Renting a place can be a big deal, especially in a big city where prices are high.
Experts say you shouldn’t spend more than about 30% of what you earn before taxes on rent. A study gathered data from government websites and real estate places in Asia to see how much it costs to rent in big cities.
Here are the prices for renting a one-bedroom apartment and buying property per square meter in some of Asia’s major cities:
Mumbai, India:
Rent: $481
Buying price per square meter: $3,882
Hanoi, Vietnam:
Rent: $688
Buying price per square meter: $2,280
Jakarta, Indonesia
Jakarta, Indonesia:
Rent: $698
Buying price per square meter: $1,726
Kuala Lumpur, Malaysia:
Rent: $735
Buying price per square meter: $3,903
Manila, Philippines:
Rent: $805
Buying price per square meter: $3,813
Taipei, Taiwan:
Rent: $816
Buying price per square meter: $17,551
Taipei, Taiwan
Bangkok, Thailand:
Rent: $1,080
Buying price per square meter: $6,485
Tokyo, Japan:
Rent: $1,216
Buying price per square meter: $8,837
Hong Kong:
Rent: $2,173
Buying price per square meter: $25,802
Singapore
Singapore:
Rent: $4,590
Buying price per square meter: $16,619
In 2023, Asia’s housing market slowed down because of a weak economy and high prices, according to a report.
Hong Kong’s housing market faced problems as construction slowed down and prices dropped.
Prices for homes in some parts of Southeast Asia like Ho Chi Minh City, Vietnam, and Malaysia also went down.
But cities like Taipei and Singapore kept going strong, with prices going up.
Generally, the housing market seems to be getting better as prices ease in many places and banks stop raising rates.
Former President Trump complained about a recording played during his hush money trial. On Truth Social, he said the tape was cut off too soon, missing something positive he was about to say.
During the trial, a recording from 2016 showed Trump talking to Michael Cohen about paying off a woman to keep quiet about an alleged affair. Trump asks about the cost and payment method, preferring cash over a check.
A forensic analyst noted the recording ended abruptly, possibly due to an incoming call. However, there’s no record of that call.
Former President Trump
Cohen, once Trump’s lawyer, is now testifying against him. Trump’s defense argues Cohen isn’t trustworthy.
Trump faces charges related to falsifying business records, including a payment to Stormy Daniels to keep quiet about their alleged affair. He denies the charges.
Representative Lauren Boebert from Colorado said she doesn’t care if Speaker Mike Johnson from Louisiana stays or if Representative Hakeem Jeffries from New York becomes the new Speaker.
Boebert explained that because Democrats mostly support laws, it doesn’t matter to her who leads the House right now.
Her statement came before Representative Marjorie Taylor Greene from Georgia announced her plan to try to remove Johnson from his position. Only two other Republicans support Greene’s plan.
Representative Lauren Boebert from Colorado (Credits: ABC News)
However, it might be tough for Greene to succeed because Democratic leaders are against removing Johnson. Even if Greene’s plan fails, she thinks it’s still a victory because people will see who supported it.
Johnson criticized Greene’s actions, saying she wasn’t being a responsible lawmaker. He also said Greene’s plan is wrong for their party, the House, and the country.
Greene decided to take action against Johnson after the House approved a bill for foreign aid last month. She believes Johnson’s time as Speaker won’t last long.
