US GDP Report Set to Highlight Immigration-Driven Economic Boom
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
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Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mortgage rates in the US increased for a fourth straight week.
It’s independents, a growing voting bloc, who drive election victories in the swing state, where the GOP is rushing to defuse abortion as an issue.
Pending sales of existing US homes in March reached their highest levels in a year in spite of persistently high borrowing costs and a low supply.
Dec 17, 2019
Bloomberg News
,WeWork has obtained US$1.75 billion in new financing in a fundraising push led by Goldman Sachs Group Inc., under terms that free up a mountain of cash for the struggling office-sharing company.
The new line of credit is the first hurdle cleared by SoftBank in its pledge to put together US$5 billion in debt financing for WeWork as part of a bailout package. The move should free up roughly US$800 million in cash that WeWork had set aside to satisfy covenants on its previous credit line, according to two people with knowledge of the matter.
“We are pleased that WeWork and SoftBank Group Corp. have entered into a commitment letter with Goldman Sachs,” Erin Clark, a spokeswoman for WeWork, said in an emailed statement. WeWork won’t be required to post any cash collateral under the new deal, she said. “WeWork and Softbank are co-obligors on a senior-secured and unsecured basis, respectively.”
WeWork will be able to access the facility starting next month, Clark said. While Goldman has committed to providing capital, it’s still in the process of farming out portions of the loan to other investors.
The new credit line will replace existing facilities that total about US$1.1 billion. WeWork had about US$575 million in restricted cash, mostly tied to the letters of credit, at the end of June, according to a regulatory filing. Since then, the cash set aside has increased, one of the people said.
Bonds that WeWork issued last year to help fund its expansion have climbed more than 10 cents US this month to 81.75 cents US on the dollar, according to Trace pricing data.