UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
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Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
(Bloomberg) -- China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
New York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Donald Trump’s longtime personal assistant, who worked for his real estate empire for decades, told a jury that she has a “vague recollection” of seeing Stormy Daniels at Trump Tower sometime before 2015.
The delinquency rate for US small businesses climbed to a three-year high this month, reflecting the impact of rent spikes and declining revenue, according to a monthly survey.
Jun 7, 2016
BNN Bloomberg
,Foreign buyers are a “red-herring” in Canada’s hot housing market and provincial and municipal governments need to cut red tape to boost the supply of new homes and help balance red-hot housing markets, says an executive with Canada’s largest home builder.
“There is a huge red tape problem,” Brian Johnston, Chief Operating Officer, Mattamy Homes tells BNN. “Red tape is a hurdle we have to jump over but it drives up the price of housing.”
The lack of new housing supply is driving up prices and making housing unaffordable to many buyers in hot markets like Toronto and Vancouver, says Johnston. But builders can’t keep up with demand because it often takes too long to get new projects approved, he tells BNN.
It can take dozens of submissions to some municipalities to get a project off the drawing board, says Johnston. “There are some municipalities that are very pro-growth and some that are anti-growth,” he says. “Even pro-growth municipalities have an enormously difficult time getting stuff through the planning process.”
Developers are also stymied by regulations regarding density, infrastructure such as was water, roads and sewers – much of which is mandated by the province. “I don’t blame the municipalities per se, I blame the province,” he says. “Most of the tools in their toolbox are drawn from provincial housing policy.
Johnston says concerns that foreign buyers are driving prices higher are a “red-herring.” Immigration has been a factor in the real estate markets for decades and investment in housing is fairly immobile, he says. “It’s not like they are buying stock in a Canadian bank that they can sell and leave the country.”