Hong Kong is building an $80 billion artificial island to fix its housing shortage

Secretary for Development Michael Wong said in a speech Tuesday that around 1,000 hectares of land would be constructed to deal with Hong Kong's "serious shortage of land supply."
Real Estate

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‘The Dropout’ Part 4: Theranos wins huge backing, rises in value to $9 billion by 2014

ABC News

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Activist investor Starboard Value says it will oppose Bristol-Myers’ $74 billion deal for Celgene

The activist investor says it intends to use its stake in Bristol-Myers Squibb to oppose its acquisition of Celgene.
Health and Science

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The Real Crazy Rich Asian Palace Is Worth a Cool $3.5 Billion

In the heart of Singapore, one of the most expensive cities in the world, there’s a sprawling, vacant plot of private land 30 times the size of The White House.

Just down the road from the U.S. embassy and bordering condos worth S$ 4.5 million ($ 3.3 million) each, the swathe of untended jungle hides the remains of two abandoned palaces and would be worth a cool $ 3.5 billion if sold for development, according to one estimate. In a city where almost 8,000 people are crammed into each square kilometer and real estate prices are among the world’s highest, it is one of the greatest urban anachronisms in Asia.

“Owning a piece of land in Singapore is certainly a privilege as land is the most precious resource in the city-state,” said Christine Li, a senior director and head of research for Singapore at Cushman & Wakefield Inc. “Over the past five decades, land prices have appreciated significantly. This has fueled wealth creation for older generations. Many also aspire to own a landed property as it is a status symbol for the well-heeled.”

If something about this story sounds familiar, it’s probably because the plot line was borrowed by Kevin Kwan, author of Crazy Rich Asians, the book about Asia’s insanely rich that was made into a hit movie last year. The fictitious Young family inhabits a sprawling ancestral home, set within Singapore’s Tyersall Park.

In the real-life version, the 34-year-old Crown Prince of Johor, Tunku Ismail Sultan Ibrahim, is the registered owner of the 210,875 square meter plot, which lies in the former Tyersall Park, next to the Botanic Gardens. Inside, ravaged by fire and decay, are the ruins of Istana Woodneuk, the palace built by his ancestors in the late 19th century.

The plot owned by the Sultans of Johor was once larger, but has gradually reduced as the Singapore government acquired land to extend the Botanic Gardens, a Unesco World Heritage site. In 1990, the state bought a chunk for S$ 25 million and it got another 98,000-square-meter piece in 2009 for an undisclosed amount.

Malaysia has a constitutional monarchy, where the national throne rotates between rulers of the country’s nine states every five years. The southern state of Johor is ruled by the Crown Prince’s father, Sultan Ibrahim Sultan Iskandar.

Last year, the 60-year-old patriarch put 12 luxury cars from his extensive collection on display at an event held to mark the 90th anniversary of Singapore’s Fullerton Heritage precinct. They included a 1991 Lamborghini LM002 and a 1938 Lagonda Lightweight LG6, the only one in the world.

His other assets include a 22 percent share in Malaysia’s Forest City, a $ 100 billion Chinese-built project with apartments on artificial islands in the country’s south, and the family also owns stakes in a variety of public companies from 7-Eleven Malaysia Holdings Bhd. to telecoms firm REDtone International Bhd.

The Crown Prince, however, won’t be able to cash in on his Singapore land any time soon, even if he wanted to. The undeveloped area is zoned for “special use of green space,” meaning development for other purposes, such as residential or commercial, is restricted.

Were that to change — the land does sit in one of Singapore’s most desirable residential districts — it could be worth at least S$ 4.7 billion, according to a calculation by Alan Cheong, a senior director at brokerage Savills Plc.

The most expensive residence to change hands in Singapore over the past year was a so-called good class bungalow (luxury landed houses that are off limits to foreigners) also near the Botanic Gardens. The property was purchased by Tony Tung, the chairman of oil trader Winson Group for S$ 105.3 million ($ 78 million), the Business Times reported earlier this month, saying it was a record for that type of dwelling.

A representative for the Crown Prince didn’t immediately respond to a request for comment.

His father is pragmatic when it comes to matters of money.

“Let’s be honest here, we are a constitutional monarch. I have to earn my living like everyone else,” the Sultan said in a 2015 interview with local newspaper The Star. “I cannot depend on my allowances of RM27,000 ($ 6,640) a month. I must earn a living, like ordinary Malaysians.”

Fortune

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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How health-care costs us $89 billion a year in lost time

Americans spend more time traveling and waiting for health appointments than for any other service, according to a new analysis.
Health and Science

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Johnson & Johnson to buy Auris Health for $3.4 billion

The purchase gives J&J, one of the world's largest maker of health products, an entry into robotics and builds on the company's partnership with Alphabet's Verily.
Health and Science

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Google will spend $13 billion on U.S. real estate in 2019, expanding into Nevada, Ohio and Texas

Google will expand into Nevada, Ohio, Texas and Nebraska for the first time, adding new data centers in those states and offices elsewhere.
Real Estate

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Earth’s earliest mobile organisms lived 2.1 billion years ago

Scientists have discovered in 2.1-billion-year-old black shale from a quarry in Gabon the earliest evidence of a revolutionary development in the history of life on Earth, the ability of organisms to move from one place to another on their own.


Reuters: Science News

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The shutdown cost the economy $11 billion – including a permanent $3 billion loss, government says

Overall, the CBO projected economic growth will slow this year to 2.3 percent, compared with the 3.1 percent rate last year, as the benefits of the new tax law begin to fade.
Economy

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Air Force receives first Boeing KC-46 tankers after a two-year delay and $3 billion in cost overruns

The two KC-46 tankers, derived from Boeing's commercial 767 airframe, touched down at McConnell Air Force base in Kansas on Friday after departing the company's Everett, Washington, facility.
Politics

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White House preparing draft national emergency order, has identified $7 billion for wall

The White House is preparing a draft proclamation for President Donald Trump to declare a national emergency along the southern border and has identified more than $ 7 billion in potential funds for his signature border wall should he go that route, according to internal documents reviewed by CNN.


CNN.com – RSS Channel – Politics

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Trump offers 3-year extension of protection for ‘dreamers’ in exchange for $5.7 billion for wall; Democrats call it a ‘non-starter’

The president’s proposal, in a rare Saturday address, is designed to ramp up pressure on Democrats, but many already say it is unacceptable.
Politics

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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House Democrats to propose $1 billion for border security without money for wall

House Democrats are pushing forward with legislation to beef up security at the borders without funding for the wall demanded by President Donald Trump, a move bound to intensify the standoff over a partial government shutdown heading into its fifth week.


CNN.com – RSS Channel – Politics

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Microsoft wins $1.76 billion defense contract: Pentagon

Microsoft Corp has been awarded a five-year contract worth $ 1.76 billion for delivering enterprise services for the Defense Department, Coast Guard and intelligence services, the Pentagon said on Friday.


Reuters: Arts

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Australia Has A$1.925 Billion Trade Surplus

Australia had a seasonally adjusted merchandise trade surplus of A$ 1.925 billion in November, the Australian Bureau of Statistics said on Tuesday.
RTT – Economic News

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Alphabet’s Verily gets $1 billion in funding round led by Silver Lake

Alphabet's Verily is getting $ 1 billion in outside funding led by Silver Lake, providing more options and flexibility moving forward.
Health and Science

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The $35 billion race to cure a liver disease that affects 30 million Americans

In the U.S. 30 million Americans suffer from a form of fatty liver disease that turns into a form of liver cirrhosis that leads to death unless a patient can receive a liver transplant. Now drug companies are spending billions to help find a cure.
Health and Science

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Altria looks to a future beyond cigarettes but investors aren’t cheering its $15 billion bet

Altria has paid a total of $ 14.6 billion for a hand in companies beyond its traditional hold in cigarettes over the past two weeks — a 45 percent share of cannabis company Cronos and 35 percent stake in e-cigarette maker Juul.
Health and Science

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SoftBank’s Biggest Backers Balk at Planned $16 Billion Acquisition of WeWork

Key investors in SoftBank’s giant tech fund have balked at a planned $ 16 billion investment in co-working startup WeWork, leaving SoftBank Chief Masayoshi Son to find an alternative as his ambitions hit up against the limits of his financial firepower.
WSJ.com: WSJD

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Juul gets $2 billion bonus from Altria deal — to be split among its 1,500 employees

Juul's 1,500 employees are receiving a $ 2 billion bonus from Altria, averaging about $ 1.3 million each, as part of the tobacco giant's $ 12.8 billion investment in the e-cigarette maker, people familiar with the matter say.
Health and Science

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Shoppers spent a record $30 billion on Alibaba for Singles Day this year

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Never underestimate the power of single people buying themselves stuff. 

Chinese e-commerce giant Alibaba reported its highest individual sales day ever on Singles Day, an informal holiday dedicated to people who aren’t in relationships. 

Singles Day is on 11/11 (see all those “1”s? they symbolize being alone) and has become in recent years a bigger Chinese shopping day than Black Friday or Cyber Monday. Alibaba was a pioneer in offering discounts on the holiday, and their sales are promoted with a live TV show advertising the discounts available on the website.  Read more…

More about Alibaba, Singles Day, Singles Day Sales, Alibaba Sales, and Business


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Apple’s $1 billion Austin campus is the latest big investment from top tier firms: Texas governor

"Texas is the Alabama when it comes to recruiting in college football. We get to pick the 5-star recruit companies that are coming to the Lone Star State," Abbott says.
Real Estate

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J&J loses $39.8 billion in market value after report claims J&J knew about asbestos in baby powder

Investors sold off shares of Johnson & Johnson on Friday after a Reuters report said the company knew for decades that its baby powder contained asbestos, an allegation J&J has denied.
Health and Science

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Eddie Lampert offers $4.6 billion to buy Sears out of bankruptcy

Sears Holdings Chairman Eddie Lampert’s ESL Partners LP has submitted a $ 4.6 billion bid to buy the bankrupt retailer, the hedge fund said on Thursday. Sears, which had filed for bankruptcy protection on Oct. 15, faces a Dec. 15 deadline to find a buyer to keep it in business, according to court papers.
Business | New York Post

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$7 billion Slack is lagging on a key sexual harassment policy

$  7 billion Slack is lagging on a key sexual harassment policyRecently, tech giants including Google and Facebook ended their policies of forced arbitration for employees’ claims of sexual harassment and assault. In an interview for “Breakouts” on Yahoo Finance, Slack co-founder and chief technology officer Cal Henderson confirmed that Slack has not changed its policy on forced arbitration. Slack is a workplace messaging app that’s currently valued at $ 7.1 billion.



Yahoo Tech

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London to lose $900 billion to Frankfurt due to Brexit, German finance group claims

Lobby group Frankfurt Main Finance claims London's financial sector is poised to lose billions of euros in assets by March 2019.
Economy

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CVS creates new health-care giant as $69 billion merger with Aetna officially closes

CVS and Aetna have closed their merger about a year after announcing the deal to combine a drugstore chain, a pharmacy benefit manager and a health insurer.  
Health and Science

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Alibaba smashes through $25.3 billion Singles Day sales record — with hours to go before midnight

Alibaba smashed through its Singles Day sales record, with several hours still remaining in one of the world's largest shopping events.
Top News & Analysis

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Alibaba Singles’ Day sales hit $10 billion in first hour

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($ 9.92 billion) in the first hour of its annual Singles’ Day on Sunday, up roughly 21 percent from last year’s early haul of 57 billion yuan. Singles’ Day is the world’s biggest online sales event and last year netted Alibaba 168 billion yuan ($ 24.15 billion) in total sales.


Reuters: Business News

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$500 Billion: Study Finds Parents Spend More on Adult Children than Retirement

Recent study insights reveal a telling tale of the extent of a parent’s love — and maybe even negligence — when it comes to their adult children. According to research, retirement security has taken a backseat for parents who are putting their children’s financial well-being ahead of their own future financial security, and they’re halting their golden-year plans just to make sure their offspring are thriving.

According to the study, “The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice” which was conducted by Merrill Lynch in partnership with Age Wave, parents today spend $ 500 billion annually on their adult children — ages 18-34 — double the amount they contribute each year to their retirement accounts.

More than 2,500 American parents were surveyed for the study which marks the third in a multi-year research series from Merrill Lynch and Age Wave, a company that studies maturing consumers.

“In this new era of delayed financial independence of young people, financial planning is no longer a solo or coupled activity,” Ken Dychtwald, Ph.D., CEO, and founder of Age Wave said in a news release. “It’s become an ongoing family project with longer and different social, housing and economic interdependencies than we’ve seen before.”

80% of parents say they would be willing to make a major financial sacrifice for adult children, including dipping into their savings or cutting back their lifestyles. 25% would take on debt or pull money from retirement accounts. The research also found 31% of early adults ages 18-34 live with their parents, but even if the child is out of the house, parents are chipping in on school costs, health insurance, rent, and car expenses. 59% expect to help pay for their children’s weddings, 26% expect to contribute to their children’s first homes, and one-third plan to contribute to their grandchildren’s college costs.

Despite the financial sacrifices, 93% of respondents said being a parent was the most rewarding aspect of their lives and 94% said raising their children — and the costs that come with doing so — has been worth “every penny.”

“When emotions and money become intertwined, parents risk making financial decisions that can compromise their — and their children’s — financial futures,” Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch, said in the release. “Parents can navigate this difficult balance by setting clear boundaries about their level of support, fostering financial independence in adult children, and reconciling spending on children with long-term savings goals to avoid jeopardizing their own financial security.”

 

 

The post $ 500 Billion: Study Finds Parents Spend More on Adult Children than Retirement appeared first on Black Enterprise.

Money | Black Enterprise

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New Zealand Trade Deficit NZ$1.560 Billion

New Zealand posted a merchandize trade deficit of NZ$ 1.560 billion in September, Statistics New Zealand said on Thursday – representing 36 percent of exports.
RTT – Economic News

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Exclusive: U.S. sports leagues could see $4.2 billion annually from legal betting

The four major U.S. professional sports leagues could reap a combined $ 4.2 billion annually as a result of legal sports betting, most of it indirectly from increased fan engagement, according to a casino industry survey to be released later on Thursday.


Reuters: Sports News

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Virgin’s Branson halts talks on $1 billion Saudi investment in space ventures

British billionaire Richard Branson said on Thursday that his Virgin Group would suspend its discussions with Saudi Arabia’s Public Investment Fund over a planned $ 1 billion investment in the group’s space ventures, in light of the disappearance of Saudi journalist Jamal Khashoggi.


Reuters: Science News

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$500 Billion: Study Finds Parents Spend More on Adult Children than Retirement

Recent study insights reveal a telling tale of the extent of a parent’s love — and maybe even negligence — when it comes to their adult children. According to research, retirement security has taken a backseat for parents who are putting their children’s financial well-being ahead of their own future financial security, and they’re halting their golden-year plans just to make sure their offspring are thriving.

According to the study, “The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice” which was conducted by Merrill Lynch in partnership with Age Wave, parents today spend $ 500 billion annually on their adult children — ages 18-34 — double the amount they contribute each year to their retirement accounts.

More than 2,500 American parents were surveyed for the study which marks the third in a multi-year research series from Merrill Lynch and Age Wave, a company that studies maturing consumers.

“In this new era of delayed financial independence of young people, financial planning is no longer a solo or coupled activity,” Ken Dychtwald, Ph.D., CEO, and founder of Age Wave said in a news release. “It’s become an ongoing family project with longer and different social, housing and economic interdependencies than we’ve seen before.”

80% of parents say they would be willing to make a major financial sacrifice for adult children, including dipping into their savings or cutting back their lifestyles. 25% would take on debt or pull money from retirement accounts. The research also found 31% of early adults ages 18-34 live with their parents, but even if the child is out of the house, parents are chipping in on school costs, health insurance, rent, and car expenses. 59% expect to help pay for their children’s weddings, 26% expect to contribute to their children’s first homes, and one-third plan to contribute to their grandchildren’s college costs.

Despite the financial sacrifices, 93% of respondents said being a parent was the most rewarding aspect of their lives and 94% said raising their children — and the costs that come with doing so — has been worth “every penny.”

“When emotions and money become intertwined, parents risk making financial decisions that can compromise their — and their children’s — financial futures,” Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch, said in the release. “Parents can navigate this difficult balance by setting clear boundaries about their level of support, fostering financial independence in adult children, and reconciling spending on children with long-term savings goals to avoid jeopardizing their own financial security.”

 

 

The post $ 500 Billion: Study Finds Parents Spend More on Adult Children than Retirement appeared first on Black Enterprise.

Money | Black Enterprise

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