China CITIC Bank Corp Ltd has launched a Canadian lawsuit to try to seize the assets of a Chinese citizen the bank claims took out a multimillion-dollar loan in China then fled to Canada. The defendant, Shibiao Yan, owns three multimillion-dollar properties in a Vancouver suburb and lives in a $3-million Vancouver home owned by his wife, according to court documents.
In this motion graphic video, we break down the full story behind Donald Trump’s wealth. Not only do we examine his major business successes and failures, but we even look back at real estate’s prominent role in the history of the Trump family. To conclude, the video breaks down Trump’s net worth and financial history, while highlighting some of the help he has gotten along the way in building his fortune.
All throughout the artificial short squeeze-driven, central bank-facilitated market rally since the February lows, JPM has been advising clients to sell into the rally. For those few who listened, congratulations. Of course most, who simply rode momentum higher and added, well - we can only hope you have enough in your margin account when the clerks come calling. And with that said, this is what JPM's Mislav Matejka happens next after the market's initial reaction.
While hardly coming as a surprise to anyone, moments ago the Fed announced that all 33 banks have enough capital to withstand a severe economic shock, though Morgan Stanley trailed the rest of Wall Street in a key measure of leverage, Bloomberg reports. The biggest bank cleared the most severe scenario handily, with the exception of Morgan Stanley whose projected 4.9% leverage ratio tied for last place alongside a Canadian bank’s U.S. unit, falling within a percentage point of the 4 percent minimum. As a result of today's "test result" many banks will likely win regulators' approval next week to boost dividends.
As we have noted on many occasions, the luxury real estate market in Manhattan is now in a downturn. Back in April, we reported that the Bauhouse Group had put a development project into bankruptcy after it wasn't able to find lenders to refinance short-term loans. We then posed the question: "Did The Canary Of New York's Luxury Housing Market Just Die?" The answer - based on builder Extell's need to resort to a program known as EB-5 to help finance its latest condominium tower, known as Central Park Tower - seems to be "Yes!"
Following a scathing speech by Hillary Clinton yesterday, in which the Democratic candidate warned a Trump presidency would unleash a recession, Trump on Wednesday retaliated with a blistering attack of his own on Hillary Clinton, assailing her as “a world class liar” and failed secretary of state who can’t be trusted on issues ranging from the turmoil in the Middle East to immigration and trade. His resounding punchline was that “Hillary Clinton may be the most corrupt person to ever seek the presidency of the United States,” during a speech in his hotel in SoHo, reading from a teleprompter in his first major speech of the general election.
Expectations are for a stable dose of muted confidence with no over-promising from The Chair but the Q&A is likely to be fireworks-prone as this is the last scheduled chance lawmakers, many of whom face re-election, will have to publicly question the Fed chief before voters head to the polls in November.
Following ongoing warnings of the dismal reality surrounding heavy, Class 8 trucking, reality finally hit overnight when trucking and logistics company Werner Enterprises warned that a sluggish freight market and increases to driver pay would hurt its second-quarter earnings, leading to a plunge in its stock price. Werner said it now expects to report a profit of 21 cents to 25 cents a share, which includes a pretax gain of $3.4 million from the sale of real estate; this was nealy 50% below the consensus forecast of 40 cents a share.
Tuesday's overnight price action has been a continuation of yesterday's Brexit relief rally, as investors focused on the two latest polls favorable to Remain in Thursday's referendum (while ignoring the YouGov poll which gave Leave a small lead), and hoping the doom and gloom by George Soros will convince the undecideds to vote against Leaving. As a result, global stocks continued their advance while pound extending the biggest rally since 2008.
Bond manager Jeffrey Gundlach made headlines this week with the comments “central banks are losing control.” I would suggest that central bankers actually lost control back in 2012. Mario Draghi’s “whatever it takes” pledge actually amounted to concerted central bank intervention to shield global markets and economies from the intensifying forces of the downside of a historic Credit Cycle. The global Credit boom persevered for a few more years, right along with historic market distortions and economic maladjustment. Downside risks have grown significantly.
The average land price per square meter for the top 100 Chinese cities in the first five months of this year jumped nearly 50% from same period last year, citing Wind Information. More stunning is that according to Wind, some land prices are even higher than asking prices for fully-built houses nearby.