Author: Press Room

The U.S. has way more office space than it needs. Banks with big portfolios of commercial real estate (CRE) could be in for a world of hurt. If you have an appetite for profiting from such banks’ declining stock prices — three of which I describe below — read on. (I have no financial interest in the securities mentioned). Office Supply Exceeds Near-Term Demand Companies discovered during the pandemic that people can work from home, It’s little surprise that demand for office space is not back to what it was in 2019 before Covid-19 changed the world of work. CRE…

Last week, the U.S. Treasury surprised almost no one by concluding in Revenue Ruling 2023-02 that IRC section 1014’s basis step-up does not apply to irrevocable grantor trusts that are not included in the grantor’s estate. So, what is notable about a revenue ruling to which maybe 100 people paid attention? Well, less than a month ago, on March 20, 2023, Senators Warren, Sanders, Van Hollen, and Whitehouse, asked Secretary Yellen to take various actions to “limit the ultra-wealthy’s abuse of trusts” for estate and gift tax purposes (hereinafter the “Letter”). The requested actions included among other items: · Revoking…

A luxury waterfront building in Washington, D.C., broke the record for the most expensive condo sale in the city’s history, selling for $12.762 million earlier this month. The split-level, four-bedroom Penthouse 1 has about 5,800 square feet of living space, five full bathrooms and two half baths. In addition, the condo offers three parking spaces. The building – known as Amaris, which means “you are loved” in Latin – has 96 condos. The record-setting unit is one of seven located on the 12th floor. The late, internationally renowned architect Rafael Viñoly designed the building. Michelle Giannini, a broker for Hoffman…

Many Americans are beating inflationary pressures by building a secondary income, a recent survey said. Inflation and rising costs pushed 62% of Americans across all income levels to live paycheck to paycheck in February, according to a survey from LendingClub and PYMNTS.Roughly one-quarter of consumers reported having a side job to cope with inflationary pressures, while 17% said they relied on passive income or some form of financial aid, the survey said. Collectively, these forms of supplemental income could total $52 billion in monthly cash payments, the survey said. This could be why fewer consumers said they struggled to pay bills in February…

Supply-chain snarls are still hindering efforts by weapons makers to produce more arms for Ukraine and refill stocks for the U.S. and its allies. Lockheed Martin Corp. said Tuesday that sales of its long-range missiles known as the Guided Multiple Launch Rocket System, or GMLRS, fell in the latest quarter from a year ago. The U.S. has shipped hundreds to Ukraine, where they have been widely used against invading Russian forces.Big U.S. arms makers are taking longer than expected to boost production despite billions of dollars in support from the Pentagon. Defense companies plan to fulfill contracts by buying machinery…

LinkedIn has released its annual list of top companies in Singapore to work for — and banking and information technology companies dominated the 2023 list.The list of top companies also saw a huge reshuffle this year, which is a testament to “Singapore’s strong business ecosystem,” according to the professional networking platform. Compared to 2022, there are 10 new companies that made this year’s top 15 — including Mastercard, Procter & Gamble, Citi, and tech giants Amazon and Apple. The banking and finance sector in particular, saw 4 companies in the top 5 on the “LinkedIn Top Companies 2023″ for Singapore.”The finance industry…

From China to the U.S. to the European Union, rice production is falling and driving up prices for more than 3.5 billion people across the globe, particularly in Asia-Pacific – which consumes 90% of the world’s rice.The global rice market is set to log its largest shortfall in two decades in 2023, according to Fitch Solutions.And a deficit of this magnitude for one of the world’s most cultivated grains will hurt major importers, analysts told CNBC.”At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices,” Fitch Solutions’ commodities analyst…

Credit Suisse has come under fire for neglecting to fully investigate accusations that the bank had serviced Nazi clients and Nazi-linked accounts until as recently as 2020, according to a new US Senate committee investigation. According to a press release from the Senate Budget Committee on Tuesday, which was also Holocaust Remembrance Day in the United States, Credit Suisse fired an independent Ombudsperson who oversaw a vast internal review and restricted the scope of its internal investigations. This left significant gaps in the forensic search for Nazi-linked records, the Senate Committee stated. The bipartisan Senate investigation follows a March 2020…

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The recent decline of Bitcoin’s price to the $29,000 support level has left investors and enthusiasts concerned about the digital currency’s future trajectory. As the market tries to make sense of this downturn, various factors and expert opinions come into play to offer insight into what may lie ahead for Bitcoin. In this update, we will examine the key indicators affecting Bitcoin’s price and discuss potential outcomes for its performance in the near future. Mysterious $10 Million Ethereum Heist: How Did the Hacker Pull It Off?A baffling $10 million hack has targeted advanced crypto users, leaving security experts puzzled. Taylor Monahan, ex-CEO…