Author: Press Room

Cities counting on sweeping plans to quickly turn half-empty office buildings into new homes might want to listen to Nathan Berman, the longtime go-to guy for residential conversion projects in lower Manhattan. Berman made his mark on New York City’s financial district before and after 9/11 with Metro Loft, his property development firm known for transforming outdated buildings in the fabled business district into places people want to live. “The… Read the full article here

U.K. mobile network group EE and Microsoft Corp. MSFT signed a 10-year cloud-gaming partnership, according to representatives from both companies Tuesday. In a tweet Tuesday, Xbox head Phil Spencer said the partnership will bring Activision Blizzard Inc. ATVI games to EE customers. The partnership follows others Microsoft has formed, like with Nvidia Corp. NVDA and Nintendo JP:7974, on concerns that a closed deal would hamper distribution of Activision Blizzard games to platforms other than Xbox. Microsoft shares fell 1.9% in early activity, while the Dow Jones Industrial Average DJIA rose 0.1%, the S&P 500 index SPX… Read the full article…

The U.S. and global economies are likely to struggle to grow over the next few years as countries fight to reduce high inflation and cope with rising interest rates, the IMF said Tuesday. The latest projections paint a gloomy picture of the challenges facing the world. Chief among them is high inflation, a problem the IMF said has proven stickier than expected compared to “even a few months ago.” Price… Read the full article here

© Reuters. FILE PHOTO: Employees walk by the end of a 737 Max aircraft at the Boeing factory in Renton, Washington, U.S., March 27, 2019. REUTERS/Lindsey Wasson By Valerie Insinna WASHINGTON (Reuters) – Boeing (NYSE:) Co intends to restore production of its bestselling 737 MAX jet to its 2019 rate of 52 a month by January 2025 as it seeks to fully recover from two deadly crashes and the COVID-19 pandemic that curtailed output, two people familiar with the matter said. After increasing monthly MAX production rates to 38 in June, Boeing’s current plans call for 42 MAXs a month…

By Ambar Warrick Investing.com — Gold prices rose past key levels on Wednesday, boosted by safe haven buying after Minneapolis Federal Reserve President Neel Kashkari flagged a potential recession this year, with focus also turning to more U.S. economic cues due later in the day. Kashkari said that rising interest rates and a slowdown in lending after the collapse of several U.S. banks could trigger a potential recession this year. But he also opined that allowing inflation to stay high would likely be worse. His comments come ahead of inflation data that is likely to have eased further in March.…

By David Shepardson WASHINGTON (Reuters) – A key SpaceX Starship Super Heavy rocket launch test now is likely to take place later this month rather than sometime this week, the space company’s CEO Elon Musk said on Monday. SpaceX envisions Starship as a fully reusable transportation system to carry astronauts and cargo to Earth orbit, the moon, Mars and beyond. The rocket is scheduled to lift off from SpaceX’s Starbase facilities at Boca Chica in South Texas in the first launch of the company’s fully stacked 394-foot (120-meter) tall Starship rocket system. Fully stacked means all its parts are assembled,…

A push is on among lawmakers in Alabama considering removing, or phasing out, the state’s 4% sales tax on food. Alabama is one of only three states that tax groceries at the same rate as other purchases. Competing proposals are being introduced on both sides of the aisle in the Alabama Legislature to end the sales tax on all, or at least some, groceries.  After proposing the idea in Montgomery, it has gained traction this session.  SOUTH DAKOTA GOV. NOEM SAYS LEGISLATURE ‘WRONG’ TO DENY GROCERY TAX REPEAL The average Alabama family spends $600 a year on the state grocery tax…

The banking sector turmoil that led to the collapse of several lenders was not a systemic crisis and has now subsided, according to Tim Adams, CEO of the Institute of International Finance.The fall of Silicon Valley Bank in early March — the largest banking failure since the global financial crisis — triggered a wave of market panic that swept through the sector in Europe and the U.S.related investing newsA flight of shareholders and depositors culminated in the downfall of Credit Suisse, with Swiss authorities brokering the emergency rescue of the 167-year-old institution by domestic rival UBS.The smaller Signature Bank was…

Warren Buffett says geopolitical tensions were “a consideration” in the decision to sell most of Berkshire Hathaway’s shares in global chip giant TSMC, which is based in Taiwan. The 92-year-old “Oracle of Omaha” shed light on the investment call in a Tuesday interview with Japanese news agency Nikkei. He was quoted as sayiing that TSMC was a well-managed company but that Berkshire had “better places” to deploy its capital. In February, Berkshire Hathaway (BRKA) revealed that it had sold 86% of its shares in TSMC, which were purchased for $4.1 billion just months before. The quick sale was considered unusual…

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