Europe must give developing nations alternative to Chinese funds, von der Leyen says

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

European Commission President Ursula von der Leyen attends the official welcome to the G7 leaders summit at Bavaria’s Schloss Elmau castle, near Garmisch-Partenkirchen, Germany June 26, 2022. REUTERS/Benoit Tessier/Pool

Register now for FREE unlimited access to Reuters.com

BERLIN, June 26 (Reuters) – Europe will mobilize 300 billion euros in private and public funds over five years to fund infrastructure in developing countries as part of the G7’s drive to counter China’s multitrillion-dollar Belt and Road project, European Commission President Ursula von der Leyen said on Sunday.

“It is up to us to give a positive and powerful investment impulse to the world to show our partners in the developing world that they have a choice and that we intend to step up in solidarity to meet their development needs,” von der Leyen said at a news conference alongside the leaders of Germany, Italy, Canada, the United States and Japan.

Register now for FREE unlimited access to Reuters.com

Reporting by Thomas Escritt; Writing by Sarah Marsh

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Construction Has Started at Vaughan’s Sold Out Vincent Condominiums

VAUGHAN, Ontario–(BUSINESS WIRE)–Ground has been broken for Vincent Condominums, a 766-unit, two-tower condominium, following an impressive 8-month selling program.

Vincent is among the largest condominium projects currently underway in the GTA. This makes the extremely fast market absorption a notable accomplishment, and a vote of confidence in the building, the developers and its location in the new VMC.

The celebration was officiated by Vaughan’s Mayor Maurizio Bevilacqua, Councillor Sandra Yeung-Racco and representatives of the builder/developer.

Hon. Maurizio Bevilacqua, P.C., Mayor, City of Vaughan said, “I am pleased to welcome Vincent Condominiums to the Vaughan Metropolitan Centre (VMC), the city’s dynamic downtown core. The VMC continues to rise to new and unprecedented heights, growing well beyond projected growth rates at 267 per cent. The heart of Vaughan’s downtown is home to several transformational projects, including the VMC Subway, high-rise towers, and commercial office buildings, which have created thousands of jobs, public art projects and community event spaces. As a result, Vaughan is outpacing national, provincial and regional growth rates with real GDP growth at 7 per cent. Since 2010, the city has issued more than $15 billion in building permits and 70,000 additional jobs have been created. I want to congratulate the development team of Rosehaven Homes, Townwood Homes and Guglietti Brothers Investments and express my sincerest gratitude for their meaningful city-building contributions. By making investments, creating jobs and giving back to the community, you are making a positive difference and demonstrating the spirit of generosity that radiates in Vaughan.”

Created by an impressive development team of Rosehaven Homes, Townwood Homes and Guglietti Brothers investments, each of these companies is owned by members of the extended Guglietti family, a group with a long history of building and development in Vaughan, and across the GTA. With Vincent, the project’s name, and the vision behind it, was more than business. Vincent is an expression of their family history.

Spokesman Silvio Guglietti said, “For the Guglietti family, the Official Groundbreaking of Vincent has a very personal importance to us. The Guglietti family came to Canada from a little town in Italy called Sora, just outside Rome in Lazio. It’s actually the twin-city of Vaughan. In our town, the small church that our family belonged to was San Vincenzo Ferreri, or Saint Vincent Ferrer. And our grandfather, the man we are all descended from was named Vincent, or Vincenzo, after this saint.”

To create this new landmark condominium community, the Guglietti family were committed to choosing a world-class team of consultants to complement their own extensive internal resources.

“Kirkor Architects brought us a striking, extraordinary architectural design,” says Guglietti. “Figur3 has taken the designs to a whole new level with their stylish and elegant interiors. And In2ition Realty, our sales brokerage and McOuat Partnership, our marketing firm, have delivered us a sold-out condominium project.”

Located near Jane St. and Hwy 7, the Vaughan Metropolitan Centre is a new financial, innovation and cultural centre. Major corporations, retailers, small businesses and other industries are located in the VMC, as it is a major transit hub with direct subway connections to York University and downtown Toronto as well as VIVANEXT and local bus routes across Vaughan and Richmond Hill.

For more information on The Vincent, visit TheVincent.ca

About Rosehaven Homes

Since 1992, Rosehaven Homes has created many exciting communities, built over 9,000 exceptional homes and condos and received numerous prestigious accolades and awards. From detached homes, semis and townhomes to mid-rise and high-rise condos, we have designed and built homes of all types for all kinds of people, in all walks of life. Our architecture ranges in style from the traditional to the contemporary, yet every Rosehaven home stands out distinctively in every community.

Our most recent successes in condos such as the Randall Residences, Mount Pleasant Urban Towndominiums, Affinity, Odyssey and KiWi clearly signify our strengths in contemporary urban design, our keen eye for cosmopolitan culture and our ability to deliver exceptional residences tailored to today’s vibrant, modern, sophisticated tastes and aspirations.

About Townwood Homes

Established in 1974 with over 45 years of experience in the home-building industry, building more than 15,000 homes throughout southern Ontario, Townwood communities have stood the test of time. Our homes are built with integrity and longevity, featuring distinct architectural styles, spacious open concepts and formal designs while consistently maintaining the combination of luxury and ease throughout. Every Townwood community be it low rise or condo sets the standard for quality and innovation throughout neighbourhoods in the GTA.

About Guglietti Brothers Investments

Guglietti Brothers Investments Limited is a real estate investment company which was established in 1972. Principals Giovanni, Carmine, Tony and their families have maintained primary investments in industrial/commercial, land development, low-rise new home and now high-rise condominium development. The company has the highest community and professional reputation, always practising important values of professionalism, good work ethics and integrity. The company has and continues to support numerous hospitals, charities, public retirement centres and churches since its inception.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Central banks opt for shock and awe to tame inflation

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger

Register now for FREE unlimited access to Reuters.com

LONDON, June 17 (Reuters) – The Federal Reserve this week delivered its biggest interest rate rise in over a quarter of a century and even the Swiss National Bank took markets by surprise with an aggressive rate hike.

It leaves the Bank of Japan the only major developed world central bank still clinging to the inflation-is-transitory mantra.

Here’s a look at where policymakers stand in the race to contain red-hot inflation.

Register now for FREE unlimited access to Reuters.com

Reuters Graphics Reuters Graphics

1) UNITED STATES

The Federal Reserve vaulted to the top-hawk spot on June 15, raising the target federal funds rate by three quarters of a percentage point to a 1.5%-1.75% range.

It acted days after data showed 8.6% annual U.S. inflation, triggering a market frenzy over potentially even more aggressive responses in the coming months.

The Fed is also reducing its $9 trillion stash of assets accumulated during the pandemic.

Central bank balance sheets are starting to shrink — slowly

2) NEW ZEALAND

The Reserve Bank of New Zealand raised its official cash rate by 50 basis points (bps) to 2% on May 25, a level not seen since 2016. That was its fifth straight rate hike. read more

It projected rates to double to 4% over the coming year and stay there until 2024. New Zealand inflation reached a three-decade high of 6.9% in the year to Q1, versus a 1-3% target.

New Zealand among the most aggressive central banks

3) CANADA

The Bank of Canada delivered a second consecutive 50 bps rate increase to 1.5% on June 1, and said it would “act more forcefully” if needed. read more

With April inflation at 6.8%, Governor Tiff Macklem has not ruled out a 75 bps or larger increase and says rates could go above the 2%-3% neutral range for a period.

Deputy BoC governor Paul Beaudry has warned of “galloping” inflation and markets price an unprecedented third consecutive 50 bps increase in July.

Major central banks are hiking rates

4) BRITAIN

The Bank of England (BoE) raised interest rates by 25 bps on Thursday and pledged to act “forcefully” to stamp out dangers posed by a UK inflation rate heading above 11%. read more

The British benchmark interest rate is now at its highest since January 2009. The BoE has now raised borrowing costs five times since December.

Sterling

5) NORWAY

Norway’s Norges Bank was the first big developed economy to kick off a rate-hiking cycle last year and has raised rates three times since September. It is expected to increase its 0.75% rate again on June 23 and plans seven more moves by end-2023.

6) AUSTRALIA

With the economy recovering smartly and inflation at a 20-year high of 5.1%, the Reserve Bank of Australia (RBA) raised rates by a surprise 50 bps on June 6. It was the RBA’s second straight move after insisting for months policy tightening was way off. read more

Money markets price in another 50 bps rise in July.

7) SWEDEN

Another late-comer to the inflation battle, Sweden’s Riksbank raised rates to 0.25% in April in a quarter-point move. With inflation at 6.4%, versus its 2% target, the Riksbank may now opt for bigger moves.

Having said as recently as February that rates would not rise until 2024, the Riksbank expects to hike two or three more times this year.

8) EURO ZONE

Now firmly in the hawkish camp, and facing record-high inflation, the European Central Bank (ECB) said on June 9 it would end bond-buying on July 1, hike rates by 25 bps that month for the first time since 2011 and again in September.

But without details on a tool to prevent borrowing costs for Southern European nations diverging too much above those of Germany, markets will test the ECB’s resolve.

The bank now plans to accelerate work on a potential new tool to contain so-called bond market fragmentation, and skew proceeds from maturing pandemic-era bond holdings into stressed markets. read more

Euro zone inflation is at record highs

9) SWITZERLAND

On June 16, the Swiss National Bank (SNB) unexpectedly raised its -0.75% interest rate, the world’s lowest, by 50 bps, sending the franc soaring read more .

Recent franc weakness has contributed to driving Swiss inflation towards 14-year highs and SNB governor Thomas Jordan said he no longer sees the franc as highly valued. That has opened the door to bets on more rate hikes; a 100 bps move is now priced for September.

10) JAPAN

That leaves the Bank of Japan (BoJ) as the holdout dove.

On Friday, it maintained ultra-low interest rates and vowed to defend its cap on bond yields with unlimited bond-buying. It holds 10-year yields in a 0%-0.25% range.

BoJ boss Haruhiko Kuroda stressed commitment to maintaining stimulus, warning of risks to the economy from tighter policy read more .

In a nod to yen weakness, Kuroda called its rapid decline to 24-year lows “undesirable” as it heightened uncertainty.

The BoJ may come under political pressure, however, given inflation may exceed the 2% target for the second straight month and elections loom in July. Hedge funds, meanwhile, are betting it can’t keep up huge bond-buying for ever.

Japan keeps yield curve control, but pressure for change is building
Register now for FREE unlimited access to Reuters.com

Reporting by Sujata Rao, Dhara Ranasinghe and Yoruk Bahceli Additional reporting by Tommy Wilkes and Saikat Chatterjee
Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Russian gas flows to Europe fall, hindering bid to refill stores

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

  • Nord Stream 1 pipeline capacity down to 40%
  • Europe’s gas price jumps up to 30% after disruption news
  • Gazprom blames cuts on equipment delays from Canada
  • Freeport LNG terminal in U.S. offline until September

LONDON, June 16 (Reuters) – Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on Thursday and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories.

The faltering flows came as the leaders of Germany, Italy and France visited Ukraine, which is pressing for swifter weapons deliveries to battle invading Russian forces and wants support for Kyiv’s bid to join the European Union. read more

Russia’s state-controlled Gazprom said it was reducing gas supply for a second time in as many days via Nord Stream 1, which runs under the Baltic to Germany. The latest move cuts supply to just 40% of the pipeline’s capacity.

Register now for FREE unlimited access to Reuters.com

Kremlin spokesperson Dmitry Peskov said reductions in supply were not premeditated and related to maintenance issues, a reference to earlier comments saying Russia was unable to secure the return of equipment sent to Canada for repairs. read more

Germany said Russia’s excuse was technically “unfounded” and was instead aimed at driving up gas prices. Italy said Moscow might be use the issue to exert political pressure. read more

Dutch wholesale gas prices , the European benchmark, jumped around 30% on Thursday afternoon.

Russia’s ambassador to the European Union told state news agency RIA Novosti flows via the pipeline could be completely suspended because of problems in repairing turbines in Canada.

Alexey Miller, the chief executive of Gazprom, the state-controlled company with a monopoly on Russian gas exports by pipeline, said Western sanctions made it impossible to secure the return of equipment from Canada for the pipeline’s Portovaya compressor station. read more

EUROPE RACES TO REFILL STORAGE

Nord Stream 1 has capacity to pump about 55 billion cubic metres (bcm) a year to the European Union, which last year imported about 140 bcm of gas from Russia via pipelines.

Germany, like other European countries, is racing to refill its gas storage facilities so they are 80% full by October and 90% by November before winter arrives. Stores are 52% full now.

Cutting flows through Nord Stream 1 would make that job harder, the head of the Germany energy regulator said.

“We could perhaps get through the summer as the heating season is over. But it is imperative that we fill the storage facilities to get through the winter,” Klaus Mueller told Thursday’s edition of Rheinische Post daily.

Uniper (UN01.DE), Germany’s biggest importer of Russian gas, said supplies were down a quarter on agreed volumes but it could fill missing volumes from other sources. Power producer RWE (RWEG.DE) said it had seen restrictions in the past two days.

Slovakia’s state-owned gas importer SPP said it expected Thursday’s Russian gas deliveries to be reduced by about 30%, while Czech power utility CEZ (CEZP.PR) said it had seen a similar fall but was filling the gap from other sources.

The European Union aims to ensure gas storage facilities across the 27-nation bloc are 80% full by November. read more

The latest reduction in supply could mean northwest European storage only 88% full by the end of October – 1 bcm less than planned – instead of 90%, analysts at Goldman Sachs said.

DRAWING UP CONTINGENCY PLANS

Germany is not alone in facing falling supplies.

Austria’s OMV (OMVV.VI) said Gazprom informed it of reduced deliveries, France’s Engie (ENGIE.PA) said flows had down but clients were not affected, while Italy’s Eni (ENI.MI) said it would receive 65% of the volumes it had requested from Gazprom.

The Italian government said all possible measures were in place to deal with the situation if gas supply cuts from Russia continued in coming days. Other European countries have also drawn up contingency plans.

Adding to the challenge, Nord Stream 1 will shut completely during the pipeline’s annual maintenance on July 11-21.

Norway, Europe’s second biggest exporter behind Russia, has been pushing up production to help the European Union towards it target of ending reliance on Russian fossil fuels by 2027.

Britain’s Centrica (CNA.L) signed a deal with Norway’s Equinor (EQNR.OL) for extra gas supplies to the United Kingdom for the next three winters. Britain does not rely on Russian gas and can also export to Europe via pipelines.

European states have also boosted liquefied natural gas (LNG) imports but Europe has limited LNG import capacity and the already tight LNG market has faced additional challenges with disruptions to U.S. LNG production. read more

A fire last week at a U.S. LNG export plant in Texas, operated by Freeport LNG, means the plant will be offline until September and will operate only partially from then until the end of 2022.

The facility, which accounts for about 20% of U.S. LNG exports, has been a major supplier to European buyers.

“There is risk of further delay, in our view,” analysts at investment bank Jefferies said, adding that regulators need to approve the restart while two investigations were ongoing into the cause of the LNG leak at the plant.

Register now for FREE unlimited access to Reuters.com

Reporting by Reuters, Giuseppe Fonte in Rome, Alexandra Schwarz-Goerlich in Vienna, Jan Lopatka in Prague, Madelaine Chambers in Berlin, Nina Chestney in London; Writing by Nina Chestney; Editing by Jason Neely and Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

A Chinese Entrepreneur Who Says What Others Only Think

China’s entrepreneur class is grappling with the worst economic slump in decades as the government’s zero Covid policy has shut down cities and kept would-be customers at home. Yet they can’t seem to agree on how loudly they should complain — or even whether they should at all.

A tech entrepreneur wrote in a big group chat in May that many members were too critical. “What people here do every day is criticizing the government and the system,” she wrote. “I can’t see any entrepreneurship in this.”

A top venture capitalist told his nearly nine million social media followers that as much as everyone had suffered from the pandemic, they should try to stay away from negative news and information.

zero Covid policy, which has put hundreds of millions of people under some kind of lockdowns in the past few months, costing jobs and revenues. He’s saying what many others are whispering in private but fear to say in public.

“The questions we should ask ourselves are,” he wrote in an article that was censored within an hour of posting but shared widely in other formats, “what caused such widespread negative sentiment across the society? Who should be responsible for this? And how can we change it?”

He said the lockdowns in Shanghai and other cities made it clear that wealth and social status meant little to a government determined to pursue its zero Covid policy. “We’re all nobodies who could be sent to the quarantine camps, and our homes could be broken into,” he wrote. “If we still choose to adapt to and put up with this, all of us will face the same destiny: trapped.”

staying out of politics is no longer an option for China’s business leaders. But some of his peers are reluctant, given the potential penalties.

steered away from the market economy and cracked down on some industries. It demonized entrepreneurs and went after some of the most prominent of them. Then when the mild, albeit contagious, Omicron variant of the coronavirus emerged in China this year, the government meddled with free enterprise as it hadn’t in decades.

The lockdowns and restrictions have done so much damage to the economy that Premier Li Keqiang summoned about 100,000 cadres to an emergency meeting in late May. He called the situation “severe” and “urgent,” citing sharp drops in employment, industrial production, electricity consumption and freight traffic.

Many business leaders believe that it will be hard to reverse the damage if the government doesn’t stop the zero Covid policy. Yet they feel that there’s nothing they can do to make Beijing change course.

The chairman of a big internet company told me that with all the pandemic restrictions, he and others were operating as if dancing with shackles on while expecting the sword of a lockdown to strike at any moment. With a big public company to run, he said, it would be too risky to be vocal. He hoped the economists could be more outspoken.

The chairman of a publicly listed conglomerate with many consumer-facing businesses said he had to shut down a few of his companies and let people go as revenues dropped off a cliff. He’s not a Christian, he said, but he has been praying to God every day to help him get through this tough period.

articles that compared the pros and cons of different pandemic policies. Then, in mid-May, his social media Weibo account was suspended.

Jack Ma, the founder of the e-commerce behemoth Alibaba, largely disappeared from public view after he criticized banking regulators in late 2019. The regulators quashed the initial public offering of Ant Group, the tech and financial company controlled by Mr. Ma, and fined Alibaba a record $2.8 billion last year.

Ren Zhiqiang, a retired real estate developer, was sentenced to 18 years in prison on charges of committing graft, taking bribes, misusing public funds and abusing his power. His real crime, his supporters say, was criticizing Mr. Xi’s handling of the coronavirus outbreak in early 2020.

Mr. Zhou, 49, is known as a maverick in Chinese business circles. He founded his first business in stereo systems with his brother in the mid-1990s when he was still in college. In 2010, he started Yongche, one of the first ride-hailing companies.

Unlike most Chinese bosses, he didn’t demand that his employees work overtime, and he didn’t like liquor-filled business meals. He turned down hundreds of millions of dollars in funding and refused to participate in subsidy wars because doing so didn’t make economic sense. He ended up losing out to his more aggressive competitor Didi.

He later wrote a best seller about his failure and became a partner at a venture capital firm in Beijing. In April, he was named chairman of the ride-sharing company Caocao, a subsidiary of auto manufacturing giant Geely Auto Group.

A Chinese citizen with his family in Canada, Mr. Zhou said in an interview that in the past many wealthy Chinese people like him would move their families and some of their assets abroad but work in China because there were more opportunities.

Now, some of the top talent are trying to move their businesses out of the country, too. It doesn’t bode well for China’s future, he said.

“Entrepreneurs have good survivor’s instinct,” he said. “Now they’re forced to look beyond China.” He coined a term — “passive globalization” — based on his discussions with other entrepreneurs. “Many of us are starting to take such actions,” he said.

The prospect depressed him. China used to be the best market in the world: big, vibrant, full of ambitious entrepreneurs and hungry workers, he said, but the senseless and destructive zero Covid policy and the business crackdowns have forced many of them to think twice.

“Even if your company is a so-called giant, we’re all nobodies in front of the bigger force,” he said. “A whiff of wind could crush us.”

All the business leaders I spoke to said they were reluctant to make long-term investment in China and fearful that they and their companies could become the next victim of the government’s iron fist. They’re focusing on their international operations if they have them or seeking opportunities abroad.

Mr. Zhou left for Vancouver, British Columbia, in a hurry in late April when Beijing was locking down many neighborhoods. Then he wrote the article, urging his peers to try to speak up and change their powerless status.

He said he understood the fear and the pressure they faced. “Honestly speaking, I’m scared, too.” But he would probably regret it more if he did nothing. “Our country can’t go on like this,” he said. “We can’t allow it to deteriorate like this.”

In recent years, a few of Mr. Zhou’s articles and social media accounts have been deleted. His outspokenness has caused uneasiness among his friends, he said. Some have told him to shut up because it didn’t change anything and was creating unnecessary risks for himself, his family, his companies and the stakeholders in his businesses.

But Mr. Zhou can’t help himself. He’s worried that China could become more like it was under Mao: impoverished and repressive. His generation of entrepreneurs owes much of their success to China’s reform and opening up policies, he said. They have the responsibilities to initiate change instead of waiting for a free ride.

Maybe they can start by speaking up, even if just a little bit.

“Any change starts with disagreement and disobedience,” he said.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

DBRS Morningstar: Spanish Housing and Securitisation Market Update

LONDON–(BUSINESS WIRE)–In this commentary, we provide an overview of the Spanish housing market as well as how the recent past is shaping the residential mortgage-backed securities (RMBS) market.

Key findings include:

— The Spanish government introduced several supportive measures due to the impact of the pandemic, which kept the delinquencies low.

— Despite the double-digit decline in GDP caused by the pandemic, Spanish house prices have remained strong.

— The total number of Spanish RMBS deals rated by DBRS Morningstar is 44 and the weighted-average 90+-day arrears by current balance of these deals was 0.8%.

“In 2022, DBRS Morningstar expects the economic recovery to continue, albeit at a slower pace than previously expected, due to geopolitical uncertainties gripping the major world economies. Despite the double-digit decline in GDP caused by the pandemic, Spanish house prices have remained strong overall and house price appreciation may continue during 2022, particularly in large cities such as Madrid and Barcelona”, said Ketan Thaker, Managing Director of European RMBS at DBRS Morningstar..

To view the full report, click here: https://www.dbrsmorningstar.com/research/398160/spanish-housing-and-securitisation-market-update

The DBRS Morningstar group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt, Germany)(EU CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(UK CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations, recognitions and approvals of the DBRS Morningstar group of companies, please see: https:// www.dbrsmorningstar.com/research/highlights.pdf.

The DBRS Morningstar group of companies are wholly-owned subsidiaries of Morningstar, Inc. © 2021 DBRS Morningstar. All Rights Reserved.

The information upon which DBRS Morningstar ratings and other types of credit opinions and reports are based is obtained by DBRS Morningstar from sources DBRS Morningstar believes to be reliable. DBRS Morningstar does not audit the information it receives in connection with the analytical process, and it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS Morningstar ratings, other types of credit opinions, reports and any other information provided by DBRS Morningstar are provided “as is” and without representation or warranty of any kind. DBRS Morningstar hereby disclaims any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such information. In no event shall DBRS Morningstar or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Morningstar Representatives) be liable (1) for any inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS Morningstar or any DBRS Morningstar Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. No DBRS Morningstar entity is an investment advisor. DBRS Morningstar does not provide investment, financial or other advice. Ratings, other types of credit opinions, other analysis and research issued or published by DBRS Morningstar are, and must be construed solely as, statements of opinion and not statements of fact as to credit worthiness, investment, financial or other advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS Morningstar rating or other credit opinion is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS Morningstar may receive compensation for its ratings and other credit opinions from, among https://www.dbrsmorningstar.com/disclaimer/ others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS Morningstar is not responsible for the content or operation of third party websites accessed through hypertext or other computer links and DBRS Morningstar shall have no liability to any person or entity for the use of such third party websites. This publication may not be reproduced, retransmitted or distributed in any form without the prior written consent of DBRS Morningstar. ALL DBRS MORNINGSTAR RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT https://www.dbrsmorningstar.com/about/disclaimer. ADDITIONAL INFORMATION REGARDING DBRS MORNINGSTAR RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON https://www.dbrsmorningstar.com. Users may, through hypertext or other computer links, gain access to websites operated by persons other than DBRS Morningstar. Such hyperlinks are provided for convenience only, and are the exclusive responsibility of the owners of such websites. DBRS Morningstar does not endorse the content, the operator or operations of third party websites. DBRS Morningstar is not responsible for the content or operation of such websites and DBRS Morningstar shall have no liability to you or any other person or entity for the use of third party websites.

The English version of this press release prevails.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Walton Global annonce un accord de financement de terrains à bâtir de 100 millions USD avec Fortress Investment Group

SCOTTSDALE, Arizona–(BUSINESS WIRE)–Walton Global, une société d’investissement immobilier et de gestion d’actifs fonciers, comptant 3,6 milliards USD sous gestion, est heureuse d’annoncer la clôture d’un dispositif de 100 millions USD fourni par des sociétés affiliées à des fonds gérés par Fortress Investment Group LLC. Les fonds seront alloués à la ligne d’activité de financement des terrains à bâtir (builder land financing, BLF) de Walton pour acquérir des propriétés dans des zones à forte croissance afin de soutenir la demande de logements à travers les États-Unis.

« C’est une transaction extrêmement importante pour Walton tandis que nous continuons à soutenir nos partenaires constructeurs de résidences pour faire face à la pénurie de logements, qu’il faudra des années pour corriger », a déclaré Bill Doherty, PDG de Walton Global. « C’est une joie pour nous que de travailler avec Fortress, une entreprise qui possède des décennies d’expérience du marché immobilier américain et une compréhension approfondie des grandes dynamiques qui sous-tendent la demande de logements, laquelle devrait, selon nous, rester élevée en dépit du ralentissement économique potentiel. Nos efforts vont se poursuivre pour promouvoir le logement abordable pour les consommateurs, tout en continuant à générer des bilans et des marges solides pour notre réseau de constructeurs de résidences. »

Walton travaille activement à l’identification d’acquisitions potentielles de terrains en collaboration avec un important constructeur de résidences depuis le début des discussions avec Fortress.

La première acquisition d’infrastructures de Walton qui utilisera le dispositif de Fortress a été clôturée en mai 2022. Le projet de 9,5 millions USD, baptisé La Playa, est un développement situé à Hayward, en Californie, dans le comté d’Alameda de la région de la baie de San Francisco, qui vise le développement de 47 nouvelles résidences.

Walton prévoit de déployer le capital restant dans les mois à venir, avec environ sept acquisitions ciblées sur des marchés à forte croissance identifiés, notamment dans les régions de Phoenix et Seattle. Le montant du dispositif pourrait également augmenter pour atteindre 150 millions USD, mais ce montant sera déterminé au fur et à mesure que des propriétés supplémentaires seront identifiées.

Le programme BLF de Walton offre des solutions aux besoins d’inventaire des terrains en acquérant des propriétés identifiées par des constructeurs et des promoteurs, et en concluant simultanément des conventions d’option avec eux pour l’achat par phases de futurs lots. Les investisseurs reçoivent des flux de trésorerie lorsque chaque convention d’option est exercée ou lorsque les résidences sont vendues, ce qui peut se produire dans un délai de 6 à 24 mois.

La stratégie utilisée pour le dispositif avec Fortress est semblable à celle du fonds Builder Identified Land Target (BILT) de Walton lancé au début de 2022, qui est actuellement proposé aux courtiers, aux conseillers en placement agréés, aux investisseurs institutionnels et aux investisseurs spécialisés dans les family offices.

M. Doherty a ajouté : « Nous nous réjouissons à l’idée de créer de nombreuses nouvelles communautés dans les années à venir en collaboration avec Fortress et avec les meilleurs constructeurs nationaux et régionaux pour placer ces capitaux dans des endroits qui feront la différence. »

À propos de Walton Global

Walton Global est une société privée de premier plan mondiale axée sur la gestion d’actifs fonciers et l’investissement immobilier qui concentre ses activités sur la recherche, l’acquisition, l’administration, la planification et le développement de terrains. Avec plus de 43 ans d’expérience, Walton a fait ses preuves dans l’administration de projets d’investissement foncier dans certaines des zones métropolitaines à la croissance la plus rapide en Amérique du Nord. La société gère et administre 3,6 milliards USD d’actifs pour le compte de ses investisseurs mondiaux répartis dans 73 pays, de constructeurs, de promoteurs et de partenaires de l’industrie. Walton compte plus de 97 000 acres de terrains en propriété, sous gestion et sous administration aux États-Unis et au Canada, et est présente dans divers secteurs d’activité comme les investissements fonciers de pré-développement axés sur la sortie (« exit-focused »), les programmes de financement foncier et la construction de logements spécifiquement destinés à la location (« le build-to-rent »). Pour en savoir plus, rendez-vous sur walton.com.

Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Investigators find pellet gun near scene where Toronto police killed suspected gunman

Police officers work at the scene where police shot and injured a suspect who was walking down a city street carrying a gun, as four nearby schools were placed on lockdown, in Toronto, Ontario, Canada, May 26, 2022. REUTERS/Chris Helgren

Register now for FREE unlimited access to Reuters.com

Ottawa, May 27 (Reuters) – Investigators recovered a pellet gun from the scene where Toronto police shot and killed a man suspected of carrying a rifle in a section of the city that prompted five nearby schools to be placed under precautionary lockdowns.

On Thursday, police went to Scarborough after receiving multiple 911 calls about a man walking with a rifle and located him shortly after, Ontario province’s Special Investigations Unit (SIU) said in a statement on Friday. The man, 27, was pronounced dead about 20 minutes later.

Toronto Police Chief James Ramer told reporters after the incident that officers responding to the calls were confronted by the man, but had declined to give further details, citing an ongoing investigation. This was after police said on Twitter that officers had fired and injured the suspect.

Register now for FREE unlimited access to Reuters.com

The incident occurred days after a gunman in Texas killed 19 children and two teachers at an elementary school. The Texas shooting raised more concerns about growing gun violence.

Mass shootings are rare in Canada, where gun control laws are stricter than in the United States.

The investigation is ongoing and a post-mortem exam is scheduled for Saturday, said the SIU, which is an independent government agency tasked with investigating the conduct of officials, including police officers.

The SIU aims to complete its investigation within 120 days, which can vary depending on the case.

Canada’s rate of firearm homicides is 0.5 per 100,000 people, far lower than the U.S. rate of 4.12, according to a 2021 analysis by the University of Washington’s Institute for Health Metrics and Evaluation. read more

Register now for FREE unlimited access to Reuters.com

Reporting by Ismail Shakil in Ottawa; Editing by Bernard Orr

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<