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Billionaires are relocating more frequently since the onset of the Covid-19 pandemic, with top destinations including Switzerland, the UAE, Singapore, and the US. Approximately one in 15 of the world’s 2,682 billionaires has moved since 2020, bringing $400 billion in capital, with the Middle East and Africa attracting the largest share. Concerns over quality of life, healthcare, education, and safe environments are driving these migrations, as the number of billionaires' children has surged by 56% in the past decade.
Hongkong Land Holdings Ltd. is reportedly considering the sale of its property developer arm, MCL Land Ltd., which it fully owns. The company aims to divest the Singapore-based developer at a premium to its book value of S$1.1 billion ($820 million) and is engaging financial advisers to facilitate the transaction.
Billionaires are relocating more frequently since the onset of the Covid-19 pandemic, with Switzerland, the UAE, Singapore, and the US emerging as top destinations. Approximately one in 15 of the world’s 2,682 billionaires has moved since 2020, bringing with them around $400 billion in capital, predominantly to the Middle East and Africa.
Bondada Engineering's shares rose over 3% after securing a Rs 1,089 crore order from the Bihar Renewable Energy Development Agency. The project involves the design, supply, installation, testing, and commissioning of smart solar street light systems, along with a 5-year maintenance contract, to be completed within 18 months. The stock has gained over 650% year-to-date and is up 1,730% since its listing last September, trading at Rs 601.50 on the NSE.
A dispute over plans for a film studio on grassland west of London may serve as a pivotal test for the Labour government’s strategy to stimulate economic growth through construction. The outcome could influence future development initiatives across the country.
ICICI Securities has maintained a "BUY" rating on Lemon Tree Hotels, setting a target price of Rs 164. As of September 2024, the company operates 10,318 keys across 112 hotels and plans to expand by 5,220 keys by FY29, aiming for a total of 15,538 keys. Despite short-term operational constraints due to renovations, revenue and EBITDA are expected to grow at a CAGR of 22% from FY24 to FY27, with a gradual reduction in debt anticipated over the next few years.
Significant tax changes will take effect in 2025, including an increase in the exemption limit for photovoltaic systems to 30 kWp per unit, enhanced deductions for childcare costs, and stricter regulations for hybrid company cars. Additionally, the one-fifth rule for severance payments will shift tax declaration responsibilities to employees, while small businesses will benefit from a higher sales threshold for VAT reporting. E-invoicing will become mandatory in the B2B sector, with a transition period for smaller companies.
EIH Limited reported strong Q2 results, showcasing double-digit growth in revenue per available room (Rev Par) driven by higher occupancies and average room rates. The medium-term outlook remains positive, with demand expected to outpace supply, supported by a robust inventory addition pipeline. Despite valuations being on the higher side, the industry up-cycle is anticipated to sustain.
High interest rates, a housing shortage, and a growing population have led to a housing crisis in Australia. In Sydney, house prices are beginning to decline, prompting discussions about the potential for a longer downturn in the market and when homeowners might see relief from interest rate hikes. For insights, listen to the Bloomberg Australia Podcast.
Citigroup Inc. secured the largest block trade in Australia in seven years by outbidding rivals for a stake in Goodman Group, offering a discount of 1.4% to 1.5% below the closing price. However, the deal fell apart, leaving the bank with unsold stock, resulting in a loss of $17 million. Other banks had proposed larger discounts of 3.5% to 4%.
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