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Eric Ma, the CEO of New World Development Co., is set to resign after just two months in a tumultuous leadership period for the Hong Kong property developer. An official announcement regarding his departure is anticipated as early as Friday afternoon, according to sources familiar with the situation.
Australia's Prime Minister Anthony Albanese is shifting into election mode, aiming to regain voter trust in his government's ability to address rising living costs, especially in housing. This comes after a significant legislative push to clear the way for future initiatives.
Dalian Wanda Commercial Management Group Co., China's largest mall operator, plans to establish a fund between 50 billion to 90 billion yuan ($6.9 billion-$12.4 billion) to address taxes and debt. The fundraising effort is expected to be completed by 2025, as the company seeks to navigate the ongoing property crisis without public defaults.
Non-bank finance companies (NBFCs) are facing increased stress and delinquencies, particularly in microfinance, unsecured personal loans, and credit cards. While vehicle and small business loans show some stress, home loans remain strong, making housing finance companies attractive to investors. The primary issue stems from over-leveraged borrowers in the microfinance and unsecured lending sectors.
Zurich's Paradeplatz flagship store is valued at 180 million francs, contributing to total assets estimated between 250-300 million. Notable fortunes include the Lemann family at 17-18 billion francs, Andrei Melnichenko at 17-18 billion, and the Bertarelli family at 16-17 billion, with significant investments across various sectors.
Cyprus has revoked 77 more "golden" passports, primarily from Russian citizens, including notable figures like oligarch Alexei Kuzmichev and metals baron Oleg Deripaska. The revocations stem from false declarations, criminal backgrounds, and failure to meet naturalization requirements, bringing the total to 286. The controversial citizenship scheme, suspended in 2020, has faced increased scrutiny following Russia's invasion of Ukraine.
Jungfrau Railways is investing CHF70 million in new cable cars for the First and Kleine Scheidegg ski areas, with contracts awarded to Doppelmayr/Garaventa and Leitner. The project includes a new “Triline” 3-cableway system from Grindelwald to First and a replacement for the Wixi-Fallboden chairlift, expected to be operational by the 2026/2027 winter season. Additional investments will enhance snowmaking capabilities, with total project costs projected to exceed CHF100 million.
Mergers and acquisitions in Vietnam's real estate and healthcare sectors are expected to thrive, driven by recent legal amendments that facilitate foreign investment. Lawyer Oh Hsiu-Hau noted that while lengthy legal procedures currently hinder M&A transactions, the government's push for digitization aims to streamline processes and attract more foreign capital.
The Swiss rail expansion project is set to cost nearly CHF30.4 billion by 2035, nearly doubling initial estimates. This includes CHF8.5 billion for major upgrades like station conversions and CHF5.5 billion for specific projects, such as the Brütten tunnel, to accommodate a 20% increase in passenger capacity. The transport ministry emphasizes the need for these investments to manage growing mobility demands while ensuring safety at larger stations.
LabelVie Group reported consolidated sales of 12.1 billion dirhams for the end of September 2024, marking a 2.2% increase from the previous year. The company continues to invest in expanding its network in France, with total investments reaching 862.9 million dirhams, while maintaining stable net debt at 3.8 million dirhams.
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