Greece to Increase Minimum Wage by €50 a Month From April 1
Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
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Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
May 15, 2019
Bloomberg News
,(Bloomberg) -- We know that the older you are, the higher you set the bar for what it takes to be considered wealthy. But an even bigger influence on that number can be where you live. Being wealthy in Denver doesn’t mean nearly the same thing as being wealthy in San Francisco, or in New York City for that matter.People living in the San Francisco Bay Area—or trying to, anyway—have the loftiest definition of what net worth you need to be rich in their city: an average of $4 million, according to Charles Schwab’s Modern Wealth Survey. And if you narrow that down just to the baby boomers surveyed (roughly age 55 to 73), the average jumps to $5.1 million.
The Schwab survey is a national sample of 1,000 respondents between the ages of 21 and 75; for city results, Schwab surveyed between 500 and 700 people in each location.
Housing is, of course, notoriously expensive and scarce in San Francisco, with even highly paid tech workers finding it difficult to afford homes. A ranking by housing website Trulia of the 100 largest metro areas found that, in late 2018, a stunning 81% of homes in the metro San Francisco area were worth $1 million or more. In 2017, that same figure was 67.3%. Across the U.S., about 3.6% of homes were worth that much, Trulia found. Those turbo-charged values, however, mean that more homes are lingering on the market in high-priced cities like San Francisco and Seattle, in part because even in such ultra-gentrified locales, the pool of people who can afford those amounts is still relatively small. East Coast boomers in New York and Washington, meanwhile, said it would take $3.5 million to $3.6 million to be thought of as wealthy in their cities. But in the Trulia report, the percentage of homes worth $1 million or more in New York City and Washington was 10.3% and 4.9%, respectively, far below that of the Bay Area. So it would be safe to say that, in Manhattan and the nation’s capital at least, you need more walking-around money than expensive real estate to be deemed a plutocrat.Away from the coasts, Denver had the lowest average dollar figure for what it would take to be thought of as wealthy, coming in at $2 million. It scored high on another measure—the percentage of people who said that feeling personally wealthy is more about how they live their lives than about a dollar amount. More than 75% of people surveyed in Denver agreed with that, compared with 66% for Los Angeles, which had the lowest percentage among the cities surveyed.
To contact the author of this story: Suzanne Woolley in New York at swoolley2@bloomberg.net
To contact the editor responsible for this story: David Rovella at drovella@bloomberg.net
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