Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mortgage rates in the US increased for a fourth straight week.
May 23, 2020
Bloomberg News
,(Bloomberg) -- A federal investigation agency in India said it had preliminary evidence that units of JPMorgan Chase & Co. were involved in crimes generating 1.87 billion rupees ($24 million) in proceeds, raising the stakes in a months-long money laundering probe.
The anti-money laundering agency Enforcement Directorate informed the top court on Friday about the findings as part of an investigation into JPMorgan’s alleged role in financing the Amrapali group, once among India’s largest real estate companies. Assets belonging to the JPMorgan unit, including bank accounts, could be seized, according to the order posted on the court’s website Friday, formalizing a ruling it first made in January.
“We are aware of the claims made against JPMorgan in court and we intend to vigorously defend ourselves against them,” JPMorgan’s India spokeswoman Mollica Senapati said in an email. She didn’t immediately respond to an email seeking comment about the amount of alleged criminal proceeds, which the agency raised from an estimate of 1.4 billion rupees at the probe’s outset last year.
Read more: India’s Top Court Says JPMorgan Helped Realtor Divert Funds
The Amrapali investigation emerged after a series of petitions by home buyers frustrated over unfinished housing projects. The court last year scrapped Amrapali’s registration under real estate laws and directed government-owned NBCC India Ltd. to complete all incomplete projects.
The court will next hear the Amrapali case on May 27.
©2020 Bloomberg L.P.