Australian Retail Sales Unexpectedly Decline, Currency Drops
Australian retail sales surprisingly fell in March as households faced the prospect of higher borrowing costs for longer. The currency declined.
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Australian retail sales surprisingly fell in March as households faced the prospect of higher borrowing costs for longer. The currency declined.
Creditors of distressed Korean builder Taeyoung Engineering & Construction Co. are poised to decide Tuesday on whether to allow the firm to begin restructuring its debt, after it rattled local markets at the start of the year.
Ballot counting in Togo’s parliamentary vote that may cement the family dynasty of President Faure Gnassingbé in power got underway Monday.
Retailer American Eagle Outfitters Inc. is relocating its New York City offices to Madison Avenue in one of the city’s largest new leases so far this year.
WeWork Inc. and its major financial backers including SoftBank Group Corp. have struck a new restructuring deal to get the ailing workspace provider out of bankruptcy, spurning a competing financing proposal from co-founder Adam Neumann.
Aug 9, 2016
Toronto Mayor John Tory wants to free up unused public land for housing developments in a bid to get more supply into the tight market. In an interview on BNN, Tory said the municipal government could expedite the approval process for such projects, but only if other levels of government are willing to sell land to developers.
“If the other governments wanted to do something that would be really helpful at this stage of the game, it would be to answer the call we have made for them to do what we’re doing, which is to put up public land that otherwise isn’t needed for any other purpose and put it into the affordable housing pool,” he said.
Tory said making the housing market more affordable isn’t as simple as pulling one lever, like following Vancouver’s lead and slapping additional taxes on foreign nationals.
“I think sometime in politics and elsewhere, people try to simplify things and say, well it’s all about putting a tax on so speculators from some other country won’t buy, when in fact it’s a much more complicated issue because it’s a marketplace,” he said.
Tory also said there’s no immediate solution for the rising cost of homes in the city, due to the dynamics of supply and demand.
“There are people still coming, our population is growing. There is a constraint on the supply of land for new housing, and so that’s an issue,” he said. “You don’t want to identify [addressing] any one of these as a silver bullet, because I’m not sure there is one. ”