German Real Estate Firm Adler Reaches Agreement With Lenders
Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
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Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Jun 22, 2021
Bloomberg News
,(Bloomberg) -- Philip Morris International Inc. is moving its corporate headquarters out of New York, the latest blow to the city’s office market as the pandemic leaves many of its skyscrapers mostly empty.
The Marlboro maker’s new location in southwest Connecticut will be operational by mid-2022 and add 200 jobs, the company said in a statement Tuesday, without disclosing the city. The company, which has 71,000 employees worldwide, will keep its operations center in Lausanne, Switzerland.
The move is aimed to help further the company’s goal of generating more than half of its revenue from smoke-free products by 2025, as well as $1 billion in sales from products that aren’t linked to nicotine. “Connecticut offers a valuable mix of technological know-how, future-forward thinking and an open-minded approach to problem-solving,” Chief Executive Officer Jacek Olczak said in the statement.
Connecticut is home to Yale University, whose medical school is a leader in tobacco dependence treatment and research, according to its website. It has research centers that investigate new therapies for smoking cessation, often through clinical trials. Philip Morris is also among suitors for Fertin Pharma, a maker of nicotine chewing gum, Bloomberg has reported.
The announcement is a fresh blow to New York, where just about 22% of office workers were back at their desks as of June 16. Investment firms have also recently moved to Connecticut, opening shop in Greenwich. Manhattan’s supply of office space reached a fresh record last month.
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