Greek Banks Set for First Payouts Since 2008 on ECB Approval
The European Central Bank will allow Greek banks to make their first shareholder payouts in over a decade as the country emerges from a painful post-crisis restructuring.
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The European Central Bank will allow Greek banks to make their first shareholder payouts in over a decade as the country emerges from a painful post-crisis restructuring.
China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
Embattled German landlord Adler Group SA has asked its bondholders for permission to sell an unfinished apartment development at a 47% discount to its 2022 valuation, as the company races to repay its vast debt load.
Two years ago, Dubai became a hot favorite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine. That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.
The Bank of Korea warned Thursday that a further slump in the real estate sector would undermine broader economic activity, as it pointed to worsening delinquencies among developers in the latest signal of continuing woes in the credit market.
Aug 28, 2020
Bloomberg News
,Pinterest Inc. canceled a large office lease at a building to be constructed near its San Francisco headquarters, marking one of the most significant moves yet by a big tech company to scale back real estate plans in the city amid the COVID-19 pandemic.
“As we analyze how our workplace will change in a post-COVID world, we are specifically rethinking where future employees could be based,” Todd Morgenfeld, Pinterest’s chief financial officer and head of business operations, said in a statement Friday.
The social-sharing service is paying an US$89.5 million termination fee to terminate its lease for 490,000 square feet (45,500 square meters) of space. It will keep its existing offices in the city.
Pinterest signed the lease last year with Alexandria Real Estate Equities Inc. A spokesperson for the real estate investment trust didn’t immediately return a call seeking comment.
San Francisco, with its expensive real estate and reliance on the technology industry, stands to be reshaped by the pandemic. Tech offices have been shut down along with much of the rest of the state of California over the past six months, and companies including Twitter Inc. and Slack Technologies Inc. have embraced remote work for the long term. Some workers have migrated away from the city.
Morgenfeld said a more distributed workforce “will give us the opportunity to hire people from a wider range of backgrounds and experiences.”