Slowing Inflation Primes G-7 Central Banks for June
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
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Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Sep 16, 2021
Bloomberg News
,(Bloomberg) -- The Collective, an operator of small apartments in London and New York that offer communal lifestyles for young urban professionals, has fallen into administration after failing to find a buyer.
FTI Consulting has been appointed to assess potential options for the privately held firm following unsuccessful attempts to raise capital from investors and undertake a sale, according to a statement from FTI on Thursday. Some of the firm’s 62 employees will likely be dismissed in the coming weeks.
The firm had appointed Credit Suisse Group AG to conduct a strategic review which could have led to a full or partial sale, Bloomberg reported in June. The nascent co-living market, with its small units and focus on shared amenities, has been hard hit by the pandemic as government restrictions forced operators to suspend some perks, limit mixing and stop all but essential travel.
“It is incredibly disappointing that a sale of the group has not been achieved,” Matthew Callaghan, a senior managing director at FTI, said in the statement. “We will continue to work with the various stakeholders to ensure a smooth transition.”
The Collective’s current portfolio includes properties in west London and the capital’s Canary Wharf district, as well as the Paper Factory in Long Island City, New York. Members get access to facilities including gyms, co-working spaces and a library, and can stay there for months or just days at a time. The Canary Wharf and Old Oak venues in London will remain open and operational, FTI said.
The pandemic has seen occupancy levels at The Collective slide, and the firm has faced delays in the development of non-operational assets, according to the statement. London’s popularity also continues to lag global cities such as New York in the wake of easing lockdown restrictions, with rents struggling to return to pre-Covid levels.
The Collective also has four sites under construction and 13 in the pre-development phase across the U.K., Ireland, Germany and the U.S., according to the statement.
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