Martin Selig Real Estate, a commercial property developer in Seattle, has defaulted on $135 million in loans against three office buildings after failing to secure refinancing.
Tag: Economy
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SPOTLIGHT: BIGS GETTING BIGGER
Private equity firm BlackRock is leading a consortium that plans to purchase a controlling interest in the country of Panama’s ocean ports from Hong Kong-based C.K. Hutchison Holdings for $22.8 billion.
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SPOTLIGHT: TRADE WAR FALLOUT
Donald Trump’s abrupt and aggressive tariff policies have swerved the global economy onto a trajectory of slowed growth and rising costs that will worsen the longer and more acrimonious the trade war becomes, a new report by the Organization for Economic Cooperation and Development (OECD) has warned.
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CHINESE ECONOMIC BRIEFS
Still struggling to revive the country’s consumer economy, Chinese officials have instructed banks to encourage households to borrow and to use their credit cards.
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UNILEVER WILL HIRE MORE SOCIAL INFLUENCERS TO PROMOTE ITS PRODUCTS
Unilever, the global conglomerate selling foods, soaps, and other consumer products, will focus more of its advertising dollars on social media influencers to promote its products because “messages coming from corporations are suspicious” in consumers’ eyes, new CEO Fernando Fernandez said in an interview with Barclays analyst Warren Ackerman.
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SPOTLIGHT: BIGS GETTING BIGGER
Allianz, a German insurer and financial services company, is in exclusive negotiations to buy Viridium, a provider of specialized insurance services, for €3 billion, equivalent to about $3.3 billion, according to The Wall Street Journal.
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SPECIAL REPORT: TRUMP’S TARIFF GUESS
The Trump administration put a one-month pause on the blanket 25-percent import duties on goods entering the U.S. from Canada and Mexico.
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ANOTHER LUXURY HOUSE REPORTS A BAD YEAR
Salvatore Ferragamo, the Italian high-fashion house known for its shoes and handbags, booked a net loss of €68.1 million—equivalent to about $73 million—in 2024 after revenue dropped 11 percent.
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SPOTLIGHT: BIGS GETTING BIGGER
Italy’s Saipem and Norway’s Subsea7 will combine in a merger worth an estimated $4.86 billion, The Wall Street Journal reported. The union will create a global company offering construction, drilling, engineering, and logistics services to the oil and gas industry.
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TOP TREND 2023: OFFICE BUILDING BUST
The Trump administration’s plan to slash the federal workforce will dump millions of square feet of empty square feet onto the office property market nationwide at a time when the sector is just beginning to stabilize after sliding for the past five years, The Wall Street Journal reported.