About $175 billion of real estate debt is classified as “distressed,” meaning there is a growing likelihood of it not being repaid, according to data compiled by Bloomberg.
Tag: Global Economy
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SPOTLIGHT: TOP TREND 2023, OFFICE BUILDING BUST
In 2022’s fourth quarter, the proportion of Canada’s office space sitting empty reached a record 17.1 percent, according to real estate services firm CBRE, even though the country’s economy has fully reopened from its COVID-era lockdowns.
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SPOTLIGHT: GOING NUCLEAR—SWEDEN MULLS LIFTING RESTRICTIONS ON NUCLEAR POWER PLANTS
Sweden’s parliament will consider a law that would erase limits on the number of nuclear reactors the country will allow.
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SPOTLIGHT: BIGS GETTING BIGGER
Chicago-based VillageMD, an affiliate of Walgreens Boots Alliance, the drug chain’s British division, is buying Summit Health, a chain of 340 urgent and primary care clinics in the U.S. northeast and Oregon.
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SPOTLIGHT: CHINA
Shops and warehouses in the U.S. and Europe are overstocked with inventory, causing orders for new goods from China’s factories to plunge by as much as 50 percent last month, according to the Financial Times.
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ARE LUXURY BRANDS PEAKING?
In this year’s third quarter, the Ralph Lauren fashion brand’s U.S. revenue grew 13 percent. Capri Holdings, which owns Michael Kors and Versace, saw revenue jump 17.5 percent. Both grew more than the rate of inflation.
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ECB: INTEREST RATES TO GO UP AS ECONOMY GOES DOWN
Officials of the European Central Bank (ECB) denied claims of a pending “dovish pivot” that would lead the bank to slow its pace of interest rate hikes or stop them entirely.
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POLAND’S ECONOMY TANKS AS INFLATION ROCKETS UP
Inflation in Poland is galloping at almost 18 percent, with core inflation—which leaves out food and fuel price increases—above 10 percent.
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U.K. HIT BY DRAGFLATION
Britain’s economy contracted 0.2 percent in this year’s third quarter and considering the socioeconomic and geopolitical trends it will continue to shrink through the winter.
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TOP TREND 2022, DRAGFLATON: GERMANY LEADS THE CHARGE
Led by slumping factory output in Germany, the Eurozone will enter a recession this quarter that will endure at least through the first three months of 2023, the European Commission (EC) has predicted.