With the Bill and Melinda Gates divorce bombshell still echoing, so begins the process of divvying up the fourth-largest fortune in the world. Forbes puts the Microsoft Corp co-founder’s net worth at just north of US$130bil (RM535.01bil), a massive sum that includes the world’s largest private family charitable foundation, a lucrative personal investment firm and a collection of real estate that rivals any in the country. In addition to 242,000 acres of farmland, the couple own a glut of mansions across the country that they’ve been compiling for the last three decades, including homes in Washington, California, Montana and Florida. Their most impressive estate sits in Medina, a small Seattle suburb whose claim to fame is that it shelters the Microsoft co-founder as well as Amazon CEO Jeff Bezos. Valued at more than US$130mil (RM535.01mil), the tech-savvy mansion – dubbed Xanadu 2.0 – spans 66,000 square feet and racks up a yearly property tax bill of more than US$1mil … [Read more...] about In Bill Gates divorce, who gets the 66,000-square-foot mansion?
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Vietnam’s production rises at fastest pace since Nov 2018 People work at an auto plant. The improvement in Vietnam’s manufacturing sector in April 2021 was the strongest since November 2018 - PHOTO: VNA New orders rose at a sharper rate, with firms responding by upping their rate of job creation and ramping up purchasing. Input costs continued to rise sharply, leading to the fastest increase in selling prices in nearly a decade. Meanwhile, there were some signs that supply-chain disruption had started to ease during the month. The Vietnam Manufacturing Purchasing Managers' Index (PMI) increased for the third straight month, posting 54.7 in April following a reading of 53.6 in March. The manufacturing sector was boosted in April by signs that customers were willing to commit to larger orders than they previously did, given the general improvement in demand and control of the Covid-19 pandemic. The total new orders increased for the eighth straight month running … [Read more...] about VIETNAM BUSINESS NEWS MAY 6
Clients looking into a future apartment complex in Binh Tan District, Ho Chi Minh City. (Photo: SGGP) Vietnam’s economic credits as of April 16 have reached VND9,490 trillion (about US$411 billion), up 3.34 percent compared to the end of 2020, said the State Bank of Vietnam (SBV). Plus, the country’s credits increased by 0.41 percentage points in the first 2 weeks of April compared to the end of March 2021, quadrupling the growth rate year-on-year. Most notably, credit capitals are mostly reserved for manufacturing, especially commodity production and export. Specifically, Vietbank has given out production loans at 6.5 percent interest rate per year to promote production and business activities. In addition, companies with medium and long-term capital needs can get loans at 8.2 percent per year for the first 12 months until the end of 2021 at this bank. Meanwhile, SeABank is offering a zero-interest rate policy for businesses needing urgent working capital without having to … [Read more...] about Vietnam’s commercial bank credits on a roll
DUBAI: After nearly three decades in London, Christophe Reech was fed up with the city's COVID-19 pandemic lockdowns. This spring, he sold his luxury townhouse and jetted off to the desert sheikhdom of Dubai to start a new life with his family. There was no turning back, he said. The French business magnate’s super wealthy foreign friends were doing the same, driving an unprecedented surge in sales of Dubai's most-exclusive properties. “Here in Dubai, there’s only one strategy: Business as usual,” said Reech, the chairman of an eponymous group that owns real estate and financial technology companies. The philosophy is simple: “Let's make sure everyone's vaccinated and keep everything open." “Of course that attracts people like me," he said. As vaccines roll out unevenly worldwide and waves of infections force countries to extend restrictions, foreign buyers flush with cash have flooded Dubai's high-end property market, one of the few places in the world where they can dine, … [Read more...] about Dubai luxury home market soars as world’s rich flee COVID-19 pandemic
Property giant Megaworld Corp. earmarked a higher capital expenditure (capex) of P36 billion this year with the bulk set for its real estate developments. The Andrew Tan-led firm in a disclosure said the capex is 29-percent more than the company’s P27.9 billion actual spending last year. Megaworld has set aside around 76 percent of the total budget for its real estate developments, particularly for the construction of its new residential properties. The remaining 24 percent will be allocated for investment properties, while no amount was allocated for its land banking initiatives, according to the company. Megaworld Chief Strategy Officer Kevin Tan said the capex program is “very targeted” and aims to optimize the use of its available cash. “We remain cautious and prudent with our spending as we are still observing how the vaccination program will progress and where this pandemic will be leading us in the next few months,” Tan said. Megaworld eyes to launch four … [Read more...] about MEGAWORLD ALLOCATES P36B FOR 2021 CAPEX