A Worrisome Pileup of $100 Million Homes - (www.cnbc.com) One
of the latest symbols of the overinflated luxury housing market is a pink
mansion perched above the Mediterranean on the French Riviera. The
13,000-square-foot property, built and owned by the fashion magnate Pierre
Cardin, is composed of giant terra cotta orbs arranged in a sprawling hive. The
home's name befits its price. "Le Palais Bulles," or "the Bubble
Palace," is being offered for sale at approximately $450 million. The
listing is part of a global pileup of homes listed for $100 million or more. A
record 27 properties with nine-figure prices are officially for sale, according
to Christie's International Real
Estate.
That is up from 19 last year and about a dozen in 2014. If you add in
high-priced "whisper listings" that are offered privately, brokers
say the actual number of nine-figure listings worldwide could easily top 40 or
50.
From
$4.5 Billion To Nothing: Forbes Revises Estimated Net Worth Of Theranos Founder
Elizabeth Holmes - (www.forbes.com) Last
year, Elizabeth Holmes topped
the FORBES list of America’s
Richest Self-Made Women with
a net worth of $4.5 billion. Today, FORBES is lowering our estimate of
her net worth to nothing. Theranos had no comment. Our estimate of
Holmes’ wealth is based entirely on her 50% stake in Theranos, the
blood-testing company she founded in 2003 with plans of revolutionizing the
diagnostic test market. Theranos shares are not traded on any stock market;
private investors purchased stakes in 2014 at a price that implied a $9 billion
valuation for the company. Since then, Theranos has been hit with allegations
that its tests are inaccurate and is being investigated by an alphabet soup of
federal agencies. That, plus new information indicating Theranos’ annual
revenues are less than $100 million, has led FORBES to come up with a new,
lower estimate of Theranos’ value.
Behind the Scenes, Billionaires’ Growing Control
of News - (www.nytimes.com) At
first blush, the secret support that the Silicon Valley billionaire Peter Thiel
provided for Hulk Hogan’s lawsuit against Gawker is a salacious yarn about
money, power, gossip and revenge. But it is also about something more
important: an aggressive bid by the very wealthy to control the American news
media at a time when it is in a financially weakened state, struggling to
maintain its footing on the electronic frontier’s unstable terrain. Speaking
with Andrew Ross Sorkin of The New York Times on Wednesday,Mr. Thiel said he
had financed the Hogan lawsuit — which resulted in a $140 million verdict
against Gawker — not only because Gawker Mediawrote in
2007, against his wishes, that he was gay, but also because he had determined
the gossip site had too often operated with “no connection to the public
interest.”
The
“Dumb Money” Is Finally Buying New Homes, Just as the “Smart Money” Exits - (www.wolfstreet.com) New home sales just went up a staggering 16.6%
in April: 619,000 new homes were sold – the most since early 2008 just
before the worst of the housing meltdown, and the highest rate of growth in 24
years. So is this a sign that the economy is back on track? Don’t count on
it. Home sales, like jobs, is a lagging indicator, not a leading one. It’s a
sign of where we’ve been, not where we’re going. So this isn’t a big surprise
to us. In fact, this is just like stock indicators near a peak. The dumb
money is finally pouring in while the smart money is exiting. Except this time,
it’s just in real estate.
Negative Rates Failing to Spur Investment at
Europe’s Companies - (www.bloomberg.com) A
prolonged period of negative interest rates is failing to revive investment at
Europe’s companies, with the vast majority of businesses in the region saying
the stimulus measures have had no affect at all on their growth plans. Some 84
percent of the 9,440 companies surveyed by Swedish debt collector Intrum
Justitia AB for its European Payment Report 2016 say low interest rates haven’t
affected their willingness to invest. And perhaps more alarmingly, the number
is up from 73 percent last year. “Creating economic growth requires stability
and optimism,” Intrum Justitia Chief Executive Officer Mikael Ericson said in
the report. “Evidently, the strategy of keeping interest rates record low for
more than a year has not created the much sought-after stability.”
Janet Yellen Sees Rate Hike Coming Soon - (online.wsj.com)
Currency Tranquility Is Calm Before Storm as Risks Taunt Traders - (www.bloomberg.com)
'Disaster in the Making': The Many Failures of the EU-Turkey Refugee Deal - (www.spiegel.de)
Currency Tranquility Is Calm Before Storm as Risks Taunt Traders - (www.bloomberg.com)
'Disaster in the Making': The Many Failures of the EU-Turkey Refugee Deal - (www.spiegel.de)
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