Hotel financial – Apartman Beograd Wed, 29 Jun 2022 13:17:00 +0000 en-US hourly 1 Hotel financial – Apartman Beograd 32 32 A leading corporate/financial services lawyer and experienced litigator Wed, 29 Jun 2022 13:17:00 +0000

A lawyer and three partners also join the team.

MIAMI, June 29, 2022 /PRNewswire/ — Winston & Strawn LLP has announced the addition of two partners to the firm’s rapid growth Miami Desk: Carl A. Fornariswho joins the Transactions Department, and Jared R. Kesslerwho joins the litigation department of the firm.

Carl is from Miami office of Greenberg Traurig, LLP, where he was Co-Chair of the Financial Regulation and Compliance Practice and the Blockchain and Digital Assets Group. Jared is also from Greenberg’s Miami Desk.

Accompanying these partners are Of Counsel Paul W. Jeziernywho joins the transactions department of Shutts & Bowen LLP’s Miami office and associates Elisa H. Baca and Claudia Ojeda, who join the litigation department of the firm from Greenberg Miami Desk. Associated Gabriela A. Plasencia joined the transactions department earlier this month from Shutts & Bowen in Miami.

The arrival of the lawyers closely follows that of the six initial partners who launched the firm Miami office on May 19, 2022and it comes shortly after two corporate partners joined the office on June 16, 2022. It is expected that additional arrivals will be announced in the near future.

“Carl, who will co-chair Winston’s Financial Services Regulatory/Compliance practice and the company’s Digital Assets & Blockchain Technology group, brings nearly three decades of financial services experience, including banking, payments, fintech and digital assets Other facets of the financial services industry are critically important to the Miami and international business communities,” said Enrique J. Martin, Miami office managing partner. South Florida and around the world. Notably, these associates — and the additional attorneys joining them — come from the Miami legal community, which means they know the market and are ready to provide our domestic and international clients with practical legal and business solutions.”

carl represents clients in connection with incorporations and licenses, capital raising transactions, acquisitions and divestitures, UNITED STATES PATRIOT Act/BSA/AML compliance and OFAC sanctions programs, cryptocurrency and digital asset regulation, payments, mobile money and fintech, federal and state agency enforcement procedures, Dodd-Frank compliance and law on corporate transparency. Throughout his career, he has advised clients in their dealings with the Federal Reserve, OCC, FDIC, FinCEN, SEC, FINRA, Florida office of Financial Regulation, New York Department of Financial Services and other state supervisory authorities. Carl also represents lenders and creditors in financing transactions, particularly loans to non-US lenders, asset-based loans, acquisition financings and stand-by letters of credit. Previously, Carl served as Head of Legal and Compliance for the Latin America region of Barclays Bank PLC, responsible for managing legal and compliance matters across the region.

Jared focuses his practice on complex commercial litigation in federal and state courts and has litigated in jurisdictions across the country. He represents clients in a wide range of industries in matters involving a wide range of issues, including class actions, commercial torts and contract disputes, corporate governance and partnership disputes and claims real estate. Jared’s class action work focuses on defending against consumer claims of false or misleading packaging and advertising and allegations of deceptive marketing practices. For example, he helped defend an international food manufacturer against false advertising claims aimed at obtaining more $100 million in damages and an international hotel chain against allegations of deceptive billing practices at several of its on-site restaurants.

Paul practices in the areas of mergers and acquisitions, trade finance, and corporate and securities law. He represents global financial institutions, funds and operating companies in a variety of regulatory, transactional, enforcement and corporate matters.

gabriel represents financial institutions and other businesses in government investigations and enforcement actions, arbitrations and civil litigation. She also advises clients on regulatory, licensing, corporate and compliance issues in fintech technology and blockchain technology. Elisa focuses on complex commercial litigation and putative class action lawsuits filed in Federal Court, representing companies in cases involving allegations of consumer fraud, deceptive and unfair marketing practices, misleading labeling, and false or misleading advertising . Claudia handles civil litigation in federal and state courts. She represents clients in matters of breach of contract, fraud, breach of fiduciary duty and consumer class actions.

“The addition of these attorneys demonstrates Winston’s continued commitment to serving the Miami market by recruiting the best legal talent the market has to offer,” said Winston Chairman Tom Fitzgerald. “Each lawyer brings essential experience, knowledge and skills. Together, they help us complement the transactional and litigation service offerings that from south florida a sophisticated business community demands it.”

About our Miami Desk

Winston & Strawn’s Miami leverages the region’s status as a dynamic financial hub, an epicenter of business activity spanning many industries, and a critical junction point for banking and international trade with Latin America and other parts of the world.

The office serves clients representing some of the strongest and fastest growing sectors in the global economy, including complex commercial litigation, mergers and acquisitions, financial services, cryptocurrency and blockchain, real estate, energy and infrastructure, bankruptcy and Latin America.

Winston & Strawn LLP is an international law firm with 16 offices in North America, South America, Asiaand Europe. More information about the company is available at

Michael Goodwin
[email protected]

SOURCEWinston & Strawn LLP

SUNSTONE HOTEL INVESTOR PROGRAM – Mon, 27 Jun 2022 21:02:45 +0000

IRVINE, Calif., June 27, 2022 /PRNewswire/ — Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality industry, announced that it will report the financial results for the second quarter of 2022 on Wednesday, August 3, 2022, before the opening of the market. Management will hold its quarterly conference call on the same day, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time).

A live webcast of the call will be available in the Investor Relations section of the Company’s website at A replay of the webcast will also be archived on the website. Alternatively, interested parties can dial 1-888-330-3573 and reference conference ID 4831656 to listen to the call live.

About Sunstone Hotel Investors:

Sunstone Hotel Investors, Inc. is a real estate investment trust (“REIT”). Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership and disposition of hotels that qualify as Long-Term Relevant Real Estate®. For more information, please visit Sunstone’s website at

For more information :

Aaron Reyes
Financial director
Sunstone Hotel Investors, Inc.
(949) 382-3018

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SOURCESunstone Hotel Investors, Inc.

A hotel chain sells its business in Peshawar Sun, 26 Jun 2022 04:35:39 +0000


The management of a five-star hotel chain in Pakistan has announced the sale of one of its well-run establishments in Peshawar to a local buyer apparently to reduce its liabilities, which have grown more than assets, and at a time when another similar project is nearing completion in the same city.

“The Board of Directors has given its approval for the execution of the sale of business agreement for the disposal of its hotel property, namely, Pearl Continental Hotel, Peshawar,” the company secretary Pakistan Service said. Limited (PSL), Mansoor Khan, in a notification to the Pakistan Stock Exchange.

“We have reached an initial agreement to sell it to a local buyer,” said a senior official from PSL – the owners and operators of the five-star hotel chain. The Grandstand Express.

It is not yet known who the buyer is. “We will release the buyer’s name once we sign a final sales agreement,” he said.

Another manager said it was a good business establishment. “Its occupancy rate stands at 81% as of today (Saturday).”

“The hotel is mainly used by staff from different airlines as it is a 15 minute drive from Peshawar airport,” he said.

“Meanwhile, an advanced five-star hotel (and shopping mall) project, namely PC Zaver Hotel, is nearing completion in Hayatabad, Peshawar,” he said.

“The company’s current liabilities exceed current assets (excluding non-current assets held for sale) by Rs 5.87 billion as of March 31, 2022,” according to PSL’s latest financial statement for the nine months ended March 31. March 2022.

The company’s operations have been affected by the lockdown and government measures in response to the Covid-19 outbreak in previous years, which resulted in the closure of hotel properties from March 2020 to August 2020, a he added.

During the nine-month period, room revenue (net) (occupancy) was recorded at 3.72 billion rupees compared to 2.24 billion rupees for the corresponding period last year, the statement said, alluding to a recovery in the room occupancy rate.

PSL posted a net profit of Rs 996.48 million in nine months (July-March FY22) compared to a loss of Rs 178.21 million in the same period last year.

Commenting on the business outlook, the report states that the increase in economic and tourism activities is expected to have a positive impact on business activities in Pakistan, and the company being a leader in Pakistan’s hospitality industry will certainly reap future business opportunities. .

Restrictions on travel and tourism have also been eased, sports activities are back in Pakistan and the Australian cricket team has just completed its tour of Pakistan, according to the report.

Published in L’Express Tribune, June 26e2022.

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Live updates: Tories lose two seats in first election test since ‘partygate’ scandal Fri, 24 Jun 2022 05:07:42 +0000

The U.S. Federal Reserve on Thursday assigned passing grades to the nation’s 33 largest banks in annual stress tests, which assess each lender’s ability to weather a severe economic downturn.

In a series of doomsday hypothetical scenarios drawn up by the Fed, banks would collectively lose $612 billion and group capital ratios would fall to 9.7%, more than double the minimum requirement, the Fed said.

The banks, which included JPMorgan Chase and Goldman Sachs as well as US subsidiaries of foreign banks such as Credit Suisse, had to show they were maintaining capital levels above government-mandated minimums after enduring the scenarios outlined by the Fed. in February.

The results confirm the financial strength of the largest US banks, some of which are classified by regulators as systemically important to the economy.

Credit Suisse’s U.S. subsidiary was the hardest hit by capital in stress tests, with its core capital ratio, or CET1, down nearly eight percentage points, followed by HSBC and Goldman.

The bulk of the hypothetical losses came from $450 billion in loan losses and $100 billion in trading and counterparty losses. Compared to last year’s stress tests, banks reported more than $50 billion in additional losses and suffered greater impacts on their capital reserves.

“This year’s what-if scenario is more challenging than the 2021 test, by design, and includes a severe global recession with significant stress in the commercial real estate and corporate debt markets,” the statement said. Fed in a statement, attributing banks’ resilience to “substantial” capital accumulation since the global financial crisis more than a decade prior.

Learn more about stress testing here

Maharashtra Political Crisis Live: Shiv Sena Leader Eknath Shinde Live News, Shiv Sena Split Latest Update, Maharashtra CM Uddhav Thackeray Live News, Political Crisis in Maharashtra Live Updates Wed, 22 Jun 2022 11:45:04 +0000

Maharashtra MVA Crisis Live Updates: Amid worsening political crisis in Maharashtra, Chief Minister Uddhav Thackeray is due to address the public at 5pm amid speculation he may step down as CM. It comes after rebel party leader Eknath Shinde claimed the support of 46 MPs, including six ministers. The 34 Shiv Sena MPs who are part of the splinter faction passed a resolution appointing Eknath Shinde as the leader of the Shiv Sena Legislative Assembly party. In the resolution, they mentioned that “there is enormous discontent among party cadres, viz. Shiv Sena for forming the government with the NCP and the Indian National Congress which are ideologically opposed to our party”.

The Shiv Sena, which leads the MVA, has 55 MPs, followed by NCP (53) and Congress (44) allies in the 288-member assembly where the current simple majority stands at 144. Earlier, the Shiv MP Sena, Sanjay Raut, claimed that 14 to 15 Sena MPs including some ministers are with Shinde in Surat city in Gujarat. This is the first time that rebel MPs from outside the North East region have been brought into Assam.

Live updates

Maharashtra Political Crisis Live News, Latest Maharashtra Government News

This may be the first time MPs from a western Indian state have been taken to a northeastern state after their rebellion against the party leadership. Earlier, Shiv Sena MP Sanjay Raut claimed that 14-15 Sena MPs including some ministers were with Shinde in Surat city, Gujarat. However, another party leader said the number could be 23.

The Shiv Sena, which leads the MVA, has 55 MPs, followed by NCP allies (53) and Congress (44) in the assembly of 288 where the current simple majority is 144.

UAE to build Red Sea port in Sudan under $6 billion investment program Mon, 20 Jun 2022 16:05:21 +0000

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CAIRO – The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL Group Chairman Oussama Daoud Abdellatif, a partner in the agreement which marks the first major foreign investment since the army came to power. during a coup in October.

Abdellatif said the package includes a free trade zone, a major agricultural project and an imminent $300 million deposit in Sudan’s central bank.

Western donors suspended billions in aid and investment to Sudan after the coup, plunging an already struggling economy into further turmoil and depriving the government of much-needed foreign currency.

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Ibrahim told Reuters on Wednesday that a memorandum of understanding had been signed with the United Arab Emirates for a port and agricultural project, but details were not previously released.

The finance ministry did not immediately respond to a request for comment on the details of the deal.

The $4 billion port, a joint project between DAL Group and Abu Dhabi Ports, owned by Abu Dhabi holding company ADQ, would be able to handle all kinds of cargo and compete with the country’s main national port, Port Sudan, Abdellatif said.

Located about 200 km (124 miles) north of Port Sudan, it would also include a free trade and industrial zone modeled on Dubai’s Jebel Ali, as well as a small international airport, he said. . The project is in “advanced stages”, with studies and designs completed, he said.

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Rumors of Gulf investment in Port Sudan and agricultural projects elsewhere in the country have in the past sparked opposition and sometimes protests.

Port Sudan has long been plagued by infrastructure problems and was shut down by a political blockade for six weeks late last year, losing business with major international shippers.

The UAE deal also includes the $1.6 billion expansion and development of an agricultural project by Abu Dhabi conglomerate IHC and DAL Agriculture in the northern city of Abu Hamad. of Sudan,” Abdellatif said.

Alfalfa, wheat, cotton, sesame and other crops would be grown and processed on the 400,000 acres of leased land, he said. A 500 km (310 mile) $450 million toll road linking the project to the port would also be built, funded by the Abu Dhabi Fund for Development.

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Under the agreement, the Fund would also deposit $300 million in the Central Bank of Sudan, Abdellatif said.

After the military overthrew Omar al-Bashir in 2019, the United Arab Emirates and Saudi Arabia pledged $3 billion in grants and in-kind aid to Sudan, which military and civilian leaders say is n have not been fully provided.

Two senior Sudanese government sources told Reuters that the broad outlines of the new agreement were agreed between Sudanese leader General Abdelfattah al-Burhan and UAE President Sheikh Mohamed bin Zayed during a meeting. recent visit to the Gulf State.

A representative from Abu Dhabi Ports said the company made no comment, while representatives from the ADQ, Abu Dhabi Fund, IHC and the governments of Abu Dhabi and the Emirates United Arabs did not immediately respond to requests.

“We and our partners in the UAE have already invested in a bank, a hotel, a mining operation,” said Abdellatif, whose conglomerate has also bid for control of one of the largest companies in Sudan Telecommunications, Zain Sudan.

“The UAE wants a stable Sudan so they can make more and more of these investments, but we don’t expect everything to be perfect,” he added. (Reporting by Nafisa Eltahir and Khalid Abdelaziz; Additional reporting by Yousef Saba in Dubai, Editing by Aidan Lewis, William Maclean)



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See Inside Orlando’s New Hotel with Smart Toilets and Windows Sat, 18 Jun 2022 21:34:02 +0000

With a focus on art, technology and wellness, the Lake Nona Wave Hotel opened in December 2021 – its 17 floors towering over a growing planned community in Orlando, just a 10-minute drive away from Orlando International Airport. A welcome alternative to the area’s theme park hotels, this high-rise hotel is both sophisticated and whimsical — it doesn’t take itself too seriously while rolling out the red carpet for guests who appreciate fine dining, rooms modern with innovative equipment and the opportunity to stay in shape while on vacation.

I spent a few nights at the Lake Nona Wave Hotel while on an organized media tour – one night with a girlfriend who lives in Orlando and the other night alone – and found the property to be both refreshing and surprising, with features and offerings I’d never seen before in a moderately priced city hotel. Here are some of the reasons I enjoyed my quick visit – and why I’d recommend Lake Nona Wave if you’re looking for a stylish retreat from the crowds of Orlando’s theme parks.

Smart toilets are in every room.
(Photo credit: Kara Williams)

About those smart toilets and nifty bedroom windows

When my friend and I were shown to our room, one of the first things our baggage handler did was tell us to go into the washroom. And of course, as soon as one of us approached the Toto Neorest smart toilet, the lid magically opened.

This line of sleek, state-of-the-art toilets, with retail prices starting at $6,400, offers all sorts of bells and whistles in addition to the self-opening and closing toilet lid. Via a control panel on the wall, we could choose between eco or full flushes, opt for a front or rear pulse wash (at the bidet), and whether we wanted our butts dried (at the dryer- hair). Using the Wave Hotel restroom was fun, that’s for sure.

Rooms also feature floor-to-ceiling View smart windows, which automatically tint (or not) as needed throughout the day – when the weather gets sunnier or brighter, cloudier or darker – to block 99 % of UV rays. This technology is not only energy efficient, but is said to help customers sleep better. Honestly we didn’t even notice the windows getting tinted throughout the day but if it’s tech gear that’s good for the environment and can help me adapt to time zone changes , I completely agree !

iPad at The Wave Hotel
Guests can operate room temperature and order room service from a provided iPad.
(Photo credit: Kara Williams)

Other tech-savvy amenities at Lake Nona Wave Hotel

It’s easy to order room service, make housekeeping requests (like having extra towels or a bucket of ice delivered), check restaurant menus, and find out about things to do. to do in the Lake Nona area on the iPad that’s docked on the dresser in each guest bedroom. This iPad is also where we could control the temperature and lighting in the room, and we could close or open the curtains.

Downloading the mobile app is also essential to have full access to the advanced technology used in the hotel. When my phone was paired with my room, I was able to open my room door by sliding my phone in front of the keypad. The mobile app offers some of the same services as the in-room iPad, so even if you’re on the go in Orlando, you can easily chat with a hotel representative via text if needed – or even order room service to be delivered by the time you are back in your room.

Of course, if you’re a technophobe and have no interest in downloading a mobile app or touching an iPad on vacation, that’s okay! There are wall-mounted room controls to take care of your comfort while you sleep, and you can also easily pick up the phone to make room service requests.

The colorful and whimsical lobby of the Wave Hotel.
The colorful and whimsical lobby of the Wave Hotel.
(Photo credit: Kara Williams)

Artistic accents throughout the property

Upon entering the modern lobby of this high-rise property, my friend and I were immediately struck by the kaleidoscope of colors, the eclectic array of seemingly random objects displayed on the shelves and walls, and the playful furnishings. It was fun to hang out in the lobby of the Living Room just to study a new piece of art each time we rested there.

We also enjoyed strolling through the outdoor sculpture garden which is dotted with impressive large works of art, some of which are from the Lewis private collection. (Billionaire Joe Lewis is the founder of the Tavistock Group, developers of the Wave Hotel.) Amidst towering palm trees, you’ll see one of charging bull sculptures by Arturo Di Modica (his best-known version is in Lower Manhattan’s Financial District).

I was struck by the large chrome geometric figures in various stimulating poses as well as a trio making up the Cloister plot who reminded me of the maids in The Handmaid’s Tale.

Treadmills at Lake Nona Performance Club
Treadmill for days at Lake Nona Performance Club.
(Photo credit: Kara Williams)

Wellness amenities include access to a world-class fitness center

While the Lake Nona Wave Hotel has its own impressive fitness center with Technogym weight-training and cardio equipment — not to mention an outdoor pool with lounge chairs and cabanas — I opted to go for it. exercise and relax at the Lake Nona Performance Club, which is off hotel property but completely free for Lake Nona Wave Hotel guests.

This state of the art fitness, sports and integrative health center is approximately a 10 minute walk or 3 minute bike ride away. And Wave Hotel guests can borrow a cruiser bike from a fleet of about a dozen to get there. That’s exactly what I did, starting my exercise for the day with the “scenic drive” to the Performance Club, taking a leisurely hour to roam local suburban neighborhoods and along recreational trails pavers.

Once at the Performance Club, I was blown away by its offerings: a rock-climbing wall, basketball court, indoor running track, plus a huge array of Technogym cardio and strength-training equipment. I took my workout to the lap pool — which is adjacent to a family pool, a shallow water spray area for younger guests, and a hot tub.

Afterwards, I relaxed in the spacious hammam in the locker room and took full advantage of a leisurely hot shower. What a pleasure to be pampered after a few busy days of travel and activities. If only there had been a massage appointment available at the Deepak Chopra Mind-Body Zone & Spa at the Performance Club – next time!

Tasty desserts at the Bacán restaurant of the Wave Hotel.
Tasty desserts at the Bacán restaurant of the Wave Hotel.
(Photo credit: Kara Williams)

Excellent dining options at Lake Nona Wave Hotel

I was incredibly impressed with our Saturday night meal at the on-site Bacán, whose menu focuses on “flavors of the Americas,” with lots of influence from Latin American countries. Beneath a colorful and evocative mural, a few steps from an open kitchen, we fully enjoyed being seated amidst a bustling weekend crowd – apparently made up not just of hotel guests but of many locals for a night on the town, as well.

Our favorite dishes included grilled street corn ribs with adobo mayonnaise and cojito cheese; lobster tostadas and burrata with passion fruit, marinated tomatoes and grilled pumpkin seeds; and grilled ribs with tequila sauce. Our desserts: chocolate fondant with mole sauce and strawberry ice cream, as well as pavlova with coconut ice cream, caramelized pineapple, lime cream and coconut streusel. Really delicious.

For my solo meal, I sat on a hightop near the bar in the more laid-back and quiet Haven Kitchen (for a Sunday night, anyway). Here, since I had previously had a hearty brunch at Chroma Restaurant at Lake Nona a few blocks away, I opted for a small plate of burrata (yes, more burrata!) with crispy ciabatta, heirloom tomato, salsa with blood orange, arugula pesto, and speck ham. It was the perfect little dish to enjoy with a glass of red wine to cap off an enjoyable stay at this new cosmopolitan Orlando hotel.

Event anniversaries that remain unresolved dominate the week Sun, 12 Jun 2022 17:15:12 +0000

This article is an on-site version of our The Week Ahead newsletter. Sign up here to receive the newsletter straight to your inbox every Sunday

Hello and welcome to the working week,

Prepare to remember past scandals and war, which still resonate today. Tuesday is the fifth anniversary of the fire that engulfed Grenfell Tower in west London, revealing gaps in the building’s cladding and triggering a crisis for apartment owners across the UK that continues to generate repercussions.

It is also the 40th anniversary of the end of the Falklands War, the wounds of which remain fresh in Buenos Aires.

Friday marks half a century since the robbery of the Watergate hotel-apartment-office complex in Washington. Fortunately, this one was resolved more quickly, although it left the irritating legacy of the suffix added to what seems to be every subsequent political scandal.

The latest of these, ‘partygate’, has a way of working, although the main protagonist, British Prime Minister Boris Johnson, will (ironically) be at the center of a legitimate social gathering this week as he turns 58. Saturday.

Partygate spin-off series Are You Being (Poorly) Served is set to see another episode with the government promising to release controversial and long-delayed legislation on Monday to overturn the Northern Ireland Protocol. As my colleague Peter Foster noted in his excellent Brexit Briefing newsletter last week, this is unlikely to end well.

Johnson is also expected to announce a new “growth plan” this week alongside his Chancellor Rishi Sunak. After the OECD’s verdict on UK growth next year – only sanctions-hit Russia is expected to fare worse among G20 countries – the country clearly needs a new plan, otherwise of a new Prime Minister to implement it.

France goes to the polls again on Sunday for the second round of legislative elections. Newly elected President Emmanuel Macron’s concern is not the far right this time but an alliance of the far left.

There will be at least one resolution this week. Colombians will go to the polls on Sunday for the second round of their country’s presidential election, which will decide whether populist Rodolfo Hernández can defeat former leftist guerrilla Gustavo Petro. Whatever the outcome, it will be an interesting contest.

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Economic data

It’s going to be (another) week for interest rate news. The main attraction will be the gathering of the Federal Reserve’s Open Market Committee, but there will also be decisions from the Bank of England and its equivalents in Japan, Switzerland and Brazil.

The question is not whether the tightening of monetary policy will be accelerated but by how much — the answer to this question depends in part on your confidence in the ability of the given economy to achieve a soft landing or whether it is condemned to enter a recession.

Friday’s jump in US inflation fueled talk of a quick tightening. Policymakers have already signaled that, at a minimum, the Fed will proceed with a series of half-point rate hikes. Traders have priced the federal funds rate at around 2.9% by the end of the year, compared to its current target range of 0.75 to 1%. The OECD placed its marker last week ahead of the release of US inflation figures, calling for faster action from the Fed.


Retail is heavily represented in the earnings calendar this week. The main act is Tesco, Britain’s biggest supermarket chain, with watchers keen to learn more about how inflation is hitting household spending. However, just two months after its annual results, few expect the company to deviate from its cautious scenario that this year’s earnings will be held back by the need for buyers to control prices.

I asked FT retail correspondent Jonathan Eley for a view. “The company has gained market share in recent months, but first quarter sales growth figures will be clouded by the closure of pubs and restaurants in the same period a year ago,” he said. . “It boosted supermarket sales, but hurt Booker, Tesco’s wholesaler.”

Among analysts’ comments, Barclays forecast an overall decline of 1.8% in the UK, with lower volumes partially offset by higher prices.

Main economic and corporate reports

Here’s a more comprehensive list of what to expect in terms of corporate reports and economic data this week.


  • India, May Consumer Price Index (CPI) figures

  • UK, final April GDP data plus April production statistics, construction production and trade figures


  • Germany, May Final CPI Figures and ZEW Business Sentiment Survey

  • OPEC’s monthly oil market report

  • UK unemployment figures

  • United States, May Producer Price Index (PPI) figures.

  • Results: Ashtead Group Q4, Bell Q2 Trade Update, Ferguson Q3, Paragon banking group H1


  • Brazil, decision of the monetary policy committee of Banco Central do Brasil

  • China, industrial production and retail sales figures in May

  • EU, March industrial production and April merchandise trade data

  • France, final CPI and harmonized consumer price index (HICP) figures for May

  • India, trade statistics

  • Japan, April industrial production data

  • Russia, Q1 GDP flash figures

  • United States, Federal Open Market Committee decision on interest rates. Also, the Wells Fargo Housing Market Index plus May data on retail sales and food sales.

  • Results: Clariant Q1, WH Smith Third Quarter Business Update


  • Canada, April wholesale trade figures

  • EU and Eurozone first quarter wage data

  • Ferrari organizes a capital market day in Maranello, Italy. Chief Executive Benedetto Vigna is set to unveil the company’s new long-term strategy as the sports car maker adapts to growing demand for electric vehicles.

  • Italy, May CPI data

  • Japan, trade balance figures for May

  • Switzerland, interest rate decision

  • United Kingdom, Bank of England Monetary Policy Committee decision on interest rates

  • United States, residential construction figures in May

  • Results: Adobe systems Q2, Boohoo Q1 Commercial Update, Halford AF


  • Canada, monthly price indices for industrial products and raw materials

  • EU, May HICP figures

  • Japan, Bank of Japan Monetary Policy Committee Decision on Interest Rates

  • UK May insolvency plus retail sales figures

  • United States, May industrial production data

  • Results: Tesco Q1 Trade Update

Global Events

Finally, here’s a look at some of the other events and milestones from this week.


  • France, the defense industry exhibition Eurosatory starts in Paris

  • Switzerland, the 12th World Trade Organization Ministerial Conference (MC12), a biennial gathering of the WTO’s highest decision-making body, continues in Geneva

  • In the UK, the Cinch Championships, seen as an indicator of player performance at the upcoming Wimbledon tennis tournament, begin at the Queen’s Club and London Technology Week begins at various venues in the capital and online


  • 40th anniversary of the Argentine surrender in the Falklands War

  • UK, on ​​the fifth anniversary of the fire that engulfed west London’s Grenfell Tower high-rise building, leaving 72 dead and 203 households homeless. Today, the first flight to Rwanda carrying cross-Channel migrants is about to depart. Royal Ascot, the world’s most famous race meeting, considered by many to be the highlight of Britain’s summer social calendar, begins. The first “supermoon” of 2022 will be visible.

  • In the United States, former President Donald Trump turns 76


  • Belgium and NATO defense ministers meet in Brussels for a two-day meeting. The event will include a working dinner to which representatives from Finland, Georgia, Sweden, Ukraine and the EU will be invited. A separate meeting of the Contact Group on Ukraine, hosted by the United States, will take place at NATO Headquarters.

  • European Central Bank President Christine Lagarde speaks at a London School of Economics event


  • The 122nd US Open golf tournament begins at the Country Club in Brookline, Massachusetts. Tiger Woods will not participate, but there will be plenty of other familiar faces on the greens despite the US Golf Association’s displeasure over players joining the LIV series on breakaways. The contest ends on Sunday.


  • The annual feast of Corpus Christi is celebrated by the Catholic Church and some other Western churches

  • Iceland celebrates its national day

  • United States, 50th anniversary of the break-in at the Democratic National Committee headquarters in the Watergate office, apartment and hotel complex in Washington that led to the Watergate scandal


  • UK, Rugby Union Aviva Premiership season final at Twickenham. Moreover, Boris Johnson is 58 years old.

  • In the United States, the 146th annual Westminster Kennel Club dog show – postponed until February – begins in New York with nearly 3,000 dogs from more than 200 breeds taking part in the second longest running American sporting event


  • Colombia, second round of voting in the presidential election

  • France, second round of voting in the legislative elections

  • United States, June 19 commemoration of the emancipation of enslaved African Americans and celebration of African American culture

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]]> AC Milan’s new owners bet they can beat the miracle season Fri, 10 Jun 2022 22:50:24 +0000

Hours after landing in Milan on the last day of May, Gerry Cardinale avoided the press kit camped outside his hotel and headed for the home of an Italian soccer legend.

Cardinale, the founder of US investment group RedBird, had just struck a €1.2 billion deal to buy AC Milan from the hedge fund Elliott Management but, before announcing it to the public and crazed media of City football on June 1, the 54-year-old wanted to win Paolo Maldini.

“It was very important for me to do this,” Cardinale said of his lunch with Maldini, one of AC Milan’s most revered captains and now the club’s technical director, who had recently accused Elliott of excluding him from sales negotiations. “We ended up spending three and a half hours together…it was fantastic.”

Surrounded by lemon trees and on a spread of prosciutto crudo and buffalo mozzarella drizzled with Aperol spritz, Cardinale reassured Maldini that he remained at the center of the future of a club which days earlier had been crowned European champions. Italy for the first time since 2011.

Capping off a whirlwind four weeks of negotiations for Cardinale, the meeting was also a smooth introduction to the often tense politics of Italian football – one of the multiple challenges RedBird now faces to make his ownership a success.

Paolo Maldini, technical director of AC Milan. RedBird founder Gerry Cardinale called their lunch “fantastic” © Marco Canoniero/LightRocket/Getty Images

While New York-based RedBird had long harbored ambitions of owning an elite club, Elliott had until this year shown little appetite to sell the one he took over in 2018.

Known for his combative approach that has seen him clash for more than a decade with the Argentine government and publicly berate companies from Twitter to Samsung, Elliott has become more receptive to a possible sale this year, according to a person familiar with the case.

Elliott founder Paul Singer was uncomfortable owning such a prestigious company, the person added, upset at any suggestion that AC Milan were simply an asset for the trophy and angered to see employees in the stands of the club’s San Siro stadium.

As the Serie A season approached its peak with AC Milan closing in on the title, a race to find a new owner gathered pace. Exclusive talks with Investcorp, the Bahrain-led asset manager, broke down in May.

Cardinale wasted no time, flying to London on May 5 to meet Gordon Singer, who heads Elliott’s European operations and is the founder’s son. As RedBird explained how he would improve AC Milan’s cash flow, his original plan to buy the club via a private equity deal turned into a more unconventional deal in which Elliott is helping with the funding.

Elliott has agreed to loan RedBird 600 million euros at an interest rate of 7%, a sum that is expected to drop to 200 million euros later this year as the company raises funds from investors and of existing partners. The fund also secured warrants, financial instruments that Elliott could convert into a 1-2% stake if the club was sold or went public, according to people with direct knowledge of the matter.

“It allowed us to move forward in no time, get a deal done, allow them to continue to participate in a way that they like to participate,” explained Cardinale, who created RedBird in 2014 after two decades. as a banker at Goldman Sachs.

However, the sale process has drawn criticism from AC Milan board member Salvatore Cerchione, whose holding company Blue Skye owns just under 5% of the club.

“Blue Skye is unhappy with the opacity of the disposal process,” Cerchione said in a statement to the Financial Times. “We are confused as to the real motives behind the club’s sale, especially when such a bright future awaits us.”

Elliott declined to comment on Cerchione’s criticism.

Those silver financial linings built into Elliott’s exit from AC Milan add an extra shine to the returns generated by a club he never intended to own.

Even after pumping €750m into the club, Elliott will make a profit of around €450m – excluding interest payments from RedBird, according to people with direct knowledge of the matter. That equates to a return of around 15% per year, the people added.

Elliott’s property

Unlike RedBird, Elliott did not aspire to own a football club. A hard-nosed bunch that relentlessly seeks out money-making opportunities, Elliott spotted one in 2017 when little-known Chinese businessman Li Yonghong made a bold bid to buy AC Milan from Italy. former Italian Prime Minister Silvio Berlusconi.

Led by Franck Tuil, then the fund’s senior portfolio manager, Elliott provided Li with €300 million of high-interest debt, securing a source of income and giving the Chinese entrepreneur control of one of the most decorated football clubs. Li’s ownership proved brief, with Elliott taking control when Li defaulted.

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“We started as financiers,” said Giorgio Furlani, portfolio manager at Elliott and member of the AC Milan board, at the Financial Times’ Business of Football summit in March. “Shortly after, within a year, the club fell into a difficult financial situation; the owner has been exploited in terms of resources. So we had to come in, we took over the property.

Elliott took over a club in disarray – a legacy made more delicate by the skepticism that greeted the hedge fund’s installation as owners.

Serial winners of Europe’s biggest tournament in the 1990s and 2000s, AC Milan hadn’t honored the lucrative UEFA Champions League since 2014. Exile weighed on their income, which stagnated at around 200 million euros and left San Siro, which he shares with arch-rivals Inter Milan, which is in dire need of modernization.

“What we found when we took over was a totally dire situation: the club was bankrupt from a cash flow perspective, too little income, too many costs,” Furlani recalled.

Efforts to turn the club around didn’t yield much at first. In 2018, Ivan Gazidis, an acquaintance of Gordon Singer, was parachuted from Arsenal as chief executive with the mission of fixing the club’s finances and creating new sources of revenue. Maldini was tasked with cutting the team’s budget by ditching big earners and bringing in younger, cheaper players.

A 2019 UEFA ban from European competition for historic breaches of Financial Fair Play rules only darkened the mood. This proved a fertile backdrop for tension, as Gazidis clashed with Maldini and then-director of football Zvonimir Boban over whether to sign expensive players.*

Paul Singer and his son Gordon the night AC Milan won Serie A
Elliot founder Paul Singer and his son Gordon on the night in May when AC Milan won Serie A © REUTERS

But the late 2019 signing of Zlatan Ibrahimović, one of the best centre-forwards of his generation, was a controversial and decisive exception to reigniting the club’s fortunes on and off the pitch.

The 40-year-old helped the club return to the Champions League at the end of the 2020/21 season, a much-needed boost to their finances. He also returned to Deloitte’s Football Money League, a widely followed ranking of clubs by revenue, having made €216m that season.

Although Ibrahimović’s contribution kick-started the recovery that has continued even amid the coronavirus pandemic, it was a young squad – including Rafael Leão, Theo Hernández and Sandro Tonali – that helped the club return to the peak of Italian football in Elliott’s final season under control. .

You saw the Americano

Despite the triumph, Cardinale describes AC Milan as a “sleeping giant”. Closing the gap with well-funded rivals across Europe is a tall order.

The Wall Street veteran bets his experience working with some of America’s top sports clubs, including the New York Yankees baseball team and American football’s Dallas Cowboys, and athletes such as Alex Rodriguez and the basketball player LeBron James, has forged a playbook that can take AC Milan to new heights.

A new stadium tops a to-do list for RedBird which includes scrapping a media rights package for all of Serie A as well as enlisting celebrities and fashion brands to inject glamor into the AC Milan brand.

“A brand of this stature, like AC Milan, should have an infrastructure that reflects their footballing prowess and global potential,” Cardinale said. “We have a lot of experience in stadium projects in the United States. Milan and Italy deserve a world-class stadium that is home to the best in sport and entertainment on a global scale.

Cardinale doesn’t seem intimidated by the riches amassed by the English Premier League, which has capitalized on the competition’s global appeal through a series of lucrative media deals. According to Deloitte, the top 20 English clubs generated revenues of €5.1 billion in the 2019-20 season, around €3 billion more than Serie A. A decade earlier, that gap was around 1 billion euros.

“There is a huge opportunity at the macro level with Serie A,” Cardinale explained. “There shouldn’t be this kind of revenue differential on the media side between Serie A and the English Premier League.”

Leveraging Milan’s status as the fashion capital of the world – Armani, Versace and Prada are among the brands that call the city home – is also part of RedBird’s multi-pronged strategy to make AC Milan a business.

The stakes are high for RedBird. Although his investments span YES, the Yankees’ regional sports network, and Fenway Sports Group, owner of Liverpool FC and the Boston Red Sox, AC Milan is by far his most high-profile deal.

The recent record of other wealthy Americans seduced by both the rich heritage and future potential of Italian football is not encouraging. Boston-based hedge fund mogul James Pallotta’s plan to build a 52,500-seater stadium for AS Roma was thwarted by politics in 2014 and he has since sold the club.

RedBird’s hopes of building a new stadium – as well as his other ambitions – ultimately hinge on AC Milan reviving on the pitch.

Cardinale’s introduction to Maldini was made by Maverick Carter, boss of SpringHill Company, a media and entertainment company that counts RedBird as a shareholder.

“I put him in touch with Paolo because I knew how important and valuable this partnership was. [would be]Top of Cardinale’s list is the renewal of Maldini’s contract, which expires at the end of the month.

*This article has been edited to clarify Zvonimir Boban’s role at AC Milan

IRRR grants OK’d for communities in the region Thu, 09 Jun 2022 00:48:00 +0000

Marshal Helmberger

REGIONAL—The Iron Range Resources and Rehabilitation Board (IRRR) on Tuesday awarded just over $7.1 million in grants and other funding affecting communities in the Taconite Tax Relief Area. Funded projects included $461,900 for outdoor recreation at Tower, which was the largest line item in the trails portion of grants approved this week.
The Town of Ely will receive $130,755 for the planning and design of a new section of ATV trail and $150,000 for street improvements. Other northern St. Louis County communities that received funding this week include Crane Lake, Breitung Township and the Town of Babbitt, while the Ash Lake area will benefit from broadband funds awarded to Paul Bunyan Communications for a fiber project in this community, located north of Our.
IRRR officials pointed out that it uses its funds, in part, to help communities leverage other sources of state, federal and local dollars. Ultimately, the community project funding approved on Tuesday is expected to generate a total investment of $83 million.
At the same time, the IRRR Board of Directors approved a spending plan for fiscal year 2023 totaling $52 million and including continued financial support dedicated to business development as well as public works and broadband infrastructure. The budget emphasizes raising capital, improving the quality of life, and maintaining and creating jobs.
Specifically, the 2023 budget includes $21.3 million for public works infrastructure and business and industry, representing 40% of the budget. The agency is on track to fill funding gaps for one-time federal dollars that are currently available.
The budget is also expected to advance economic development with $22.5 million in resources flowing through community and workforce development programs and supporting the Giants Ridge Recreation Area.
The IRRR 2023 budget provides more funding to several existing grant programs, including the Residential Redevelopment Program, which will see funding increase from $275,000 last year to $750,000 this year. Downtown building rehabilitation and business energy retrofit programs will each receive an additional $250,000 this year. Meanwhile, the EDA partnership and Downtown Streetscapes programs have been cancelled. The agency is also cutting funding for its movie incentive program as well as its partnership with the Natural Resources Research Institute.
community projects
Specific local community development projects approved on Tuesday include:
• $461,900 to help the City of Tower raise $600,000 in funding from the Legislative-Citizens Commission on Resources of Minnesota, or LCCMR, to build a trail connection and trailhead near the city ​​port, just north of the highway. 169 bridge. As part of the project, the city will extend its Main Street to the East Two River, providing access and parking at the trailhead and planned launch site for kayaks and canoes. The project will include the construction of restrooms and other amenities near the trailhead as well as the development of a site plan for the harbor to support future construction of connecting trails in the area.
• $130,755 to the City of Ely to plan, design and build part of the Bear Run ATV Trail, which will connect Mud Creek and Wolf Lake roads to the Taconite Trail just west of Ely. The trail should provide a boost to area resorts as interest in ATV riding continues to grow. The project will be funded by an additional $150,000 from the state’s dedicated ATV account.
• $250,000 to the Township of Crane Lake for the reconstruction of Bayside Drive between Handberg Road and the existing MNR boat access point on Crane Lake. The township will designate Bayside Drive as a township road and the planned reconstruction will conform to county and township standards. Improved road standards will improve safety ahead of the planned construction of a $2.7 million Voyageurs National Park Visitor Center next to the landing stage.
• $200,000 to the Township of Breitung as part of a $1.01 million project to replace water and sewer infrastructure in several areas including First Ave., Stuntz Bay Rd., Poplar St. ., Main Street, Church St. and Spring Rd. The DNR, CDBG and the township will contribute the remaining funds to the project.
• $250,000 to the Town of Babbitt for Phase II construction of a new wastewater treatment plant. The facility, parts of which are almost 70 years old, has reached the end of its useful life and it is not economically or technologically viable to renovate it. The MPCA said a new low level mercury limit will be added to Babbitt’s next plant operating license. Thus, the existing wastewater treatment facility will need to be replaced to meet the new permit limits. The project also includes the lining or replacement of old sewer collection system piping. IRRR funding is only a small part of the $10.35 million project. The city also received other state and federal grants as well as a $3.7 million loan from the state’s Public Facilities Authority.
• $150,000 to the City of Ely for utility works and the reconstruction of Pattison Street and 9th and 10th Avenues E, as well as a road and utility extension for a new roadway on Sibley Court Dr. City is contributing $1.154 million to the project.
• $165,000 to the Lake Vermilion Fire Department for the construction of a helipad and a new mooring system for the brigade’s emergency response. The brigade is contributing $40,000 in donated funds to the $205,000 project.
• $101,000 to Paul Bunyan Communications to serve up to 75 currently unserved residences in the Ash Lake area with broadband. St. Louis County is providing $101,250 to the project, while Paul Bunyan is contributing $67,750.
While the plans eventually received unanimous support from the IRRR Board of Directors, a $1.5 million item for infrastructure related to the development of a new 132-room hotel adjacent to the events center Iron Trail Motors in Virginia prompted questions from Senator Tom Bakk. “Are we subsidizing the construction of a hotel that will compete with those that already exist? He asked.
IRRR’s Chris Ismil responded, noting that the funding will only go to public infrastructure to support the project. “There’s no bricks and mortar involved,” he said. The hotel project is expected to bring an estimated $30.67 million investment to Virginia.