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NDTV
5 days ago
- Business
- NDTV
Indonesian Billionaire Eka Tjipta Widjaja's Granddaughter Buys Singapore Bungalow For $19 Million
A granddaughter of the late Indonesian billionaire Eka Tjipta Widjaja has purchased one of Singapore's highly coveted bungalows for S$25 million ($19 million). Mimi Yuliana Maeloa bought the house covering almost 767 square meters (8,256 square feet) on Chatsworth Avenue, according to a property filing in late June seen by Bloomberg News. The house is near the country's main Orchard Road shopping belt. Maeloa, a Singapore citizen, is the daughter of Sukmawati Widjaja, also known as Oei Siu Hoa. Widjaja is one of the children of the late tycoon, who built a multi-billion dollar empire with businesses spanning paper and pulp to financial services before his death in 2019. Maeloa formerly worked at investment banks including Goldman Sachs Group Inc., and has been a director since 2010 at Top Global Ltd, one of the property firms run by her clan. She's also the director of a family office registered in 2022, known as SW Global Management Pte, according to corporate filings seen by Bloomberg News. The bungalow is being sold by Raymond Phee, who's the chief executive officer of a local distributor of electrical appliances and stationery among various other roles, according to property and corporate filings. Maeloa and Phee didn't respond to requests for comment. The home is located in a so-called good class bungalow area, designated for opulent mansions. There are only about 2,800 of these properties, making them highly sought after by the ultra rich. Foreigners face major hurdles to acquire them, including a need for government approval. Some homes can fetch eye-watering prices. A mansion in Tanglin Hill sold for S$93.9 million earlier this year to a Malaysian banking scion. That set a new record of S$6,197 per square foot, more than twice the rate for the Chatsworth property.
The Star
5 days ago
- Business
- The Star
Billionaire scion pays US$19mil for Singapore bungalow
The bungalow at Singapore's Chatsworth Google Maps A granddaughter of the late Indonesian billionaire Eka Tjipta Widjaja has purchased one of Singapore's highly coveted bungalows for S$25 million ($19 million). Mimi Yuliana Maeloa bought the house covering almost 767 square meters (8,256 square feet) on Chatsworth Avenue, according to a property filing in late June seen by Bloomberg News. The house is near the country's main Orchard Road shopping belt. Maeloa, a Singapore citizen, is the daughter of Sukmawati Widjaja, also known as Oei Siu Hoa. Widjaja is one of the children of the late tycoon, who built a multi-billion dollar empire with businesses spanning paper and pulp to financial services before his death in 2019. Maeloa formerly worked at investment banks including Goldman Sachs Group Inc., and has been a director since 2010 at Top Global Ltd, one of the property firms run by her clan. She's also the director of a family office registered in 2022, known as SW Global Management Pte, according to corporate filings seen by Bloomberg News. The bungalow is being sold by Raymond Phee, who's the chief executive officer of a local distributor of electrical appliances and stationery among various other roles, according to property and corporate filings. Maeloa and Phee didn't respond to requests for comment. The home is located in a so-called good class bungalow area, designated for opulent mansions. There are only about 2,800 of these properties, making them highly sought after by the ultra rich. Foreigners face major hurdles to acquire them, including a need for government approval. Some homes can fetch eye-watering prices. A mansion in Tanglin Hill sold for S$93.9 million earlier this year to a Malaysian banking scion. That set a new record of S$6,197 per square foot, more than twice the rate for the Chatsworth property. - Bloomberg
Mint
5 days ago
- Business
- Mint
Billionaire Scion Pays $19 Million for Singapore Bungalow
(Bloomberg) -- A granddaughter of the late Indonesian billionaire Eka Tjipta Widjaja has purchased one of Singapore's highly coveted bungalows for S$25 million ($19 million). Mimi Yuliana Maeloa bought the house covering almost 767 square meters (8,256 square feet) on Chatsworth Avenue, according to a property filing in late June seen by Bloomberg News. The house is near the country's main Orchard Road shopping belt. Maeloa, a Singapore citizen, is the daughter of Sukmawati Widjaja, also known as Oei Siu Hoa. Widjaja is one of the children of the late tycoon, who built a multi-billion dollar empire with businesses spanning paper and pulp to financial services before his death in 2019. Maeloa formerly worked at investment banks including Goldman Sachs Group Inc., and has been a director since 2010 at Top Global Ltd, one of the property firms run by her clan. She's also the director of a family office registered in 2022, known as SW Global Management Pte, according to corporate filings seen by Bloomberg News. The bungalow is being sold by Raymond Phee, who's the chief executive officer of a local distributor of electrical appliances and stationery among various other roles, according to property and corporate filings. Maeloa and Phee didn't respond to requests for comment. The home is located in a so-called good class bungalow area, designated for opulent mansions. There are only about 2,800 of these properties, making them highly sought after by the ultra rich. Foreigners face major hurdles to acquire them, including a need for government approval. Some homes can fetch eye-watering prices. A mansion in Tanglin Hill sold for S$93.9 million earlier this year to a Malaysian banking scion. That set a new record of S$6,197 per square foot, more than twice the rate for the Chatsworth property. More stories like this are available on
Yahoo
15-07-2025
- Business
- Yahoo
Stock Pros See Forecasts as ‘Necessary Evil' in Era of Policy Chaos
(Bloomberg) -- As President Donald Trump awaited his second inauguration in January, David J. Kostin, Goldman Sachs Group Inc.'s chief US equity strategist, had a clear view of what that would mean for stocks: another year of solid gains. Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year He forecast the S&P 500 Index would rise 11% to 6,500 by 2025's end. It didn't take long for his outlook to unravel. China's DeepSeek technology burst the artificial intelligence bubble, recession warnings rang out as Trump unveiled the harshest tariffs in 90 years and the S&P 500 slumped toward a bear market. A week later, Trump reversed and unleashed the best stock rally since the 1980s. As those events unfolded, Kostin felt compelled to change his target a whopping four times over the course of four months. In the past decade, he's made an average of just two changes per year, according to data compiled by Bloomberg. Such is life for Wall Street strategists under the extreme capriciousness of the Trump administration, where global trade policies are set on whims and changed just as randomly. While investors seem to have grown inured to the vacillations — the S&P 500 has churned near a record for the past few weeks — forecasting where the benchmark will be in six or 12 months has become hazardous. 'It's like being on a roller coaster,' said Wall Street veteran Ed Yardeni, founder of Yardeni Research. 'As a strategist, you don't like to change your forecast too often because then you lose your credibility. But in my career, I don't recall so much uncertainty in such a short period of time.' Kostin had plenty of company as he tried to keep up with Trump. In December, the 19 strategists tracked by Bloomberg predicted on average the S&P 500 would rise 13% to 6,614 this year. Oppenheimer & Co.'s John Stoltzfus saw it jumping a Street-high of 21%. Even the most bearish prognosticator, Cantor Fitzgerald's Eric Johnston, expected gains of 2%. By May, the group had on average slashed their outlook by 9% — a faster pace than at the start of the pandemic in 2020. As June started, many had reverted to being bulls. The S&P 500 closed Monday at 6,268.56 points, bringing this year's rally to nearly 7%. Kostin now expects the benchmark to end the year at 6,600, but with Trump's trade policies far from cemented, it's a safe bet the Goldman man may have to act again. 'The shifting tariff landscape creates large uncertainty around our earnings forecasts,' Kostin wrote in a note to clients. 'However, we expect the digestion of tariffs to be a gradual process, and large-cap companies appear to have some buffer from inventories ahead of the increase in tariff rates.' A spokesperson for Goldman Sachs declined to comment. The rapid-fire changes to once stolid forecasts have rekindled an age-old debate about the utility of Wall Street strategists. Generally, the cohort offers fairly similar views — usually between a 0% and 10% annual gain in the S&P 500. Big misses, of which there have been many in recent years, do little reputational damage. 'Most of the time, you look back at the year-ahead forecasts and you laugh because you say, what was I thinking?,' said Anthi Tsouvali, UBS Global Wealth Management's multi-asset strategist. 'But it's very hard to shift to an environment where no one publishes those forecasts, because it's a relatively easy way for people to understand how bullish or bearish you are.' Changing Models In the era of Trump, strategists have had to amend the way they model forecasts. The team at BlackRock Inc. briefly reduced its 'tactical' investment horizon to three months from six-to-12 months, noting the shorter time-frame would better reflect the pressure on US stocks. Tsouvali's team began focusing on granular opportunities among single stocks instead of taking 'very big outright risk' at the index level. Beata Manthey, head of European and global equity strategy at Citigroup Inc., tweaked her forecasting methodology to add a measure of how wars and trade policies would impact stocks. After the wild market ride in April, they now account for a 'geopolitical risk premium,' which includes policy fluctuations as well as volatility linked to conflicts. 'We were in a very scary place back then,' Manthey said. 'Even so, all the big events of this year were absolutely predictable and everybody should have had them in the models, but we underestimated the scale.' Her models now show the market is again too sanguine about a potential trade-driven shock after the rebound to records. With Wall Street forecasts reverting to broadly bullish, 'that's a worry,' Manthey said. Citi's US strategy team upgraded its S&P 500 target to 6,300 in June after slashing it by 11% on Trump's tariff shock in April. Adam Parker, founder of Trivariate Research and ex-Morgan Stanley chief US equity strategist, said gauging the hit from tariffs on corporate profits has made market forecasting particularly challenging. Here, too, Wall Street misfired. Analysts had been cutting profit estimates throughout the first quarter, and by early April, the number of revisions had reached levels usually seen during times of economic duress. Four weeks later, S&P 500 firms had delivered earnings growth double what was expected, data compiled by Bloomberg Intelligence show. 'There are two things you're trying to forecast: one is earnings and the other is the multiple,' said Parker, who has revised his profit forecast three times since April. 'This year, we're unsure of the earnings trajectory even more than normal.' No First-Mover Advantage Former Citi strategist and industry veteran Robert Buckland said Wall Street prognosticators should've shown more resolve in their predictions. Their mistake was taking Trump at his word on the level of tariffs. 'Most strategists came into the year thinking 'take Trump seriously, not literally,' but they didn't stick to their guns and they did take him literally. And that's what got them into trouble,' said Buckland, who served as Citi's chief global equity strategist until 2023. 'I would've gone quiet a bit,' Buckland said. 'When you get a big move like this, there's no first-mover advantage in my experience. It's not really about getting it wrong, it's about what you do when you get it wrong.' One strategist who did hold steady to his optimistic target is Wells Fargo Securities LLC's Christopher Harvey. The bank's head of equity strategy remains Wall Street's biggest bull with his projection that the S&P 500 will rally 19% over the year. At a time when his peers were racing to slash targets in May, Harvey — correctly — expected the White House to take an easier stance on trade and said the market was past peak uncertainty. His prediction proved right, with the Cboe Volatility Index trading well below a peak of 60 hit in early April. For others, though, the threat of Trump upending the world economic order proved too worrisome to disregard at the time. Global investors reflected that panic, slashing exposure to US equities by the most on record in March, according to a Bank of America Corp. survey. At Ned Davis Research, chief US equity strategist Ed Clissold called forecasting a 'necessary evil.' 'President Eisenhower once said, 'In preparing for battle I have always found that plans are useless, but planning is indispensable,'' Clissold said. 'We have a similar attitude when it comes to our forecasts — they are helpful thought processes, but we recognize they will need to be adjusted throughout the forecast period.' --With assistance from Michael Msika and Lu Wang. Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
15-07-2025
- Business
- Miami Herald
Trump tax law quietly takes aim at popular perk: office snacks
The SkinnyPop in the break room may not last. Donald Trump is targeting the office snack. The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire, imperiling a workplace perk popularized during Silicon Valley's dot-com boom that is now an emblem of modern office culture. A well-stocked pantry is now a staple at Wall Street banks, among other places. US companies that continue to provide office snacks, coffee or on-site lunches will see them taxed after Dec. 31, when the deduction will be eliminated. The tax change gained little attention as the sprawling, nearly 1,000-page legislation moved through Congress and it isn't yet clear how companies will respond. A spokesperson for Goldman Sachs Group Inc., which provides employees $30 stipends for "out of hours" meals and a pantry stocked with complementary coffee and snacks, declined to comment on what the company will do when the tax deduction ends. So did a spokesperson for Meta Platforms Inc., another company known for employees' ready access to free food and coffee. Spokespeople for for Alphabet Inc.'s Google didn't respond to requests for comment. Far from Wall Street and Silicon Valley, Alaska's fishing industry was spared from higher-cost noshes. The state's fishermen earned a carve-out in a bid to keep Alaska Senator Lisa Murkowski's support for the overall bill, which squeaked by only with Vice President JD Vance casting a tie-breaking vote. No such luck for Maine's lobstermen, whose senator, Republican Susan Collins, didn't vote for the legislation. Restaurants will also be able to deduct the cost of employee meals, a long-standing tradition for kitchen and wait staff. But that will no longer be the case for most other employers, including factories and hospitals, many of which also offer workers free or subsidized meals or snacks. Eliminating the deduction is projected to raise $32 billion in additional taxes on employers through 2034, according to Congress's Joint Committee on Taxation. Free food has become broadly entrenched in workplaces, with 44% of US employers now providing free snacks, double the rate a decade ago, according to surveys conducted by the Society for Human Resource Management. Free office pantries and cafes have been celebrated in recent decades for encouraging employees to work longer hours, boosting morale and sparking creative collaboration through chance encounters. Google co-founder Sergey Brin has been widely quoted as instructing his office designers to assure no employee was more than 200 feet away from food. Trump's 2017 tax law halved the deduction for employer-provided food and scheduled it for elimination at the end of this year, as the administration sought to lower that law's budget impact when a host of breaks expired Dec. 31. The new tax legislation Trump signed on July 4 rolled back most of the year-end scheduled tax increases but maintained elimination of office snack-deduction, except for the Alaska and restaurant carveouts. Still, Ali Sabeti, chief executive officer of ZeroCater Inc., a San Francisco-based corporate catering company whose more than 1,000 clients include major banks and tech companies such as Roku Inc. - said he doesn't expect to lose business as a result. The catering company didn't lose clients in 2017, when the deduction was reduced to 50%, he said. "It's pretty inelastic," Sabeti said. "When you take a tax deduction away, the cost is going to go up, but companies will continue to spend, just like if you took away a deduction on a laptop." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
