Latest news with #Rem
Yahoo
14-07-2025
- Business
- Yahoo
Shard flats left empty after Reeves's non-dom tax raid
Luxury flats at the top of The Shard have been left empty after Rachel Reeves's non-dom tax raid drove away wealthy buyers, the property's Qatari backers say. Real Estate Management (Rem), which is owned by the State of Qatar, said that it was 'very disappointed' with lack of progress made on letting out 10 luxury flats on the 72-storey skyscraper's upper levels, which are priced at between £30m and £50m each. Rem said Ms Reeves's tax changes for wealthy individuals was 'driving many such investors away' from Britain and hammering demand for ultra-expensive property. 'The long-heralded change in UK tax rules applied to overseas residents, which were accelerated by the current UK administration to apply from April 2025, [has] had the feared impact of driving many such investors away from the UK to escape double taxation of their worldwide income,' it said in accounts. 'This group of wealthy overseas investors has been the core constituency for super-prime lettings in the UK.' Ms Reeves abolished the non-dom status in April this year, while also bringing in sweeping inheritance tax changes. Those changes have been blamed for driving some of Britain's wealthiest people away from the country. The flats, on floors 53 to 65 of The Shard, were thought to have been priced between £30m and £50m after the skyscraper opened in 2012. They have been empty ever since, amid speculation that Qatar's royal family kept the flats for their own use while visiting London. Rem is an investment adviser tasked with letting out the flats. The properties are owned by another Qatar-backed entity, LBQ Four. The flats were made available for occupation in late 2023 after undergoing construction works, but despite 'every effort' to let them their availability coincided with a 'severe contraction' in the ultra-prime property market, Rem said. Rem's portfolio includes the Shard Quarter, The News Building and Park House on Oxford Street. It also owns The Shard's viewing gallery, which has reported 'difficult trading'. Qatari Diar, the property division of the state's sovereign wealth fund, bought 80pc of the skyscraper in 2008 after the project ran into financial difficulties. It later increased its stake to 95pc, with developer Sellar Property Group owning the remainder. The difficulties at The Shard capped off a difficult period for Rem, with pre-tax profit falling from £8.1m to £7.5m in the year ending December 2024. Rem also said it was struggling with recruiting and keeping skilled managerial and building staff, as well as the workforces of business partners contracted to undertake services across its property portfolio. Wars in Ukraine and the Middle East, Donald Trump's tariffs and falling commercial property values had created a 'brew of uncertainty, investor hesitancy and a lack of stability', it said. The Treasury and Rem have both been contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
14-07-2025
- Business
- Telegraph
Shard flats left empty after Reeves's non-dom tax raid
Luxury flats at the top of The Shard have been left empty after Rachel Reeves's non-dom tax raid drove away wealthy buyers, the property's Qatari backers say. Real Estate Management (Rem), which is owned by the State of Qatar, said that it was 'very disappointed' with lack of progress made on letting out 10 luxury flats on the 72-storey skyscraper's upper levels, which are priced at between £30m and £50m each. Rem said Ms Reeves's tax changes for wealthy individuals was 'driving many such investors away' from Britain and hammering demand for ultra-expensive property. 'The long-heralded change in UK tax rules applied to overseas residents, which were accelerated by the current UK administration to apply from April 2025, [has] had the feared impact of driving many such investors away from the UK to escape double taxation of their worldwide income,' it said in accounts. 'This group of wealthy overseas investors has been the core constituency for super-prime lettings in the UK.' Ms Reeves abolished the non-dom status in April this year, while also bringing in sweeping inheritance tax changes. Those changes have been blamed for driving some of Britain's wealthiest people away from the country. The flats, on floors 53 to 65 of The Shard, were thought to have been priced between £30m and £50m after the skyscraper opened in 2012. They have been empty ever since, amid speculation that Qatar's royal family kept the flats for their own use while visiting London. Rem is an investment adviser tasked with letting out the flats. The properties are owned by another Qatar-backed entity, LBQ Four. The flats were made available for occupation in late 2023 after undergoing construction works, but despite 'every effort' to let them their availability coincided with a 'severe contraction' in the ultra-prime property market, Rem said. Rem's portfolio includes the Shard Quarter, The News Building and Park House on Oxford Street. It also owns The Shard's viewing gallery, which has reported 'difficult trading'. Qatari Diar, the property division of the state's sovereign wealth fund, bought 80pc of the skyscraper in 2008 after the project ran into financial difficulties. It later increased its stake to 95pc, with developer Sellar Property Group owning the remainder. The difficulties at The Shard capped off a difficult period for Rem, with pre-tax profit falling from £8.1m to £7.5m in the year ending December 2024. Rem also said it was struggling with recruiting and keeping skilled managerial and building staff, as well as the workforces of business partners contracted to undertake services across its property portfolio. Wars in Ukraine and the Middle East, Donald Trump's tariffs and falling commercial property values had created a 'brew of uncertainty, investor hesitancy and a lack of stability', it said.
GMA Network
16-06-2025
- GMA Network
3 suspected NPA rebels killed in Surigao del Norte clashes — military
Three suspected New People's Army rebels were killed in a series of firefights with government security forces in Barangay Bugas-Bugas, Placer, Surigao del Norte, the military said Monday. In a statement, the Philippine Army's 4th Ifantry Division said that among those killed were one Roderick Maco Bensing alias 'Rodel,' a top leader for the NPA in the Caraga region and a certain Liezl Dagohoy Mondejar, who died in the hospital due to critical injuries, and another unidentified person. The operation was conducted by the joint forces of the 30th Infantry (Fight On) Battalion, 901st Infantry Brigade, and intelligence units under the 4th ID from June 13 to 15. 'Their (NPA combatants) failure highlights the resilience and commitment of the local communities and security forces in preserving peace and order in the area,' the military said. Aside from the NPA fatalities, authorities also reported the capture of another suspected NPA member, Allan Cacatian alias 'Allen' and the surrender of NPA leader Ricky Per alias 'Rem.' Rem also turned over a caliber .45 pistol and later led troops to an arms cache, resulting in the recovery of his M16 rifle, a rifle grenade, magazines, ammunition, bandoliers, and mobile phones. Brigadier General Arsenio DC Sadural, brigade commander of the 901st Infantry Brigade, described the operation as a result of deliberate planning, precise execution, and strong coordination among military units. 'It sends a clear message to the remaining NPA members that the government's security forces are relentless and capable,' Sadural said. — Llanesca T. Panti/RSJ, GMA Integrated News
Yahoo
07-04-2025
- Politics
- Yahoo
Presidential executive order halts new arrivals of refugees to Oklahoma
OKLAHOMA CITY (KFOR) — A local non-profit called the Spero Project is helping refugees who make it to the Sooner State adjust and thrive. However, now they're facing a new challenge, due to recent executive orders by President Donald Trump. 'There is war in my country, it's been [going on] many, many years,' said Sang Rem, the executive director of resettlement at the Spero Project. Rem was born in Burma. She turned her emotional refugee journey into a children's book. When she was a teenager, Rem and her family crossed over into Malaysia. 'Because of the war. Because of the starvation,' said Sang. 'We walk, we run, we cross rivers and fields. We were on the boat. We had to lay down and they put tarp on top of us.' Rem and her family are forever grateful to have landed on U.S. soil when she was 15. When they eventually arrived in Oklahoma, the Spero Project was there. 'They supported me throughout my college years,' said Rem. At 31, she's now Spero's executive director of resettlement. The non-profit has been around for about 17 years, but recently became affiliated with agencies contracted with the federal government, to help refugees find homes in Oklahoma. They've helped 2,700 refugees from countries from all over the world with housing, to the language, culture, and jobs. 'We give families and individuals a chance to dream again,' said Rem. 'Nothing was held back': Former state forester speaks out after firing To put it into perspective, consider that the average refugee, who makes it to another country, spends an average of 26 years in a refugee camp. Less than half of 1% actually make it out of a refugee camp and into a country that accepts refugees. However, an executive order from the Trump Administration is halting the future arrivals or refugees—crushing news for those about to arrive. 'They are ready to fly to the US. A few weeks after the inauguration, and they already sell everything that they own,' said Rem. 'They get to know that they're not going to fly any more.' Kaitlyn Ritchie, Executive Director of Programs, said a promised 90-day review of refugee programs was instead cut-short by the White House. That leaves Spero without federal funding. 'Those ten national resettlement agencies that are contracted to the federal government, of which we are a affiliate of, they have since received termination letters,' said Ritchie. 'Starting October of 2025, 86% of our funding is going to get cut. So we don't know what we're going to do,' said Rem. According to the Realigning The United States Refugee Admissions Program executive order, 'The United States lacks the ability to absorb large numbers of migrants, and in particular, refugees, into its communities in a manner that does not compromise the availability of resources for Americans, that protects their safety and security, and that ensures the appropriate assimilation of refugees. This order suspends the USRAP until such time as the further entry into the United States of refugees aligns with the interests of the United States.' 'We made that commitment to neighbors. I think the United States made that commitment to neighbors. And so we want to honor it too,' said Ritchie. For now, the Spero Project is hoping grants and private donors can help them find a path forward. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Buzz Feed
15-03-2025
- Business
- Buzz Feed
This Woman's Rich Boyfriend Said She Was "Lucky" He Loved Her, And The Internet Has THOUGHTS
Finances are already a major source of conflict in many relationships, but add in an income imbalance and a trust fund baby? Whew. Reddit user u/Remarkable_Cow2557 — who I'll call Rem — recently posted about just this in the r/AmITheAsshole subreddit. Here's the full story: "My boyfriend (24, male) and I (24, female) are moving in together in June. We have been together for 3.5 years. I have been in grad school for the past few years, have significant student loan debt, and will not have any steady income until September after I graduate and start my job. I have some money in savings, so I am planning to use that to survive and pay rent for the next few months." "He was trying to be helpful and help me create a budget but kept overstepping and making me feel stupid. I don't think this was his intention, but I felt very frustrated, and I told him to back off as I felt he just couldn't understand. For context, he makes a ton of money, has a trust fund, and a huge inheritance will be coming his way in a few years. He receives from his parents yearly THREE TIMES the amount I am trying to survive on for the next six months. So, financially, we are on different planets. He said something along the lines of: 'You're lucky I love you and am paying more for rent because it's not really equal.' (He is paying 2:1 based on his income, family money, and my debt, which we agreed on)." Rem admitted that she "kind of lost it on him" and said his advice is meaningless because he comes from so much privilege that he just doesn't understand what it's like. Apparently, he "took this the wrong way," storming out and telling her not to speak to him. Well! Lots of comments for this one, as you might imagine. Most people said that Rem is not the A-hole: "'You're lucky' and 'it's not really equal' are not phrases I'd want to hear from my SO. He might want to help you, but he's got a hell of a way of saying and showing it. You're definitely NTA. I'd be concerned, for future reference, that when you ARE able to work, your income still won't match his, and it will continue to be an 'it's not equal' type of relationship. That will be an issue." — u/mrsroperscaftan "I can only imagine how many times that comment is going to be thrown in her face when he's frustrated. OP, pump the brakes on moving in. He's already characterizing you as a burden and a mooch. He will continue to weaponize his financial position over you. That will only get worse. NTA." — u/TieNervous9815 "NTA. I come from privilege, not trust fund privilege, but my rock bottom will always be a bed, which is incredibly privileged. With my partners I've lived with, I have said they can pay what is equitable or what they were paying prior. If they want to do things to improve their life, like classes or hobbies, they could take it out of the rent money and pay less. If a breakup occurs, I let them pay no rent for the month (or two) until they find a place. A lot of people don't understand a financial disparity in a relationship and what that power dynamic can become." "Be careful with anyone who tells you that you should be grateful, especially when it's not something they worked for. He got lucky; he should feel happy to make your life a little lighter by sharing what was shared with him. It is by no merit of his own that he has abundance. TBH, this guy might fall onto my 'eat the rich' list with his behavior." — u/Noble_Hieronymous "'You're lucky I love you' is kind of gross, especially in an unbalanced financial dynamic. Like, get over yourself, pal. Do you really, honestly think your girlfriend is just as special as you are? Because it doesn't sound like it. NTA, OP. Your BF is just being a run-of-the-mill pampered kid who is accustomed to being praised for every semi-intelligent thing that comes out of his mouth. He was angry at you for not looking up to him in gratitude for his tone-deaf analysis and patronizing advice. Hopefully, he sees a more moderate perspective when he cools down." — u/Treefrog_Ninja However, quite a few thought everyone sucked here: "ESH, you more of TA than him. You say he was trying to help and wasn't intending to make you feel stupid. You have resentment that he's wealthy. It's not his fault; it just is. You say he makes good money, so he works and isn't a rich bum. He may be trying to offer you sound advice; often, wealthy people do understand investing because they have money to play with. Telling him he can't possibly understand and to back off is not a productive way to have a conversation. Him saying you're lucky he pays more also isn't helpful since it was what you agreed upon. You need to get the chip off your shoulder." — u/pieville31313 "You guys just have completely different experiences with money, and you're not wrong for your experience but he's also not wrong for having his experience. If his help comes from a loving place, then your response (your very valid response!) needs to also come from a loving place and not a place of insecurity or shame." "Also, the correct response to 'you're lucky I'm paying most of the rent' is 'you're lucky you have the money to do that. Most of our access to money is pure luck and circumstance.' As a fellow poor, I love when rich people act like other people are lucky to know them and their money, and they never think about how incredibly lucky they were to just be born at the right place, LOL. I also have the feeling that, even though he's paying twice as much as you are, it's still a significantly lower percentage of his income than your rent is to you." — u/bigalreads And some people even thought OP was the A-hole in this situation: "You say he has no idea but that he also earns more money and subsides your life. You also have no idea what it's like to financially support a partner who is in debt, has no steady income, and is assuming they'll magically have a job in a few months." — u/AngusLynch09 "YTA. It seems like you resent him for his money... or because he's genuinely trying to help. I never understood why people get so upset by hearing the truth. He's paying 2 to 1; it's an objective fact. Let's say you split it evenly — would you start resenting him more or less? He snapped at you; you snapped at him. It happens. Figure it out, or move on and find someone in a similar financial state if that would make you happier." — u/phatoriginal Have you ever dated someone from a different socioeconomic background? Did it work out, or did you break up? Why? Share your thoughts in the comments below or in this anonymous Google form. Note: Some responses have been edited for length and/or clarity.
