Latest news with #financialturmoil
Yahoo
17-07-2025
- Business
- Yahoo
The twists and turns of CURV: 60-storey luxury tower planned for downtown Vancouver now facing receivership
On the corner of Burrard and West Pender streets, inside a splashy, ground-floor sales centre in the heart of downtown Vancouver, sits a large model of what was poised to be the tallest residential condo tower in the city, complete with twinkling lights up the side of its 60 storeys. The display room features elegant sofas and a massive screen runs a video with the project's architects speaking from London and New York. The sales centre's windows are emblazoned with marketing text that loftily touts the project as being 'designed for personal and planetary well-being.' But court documents filed in B.C. Supreme Court paint a picture of a project grounded in financial turmoil. On July 11, Royal Bank of Canada, on behalf of a group of lenders that also includes the Bank of Montreal and Meridian Credit Union, initiated receivership proceedings against the developers of the CURV luxury tower in the West End. A court petition, first reported by real estate news website describes a mortgage agreement where the developers of CURV owe a principal amount of $90 million that came due at the end of April and that is growing as interest accrues. As of July 10, the amount owed is over $91 million and B.C. Supreme Court will hear the application for receivership on July 25. In a city with many dramatic real estate tales, this one rolled together many twists, turns and gripping headlines before reaching this point. The project by Montreal-based Brivia Group originally proposed 328 strata units, 50 market rental units and 102 social housing units. In March 2025, Vancouver city council approved that Brivia could pay $55 million in a cash-in-lieu exchange for dropping the 102 social housing units. The project struggled to sell enough of its expensive presale strata units in a building with over 300 of them as the market for these turned. New buyers were even being offered a Porsche as an incentive to buy. Jacky Chan, a Vancouver real estate agent who was marketing CURV units, told the Globe and Mail in June 2024 that many of the presale buyers who had signed up were 'super wealthy, seasoned investors and holders of large property portfolios.' Lenders usually require that projects pre-sell between 50 to 70 per cent of units in order to qualify for construction financing needed to begin building without adding other sources of capital. Chan told the Globe the project still needed another $100 million. At that point, the developers had secured an extension of an extra year on the usual marketing period of 12 months, giving them until May 2025, which was first reported by The CURV site on Nelson Street now remains wrapped in signage for the project. The old apartment buildings never got demolished and sit vacant. The property first caught attention back in 2016 when Ian Young of the South China Morning Post reported that two old, walk-up apartment buildings, sitting side by side at what was 1059 and 1075 Nelson Street, had been flipped three times in three years, with one of the sales being a very big step-up in value. Vancouver developer Wall Financial Corp. first bought the properties for $16.8 million in 2013. It sold them to Sun Commercial Real Estate, a group of investors that specialized in pooling funds from Vancouver's immigrant Chinese community, for $60 million in 2016, who then flipped it to a single buyer for $68 million in a share sale. In April 2021, Montreal-based Brivia Group bought the project. The sale price was not disclosed, but Brivia aimed to build the world's tallest passive house or ultralow energy building. One-bedroom units started selling for more than $1 million and the top floor, 7,300-square foot penthouse was listed at $60 million. 'The project was completely ill-conceived from day one and those in the development industry knew as much, but there was a very ambitious project manager who no doubt made a lot of money, along with the real estate agents and other consultants and previous owners of the property,' said Michael Geller, a retired architect, real estate developer and consultant, who remembers going to the CURV launch party at the downtown sales centre. 'I suspect someone will try and buy this property at a discounted price and likely hold on to it for a while since right now, it really doesn't make sense to build either condominiums or a purpose-built rental on this site.' jlee-young@ Related Starchitects still coming with big designs to change Vancouver skyline Vancouver's opulent CURV tower gets away with switching out of below-market housing
Yahoo
04-07-2025
- Business
- Yahoo
As US stocks hit records, experts see the dollar falling further
While the US stock market has fully recovered from a spring rout, the relentless drop in the dollar is prompting currency experts to warn of greater financial market turmoil ahead. The American currency is down more than 10 percent so far in 2025, a historic retreat that has overlapped with occasional spikes in long-term US Treasury yields. The anomalous dynamic suggests investors are rethinking US holdings, once considered safe havens, as they take stock of President Donald Trump's unpredictable policy shifts. While the dollar's status as the global reserve currency appears unshakeable in the near future, many currency experts expect the greenback to continue to weaken in the coming years, given expectations for slower growth after a long run of US out-performance. "It's US exceptionalism basically falling by the wayside and the rest of the world playing catch-up," said Erik Nelson, a macro strategist at Wells Fargo, who predicts the dollar will continue to depreciate. In April, global markets were shaken by "Sell America" gyrations in the stock, foreign exchange and US treasury markets, and analysts expect similar sentiment in the future. "I think the world is becoming a little bit less stable politically, which is generally kind of problematic for economic and financial market volatility," Nelson said. "We are witnessing the end of a 14-year bull run of the US dollar," said Joseph Brusuelas, chief economist at RSM US, a consultancy, who expects a "multi-year unwinding of the dollar." Harvard Economist Kenneth Rogoff, author of the 2025 book "Our Dollar Your Problem," said central banks in China and elsewhere were diversifying away from dollars even before 2025, but that Trump accelerated the trend. "I think we'll see a period of a lot of financial volatility, largely centered around the chaos in the United States," Rogoff told AFP, pointing to factors that include uncertainty about US central bank independence and the rise of populism. "We'll probably have a more volatile period in financial markets over the next 10 years than we have in the preceding." - Onshoring benefit - Both Nelson and Rogoff pointed out that the dollar at the start of 2025 was unusually lofty after surging in the weeks following Trump's November 2024 victory. Economists have since rethought assumptions that the US would continue to outperform rival economies. According to the ICE US Dollar Index, a basket of seven currencies, the dollar fell 10.7 percent through the end of June, the biggest drop in the first six months of a year since 1973. On Thursday, the dollar index rose modestly after solid US jobs data dimmed odds for imminent Federal Reserve interest rate cuts. With a gain of more than 13 percent against the dollar, the euro has been among the biggest winners following Germany's big fiscal investments in defense, even as the European Central Bank continued to cut interest rates. Besides a weaker US economic outlook, the shift in the dollar reflects expectations for looser US monetary policy. Trump has taken relentless aim at Jerome Powell, referring to the Federal Reserve Chair as "a stupid person" while calling for interset rates "at least two to three points lower" -- a huge shift in monetary policy. While Treasury Secretary Scott Bessent and other top officials have rejected suggestions they prefer a cheap dollar, a less expensive currency is beneficial to US exporters and consistent with the administration's stated goal of beefing up manufacturing. "Lower interest rates and a weaker dollar would enable the US to strengthen its economic self-sufficiency and increase onshoring," said Jason Schenker of Prestige Economics, who argues that the moves align with a muscular national security posture towards China. Market watchers have come to expect Trump to modulate his actions in response to big negative market swings. On April 9, Trump backtracked on many of the most onerous tariffs from his "Liberation Day" announcement a week earlier after a spike in Treasury bond yields hammered stocks. Later that month, he said he has "no intention" of firing Powell after earlier comments set markets ablaze. But equity markets so far appear unfazed by dollar weakness, with both the S&P 500 and Nasdaq ending Thursday's session at records. "At some point it's going to get investors' attention," Cresset Capital Management's Jack Ablin said of the weak dollar. "It signals foreign investors are less inclined to own US assets." jmb/jgc 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
BBC News
06-06-2025
- Sport
- BBC News
🎧 How does this saga end for Sheffield Wednesday?
"The biggest thing to point out right now is just the total lack of any clarity as to how this saga ends."Those are the words of BBC Radio Sheffield's Rob Staton, who, alongside co-host Andy Giddings, has been speaking with fans about the ongoing turmoil at Hillsborough under the ownership of Dejphon Wednesday's players and staff have yet to be paid their salaries for May, and the club was placed under a registration embargo by the EFL on Thursday for failing to do so - having also not paid wages on time in March."The players who are currently at the club will be wondering what on earth is going on," Staton said. "They will be in disbelief. Would anybody really blame any of the Sheffield Wednesday players who are under contract from thinking they want to get out and go and play for somebody else?"They may well be speaking to their agents and saying, 'Get me out of here, get me to a different club where I know I'm going to get paid on time, where there is a direction, there is a future.'"You would not blame them for feeling that way."Giddings agreed that players will have major concerns about the financial uncertainty and immediate future of the club. He added: "They often discuss difficulties about recruitment and attractiveness to potential players, or indeed existing players who may have been offered contracts and are thinking, 'Well, I could sign that but is that contract going to be served fully?'"Given the last two or three months, the answer to that is maybe not."
Independent Singapore
06-06-2025
- Business
- Independent Singapore
Wife discovers husband secretly spent S$80k on in-game purchases, plunging family into debt
SINGAPORE: A woman in her 30s was shocked to discover that her husband had quietly racked up nearly S$80,000 in unsecured debt — mostly from in-game purchases — plunging their household into financial turmoil. In a post on the r/singaporefi forum, the woman shared that her husband, who works in a tech/data role at a bank, had been spending thousands of dollars each month on online games. The spending spree went unnoticed for several months until the debts spiralled out of control. She added that her husband has since acknowledged the problem and is now receiving counselling. The couple is also trying to work out a way forward, and he has expressed commitment to repaying the debt through a structured plan. They are currently deciding between enrolling in a Debt Management Programme (DMP) through Credit Counselling Singapore or taking up a Debt Consolidation Plan (DCP) with a bank, but are unsure about the implications of either option. 'Our main concern is how this might affect his credit score, future loan eligibility, and especially his career,' she wrote. 'He's in the finance sector, and we're worried how either route might impact his job prospects within the industry.' She ended the post by reaching out to others who may have faced similar situations: 'Which option is less damaging to credit score and future loan eligibility? Has anyone gone through either programme and can share your loan amount and monthly payment + tenure? I'm aware of how crappy this whole situation is but I am willing to support him to see our family through this. Any kind advice would be appreciated. thank you.' 'Tough one, kudos to you for accompanying him through it.' In the comments, many were shocked that her husband had managed to spend such a large sum on in-game purchases, with some calling the figure 'crazy' and 'unbelievable.' One Redditor shared their own experience, saying, 'I dunno what to say. Once, I spent S$80 on multiple skins for ML; that's the most I spent. It felt horrible. Paying for something so meaningless. Your husband needs to have a clear sense of perspective. You also need to help him change his focus from games to you. It will help you both significantly.' See also Simple Tips to Stop Fights in Relationships Another said, 'S$80k for games is wild. I've played games (console and offline only) for the past 30 years. I reckon my total spending, including all hardware and games, will be a fraction of that…' A third commented, 'I could not even get S$1,000 for games, let alone $80,000.' Some users also suggested that, alongside repaying the debt, the husband should also seek help for potential gaming addiction, warning that without proper intervention, the issue could resurface. Amid the criticism, others commended the woman for choosing to stand by her husband in times of crisis. One commented, 'Tough one, kudos to you for accompanying him through it.' Another stated, 'Just want to say, good on you… for sticking through this with him when it's easier to give it up.' In other news, a nursing student recently took to Reddit to express her frustration over the negative perceptions people have of her chosen career. In her post titled 'Why are nurses so poorly regarded in society despite how hard they work?', the student shared that whenever she tells someone she is studying nursing in a polytechnic, she often receives a 'judgy look.' Some even go so far as to ask whether nursing was her 'first choice.' Read also: 'Why is nursing looked down on?' Student in Singapore pushes back against tired stereotypes Featured image by freepik (for illustration purposes only)
Daily Mail
04-06-2025
- Business
- Daily Mail
BREAKING NEWS Country Road Group boss sensationally QUITS after retail giant had its worst financial year on record
Country Road Group chief executive Raju Vuppalati has stepped down after the retail giant suffered its worst financial year on record. Mr Vuppalati announced on Wednesday he would step down to 'pursue personal interests' in August after four years at the company, the Australian Financial Review reported. Country Road Group owns Country Road, Mimco, Trenery, Witchery and POLITIX. During his tenure, the CEO has chartered rough seas including financial turmoil and controversy over how Country Road executives handled harassment and bullying complaints. More to come.
