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HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company's collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Enron's new website features a company store, where various items featuring the brand's tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that "We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company's website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. This story was corrected to fix the spelling of Ken Lay’s first name, which had been misspelled “Key.” Follow Juan A. Lozano on X at https://x.com/juanlozano70

NEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.MADRID (AP) — Getafe scored twice in three minutes midway through the second half to beat struggling Valladolid 2-0 and record only its second win in La Liga on Friday. The victory ended Getafe’s five-game winless run and lifted it into 15th place in the 20-team standings.

Home Automation System Market Dynamics: Share, Trends, and Growth Forecast from 2024 to 2031 12-03-2024 09:16 PM CET | IT, New Media & Software Press release from: SkyQuest Technology Home Automation System Home Automation System Market Scope: Global Home Automation System Market size was valued at USD 64.70 Billion in 2022 and is poised to grow from USD 82.36 Billion in 2023 to USD 568.02 Billion by 2031, at a CAGR of 27.3% during the forecast period (2024-2031). The study of the global Home Automation System Market is presented in the report, which is a thoroughly researched presentation of the data. The analysis delves into some of the key facets of the global Home Automation System Market and shows how drivers like pricing, competition, market dynamics, regional growth, gross margin, and consumption will affect the market's performance. A thorough analysis of the competitive landscape and in-depth company profiles of the top players in the Home Automation System Market are included in the study. It provides a summary of precise market data, including production, revenue, market value, volume, market share, and growth rate. Request for Sample Copy of this Global Home Automation System Market: https://www.skyquestt.com/sample-request/home-automation-system-market The best investment markers are insights into the most prominent market trends, which help potential participants make decisions even easier. The research aims to discover the numerous growth chances that readers may take into consideration and take advantage of using all the necessary information. The market growth over the coming years can be predicted with greater accuracy by carefully examining the important growth-influencing aspects including pricing, production, profit margins, and value chain analyses. Home Automation System Market Segments: Technology Cellular, Wireless, and Others Application Security, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen, and Other Appliances Major Players Covered in Global Home Automation System Market Report: • Honeywell International Inc. (US)• Legrand (France)• Johnson Controls International plc (Ireland)• Schneider Electric SE (France)• Siemens AG (Germany)• ABB Ltd. (Switzerland)• Google LLC (US)• Amazon.com, Inc. (US)• Control4 Corporation (US)• Lutron Electronics Co., Inc. (US)• Crestron Electronics, Inc. (US)• ADT Inc. (US)• Comcast Corporation (US)• Savant Systems LLC (US)• Assa Abloy AB (Sweden)• Samsung Electronics Co., Ltd. (South Korea)• Sony Corporation (Japan)• Somfy Systems Inc. (France)• Resideo Technologies, Inc. (US)• British Gas (UK) View report summary and Table of Contents (TOC): https://www.skyquestt.com/report/home-automation-system-market Report Inclusions: Market Overview: A product/services overview and the size of the global Home Automation System Market are included. It provides a summary of the report's segmental analysis. Here, the focus is on the product/service type, application, and regional segments. Revenue and sales market estimates are also included in this chapter. Competition: This section includes information on market conditions and trends, analyzes manufacturers, and provides data on average prices paid by players, revenue and revenue shares of individual market players, sales and sales shares of individual players. Company Profiles: This part of the research provides in-depth, analytical information on the financial and business strategy data of some of the top players in the global Home Automation System Market. This chapter of the report also covers a number of other specifics, such as product/service descriptions, portfolios, regional reach, and revenue splits. Region-wise Sales Analysis: This portion of the study provides market data along with regional revenue, sales, and market share analysis. Additionally, it offers estimates for each examined regional market's sales and sales growth rate, pricing scheme, revenue, and other factors. North America (United States, Canada, and Mexico) Europe (Germany, France, UK, Russia, and Italy) Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) South America (Brazil, Argentina, Colombia, etc.) The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa) The research study can answer the following Key questions: (1) What is the estimated size of the global Home Automation System Market at the end of the forecast period? (2) Is the segment-leading the global Home Automation System Market anticipated to retain its leadership? (3) Which regions demonstrate the maximum growth potential? (4) Does any player dominate the global Home Automation System Market? (5) What are the main drivers and restraints in the global Home Automation System Market? Want to customize this report? Ask here : https://www.skyquestt.com/speak-with-analyst/home-automation-system-market Table of Contents Chapter 1 Industry Overview 1.1 Definition 1.2 Assumptions 1.3 Research Scope 1.4 Market Analysis by Regions 1.5 Market Size Analysis from 2024 to 2031 11.6 COVID-19 Outbreak: Home Automation System Market Industry Impact Chapter 2 Competition by Types, Applications, and Top Regions and Countries 2.1 Market (Volume and Value) by Type 2.3 Market (Volume and Value) by Regions Chapter 3 Production Market Analysis 3.1 Worldwide Production Market Analysis 3.2 Regional Production Market Analysis Chapter 4 Home Automation System Market Sales, Consumption, Export, Import by Regions Chapter 5 North America Market Analysis Chapter 6 East Asia Market Analysis Chapter 7 Europe Market Analysis Chapter 8 South Asia Market Analysis Chapter 9 Southeast Asia Market Analysis Chapter 10 Middle East Market Analysis Chapter 11 Africa Market Analysis Chapter 12 Oceania Market Analysis Chapter 13 Latin America Market Analysis Chapter 14 Company Profiles and Key Figures in Home Automation System Market Business Chapter 15 Market Forecast (2024-2031) Chapter 16 Conclusions About Us: SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. Contact: Mr. Jagraj Singh Skyquest Technology 1 Apache Way, Westford, Massachusetts 01886 USA (!) 351-333-4748 Visit Our Website: https://www.skyquestt.com/ This release was published on openPR.Procter & Gamble Co. stock underperforms Tuesday when compared to competitorsWe may be witnessing peak CEO exodus, according to a new report, which found that more chief executive officers have left their roles in 2024 than in any other year over the past few decades. As of November, 1,991 CEOs have announced their departures, marking the highest total on record since executive outplacement firm Challenger, Gray & Christmas began tracking CEO changes in 2002. The previous record was made just a year ago when 1,914 CEOs left their companies. That includes 167 CEOs exits last month, including Subway CEO John Chidsey and Dollar Tree CEO Rick Dreiling , although Chidsey won’t officially leave until the end of 2024. In both cases, the companies said departing CEOs would be replaced by interim leaders. Thirteen percent of all CEO replacements named in 2024 have been on an interim basis, up from 7% in 2023, according to Challenger. “The current landscape has a lot of uncertainty baked in, and companies are responding by putting temporary leaders in place. This can act as a trial run to see how the leader navigates current challenges,” the firm’s senior vice president, Andrew Challenger, said in a statement, noting that it’s “much less disruptive” to replace an interim head if necessary. So far this year, the most common reason given for a CEO’s departure has been that they “stepped down,” while almost 500 companies offered no reason. The third and fourth most common explanations were that CEOs were either retiring or seeking a new opportunity. Only 10 departures were publicly linked to allegations of sexual misconduct or professional misconduct. The non-profit and government sector recorded the most departures this year, with 438 exits, followed by the healthcare and technology sectors, according to Challenger. The entertainment sector reported 139 CEO exits, while the financial sector saw 140 CEO transitions. Here’s a handful of high-profile CEOs who exited their companies this year. Starbucks ( SBUX -1.63% ) ousted CEO Laxman Narasimhan in favor of then-Chipotle ( CMG +0.40% ) CEO Brian Niccol , while the CEO of its North America division retired . Boeing’s ( BA +1.62% ) Dave Calhoun resigned in March amid the company’s numerous crises , Hertz’s ( HTZ +5.66% ) Stephen Sherr resigned in March after leading the company through its bankruptcy, while Amazon Web Services CEO Adam Selipsky stepped down in June. Paramount’s ( PARA +0.43% ) Bob Bakish resigned in April to be replaced by a new “office of the CEO,” Nestle ( NSRGY +0.63% ) CEO Mark Schneider stepped down in August after an eight-year tenure, and Nike ( NKE -0.69% ) replaced CEO John Donahoe with company veteran Elliot Hill in October. The CEOs of Northvolt , Discover Financial , and Under Armour also left this year. At least one CEO was “replaced” with an artificial intelligence chatbot in 2024, according to Challenger. That’s still a rare approach but one that some experts have started advocating for. Chinese online gaming firm NetDragon Websoft was the first to take such a step in 2022, followed by Polish rum firm Dictador and legal tech startup Logikcull . Although official numbers won’t be published until January, several more CEOs quit or were forced out in December. Intel ( INTC +1.97% ) CEO Pat Gelsinger was ousted early this month, as was Stellantis ( STLA +0.55% ) CEO Carlos Tavares , after they lost the confidence of their respective boards. Dave & Buster’s ( PLAY +5.31% ) CEO Chris Morris resigned on Dec. 10 to lead European Wax Center as its chief executive beginning next month. Campbell’s ( CPB -0.90% ) CEO Mark Clouse is leaving the soup and snacks company to join the NFL’s Washington Commanders. The CEO of UnitedHealthcare ( UNH +2.32% ), a subsidiary of the larger UnitedHealth Group , was killed in New York City earlier this month. 📬 Sign up for the Daily Brief Our free, fast, and fun briefing on the global economy, delivered every weekday morning.

President-elect Donald Trump’s pick for Treasury secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged under the punishing weight of inflation, according to a report. Scott Bessent’s investment firm Key Square Capital saw its flagship fund score a 29% return in 2022 by betting that high rates of inflation would persist longer than what the Federal Reserve predicted. By contrast, the S&P 500 — the stock market index that tracks the performance of 500 of the largest publicly traded companies in the US — fell 18% that year, when the annual inflation rate rose to a whopping 8.3%, the highest since 1981. Key Square Capital’s strategy at the time was to short fixed-income assets and tech stocks that were generating low revenue, according to the Financial Times. “Scott is very cerebral and a global opportunist who does best when there is chaos,” a person close to Bessent told FT. “He can play multiple [financial] instruments in order to position himself on top of the rest ... during peaceful times he can struggle to find a winning angle.” Bessent’s hedge fund has also raked in double-digit-percentage profit so far this year, according to Reuters. Key Square Capital this year made successful bets that the stock market and the US dollar would rise. But the hedge fund has also experienced lean years under Bessent’s leadership. Bessent, who was George Soros’ money manager when the left-leaning, Hungarian-born financier became a billionaire by shorting the British pound during the 1992 “Black Wednesday” sterling crisis , founded Key Square in late 2015. The company quickly raised $4.5 billion — which included $2 billion from Soros. During its first year, Key Square’s flagship fund scored a 13% return on its investments, according to Reuters. The hedge fund correctly wagered that the British pound would decline in the wake of the “Brexit” vote that led to the United Kingdom’s departure from the European Union. Key Square also turned a profit when the hedge fund rightly predicted that Trump would win the 2016 presidential election — a development that sent US stocks and the dollar surging. But Key Square ended up losing 7% in 2017 and then either lost money or broke even from 2018 until 2021, Reuters reported. One investor told FT that Bessent was “nowhere near” the status of big-name Wall Street fund managers such as ex-Soros deputy Stanley Druckenmiller, Paul Tudor Jones or Louis Bacon. “If he had done really well as a hedge fund manager, then his business would be at a size where he couldn’t or wouldn’t take a post in government,” the investor told FT. Reuters cited a source as saying that the hedge fund gained double digits in both 2023 and 2024 and was up “double digits” over its history. The inconsistent performance apparently scared off potential clients. As a result, assets under management shrank from a high of around $5.1 billion at the end of 2017 to $577 million as of December last year, according to regulatory disclosures tracked by Convergence Inc. Aside from hedge funds, Key Square offers other financial services including an advisory business for family offices, foundations and endowments as well as a spin-out firm, Ghisallo Capital, which is said to be worth $3.4 billion. Brevan Howard Asset Management, the $34 billion macro hedge fund manager co-founded by British billionaire Alan Howard, is a longtime client of Key Square. “Scott is one of the best macro investors in the world,” a spokesperson for Brevan Howard told Reuters. “His understanding of markets, public policy, and the global economy is largely unmatched.” Semafor previously reported that selective Key Square performance numbers were being shared around Wall Street chats as Bessent competed for the coveted post of Treasury Secretary. The report did not reveal the numbers shared. The Post has sought comment from Key Square.

Titans S Julius Wood suspended 6 games for PEDsThe number of Australian homes bought by foreigners fell last year, as high stamp duty costs deter potential buyers. The downturn reflects the government’s efforts to reduce foreign investment and cut migration, experts say. The number of foreigners purchasing property in Australia dropped last financial year. Credit: Dion Georgopoulos The number of approved residential real estate investments by overseas buyers fell to 5581 in financial year 2024, down from 6576 in 2023 (15 per cent), figures from the Foreign Investment Review Board (FIRB) show. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers (with China the largest foreign-buyer pool in Australia), dropped last financial year from $4 billion to $3 billion. Property portal Juwai IQI co-founder and group managing director Daniel Ho said affordability has unexpectedly become an issue for foreign buyers here. “Foreign buyers pay much more to purchase and to hold property in Australia than local residents and citizens,” Ho said. “They have extra taxes, fees, and duties that local buyers don’t have to worry about.” In Sydney, foreign buyers pay a one-off application fee, a stamp duty surcharge of 8 per cent and an annual land tax surcharge of 4 per cent. Both components will increase to 9 per cent and 5 per cent, respectively, from next year. Buyers who are not Australian citizens or permanent residents are restricted in the types of dwelling they can purchase. Foreign investors are limited to new dwellings or off-the-plan sales, to help boost Australia’s housing stock. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers dropped from $4 billion to $3 billion last financial year. Credit: Steven Siewert Temporary residents can apply for approval to buy an established home to live in for the duration of their stay, or can also buy an established home for redevelopment if it increases the housing stock. Plus Agency managing director Peter Li said the higher fees and taxes compounded the cost of holding property in Australia as a foreigner. “That’s pushing foreign buyers out of the market. Even if you could afford to buy it, you have to be able to afford to keep it, and that’s why people are selling,” Li said. “Overseas purchasers are cash rich, so they have assets overseas – not just Chinese, I’m talking about Persian, Lebanese, Americans, British. Normally, they sell their assets [to buy in Australia]. So the mortgage is not a big concern ... it’s the surcharges.” He said foreign buyers have been declining since the introduction of fees and surcharges in 2017, especially in unit-heavy markets such as Sydney’s Chatswood and Burwood. Li said they could once sell an entire development to foreign buyers before the introduction of the FIRB application fees and surcharges, but would now struggle to sell one in 10 to them. Cuts to migration levels and increasing difficulties in qualifying for permanent residency were driving foreign buyers from Australian real estate, Li said, which he did not think would improve. OH Property Group’s Henny Stier noted fewer foreign buyers in Sydney’s north and north shore. “A lot of new builds and apartments in places like Epping have dropped ... if they’re not buying, then local buyers are not buying them, so they’re sitting around on the market and prices are dropping,” Stier said. It was more difficult to move cash from countries like China and Indonesia where there were strict limits on withdrawals, Stier said. Stier added the Australian government’s attempts to disincentivise foreign investment were working. In Melbourne, the top destination for Chinese buyer interest in Australia, foreign buyers face an 8 per cent stamp duty fee. Foreign buyers are subject to extra stamp duty costs. Credit: Paul Rovere Director at Belle Property Balwyn Robert Ding said overseas buyers were delaying property purchases until they obtain permanent residency, when the increased stamp duty no longer applies. “When someone’s paying $4 million to $5 million [for a property], it’s quite a hefty fee,” Ding said. “What a lot of these foreign buyers do ... is rent or even buy something of a less substantial value. Once they get permanent residency, which usually takes about four or five years, that’s when they start to buy properties.” Ray White Balwyn director Helen Yan has noticed a downturn in Chinese buyers since the start of this year, when the federal government paused applications for the significant-investor visa which requires recipients to invest $5 million in Australia. “That’s why the high-end property [market] has slowed down a lot,” Yan said. AMP chief economist Shane Oliver said the number of foreigners buying in Australia has probably returned to pre-COVID levels following the post-pandemic housing boom. “Foreign buying was quite weak through the pandemic years because of travel restrictions,” Oliver said. “That sort of slowed down through the pandemic, then there was a bounce back, and I suspect it’s now just settling down after that initial bounce back. “There could also be some cooling associated with the backlash we’re seeing against foreign students, with student visa numbers down, which may have, to some degree, weighed on foreign purchases as well.”

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The number of Australian homes bought by foreigners fell last year, as high stamp duty costs deter potential buyers. The downturn reflects the government’s efforts to reduce foreign investment and cut migration, experts say. The number of foreigners purchasing property in Australia dropped last financial year. Credit: Dion Georgopoulos The number of approved residential real estate investments by overseas buyers fell to 5581 in financial year 2024, down from 6576 in 2023 (15 per cent), figures from the Foreign Investment Review Board (FIRB) show. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers (with China the largest foreign-buyer pool in Australia), dropped last financial year from $4 billion to $3 billion. Property portal Juwai IQI co-founder and group managing director Daniel Ho said affordability has unexpectedly become an issue for foreign buyers here. “Foreign buyers pay much more to purchase and to hold property in Australia than local residents and citizens,” Ho said. “They have extra taxes, fees, and duties that local buyers don’t have to worry about.” In Sydney, foreign buyers pay a one-off application fee, a stamp duty surcharge of 8 per cent and an annual land tax surcharge of 4 per cent. Both components will increase to 9 per cent and 5 per cent, respectively, from next year. Buyers who are not Australian citizens or permanent residents are restricted in the types of dwelling they can purchase. Foreign investors are limited to new dwellings or off-the-plan sales, to help boost Australia’s housing stock. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers dropped from $4 billion to $3 billion last financial year. Credit: Steven Siewert Temporary residents can apply for approval to buy an established home to live in for the duration of their stay, or can also buy an established home for redevelopment if it increases the housing stock. Plus Agency managing director Peter Li said the higher fees and taxes compounded the cost of holding property in Australia as a foreigner. “That’s pushing foreign buyers out of the market. Even if you could afford to buy it, you have to be able to afford to keep it, and that’s why people are selling,” Li said. “Overseas purchasers are cash rich, so they have assets overseas – not just Chinese, I’m talking about Persian, Lebanese, Americans, British. Normally, they sell their assets [to buy in Australia]. So the mortgage is not a big concern ... it’s the surcharges.” He said foreign buyers have been declining since the introduction of fees and surcharges in 2017, especially in unit-heavy markets such as Sydney’s Chatswood and Burwood. Li said they could once sell an entire development to foreign buyers before the introduction of the FIRB application fees and surcharges, but would now struggle to sell one in 10 to them. Cuts to migration levels and increasing difficulties in qualifying for permanent residency were driving foreign buyers from Australian real estate, Li said, which he did not think would improve. OH Property Group’s Henny Stier noted fewer foreign buyers in Sydney’s north and north shore. “A lot of new builds and apartments in places like Epping have dropped ... if they’re not buying, then local buyers are not buying them, so they’re sitting around on the market and prices are dropping,” Stier said. It was more difficult to move cash from countries like China and Indonesia where there were strict limits on withdrawals, Stier said. Stier added the Australian government’s attempts to disincentivise foreign investment were working. In Melbourne, the top destination for Chinese buyer interest in Australia, foreign buyers face an 8 per cent stamp duty fee. Foreign buyers are subject to extra stamp duty costs. Credit: Paul Rovere Director at Belle Property Balwyn Robert Ding said overseas buyers were delaying property purchases until they obtain permanent residency, when the increased stamp duty no longer applies. “When someone’s paying $4 million to $5 million [for a property], it’s quite a hefty fee,” Ding said. “What a lot of these foreign buyers do ... is rent or even buy something of a less substantial value. Once they get permanent residency, which usually takes about four or five years, that’s when they start to buy properties.” Ray White Balwyn director Helen Yan has noticed a downturn in Chinese buyers since the start of this year, when the federal government paused applications for the significant-investor visa which requires recipients to invest $5 million in Australia. “That’s why the high-end property [market] has slowed down a lot,” Yan said. AMP chief economist Shane Oliver said the number of foreigners buying in Australia has probably returned to pre-COVID levels following the post-pandemic housing boom. “Foreign buying was quite weak through the pandemic years because of travel restrictions,” Oliver said. “That sort of slowed down through the pandemic, then there was a bounce back, and I suspect it’s now just settling down after that initial bounce back. “There could also be some cooling associated with the backlash we’re seeing against foreign students, with student visa numbers down, which may have, to some degree, weighed on foreign purchases as well.”Four Canadian women honoured in World Rugby's Dream Teams of the Year

MIAMI , Dec. 20, 2024 /PRNewswire/ -- Hyatt Centric South Beach Miami is proud to announce the completion of its highly anticipated renovations, redefining luxury and sophistication in the heart of South Beach at 1600 Collins Ave, Miami Beach, FL 33139. Designed by Lang & Schwander to embody the vibrant energy and upscale charm of Miami , the updates include newly reimagined rooms and suites, check-in lobby, inclusivity spaces, from food and beverage and communal lounge areas that celebrate the hotel's commitment to connecting guests to the pulse of the city. Elevated Rooms and Suites The newly renovated 105 guest rooms and suites blend modern design with thoughtful functionality. Each space is adorned with sleek furnishings, neutral tones, and vibrant accents inspired by Miami's art scene. Enhanced amenities include plush bedding, state-of-the-art technology, and expansive windows offering stunning views of South Beach's iconic skyline and coastline. Enhanced Check-In Lobby and Inclusivity Spaces Guests are greeted with an upgraded check-in lobby on the third floor that exudes warmth and style. Featuring contemporary decor and comfortable seating, the space serves as an inviting prelude to their South Beach experience. Communal areas have also been reimagined to foster connection, offering vibrant social spaces. From a chic full bar serving classic and unique cocktails, to indoor communal lounge area to serene outdoor terraces, Hyatt Centric South Beach Miami provides the perfect setting to connect and recharge with fellow travelers. Unparalleled Amenities Hyatt Centric South Beach Miami continues to deliver exceptional amenities that cater to modern travelers. Guests can enjoy: "Hyatt Centric South Beach Miami has always been envisioned as a destination where the vibrant spirit of South Beach meets unparalleled hospitality. Our recent renovations mark the next chapter in our dedication to elevating guest experiences and showcasing the beauty and culture of Miami Beach ," said Robert Finvarb , Founder of Robert Finvarb Companies. Hyatt Centric South Beach Miami serves as the ultimate launchpad for adventure, offering guests access to the city's finest attractions, including Ocean Drive, Lincoln Road Mall, and the Art Deco Historic District. About Hyatt Centric Hyatt Centric is a brand of full-service lifestyle hotels located in prime destinations. Created to connect guests to the heart of the action, Hyatt Centric hotels are thoughtfully designed to enable exploration and discovery so they never miss a moment of adventure. Each hotel offers social spaces to connect with others in the lobby, meanwhile the bar and restaurant are local hot spots where great conversations, locally inspired food and signature cocktails can be enjoyed. Streamlined modern rooms focus on delivering everything guests want and nothing they don't. A passionately engaged team is there to provide local expertise on the best food, nightlife and activities the destination has to offer. For more information, please visit hyattcentric.com . Follow @HyattCentric on Facebook and Instagram , and tag photos with #HyattCentric. About Robert Finvarb Companies Hyatt Centric is a brand of full-service lifestyle hotels located in prime destinations. Created to connect guests to the heart of the action, Hyatt Centric hotels are thoughtfully designed to enable exploration and discovery so they never miss a moment of adventure. Each hotel offers social spaces to connect with others in the lobby, meanwhile the bar and restaurant are local hot spots where great conversations, locally inspired food and signature cocktails can be enjoyed. Streamlined modern rooms focus on delivering everything guests want and nothing they don't. A passionately engaged team is there to provide local expertise on the best food, nightlife and activities the destination has to offer. For more information, please visit hyattcentric.com . Follow @HyattCentric on Facebook and Instagram , and tag photos with #HyattCentric. About Robert Finvarb Companies Robert Finvarb Companies (RFC) is a private real estate investment and development company based in Miami, Florida . Robert Finvarb , founder of the company, started his development career in 2002. Since then, RFC has developed nineteen hotels containing an excess of 3,500 guestrooms that operate under various Marriott and Hyatt brands and are located in seven states and the District of Columbia . RFC has a reputation for developing high-quality assets and possesses a track record of success in all market cycles. As a private company, the principals invest their own equity in all projects and are personally involved in all phases of development and operations. For more than 20 years, RFC has carefully cultivated its reputation of excellence in the hospitality industry. RFC's team of development and lodging specialists have a wide-ranging expertise in real estate and capital markets that is applied in identifying accretive investment opportunities to maximize the financial performance of such projects. CONTACT: Jacqueline Mercado Hyatt Hotels Corporation + 1 786 578 6886 jacqueline@identitymediapr.com View original content to download multimedia: https://www.prnewswire.com/news-releases/new-year-new-look-hyatt-centric-south-beach-miami-debuts-elevated-style-and-luxury-302337669.html SOURCE Hyatt Centric South Beach MiamiNoneNative American Owned Hall Of Fame Vodka® Is Finally Back In Stock (Allocated) At LCBO (Canada) After Previous SelloutValmont Industries director Mogens C. Bay sells $6.98 million in stock

The Christmas tradition has become nearly global in scope: Children from around the world track Santa Claus as he sweeps across the earth, delivering presents and defying time. Each year, at least 100,000 kids call into the North American Aerospace Defense Command to inquire about Santa’s location. Millions more follow online in nine languages , from English to Japanese. On any other night, NORAD is scanning the heavens for potential threats , such as last year’s Chinese spy balloon . But on Christmas Eve, volunteers in Colorado Springs are fielding questions like, “When is Santa coming to my house?” and, “Am I on the naughty or nice list?” “There are screams and giggles and laughter,” said Bob Sommers, 63, a civilian contractor and NORAD volunteer. Sommers often says on the call that everyone must be asleep before Santa arrives, prompting parents to say, “Do you hear what he said? We got to go to bed early.” NORAD’s annual tracking of Santa has endured since the Cold War , predating ugly sweater parties and Mariah Carey classics . Here’s how it began and why the phones keep ringing. It started with a child’s accidental phone call in 1955. The Colorado Springs newspaper printed a Sears advertisement that encouraged children to call Santa, listing a phone number. A boy called. But he reached the Continental Air Defense Command, now NORAD, a joint U.S. and Canadian effort to spot potential enemy attacks. Tensions were growing with the Soviet Union, along with anxieties about nuclear war. Air Force Col. Harry W. Shoup picked up an emergency-only “red phone” and was greeted by a tiny voice that began to recite a Christmas wish list. “He went on a little bit, and he takes a breath, then says, ‘Hey, you’re not Santa,’” Shoup told The Associated Press in 1999. Realizing an explanation would be lost on the youngster, Shoup summoned a deep, jolly voice and replied, “Ho, ho, ho! Yes, I am Santa Claus. Have you been a good boy?” Shoup said he learned from the boy’s mother that Sears mistakenly printed the top-secret number. He hung up, but the phone soon rang again with a young girl reciting her Christmas list. Fifty calls a day followed, he said. In the pre-digital age, the agency used a 60-by-80 foot (18-by-24 meter) plexiglass map of North America to track unidentified objects. A staff member jokingly drew Santa and his sleigh over the North Pole. The tradition was born. “Note to the kiddies,” began an AP story from Colorado Springs on Dec. 23, 1955. “Santa Claus Friday was assured safe passage into the United States by the Continental Air Defense Command.” In a likely reference to the Soviets, the article noted that Santa was guarded against possible attack from “those who do not believe in Christmas.” Some grinchy journalists have nitpicked Shoup’s story, questioning whether a misprint or a misdial prompted the boy’s call. In 2014, tech news site Gizmodo cited an International News Service story from Dec. 1, 1955, about a child’s call to Shoup. Published in the Pasadena Independent, the article said the child reversed two digits in the Sears number. “When a childish voice asked COC commander Col. Harry Shoup, if there was a Santa Claus at the North Pole, he answered much more roughly than he should — considering the season: ‘There may be a guy called Santa Claus at the North Pole, but he’s not the one I worry about coming from that direction,’” Shoup said in the brief piece. In 2015, The Atlantic magazine doubted the flood of calls to the secret line, while noting that Shoup had a flair for public relations. Phone calls aside, Shoup was indeed media savvy. In 1986, he told the Scripps Howard News Service that he recognized an opportunity when a staff member drew Santa on the glass map in 1955. A lieutenant colonel promised to have it erased. But Shoup said, “You leave it right there,” and summoned public affairs. Shoup wanted to boost morale for the troops and public alike. “Why, it made the military look good — like we’re not all a bunch of snobs who don’t care about Santa Claus,” he said. Shoup died in 2009. His children told the StoryCorps podcast in 2014 that it was a misprinted Sears ad that prompted the phone calls. “And later in life he got letters from all over the world,” said Terri Van Keuren, a daughter. “People saying ‘Thank you, Colonel, for having, you know, this sense of humor.’” NORAD’s tradition is one of the few modern additions to the centuries-old Santa story that have endured, according to Gerry Bowler, a Canadian historian who spoke to the AP in 2010. Ad campaigns or movies try to “kidnap” Santa for commercial purposes, said Bowler, who wrote “Santa Claus: A Biography.” NORAD, by contrast, takes an essential element of Santa’s story and views it through a technological lens. In a recent interview with the AP, Air Force Lt. Gen. Case Cunningham explained that NORAD radars in Alaska and Canada — known as the northern warning system — are the first to detect Santa. He leaves the North Pole and typically heads for the international dateline in the Pacific Ocean. From there he moves west, following the night. “That’s when the satellite systems we use to track and identify targets of interest every single day start to kick in,” Cunningham said. “A probably little-known fact is that Rudolph’s nose that glows red emanates a lot of heat. And so those satellites track (Santa) through that heat source.” NORAD has an app and website, www.noradsanta.org , that will track Santa on Christmas Eve from 4 a.m. to midnight, Mountain Standard Time. People can call 1-877-HI-NORAD to ask live operators about Santa’s location from 6 a.m. to midnight, mountain time.Raymond James Financial Raises Quarterly Dividends on Common Stock; Increases Common Stock Repurchase Authorization

ATLANTA — The General Assembly should pass legislation that regulates artificial intelligence without stifling innovation, a state Senate study committee recommended Tuesday, Dec. 3. The Senate Study Committee on Artificial Intelligence, which held eight meetings this summer and fall, unanimously adopted a 185-page report containing 22 recommendations for how lawmakers should address rapidly developing AI technology. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.