Biden Inheritance Tax Rule Would Rip Billions From Biggest Fortunes at Death – Bloomberg
“Biden’s plan would close that loophole and apply the top capital gains tax immediately when assets transfer to wealthy heirs. If the rate increases — it’s 20% for holdings like Bezos’s, and Biden has called for boosting it to 39.6%.”
“Raising the rate would amount to the biggest curb on dynastic wealth in decades, altering an American economic landscape dominated by a few wealthy families”
“The proposals are far from becoming law, even though Democrats control both houses of Congress.”
“The step-up rule allows investors to pass on assets to heirs virtually tax-free, raising the taxable value of a property to its fair market value at the time it is inherited”
“Currently, wealthy people who need cash can take out loans using stock as collateral, rather than selling shares, which would trigger a tax bill. The technique allows billionaires to fund their lifestyles, then pass their assets to their heirs without ever realizing capital gains.”
Rents Plunge, Property Prices Don’t as People Leave Cities Due to Coronavirus — www.bloomberg.com
“From New York to London to Sydney, ultra-low interest rates and vast government fiscal support have limited distressed sales.”
“LONDON”
“Rents in the smartest areas have been tumbling at the fastest annual pace in a decade.”
“Young workers who could never hope to buy a home in the capital are looking elsewhere to discover what their money can buy in other cities such as Sheffield.”
Manhattan
“For Manhattan as a whole, 97% of condos sold at or below the asking price.”
“Last month there were nearly 20,000 empty rentals in Manhattan alone. And the fate of these units — for instance, how much they’ll rent for — depends heavily on how often people will be required to come to the office.”
Sydney
“In Sydney, where the successful containment of Covid-19 means a close-to-normal life is possible, city-centre offices are still only about half full as new working patterns emerge.”
“Locations like Byron Bay, an upmarket holiday town nearly 500 miles north, saw prices surge 37% last year as wealthy Australians reassess where they want to spend their lives.”
Singapore
“Singapore is in the middle of an upswing. Prices of private apartments are rising at the fastest pace since 2018.”
“All this is happening even as foreign purchases have sunk to a 17-year low as ex-pats return home.”
A coastal community seamlessly integrated within the natural and raw beauty of AlJurf.
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AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
Saudi Aramco 1% Stake Is a Tough Sell – Bloomberg
“Buying 1% of Aramco would largely be a political act. Ties between China and Saudi Arabia, which kicked off with a sale of missiles in the 1980s, have deepened since, fueled by China’s thirst for oil and, more recently, its geopolitical ambitions”
“Chinese sovereign wealth money, as well as the country’s own national oil companies, are said to be in discussions to take the stake, according to a Reuters report.”
“An alternative scenario involves reviving a deal whereby Aramco takes a stake in the energy division of India’s Reliance Industries Ltd. in return for stock instead of cash — although, as my colleague David Fickling writes, that would seem at odds with where Reliance is going.”
Qatar Orders Arrest of Finance Minister Over Misuse of Funds – Bloomberg — www.bloomberg.com
“Al-Emadi was named finance minister a day after Sheikh Tamim bin Hamad Al Thani took over leadership of the country in June 2013, and has held the role since”
“The arrest was unusual because allegations of criminal conduct by senior state officials or members of ruling families in the Gulf are typically addressed behind closed doors”
“The investigation is centred on his conduct as a minister, and not his other positions, it said.”
Europe Has Turned Corner on Vaccination as Lockdowns Lift For Summer – Bloomberg
“More than 70 million Europeans have now received at least one dose, equivalent to about one-fifth of the EU’s population.”
“New cases and deaths are on a downward trajectory in France, Germany, Spain and Italy.”
“Barclays Plc economists reckon the euro region’s real gross domestic product won’t return to pre-crisis levels until around the middle of next year.”
Maersk, UPS and Deutsche Post Are Cashing In on the Pandemic – Bloomberg
“This week two European logistics giants — AP Moller-Maersk A/S and Deutsche Post AG (owner of courier DHL) — delivered record earnings, just as U.S. delivery giant United Parcel Service Inc. did the week before.”
“These companies spent years investing in globe-spanning networks and better technology. They’ve proved indispensable during the lockdown and they’re reaping the rewards.”
“Congested ports help Maersk’s shipping terminals make fatter profits selling storage space.”
“Maersk is promising to buy lots more shipping containers to ease the supply shortage.”
Most Vaccinated Nation Seychelles Reintroduces Curbs as Covid Cases Surge – Bloomberg — www.bloomberg.com
“Seychelles, which has fully vaccinated more of its population against the coronavirus than any other country, has closed schools and cancelled sporting activities for two weeks as infections surge”
“To date, 62.2% of its population is fully vaccinated, according to the Bloomberg Vaccine Tracker. That compares with 55.9% for Israel, the next most vaccinated nation.”
“Other nations that have vaccinated large portions of their populations have seen Covid cases plunge.”