—— Executives who took bribes in the 1MDB case returned to work; Toronto house price sales plummeted 41%; more than 30 British government officials resigned to put pressure on; natural gas and nuclear energy are listed as sustainable energy; Manhattan home prices hit another record.
1. 1MDB bribery executives return to work
Tim Leissner, a former Goldman Sachs banker involved in the 1MDB deal, was supposed to be sentenced today. But the judge rescheduled the trial to February 15, 2023, for no reason.
Leissner’s charges, including bribery and money laundering, would have served him decades in prison. But because of his cooperation and dealings with prosecutors, the former Goldman Sachs Southeast Asia chairman could have his sentence cut short.
Leissner was arrested by U.S. authorities in June 2018, but he was freed by paying $20 million in bail.
On Wednesday, U.S. District Judge Margo Brodie granted Lesnar’s request to revise his bail details and allow him to relocate to Texas for a new job.
Tim waives $43.7 million bonus and $200 million in equity incentives after pleading guilty
______
2. Toronto home sales plummet 41%
The average Toronto home price fell 3 percent to C$1.14 million ($875,000) in June on a seasonally adjusted basis, according to data released Wednesday by the Toronto Regional Real Estate Board. There were 6,474 homes sold in June, 41 percent less than the same period last year.
Kevin Crigger, chairman of the Toronto Real Estate Board, said that rising mortgage rates have made homebuyers who can afford higher borrowing costs doubt their affordability, and many homebuyers have decided to hold off on home purchases and home sales. It is expected to remain unchanged in the summer.
Like many U.S. markets, mortgages and home prices in Canada are scaring off many homebuyers
Source: MSN – Real estate slowdown in Toronto, Vancouver continues, as prices fall from pre-rate hike highs
______
3. More than 30 British government officials resigned
More than 30 members of the UK government have resigned in the past 24 hours in protest against the leadership of Boris Johnson, another increase in the UK following the resignation of Prime Minister Nadhim Zahawi Prime Minister’s pressure.
A Conservative Party official said senior cabinet ministers “think the situation is untenable and they intend to tell the prime minister he must resign now”.
Many cabinet officials are urging Boris to resign as soon as possible, as his term draws to a close
Source: Financial Times – Live news updates: More than 30 members of UK government quit, heaping pressure on Boris Johnson
______
4. Natural gas and nuclear energy are defined as sustainable energy
In the latest law enacted by European legislators, natural gas and nuclear power are defined as new sustainable energy sources.
A few months ago, the European Union proposed the inclusion of natural gas and nuclear power in sustainable energy and sparked a heated internal debate. In a vote in Strasbourg on Wednesday, only 278 MEPs voted against the bill’s passage, failing to meet the 353-vote minimum required.
The EU wants to gradually reduce its reliance on Russian gas and meet its pledge to achieve zero carbon emissions by 2050.
Investments related to natural gas and nuclear will also be listed as green ESG investments
______
5. U.S. student loan freeze period extension
Global inflation is still serious recently, and many American residents are worried that if the US government resumes student loan repayments, the pressure on their lives will greatly increase.
In March 2020, the U.S. government froze payments on federal student debt for the first time and wanted to support American citizens as much as possible during the recessionary period of the pandemic.
Although the job market is still strong, the U.S. economy is once again challenged by inflation. In response, the U.S. government will extend the freeze on student loan repayments until August 31 and provide more “breathing” space for U.S. residents.
With all kinds of living costs surging recently, the government extends the student loan freeze to support Americans
______
6. Amazon buys stake in Grubhub
This week, Amazon has agreed to buy a 2% stake in food delivery giant Grubhub.
The Amsterdam-based company said Wednesday that it will offer Amazon U.S. Prime subscribers a one-year Grubhub membership, which allows them to enjoy free food delivery with a minimum spend when ordering food.
The deal gave the world’s largest food delivery company momentum as turmoil in the U.S. stock market has wiped out half of Grubhub’s market value.
Amazon previously bought supermarket chain Whole Foods, stake in Grubhub could boost the delivery business
______
7. Manhattan home prices hit record again
The latest transaction data released recently showed the median amount paid by buyers in the Manhattan area was $1.25 million, but the data shows that the number of contracts signed in the past three months has begun to decline.
So far this year, there have been 3,824 transactions in the market, which is an increase of about 12% over the same period last year and the highest since 2007. But the number of deals being signed has declined, suggesting that consumer demand is waning.
“It was a quick turnaround from boom to uncertainty,” said Jonathan Miller, president of Miller Samuel & Company. While many brokers and agents saw this as a return to normal changes in pre-pandemic market conditions, Miller felt it was abnormal.
Although Manhattan home prices remain firm, the number of contracts signed has gradually declined over the past three months
______
The content of this article comes from various financial news media such as The Wall Street Journal, Financial Times, and Bloomberg.