Share to Twitter Share to Linkedin Chinese e-commerce giant Alibaba in partnership with Perennial Holdings—which counts Singapore billionaires Kuok Khoon Hong and Ron Sim among its major shareholders—have won government approval to build the tallest skyscraper in the Lion City, one of the hottest office markets in the Asia-Pacific region. In its decision dated July 7, the Urban Redevelopment Authority approved the consortium’s proposal to build a 63-story mixed-use commercial, hotel, and residential tower on the site of 8 Shenton Way in Tanjong Pagar, near the Raffles Place central business district. The property, which was originally built in 1986 as the Treasury Building, was once the headquarters of state-investment firm Temasek Holdings. With a maximum height of 305 meters, the new building will be the tallest structure in Singapore when completed by 2028, surpassing the 284-meter Guoco Tower, currently the city’s tallest completed building, … [Read more...] about Alibaba, Singapore Tycoons Win Approval To Build Lion City’s Tallest Skyscraper
A special court here on Thursday extended till August 8 the Enforcement Directorate (ED) custody of Shiv Sena MP Sanjay Raut in a money laundering case. While extending the custody, the court noted that the ED has made "remarkable progress" in the investigation. The central agency had arrested Raut on Sunday midnight in connection with alleged financial irregularities in the redevelopment of Patra 'Chawl' (old row tenement) in suburban Goregaon and related financial property transactions involving his wife and alleged associates. On Monday, the court had remanded him in the ED custody till August 4. At the end of his initial remand, the probe agency produced Raut before special Prevention of Money Laundering Act (PMLA) court judge M G Deshpande. It sought extension of his custody for further probe into the matter. After hearing both the sides, the court extended the custody till August 8. The ED had earlier told the court that Raut and his family received "proceeds of crime" … [Read more...] about Money laundering case: Court extends Shiv Sena MP Sanjay Raut’s ED custody till August 8
- A + A (Aug 5): Insurance giant AIA Group Ltd is in talks to purchase an office at a prime location in Shanghai as it expands business in China, according to people familiar with the matter. The Hong Kong-based insurer is considering buying SIIC Center, a multi-function project under construction near Shanghai’s North Bund area, said the people, who asked not to be identified because the details aren’t public. Shanghai Industrial Development Co, the state-owned developer that owns the tower, expects that the site could be valued at as much as 9 billion yuan (US$1.3 billion), one of the people said. AIA declined to comment. Shanghai Industrial Development didn’t immediately respond to requests for comment. The office would mark the insurer’s commitment to expand in China despite economic headwinds from stringent Covid restrictions. AIA became the first wholly owned foreign life insurer in the country after turning its Shanghai branch into a subsidiary in 2020, … [Read more...] about AIA in talks to buy billion-dollar Shanghai tower in growth push, sources say
Share to Twitter Share to Linkedin The Biden Administration is considering trade action against Mexico because of its nationalistic energy policy. In point of fact, under NAFTA FTA , energy was excluded from free trade actions because of recognition that oil was such a sensitive subject for Mexico that it would have blocked the entire deal. However, Mexico began reforming its energy sector under one of Andrés Manuel López Obrador (AMLO)’s predecessor, Enrique Pena Nieto, and it was relatively successful, with new oil discoveries and a spate of renewable energy projects. But AMLO, upon achieving power, argued for undoing the reforms claiming, among other things, that the reforms had created the well-established mess at Pemex. In reality, not only did that mess predate the reforms, but the mess was the result of just the type of political interference that AMLO was embracing. The company had been used as a piggy-bank for the government, forcing it to … [Read more...] about Can America Save AMLO’s Energy Policy From Himself?
Veteran developer Peter Kudla knew downtown Englewood well as a regular at the bingo nights that the Elks Lodge No. 2122 hosted. But for years the city remained a place he passed through but didn’t focus on. His investments centered on burgeoning communities elsewhere in the south metro area, places that weren’t landlocked, built out, and for a lack of a better word — tired. As he searched for new opportunities, Kudla had an Englewood epiphany. Underused parking lots, strip malls and commercial sites were everywhere, offering a lower-cost way to acquire land. Downtown Denver and the Denver Tech Center, major employment hubs, could be reached in about 20 minutes. The city had a unique character that would appeal to younger generations. And it was due for a reinvention, something city officials wanted to see happen. “This is a land of opportunity,” he remembers thinking as he began to view the city in a new light and focus his efforts there. After completing an apartment building … [Read more...] about Englewood’s quirky, gritty side is behind the city’s transformation