Walt Disney Parks and Resorts is in the process of bringing legal charges over the claim that their property tax assessment, by the Orange County Appraiser, is too high. Disney believes that the appraiser, Rick Singh, had surpassed their real estate market value, resulting in an abstract assessment. Other parks such as Universal Orlando and Seaworld have also gotten into property tax disputes with Singh as well.
The German supermarket company, Aldi Inc, is already in the course of a vigorous expansion in the States. Aldi has more plans to spread out, inclusive of exceeding its German competitor, Lidl. Aldi currently has 1,600 stores in 35 states and has declared that they will be investing $3.4 billion as a part of their growth. This is to increase the number of stores to 2,500 by 2022 and remodel the 1,300 of the present ones by 2020.
Chinese insurance company, Angbang Insurance Group Co., is in trouble as their Chairman is in police custody. Also, Chinese banks are disassociating themselves from Anbang’s hotel, Waldorf Astoria Hotel. The core problem is with their business model. Government officials have ordered that banks should hold off any deals with Angbang.
Clothing retail store, J.Crew Group Inc, is in a continuum of crises due to the slow operation of malls, difficulties to compete with their fast-fashion adversaries, and Amazon’s rule over ecommerce. Resulting in a loss of $100 million. J.Crew is in an arrangement with Anchorage Capital LLC Group and Blackstone Group LP’s to reorient their debt plan. This arrangement will assist with their ongoing lawsuit.
Even though inflation predictions are below central banks goal by 2%, the Federal Reserve has authorized a second rate hike. On top of that, the Fed has revealed its plan on how to tackle the $4.5 trillion balance sheet.
In order to tackle Silicon Valley’s rising residential scarcity and prices, Google is concluding a deal to buy 300 apartment units. The units are of a modular home style and are for Google employees as temporary housing. The likely cost will be $25 million to $30 million.