New York has more millionaires than any other city in the world, beating out California’s Bay Area, London and other wealthy cities, according to a new report.
Nearly 350,00, or one in every 24 residents of The Big Apple are millionaires, according to a new ranking from Henley and Partners. New York City is also home to 744 centi-millionaires, worth at least $100 million; and 60 billionaires. The combined total wealth of the city’s residents is greater than $3 trillion.
New York tops the list of richest cities despite some of its wealthiest residents fleeing for Miami, now dubbed Wall Street South, as finance firms set up shop in the Sunshine State. Billionaire hedge fund Ken Griffin recently moved Citadel’s headquarters from Chicago to Miami. Miami was ranked 33rd on the list, with 35,300 millionaires, up 78% from 2013.
After New York City, California’s Bay Area has the second-highest share of millionaires — 305,700. Tokyo, Japan, took the third spot, followed by Singapore.
London, Paris, Dubai
London’s share of millionaires dropped 10% from 2013, according to the report, landing it in fifth place. Seventh-ranked Paris is the wealthiest city in mainland Europe. Dubai is far and away the wealthiest city in the Middle East, having grown its population of millionaires by 78% over the past 10 years.
Henley and Partners, a firm that provides residence and citizenship services, defined millionaires as individuals with liquid investable wealth of at least $1 million.
Some countries have had their wealth boosted by so-called golden visa programs that let wealthy foreigners obtain citizenship and/or residence. Seven of the wealthiest cities in the world are in countries that host these types of programs.
“You can secure the right to live, work, study and invest in leading international wealth hubs such as New York, Singapore, Sydney, Vienna and Dubai via investment,” said Dominic Volek, head of private clients at Henley & Partners. “Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients.”
The programs benefit cities and countries, which can use them “to attract the world’s wealthiest and most talented to their shores,” said Volek.
For locals, however, the influx of foreign money can lead to their being priced out of a housing market, and even displace them from the very cities in which they were born.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
Bottomless brunch is pretty much our favourite weekend pastime, and luckily for us, some of the very best, quirkiest and most fun restaurants in London offer boozy breakfast deals for you and your BFFs.
To avoid those endless ‘Where shall we go for bottomless brunch?’ discussions in the WhatsApp group chat, simply bookmark this page and keep coming back for all the boozy brunch inspo (that is constantly updated). You can thank us later after a glass bottle of prosecco.
37 most romantic restaurants in London for your upcoming date night
Whether you’re in it for the classic buttermilk pancakes (you can’t beat 100 Wardour Street) or the much-loved avocado and eggs (nowhere does it quite like Lantana), or want something a little different (don’t miss the Japanese Akaokti Breakfast at TOKii, or the Polynesian fusion menu at Trader Vic’s Tiki Brunch… OR the homemade chorizo donut at Mama Shelter in Shoreditch, you’re sure to find something here to satisfy everyone.
Some of London’s best bottomless brunches come washed down with unlimited margaritas and all the barbecue food you’d ever want (Temper Covent Garden), or, if you’re into punchy flavours, you’ll absolutely love the insane Indian-inspired brunch dishes on offer at Cinnamon Kitchen nestled inside the all-new Battersea Power Station.
For anyone wanting so splash out on a truly decadent and luxurious bottomless brunch in London, you’ll want to make a beeline for the limitless lobster, oysters and roasts at Ned’s Feasts that happen every Sunday at The Ned London, or there’s Veuve Clicquot on tap at Shangri-La The Shard’s bottomless brunch, which comes washed down with epic views across the city. Or there’s a Japanese fine dining-style bottomless brunch on offer at ever-so-chic The Aubrey in Knightsbridge – think okonomiyaki, matcha french toast and Tokyo eggs royale.
Want to find out more? Here’s GLAMOUR’s edit of the best bottomless brunches in London. A word of warning – go hungry, OK?
Sadiq Khan, the Labour Party’s mayor of London, romped to victory Saturday, securing a record third straight term at City Hall, on another hugely disappointing day for the U.K.’s governing Conservatives ahead of a looming general election.
Khan won a little over a million votes, or nearly 44% of the vote, more than 11 percentage points ahead of his main challenger, the Conservative Party’s Susan Hall. He did particularly well in inner London but struggled in several outer boroughs.
There had been frenzied speculation on Friday that the result would be closer than previously thought, but Khan’s lead showed a swing from Conservative to Labour when compared with the previous mayoral election in 2021.
Khan, who replaced Boris Johnson as London mayor in 2016, has been an increasingly divisive figure in the past few years.
London Mayor Sadiq Khan speaks at a policy launch about homelessness and housing during his campaign to re-elected as Mayor of London in London, Monday, April 15, 2024.
Alastair Grant / AP
While his supporters say he has multiple achievements to his name, such as expanding housebuilding, free school meals for young children, keeping transport costs in check and generally backing London’s minority groups, his critics say he has overseen a crime surge, been anti-car and has unnecessarily allowed pro-Palestinian marches to become a regular feature at weekends.
“Sadiq Khan was absolutely the right candidate,” said Labour leader Keir Starmer. “He has got two terms of delivery behind him and I am confident that he has got another term of delivery in front of him.”
The incumbent Labour mayors in Liverpool, Greater Manchester and West Yorkshire were also reelected Saturday, while the party looks to have ousted the Conservative mayor in West Midlands. A recount is underway there.
The latest successes come a day after Labour seized control of councils across England that it hasn’t held for decades. The party was also successful in a special election for a seat in Parliament, that if translated to a general election would lead to one of the Conservatives’ biggest-ever defeats.
Though the Conservatives suffered a drubbing in the local elections, it looks as though Prime Minister Rishi Sunak will not face a further rebellion among his ranks.
Sunak was able to breathe a sigh of relief when the Conservative mayor of Tees Valley in the northeast of England was reelected, albeit with a depressed share of the vote. Sunak had hoped that Andy Street would hold on in the West Midlands but it appears he may have lost.
One negative for Labour was that its vote in strongly Muslim areas in England was depressed by opposition to the party leadership’s strongly pro-Israel stance over the war in Gaza.
Starmer conceded that the party has had issues with Muslim voters, but the results in general were positive for the man who is favorite to become prime minister at the next general election.
Sunak has the power to decide on the date of the next election, and has indicated that it will be in the second half of 2024. Starmer urged him not to wait.
“We’re fed up with your division, with your chaos, with your failure,” he said Saturday. “If you leave your country in a worse state than when you found it, 14 years later, you do not deserve to be in government a moment longer.”
Thursday’s elections in large parts of England were important in themselves, with voters deciding on who runs many aspects of their daily lives, such as garbage collection, road maintenance and local crime prevention. But with a national election looming, they are being viewed through a national prism.
John Curtice, professor of politics at the University of Strathclyde, said the results show that Sunak has not helped the Conservative brand following the damage accrued by the actions of his predecessors, Boris Johnson and then Liz Truss.
“That in a sense is the big takeaway,” he told BBC radio.
Sunak became prime minister in October 2022, after Truss’s short-lived tenure. She left office after 49 days following a budget of unfunded tax cuts that roiled financial markets and sent borrowing costs for homeowners surging.
Her chaotic — and traumatic — leadership compounded the Conservatives’ difficulties following the circus surrounding her predecessor Johnson, who was forced to quit after being adjudged to have lied to Parliament over coronavirus lockdown breaches at his offices in Downing Street.
By late afternoon Saturday, with most of the 2,661 seats up for grabs in the local elections counted, the Conservatives had lost around a half of the 1,000 seats they were defending, while Labour had picked up about 200 despite some seemingly Gaza-related losses.
Other parties, such as the centrist Liberal Democrats and the Greens, also made gains. Reform U.K., which is trying to usurp the Conservatives from the right, also had some successes, notably in the special parliamentary election in Blackpool South, where it was less than 200 votes from grabbing second place.
President Volodymyr Zelensky says Ukraine desperately needs more air defences to intercept Moscow’s bombardments.
General Sir Jim Hockenhull, head of the UK’s Strategic Command, also backed Ukraine’s long-range strikes on Russia — because it was “fighting a war of national survival”.
He said: “The fact that they see military value in attacking the Russians in depth is unsurprising and entirely understandable.”
How Ukraine’s new $50BILLION war chest will grind Russia’s war machine to halt & buy them precious time to defeat Vlad
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Ukrainian servicemen with British NLAW anti-tank weaponsCredit: EPA
Facebook parent Meta Platforms unveiled a new set of artificial intelligence systems Thursday that are powering what CEO Mark Zuckerberg calls “the most intelligent AI assistant that you can freely use.”
But as Zuckerberg’s crew of amped-up Meta AI agents started venturing into social media this week to engage with real people, their bizarre exchanges exposed the ongoing limitations of even the best generative AI technology.
One joined a Facebook moms’ group to talk about its gifted child. Another tried to give away nonexistent items to confused members of a Buy Nothing forum.
Meta, along with leading AI developers Google and OpenAI, and startups such as Anthropic, Cohere and France’s Mistral, have been churning out new AI language models and hoping to persuade customers they’ve got the smartest, handiest or most efficient chatbots.
What is Meta AI?
Meta AI is a free virtual assistant which can be used “to do everything from research, planning a trip with your group chat, writing a photo caption and more,” according to the company’s blog.
To access the chatbot on WhatsApp, Instagram, Messenger, Facebook, type “@meta ai” within chats. The Meta AI assistant can also be accessed by tapping on a colorful blue circle icon which lets you know that Meta AI is there.
In addition to answering questions, Meta AI can create AI-generated images. Using the prompt “imagine,” users can ask Meta to produce any image that comes to mind.
In addition to answering questions, Meta AI can create AI-generated images. Using the prompt “imagine,” users can ask Meta to produce any image that comes to mind.
Meta
Asked to “Imagine a cute kitten,” the Meta AI assistant on Instagram produced the following image:
“Imagine a cute kitten”
CBS News
AI language models are trained on vast pools of data that help them predict the most plausible next word in a sentence, with newer versions typically smarter and more capable than their predecessors. Meta’s newest models were built with 8 billion and 70 billion parameters — a measurement of how much data on which the system is trained. A bigger, roughly 400 billion-parameter model is still in training.
While Meta is saving the most powerful of its AI models, called Llama 3, for later, on Thursday it publicly released two smaller versions of the same Llama 3 system and said it’s now baked into the Meta AI assistant feature in Facebook, Instagram and WhatsApp.
“The vast majority of consumers don’t candidly know or care too much about the underlying base model, but the way they will experience it is just as a much more useful, fun and versatile AI assistant,” said Nick Clegg, Meta’s president of global affairs, in an interview.
He added that Meta’s AI agent is loosening up. Some people found the earlier Llama 2 model — released less than a year ago — to be “a little stiff and sanctimonious sometimes in not responding to what were often perfectly innocuous or innocent prompts and questions,” he said.
Posing as humans
But in letting down their guard, Meta’s AI agents also were spotted this week posing as humans with made-up life experiences. An official Meta AI chatbot inserted itself into a conversation in a private Facebook group for Manhattan moms, claiming that it, too, had a child in the New York City school district. Confronted by group members, it later apologized before the comments disappeared, according to a series of screenshots shown to The Associated Press.
“Apologies for the mistake! I’m just a large language model, I don’t have experiences or children,” the chatbot told the group.
One group member who also happens to study AI said it was clear that the agent didn’t know how to differentiate a helpful response from one that would be seen as insensitive, disrespectful or meaningless when generated by AI rather than a human.
“An AI assistant that is not reliably helpful and can be actively harmful puts a lot of the burden on the individuals using it,” said Aleksandra Korolova, an assistant professor of computer science at Princeton University.
Clegg said Wednesday he wasn’t aware of the exchange. Facebook’s online help page says the Meta AI agent will join a group conversation if invited, or if someone “asks a question in a post and no one responds within an hour.” The group’s administrators have the ability to turn it off.
In another example shown to the AP on Thursday, the agent caused confusion in a forum for swapping unwanted items near Boston. Exactly one hour after a Facebook user posted about looking for certain items, an AI agent offered a “gently used” Canon camera and an “almost-new portable air conditioning unit that I never ended up using.”
Constantly working on improvements
Meta said in a written statement Thursday that “this is new technology and it may not always return the response we intend, which is the same for all generative AI systems.” The company said it is constantly working to improve the features.
In the year after ChatGPT sparked a frenzy for AI technology that generates human-like writing, images, code and sound, the tech industry and academia introduced some 149 large AI systems trained on massive datasets, more than double the year before, according to a Stanford University survey.
They may eventually hit a limit — at least when it comes to data, said Nestor Maslej, a research manager for Stanford’s Institute for Human-Centered Artificial Intelligence.
“I think it’s been clear that if you scale the models on more data, they can become increasingly better,” he said. “But at the same time, these systems are already trained on percentages of all the data that has ever existed on the internet.”
More data — acquired and ingested at costs only tech giants can afford, and increasingly subject to copyright disputes and lawsuits — will continue to drive improvements. “Yet they still cannot plan well,” Maslej said. “They still hallucinate. They’re still making mistakes in reasoning.”
Getting to AI systems that can perform higher-level cognitive tasks and commonsense reasoning — where humans still excel over computers — might require a shift beyond building ever-bigger models.
For the flood of businesses trying to adopt generative AI, which model they choose depends on several factors, including cost. Language models, in particular, have been used to power customer service chatbots, write reports and financial insights and summarize long documents.
“You’re seeing companies kind of looking at fit, testing each of the different models for what they’re trying to do and finding some that are better at some areas rather than others,” said Todd Lohr, a leader in technology consulting at KPMG.
Socializing AI chatbots
Unlike other model developers selling their AI services to other businesses, Meta is largely designing its AI products for consumers — those using its advertising-fueled social networks. Joelle Pineau, Meta’s vice president of AI research, said at a London event last week the company’s goal over time is to make a Llama-powered Meta AI “the most useful assistant in the world.”
“In many ways, the models that we have today are going to be child’s play compared to the models coming in five years,” she said.
But she said the “question on the table” is whether researchers have been able to fine tune its bigger Llama 3 model so that it’s safe to use and doesn’t, for example, hallucinate or engage in hate speech. In contrast to leading proprietary systems from Google and OpenAI, Meta has so far advocated for a more open approach, publicly releasing key components of its AI systems for others to use.
“It’s not just a technical question,” Pineau said. “It is a social question. What is the behavior that we want out of these models? How do we shape that? And if we keep on growing our model ever more in general and powerful without properly socializing them, we are going to have a big problem on our hands.”
IRAN could turn to violent proxy army Hamas and exploit Israeli hostages trapped in Gaza as bargaining chips, an expert has warned.
Middle East analyst Dr Anahita Motazed Rad spoke to The Sun about how a desperate Iran may respond if Israel launches a revenge strike for its weekend missile blitz.
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A man looks at posters with images of the Israeli hostages held in GazaCredit: AFP
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The Gaza Strip – war-torn after six months of fighting between Hamas and IsraelCredit: AFP
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Hamas fighters – one of Iran’s terror proxy groupsCredit: Getty
And Dr Rad says it’s “possible” Iran could issue orders for Hamas to kill them in response to Israel’s revenge strike.
Despite speculation over Tel Aviv’s plans to hit Iranian soil in recent days, Dr Rad tells us “there is no doubt” that Israel will respond.
And she explains that the increasingly volatile environment will be further riled up by Iran’s terror proxies – Hezbollah, the Houthis and Hamas.
When asked whether Iran might resort to giving orders for its proxy Hamas to kill the hostages, she said: “Possibly. Maybe, yeah, yes.”
Dr Rad went on: “The Iranian regime is the kind of regime that always are bargaining.”
The regime, which is struggling as many people want to see a change in government, is at its “weakest point”, she explains.
It is buried in a turbulent domestic period and facing condemnation from around the world over Saturday’s attack.
Tehran launched over 300 cruise and ballistic missiles as well as attack drones at Israel in an unprecedented assault.
As part of its bargaining approach the country may now turn to proxy army Hamas to carve out negotiations and leverage with Israel over the trapped hostages.
Dr Rad told The Sun: “The Iranian regime is a kind of opportunistic regime.
“They see all the opportunities for their survival and even escalation of their status in the region, and influence in the region within the chaos.
“And we have the proof for this.”
Hostage family fears
Out of the more than 200 hostages snatched from Israel during the October 7 massacre last year, over 100 were freed in November.
More than 130 are thought to remain in captivity, but it is not clear how many of them might be alive.
Just weeks after the horrific slaughter of more than 1,200 Israelis in October 2023, analysis surfaced probing concerns about their fate.
One piece in Israeli outlet Haaretz said they would be much safer under negotiations brokered by Qatar than if Iran and Hezbollah became more actively involved.
It warned that they might become “pawns in a regional power play”.
Now six months later both Iran and Hezbollah are more involved in the regional conflict – and the hostages have not been freed.
Diplomatic officials are trying to find a new way to secure a hostage deal this week after the Iran strike, Haaretz reports.
One warned: “The situation is bleak. It is too early to say if an acceptable solution can be found.”
Families of the hostages are “deeply concerned” about the escalation with Iran and how it might put their loved ones fate in danger.
Mor Korngold, whose brother is still held in Gaza, said: “In the past week, my anxiety levels have skyrocketed. It began with the attack on the embassy in Damascus and continued with the Iranian response.
Yarden Gonen, whose sister Romi is there, said Netanyahu’s war cabinet should use the Iran strike as “leverage for a deal”.
Matty Dancyg, whose dad Alex was kidnapped on October 7 and has yet to be released, told the New Yorker about his fears.
He worries the Iranian strike could jeopardise the possibility of a ceasefire and hostage negotiation deal.
Matty said: “It’s yet another thing that would make Bibi divert attention away from the hostages.”
IDF spokesman Rear Admiral Daniel Hagari said: “We cannot stand still from this kind of aggression, Iran will not get [off] scot-free with this aggression.
“We will respond in our time, in our place, in the way that we will choose.”
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Iranian soldiers take part in a military parade today as they brandish drones and missilesCredit: AFP
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Fears for the hostages have grown since Iran’s attack on Israel over the weekend, pictured: Iranian missiles firingCredit: Pixel8000
The exterior of the Bank of England in the City of London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
LONDON — The Bank of England on Friday announced a “once in a generation” overhaul of its inflation forecasting following a long-awaited review by former Federal Reserve Chair Ben Bernanke.
The review — initiated after criticism of the central bank’s policymaking amid spiraling inflation — sets out 12 recommendations which BOE Governor Andrew Bailey said the bank was committed to implementing.
Bailey told CNBC it had been “invaluable” to compare and contrast the U.S. policy perspective with its own.
“This is a once in a generation opportunity to update our forecasting, and ensure it is fit for our more uncertain world,” Bailey said.
Bernanke’s recommendations are organized into three key areas: improving the bank’s forecasting infrastructure, supporting decision-making within the Monetary Policy Committee (MPC) and better communicating economic risks to the public.
The provisions include scrapping the bank’s long-held “fan chart” forecasting system and introducing a revamped forecast framework.
The fan chart — which shows a range of possible future data points — has long been used by the bank to present the probability distribution that forms the basis of its inflation forecasts. The model has faced heavy criticism over recent years for failing to accurately keep track of inflationary pressures, and the review concluded that fan charts had “outlived their usefulness” and “should be eliminated.”
Bernanke stopped short of recommending Fed-style “dot plot” forecasting, which was introduced in the U.S.after the global financial crisis to allow each member to chart their course of policy stance, inflation, real GDP and employment. But he suggested a new model which better reflects the differing views of committee members and how inflation expectations can become “de-anchored.”
He also noted that the BOE currently relies more heavily on a central forecast than do other central banks, and said that its analysis should be supplemented with a wider range of alternative scenarios that “help the public better understand the reasons for the policy choice.” Such scenarios may include the effects of different policy choices, or unexpected global shocks.
The suggestion came as part of a wider set of recommendations on how the bank can improve its communications with the public, simplify its policy statement and reduce repetitiveness. The review also said that the bank should move ahead with the current modernization of the software it uses to manage and manipulate data as a “high priority.”
The Bernanke review was launched last summer to assess the bank’s struggles to accurately project the huge global spike in inflation after Russia’s invasion of Ukraine.
The bank was widely criticized for being too slow to hike interest rates, meaning it subsequently had to raise its main bank rate to a 15-year high of 5.25%.
With inflation now falling faster than the MPC had anticipated, some economists have contended that the bank is committing the same mistake in the opposite direction, bycutting rates too slowly.
Bernanke added that his role chairing the Fed during the global financial crisis highlighted the critical role of monetary policy on the real economy, but added that the review made “no judgment” of the BOE’s recent decision-making.
“The effects of the financial sector on the economy go beyond interest rates. Credibility is important. Risk-taking is important,” he told CNBC.
He also said that the difficulties in forecasting were not unique to the BOE, but added that he hoped the bank would draw appropriate lessons from the experience.
The review recommended that the bank take a phased approach to implementing the new measures, starting with improving its forecasting infrastructure. It should then “cautiously” move on to adopting changes to its policymaking and communications, it said.
Incoming BOE Deputy Governor Clare Lombardelli has been charged with leading the implementation of these recommendations when she takes her seat in July. The bank said it will provide an update on the proposed changes by the end of the year.
— CNBC’s Elliott Smith contributed to this article.
If the pandemic has taught us anything, it’s that it’s possible to work from almost anywhere. Having the right place to work remotely, however, can make a huge difference in productivity. Light, atmosphere, location and views can impact how a space feels and what you can get done while there. And when you’re on the road, being stuck in a hotel room often starts to feel tedious and cramped, and can be isolating if you’re used to being in an office. Those in London, whether local or visiting, are in luck, as the city is quite conducive to remote working, especially if you enjoy answering emails with a good coffee in hand.
The city’s many neighborhoods are filled with cafes and coffee shops that cater to remote workers looking for somewhere to meet with colleagues or a quiet working space, from the buzzy area of Shoreditch to the popular stretch of Southbank. Whether you’re looking for a quiet, discerning space to focus or a livelier option to keep the energy high, there is a WFH option out there for you (yes, even if you don’t have a Soho House membership to take advantage of). Here are 13 of the best cafes and coffee shops to work from home in London, including hotel lounges, hipster coffee joints and museum cafes.
DUBAI is getting ready to build the world’s tallest residential clock tower in a nod to London’s Big Ben.
The immense building will stand at a staggering 450 metres high (1,476ft) – almost five times higher than its 96-metre British counterpart.
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Dubai is set to build the world’s tallest residential clock towerCredit: London Gate
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The project is a partnership with Swiss watchmaker Franck MullerCredit: Youtube/ UAE Dubai Properties for Sale
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The tower will feature gorgeous all-marble interiors, such as this living roomCredit: London Gate
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Aeternitas Tower, dubbed ‘London Gate’, will be the child product of Dubai-based real estate developer London Gate and Swiss luxury watch manufacturer Franck Muller.
The sky-high tower will have a glistening all-glass facade with the enormous clock at the very top.
Measuring 40 metres tall by 30 metres wide, the clock will be built in Germany and be visible from miles away.
Following the Swiss watchmaker’s art-deco style, the clock will featured irregular squashed and stretched numbers.
Read more on super buildings
The design will also be infused across the residences inside it.
“We believe the clock will be seen from six kilometers away because of the sheer height of the building,” said Tom Hill, media relations coordinator at London Gate.
“We wanted to do something different that hasn’t been done before in Dubai.”
Developers purchased a plot of land in the heart of Dubai marina, which already has the beginnings of an unfinished 106-storey structure.
Once complete, the monumental building will be home to 649 units, ranging from one- to three-bedroom apartments, villas and mansion duplexes.
The ultra-lux residential clock tower will offer residents access to hotel -like services and facilities, but with the privacy and comfort of their own home.
Saudi unveils plans for 900ft spiky desert skyscrapers on the Red Sea in latest NEOM mega-project ‘built on blood-
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The residence tower will feature a glamorous swimming poolCredit: London Gate
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It will also offer a relaxing spa for residents to unwind after a long day in DubaiCredit: London Gate
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Developers are aiming for a mix of marble and wood all over the buildingCredit: London Gate
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Once ready, the tower will be home to 649 unitsCredit: Youtube/ UAE Dubai Properties for Sale
These include housekeeping, a concierge service, and a 24-hour valet and porter.
It will also feature shared amenities like health facilities, including a gym, padel court, spa, yoga studio, and swimming pool, to arts and culture spaces such as a cinema, music room, and library.
Residents should be ready to move into their new homes in 2027, London Gate estimates.
London Gate launched phase one of its sales last week, with one-bedroom flats beginning at a whopping AED 1.6 million (£343,032).
The tower’s name means “eternity” in Latin and is inspired by the Franck Muller Aeternitas watch series, one of the brand’s most sophisticated designs with a “eternal calendar,” said Erol Baliyan, managing director at Franck Muller.
Balyian added that luxury elements such as brushed and polished metals will be juxtaposed against marble surfaces, textured textiles, and vibrant colours.
Meanwhile, the foyer and reception area include curved walls, archways, and oval furniture to mimic the brand’s characteristic oblong face of its Curvex watch.
“Attention to detail is paramount, with meticulously crafted joinery and carefully arranged lighting and furniture, ensuring a refined ambiance,” he said.
The Aeternitas Tower represents a developing trend in Dubai as branded residences—collaborations between designer labels and property developers—are becoming increasingly popular in the Emirate.
According to Savills Research, the city has 51 completed projects as of October 2023, a figure that is predicted to quadruple by 2030, with names such as fashion firm Karl Lagerfeld, automotive manufacturer Mercedes-Benz, and hoteliers 25Hours all unveiling residential projects in the previous year.
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A luxurious bathroom in one of the homesCredit: Youtube/ UAE Dubai Properties for Sale
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Homes will range from one- to three-bedroom apartments, villas and duplexesCredit: London Gate
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Another sophisticated bedroom at the Dubai clock towerCredit: Youtube/ UAE Dubai Properties for Sale
London — When Londoner Chelsea Battle first met her cavapoo Peanut, it was love at first sight.
“He’s my son,” she told CBS News, calling her bond with her dog “one of the most important relationships in my life.”
Chelsea adopted Peanut during the height of the COVID-19 pandemic.
“I think it’s really important to understand that dogs have different personalities, and you need to find the one that’s best for you,” Chelsea said. “I lucked out.”
Their bond is strong, and picking a dog or other pet often comes down to a gut feeling. But computer scientists at the University of East London are hoping to take some of the chance out of the process. They’re using artificial intelligence to help predict the personality types of individual dogs, so they can be better matched with humans.
“These personality types are defined based on the behavioral attributes, not the breed, not the gender of the dog,” Dr. Mohammad Amirhosseini, a senior lecturer in computer science and digital technology at the university, told CBS News.
Using behavioral records from more than 70,000 dogs from the University of Pennsylvania, the British researchers developed an AI algorithm to classify canines into five groups — you might even call them personality types.
“Our best performing model achieved 99% accuracy, which is amazing,” said Amirhosseini.
They found that dogs can be sorted into one of the following categories:
Excitable and hyper-attached
Anxious and fearful
Aloof and predatory
Reactive and assertive
Calm and agreeable.
With this information in hand, the researchers hope to eventually be able to predict the best specific dogs — not just breeds — for an array tasks from sniffing out drugs to guiding the blind, and maybe even cuddling the kids.
Currently, more than half of dogs put into training for specific jobs, such as security or guide work, fail their programs, according to the American Kennel Club.
“If we have an idea about the dog’s personality in advance,” said Amirhosseini, “we can select the right dog for the right job.”
He said he hoped that one day, the AI technology will be readily available to help families looking to adopt a dog find one that’s perfect for them. Right now, about half of dogs rescued from shelters in the U.S. end up being returned by the owners, and behavioral issues are very often cited as a factor.
The researchers hope that as they develop the AI tool, it will help to create more successful adoptions.
Ian Lee is a CBS News correspondent based in London, where he reports for CBS News, CBS Newspath and CBS News Streaming Network. Lee, who joined CBS News in March 2019, is a multi-award-winning journalist, whose work covering major international stories has earned him some of journalism’s top honors, including an Emmy, Peabody and the Investigative Reporters and Editors’ Tom Renner award.
WITH two bodyguards on patrol permanently outside his office, chief prosecutor Kreshnik Ajazi sums up why the Albanian drug gangs he targets are so ruthless.
In 2018, a shipment of 50 kilos of cocaine went missing in EnglandCredit: Alamy
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The theft triggered a string of revenge attacks back in Albania, including three men being gunned down in their Range Rover with AK-47sCredit: Chris Eades
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This month, Bajram Luli, 27, was stabbed to death in Greenford, West London, after having just moved to the UKCredit: LNP
A trail of tit-for-tat killings between warring gangs battling to control the UK drugs market shows he knows what he is talking about.
The theft of 50 kilos of cocaine in England triggered a string of revenge attacks back in Albania, including three men being gunned down in their Range Rover with AK-47s.
And a dealer convicted of murdering a rival in Southampton has been shot dead inside an Albanian top-security prison in a sophisticated revenge hit that cost a million euros to arrange.
As the Met probes yet another killing of an Albanian man in London, The Sun travelled to the former Communist country to investigate the criminal gangs that have such a foothold in the UK.
Mr Ajazi, a stylish 40-year-old who wears shirts monogrammed with his initials on the cuffs, has devoted his life to dismantling these gangs — but it comes with a heavy price.
Hitting where it hurts
Threats to his life mean the armed guards never leave his side, 28 security cameras are trained on the outside of his office building in the city of Elbasan, and his wife wonders when he will take a job prosecuting “normal criminals”.
But he is too busy to worry, with many of the attacks he deals with stemming from bloody fall-outs that begin in Britain.
The lawyer said: “These disputes between gangs are created in England but the revenge takes place in our city. When I became the chief prosecutor, my aim was to challenge those gangs, which we have done.
“That means I am now escorted every single minute of my life by a special escort from the state police, which tells you what sort of danger I am in.
“But it has been worth it.”
Turkish and Albanian drug gangs are joining forces to wreak havoc on London amid UK migrant crisis
Thanks to his and the state police’s work, the local gang-related murder rate has dropped from 15 a year to zero.
The UK government is just as determined to take on the Albanian organised crime gangs.
The National Crime Agency last month signed an agreement with Albanian police to challenge criminals who control the UK cannabis market as well as enjoying a healthy slice of the £4billion cocaine trade.
Around 1,700 gang members are thought to be at large in the UK and there are more Albanians in our jails than any other foreign nationality, even though Albania has a population of just 2.8million.
As well as trying to lock up gang leaders, the police are hitting them where it hurts — in their pockets.
A British-registered £200,000 Lamborghini — with a number plate that partly reads 14MBO (Lambo) — was recently seized from a suspected criminal, along with a hotel he owned. And the cops now plan to use it as a patrol car.
A spokesman for Albania’s Agency Of Seized And Confiscated Assets said: “We will send a message that what has been earned from criminal activities in the UK and Europe will be confiscated.”
The problem is that in Albania revenge is a tradition so we cannot predict what is going to happen
Mr Ajazi
When the police Lamborghini rolls past, it will raise a smile from law-abiding Albanian migrants. But other cases the police have to deal with are no laughing matter.
Organised crime gangs are similar to the Mafia in that they are structured around families. That means they take disputes personally.
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In 2013, drug dealer Arben Lleshi, 27, who killed a rival in Southampton was extradited to Peqin Prison in Albania and in 2023 his victim’s gang spent a million euros organising a hit to kill him in jailCredit: Handout
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Endrit Alibej, 34, was also killedCredit: YouTube
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Alibej’s family wasted no time in taking revenge and the killings continued for two years, claiming a total of eight livesCredit: Chris Eades
In 2018, a shipment of 50 kilos of cocaine — with a potential market value of tens of millions of pounds — went missing in England.
The gang waiting for its delivery suspected the courier so they beat him up and dumped him in a remote location, reckoning that whoever he had tipped off to steal the drugs would come to his aid.
They kept watch to see who would collect him — and once they knew which family was behind the theft, the killings began.
Soon after, Endrit Alibej, 34, was driving away from a family dinner in Elbasan with his uncle Arben Dylgjeri, 56, and a Turkish associate.
As they slowed to negotiate a roundabout, a gunman armed with an AK-47 struck, spraying the vehicle and killing all three men.
Setting body on fire
Alibej’s family wasted no time in taking revenge and the killings continued for two years, eventually claiming a total of eight lives.
Mr Ajazi said the to-and-fro attacks related to that particular dispute have ended — for now.
He added: “Let’s say they are currently on standby.
“The problem is that in Albania revenge is a tradition so we cannot predict what is going to happen.”
Another case Mr Ajazi is involved in shocked the Albanian justice system because it exposed the full extent of corruption in prisons.
In 2013, Albanian drug dealer Arben Lleshi, 27, was jailed for life at Winchester Crown Court for killing a rival in Southampton and setting his body on fire.
He was extradited to serve his sentence in the top-security Peqin Prison, 40 miles south of capital Tirana.
Late last year, his victim’s gang began plotting their revenge.
They spent an estimated one million euros bribing prison officials to smuggle a 9mm Smith and Wesson into the jail and to pay a hitman.
The gun was passed to the killer in the middle of November and he kept it concealed for three weeks before going to Lleshi’s cell ten days before Christmas.
Mr Ajazi said: “He invited that man to talk. He said, ‘Can we have a conversation?’
“And at this moment, he took out the gun and shot and killed him.”
The jail’s entire command structure has been arrested — 12 officers in total — on suspicion of taking bribes and turning a blind eye.
Back in Britain, an Albanian man was stabbed to death in North London last month, with one of his countrymen being charged with the murder.
And the Met are now investigating yet another killing of an Albanian.
These disputes between gangs are created in England but the revenge takes place in our city
Lawyer
At around 5.30pm on Monday, March 11, a white Kia car was seen reversing down a road in Greenford, West London, before one of the occupants leapt out and fled.
Moments later Bajram Luli, 27, staggered out of the car with a serious stab wound to his stomach.
Cops and paramedics were called but they could not save him.
A man has now been charged in connection with the alleged murder and will stand trial later.
Bajram had only just moved to the UK from Albania. The motive for his killing has not been revealed and there is no suggestion he was involved in any criminality.
But the police back in Albania — and chief prosecutor Mr Ajazi — will be hoping these two recent cases are not the start of yet more blood feuds.
Pictures from Chris Eades, in Albania
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This British-registered £200,000 Lamborghini was seized in Albania by police… who aim to use it as a patrol carCredit: Chris Eades
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Arben Dylgjeri, 56, also diedCredit: YouTube
BRITISH POLICE LINK-UP
A BRITISH bobby’s helmet takes pride of place on a shelf in the grand governmental office of Albania’s Interior Minister, Taulant Balla.
The gift from a visiting UK police delegation shows the commitment of both countries to forging closer links to fight organised crime.
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A British bobby’s helmet takes pride of place on a shelf in the grand governmental office of Albania’s Interior Minister, Taulant BallaCredit: Chris Eades
Mr Balla has had a series of meetings with UK ministers to thrash out ideas on how best to stop trafficking gangs.
One success has been the 90 per cent drop in the number of Albanians crossing the Channel in small boats.
And the no-nonsense politician – popular in Albania for an anti-drugs drive outside schools which has seen more than 800 dealers convicted – is confident of a similar result against the narco gangs.
Mr Balla said: “We have had good results in the fight against organised crime.
“We are working closely with Britain’s National Crime Agency and the Metropolitan Police, and we have some joint operations ongoing.
“I’m very happy that from the British side we are receiving a lot of expertise and are exchanging important data that is needed in bringing people to justice.
“Also, the work in seizing criminal assets is going very well.
“Houses and hotels we seize are being used for good purposes. And the Lamborghini that was seized will be used by our traffic police.
“My message to the organised crime gangs is – impunity time is finished. We are having a campaign against the fugitives.”
As he spoke, his mobile phone pinged with more good news – a message revealing the date that a wanted killer who had been on the run abroad would finally arrive home to face justice.
Albania’s fight against crime is a long, difficult one. But with the help of British police, they are finally reaping rewards.
Elsewhere on the menu, dishes are Australian-inspired and cooked over fire: juicy chargrilled Australian banana prawns; flavour-packed rack of lamb with black garlic and cocoa purée; and cauliflower steak with caramelised cauliflower purée, cacao vinaigrette and labne.
And of course, there’s a pretty stellar brunch menu too. Divided into sweet and savoury, stand-out dishes include ‘the Bondi’ (bacon, poached eggs, chilli and fennel sausage, mushrooms, avocado, house chilli pesto, charcoal sourdough); sweetcorn fritters with smashed avocado, poached eggs, peppers, feta and corn rib; and ‘award-winning banana bread sandwich’ with whipped mascarpone cream, fresh berries, flaked almonds and honey. Bottomless brunch is £49.90 per person, which includes one savoury and one sweet dish paired with 90 minutes of free-flowing own-brand fizz.
Melisa Coppola
Downstairs, there’s a bar and immersive art installation, Colony Room Green, a recreation of Soho’s infamous Colony Room Club. Head here for live music every Wednesday to Saturday (including from Cliff Slapper who worked with Bowie), where you’ll feel like you’re stepping back in time to Soho’s lost bohemia. Plus, you can sip on drinks at ‘2008 prices’ – yes please!
So, we’ll see you soon at Ziggy Green for a Bowie-inspired cocktail. Don’t forget to book a table before the rest of London cottons on.
We generally save the “before” images for the end of our articles, but in this case, it’s helpful and inspiring to see upfront the space pre-remodel. Take a look at this entirely drabby and exposed rooftop. If a tiny, depressing roof can be transformed into a private urban oasis, one that invites lingering and relaxation, then anything’s possible.
The incredible terrace makeover is the work of London-based landscape designer Lis Eriksson. Her client gave her free rein over the design but did have a few requests: 1) adequate shade as he is fair-skinned; 2) low-pollen plants on account of his allergies; and 3) flowers in shades of purple, his favorite color.
Above: The roof of the Victorian coach house pre-transformation. Skylights protruding onto the roof made it unusable for the homeowner. The entire space measures just 9 square meters (or 29.5 square feet).
After
Above: The client can now walk out directly onto a tranquil rooftop deck. Partitions composed of Sapele slats, lightly brushed with Rustoleum paint in Chalk, provide privacy.
Above: Everything, from the plant design to the custom built-ins, was designed by Lis. A pergola offers ample shade, as promised. “I also added a heater hanging from the pergola so that he can comfortably enjoy the space in the colder months,” she shares.
On March 12th, in Bucharest, Romania, a court agreed to Britain’s request to extradite internet celebrity Andrew Tate. However, they’ve decided to wait until the legal proceedings in Romania are concluded.
Following this decision, the court also ordered that Andrew and his brother Tristan be immediately released from police custody. They had been detained for a day while the court considered an arrest warrant from Britain.
The appeals court stated it would carry out the extradition once the criminal case in Bucharest is resolved. The Tate brothers were arrested on allegations of sexual aggression from 2012 to 2015, charges they strongly deny, according to their public relations team. The arrest warrant came from the Westminster Magistrates Court in London.
Screenshot from Youtube / WealthWave
Tate, who boasts 8.9 million followers on X, previously known as Twitter, has consistently argued that Romanian prosecutors lack evidence against him, suggesting a political plot aimed at silencing him.
Upon his release, Andrew Tate expressed his innocence and looked forward to clearing his name through the judicial process. he also posted an update on X: “The Matrix is afraid, but I only fear God.”
“The Matrix” is a term he has used in the past to describe what he sees as a conspiracy against him.
He also humorously noted that despite his previous requests to return to the U.K., which were denied, he now sees the extradition as good news.
British police have indicated that the Tate brothers are under investigation for rape and human trafficking and are collaborating with Romanian authorities on the case.
The Tate brothers’ legal counsel, Eugen Vidineac, welcomed the decision to delay extradition, seeing it as a chance for a full defense and transparent legal proceedings.
Andrew Tate, known for promoting a hyper-masculine lifestyle and amassing millions of followers, was charged in Romania last June along with his brother and two Romanian women.
The charges include human trafficking, rape, and forming a gang to exploit women sexually, all of which they deny.
The case is currently in a preliminary phase in the Bucharest court, which is determining whether to proceed to trial.
The Romanian legal system is experiencing delays, and a decision is pending.
The Tate brothers were in police custody from late December 2022 until April, under house arrest until August, and now under judicial control, which allows them freedom of movement within the country but prohibits them from leaving.
Romanian officials confiscated 15 high-end vehicles, 14 luxury watches, and various currencies totaling approximately 3.6 million euros ($3.9 million).
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2024.
Brendan Mcdermid | Reuters
LONDON — Global dividend payouts to shareholders hit a record $1.66 trillion in 2023, according to a new report by British asset manager Janus Henderson.
The Global Dividend Index report, published Wednesday, said payouts rose by 5% year-on-year on an underlying basis, with the fourth quarter showing a 7.2% rise from the previous three months.
The underlying figure adjusts for the impact of exchange rates, one-off special dividends and technical factors related to dividend calendars, along with changes to the index.
The banking sector contributed almost half of the world’s total dividend growth, delivering record payouts as high interest rates boosted lenders’ margins, the report found.
Last year, major banks including JPMorgan Chase, Wells Fargo and Morgan Stanley announced plans to raise their quarterly dividends after clearing the Federal Reserve’s annual stress test, which dictates how much capital banks can return to shareholders.
“In addition, lingering post-pandemic catch-up effects meant payouts were fully restored, most notably at HSBC,” Janus Henderson’s report added.
“Emerging market banks made a particularly strong contribution to the increase, though those in China did not participate in the banking-sector’s dividend boom.”
However, the positive impact from banking dividends was “almost entirely offset by cuts from the mining sector,” according to Janus Henderson.
The report noted that large dividend cuts by some major companies such as BHP, Petrobras, Rio Tinto, Intel and AT&T diluted the global underlying growth rate for the year by two percentage points, masking significant broad-based growth in many parts of the world.
It comes after the bank’s policymakers lowered their annual growth forecast, as they confirmed a widely expected hold of interest rates.
ECB staff projections now see economic growth of 0.6% in 2024, from a prior forecast of 0.8%. Their inflation forecast for the year was brought to 2.3% from 2.7%.
I drove out to Pennsylvania’s rural Amish country to see a man about a wagon. I was looking to nail down the answer to a question I’ve had since 2015 when I traveled to England on a work trip.
Back when I was motoring through London, very carefully, in a Mini Cooper, I wondered: Why was I driving on the “wrong” side of the road? I’m from the United States, which started as a bunch of former British colonies. We speak the same language, more or less. But we drive on opposite sides, sometimes with hazardous effects.
And the United Kingdom isn’t the only country, of course, to do it the other way. It turns out that about 30% of the world’s countries mandate left-side driving and another 70% or so stay to the right. How it got that way is a winding tale.
In Europe, Napoleon played a central role. In the US, Henry Ford often gets the credit, but that’s actually wrong. It goes much further back than Ford. Not only does traffic on the right pre-date cars, it pre-dates the establishment of the United States.
That’s how I ended up in a former tobacco drying barn in Conestoga, Pennsylvania, looking at a wagon – only a few days after I test-drove a Tesla Cybertruck, its modern electric descendant. John Stehman, whose family has farmed land in the area since 1743, met me. He’s president of the Conestoga Area Historical Society, and, as I had learned from research on the history of roads and driving, the Conestoga wagon was key to this whole story.
Wagon trains
These big wagons, with their tall, arched cloth roofs, became icons of America’s westward expansion as they carried the belongings of pioneers from the east out to the frontier. Back in the early 1700s, though, western Pennsylvania was the distant frontier.
Conestoga wagons were developed by local carpenters and blacksmiths to carry goods, including farm produce and items bartered from Native Americans, to markets in Philadelphia. Philadelphia was, at the time, one of the biggest cities in the colonies. The wagon driver could ride one of the horses or sit on a “lazy board” that slid out of the side of the wagon. But when more active control was needed, he walked alongside the horses, pulling levers and ropes.
An original 19th century Conestoga wagon at the Conestoga Area Historical Society in Conestoga, Pennsylvania in 2024. – Peter Valdes-Dapena/CNN
“He would give the verbal command, ‘Gee’, ‘Haul,’ or whatever, and they would hear that,” Stehman said. “He would also maybe tug on this [leather “jerk line”] once or twice.”
I imagined myself walking down a long dusty trail leading a team of horses pulling this blue-painted wagon. I’m right-handed, like most people. For just that reason, Conestoga wagons had the controls on the left side, close to the wagon driver’s right hand. That meant the driver was toward the middle of the road and the wagon to the right.
Eventually, there was so much trade and traffic between Lancaster County, Pennsylvania, and Philadelphia that America’s first major highway was created. The Philadelphia and Lancaster Turnpike Road opened in 1795. Among the rules written into its charter, according the book “Ways of the World ” by M.G. Lay, was that all traffic had to stay to the right – just like the Conestoga wagons did.
In 1804, New York became the first state to dictate traffic stay to the right on all roads and highways.
A Model T Ford in 1915. – Three Lions/Hulton Archive/Getty Images
Some people credit Henry Ford with standardizing US traffic on the right side of the road because, in 1908, Ford Motor Co. put the steering wheel on the left side of the hugely popular Model T. Really, though, Ford was just responding to driving habits that had been largely established long before.
The really weird thing is that most of the rest of Europe, besides Britain, drives on the right like Americans do.
Napoleon’s march through Europe
Why are the British outliers even on their own continent? Credit, or blame, the French.
Coloured engraving depicting pedestrians and carriages on the boulevards of Paris, France, around 1750. – adoc-photos/Corbis/Getty Images
The French revolutionary government under Maximilien Robespierre – best known for leading the late 18th-century “Reign of Terror” in which thousands were guillotined – dictated that everyone should drive on the right.
The left side of the road was, by long cultural convention, reserved for carriages and those on horseback. In other words, the wealthier classes. Pedestrians, i.e. poorer folks, kept to the right. Forcing everyone to the same side of the road, besides being good for traffic, was part of doing away with these snobby class distinctions.
The upper classes likely went along since, in those days, being seen as aristocratic was not only unfashionable, it was rather dangerous. (See above about guillotines.)
A street in Stockholm, Sweden, at 5 am. on September 3, 1967 when cars switched from left to right side driving. – Classic Picture Library/Alamy Stock Photo
The French policy is said to have been spread by Napoleon Bonaparte as his armies marched through Europe. Some evidence for this can be found by looking at a map of the Napoleonic empire in 1812.
There is one nation that was neither a subject or ally of Napoleon. That would be Sweden. Sweden drove on the left, up until one surprisingly uneventful day in 1967 when drivers there switched to the right.
London Bridge in 1872 filled with horses, carriages and pedestrians. As early as 1756, rules were enacted in London to regulate lane traffic. – Guildhall Library & Art Gallery/Heritage Images/Getty Images
Britain, literally, went the other way from France.
Historian Lay’s notion is that it had to do with the different types of conveyance used. There were fewer industrial-sized wagons in Britain, and more small carriages and individual horse riders. Horse riders preferred to stay to the left to keep their right hands toward oncoming traffic for greetings and, if needed, fighting.
William Van Tassel, AAA’s head of driver training, recommends that drivers take extra steps to concentrate when driving on the other side. For one thing, keep the radio off.
“I think it’s fine to talk to yourself, while you’re driving over there. That kind of forces you to be focusing on driving,” he said. “Okay, tight left or far right. Check for traffic from the right rather than the left. Whatever it is, whatever works.”
Pedestrian crossings in London, England, in September 2009. People visiting from other countries might have to remember to look for traffic coming from the opposite direction than they’re accustomed to. Avis gives out bracelets to remind car renters which side to take. – Yevgenia Gorbulsky/Alamy Stock Photo
At Avis Budget Group, which rents lots of cars to Americans driving in the UK, rental agents make sure to remind customers about driving on the left. They take other steps, too.
“In addition, all of our vehicles throughout the UK have ‘Drive on the left’ stickers and in major locations we hand out Drive on the left wristbands, which we advise our customers to always wear on the left wrist as a reminder of which side of the road to drive,” Avis Budget said in a statement.
AAA’s Van Tassel also recommends having a passenger along as another pair of eyes, something that helped me when I was driving there, although I occasionally terrified her.
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WANTED: Kate Middleton, The Princess of Wales, presumed kidnapped by King Charles and the Royal Family unless returned to our TV screens immediately.
I’m not one to follow the Royal Family — all I know is that Queen Elizabeth may be reincarnated into Trisha Paytas’ baby, Malibu Barbie, and they presumably disappeared Princess Di. And while my phone didn’t scream with a missing persons report, my Twitter (X?) timeline is all ablaze with conspiracies about what happened to Kate.
Amidst confirmation that King Charles III is battling cancer, followers of the Royals have noticed a peculiar missing piece at certain public events: Prince William’s wife, Kate. While William made a last-minute appearance at Greece’s King Constantine II’s funeral, Kate was noticeably absent. According to Vanity Fair,
Middleton, 42, has been recovering from her procedure at Adelaide Cottage, the couple’s residence at the royal family’s Windsor Castle estate, since she was discharged from a London hospital after a week-plus inpatient stay following the surgery.
And while we hope the Princess of Wales is in good health, the people of the internet have been making their own assumptions about what happened to Kate Middleton. Since we can’t help but speculate, social media users have tossed about ideas like she’s waiting out a bad haircut, she’s gotten plastic surgery, she’s run away to live in America, the list goes on…
Across the pond at Buckingham Palace, sources claim it was planned abdominal surgery (and we hope she’s safe and healthy)…but if we chose to believe everything the Royals said, we wouldn’t have The Crown.
Fast-fashion company Shein is considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US, according to people with knowledge of the matter.
Shein, which was founded in China but is now headquartered in Singapore, is in the early stages of exploring the London option as it has judged it unlikely that the US Securities and Exchange Commission will approve its IPO, the people said, asking not to be identified discussing confidential information.
Shein is still working on its application to list in the US as its preferred location, the people said. It would need to file a new overseas listing application with Chinese regulators if it decided to switch to London or elsewhere, they added. Other venues including Hong Kong or Singapore may also be considered, two of the people said.
A representative for Shein declined to comment.
A listing in London would be a potential boon to the beleaguered market, after one of the worst years for IPOs in its modern history. Just about $1 billion was raised in the UK via IPOs last year, the lowest level in decades, according to data compiled by Bloomberg.
The UK is also struggling to stem an exodus of firms to the US and elsewhere. Chip designer Arm Holdings Plc spurned London for a New York IPO last year even after the UK government lobbied for a domestic listing by the Cambridge, England-based company. Already-listed companies are migrating abroad, with TUI AG shareholders voting earlier this month to delist from the London Stock Exchange and move trading primarily to Germany.
Small and Rare
US IPOs by Chinese companies have mostly been small and rare in the years since Didi Global Inc. was forced off the boards in New York, part of a crackdown that essentially closed the market to first-time share sales by Chinese firms. Amer Sports Inc.’s $1.6 billion offering in February was the biggest China-backed IPO to tap the US market since Didi raised $4.4 billion in 2021, and the first to raise more than $200 million in that time.
Shein has been subject to scrutiny from the US, with Senator Marco Rubio among those asking the SEC to block its listing, saying the company needs to disclose more about its operations in China. Last year, a member of the US Congress asked for a probe into Shein’s cotton supply from Xinjiang. US-China trade tensions have also been simmering for years.
A pioneer of ultra-fast fashion with items such as shirts and swimsuits for as little as $2, Shein filed last year for a US IPO aiming for a valuation of $80 billion to $90 billion, people familiar with the matter said at the time. Private trades in late 2023 valued the company much lower, at about $50 billion.
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Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019.
Anthony Kwan | Bloomberg | Getty Images
HSBC‘s full-year 2023 pretax profit missed analysts’ estimates on Wednesday, hit by impairment costs linked to the lender’s stake in a Chinese bank, sinking its London-listed shares as much as 7%.
Europe’s largest bank by assets saw its pre-tax profit climb about 78% to a record $30.3 billion in 2023 from a year ago, according to its statement released Wednesday during the mid-day trading break in Hong Kong. That missed median estimates of $34.06 billion from analysts tracked by LSEG.
Chief Executive Noel Quinn also announced an additional share buyback of up to $2 billion to be completed ahead of the bank’s next quarterly earnings report. HSBC also said it would consider offering a special dividend of 21 cents per share in the first half of 2024 after it completes the sale of its Canada business.
With the highest full-year dividend per share since 2008 and three share buy-backs in 2023 totaling $7 billion, Quinn said the bank returned $19 billion to shareholders last year.
Quinn’s remuneration doubled to $10.6 million in 2023 from $5.6 million the year before, boosted in part by variable long-term incentives since his appointment in 2020.
HSBC suffered a “valuation adjustment” of $3 billion on its 19% stake in China’s Bank of Communications, Quinn said. In an interview with CNBC following the earnings release, he said this is “a technical accounting adjustment” and “not a reflection” on BoComm.
This write-down was among the items that plunged the bank’s fourth-quarter pretax profit by 80% to $1 billion from a year earlier.
HSBC’s Hong Kong shares reversed gains of about 1% after trading resumed, falling as much as 5%. The benchmark Hang Seng Index was up about 2%. Shares in London were down around 7% in early deals, set for their biggest one-day drop since 2020, according to Reuters.
HSBC shares
Here are the other highlights of the bank’s full year 2023 financial report card:
Revenue for 2023 increased by 30% to $66.1 billion, compared with the median LSEG forecast for about $66 billion.
Net interest margin, a measure of lending profitability, was 1.66% â compared with 1.48% in 2022.
Common equity tier 1 ratio â which measures the bank’s capital in relation to its assets â was 14.8%, compared with 14.2% in 2022.
Basic earnings per share was $1.15, compared with the median LSEG forecast for $1.28 in 2023 and 75 cents for 2022.
Dividend per ordinary share was 61 cents â the highest since 2008 â compared with 32 cents in 2022.
HSBC, which has a second home in Hong Kong, said it was focusing on the fastest growing parts of Asia, a continent where the bank makes most of its profits.
In an earnings briefing to investors and analysts, the bank said it has completed the sale of its businesses in France, Oman, Greece and New Zealand, and was in the process of exiting Russia, Canada, Mauritius and Armenia.
The bank flagged two key macroeconomic trends: declining interest rates as inflation ebbs â a development that could eat into its interest income; and a continued reconfiguration of global supply chains and trade.
“International expansion remains a core strategy for corporates and institutions seeking to develop and expand, especially the mid-market corporates that HSBC is very well-positioned to serve. Rather than de-globalizing, we are seeing the world re-globalize, as supply chains change and intraregional trade flows increase,” Quinn said in the earnings statement.
The bank is targeting a mid-teens return on tangible equity for 2024, which was about 14.5% last year.
HSBC said it will be focusing on an expansion of non-interest income revenue sources via its wealth and transaction banking business. It is expecting banking non interest income of at least $41 billion in financial year 2024.
HSBC said it’s cautious about the loan growth outlook for the first half of 2024 amid economic uncertainty, expecting a mid-single digit annual percentage growth over the medium to long term.
