May, 2016

• 29 May

  RXR Realty’s CEO steps down as Port Authority VC

  

    Bloomberg Scott Rechler, chief executive officer of RXR Realty LLC, is stepping down as vice chairman of the Port Authority of New York and New Jersey after almost five turbulent years as New York Governor Andrew Cuomo’s top appointee at the agency. Rechler, 48, will be replaced by Steven M. Cohen, who formerly served as Cuomo’s senior-most adviser. Rechler ...

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• 29 May

  New York REIT plunges after merger doubts

    Bloomberg New York REIT Inc. shares had their biggest drop since they began trading more than two years ago after analysts questioned whether the planned sale of the company to closely held JBG Cos. is in the best interest of investors. “The jury is out and New York REIT’s board owes its shareholders a lot more transparency quantitatively why ...

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• 29 May

  Live the Tuscan life in Greenwich, Conn. by shelling out $13 million

  

    Bloomberg In 1900, two years before he would be named the president of American Radiator (the predecessor to American Standard), Clarence Wolley built a Tuscan-style estate in Greenwich, Conn. Now its latest owners, Andrew and Judith Ban, entrepreneurs who founded the wholesale jewelry line Leslie’s Jewelry, are putting the house on the market for $12.995 million after living in ...

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• 29 May

  China City Construction to repay yuan debt early

    Bloomberg China City Construction Holding Group Co., whose recent shareholder change triggered early redemption of its debt, will buy back its 2.5 billion yuan ($382 million) offshore yuan bond before maturity on June 20. Its 2.5 billion yuan notes maturing 2017 jumped 1.5 yuan to 96.3 yuan, the biggest gain since May 9. That leaves it set for the ...

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• 29 May

  Luxury brands struggle to attract Internet generation

  

    San Francisco / AFP Seducing hyper-connected “Millennials” poses an increasing challenge for luxury brands, which find their markets slowing as young, skeptical consumers force them to rethink strategies. Goldman Sachs estimates that 92 million Americans are in the Millennial generation — born between the early 1980s and the 2000s — surpassing the famed cohort of postwar Baby Boomers who are ...

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• 29 May

  ‘Home-made’ faults in A400M, admits Airbus

  

    Frankfurt / AFP Airbus chief Tom Enders conceded in a newspaper interview on Sunday that some of the “massive problems” dogging the European airplane manufacturer’s new military transporter, the A400M, were of the group’s own making. “We underestimated the engine problems,” Enders told the Sunday newspaper Bild am Sonntag. At the start of the programme, Airbus had “let itself be ...

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• 29 May

  Lufthansa to halt flights to Venezuela from June 17

  

    Frankfurt / AFP German airline Lufthansa said on Sunday it will suspend flights to Venezuela from next month owing to the economic crisis in the country. “We have decided to suspend the service between Frankfurt and Caracas for the time being as from June 17,” a company spokesman said. The service, three times a week, was Lufthansa’s only flight between ...

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• 29 May

  Cyprus airline to start Greece, UK flights

  

    Nicosia / AFP A Cyprus-based budget airline, Cobalt, announced it will launch passenger flights to Greece and Britain from June. Cobalt said it was granted an Air Operator Certificate after a successful test flight with its first Cyprus-registered Airbus A320 from Larnaca to Heraklion in Greece. Its chairman, Gregory Diacou, said the carrier will begin flights to Athens on June ...

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• 29 May

  Tesco tries to charm shoppers it angered

  

    London / Bloomberg A weekly letter from Tesco Plc’s U.K. chief executive officer, posted in break rooms of the retailer’s 3,500 domestic stores, praises employees who go out of their way for customers. Recent examples include everything from fixing a motorist’s flat tire to collecting corporate memorabilia for a fan. During its rise to the top of British grocery ...

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• 29 May

  Tragic tales of unsaid farewells

  

    The Hague / AFP Nameless migrants laid to rest in unmarked scrubland, murder victims dumped in mass graves, desperate searches for the missing after natural disasters. Around the world, millions of families wait in vain to bury their dead. “You cannot close the book on the life of a loved one if you do not know the truth, or ...

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