The completion of negotiations on the Trans-Pacific Partnership trade deal by the 12 countries involved is just the beginning of the process that President Barack Obama will have to follow to get the agreement approved by Congress. The agreement, which is expected to benefit the US financial industry, has vocal and well-organized supporters and critics. Congressional aides don't expect lawmakers to start voting on the proposal until April.
Downtown Chicago is benefiting from decisions by ConAgra Foods, Kraft Heinz and Motorola Solutions to consolidate operations and move their headquarters to the city's core. Chicago's downtown vacancy rate is less than 13% for the first time since 2008, and it is a full percentage point lower than a year earlier, according to CBRE.
A special report found that activism may help a company's performance in some circumstances but not in others. Ultimately, it may be best for companies to analyze activists' demands on a case-by-case basis.
The Organization for Economic Cooperation and Development has published an overhaul of corporate tax rules meant to stop companies from using a technique known as "profit shifting" to move profits to low-tax jurisdictions. The rules are expected to help governments recoup as much as $240 billion in lost revenue annually.
Extra Space Storage has closed its $1.4 billion merger with SmartStop Self Storage. With the deal done, Extra Space has a 1,335-asset portfolio consisting of 885,000 units in 36 states and the District of Columbia.
US equity REITs outperformed the S&P 500 in September, according to NAREIT data, which showed the FTSE/NAREIT All REIT Index rising 1.9%. The S&P 500 Index lost 2.5% last month. This is the third month in a row that REITs have outperformed the S&P 500. "The most important factor for all real estate is the state of the overall US economy," NAREIT’s senior vice president for research and industry information, Brad Case, told GlobeSt.com. "I continue to be optimistic about macroeconomic growth, which continues to increase demand for real estate."
For the first time, the US Treasury Department sold a three-month security with a zero yield. The willingness of the buyer to essentially give the government a free loan for three months reflects diminishing expectations that the Federal Reserve Bank will raise interest rates this year.
The housing sector's biggest problem today is that it can't find enough laborers -- despite the low 62% participation rate in the labor force, says Starwood Capital CEO Barry Sternlicht.
Wal-Mart US CEO Greg Foran set an ambitious timetable for making the company's 4,600 US stores easier to shop, and embarked on a schedule of surprise visits to find problems and fix them. The retailer said it has met its Oct. 1 deadline on some fronts, including shortening checkout lines, but it's still working on cutting costs and on Friday the company announced 450 job cuts at headquarters.
Target will begin rolling out Apple Watches at some stores this week, and the gadgets will be on sale at Target.com and all 1,800 US stores by the end of the month, the retailer said Friday. Shoppers will have 20 models to choose from, with prices ranging from $349 to $599.
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