PPCC: Pisitófilos Creditófagos. Otoño 2023

[Derby]

https://www.bloomberg.com/news/articles/2023-11-20/airbnb-to-face-new-curbs-in-canada-with-rental-tax-rule-change#xj4y7vzkg

Airbnb to Face New Curbs in Canada With Rental Tax Rule Change

Finance Minister Chrystia Freeland will announce tax changes designed to curb the use of Airbnb Inc. and other short-term rental services in regions of Canada where those platforms are restricted, according to media reports.

The measure will be part of Freeland’s fall economic statement on Tuesday, according to reports in Montreal’s La Presse and the Toronto Star. The government will prohibit property owners from deducting expenses on short-term rentals in areas where those services are already limited by other levels of government, the news outlets said.(...)

According to the Toronto Star, Property owners in areas that already restrict short-term rentals will no long be able to claim their rental expenses against the income they make, a senior federal official told the Star, in a bid to take away the incentive to flout local restrictions and list properties on platforms like Airbnb.

“This is going to change the financial equation,” the official told the Star.

The new tax measures are expected to be announced on Tuesday and take effect on January 1, 2024.

[Derby]

https://www.bloomberg.com/news/articles/2023-11-20/fir-tree-flags-potential-pitfalls-in-landlord-sbb-s-bond-buyback

Fir Tree Flags Potential Pitfalls in Landlord SBB’s Bond Buyback

*Hedge fund says investors may end up waiving claims on firm
*Fir Tree previously has said SBB is in breach of bond terms

US hedge fund Fir Tree Partners has called for clarity on SBB’s recent offer to buy back a portion of its outstanding bonds, weeks after claiming the Swedish landlord was in breach of debt terms and demanding repayment.

“Unclear” language in the tender offer means any investor participating could be inadvertently agreeing to waive their claims against Samhallsbyggnadsbolaget i Norden AB, as the company is officially known, Fir Tree said in a letter to other bondholders.

Typically in tender offers, noteholders agree to waive rights for any bonds that have been repurchased. But Fir Tree claims the language of SBB’s offer is phrased in such a way that the waiver could stand even for notes that haven’t been submitted, or if SBB decides against purchasing the bondholder’s notes at the end of the process.

“Any waiver and release could materially prejudice a Noteholder’s rights to pursue remedies against SBB in relation to an Event of Default,” Fir Tree wrote.

SBB representatives could not be reached for comment when contacted by Bloomberg News.

SBB launched the tender offer last week, offering to buy back up to €600 million ($656 million) of notes using the proceeds of a transaction with Brookfield Asset Management. S&P Global ratings warned that certain repurchases could be viewed as distressed, if prices end up being far lower than originally promised to investors.

Bondholders accepting the offer must do so by 4 p.m. London time on Nov. 22.

As well as questioning the overall rationale for the tender offer, Fir Tree criticized SBB’s offer to buy back hybrid bonds, whose coupon payments can be deferred as long as no dividends are paid.

“SBB should be focusing exclusively on addressing its near- and longer-term senior obligations,” Fir Tree said in the letter. SBB “appears to be committed to devoting its scarce resources to try to preserve equity value by retaining its ability to issue dividends to shareholders.”

[Suavesito_Papi]

[ Que no nos vamos a reir ... ... ... No, que va.  ]

Si las consecuencias fueran puramente inmobiliarias, pero ¿será así?

[sudden and sharp]

El meme va de bolsa.

Pero sí. Si no has terminado de pagar el inmueble (Not yet purchased) te pueden pedir más garantías, por ejemplo.









[ Que no nos vamos a reir ... ... ... No, que va.  ]

Si las consecuencias fueran puramente inmobiliarias, pero ¿será así?

[Derby]

https://www.businessinsider.com/tech-workers-say-ai-is-overrated-study-finds-2023-11

More than half of tech workers think AI is overrated, study finds

(...) For a November report, Retool, a software company, surveyed more than 1,500 tech workers — software engineers, product folks, designers, business leaders, and execs — across industries to understand how they feel about the current state of AI.

More than half of the tech workers surveyed — 51.6% of respondents — say that AI is overrated, the researchers found.

Their skepticism around AI may be, in part, because there simply isn't enough evidence to show how AI can have monumental impacts for businesses, whether that's gains in productivity or higher quality work, David Hsu, the CEO and founder of Retool, said.

"Bigger picture, a lot of people haven't found business use cases yet, or the "killer" AI solution that really transforms their work," Hsu told Insider in an email.

Respondents who find AI to be overrated, Hsu said, don't feel like they can totally rely on AI at its current state. Crafting a ChatGPT prompt that produces a desired output takes time, he said, and AI chatbots tend to spit out inaccuracies, which could discourage workers from using the technology in their jobs.

"AI sounds great until the rubber hits the road, and it turns out that preventing hallucinations is hard, and if you can't guarantee accuracy… AI isn't very useful," Hsu said.

Still, the attitudes around AI hype were found to vary based on a worker's role. Employees in non-managerial roles across all levels skewed slightly more towards thinking AI was overrated, while those in upper management roles like the C-suite had more favorable views. Business leaders may want to pursue AI as a way to cut costs, keep up with competitors, and generate more revenue, per the study.

Even though some tech workers are skeptical of AI, only 14.4% of those who deemed AI to be fully overrated said their employers were over-investing in the technology. Workers, Hsu said, want to be able to reap the potential benefits of AI — but only once the technology has matured.

"Absolutely, they are skeptical, but that doesn't mean they don't also see potential," Hsu said in regards to AI. "But as the space evolves, and as we start to see more real, effective use cases in production, sentiment will probably evolve too."

Retool's findings on AI come as workers across tech use AI tools like ChatGPT to write code, analyze data, and troubleshoot bugs.

While some business leaders believe that AI has the power to disrupt industries and potentially replace jobs, others are more skeptical about the technology's impact.

"Artificial intelligence is very important, but there's a lot of crazy hype on the subject," Charlie Munger, an American billionaire investor, said during a conference in October.

"Artificial intelligence is not going to cure cancer. It's not going to do everything that we want done."

[Derby]

https://www.msn.com/en-us/money/companies/china-drafts-list-of-50-property-firms-eligible-for-funding/ar-AA1kdE5x

China Drafts List of 50 Property Firms Eligible for Funding

(Bloomberg) -- Chinese regulators are drafting a list of 50 developers eligible for a range of financing, according to people familiar with the matter, the nation’s latest effort to put a floor under the property crisis.

China Vanke Co., Seazen Group Ltd. and Longfor Group Holdings Ltd. are among companies that have been named in a draft of the so-called white list, the people said, asking not to be named because the matter is private.

The list, which includes both private and state-owned developers, is intended to guide financial institutions as they weigh support for the industry via bank loans, debt and equity financing, the people said. It couldn’t be determined which other developers were included on the draft list.

The yet-to-be-finalized list would expand on previous rosters created by banks that only focused on some “systemically important” state-backed firms. It underscores Beijing’s growing concerns about the sector following record defaults, a swathe of unfinished apartments and a deep contraction in real estate investment that threatens to derail growth in the world’s second-largest economy.

Some Chinese builders’ dollar bonds rallied after the report. Vanke’s 3.5% note due 2029 climbed 3.9 cents on the dollar, set for the biggest jump in two weeks, according to data compiled by Bloomberg. Longfor’s 3.85% note due 2032 rose 3.2 cents, while Seazen’s 4.8% bond due 2024 climbed 2.2 cents.

China’s biggest banks, brokerages and distressed asset managers were told to meet all “reasonable” funding needs from property firms at a Friday gathering with the top financial regulators, according to a government statement that didn’t mention a white list. Financial firms were also asked to “treat private and state-owned developers the same” when it comes to lending.

At the same event, regulators asked banks to ensure that loan issuance to private builders grows at the same rate as the industry average, people familiar with the matter said. China’s outstanding property loans at the end of September fell on a yearly basis for the first time, underlining stress in the sector.

The People’s Bank of China, the National Administration of Financial Regulation, Seazen and Longfor didn’t immediately respond to requests for comment. Vanke declined to comment.


China Outstanding Property Loans Record First Drop | A slew of policies fail to arrest the slump in the property sector
© Source: Bloomberg calculations based on People's Bank of China data

China’s housing crisis remains a serious drag on the economy, even though other indicators such as industrial production recorded some improvement in recent months.

Instead of a bazooka, China has resorted to a trickling of policies to address property funding and sales challenges. They include mortgage-easing for homebuyers, down-payment reductions, income tax rebates, a push for urban infrastructure upgrades and affordable housing, and a 200 billion yuan special loan pledge to ensure projects are delivered. The measures however have failed to reverse the slump in the sector.

The real estate industry contracted 2.7% in the third quarter, the biggest drop this year. Home prices declined the most in eight years in October.

“The results so far are disappointing, because these measures mainly focus on boosting demand but overlook the supply side, namely, the financing needs of developers,” Macquarie Group Ltd. economists led by Larry Hu wrote in a Nov. 17 note. “A key thing to watch is whether and when policymakers would take bolder actions.”

[asustadísimos]

EN TODA ESTA ÉPOCA, LAS SITUACIONES DE GRAN EMERGENCIA VAN A SER NECESARIAS.—

La mayor situación de emergencia es la guerra. La guerra tiene la 'ventaja', repugnante, de toda apocatástasis (Orígenes): tras la devastación no cabe otra que 'crecer'.

Nosotros pecamos de suaves (hasta ahora) cuando decimos que el sistema capitalista está cambiando su patrón Producción-Renta-Gasto, abandonando el modelo popularcapitalista por otro con más elementos de planificación central y fiscos y monedas estables.

En realidad lo que está pasando es que el capitalismo, que es brutal, está imponiendo el CAPITALISMO DE ESTADO (como, p. ej., ya goza de él la potencia triunfante que es Rusia, que está usando Ucrania para entrenarse, mofándose de la impotencia aliada).

Lo hace para no perder terreno ante el COMUNISMO DE 4.ª GENERACIÓN, el reformado, el de los años 2000, posterior a la retrocesión de Hong Kong, el del PCCh de Hu Hintao, el del «desarrollo científico y la sociedad armoniosa», el del liderazgo mundial en divisas, el creador del grupo BRICS en contra de EEUU.

A los atribulados obreros-capitalistitas, con sus fantasías animadas de ayer y hoy popularcapitalistas y sus jueguecitos de dinero-sin-trabajar, ¡que les den morcilla!

Milei es un ejemplo perfecto. Milei es un troll impresentable. El capitalismo estaba cumpliendo el ortograma en Argentina. Milei ha sido inflado por los resentidos en edad no productiva (viejos y jóvenes), como en España ha sucedido con Podemos y Vox, o en Reino Unido con los 'brexiters', todo para molestar al 'statu quo', al 'pendant' izquierda-derecha.

El jueguecito de dinero-sin-trabajar más popular de Argentina es el tipo de cambio del dólar con la moneda nacional —con la que se pagan impuestos, y se pagan salarios y pensiones—. El dólar funciona en Argentina como el ladrillo en España: los capitalistitas creen gozar de un instrumento —que confunden con el capitalismo— para redistribuir la Renta a su favor. Dolorosamente, el sistema estaba consiguiendo doblegar la estafa reduciéndola al absurdo, haciendo ver su sinsentido. El Estado pospopularcapitalista estaba ya en marcha en Argentina y las políticas de Estado del Bienestar ya se percibían como mecanismo de compensación fundamental. Estas elecciones ganadas ayer por Milei han desandado de golpe lo recorrido, demostrando que el país es más subdesarrollado de lo que su sociedad se cree y que carece de cohesión social suficiente.

Argentina es una Nación sociológicamente demasiado escorada a la derecha y estúpidamente proanglo. Otro día analizaremos por qué. Digamos en supersíntesis que el fundamento de su economía solo es agrícola y ganadero.

La mayor dificultad para el ortograma capitalista actualmente es harto conocida en España: los asalariados y pensionistas que se creen capitalistitas se echan al monte resentidos contra el sistema, en particular, contra eso que llaman la casta, según ellos, una amalgama de 'parvenus' y 'rojos-de-mierda'.

En España, tenemos controlada a la bestia gracias a estar en la eurozona. Pero Argentina está sola. Y se le ha desbordado el resentimiento.

En el imperio, Argentina es periferia. No es metrópoli, como Reino Unido. Argentina no tiene sustancia para aguantar un fenómeno  como el 'bréxit'. Ya lo hemos visto en el Brasil de Bolsonaro. Argentina tiene el problema añadido de la indigencia e impotencia de Milei, que carece de 'vis' militar y policial, y vinculación con la oligarquía. Si Bolsonaro no tuvo apoyo de EEUU en el momento álgido del brexitrumpsimo, excuso decir el que va a tener Milei extemporáneamente y, encima, con un experimento estúpido: abrazar la farola de unas ideítas de hace siglo y medio, cuando, ante el avance del movimiento obrero científico, unos charlatanes oportunistas desempolvaron el viejo liberalismo —padre del anarquismo colectivista— para trufarlo de elementos fétidos que acabarían siendo fascistoides: la libertad negativa («tu respeto irrestricto a mí»); la no-igualdad natural («juzguemos distinto al anormal»); y la indiferencia mutua (el hipotético carácter 'odioso' de la justicia social).

Milei, troll abrazafarolas

Es lógico que nadie cabal quiera hacer piña con el mayor gafe de la historia, que cree ser una combinación de lo mejor de Maradona y Juan Bautista Alberdi, por cierto, ambos socialistas.

Los cuarteles generales del capitalismo no quieren mesías minarquistas al mando de las administraciones públicas ni en la transición de modelo ni mucho menos después, sino políticos intervencionistas profesionales gestores de grandes emergencias. Porque las GRANDES EMERGENCIAS, una detrás de otra, son al mismo tiempo JUSTIFICACIÓN Y 'LEIT MOTIV' de las políticas fiscales y monetarias masivas sin las que es posible gestionar el elefantiásico capitalismo de Estado. El ortograma capitalista dicta reprimir la economiita de mercadillo, y ARGENTINA DESAFINA, aparte de que cuando se consolide esta herida en sus instituciones, la sanación va a tardar años.

No va a haber un céntimo del mundo para Argentina, ni de un lado ni del otro. ¿Acaso ven ustedes a Trump o Musk invirtiendo en pesos argentinos? ¿O China empleando su ahorro en dar la cara por la deuda de un Estado desalineado con sus intereses, malísimo ejemplo para todos los países que ya pastorea?

Argentina puede darse ya fuera de BRICS+ y del OBOR 2049, y lejísimos de quienes ganaron la guerra de Las Malvinas, que ya tienen bastante con cargar con El Salvador y Ecuador. Argentina se ha alejado incluso de España. Su proyecto solo es apoyado por frikis marginales.

Que Dios ampare a Argentina. Como en el bréxit, el trumpismo y el 'procés', la culpa de todo lo que pase la tiene el cabildeo contestatario conservador, no el pueblo argentino, muerto de hambre, que ha votado a la desesperada.

Finalmente, la mala noticia argentina encaja como un guante en los eventos propios de lo que llamamos Catacrack, la inflexión definitiva de la transición estructural del popularcapitalismo al capitalismo de Estado. A nosotros, españoles, nos duele emocionalmente lo que pase en Argentina, pero al mundo le importa poco. Ni siquiera Israel querrá saber nada, como ha pasado con Ucrania, por mucho que Milei se adorne con el gesto ladino de viajar allí y a EEUU antes de asumir el cargo, mero postureo para seguir con su estafa política, dando a entender que tiene esos apoyos, cuando es un impostor apestado imitador de Trump, otro donnadie como él.

[CHOSEN]

Ojo que al menos tiene una cosa buena: cuando el artefacto reviente, no hará nada por salvar a los jugadores.
...Todo lo contrario que hicieron Zapatero, Rajoy y Sánchez aquí en España, cuando ya era evidente que la competitividad de España venía lastrada por el coste de la vivienda. No solo eso, sino que se lanzaron planes de re-adoquinado sobre aceras existentes por valor de miles de millones de euros. Pura planificacion socialista. Porque la PPSOE es un partido socialista y de eso no nos libra nadie.
Al menos una cosa sabemos que me tranquiliza: da igual lo que hagan porque el futuro no depende de sus acciones. Aunque nos estén jodiendo bien jodido el presente.
Milei sería el fuego.
Queda ver quien es el azufre.

El Tribunal de Cuentas publicó un informe en 2014 en el que criticaba duramente el Plan E afirmando que presentó pérdidas de hasta 7 800 millones de euros y que incurría en numerosas iregularidades en su aplicación, entre las cuales destacaba que "no siguió el criterio establecido en la normativa contable relativa a los fondos carentes de personalidad jurídica". Además criticó que los criterios para la adjudicación de contratos eran "excesivamente genéricos e imprecisos" llevándose a cabo la misma "sin publicidad alguna y de forma directa", así como que solo un 15% de las entidades dio prioridad al empleo como criterio de reparto, destacando que los compromisos de creación y mantenimiento de empleo no se habían cumplido y que además la duración de los contratos de muchos de los trabajadores fue muy corta a pesar de que cada empleo costó unos 160 000 euros al erario público.[7]​[8]​ El informe concluía que "en la inmensa mayoría de los casos no se abordaron nuevos proyectos, ni se crearon empleos, ni mejoraron los municipios."[

[errozate]

El jueguecito de dinero-sin-trabajar más popular de Argentina es el tipo de cambio del dólar con la moneda nacional —con la que se pagan impuestos, y se pagan salarios y pensiones—. El dólar funciona en Argentina como el ladrillo en España: los capitalistitas creen gozar de un instrumento —que confunden con el capitalismo— para redistribuir la Renta a su favor.

Asustadísimo más grande que nunca.

[Benzino Napaloni]

Ojo que al menos tiene una cosa buena: cuando el artefacto reviente, no hará nada por salvar a los jugadores.

A ver, a ver... que los políticos son maestros en el arte de Donde dije digo digo Diego. No es tan fácil tenerlos cuadrados cuando la turba se siente atacada. Meloni prometió fuego y azufre contra la inmigración y más cosas, y al final ha salido de centro derecha tranquilita cuando se la ha pegado contra la realidad. Incluso un señor que hace tiempo inauguraba pantanos más de una vez se bajó los pantalones (sin que se notase mucho, eso sí) cuando se le plantó un poco de cara. Huelga de tranvías de Barcelona, el Proceso de Burgos, etc.

Otra cosa es que llegado el momento Milei no tendrá recursos para evitar ese colapso ni aunque quiera abrazar el kichnerismo más recalcitrante.

[Suavesito_Papi]

El meme va de bolsa.

Pero sí. Si no has terminado de pagar el inmueble (Not yet purchased) te pueden pedir más garantías, por ejemplo.

No pago hipoteca ni alquiler, ni tengo rentas, salvo  depósitos.

[sudden and sharp]

El meme va de bolsa.

Pero sí. Si no has terminado de pagar el inmueble (Not yet purchased) te pueden pedir más garantías, por ejemplo.

No pago hipoteca ni alquiler, ni tengo rentas, salvo  depósitos.

Estupendo.

[Derby]

https://www.wsj.com/real-estate/commercial/office-landlords-cant-get-a-loan-anymore-ee8a0b08

Office Landlords Can’t Get a Loan Anymore

Owners are scrambling to pay back lenders, throwing in more cash or facing default

The office sector’s credit crunch is intensifying. By one measure, it’s now worse than during the 2008-09 global financial crisis.

Only one out of every three securitized office mortgages that expired during the first nine months of 2023 was paid off by the end of September, according to Moody’s Analytics.

That is the smallest share for the first nine months of any year since at least 2008 and well below the nadir reached in 2009, when 47% of these loans got paid off. That share is also well below the rate before the pandemic, when more than eight out of every 10 maturing securitized office mortgages were paid back in some years.

While the numbers cover only office mortgages packaged into bonds—so-called commercial mortgage-backed securities—they reflect a broader freeze in the lending market for office buildings.

Many office owners can’t pay back their old loans because they can’t get new mortgages. Remote work and rising vacancies have hit building profits, making it harder to pay interest. Higher interest rates have pushed debt costs up and building values down.

That combination is fueling a rise in defaults. The share of office CMBS loans that are delinquent has tripled over the past year to 5.75%, according to Trepp. It doesn’t help that many banks no longer issue new office loans and that many insurance companies and debt funds have become more cautious.

“People just don’t want to touch it," said Alex Killick, managing director at CWCapital, a company that handles troubled CMBS loans.

The office sector relies on a steady stream of debt. Landlords typically buy buildings with big mortgages, and when they mature they pay them off by taking out new loans or by selling. That worked well when buildings were full and loans cheap and plentiful: In the first nine months of 2019, for example, 88% of CMBS office loans were paid off when they matured, according to Moody’s Analytics.

As interest rates and vacancies rose, that share dropped to 71% in the first nine months of 2022 and to just 31.2% this year.

Many banks are trying to reduce their exposure to the struggling office sector, and the easiest way to do that is to not issue any new loans. Insurance companies also lend less, and borrowing from bond markets means accepting much smaller loans at much higher rates, leaving landlords with too little money to pay off their old loans, said Michael Gigliotti, co-head of the New York office at brokerage JLL Capital Markets.

“It’s very hard to get done," he said. Selling buildings to pay back mortgages is also tough because prices are down and buyers can’t get loans, either.

Not all troubled mortgages are headed for foreclosure. About half the CMBS office loans that didn’t get paid off in the first nine months of this year ended up in default, but the other half got extended or otherwise modified, according to Moody’s. Often, lenders don’t want to take over struggling buildings and are willing to extend loans for a while at higher interest rates as long as landlords throw in cash to pay them down.

“So far, the borrowers have been willing to put in money," said Kevin Fagan, head of commercial real-estate economic analysis at Moody’s Analytics.

Killick said CWCapital recently extended a Denver office loan after the landlord agreed to set aside more cash to pay for building out floors and other lease-related expenses. But in many other cases, the lender and borrower don’t reach a deal.

In 2018, Kushner Cos. and RFR Realty borrowed $480 million against four Brooklyn office buildings, including $180 million in CMBS debt. The most senior part of the mortgage had an interest rate of just 4%, according to the bond prospectus, and the buildings were 94% occupied.

By 2023, occupancy had slipped to around 78%, partly because co-working company WeWork moved out, according to data from Trepp. When the balloon mortgage came due in September, the owners didn’t pay it off and defaulted.

“The borrower engaged various lenders to secure financing but was unable to obtain any loan commitments," the company handling the loan on behalf of bondholders wrote in a commentary. When the loan was issued in 2018, the buildings were valued at $640 million, according to Trepp. An appraiser recently cut the value to just $207 million.

[Vipamo]

EN TODA ESTA ÉPOCA, LAS SITUACIONES DE GRAN EMERGENCIA VAN A SER NECESARIAS.—

 mucho que Milei se adorne con el gesto ladino de viajar allí y a EEUU antes de asumir el cargo, mero postureo para seguir con su estafa política, dando a entender que tiene esos apoyos, cuando es un impostor apestado imitador de Trump, otro donnadie como él.

El viaje de Milei a USA, antes de tomar cargo , es un viaje espiritual según él. Visitará a sus “rabinos amigos” en Miami y Nueva York. Desde allí partirá a Israel.
No ha especificado el motivo del viaje a Israel.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20231121/page/3/textview

Los inversores tienen apetito por el alquiler

Saludos.