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Sam Chang transferred majority ownership of a Garment District hotel he developed, which opened in early 2020 as a Radison and shuttered a short time later.
An iconic Times Square building is largely empty.
One Times Square was once the home of The New York Times, and today is the site of the annual New Year’s Eve ball drop. But while that iconic sphere and LED billboards keep the exterior lit throughout the year, the building’s 22 floors are dark. A three-story Walgreens on the ground floor is the only tenant, and the brand recently signed a lease at the Bow-Tie building two blocks away, making its future occupancy plans uncertain.
The property is one of the most valuable advertising locations in the world. The facade alone generates an estimated $23 million in revenue, meaning that even without tenants, the property turns a profit for its owner, Jamestown.
May 20, 2021
Taiwan is facing major threats from a surge in coronavirus cases and drought-triggered power outages, potentially derailing one of Asia’s economic success stories this year.
The island has gone from zero local cases earlier this month to recording 1,226 domestic infections in the past five days alone and on Wednesday a soft lockdown was extended to the entire island. Schools were already closed, but the new rules mean masks are mandatory outdoors, with limits on social gatherings and the closure of many public facilities.
If cases remain high, Taiwan may be forced into a full lockdown, which would spread the pain from the retail sector to exports in an economy heavily reliant on trade. On top of that, a drought has left hydroelectric plants operating at limited capacity, contributing to power outages in major cities across the island, including locations where the world’s biggest computer chip businesses operate.
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Taiwan is facing major threats from a surge in coronavirus cases and drought-triggered power outages, potentially derailing one of Asia’s economic success stories this year.
The island has gone from zero local cases earlier this month to recording 1,226 domestic infections in the past five days alone, and stocks fell Thursday after a soft lockdown was extended to the entire island. Schools were already closed, but the new rules mean masks are mandatory outdoors, with limits on social gatherings and the closure of many public facilities.
If cases remain high, Taiwan may be forced into a full lockdown, which would spread the pain from the retail sector to exports in an economy heavily reliant on trade. On top of that, a drought has left hydroelectric plants operating at limited capacity, contributing to power outages in major cities across the island, including locations where the world’s biggest computer chip businesses operate.