News

Frank Fudem, a San Francisco broker for office tenants, realized that rents in the city were about to spike as Twitter Inc. agreed to move to a gritty neighborhood and leasing by technology companies started to accelerate.  / Source: bloomberg
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Spain will force banks to increase provisions against real estate loans by about 30 billion euros ($38 billion) and will hire two auditors to value lenders’ assets in a fourth attempt to clean up the industry.  / Source: bloomberg
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The family that controls the Empire State Building has agreed to change the terms of the skyscraper's public offering, making the tax treatment less punitive to small investors who have been fighting with the family over their potential tax bill arising from the sale. / Source: The Wall Street Journal
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As construction of One World Trade Center in Lower Manhattan moves toward completion, the building's owners are sparring with their architects over what goes on top of the 104-story tower—a dispute that could stop the structure being recognized as America's tallest. / Source: The Wall Street Journal
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The 247-acre (100-hectare) country estate where former Irish Premier Charles Haughey entertained Libyan leader Muammar Qaddafi and opera singer Luciano Pavarotti is on sale for 7.5 million euros ($9.7 million). / Source: bloomberg
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For years, New York City has campaigned to reduce sugary soft drink consumption. Its latest ads, plastered all over New York’s subways, compare sugary drinks with globs of fat and packets of sugar.  / Source: bloomberg
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Sun Hung Kai Properties Ltd. (16), Hong Kong’s biggest developer, said former chairman Walter Kwok was arrested by the anti-corruption commission, widening a probe that includes his brothers and a former government official.  / Source: bloomberg
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The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field / Source: The Wall Street Journal
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Next Plc (NXT), the U.K.’s second-largest clothing retailer, said a multi-million-pound sponsorship deal to fit out British Olympians in 220-pound ($357) Chinese-made suits will help promote its brand as it targets growth abroad. / Source: bloomberg
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U.K. commercial property values declined by 0.7 percent in the first three months of 2012, the second consecutive quarter of decline, Investment Property Databank said.  / Source: bloomberg
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Target Corp. (TGT) and Macy’s Inc. (M) posted April same-store sales that trailed analysts’ estimates as the earlier Easter holiday pulled sales into March and cooler weather cut mall traffic.  / Source: bloomberg
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Brazilian billionaire Moise Yacoub Safra paid about 500 million pounds ($809 million) to buy an office building in the City of London financial district from a group of investors that breached the terms of loans secured by the building, according to a person with knowledge of the sale.  / Source: bloomberg
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Wynn Macau Ltd. (1128), the unit of billionaire Steve Wynn’s Las Vegas company, won a land grant for its second resort in the Chinese city as surging revenue spurs expansion by casino operators in the world’s biggest gaming hub.  / Source: bloomberg
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The best real estate investment in the past decade was found at the opposite end from trophy resorts and office towers, in 5-foot-by-5-foot lockers.  / Source: bloomberg
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Beijing Yanjing Brewery Co. (000729), China’s fourth-largest domestic beer maker, is nearing an agreement to buy brewery assets from Kingway Brewery Holdings Ltd. (124) for as much as 4.5 billion yuan ($714 million), said people with knowledge of the matter.  / Source: Bloomberg
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SMRT Corp. (MRT) fell the most in 21 months on plans to spend S$900 million ($722 million) upgrading Singapore’s subway network after the rail system’s worst breakdown in December.  / Source: Bloomberg
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Danone, beaten by Nestle (NESN) SA in an $11.9 billion contest to acquire Pfizer Inc. (PFE)’s nutrition unit, may have to scale back its expansion ambitions in the baby-food market after losing out on one of the industry’s main prizes.  / Source: Bloomberg
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McDonald’s Corp. (MCD), the world’s largest restaurant chain, reported a 4.8 percent gain in first- quarter profit as new menu items such as Chicken McBites attracted U.S. consumers.  / Source: Bloomberg
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Nestle SA, (NESN) the world’s biggest food maker, reported first-quarter revenue growth that beat analyst estimates as the Swiss company sold more Nescafe soluble coffee in China and Friskies pet food in North America.  / Source: Bloomberg
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Tesco Plc (TSCO), investing 1 billion pounds ($1.6 billion) to regain share lost in the U.K. grocery market, disappointed investors by failing to give the same commitment to its U.S. business.  / Source: Bloomberg
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