Oracle billionaire Larry Ellison has an insane real estate portfolio — take a walk through

Dubbed the “nation’s most avid trophy-home buyer” by the Wall Street Journal, Oracle cofounder Larry Ellison is no stranger to the real estate market.

Ellison is the seventh-richest person in the world, with a net worth of more than $55 billion, according to Bloomberg’s Billionaires Index. When asked in 2012 why he would buy more homes than he could possibly live in, Ellison referenced his love of art.

“I’m going to start these art museums that are basically converted homes,” Ellison told CNBC in 2012. “I have one for modern art, and I have one for 19th-century European art, and one for French impressionism.”

Although his 2012 purchase of the Hawaiian island of Lanai has been his largest overall investment by far, he’s made a number of blockbuster purchases over the last two decades in Silicon Valley, Lake Tahoe, and even Japan.

Here are all the houses and properties belonging to the cofounder of Oracle:

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Huawei has reportedly stopped its smartphone production after US blacklist amid trade war

Huawei has stopped smartphone production after previously announcing its target to become the world’s top smartphone vendor by next year, according to a report from the South China Morning Post.

The report specified that the halt was by Foxconn, “the Taiwanese electronics manufacturer that assembles handsets products for many phone brands including Apple and Xiaomi,” amid reduced orders for new phones.

“As the new situation has emerged, it is too early to say whether we are able to achieve the goal,” Zhao Ming, president of Honor, a Huawei smartphone brand, told reporters. He was responding to questions about Huawei’s plan to beat Samsung Electronics in smartphone sales before the end of 2020.

The newspaper cited multiple “people familiar with the matter,” who were not named.

The company’s global smartphone sales swelled to 15.7% in the first quarter of 2019 from 10.5% in the same period last year, according to data from industry research firm Gartner.

Read more: Trump’s Huawei ban escalates the US-China trade war into a tech Cold War

The technology giant previously acknowledged that it is speeding up efforts to develop its own smartphone operating system and app store in response to President Donald Trump’s administration adding the company to a trade blacklist.

The blacklist restricted the company from buying services and parts from US companies without approval, affecting access to a wide variety of American-made hardware and software by companies including Qualcomm and Google.

The move came as a harsh development in heightening tensions between US and China’s trade relations.

On May 10, 2019, Trump signaled the end of formal negotiations, hiking tariffs on $200 billion worth of Chinese imports by 15%. They went from 10% to 25%.

China then raised tariffs on $60 billion of American goods, effective June 1, weeks before China’s vice foreign minister accused the US of engaging in “naked economic terrorism” and insisted China was “not afraid.”

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2 maps show how every US state’s economy could be affected by Trump’s proposed Mexico tariffs

President Donald Trump has threatened a new round of tariffs on imported goods from Mexico, and it could hit certain states especially hard.

On Thursday, Trump announced plans to implement a 5% tariff on imported goods from Mexico in an effort to put pressure on the country to curb migrant flows into the United States.

The proposed tariffs would go into effect on June 10, and would increase by 5% every month until hitting a maximum of 25% in October — unless Mexico takes action to reduce border crossings.

Tariffs can have a negative economic impact on both countries involved in a trade dispute. Mexican firms exporting goods to the US could see a drop in sales, and American importers will likely see an increase in prices.

Friday morning, stocks were falling in industries like auto manufacturing, which has supply chains distributed across North America that could be seriously interrupted by increased trade barriers between the US and Mexico. Chipotle, which relies on imports of avocados and other produce from Mexico, also saw a drop in its stock price.

Several lawmakers and experts also warned that a new round of tariffs could threaten passage of the recently negotiated US-Mexico-Canada trade agreement updating NAFTA, which could cause further economic havoc.

Read more: From iPhones to fighter jets: Here’s a list of American products that could be affected if China banned rare-earth metal exports to the US as a trade-war weapon

If the proposed tariffs come into effect, certain states where trade with Mexico makes up a big part of the economy could be hardest hit.

The US Census Bureau publishes annual figures for the total amount of goods imported and exported in each US state and DC. The Bureau breaks out import and export volumes for the 25 biggest trading partners for each state.

Big state economies that border Mexico exported a large volume of goods to that country in 2017. Texas had nearly $98 billion in exports, and California had nearly $27 billion. While it doesn’t border Mexico, auto-industry supply chains contribute to Michigan’s $12.5 billion in exports in that year.

Meanwhile, states with smaller economies and that are geographically further away from Mexico exported fewer goods. Hawaii’s goods exports to Mexico in 2017 came to only about $1.4 million, and Alaska exported just $21 million in goods.

Here’s each state’s total 2017 export volume to Mexico, according to the Census Bureau:

Business Insider/Andy Kiersz, data from US Census Bureau

Imports show a similar picture. Texas imported nearly $90 billion in goods from Mexico in 2017, while Michigan imported about $53 billion and California about $46 billion. Meanwhile, smaller northern states like Montana, Vermont, and Maine imported much less from Mexico:

Business Insider/Andy Kiersz, data from US Census Bureau

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Liverpool FC beat Tottenham to win Champions League trophy

An early goal from Mohamed Salah and a late one from Divock Origi gave Liverpool a 2-0 win over Tottenham Hotspur in Saturday’s all-English Champions League final as coach Juergen Klopp finally got his hands on Europe’s biggest prize.

Egypt striker Salah, who had painful memories of last year’s final defeat by Real Madrid after suffering a shoulder injury, got his side off to a flying start in Madrid by lashing home from the penalty spot after a handball from Moussa Sissoko.

“Everyone is happy now,” said a delighted Salah. “I am glad to play the second final in a row and play 90 minutes finally. Everyone did his best today, no great individual performances, all the team was unbelievable.”

Tottenham kept their heads after a nightmare opening and came to life when semi-final hat-trick hero Lucas Moura came off the bench but, with Harry Kane lacking sharpness after an ankle injury, another miraculous European comeback proved beyond them.

Liverpool, who missed out on the Premier League title to Manchester City by one point, did not produce their usual whirlwind attacking game but sealed a sixth European Cup triumph with an arrowed finish from substitute Origi in the 87th minute.

The win was sweet redemption for Salah and especially German Klopp, who had suffered defeat on his last six appearances in major finals, including Champions League showpieces with Borussia Dortmund in 2013 and Liverpool last year.

“I am so happy for the boys all these people, and my family. They suffer for me, they deserve it more than anybody,” Klopp said.

Champions League Final, Liverpool wins

Liverpool manager Juergen Klopp lifts the trophy as they celebrate after winning the Champions League [Toby Melville/Reuters]

“Did you ever see a team like this, fighting with no fuel in the tank? And we have a keeper who makes difficult things look easy. It is the best night of our professional lives.”

His opposite number Mauricio Pochettino took a bold but ultimately misguided gamble in fielding Kane, who had only returned to full training a week ago after almost two months out with a serious ankle injury and struggled to influence play.

Kane was far from the only player who lacked sharpness in a game of few moments of real quality, a possible effect of both sides not playing any competitive games for three weeks.

Spurs put Liverpool under real pressure in the latter stages as Dele Alli headed over and Son Heung-min and Moura forced impressive saves from Brazilian goalkeeper Alisson Becker.

Origi, one of Liverpool’s heroes in their stunning semi-final second-leg turnaround against Barcelona, then killed the game with a ruthless finish into the bottom corner.

Liverpool win

Liverpool’s Divock Origi celebrates scoring their second goal with James Milner, Mohamed Salah and team mates [Susana Vera/Reuters]

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I spent 3 hours walking up Miami’s old ‘Millionaires’ Row,’ and I was completely underwhelmed. Here’s what it looks like.

Not too long ago, the stretch of Collins Avenue in Miami Beach between 41st Street and 62nd Street was a celebrity hotspot, lined with lavish oceanfront mansions and hip luxury hotels.

But several real-estate agents I spoke to said that while the term is still sometimes used to refer to that area, the ultra-wealthy are no longer moving there.

“In the ’80s and ’90s, Millionaires’ Row was New York’s Central Park West,” Melissa Rubin, a broker-advisor for Compass in South Florida, told Business Insider, adding that the homes were elegant and the affluent flocked to the area.

Now, you can easily buy a condo on Millionaires’ Row for under $1 million, and “it is not a location where the affluent are gravitating to,” Rubin said.

According to Dina Goldentayer of Douglas Elliman, it has to do with money getting younger.

“Those buyers — in their 30s and 40s — are strongly concerned by walkability,” Goldentayer said. “That is why communities like the Venetian Islands have boomed the last 5 years because of their proximity to the hip Sunset Harbour neighborhood.”

On a recent trip to Miami, I spent an afternoon walking the stretch of Collins Avenue once dubbed “Millionaires’ Row.” Here’s what it looked like.

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Mecca summit supports Palestinians, backs Saudis in Iran standoff

Political leaders and heads of state from Islamic nations have condemned countries that have made the “illegal and irresponsible decision” to recognise Jerusalem as the capital of Israel.

In a joint statement on Saturday, at the end of a summit of the 57-member Organisation of Islamic Cooperation (OIC) in Mecca, Saudi Arabia, the leaders called on countries that have moved their embassies to Jerusalem to rethink their strategy which they said constituted “a serious violation of international law and international legitimacy”.

The OIC urged member countries to take “appropriate measures” against countries that move their embassies to Jerusalem.

US President Donald Trump recognised Jerusalem as Israel’s capital in December 2017, breaking with decades of established protocol, and in May 2018 transferred the US embassy from Tel Aviv to Jerusalem.

Guatemala followed suit soon afterwards.

“The Palestinian people have the right to achieve their inalienable national rights, including their right to self-determination and the establishment of an independent and sovereign Palestinian State,” the final statement said.

Jerusalem is claimed by both Israelis and Palestinians as their capital and the move by the United States was roundly condemned by Palestinians who said the US could no longer portray itself as a neutral mediator between the two sides.

‘Deal of the century’

The OIC’s statement comes as Trump’s son-in-law Jared Kushner prepares to roll out economic aspects of his long-awaited Middle East peace plan at a conference in Bahrain later this month.

The plan, dubbed the “deal of the century”, has already been rejected by the Palestinians, who say Trump’s policies have shown him to be blatantly biased in favour of Israel.

Kushner, who was in Jerusalem on Friday on the latest leg of a regional tour to sell the plan, had looked to an alliance with Saudi Arabia against Iran as a way to gain Arab support.

But Saudi King Mohammed bin Salman told leaders of the IOC countries gathered at the summit: “The Palestinian cause is the cornerstone of the works of the Organisation of Islamic Cooperation, and is the focus of our attention until the brotherly Palestinian people get all their legitimate rights.

“We reaffirm our unequivocal rejection of any measures that would prejudice the historical and legal status of Quds [Jerusalem].”

The meeting was the third international summit to be held in Saudi Arabia since Thursday.

Iran tensions

The OIC also backed Saudi Arabia over escalating tensions with Iran, as King Salman warned that “terrorist” attacks in the Gulf region could imperil global energy supplies.

The remark came after sabotage attacks damaged four vessels, two of them Saudi oil tankers, off the coast of the United Arab Emirates (UAE) and twin Yemeni rebel drone attacks shut down a key Saudi oil pipeline.

“We confirm that terrorist actions not only target the kingdom and the Gulf region, but also target the safety of navigation and world oil supplies,” the king told OIC member states.

Tehran has strongly denied involvement in any of the incidents.

In a tweet just before the start of the summit, the king vowed to confront “aggressive threats and subversive activities”.

“Undermining the security of the kingdom effectively undermines the security of the Arab and Islamic world,” said OIC Secretary-General Yousef bin Ahmed al-Othaimeen, voicing solidarity that was shared by other members.

Analysts say Riyadh’s strategy to counter Tehran is not being helped by divisions within the Gulf Cooperation Council (GCC) countries.

“This strategy from the GCC states is flawed. Flawed because in one sense they don’t want to talk to Iran. Iran has asked for a dialogue and they don’t want to sit at the table and talk to Iran and sort out all the issues they have with Iran. There are conflicts between the GCC member states. The GCC is not united and it is fragmented,” Abdullah Baaboob, a Gulf and Middle East analyst told Al Jazeera.  

The OIC summit also urged the US to remove Sudan from its list of state sponsors of “terrorism”.

SOURCE:
Al Jazeera and news agencies

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‘Mayhem,’ ‘Crippling,’ ‘Serenity now’: Trump’s threatened tariffs on Mexico would spur chaos, Wall Street warns


Investors already on edge from the ongoing trade war between the US and China are dealing with a new headache.

Financial markets were thrown into disarray on Friday after President Donald Trump threatened to impose tariffs, starting June 10, on all the goods the US imports from Mexico until the “illegal immigration problem is remedied.”

Global equities plunged. The Mexican peso cratered. Germany’s 10-year Bund yield scraped to the deepest below zero on record low. The VIX, the S&P 500’s “fear gauge,” touched a two-week high. And strategists, economists, and analysts up and down Wall Street warned the worst is yet to come.

“So this is no more about free and fair trade, reciprocity, and protection of technological expertise,” Peter Boockvar, the chief investment officer at Bleakley Advisory Group, said Friday in an emailed report he called “Serenity Now.”

“Tariffs can be thrown around as an economic bomb for anything now,” he said. “Global growth rates will only continue to suffer.”

The Trump administration’s sudden announcement comes as Washington and Beijing are locked in their own trade dispute that has been dragging on for over a year. Experts say the duties Trump is threatening could heavily impact supply chains between the US and Mexico — and inject a new wild card into equity markets.

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“Despite a less severe impact on GDP, the impact on supply chains and economic activity could be significant, implying that financial markets could be affected materially,” Nomura research analysts led by Lewis Alexander said in a note out Thursday.

Automobiles and capital goods are two groups particularly sensitive to the proposed tariffs as they accounted for most of the US’s imports from Mexico last year, the analysts said. Auto stocks like General Motors and Ford slid on Friday, and a team of Deutsche Bank economists said the anticipated costs for US automakers would be “crippling.”

“With businesses already grappling with the ramp up in US-China trade tensions, further uncertainty created by tonight’s announcement could amplify a decline in business confidence,” they wrote.

US goods imports from Mexico by type of product in 2018, per Nomura.
Nomura.

The development knocked down equity markets, at least in the US, that were already in the midst of a dismal run. May marked the first negative month of 2019, and the Dow Jones Industrial Average fell for a sixth-straight week.

The S&P 500’s “large topping pattern remains in effect, which, after the latest Tariff news on Mexico, has a chance of playing out further now,” said Frank Cappelleri, the chief market technician at Instinet, told clients Friday.

He added in a note out early Friday called “Mayhem” that the S&P 500 has “decidedly broken down,” with a downside target of 2,650. The benchmark index has already fallen 7% from its May 1 high, and that would mean a drop of another 3.6% from here.

Still, the question remains whether Trump’s announcement is a negotiating tactic or whether the proposed tariffs will be implemented on June 10.

“Could the threat of monthly escalating tariffs on Mexico be a negotiating ploy? Certainly,” Sam Rines, the chief economist at Avalon Advisors, told clients on Friday.

“That might even be the most probable outcome of the threat. But — even if it is just a negotiating ploy — it is not something that can be ignored. The threat creates incremental uncertainty, further crippling already flagging business investment.”

Read related coverage from Markets Insider and Business Insider:

The US-China trade war just sparked a $14.6 billion exodus from emerging markets

Trump’s latest trade-war grenade has the global economy heading towards a scenario where no one wins

The Mexican peso is getting clobbered after Trump threatens to hit Mexican goods with tariffs

Avocado buyers Chipotle and Calavo Growers are getting slammed as Trump’s Mexico tariffs threaten to raise prices

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