DAILY DOSE: June 8, 2021
Posted on 06/08/2021
1. The Blackstone Group purchased a warehouse in at 31-30 Hunters Point Avenue in Long Island City for US$ 37.5 million. The seller is the Deutsch family, which owns Stan Deutsch Associates.
Address: 31- 30 Hunters Point Ave, Long Island City, NY 11101.
2. Raytheon Intelligence & Space, a Raytheon Technologies Corporation (NYSE: RTX) business, will provide logistics and repair services for all U.S. Marine Corps ground equipment under a five-year, US$ 495 million contract. The company will deliver more than 10,000 repaired parts per year to sustain the Marines’ combat and tactical ground equipment, ranging from armored vehicles to ground radars and communications systems. Lloyd J. Austin III is the 28th U.S. Secretary of Defense, sworn in on January 22, 2021. Before taking on the role, Austin had joined the board of Raytheon Technologies in April 2016.
3. Ford Motor Company says there is a risk the chip shortage issue will spill into 2022.
4. In late May 2021, an affiliate of Texas-based rug maker Loloi Rugs acquired a 59,870-square-foot office in New York City for US$ 52.5 million.
Address: 258 5th Ave, New York, NY 10001
5. Biogen is pricing Aduhelm, its new Alzheimer’s drug, at US$ 56,000 per year. The drug that has yet to be proven effective even though it got FDA approval. Will Medicare be able to negotiate a fair price for the prescription drug?
6. ProPublica received a tranche of confidential tax records in raw form and revealed that U.S. billionaires such as Amazon.com Inc founder Jeff Bezos, now the world’s richest man, did not pay a penny in federal income taxes in 2007 and in 2011. In 2018, they reported that Tesla Inc CEO Elon Musk, the 2nd richest person (depending on stock valuation), paid no federal income tax. Even hedge fund honcho George Soros paid no federal income tax three years in a row and Michael Bloomberg managed to do the same in recent years. Many of the CEOs have their wealth tied to investments (unrealized gains). ProPublica makes the argument that these billionaires had their wealth grow far more than what they reported as income to the IRS. Many U.S. billionaires aren’t concerned about incremental income tax increases, as they have their wealth in investments.
A spokesman for George Soros said in a statement back to ProPublica: “Between 2016 and 2018 George Soros lost money on his investments, therefore he did not owe federal income taxes in those years. Mr. Soros has long supported higher taxes for wealthy Americans.”