Latest news with #Rolexes
Sydney Morning Herald
2 days ago
- Sydney Morning Herald
Surreal and secretive, this Asian country is finally opening up
The Tolkuchka bazaar (also known as Altyn Asyr Bazaar), a 20-minute drive from downtown Ashgabat, affords visitors a glimpse of older Turkmen ways. Its shape is meant to resemble a Turkmen carpet and while it's only the fifth largest in Central Asia, it covers 100 hectares. Stalls sell spices, fake Rolexes, livestock, carpets, souvenirs, vegetables and fruit. Melons are a specialism; Turkmenistan has a crossbreed muskmelon called the Turkmenbashi melon. The second Sunday in August is National Melon Day. Turkmenistan is twice the size of the UK, almost as big as Spain. It has more than 4800 kilometres of railways, including lines to Uzbekistan and Kazakhstan, Iran and Russia, and the 540-kilometre Trans-Karakum Railway across the desert of the same name. The most celebrated 'sight' here is the Gates of Hell gas crater at Darvaza, burning since the '80s when someone took out a match to prevent the emission of poisonous gases caused by a gas field's collapse 20 years earlier. A long, Milton-esque stairway in a cave at the foot of a mountain leads to the Köw Ata Underground Lake, where you can swim in sulphurous waters. Ancient Merv is a Unesco World Heritage site, a repository of 4000 years of history and 'the oldest and best-preserved of the oasis-cities along the Silk Route in Central Asia'. Nokhur cemetery in southern Turkmenistan contains tombstones decorated with mountain goat horns – believed by the Nokhuris (who claim to have descended from Alexander the Great's soldiers) to protect against evil spirits. Animism, Islam and Zoroastrianism are routinely melded, causing some traditional Muslims to take umbrage at Turkmenistan's bespoke approach to theology. The country is dotted with photogenic rock-scapes. Yangykala Canyon is the one that you see most often on promotional material, with its striated limestone walls rising out of an ancient seabed. Turkmenistan is a de facto one-party state with no serious opposition permitted. Should that put anyone off? Only if you also want to discard China, Cuba, Vietnam, Laos, Eritrea; the US is a de facto two-party state and is more likely to go in the other direction than to suddenly announce a trio of options. Turkmenistan has some of the slowest and most tightly controlled internet – positive messaging only is firmly encouraged – which is, of course, a major issue for locals. Youtube, WhatsApp and Facebook are blocked. There's no roaming. All in all, it's also an excuse for tourists to switch off and forget screens and report back on their experiences once they get home. For the time being, a letter of invitation is required (though this will be retired with the introduction of the new e-visa); tour firms will usually take care of the red tape. The Australian government's Smart Traveller website also advises, 'you must take a COVID-19 (PCR) test on arrival, and if you have a positive test result, you may be required to quarantine in a state-run facility or at your place of residence under medical supervision'. THE DETAILS Loading Fly Turkmenistan Airlines does not fly to Australia, but does fly from Ashgabat to several Asian hubs where passengers can connect to the airline, including Singapore and Kuala Lumpur. Alternatively, Turkish Airlines flies from Sydney and Melbourne to Ashgabat via Istanbul. Stay The five-star Yyldyz Hotel in Ashgabat has rooms from about $480 per night.
The Age
2 days ago
- The Age
Surreal and secretive, this Asian country is finally opening up
The Tolkuchka bazaar (also known as Altyn Asyr Bazaar), a 20-minute drive from downtown Ashgabat, affords visitors a glimpse of older Turkmen ways. Its shape is meant to resemble a Turkmen carpet and while it's only the fifth largest in Central Asia, it covers 100 hectares. Stalls sell spices, fake Rolexes, livestock, carpets, souvenirs, vegetables and fruit. Melons are a specialism; Turkmenistan has a crossbreed muskmelon called the Turkmenbashi melon. The second Sunday in August is National Melon Day. Turkmenistan is twice the size of the UK, almost as big as Spain. It has more than 4800 kilometres of railways, including lines to Uzbekistan and Kazakhstan, Iran and Russia, and the 540-kilometre Trans-Karakum Railway across the desert of the same name. The most celebrated 'sight' here is the Gates of Hell gas crater at Darvaza, burning since the '80s when someone took out a match to prevent the emission of poisonous gases caused by a gas field's collapse 20 years earlier. A long, Milton-esque stairway in a cave at the foot of a mountain leads to the Köw Ata Underground Lake, where you can swim in sulphurous waters. Ancient Merv is a Unesco World Heritage site, a repository of 4000 years of history and 'the oldest and best-preserved of the oasis-cities along the Silk Route in Central Asia'. Nokhur cemetery in southern Turkmenistan contains tombstones decorated with mountain goat horns – believed by the Nokhuris (who claim to have descended from Alexander the Great's soldiers) to protect against evil spirits. Animism, Islam and Zoroastrianism are routinely melded, causing some traditional Muslims to take umbrage at Turkmenistan's bespoke approach to theology. The country is dotted with photogenic rock-scapes. Yangykala Canyon is the one that you see most often on promotional material, with its striated limestone walls rising out of an ancient seabed. Turkmenistan is a de facto one-party state with no serious opposition permitted. Should that put anyone off? Only if you also want to discard China, Cuba, Vietnam, Laos, Eritrea; the US is a de facto two-party state and is more likely to go in the other direction than to suddenly announce a trio of options. Turkmenistan has some of the slowest and most tightly controlled internet – positive messaging only is firmly encouraged – which is, of course, a major issue for locals. Youtube, WhatsApp and Facebook are blocked. There's no roaming. All in all, it's also an excuse for tourists to switch off and forget screens and report back on their experiences once they get home. For the time being, a letter of invitation is required (though this will be retired with the introduction of the new e-visa); tour firms will usually take care of the red tape. The Australian government's Smart Traveller website also advises, 'you must take a COVID-19 (PCR) test on arrival, and if you have a positive test result, you may be required to quarantine in a state-run facility or at your place of residence under medical supervision'. THE DETAILS Loading Fly Turkmenistan Airlines does not fly to Australia, but does fly from Ashgabat to several Asian hubs where passengers can connect to the airline, including Singapore and Kuala Lumpur. Alternatively, Turkish Airlines flies from Sydney and Melbourne to Ashgabat via Istanbul. Stay The five-star Yyldyz Hotel in Ashgabat has rooms from about $480 per night.
Yahoo
3 days ago
- Business
- Yahoo
Pre-Owned Watch Sales Spiked by 160% in April Ahead of Trump's Potential Tariffs
Pre-owned Rolexes, Patek Philippes, and more watches were flying off the market last month. In the wake of President Trump's potential tariffs, which were announced in early April, watch collectors responded by snapping up pre-owned timepieces on the secondary market, Bloomberg reported. More from Robb Report Meet the Texas Distilleries Working to Show the Effects of Climate on Whiskey Flavor Sara Gilbert Puts Her Modern L.A. Farmhouse Back on the Market for $10 Million H. Moser & Cie. Teams Up With Alpine Motorsports on New Race-Inspired Streamliner Watches Subdial—a watch dealer and trading platform—usually sees a rush of purchases once payday comes around at the month's end. This time, though, was a little bit different: The site saw its sales jump a whopping 160 percent higher than normal levels, towering over the typical payday increase of 112 percent of other months this year. The U.S. and the U.K. in particular saw an abundance of growth, Christy Davis, Subdial's founder, told Bloomberg. A similar response to the administration's potential tariffs can be seen in Swiss watch exports, too. Last month, watchmakers and retailers across the world were clamoring to get their hands on timepieces from Switzerland before the levies began. As a result, 1.3 million watches—totaling $3 billion—left the European country in April, an 18 percent increase from the same time last year. The U.S., once again, had a strong reaction to Trump's announcement, with stateside exports skyrocketing a whopping 149 percent during the month. The hike is likely a direct response to the tariffs and not indicative of an increase demand, Jean-Philippe Bertschy, an analyst at investment firm Vontobel, told Bloomberg at the time. As for the rest of world, watch exports actually dropped by 6.4 percent in April. This latest pre-owned Rollie hot streak comes after reports that the demand for gold Rolexes on the secondary market is on the rise, with a trio of timepieces from the brand jumping the most spots on Bloomberg's Subdial Watch Index since its inception. The prices of pre-owned Rolexes, as well as Patek Philippes, fell to a three-year low in 2024 after ballooning during the pandemic lockdowns. Through May, Bloomberg's Subdial Watch Index has risen about 5.3 percent, similar to what the market looked like last October, according to the publication. How the secondary market will respond to more levies is an open question. In the meantime, watch obsessives are sure to stay tuned. Best of Robb Report The 25 Greatest Independent Watchmakers in the World The 10 Most Expensive Watches Sold at Auction in the 21st Century (So Far) 11 Stunning Jewelry Moments From the 2020 Oscars Click here to read the full article.
Yahoo
5 days ago
- Business
- Yahoo
Insurance agent, accused of fraud, perjury and forgery, is sanctioned
(Photo via Getty Images) A former Iowa insurance agent accused of insurance fraud, perjury and forging financial records has been fined $3,000 by state regulators. According to state unemployment records, Bryce Murphy, 33, of Dubuque County was working for the Naughton Insurance Agency in 2020 when the company discovered that three of Murphy's payroll checks had been altered to increase their value. The company also discovered that a letter and pay stub Murphy provided to a credit union as evidence of his employment had been altered. Murphy was fired in November 2020 and an administrative law judge later determined his actions amounted to theft and forgery. Three years later, in 2023, Murphy was criminally charged with identity theft, fraudulent practices in the first degree, forgery and two counts of insurance fraud. The charges were tied to allegations that Murphy had amended his Farmer's Insurance homeowner's policy in 2019 to include two Rolex watches. A few months later, he reported to police his watches were stolen from a Minneapolis hotel room while he attended a Minnesota Vikings football game. He then filed an insurance claim for the reported theft, and Farmer's Insurance paid out $9,998 on the claim. Three years later, while working for American Family Insurance, Murphy obtained an insurance policy from his employer for the same type of Rolex watches he had reported stolen in 2019. I was so focused on making other people proud of me that I lost sight of my integrity and honesty. – Bryce Murphy of Dubuque County In September 2022, Murphy reported the two watches were stolen under similar circumstances as the 2019 incident: He alleged the watches disappeared from his luggage in a Minneapolis hotel as he attended another Vikings football game. He filed an insurance claim with American Family, which triggered an investigation that concluded the watches in question, assuming they were actually stolen, were most likely fake Rolexes. Murphy later pleaded guilty to a charge of fraudulent practices and one count of insurance fraud, which resulted in 10-year and five-year prison sentences to run concurrently. 'I was so focused on making other people proud of me that I lost sight of my integrity and honesty,' Murphy informed the court prior to his sentencing. In October 2024, the Iowa Insurance Division charged Murphy with four counts of regulatory violations. The charges were tied to the altered paychecks and letter from 2020, as well as newer claims related to allegedly fraudulent insurance claims and a failure to report his 2023 criminal prosecution. At a hearing on the division's charges, Murphy testified he did, as originally claimed, have four Rolex watches that were stolen. He allegedly admitted the watches were fake Rolexes, but said he felt justified in insuring them for the value he personally assigned to them. The administrative law judge who presided over the hearing recently concluded that while he was 'skeptical' Murphy had four watches stolen under such similar circumstances, the division had not proven the police reports and insurance claims were false. Still, the judge noted, there was evidence Murphy overvalued the watches and falsified records, justifying the revocation of his license, which had already lapsed, and the imposition of a $3,000 civil penalty. Murphy has also been ordered to pay $3,460 for the division's prosecution of the case. Murphy continues to face legal problems stemming from his 2023 arrest. Immediately after his sentencing in the criminal case, prosecutors reported finding inconsistencies in the financial affidavits Murphy had submitted to the court and informed the court Murphy was guilty of 'additional fraudulent activity' that was criminal in nature. Since then, Murphy has been charged with three felony counts of perjury and entered a plea of not guilty. The case is still pending.
Yahoo
7 days ago
- Business
- Yahoo
Chinatown businesses ‘taking it day by day' as Trump's tariff war threatens their livelihoods, communities
New York City's Chinatown is a vibrant tourist hub, with fresh food markets and celebrated restaurants packed in alongside souvenir shops. However, tariffs are threatening businesses in Chinatowns across the country. One of the establishments directly affected is Phoenix Palace, a local hotspot in New York City. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) The owner, Cory Ng, told CBS News that his restaurant imports nearly every single ingredient from China — and he saw costs rise significantly in the wake of tariff policies. President Donald Trump originally announced plans to impose a 145% tariff on Chinese imports. Since then, the U.S. and China have agreed to a 90-day pause, with the U.S. reducing its tariff on Chinese imports to 30% and China dropping its tariff (on most goods) down to 10%. However, a permanent deal between the two countries has yet to be reached, and if tariffs end up rising substantially after the pause, a host of local businesses could end up having to close their doors. "I get it, a business is to make money, but it's not for us to have a collection of Rolexes. It's to take care of our family," said Ng, emphasizing the importance of these establishments. "Remember what my grandma and my mom had to do for us to get here. Yeah, and that's the point of it, to remember where we come from. It's a privilege." There are over 50 Chinatown neighborhoods across the U.S., with some of the most established ones in New York City, Boston, and San Francisco. However, in these neighborhoods, local businesses were struggling to cope with the tariffs. Before the rollback, Ng told CBS that some of his ingredients cost double to source. "We're not importing fresh ingredients like vegetables, but everything else around it — spices, seasonings, even our beers. Now it's double. Who's going to pay $20 for a beer? It's impacting us every time we put food on the table," he explained. Ng doesn't want to raise prices. Doing so could not only hurt customers, but drive them away. In Los Angeles's Chinatown neighborhood sits Yue Wa Market, a small herbal medicine and grocery shop. Owner Amy Tran raised the price of a herbal concoction when the new tariffs were imposed and said she may have to do the same for dozens of other imported products. But that's a problem for her customers, who are mostly Chinese seniors who rely on food stamps, The Guardian reports. 'I'm just taking it day by day,' she told the newspaper. Ng and business owners in a similar boat may be getting some temporary relief now that tariffs are temporarily paused. The Wall Street Journal reported that in the week beginning May 12, when the trade truce was announced, bookings for containers to the U.S. from China more than doubled compared with the week before due to pent-up demand. But while Ng and other business owners can try to stock up during the current cool-off period, that won't work for perishable goods. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs In the wake of the recent tariff pause, the stock market stabilized after plunging in April. But if the U.S. and China can't reach a long-term agreement after the current 90-day pause ends in August, it could send markets spiraling once more. It could also force countless small Chinatown businesses to go under — especially those operating with already tight margins and coping with the 30% tariffs on Chinese goods. Restaurants certainly fit that bill. Restaurant365 says the average profit margin for full-service restaurants is only 3-5%. For fast casual restaurants, it's 6% to 9%. These margins don't give small restaurants much wiggle room to absorb the higher cost of sourcing goods that full-fledged tariffs could result in. 'Restaurants rely on China for many of their key inputs, including food ingredients, plastic packaging and utensils, and equipment,' warned the National Restaurant Association in a press release. Unfortunately, passing higher costs onto customers won't solve the problem. Chinatown businesses get much of their sales from neighborhood residents. But it's unlikely they can afford major price hikes. In 2022, the median household income in New York City's Chinatown/Lower East Side was $58,540, according to the Furman Center. This was about 25% less than citywide median household income ($77,550). The poverty rate was 26% compared to 18.3% citywide. Making matters worse is that some Chinatown businesses may still be recovering from the events of the pandemic. 'The tariffs add on to the current uncertainties that Chinatown business owners were already facing for several decades,' said author Laureen Hom to The Guardian. She mentioned 'suburban growth, gentrification pressures from downtown and neighboring areas, and the economic downturn and anti-Asian sentiment spurred by the pandemic.' Of course, it's possible that a reasonable agreement on tariffs will be reached between the U.S. and China. 'I don't think the American government wants to leave China,' said JPMorgan CEO Jamie Dimon in a May 22 Bloomberg interview. 'I hope they have a second round, third round or fourth round and hopefully it will end up in a good place.' People like Ng aren't ready to give up. "Chinatown is a resilient community,' he told CBS News. 'We've beaten so many things. We gotta continue on this path, this legacy, and never let that go in vain." Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
