Latest news with #US63
Herald Sun
08-05-2025
- Business
- Herald Sun
‘I bought 6 homes in Italy for $1 each'
'I bought 6 homes for $1 each'. Picture: A US woman has revealed how she snapped up six properties in Italy for the bargain price of $1.06 ($AU1.65) each and transformed them into dream homes. Rubia Daniels, who is originally from Brazil but lives in San Francisco, purchased six crumbling houses in 2019 in Mussomeli, a centuries-old hill town in Sicily, through a local initiative that aims to breathe new life into abandoned real estate, according to SWNS. The houses came with a catch: they were in various states of ruin, with some missing roofs and lacking basic infrastructure. 'I packed six suitcases of all my tools and a generator,' Ms Daniels recalled to the outlet. The 51-year-old planning consultant flew out with her husband and brother-in-law to collect the deeds, having spent a total of about $US25,440 ($A39,600) after administrative fees and agency costs, the New York Post reports. MORE: I bought my 'dream' home, it was a DISASTER Huge twist: Woman pays $1 in wild home sale 'I save $3k a month living in a bin' Rubia Daniels bought six abandoned homes in Italy for just $1.06 each. Picture: The homes are located in Mussomeli — a hilltop town in Sicily. Picture: The properties were in disrepair — some with collapsed roofs and lacking basic utilities. Picture: Despite the dilapidated conditions, the mum-of-three felt at ease with the undertaking. 'I'm comfortable with the idea of transforming things and breaking walls,' she said. 'For example, my husband panics when he sees me eyeing up projects like this, but for me it's just a combination of excitement and joy.' The first property, which was completely collapsed, is now fully renovated. It 'has a beautiful marble bedroom,' she said. The restoration cost her approximately $US63,600 ($A98,850) and she hopes it will require no further work 'for 50 years'. Her vision extends beyond family homes. One of the six properties is earmarked as a future wellness retreat offering yoga and meditation classes. 'It would be nice to give back to the community this way,' she said. A kitchen. Picture: A bedroom. Picture: A bathroom. Picture: One of six homes. Picture: Ms Daniels also furnished the properties using local vendors — installing everything from sinks to flooring sourced nearby. 'We wanted to do it with the community in mind,' she explained. 'We love it here — it's much nicer than California.' What drew her to Mussomeli wasn't just the bargain prices, but the way of life. 'Nobody is rushing around, everything is affordable,' she said. 'A coffee and a croissant costs €1.50. In California, it's a very stressful environment and everything is so superficial.' Now, her two aunts, aged 70 and 82, plan to retire in the hilltop town permanently. And while her project initially raised eyebrows back home, the once-overlooked Sicilian village has gained international attention. At least 30 people are looking at one home now, she said, explaining how the influx initiative has grown in popularity. For Ms Daniels, the appeal was clear from the start: 'You're getting the house basically for free and you can turn that into whatever you desire'. Parts of this story first appeared in the New York Post and was republished with permission. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Iconic Carlton restaurant up for grabs Elite school buys Aus jail for $2.6m $250k man cave: Inside Aus' ultimate tradie dream home
Perth Now
05-05-2025
- Business
- Perth Now
3G Capital to acquire shoemaker Skechers for $US9bn
Skechers is being acquired and taken private by the investment firm 3G Capital. The board of Skechers unanimously approved the $US9 billion ($A14 billion) deal, the companies said on Monday. The offer of $US63 per share represents a premium of 30 per cent to Skechers' 15-day volume-weighted average stock price, the companies said. Skechers shares jumped 25 per cent at the opening bell Monday, to $US61.72. Skechers reported a record $US9 billion in revenue in 2024 with net earnings of $US640 million. China accounts for 15 per cent of Skecher's revenue, according to the data firm FactSet. About 97 per cent of the clothes and shoes purchased in the US are imported, predominantly from Asia, according to the American Apparel & Footwear Association. Using factories overseas has kept labour costs down for US companies but neither they nor their overseas suppliers are likely to absorb price increases due to new tariffs announced by US President Donald Trump's administration. Following completion of the transaction, the company will continue to be led by Skechers chairman and CEO Robert Greenberg and his management team. Its headquarters will remain in Manhattan Beach, California where it was founded more than three decades ago. The deal is expected to close in the third quarter this year.
Forbes
31-03-2025
- Business
- Forbes
Australia's Rocky Economy Rescued By Another Gold Rush
Australia has not escaped the threat of increased tariffs on its exports to the U.S., but it does have one world-class industry which is reveling in commodity market confusion, gold. Rising production coupled with a rising price has reinvigorated Australian gold which has reclaimed its position as the country's fourth most valuable commodity export displacing thermal coal to sit behind iron ore, liquefied natural gas (LNG) and steel-making coal. The upward move by gold could continue if two new investment bank research reports are correct, potentially lifting gold to third spot on the list of Australian commodity exports reviving memories of past gold booms which offset the effects of a wider economic downturn. Both Citi and RBC Capital Markets see the gold price continuing to rise while the Resources Department of the Australian Government is forecasting an increase in national output from 286 tons this year to 309 tons next year, cementing Australia's position as the world's third biggest gold producer after Russia and China. The return of gold is a bonus for the Australian Government which has called an election for May 3 with sluggish economic growth a key issue being offset by rising gold income to compensate for falling iron ore, coal and LNG prices. Over the past 12-months as the gold price has risen by 36% to $3089 an ounce, the iron ore price has fallen by 28% to $102 a ton. Gold's rise in U.S. dollars is magnified in Australia by the currency effect with an exchange current rate of US63 cents delivering an Australian gold price of A$4903/oz, a record which easily eclipses all earlier gold booms. The share prices of leading Australian gold producers have risen with the gold price. Northern Star, the biggest producer, is up 25%. Evolution, the number two producer, has done better with a rise of 87%. But it's further down the pecking order where more impressive capital gains are being recorded by stocks such as Catalyst Metals, up 660% and Spartan Resources, up 187% thanks to a takeover bid from rival Ramelius Resources which has risen by a more modest 33%. Citi described the current market for gold as 'a one in 40-year gift for gold producers'. RBC said a high level of economic uncertainty could see gold rise to $3496 an ounce later this year, up $407/oz or 13% on the latest gold price of $3089/oz. RBC said in a noted headed 'Uncertainty is the Midas touch' that it was clear that economic sentiment has deteriorated, and gold's appeal is more durable in this environment, meaning elevated prices should hold. Citi said three anomalies were resulting in gold producer profit margins being at a 40-year high. The anomalies are the spot gold price at an all-time high, U.S. interest rates being very high, and the U.S. dollar being relatively strong. 'This gift for miners is not only based on multiple anomalies, it is unique to gold,' Citi said, adding that high-cost gold miner margins are at their highest level since the 1980s, Citi said that using five-year forward prices of $3650/oz a massive $1700/oz gap existed between the forward price and the 90th percentile of the all-in mining cost curve. The anomalies identified by Citi are said by the bank to be a gift for goldminers. 'The disconnect between long-dated gold prices and marginal cost happens in gold because there isn't enough producer hedging relative to consumer borrowing of above ground stocks,' Citi said. "The demand from consumers to borrow stock, largely from central banks, means that the long-dated gold curve is also relatively liquid compared to other commodities. 'This presents a relative gift for gold producers, should they choose to accept it, since in other commodities such as oil and copper five-year forward prices are anchored to their marginal cost.' RBC said gold continued to be priced on the basis of uncertainty, and in particular tariff uncertainty. 'While economic concerns are rising, vibes and sentiment are deteriorating and recession probabilities are rising,' RBC said.
