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Phinma Corp. on Wednesday said it recently acquired a new school in Cavite where some 3,000 students are enrolled. This brings the group’s total student count to 167,000, according to Phinma Chairman Ramon del Rosario Jr. during the company’s listing of its P1-billion stock rights offering at the Philippine Stock Exchange. Del Rosario did not disclose the school’s name. “Phinma Education now has nearly actually now 167,000 students since we just acquired a school in Cavite with 3,000 students last week, of which many are the first in their families to go to college,” he said. “On its 68th year, Phinma reaffirms its commitment to improving lives and contributing to nation building through well managed and profitable businesses which cater to the underserved. Our education business has proven this well. The company’s stock rights offering ran from November 13 to 19, in which the company offered to existing shareholders the right to subscribe to 1 share for every 5.73 shares they own at an offer price of P20 apiece. Del Rosario said some P200 million of the proceeds will go for the development of projects in the Phinma Properties in Bacolod, Cebu and Davao. “These projects will allow us to fulfill the housing aspirations of low to middle income Filipinos,” he said. “Phinma Properties broke ground last July on our first ever mixed use master plan, 20 hectare township in Bacolod city, which will also feature a branch of our Southwestern Phinma University, as well as a Tryp hotel to serve business and leisure travelers seeking comfortable, world class housing, lodging to support the government’s infrastructure push.” Around P250 million of the proceeds has been allocated for the development of the Tryp Hotel in Bacolod, which will rise in the group’s Saludad mixed-use community. Some P170 million will go to fund the 58 solar projects of Phinma Solar secured from the Green Energy Auction program. The group’s cement business under Philcement Corp., meanwhile is receiving P114 million out of the proceeds to construct its 2 million metric tons manufacturing facility in Davao Del Norte. “The remaining proceeds will head to the group’s new ventures such as Union Insulated Panel Corp., a new state of the art facility in Pampanga with a yearly production capacity of 1 million square meters,” del Rosario said. Union Insulated has been allocated P210 million.Deutsche Bank Appointed as Depositary Bank for the Sponsored American Depositary Receipt Program of Jinxin Technology Holding Company's President was banned Monday from travelling abroad, the justice ministry said, less than a week after he plunged the country into chaos by briefly imposing . Yoon sent special forces and helicopters to parliament on the night of December 3 before lawmakers forced him to rescind the order by rejecting his decree. The unpopular leader narrowly survived an impeachment motion in parliament Saturday even as huge crowds braved freezing temperatures to call for his ouster. Despite remaining in office, a clutch of investigations has been closing in on Yoon and his close allies, including a probe for alleged insurrection. The ministry of justice confirmed on Monday that Yoon had become the first sitting South Korean president to be banned from leaving the country. A lawmaker was asked at a Monday parliamentary hearing whether Yoon had been banned from international travel. "Yes, that's right," replied Bae Sang-up, an immigration services commissioner at the ministry. Also under travel bans for their roles in last week's events are former defense minister Kim Yong-hyun -- currently in detention -- and ex-interior minister Lee Sang-min. General Park An-su, the officer in charge of the martial law operation, and defense counterintelligence commander Yeo In-hyung are also barred from leaving South Korea. Investigators hauled Park in for further questioning Monday, and Yonhap news agency reported that prosecutors had asked for a warrant for Kim's formal arrest. The impeachment push failed to pass after members of Yoon's own People Power Party (PPP) walked out of parliament, depriving it of the necessary two-thirds majority. The PPP says that in exchange, the 63-year-old Yoon has agreed to hand power to the prime minister and party chief, prompting howls of protest from the opposition. "This is an unlawful, unconstitutional act of a second insurrection and a second coup," Democratic Party floor leader Park Chan-dae said. Under South Korea's constitution, the president remains head of government and commander in chief of the army unless he or she is incapacitated, resigns or steps down. In such a case, power would then be handed to the prime minister on an interim basis until elections could be held. Claiming Yoon can remain in office but has delegated his powers to the prime minister and leader of his ruling PPP -- who is not an elected official -- is "a blatant constitutional violation with no legal basis", Park said. "Their attitude of placing themselves above the constitution mirrors that of insurrectionist Yoon Suk Yeol," he said. South Korea's ally the United States indicated it would still deal with Yoon but said it "will keep lines of communication open with all relevant parties". "President Yoon is the president of Korea, and the political process in Korea will play out, as it should, under Korea's laws and Korea's constitution," State Department spokesman Matthew Miller told reporters. The defense ministry confirmed Monday that the embattled Yoon still oversees the country's security apparatus, despite the apparent power vacuum in a country that remains technically at war with nuclear-armed North Korea. "Legally, (control of military forces) currently lies with the commander in chief," defense ministry spokesperson Jeon Ha-kyou said. Yoon has apologised for "anxiety and inconvenience" caused by his declaration of martial law but has not stepped down, saying instead he would entrust decisions about his fate to his party. He also said he would accept all political and legal responsibility for the martial law fiasco. There is no constitutional basis supporting the ruling party's claim that Yoon can stay in office but hand over his power to unelected party officials, said Kim Hae-won, a constitutional law professor at Pusan National University Law School. "It seems to resemble an unconstitutional soft coup," he told AFP. "If there are issues with the president, there are ways laid out in the constitution such as suspending the president from his duties, and then move on to proceedings set out in the constitution, such as impeachment," he said. The opposition has already said they would try again to impeach Yoon, with leader Lee Jae-myung saying another vote would be held Saturday.
US acknowledges task force named after China's reef in SCS; move won't change China's ability, determination in safeguarding maritime rights: expertNone
A Mobile Police Station is now open to the public. Police officers will be in full force near Heroes Park in Castries on a 24/7 basis. The mobile unit is expected to be a total game-changer for the Royal Saint Lucia Police Force (RSLPF). “This initiative came about as a result of the many cries that we’ve been hearing of late as it pertains to crime... with the tourists... as well as our citizenry,” Inspector Bridgette Algodel said on Monday. According to her, while the mobile unit is stationed in Castries, “it is subject to change as the need arises.” The unit will be manned by a diarist and members of the Traffic Department. “We will (also) see the deployment of ATVs from this location. You will be seeing constant patrols being done by members of the Marine Unit,” the inspector said, along with drone coverage. Inspector Lucius Small, Commanding Officer of the Special Services Unit, told reporters it was a historical day for the RSLPF. “The Special Services Unit will be there at all times to provide security for persons... around the City of Castries,” he said. The RSLPF is also hoping to foster trust with the public. “Our goal is to significantly reduce theft (and) to foster stronger relationships between law enforcement and the community encouraging a collaborative approach to safety. Also, to create an environment for residents and tourists to feel safe,” Inspector Anthea Louis stated. Chief Fire Officer, Ditney Downes, praised the Acting Commissioner for conceptualizing the idea. “The Commissioner of Police has taken a multisectoral approach to crime fighting and he has invited the Fire Department to be part of that strategy. We are very happy to partner with him,” he said. Furthermore, he stated, “In speaking to the Commissioner, I could see the determination to ensure that the crime situation is reduced to its lowest level possible. I have no doubt this initiative will bring success. The Fire Department will make all available resources within the department to ensure that this initiative is very successful.” Moving forward, he said, “We will continue that partnership with the Commissioner of Police and the Royal Saint Lucia Police Force to ensure that we have a safer Saint Lucia. We need to come down on the number of criminal activities that we currently face in this country and the Fire Service is determined to assist.” Prime Minister Philip J Pierre was full of praise for Acting Commissioner Verne Garde and the Fire Chief, saying: “It’s something that you see in other countries and we’ve spoken about it but as usual we always find the reason not to do it in terms of resources. For the Commissioner and Fire Chief to be so innovative to use what we have and to convert into a real serious asset coupled with the other assets that they have I think it’s really something we should be proud of.”The number of Australian homes bought by foreigners fell last year, as high stamp duty costs deter potential buyers. The downturn reflects the government’s efforts to reduce foreign investment and cut migration, experts say. The number of foreigners purchasing property in Australia dropped last financial year. Credit: Dion Georgopoulos The number of approved residential real estate investments by overseas buyers fell to 5581 in financial year 2024, down from 6576 in 2023 (15 per cent), figures from the Foreign Investment Review Board (FIRB) show. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers (with China the largest foreign-buyer pool in Australia), dropped last financial year from $4 billion to $3 billion. Property portal Juwai IQI co-founder and group managing director Daniel Ho said affordability has unexpectedly become an issue for foreign buyers here. “Foreign buyers pay much more to purchase and to hold property in Australia than local residents and citizens,” Ho said. “They have extra taxes, fees, and duties that local buyers don’t have to worry about.” In Sydney, foreign buyers pay a one-off application fee, a stamp duty surcharge of 8 per cent and an annual land tax surcharge of 4 per cent. Both components will increase to 9 per cent and 5 per cent, respectively, from next year. Buyers who are not Australian citizens or permanent residents are restricted in the types of dwelling they can purchase. Foreign investors are limited to new dwellings or off-the-plan sales, to help boost Australia’s housing stock. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers dropped from $4 billion to $3 billion last financial year. Credit: Steven Siewert Temporary residents can apply for approval to buy an established home to live in for the duration of their stay, or can also buy an established home for redevelopment if it increases the housing stock. Plus Agency managing director Peter Li said the higher fees and taxes compounded the cost of holding property in Australia as a foreigner. “That’s pushing foreign buyers out of the market. Even if you could afford to buy it, you have to be able to afford to keep it, and that’s why people are selling,” Li said. “Overseas purchasers are cash rich, so they have assets overseas – not just Chinese, I’m talking about Persian, Lebanese, Americans, British. Normally, they sell their assets [to buy in Australia]. So the mortgage is not a big concern ... it’s the surcharges.” He said foreign buyers have been declining since the introduction of fees and surcharges in 2017, especially in unit-heavy markets such as Sydney’s Chatswood and Burwood. Li said they could once sell an entire development to foreign buyers before the introduction of the FIRB application fees and surcharges, but would now struggle to sell one in 10 to them. Cuts to migration levels and increasing difficulties in qualifying for permanent residency were driving foreign buyers from Australian real estate, Li said, which he did not think would improve. OH Property Group’s Henny Stier noted fewer foreign buyers in Sydney’s north and north shore. “A lot of new builds and apartments in places like Epping have dropped ... if they’re not buying, then local buyers are not buying them, so they’re sitting around on the market and prices are dropping,” Stier said. It was more difficult to move cash from countries like China and Indonesia where there were strict limits on withdrawals, Stier said. Stier added the Australian government’s attempts to disincentivise foreign investment were working. In Melbourne, the top destination for Chinese buyer interest in Australia, foreign buyers face an 8 per cent stamp duty fee. Foreign buyers are subject to extra stamp duty costs. Credit: Paul Rovere Director at Belle Property Balwyn Robert Ding said overseas buyers were delaying property purchases until they obtain permanent residency, when the increased stamp duty no longer applies. “When someone’s paying $4 million to $5 million [for a property], it’s quite a hefty fee,” Ding said. “What a lot of these foreign buyers do ... is rent or even buy something of a less substantial value. Once they get permanent residency, which usually takes about four or five years, that’s when they start to buy properties.” Ray White Balwyn director Helen Yan has noticed a downturn in Chinese buyers since the start of this year, when the federal government paused applications for the significant-investor visa which requires recipients to invest $5 million in Australia. “That’s why the high-end property [market] has slowed down a lot,” Yan said. AMP chief economist Shane Oliver said the number of foreigners buying in Australia has probably returned to pre-COVID levels following the post-pandemic housing boom. “Foreign buying was quite weak through the pandemic years because of travel restrictions,” Oliver said. “That sort of slowed down through the pandemic, then there was a bounce back, and I suspect it’s now just settling down after that initial bounce back. “There could also be some cooling associated with the backlash we’re seeing against foreign students, with student visa numbers down, which may have, to some degree, weighed on foreign purchases as well.”
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HENDERSON, Nev. (AP) — Aidan O'Connell will start at quarterback when the Las Vegas Raiders visit the Kansas City Chiefs on Friday. Raiders coach Antonio Pierce made the announcement Wednesday, saying O'Connell had progressed well after breaking his right thumb on Oct. 20 in a game against the Los Angeles Rams. Gardner Minshew broke his left collarbone on Sunday in a game against the Denver Broncos and is out for the season. The Raiders could have gone with Desmond Ridder to replace Minshew. AP NFL: https://apnews.com/hub/NFL
ASX to rise, techs drag Wall St lower, bitcoin bounces
Facebook Twitter WhatsApp SMS Email Print Copy article link Save NEW YORK — Several of President-elect Donald Trump 's Cabinet picks and appointees have been targeted by bomb threats and "swatting attacks," Trump's transition said Wednesday. "Last night and this morning, several of President Trump's Cabinet nominees and Administration appointees were targeted in violent, unAmerican threats to their lives and those who live with them," Trump transition spokesperson Karoline Leavitt said in a statement. She said the attacks "ranged from bomb threats to 'swatting.' In response, law enforcement and other authorities acted quickly to ensure the safety of those who were targeted. President Trump and the entire Transition team are grateful for their swift action." President-elect Donald Trump arrives to speak at a meeting of the House GOP conference, followed by Rep. Elise Stefanik, R-N.Y., Wednesday, Nov. 13, 2024, in Washington. (AP Photo/Alex Brandon) Swatting entails generating an emergency law enforcement response against a target victim under false pretenses. The FBI said in a statement that it is "aware of numerous bomb threats and swatting incidents targeting incoming administration nominees and appointees, and we are working with our law enforcement partners. We take all potential threats seriously, and as always, encourage members of the public to immediately report anything they consider suspicious to law enforcement." People are also reading... Margaret Atwood OSU event altered over threats The real reason Corvallis' Pastega Lights moved to Linn County Tree farm fiasco has Corvallis homelessness under microscope Commentary: Gulbranson shows he should be starter in thrilling win over Cougars Head-on crash on Highway 228 kills 1, injures 2 2 bucks illegally killed with crossbow in Corvallis Philomath woman suspected in Eugene Airport bomb scare Linn County deputy resigns during menacing case Corvallis man gets prison for armed robbery case Corvallis homes in on layout options for a new government center How is the OSU grad strike impacting students? UPDATED: Feds halt drawdown at Green Peter Reservoir after local cities complain OSU women's basketball: Ferreira brings versatility to the Beavers' lineup OSU football: Game notes for the Beavers' win over Washington State OSU football: Hayes makes game-winning field goal as Beavers down Cougars Among those targeted was New York Rep. Elise Stefanik, Trump's pick to serve as the next ambassador to the United Nations. Rep. Elise Stefanik, R-N.Y., is seated before President-elect Donald Trump arrives at a meeting of the House GOP conference, Wednesday, Nov. 13, 2024, in Washington. (AP Photo/Alex Brandon) Her office said that, Wednesday morning, she, her husband, and their 3-year-old son were driving home from Washington for Thanksgiving when they were informed of a bomb threat to their residence in Saratoga County. "New York State, County law enforcement, and U.S. Capitol Police responded immediately with the highest levels of professionalism," her office said in a statement. "We are incredibly appreciative of the extraordinary dedication of law enforcement officers who keep our communities safe 24/7." In Florida, meanwhile, the Okaloosa County sheriff's office said in an advisory posted on Facebook that it "received notification of a bomb threat referencing former Congressman Matt Gaetz's supposed mailbox at a home in the Niceville area around 9 a.m. this morning." While a family member resides at the address, they said "former Congressman Gaetz is NOT a resident. "The mailbox however was cleared and no devices were located. The immediate area was also searched with negative results." Gaetz was Trump's initial pick to serve as attorney general, but he withdrew from consideration amid allegations that he paid women for sex and slept with underage women. Gaetz has vehemently denied any wrongdoing and said last year that a Justice Department investigation into sex trafficking allegations involving underage girls had ended with no federal charges against him. The threats follow a political campaign marked by unusual violence. In July, a gunman opened fire at a Trump rally in Butler, Pennsylvania, grazing the then-candidate in the ear with a bullet and killing one of his supporters. The U.S. Secret Service later thwarted a subsequent assassination attempt at Trump's West Palm Beach, Florida, golf course when an agent spotted the barrel of a gun poking through a perimeter fence while Trump was golfing. Here are the people Trump has picked for key positions so far President-elect Donald Trump Among President-elect Donald Trump's picks are Susie Wiles for chief of staff, Florida Sen. Marco Rubio for secretary of state, former Democratic House member Tulsi Gabbard for director of national intelligence and Florida Rep. Matt Gaetz for attorney general. Susie Wiles, White House Chief of Staff Susie Wiles, 67, was a senior adviser to Trump's 2024 presidential campaign and its de facto manager. Marco Rubio, Secretary of State Trump named Florida Sen. Marco Rubio to be secretary of state, making a former sharp critic his choice to be the new administration's top diplomat. Rubio, 53, is a noted hawk on China, Cuba and Iran, and was a finalist to be Trump's running mate on the Republican ticket last summer. Rubio is the vice chairman of the Senate Intelligence Committee and a member of the Senate Foreign Relations Committee. “He will be a strong Advocate for our Nation, a true friend to our Allies, and a fearless Warrior who will never back down to our adversaries,” Trump said of Rubio in a statement. The announcement punctuates the hard pivot Rubio has made with Trump, whom the senator called a “con man" during his unsuccessful campaign for the 2016 GOP presidential nomination. Their relationship improved dramatically while Trump was in the White House. And as Trump campaigned for the presidency a third time, Rubio cheered his proposals. For instance, Rubio, who more than a decade ago helped craft immigration legislation that included a path to citizenship for people in the U.S. illegally, now supports Trump's plan to use the U.S. military for mass deportations. Pete Hegseth, Secretary of Defense Pete Hegseth, 44, is a co-host of Fox News Channel’s “Fox & Friends Weekend” and has been a contributor with the network since 2014, where he developed a friendship with Trump, who made regular appearances on the show. Hegseth lacks senior military or national security experience. If confirmed by the Senate, he would inherit the top job during a series of global crises — ranging from Russia’s war in Ukraine and the ongoing attacks in the Middle East by Iranian proxies to the push for a cease-fire between Israel, Hamas and Hezbollah and escalating worries about the growing alliance between Russia and North Korea. Hegseth is also the author of “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free,” published earlier this year. Pam Bondi, Attorney General Trump tapped Pam Bondi, 59, to be attorney general after U.S. Rep. Matt Gaetz withdrew his name from consideration. She was Florida's first female attorney general, serving between 2011 and 2019. She also was on Trump’s legal team during his first impeachment trial in 2020. Considered a loyalist, she served as part of a Trump-allied outside group that helped lay the groundwork for his future administration called the America First Policy Institute. Bondi was among a group of Republicans who showed up to support Trump at his hush money criminal trial in New York that ended in May with a conviction on 34 felony counts. A fierce defender of Trump, she also frequently appears on Fox News and has been a critic of the criminal cases against him. Kristi Noem, Secretary of Homeland Security Trump picked South Dakota Gov. Kristi Noem, a well-known conservative who faced sharp criticism for telling a story in her memoir about shooting a rambunctious dog, to lead an agency crucial to the president-elect’s hardline immigration agenda. Noem used her two terms leading a tiny state to vault to a prominent position in Republican politics. South Dakota is usually a political afterthought. But during the COVID-19 pandemic, Noem did not order restrictions that other states had issued and instead declared her state “open for business.” Trump held a fireworks rally at Mount Rushmore in July 2020 in one of the first large gatherings of the pandemic. She takes over a department with a sprawling mission. In addition to key immigration agencies, the Department of Homeland Security oversees natural disaster response, the U.S. Secret Service, and Transportation Security Administration agents who work at airports. Doug Burgum, Secretary of the Interior The governor of North Dakota, who was once little-known outside his state, Burgum is a former Republican presidential primary contender who endorsed Trump, and spent months traveling to drum up support for him, after dropping out of the race. Burgum was a serious contender to be Trump’s vice presidential choice this summer. The two-term governor was seen as a possible pick because of his executive experience and business savvy. Burgum also has close ties to deep-pocketed energy industry CEOs. Trump made the announcement about Burgum joining his incoming administration while addressing a gala at his Mar-a-Lago club, and said a formal statement would be coming the following day. In comments to reporters before Trump took the stage, Burgum said that, in recent years, the power grid is deteriorating in many parts of the country, which he said could raise national security concerns but also drive up prices enough to increase inflation. “There's just a sense of urgency, and a sense of understanding in the Trump administration,” Burgum said. Robert F. Kennedy Jr., Secretary of Health and Human Services Robert F. Kennedy Jr. ran for president as a Democrat, than as an independent, and then endorsed Trump . He's the son of Democratic icon Robert Kennedy, who was assassinated during his own presidential campaign. The nomination of Kennedy to lead the Department of Health and Human Services alarmed people who are concerned about his record of spreading unfounded fears about vaccines . For example, he has long advanced the debunked idea that vaccines cause autism. Scott Bessent, Treasury Secretary Scott Bessent, 62, is a former George Soros money manager and an advocate for deficit reduction. He's the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary. He told Bloomberg in August that he decided to join Trump’s campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then. Lori Chavez-DeRemer, Labor Secretary Oregon Republican U.S. Rep. Lori Chavez-DeRemer narrowly lost her reelection bid this month, but received strong backing from union members in her district. As a potential labor secretary, she would oversee the Labor Department’s workforce, its budget and put forth priorities that impact workers’ wages, health and safety, ability to unionize, and employer’s rights to fire employers, among other responsibilities. Chavez-DeRemer is one of few House Republicans to endorse the “Protecting the Right to Organize” or PRO Act would allow more workers to conduct organizing campaigns and would add penalties for companies that violate workers’ rights. The act would also weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Scott Turner, Housing and Urban Development Scott Turner is a former NFL player and White House aide. He ran the White House Opportunity and Revitalization Council during Trump’s first term in office. Trump, in a statement, credited Turner, the highest-ranking Black person he’s yet selected for his administration, with “helping to lead an Unprecedented Effort that Transformed our Country’s most distressed communities.” Sean Duffy, Secretary of Transportation Sean Duffy is a former House member from Wisconsin who was one of Trump's most visible defenders on cable news. Duffy served in the House for nearly nine years, sitting on the Financial Services Committee and chairing the subcommittee on insurance and housing. He left Congress in 2019 for a TV career and has been the host of “The Bottom Line” on Fox Business. Before entering politics, Duffy was a reality TV star on MTV, where he met his wife, “Fox and Friends Weekend” co-host Rachel Campos-Duffy. They have nine children. Chris Wright, Secretary of Energy A campaign donor and CEO of Denver-based Liberty Energy, Write is a vocal advocate of oil and gas development, including fracking — a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market. Wright also has been one of the industry’s loudest voices against efforts to fight climate change. He said the climate movement around the world is “collapsing under its own weight.” The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States. Wright also won support from influential conservatives, including oil and gas tycoon Harold Hamm. Hamm, executive chairman of Oklahoma-based Continental Resources, a major shale oil company, is a longtime Trump supporter and adviser who played a key role on energy issues in Trump’s first term. Linda McMahon, Secretary of Education President-elect Donald Trump tapped billionaire professional wrestling mogul Linda McMahon to be secretary of the Education Department, tasked with overseeing an agency Trump promised to dismantle. McMahon led the Small Business Administration during Trump’s initial term from 2017 to 2019 and twice ran unsuccessfully as a Republican for the U.S. Senate in Connecticut. She’s seen as a relative unknown in education circles, though she expressed support for charter schools and school choice. She served on the Connecticut Board of Education for a year starting in 2009 and has spent years on the board of trustees for Sacred Heart University in Connecticut. Brooke Rollins, Secretary of Agriculture Brooke Rollins, who graduated from Texas A&M University with a degree in agricultural development, is a longtime Trump associate who served as White House domestic policy chief during his first presidency. The 52-year-old is president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. She previously served as an aide to former Texas Gov. Rick Perry and ran a think tank, the Texas Public Policy Foundation. Howard Lutnick, Secretary of Commerce Trump chose Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs. Trump made the announcement Tuesday on his social media platform, Truth Social. Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration. Both are tasked with putting forward candidates for key roles in the next administration. The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial. Doug Collins, Secretary of Veterans Affairs Doug Collins is a former Republican congressman from Georgia who gained recognition for defending Trump during his first impeachment trial, which centered on U.S. assistance for Ukraine. Trump was impeached for urging Ukraine to investigate Joe Biden in 2019 during the Democratic presidential nomination, but he was acquitted by the Senate. Collins has also served in the armed forces himself and is currently a chaplain in the United States Air Force Reserve Command. "We must take care of our brave men and women in uniform, and Doug will be a great advocate for our Active Duty Servicemembers, Veterans, and Military Families to ensure they have the support they need," Trump said in a statement about nominating Collins to lead the Department of Veterans Affairs. Karoline Leavitt, White House press secretary Karoline Leavitt, 27, was Trump's campaign press secretary and currently a spokesperson for his transition. She would be the youngest White House press secretary in history. The White House press secretary typically serves as the public face of the administration and historically has held daily briefings for the press corps. Leavitt, a New Hampshire native, was a spokesperson for MAGA Inc., a super PAC supporting Trump, before joining his 2024 campaign. In 2022, she ran for Congress in New Hampshire, winning a 10-way Republican primary before losing to Democratic Rep. Chris Pappas. Leavitt worked in the White House press office during Trump's first term before she became communications director for New York Republican Rep. Elise Stefanik, Trump's choice for U.S. ambassador to the United Nations. Tulsi Gabbard, National Intelligence Director Former Hawaii Rep. Tulsi Gabbard has been tapped by Trump to be director of national intelligence, keeping with the trend to stock his Cabinet with loyal personalities rather than veteran professionals in their requisite fields. Gabbard, 43, was a Democratic House member who unsuccessfully sought the party's 2020 presidential nomination before leaving the party in 2022. She endorsed Trump in August and campaigned often with him this fall. “I know Tulsi will bring the fearless spirit that has defined her illustrious career to our Intelligence Community,” Trump said in a statement. Gabbard, who has served in the Army National Guard for more than two decades, deploying to Iraq and Kuwait, would come to the role as somewhat of an outsider compared to her predecessor. The current director, Avril Haines, was confirmed by the Senate in 2021 following several years in a number of top national security and intelligence positions. John Ratcliffe, Central Intelligence Agency Director Trump has picked John Ratcliffe, a former Texas congressman who served as director of national intelligence during his first administration, to be director of the Central Intelligence Agency in his next. Ratcliffe was director of national intelligence during the final year and a half of Trump's first term, leading the U.S. government's spy agencies during the coronavirus pandemic. “I look forward to John being the first person ever to serve in both of our Nation's highest Intelligence positions,” Trump said in a statement, calling him a “fearless fighter for the Constitutional Rights of all Americans” who would ensure “the Highest Levels of National Security, and PEACE THROUGH STRENGTH.” Lee Zeldin, Environmental Protection Agency Administrator Trump has chosen former New York Rep. Lee Zeldin to serve as his pick to lead the Environmental Protection Agency . Zeldin does not appear to have any experience in environmental issues, but is a longtime supporter of the former president. The 44-year-old former U.S. House member from New York wrote on X , “We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI.” “We will do so while protecting access to clean air and water,” he added. During his campaign, Trump often attacked the Biden administration's promotion of electric vehicles, and incorrectly referring to a tax credit for EV purchases as a government mandate. Trump also often told his audiences during the campaign his administration would “Drill, baby, drill,” referring to his support for expanded petroleum exploration. In a statement, Trump said Zeldin “will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet.” Brendan Carr, Chairman of the Federal Communications Commission Trump has named Brendan Carr, the senior Republican on the Federal Communications Commission, as the new chairman of the agency tasked with regulating broadcasting, telecommunications and broadband. Carr is a longtime member of the commission and served previously as the FCC’s general counsel. He has been unanimously confirmed by the Senate three times and was nominated by both Trump and President Joe Biden to the commission. Carr made past appearances on “Fox News Channel," including when he decried Democratic Vice President Kamala Harris' pre-Election Day appearance on “Saturday Night Live.” He wrote an op-ed last month defending a satellite company owned by Trump supporter Elon Musk. Elise Stefanik, Ambassador to the United Nations Rep. Elise Stefanik is a representative from New York and one of Trump's staunchest defenders going back to his first impeachment. Elected to the House in 2014, Stefanik was selected by her GOP House colleagues as House Republican Conference chair in 2021, when former Wyoming Rep. Liz Cheney was removed from the post after publicly criticizing Trump for falsely claiming he won the 2020 election. Stefanik, 40, has served in that role ever since as the third-ranking member of House leadership. Stefanik’s questioning of university presidents over antisemitism on their campuses helped lead to two of those presidents resigning, further raising her national profile. If confirmed, she would represent American interests at the U.N. as Trump vows to end the war waged by Russia against Ukraine begun in 2022. He has also called for peace as Israel continues its offensive against Hamas in Gaza and its invasion of Lebanon to target Hezbollah. Matt Whitaker, Ambassador to NATO President-elect Donald Trump says he's chosen former acting Attorney General Matt Whitaker to serve as U.S. ambassador to NATO. Trump has expressed skepticism about the Western military alliance for years. Trump said in a statement Wednesday that Whitaker is “a strong warrior and loyal Patriot” who “will ensure the United States’ interests are advanced and defended” and “strengthen relationships with our NATO Allies, and stand firm in the face of threats to Peace and Stability.” The choice of Whitaker as the nation’s representative to the North Atlantic Treaty Organization is an unusual one, given his background is as a lawyer and not in foreign policy. Pete Hoekstra, Ambassador to Canada A Republican congressman from Michigan who served from 1993 to 2011, Hoekstra was ambassador to the Netherlands during Trump's first term. “In my Second Term, Pete will help me once again put AMERICA FIRST,” Trump said in a statement announcing his choice. “He did an outstanding job as United States Ambassador to the Netherlands during our first four years, and I am confident that he will continue to represent our Country well in this new role.” Mike Huckabee, Ambassador to Israel Trump will nominate former Arkansas Gov. Mike Huckabee to be ambassador to Israel. Huckabee is a staunch defender of Israel and his intended nomination comes as Trump has promised to align U.S. foreign policy more closely with Israel's interests as it wages wars against the Iran-backed Hamas and Hezbollah. “He loves Israel, and likewise the people of Israel love him,” Trump said in a statement. “Mike will work tirelessly to bring about peace in the Middle East.” Huckabee, who ran unsuccessfully for the Republican presidential nomination in 2008 and 2016, has been a popular figure among evangelical Christian conservatives, many of whom support Israel due to Old Testament writings that Jews are God’s chosen people and that Israel is their rightful homeland. Trump has been praised by some in this important Republican voting bloc for moving the U.S. embassy in Israel from Tel Aviv to Jerusalem. Steven Witkoff, Special Envoy to the Middle East Trump on Tuesday named real estate investor Steven Witkoff to be special envoy to the Middle East. The 67-year-old Witkoff is the president-elect's golf partner and was golfing with him at Trump's club in West Palm Beach, Florida, on Sept. 15, when the former president was the target of a second attempted assassination. Witkoff “is a Highly Respected Leader in Business and Philanthropy,” Trump said of Witkoff in a statement. “Steve will be an unrelenting Voice for PEACE, and make us all proud." Trump also named Witkoff co-chair, with former Georgia Sen. Kelly Loeffler, of his inaugural committee. Keith Kellogg, Special Envoy for Ukraine and Russia Trump said Wednesday that he will nominate Gen. Keith Kellogg to serve as assistant to the president and special envoy for Ukraine and Russia. Kellogg, a retired Army lieutenant general who has long been Trump’s top adviser on defense issues, served as National Security Advisor to Trump's former Vice President Mike Pence. For the America First Policy Institute, one of several groups formed after Trump left office to help lay the groundwork for the next Republican administration, Kellogg in April wrote that “bringing the Russia-Ukraine war to a close will require strong, America First leadership to deliver a peace deal and immediately end the hostilities between the two warring parties.” (AP Photo/Mariam Zuhaib) Mike Waltz, National Security Adviser Trump asked Rep. Michael Waltz, R-Fla., a retired Army National Guard officer and war veteran, to be his national security adviser, Trump announced in a statement Tuesday. The move puts Waltz in the middle of national security crises, ranging from efforts to provide weapons to Ukraine and worries about the growing alliance between Russia and North Korea to the persistent attacks in the Middle East by Iran proxies and the push for a cease-fire between Israel and Hamas and Hezbollah. “Mike has been a strong champion of my America First Foreign Policy agenda,” Trump's statement said, "and will be a tremendous champion of our pursuit of Peace through Strength!” Waltz is a three-term GOP congressman from east-central Florida. He served multiple tours in Afghanistan and also worked in the Pentagon as a policy adviser when Donald Rumsfeld and Robert Gates were defense chiefs. He is considered hawkish on China, and called for a U.S. boycott of the 2022 Winter Olympics in Beijing due to its involvement in the origin of COVID-19 and its mistreatment of the minority Muslim Uighur population. Stephen Miller, Deputy Chief of Staff for Policy Stephen Miller, an immigration hardliner , was a vocal spokesperson during the presidential campaign for Trump's priority of mass deportations. The 39-year-old was a senior adviser during Trump's first administration. Miller has been a central figure in some of Trump's policy decisions, notably his move to separate thousands of immigrant families. Trump argued throughout the campaign that the nation's economic, national security and social priorities could be met by deporting people who are in the United States illegally. Since Trump left office in 2021, Miller has served as the president of America First Legal, an organization made up of former Trump advisers aimed at challenging the Biden administration, media companies, universities and others over issues such as free speech and national security. Tom Homan, ‘Border Czar’ Thomas Homan, 62, has been tasked with Trump’s top priority of carrying out the largest deportation operation in the nation’s history. Homan, who served under Trump in his first administration leading U.S. Immigration and Customs Enforcement, was widely expected to be offered a position related to the border, an issue Trump made central to his campaign. Though Homan has insisted such a massive undertaking would be humane, he has long been a loyal supporter of Trump's policy proposals, suggesting at a July conference in Washington that he would be willing to "run the biggest deportation operation this country’s ever seen.” Democrats have criticized Homan for his defending Trump's “zero tolerance” policy on border crossings during his first administration, which led to the separation of thousands of parents and children seeking asylum at the border. Dr. Mehmet Oz, Centers for Medicaid and Medicare Services administrator Dr. Mehmet Oz, 64, is a former heart surgeon who hosted “The Dr. Oz Show,” a long-running daytime television talk show. He ran unsuccessfully for the U.S. Senate as the Republican nominee in 2022 and is an outspoken supporter of Trump, who endorsed Oz's bid for elected office. Elon Musk and Vivek Ramaswamy to advise White House on government efficiency Elon Musk, left, and Vivek Ramaswamy speak before Republican presidential nominee former President Donald Trump at an Oct. 27 campaign rally at Madison Square Garden in New York. Trump on Tuesday said Musk and former Republican presidential candidate Ramaswamy will lead a new “Department of Government Efficiency" — which is not, despite the name, a government agency. The acronym “DOGE” is a nod to Musk's favorite cryptocurrency, dogecoin. Trump said Musk and Ramaswamy will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” He added the move would shock government systems. It's not clear how the organization will operate. Musk, owner of X and CEO of Tesla and SpaceX, has been a constant presence at Mar-a-Lago since Trump won the presidential election. Ramaswamy suspended his campaign in January and threw his support behind Trump. Trump said the two will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” Russell Vought, Office of Management and Budget Russell Vought held the position during Trump’s first presidency. After Trump’s initial term ended, Vought founded the Center for Renewing America, a think tank that describes its mission as “renew a consensus of America as a nation under God.” Vought was closely involved with Project 2025, a conservative blueprint for Trump’s second term that he tried to distance himself from during the campaign. Vought has also previously worked as the executive and budget director for the Republican Study Committee, a caucus for conservative House Republicans. He also worked at Heritage Action, the political group tied to The Heritage Foundation, a conservative think tank. Additional selections to the incoming White House Dan Scavino, deputy chief of staff Scavino, whom Trump's transition referred to in a statement as one of “Trump's longest serving and most trusted aides,” was a senior adviser to Trump's 2024 campaign, as well as his 2016 and 2020 campaigns. He will be deputy chief of staff and assistant to the president. Scavino had run Trump's social media profile in the White House during his first administration. He was also held in contempt of Congress in 2022 after a month-long refusal to comply with a subpoena from the House committee’s investigation into the Jan. 6, 2021, attack on the U.S. Capitol. James Blair, deputy chief of staff Blair was political director for Trump's 2024 campaign and for the Republican National Committee. He will be deputy chief of staff for legislative, political and public affairs and assistant to the president. Blair was key to Trump's economic messaging during his winning White House comeback campaign this year, a driving force behind the candidate's “Trump can fix it” slogan and his query to audiences this fall if they were better off than four years ago. Taylor Budowich, deputy chief of staff Budowich is a veteran Trump campaign aide who launched and directed Make America Great Again, Inc., a super PAC that supported Trump's 2024 campaign. He will be deputy chief of staff for communications and personnel and assistant to the president. Budowich also had served as a spokesman for Trump after his presidency. William McGinley, White House counsel McGinley was White House Cabinet secretary during Trump's first administration, and was outside legal counsel for the Republican National Committee's election integrity effort during the 2024 campaign. In a statement, Trump called McGinley “a smart and tenacious lawyer who will help me advance our America First agenda, while fighting for election integrity and against the weaponization of law enforcement.” Jay Bhattacharya, National Institutes of Health Trump has chosen Dr. Jay Bhattacharya to lead the National Institutes of Health. Bhattacharya is a physician and professor at Stanford University School of Medicine, and is a critic of pandemic lockdowns and vaccine mandates. He promoted the idea of herd immunity during the pandemic, arguing that people at low risk should live normally while building up immunity to COVID-19 through infection. The National Institutes of Health funds medical research through competitive grants to researchers at institutions throughout the nation. NIH also conducts its own research with thousands of scientists working at its labs in Bethesda, Maryland. Jamieson Greer, U.S. trade representative Kevin Hassett, Director of the White House National Economic Council Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team. He announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council. While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public’s confidence in the economy. Trump said in a statement that Greer was instrumental in his first term in imposing tariffs on China and others and replacing the trade agreement with Canada and Mexico, “therefore making it much better for American Workers.” Hassett, 62, served in the first Trump term as chairman of the Council of Economic Advisers. He has a doctorate from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017. Associated Press writers Alanna Durkin Richer and Eric Tucker contributed to this report from Washington. Stay up-to-date on the latest in local and national government and political topics with our newsletter.Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. It’s no secret that Taylor Swift ’s Eras Tour has become an international phenomenon impacting many facets of pop culture, and fashion is no exception. Instead of simply emulating the pop star’s personal style or wearing the latest trends to the shows, fans have opted to wear outfits that are mostly DIY, or have handmade elements. These looks often took months of planning and had specific references to their favourite album, lyric, or past look of Taylor’s. Here were some of the outfits that caught our eye at the first night of the Vancouver shows. Mother and daughter Erin and Catori M. created a duet outfit, inspired by a very brief but memorable scene in the “Karma” music video. “I’m Olivia, Taylor’s cat,” Catori proudly exclaims. Mom Erin elaborates that “in the video, Taylor is laying on a giant Olivia, so I tried to create that exact cat... we loved that she can sit on my lap and she loves me, just like the lyrics.” While Catori’s fuzzy coat came from Goodwill, Erin bought her inexpensive dress purely for the colour, which was hard to replicate. “I couldn’t find any fabric that looked like her dress, so I stenciled and painted on the floral print myself.” The original dress that Taylor wore was from Erdem’s Spring 2023 collection. Cat mittens: Amazon ($24) Pearl necklace: Simons ($25) Like many other fans, Abby Vargas and Melinda Stewart were patiently waiting for Taylor to announce her re-recording of the Reputation album during the Vancouver leg of the tour, which inspired their outfits. “We bought the bodysuit on Amazon, and then we found the snake jewels on Etsy... we cut everything up and applied them ourselves,” Abby explains. “We also found all this snake jewelry, mostly from Amazon.” The bodysuits are directly inspired from the one-legged bodysuit Taylor wears while singing her songs from this e ra, which has a prevalent snake motif. “We took this trip together because we are going to be sisters-in-law in 2 months. We’ve been Taylor Swift fans since her first album. I was in middle school, and now we’re almost 30... we’ve grown up with her.” Boots: Amazon ($113) Bodysuit: Amazon ($42) Snake accessories: Amazon ($10) It was hard to miss Jessica and Megan Knell’s bright cardigans while walking through BC Place. Throughout the landslide of social media posts shared throughout the entire Eras Tour, we had never seen anything like them – and it turns out, it’s because these are completely bespoke. “I saw a graphic of Taylor online , and from there I created the crochet pattern,” Jessica shared. “It took me about 120 hours for each sweater, not including the beads on the pockets”, she said as she jingled the beaded friendship bracelets sewn onto the front. “We are diehard fans, so we wanted to wear something that nobody else would have.” Mission accomplished. Sisters Kayla and Felicity evoked the e vermore e ra for their matching looks. Even though they bought their entire outfits on Amazon as an homage to the cottagecore aesthetic of Taylor’s two 2020 albums, Swifties will notice another key detail: their lipstick. Taylor has worn a signature red lip for many years, and these fans made sure theirs was a perfect match. “Our lipstick is a dupe for Taylor’s signature red lipstick, Pat McGrath Labs MatteTrance Lipstick in ‘Elson’ ($53), which was sold out. Ours is Maybelline Superstay Matte Ink in ‘Exhilirator’ ($9).” Aubree’s outfit is an unmistakable recreation of Taylor’s cheerleading look in the “Shake it Off” music video from her 1989 album. Despite the look’s nearly identical match, everything was from Amazon and Etsy. “I could never pick what song I’m most excited for... I have been a diehard fan since 1989.” No detail was too small for Aubree to overlook, as she was sure to include blue eye makeup like Taylor’s in the video. She wore Maybelline Master Precise All Day Liquid Eyeliner in ‘Galactic Cobalt’ ($12). Varsity Letters: Amazon ($22) | Etsy ($2 each) Skirt: Amazon ($26) No matter which era fans were referencing, there was a common denominator for all in attendance: friendship bracelets. This tradition is a reference to the song “You’re On Your Own, Kid” from Taylor’s Midnights album. The lyric “make the friendship bracelets, take the moment and taste it” had a profound impact on fans, who now exchange bracelets as a symbol of connection, community, and a shared love of Swift’s music. Many fans had been beading for months, creating hundreds of bracelets they were proudly handing out and trading at the show. The fashion choices at the finale of Taylor Swift’s finale in Vancouver were a testament to the creativity, dedication, and deep personal connection fans feel towards the artist and her music. The sheer effort fans put into their looks highlighted the way Swift’s music transcends the stage, becoming a shared culture experience that has united people around the world. From sparkling snake bodysuits to meticulously hand-crocheted cardigans, Swifties proved that when it comes to celebrating their love for Taylor, they truly never go out of style. Shopping Essentials is a category written by research-obsessed shopping experts. Explore product reviews, recommendations and launches — plus behind-the-scenes info on your favourite brands and hidden gems — learn more here or sign up for our newsletter .
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The Alberta government says it has pulled the plug on a foreign worker recruitment mission in the United Arab Emirates scheduled for early next year. Documents show the mission was part of the Alberta Advantage Immigration Program, which works to fast-track the permanent residency process for workers in sought after sectors like health care, technology and law enforcement. The program, which is jointly run by both the provincial and federal government, is how Alberta works to manage its federally allocated economic immigrant targets each year. In 2024, it was 9,750. Provincial Immigration Minister Muhammad Yaseen says he decided to cancel the trip after reviewing its purpose. "We became aware that a potential recruitment mission to the UAE was being considered and that planning was underway by officials within the department of Immigration and Multiculturalism," Yaseen said in a statement Sunday. "I have reviewed the mission purpose and at this time have decided not to pursue it further." An itinerary for the three-day trip says government resources were to be used to facilitate interviews with workers and Alberta-based employers who signed up. Employers were to pay their travel costs. Alberta isn't unique in organizing such recruiting trips. It's a practice employed by provinces including New Brunswick, Manitoba and Quebec to try and address labour shortages in key sectors. Quebec announced last month that it was temporarily halting all international recruitment trips until at least next summer, as the government works to re-evaluate its immigration strategy and clear out the backlog of applicants to its economic migrant program. United Arab Emirates was also the destination for a 2022 recruitment trip for Prince Edward Island government staff and trucking and health care industry representatives. Alberta Premier Danielle Smith has said increased immigration and population growth is partly responsible for issues plaguing the province, such as housing shortages and health-care capacity strains. Yaseen said Alberta has experienced "unsustainable levels of immigration" as a result of federal policy but didn't say whether the United Arab Emirates trip was cancelled over those concerns. Between July 2023 and July of this year, Alberta's population grew by 4.4 per cent, or about 204,000 people. A government population report from September says about 60,000 of those new Albertans were immigrants, while 91,000 were temporary foreign workers, international students, refugees and asylum seekers. "It is our belief that Ottawa’s priority should be on reducing the number of temporary foreign workers, international students and asylum seekers — not on reducing provincially selected economic migrants," Yaseen said. In October, the federal government reduced immigration targets for the next three years by about 20 per cent, with much of the reduction to future permanent resident admissions. Much of the decrease is to provincial nominee programs like the Alberta Advantage Immigration Program. The provincial program limit was set at 120,000 per year for all provinces combined in 2025 and 2026 prior to the target reduction, which dropped the total to 55,000 in each of the next three years. Yaseen's press secretary Neil Singh did not respond to multiple inquiries over the past week about the Alberta program and how many international recruiting trips the government has organized over the last few years.Syria’s new administration moves to form govt
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Just about the last thing the need after Week 14 is a date with a Super Bowl contender. But in a year where virtually nothing has gone right for New York, misfortune has proven to be as inevitable as the weekly Saquon Barkley highlight. After losing on Sunday, , to the New Orleans Saints, the Giants’ losing streak reached eight games. Barkley ran for 124 yards. New York remained the laughing stock of the league. Javascript is required for you to be able to read premium content. Thanks for the feedback.
The number of Australian homes bought by foreigners fell last year, as high stamp duty costs deter potential buyers. The downturn reflects the government’s efforts to reduce foreign investment and cut migration, experts say. The number of foreigners purchasing property in Australia dropped last financial year. Credit: Dion Georgopoulos The number of approved residential real estate investments by overseas buyers fell to 5581 in financial year 2024, down from 6576 in 2023 (15 per cent), figures from the Foreign Investment Review Board (FIRB) show. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers (with China the largest foreign-buyer pool in Australia), dropped last financial year from $4 billion to $3 billion. Property portal Juwai IQI co-founder and group managing director Daniel Ho said affordability has unexpectedly become an issue for foreign buyers here. “Foreign buyers pay much more to purchase and to hold property in Australia than local residents and citizens,” Ho said. “They have extra taxes, fees, and duties that local buyers don’t have to worry about.” In Sydney, foreign buyers pay a one-off application fee, a stamp duty surcharge of 8 per cent and an annual land tax surcharge of 4 per cent. Both components will increase to 9 per cent and 5 per cent, respectively, from next year. Buyers who are not Australian citizens or permanent residents are restricted in the types of dwelling they can purchase. Foreign investors are limited to new dwellings or off-the-plan sales, to help boost Australia’s housing stock. The combined value of approved residential real estate proposals from Chinese and Hong Kong buyers dropped from $4 billion to $3 billion last financial year. Credit: Steven Siewert Temporary residents can apply for approval to buy an established home to live in for the duration of their stay, or can also buy an established home for redevelopment if it increases the housing stock. Plus Agency managing director Peter Li said the higher fees and taxes compounded the cost of holding property in Australia as a foreigner. “That’s pushing foreign buyers out of the market. Even if you could afford to buy it, you have to be able to afford to keep it, and that’s why people are selling,” Li said. “Overseas purchasers are cash rich, so they have assets overseas – not just Chinese, I’m talking about Persian, Lebanese, Americans, British. Normally, they sell their assets [to buy in Australia]. So the mortgage is not a big concern ... it’s the surcharges.” He said foreign buyers have been declining since the introduction of fees and surcharges in 2017, especially in unit-heavy markets such as Sydney’s Chatswood and Burwood. Li said they could once sell an entire development to foreign buyers before the introduction of the FIRB application fees and surcharges, but would now struggle to sell one in 10 to them. Cuts to migration levels and increasing difficulties in qualifying for permanent residency were driving foreign buyers from Australian real estate, Li said, which he did not think would improve. OH Property Group’s Henny Stier noted fewer foreign buyers in Sydney’s north and north shore. “A lot of new builds and apartments in places like Epping have dropped ... if they’re not buying, then local buyers are not buying them, so they’re sitting around on the market and prices are dropping,” Stier said. It was more difficult to move cash from countries like China and Indonesia where there were strict limits on withdrawals, Stier said. Stier added the Australian government’s attempts to disincentivise foreign investment were working. In Melbourne, the top destination for Chinese buyer interest in Australia, foreign buyers face an 8 per cent stamp duty fee. Foreign buyers are subject to extra stamp duty costs. Credit: Paul Rovere Director at Belle Property Balwyn Robert Ding said overseas buyers were delaying property purchases until they obtain permanent residency, when the increased stamp duty no longer applies. “When someone’s paying $4 million to $5 million [for a property], it’s quite a hefty fee,” Ding said. “What a lot of these foreign buyers do ... is rent or even buy something of a less substantial value. Once they get permanent residency, which usually takes about four or five years, that’s when they start to buy properties.” Ray White Balwyn director Helen Yan has noticed a downturn in Chinese buyers since the start of this year, when the federal government paused applications for the significant-investor visa which requires recipients to invest $5 million in Australia. “That’s why the high-end property [market] has slowed down a lot,” Yan said. AMP chief economist Shane Oliver said the number of foreigners buying in Australia has probably returned to pre-COVID levels following the post-pandemic housing boom. “Foreign buying was quite weak through the pandemic years because of travel restrictions,” Oliver said. “That sort of slowed down through the pandemic, then there was a bounce back, and I suspect it’s now just settling down after that initial bounce back. “There could also be some cooling associated with the backlash we’re seeing against foreign students, with student visa numbers down, which may have, to some degree, weighed on foreign purchases as well.”Pralhad Joshi Slams Congress Over Playing Politics Over Cremation Of Former PM Manmohan Singh
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