Day: April 10, 2024

Zelensky says he doesn’t need ‘primitive’ ideas from Trump on Ukraine  AOL

Russia MFA spox: The West is attempting to destabilize South Caucasus  NEWS.am

Haiti: In Port-au-Prince, the violence is like gangrene  Médecins Sans Frontières (MSF) International

By: Ilana Siyance

The United States Justice Department will reopen an antitrust probe into the National Association of Realtors.

As reported by the NY Times, the investigation will look into whether the influential trade group’s rules work to inflate the cost of selling a home.

The probe came back to life after a decision on Friday by the U.S. Court of Appeals for the District of Columbia, which overturned a lower-court ruling from 2023 which had denied the Justice Department’s request for info from N.A.R. regarding broker commissions and how real estate listings get marketed. The National Association of Realtors has been a powerful source for the residential real estate industry for decades, boasting some 1.5 million members, $1 billion in assets and a powerful lobbying arm in Washington. The group actually owns a trademark for the word “Realtor,” and an agent must be a member of the organization to call themselves a realtor.

The N.A.R. also got a heavy blow from a March 15 agreement to settle several lawsuits that alleged the group had violated antitrust laws and had conspired to fix the rates that real estate agents charge their clients. Pending federal court approval, N.A.R. will be on the hook to pay $418 million in damages and will significantly need to change its rules on agent commissions and the databases on which homes are listed for sale, the Times reported. In Missouri, home sellers had filed a lawsuit against N.A.R. which led to multiple copycat claims, in which they successfully argued that the group’s rule that a seller’s agent must make an offer of commission to a buyer’s agent had forced home sellers to pay higher commissions.

Friday’s decision will now give the Justice Department another opportunity to look into the fees and other N.A.R. rules which have long frustrated consumers. “Real-estate commissions in the United States greatly exceed those in any other developed economy, and this decision restores the Antitrust Division’s ability to investigate potentially unlawful conduct by N.A.R. that may be contributing to this problem,” said Assistant Attorney General Jonathan Kanter, the head of the Justice Department’s antitrust division, in an emailed statement. “The Antitrust Division is committed to fighting to lower the cost of buying and selling a home.”

Per the NY Times, Americans pay a total of about $100 billion in real estate commissions each year. Most agencies charge the seller a commission of 5 or 6 percent, whereas in many other countries commission rates are only 1 to 3 percent. The N.A.R. has come under fire for allegedly being the driving force to hike up those commission rates, with the Justice Department first suing the trade group back in 2005.

Should N.A.R. wish to appeal Friday’s ruling, the case would have to move up to the Supreme Court.

On Friday, representatives for N.A.R. issued an emailed statement saying the organization was “reviewing

today’s decision and evaluating next steps,” adding that they remained “steadfast in our commitment to promoting consumer transparency and to supporting our members in protecting their clients’ interests in the home buying and selling process.”

The post DOJ Says It Will Reopen Anti-Trust Probe into National Association of Realtors appeared first on The Jewish Voice.

Edited by: TJVNews.com

In a landscape dominated by the pursuit of entrepreneurial success and self-made fortunes, a new trend has emerged at the summit of wealth: family money. According to a report on Saturday in the New York Post, the latest information from Forbes unveils a striking revelation–for the first time in over a decade, none of the individuals listed among the billionaires under 30 have amassed their colossal wealth through their own endeavors.

In a marked shift from previous years, the 2024 edition of Forbes’ “World’s Youngest Billionaires” list showcases a staggering statistic–18 out of the 25 youngest billionaires have inherited their wealth, as was reported by The Post/ This departure from the narrative of self-made success signifies a paradigmatic evolution in the dynamics of wealth accumulation among the world’s elite.

The phenomenon is attributed, in part, to the aging of past self-made billionaires, who have transitioned into their thirties without being replaced by counterparts from similar financial backgrounds, the Post report noted. As these individuals age and their fortunes solidify, they pave the way for a new generation of affluent heirs to ascend the ranks of the ultra-wealthy.

Forbes’ analysis, outlined in their article titled “World’s Youngest Billionaires 2024,” sheds light on the broader implications of this trend. The information provided in the Post report indicated that the substantial inheritances received by these young billionaires mark the onset of what the publication describes as “a long-anticipated generational wealth transfer.” With trillions of dollars poised to change hands annually as wealthy elders pass away, the dynamics of global wealth distribution are undergoing a significant transformation.

At the forefront of this shift is Livia Voigt, a 19-year-old heiress from Brazil, who claims the title of the youngest billionaire in the world, as was pointed out in the Post report. Voigt’s ascent to billionaire status underscores the growing influence of inherited wealth in shaping the landscape of global finance.

Among these precocious billionaires is a college student whose net worth eclipses the billion-dollar mark, courtesy of a minority stake in her late grandfather’s electrical equipment production company, WEG. The Post reported that accompanied by her older sister, the duo represents a burgeoning cohort of young individuals who have leveraged familial connections to secure their positions among the world’s wealthiest.

The story is echoed by a pair of twentysomething brothers from Ireland, Zahan and Firoz Mistry, whose staggering net worth of $4.9 billion each places them firmly in the upper echelons of global wealth. As detailed in the Post report, inheriting a minor stake in their late father’s conglomerate, the Tata Group, the siblings epitomize the transformative power of intergenerational wealth transfer in shaping the fortunes of the next generation.

Similarly, Clemente Del Vecchio, a 19-year-old from Italy, saw his net worth soar to $4.7 billion following the passing of his father, Leonardo Del Vecchio, in 2022. The report in the Post suggested that securing a stake in EssilorLuxottica, the Italian-French maker of Ray-Ban, Del Vecchio embodies the profound impact of familial succession on individual wealth accumulation, alongside his brothers Leonardo Maria and Luca.

Meanwhile, Sophie Luise Fielmann, a 29-year-old German heiress, inherited the mantle of her father’s eyewear empire, Fielmann AG, following his passing in January, according to the Post. With a net worth of $2.7 billion, Fielmann exemplifies the continuity of family enterprises and the enduring legacy of patriarchal wealth within corporate dynasties.

The post Forbes: Fewer ‘Self-Made’ Billionaires on 2024 Under 30 List appeared first on The Jewish Voice.

Hamas says no to American compromise for hostage deal  The Jerusalem Post

Washington has been scrambling to fuel the war against Russia as Kiev has failed to mount any serious offensive for the past year

Zalina Marshenkulova denounced the reported criminal case against her, calling it “absolutely surreal and outrageous,” but said that her lawyers have not yet been informed about it. https://t.co/u53xOI8AXW

— The Moscow Times (@MoscowTimes) April 10, 2024