Tej Kohli Business Blog

 January witnessed a decline in the unemployment rates for New York City and the state, giving a bleak signal that the ripples of layoff sett off by the recession may be receding.

According to the figures issued by State Labor Department, New York’s official unemployment rate has fallen to 10.4% in January from 10.5 % in December, which is still well over the national unemployment rate that fell to 9.7% in January from 10% in December.

However, the report, which contained yearly revisions to the earlier estimates of job losses during the financial crisis, supported the beliefs of several economists who say that New York has done far better than the country from the time recession crept in.

The revisions increased the estimate of total job loss in the city. However, on the proportional basis, the loss of jobs for a city is much smaller as compared to that of a nation. Several months after the national recession started, the employment rates in the city went to its peak in August 2008. During that time, 2 jobs for every 50 private sector jobs the city were lost. By contrast, about 3 of every 50 such jobs were lost in the nation.

“Despite the fact that this was one of the worst financial crises in more than half a century, its effect on the New York City economy was one of the mildest,” said Barbara Byrne Denham, chief economist with Eastern Consolidated.

“It is still kind of bumpy. I don’t think there’s going to be real job growth for at least four months, maybe longer.”

The city usually lose jobs in January when the temporary workers hired for the holidays quit. But the drop in jobs in January which amounts to 72,700 jobs was considerable smaller than the average loss in January over the past ten years, which totals to 107,600 jobs.

Adjusting the seasonal fluctuations in hiring and firing, the fall in employment in January is likely to surface as a gain. The department only makes adjustments to the monthly jobs data it issues for the state, but don’t make adjustments in the city numbers.

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Tej Kohli Business blog keep tabs on the latest business and financial news in the U.S and the rest of the world. The Senate is likey to pass the $35 billion jobs bill today, here’s a report by Tej Kohli -

An employment promoting bill which is expected to pass the senate today will give new tax breaks to companies that hire the unemployed people.

First of the several job bills committed by the democrats, this bill would give a much-sought victory to president Barack Obama and majority leader Harry Reid, D-Nev. But according to the economists, the measure’s impact on hiring is likely to be relatively modest.

The bill under consideration will exempt the companies hiring the unemployed from 6.2 % social security payroll tax through December and would give them an extra $1000 credit if the hired worker continues working for an year. Besides this, the bill would also offer federal highway programs through the year end and will deposit $20 Billion cash into the highway trust to compensate for deficit from lower-than-expected tax revenues from gasoline.

It cleared a major hurdle on Monday when Scott Brown, the newest Republican of the Senate and four other Republicans broke party ranks to beat a filibuster. Reid has used strong-arm tactics in bringing the measure to the floor, says Republican leaders.

As compared to the $862 billion economic stimulus passed a year ago, Reid’s $35 billion proposal which includes $15 billion in tax cuts and subsidies for infrastructure bonds issued by local governments and $20 billion in highway money is a much smaller measure.

Many House Democrats think that the pending Senate measure is too puny as compared to the $174 billion jobs bill they passed in December, but still they will simply pass it in order to get the win.

According to a reputed economist the new hiring tax credit could generate around 250,000 new jobs.

Aside from the hiring tax incentives and highway funding, the bill would offer a tax break for small companies purchasing new equipment while modestly expanding an initiative that would help state and local governments finance infrastructure projects.

On Tuesday, Reid separately announced that he wants upcoming legislation to extent unemployment benefits and health insurance subsidies for the unemployed through December and aid cash strapped states with their Medicaid budgets. All these proposals taken together would cost around $100 billion.

Reid introduced the jobs bill after abruptly discarding the $70 billion worth of tax breaks for businesses and individuals, help for the jobless and extra medicare payments to doctors that had been brought earlier this month by Sens. Max Baucus, D-Mont., and Charles Grassley, R-Iowa, the chairman and ranking Republican on the Finance Committee.

It is expected that most of these ideas will make a comeback in the subsequent legislation.

Although lawmakers in both the parties are committed to focus on jobs-producing legislation, their choices are restrained by the cost considerations and rules that need new initiatives to ‘paid for’ so that they don’t inflate the deficit. However, the other measures like a passel of expired tax breaks for businesses and individuals are vying for the available money.

Courtesy : Associated Press

Tej Kohli is a notable business entrepreneur and philanthropist based in Costa Rica. In his free time Tej Kohli likes to write blogs and other informative content.

Grossing more tham $36 million in sales in its sixth week, Avatar is rated the top movie and the second highest Hollywood grosser of all time in the US and Canada.

Sony Corp.’s Legion grabbed the second spot with sales of $18.2 million, said researcher Hollywood.com Box-Office in an emailed statement.

Directed by James Cameron, this 3-D adventure has managed to rake in $552.8 million in the US alone, since its release on December 18, outdoing last year’s biggest hit ‘The Dark Knight’ in sales. The 1997 blockbuster ‘Titanic’, which is also directed by James Cameron, till date rules the No. 1 spot  in sales taking in $600.8 million, in the US alone, said Box Office Mojo, a researcher based in California.

“No one could have reasonably expected Avatar to gross this much before it came out,” said Brandon Gray, president and publisher of Box Office Mojo. “But it’s a picture that is blatantly meant to be seen on the big screen and people are responding.

Avatar, from the News Corp.’s Twentieth Century Fox, also won the Golden Globe Award in the Best Drama genre last week. James Cameron got the directing award at the same event. Nearing the Titanic record of $1.843 billion, Avatar has raked in around $1.841 billion in sales worldwide, reveals a data from Hollywood.com Box-Office. According to the Box Office Mojo, ‘Titanic’ still holds the US record for staying at the top position for 15 consecutive weekends.

At the second spot is ‘Legion’, a horror thriller, starring Paul Bettany and Tyrese Gibson. The story revolves around an angel who tries to safeguard human race from a looming apocalypse.

Falling from second to the third slot with $17 million in sales is ‘The book of Eli’ by Time Warner Inc., a post apocalyptic thriller featuring Denzel Washington.

Opening at No. 4 is ‘Tooth Fairy’ from Twentieth Century Fox with $14.5 million in sales. Starring Dwayne Johnson and Ashley Judd, this children’s comedy tells the tale of a Pro hockey player, who’s forced to wear a tutu and wings to convert into a tooth fairy for one week.

CBS Films debut release, ‘Extraordinary Measures’, took 7th position grossing $7 million. The movie stars Harrison Ford and Brendan Fraser, and is a story of a medical researcher who sacrifices everything to find a cure for his 2 children’s rare genetic disorder.

According to Hollywood.com, the sales for the top 12 movies rose 4.2 percent to $134.9 million from $129.5 million in last year.

For more updates on business news around the world, keep reading Tej Kohli Business Blog.

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Check out the Tej Kohli’s updates on a recent report by the research arm of CB Richard Ellis Group, CBRE Econometric Advisors (CBRE-EA), which says that the US commercial real estate investors may have to wait for another year to see their returns start growing. Read this exclusive report at Tej Kohli Business blog:

According to a report issued by the research arm of real estate services company CB Richards Ellis Group Inc., Commercial real estate investors in the US may have to wait until next year to see begin to grow, since returns are likely to remain negative this year.

“The worst is behind us because (values) won’t be dropping as fast” told Serguei Chervachidze,CBRE Econometric Advisor in statement to a news agency. “That translates into total returns as well. The greatest declines probably occurred in the third-quarter 2009, although fourth-quarter returns are not yet available.”

This forecast was based on the NCREIF Property Index, which calculates total rates of quarterly returns formed on a huge pool of commercial property owned by private investors.

Hitherto, total returns, net operating income plus the value change of a property portfolio over a year, have dropped by two figures, since it reached peak in 2007 end.

Since then, the total returns have fallen 23 percent for the US office properties and 21 percent for the warehouse and distribution centers. Retail property returns fell 15 percent until now, while the apartment building returns are almost 23 percent down - as reported in the NCREIF Index.

Using the index’s findings, CBRE -EA concluded that returns, in the most likely circumstances, should remain negative all through 2010 and may take 3-10 percent positive upswing in 2011.

The report sees values eventually depreciating 30 percent to 53 percent from its highest in Oct-Dec 2007. Following the slump from that time, values have come down to about 1/3 to 1/2 now.

Cap rates, which are inversely proportional to the prices, are predicted to increase another 0.6 to 1 percent by mid 2011, according to the CBRE-EA base-case forecast. Presently that cap rates for office property are approx 6.3 percent, for warehouse and distribution centers 6.96 percent, for retails properties 6.54 percent and for apartment buildings 5.39 percent.

The report forecasts cap rates gradually dropping, in other words, values gradually increasing to 2005 and 2006 levels by 2012.

“If this forecast is to be believed, commercial investors certainly don’t have a reason to rejoice anytime soon”, said Mr. Tej Kohli.

Abu Dhabi gives Dubai $10 billion to meet debts - Tej Kohli

Just in the nick of time, Dubai gets $10 billion bailout from Abu Dhabi to cover its debts.

As Abu Dhabi agreed to bail out its indebted neighbor Dubai with $10 billion dollar in surprise aid, markets across world heaved a sigh of relief. Having seen Dubai’ s bonds and equities falling significantly, Abu Dhabi looks convinced that its wayward fellow has got its lesson. Despite creating a luxurious playground of 5-star hotels and shopping malls, Dubai failed to attract millionaires, celebrities and tourists causing falling real estate costs and decreasing revenues at quasi-government entities like Dubai world.

Tej Kohli says that the benefits to Abu Dhabi are obvious. Dubai shocked investors across the world when it announced on November 25 that it’s asking creditors for more time to repay $26 billion in bonds and debts from Dubai world. As a result investors began dumping shares in Dubai’s biggest companies, and Abu Dhabi felt the jolts too. “While the ADX General Index of Abu Dhabi’s leading shares lost 15% soon after the announcement,  equities in other Middle Eastern countries like Qatar and Bahrain were also affected, Mr. Tej kohli pointed out in his Ozone Real Estate newsletter.

Around 80% of all UAE debts rests with Dubai, while 80% of that with the Dubai World, which is by far the biggest company in Dubai.

Received just in the nick of time, $4.1 billion of the money was allocated to Nakheel, a property developer owned by Dubai world to pay back investors in an Islamic bond maturing that day. The remaining funds will be used to help government-controlled holding company Dubai World, which has asked creditors to agree to restructure $26 billion of its debt, up until the end of April 2010.

Tej Kohli who is best Dubai real estate investor and owner of Ozone Real Estate had stated before that real estate business will be booming in Abu Dhabi and Dubai. But there are buzz in the market specially in India and south Asia countries like Pakistan and Sri Lanka that Real Estate company had sent notices those on E-id celebration on their home town that “there is no need to return back to their work and the dues money with salary and belongings will be send through air”. Means this year when the people come to their home for E-id celebration from  Dubai and Saudai Arabia they fired by Real Estate companies due to slum down in Dubai real estate .

During this time press person had reached to Tej Kohli and inquiring about his concern while he was very positive to take Dubai real estate market. During that time Tej Kohli stated that this is only a bit part of the whole Dubai Real Estate business and the situation will be changed soon .

Now the press media are flooded with Dubai Real estate price hikes this shows that the vision  of Tej Kohli is come true . Because Dubai market shows 10% hike in the residential property.  According to Tej Kohli this is only official announcement but actual prices may be vary because requirement of the residential area in Dubai is increasing and now Dubai is Global business hub so the companies as well their employees which are increasing thus the prices are also increasing.

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