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Daily insights from the experts, straight to your inbox. Exxon Mobil Corp is placing big bets on China's soaring liquefied natural gas LNG demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet. Its gas strategy is moving on two tracks: expanding output of the super-cooled gas in places such as Papua New Guinea and Mozambique, and creating demand for those supplies in China by opening Exxon's first import and storage hub, according to an Exxon manager and people briefed on the company's plans.
That combination "will guarantee us a steady outlet for lots of our LNG for decades," said the Exxon manager who was not authorized to discuss the project and spoke on condition of anonymity. One of the company's top policy goals this year, the manager said, is building its Chinese client roster. An Exxon spokesperson declined to provide an executive to discuss the company's LNG investments in China.
Years in the making, the strategy delivers an added benefit: helping Exxon sidestep a global trade war. Exxon is among the top ranked U. Tesla Inc this month acquired a Shanghai site for a car and battery-manufacturing complex. The decision to expand its LNG production and open an import terminal in the world's fastest growing LNG market is a step by Exxon Chief Executive Darren Woods to pull the company out of an earnings rut that has left its shares flat over the past seven years.
Woods appeared holding discussions with Chinese Premier Li Keqiang on state-run media last month days after disclosing local approvals for the LNG terminal and a massive chemical project in Guangdong province. Since becoming CEO last year, Woods has pushed Exxon to take greater risks, including in energy trading operations. His timing with LNG is key.
Next year, China will become the world's largest importer of natural gas, and its LNG imports are forecast to rise 70 percent by , from Exxon has not publicly named its partner in the import terminal. State-run power company Guangdong Yuedian Group said on its website it will join the project. The multi-billion dollar bets still faces risks from the Sino-U. China has vowed to respond to any new tariffs by the Trump administration, which recently accused China of meddling in November elections and trying to recruit Americans to spy for it.
But it remains unclear what that response will be and if it puts agreements like Exxon's in China in jeopardy. In addition to the LNG terminal, Exxon received approval for its first wholly-owned chemical plant in China, becoming one of two foreign firms including Germany's BASF to gain approval to operate such plants without a local sponsor. China in embarked on a huge program to shift millions of households and factories from coal to natural gas for power and heating, a move to clear the smoggy skies over its cities.
That surge has injected new life into an LNG industry that suffered from plunging prices between and , which forced energy companies to put off liquefaction projects. But with prices for LNG rising this year, major producers have boosted investment. Exxon and other LNG producers also are adapting to changing buyer behavior. In the past, LNG was dominated by long-term supply contracts - especially with Japanese and South Korean buyers - that could span several decades and in which buyer and seller agree to a fixed monthly volume at a set price formula, usually priced off crude oil.
That is changing, in part because China's importers either demand more contract flexibility or simply buy LNG at short-notice in the spot market whenever they need it. The shift away from such rigid price-supply deals is forcing producers to trade new LNG supplies and give import terminals a larger role in encouraging spot purchases. A British farmer came up with a jokey idea to rent out her goats to liven up video call meetings -- and found an unexpected source of lockdown income.
Bloomberg -- Wintry weather spreading across much of the U. While cold fronts typically boost consumption for heating fuels, this year is different. The stronger demand could boost prices for home heating, make it more expensive to produce plastic and curb exports. Propane production has risen in recent years as the fracking boom sent oil and natural gas production skyrocketing and turned the U.
An ice storm sweeping across Arkansas and Missouri will bring snow to Washington by Thursday, and temperatures are forecast to be 30 to 40 degrees Fahrenheit 17 to 22 Celsius below normal through the central U. Last week, demand of propane and propylene surged to a record 2. That pushed propane supplies to the lowest in nearly two years. Demand for propane has also increased due to rising petrochemical production. Over the last decade, the U. This year, the propane market may also have an additional source of demand: outdoor dining.
In order to keep businesses alive during the Covid pandemic and lockdown restrictions, many restaurants in northern U. Last month, prices surged to Updates with chart, Saudi propane prices in the seventh paragaph For more articles like this, please visit us at bloomberg. Yoshiro Mori, president of the Tokyo Olympics organizing committee, is set to step down over sexist remarks he made that women talked too much, the Fuji News Network reported on Thursday.
The comments, made at a Japanese Olympic Committee board meeting in the first week of February, set off a firestorm at home and abroad and could become the latest obstacle to the Summer Games, already postponed for a year due to the coronavirus pandemic. At a hastily called news conference on Feb. Asian equities pulled back on Thursday after a strong run-up in recent weeks as investors took a breather while keeping abreast of progress in US stimulus talks and the rollout of vaccines.
Alan Ford, a s Italian comic strip following hapless secret agents as they battle a bizarre cast of villains, including one who steals from the poor and gives to the rich, was intended as satire. Labor wants the auditor-general to get to the bottom of how Peter Dutton handed out community grants, accusing him of choosing projects that benefited the Morrison government.
Mr Dutton's home affairs department recommended funding a list of 70 projects using a merit-based assessment under the third round of the Safer Communities program, according to documents obtained by the ABC. Bloomberg -- U. The year Treasury yield fell back to 1.
Cash Treasuries are closed until the London open due to a holiday in Japan. Asian stocks were little changed amid low volumes, with China and South Korea markets closed. Hong Kong equities shrugged off a report that Chinese authorities had detained a Tencent Holdings Ltd. The dollar held losses in the wake of the inflation report. Crude dropped after a spell of gains. The CPI data are part of a debate in financial markets over the course of inflation.
Despite the muted January figure, some investors continue to expect intensifying price pressures in the months ahead as President Joe Biden pushes for major stimulus and more vaccinations allow virus-related restrictions to be eased, spurring consumer spending. He also said it will require more than supportive monetary policy to achieve and sustain maximum employment. The daily number of new coronavirus cases in the U.
Here are some key events coming up:Lunar New Year public holidays begin in nations across Asia, with China breaking for a week. Euro Stoxx 50 futures were flat. CurrenciesThe yen was at The offshore yuan was at 6. The Bloomberg Dollar Spot Index was flat. BondsThe yield on year Treasuries fell about three basis points to 1.
CommoditiesWest Texas Intermediate crude slid 0. Gold shed 0.
Jordan Belfort: GameStop frenzy is a 'modified pump and dump'. GameStop's ascent: Reddit traders vs hedge funds. Why Wall Street is hopeful about Biden despite economic challenges. Both Chinese businesses already trade in New York. NetEase attributed its decision in part to a need for more funding, which it wants to use to expand its business. But it also made clear that it thinks the United States is becoming more hostile for Chinese companies, as regulators and lawmakers consider new rules that would lead to harsher scrutiny.
Some restrictions could even make it tougher for companies to go public or keep trading in New York. Here comes the US crackdown on China stocks. The enactment of such rules "could cause investor uncertainty for affected issuers, including us, the market price of our [US shares] could be adversely affected, and we could be de-listed if we are unable to" meet requirements, NetEase wrote in filings to the Hong Kong Stock Exchange.
NetEase's acknowledgment is a sign of how much the relationship between the United States and China has deteriorated — and how much is at risk for Chinese companies that don't develop a viable backup plan. Read More. Other companies are considering Hong Kong, too.
He added that the city is "under Chinese control, but still with US dollar access. The city's currency is also freely convertible. NetEase won't be the last company to look to Hong Kong, either. Some 37 Chinese companies meet requirements to do so, according to data provider Refinitiv, based on their market cap, amount of revenue and ability to comply with regulations.
At least a handful of companies that trade in New York already appear to be considering it. E-commerce company JD. Bloomberg has reported that the company could start trading as early as this month. Baidu and Trip.
But Baidu founder and chairman Robin Li recently suggested that his business could turn to Hong Kong if it needed to. A woman wearing a face mask walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange on Tuesday. Evolving motivations. New York has long been an alluring option for foreign businesses to go public. Wall Street boasts the biggest stock exchanges in the world and the ability to tap into massive amounts of investment capital.
For Chinese companies, a New York listing also afforded them the ability to avoid strict IPO rules in China, including a prohibition on firms with certain types of shareholding structures. But Beijing has been loosening some of those restrictions in recent years as part of a push to get Chinese companies to come home. The country is trying to improve its standing as a major tech superpower, and the closer some of its most prized companies are, the more influence over them the government can have.
Alibaba's homecoming is about pleasing China and buying trade war insurance. The desire to impress Beijing was widely cited as a big reason for Alibaba's decision to list in Hong Kong last fall — though analysts also pointed to US-China tensions and the need to mitigate political risks as a substantial factor, too. Twitter: dustinpwalsh.
At Ford, we believe the arts have the ability to transform, educate and inspire. What counts is using those moments as opportunities to create structural and self-perpetuating change. This is crucial for Detroit. Homeowners are taking paper losses on their renovations on the hope that the real estate market will improve; entrepreneurs are losing money on their businesses while they wait for more customers to arrive. The optimism is real, but speculation is not a sustainable model.
There are very big differences between Detroit and Harlem. Harlem is a neighborhood, while Detroit is a major city with its own government. Detroit is a manufacturing center, which Harlem never was. Still, there are enough similarities to make the comparison instructive as Detroit looks to its post-bankruptcy future. In , just 5 percent of residents had a college degree, and 40 percent were living below the poverty line. Today, though, Harlem is on the rise.
The first lesson is to think small. It flopped. Things began to change when local residents took action on a modest scale. One organization started by focusing on a single blighted street, negotiating with the city to turn over control of apartment buildings to tenants who formed cooperative associations.
Over time, that one street came back to life — then another, then another — creating a ripple effect that spread across the neighborhood. An organization called Focus: Hope is deploying a similar model in Detroit, empowering communities to participate in local decision-making.
The second lesson is to value diversity. Between and , Central Harlem was more than 90 percent African-American. Detroit, too, must attract a greater diversity of residents. Establishing pro-immigration policies is key.
For all the rhetoric around immigration, studies consistently show immigrants generate more revenue than they cost. The same holds true for Detroit. Detroit and the state of Michigan will rise or fall together, and public policy must reflect that unavoidable truth. The fourth lesson is that rebuilding takes patience. The news cycle moves much faster than recovery. How long will reporters keep writing the feel-good stories before sentiment turns and they start writing that the city missed its moment?
At some point, investing in Detroit will no longer be the fashionable thing to do. But by thinking small, embracing diversity, working hand-in-hand with the state and taking the long view, I am extremely confident that all the pieces of a successful and sustainable recovery are at hand.
Follow Dan on Twitter DanDoctoroff. And as divided as their geographical areas are — Ilitch in an entertainment district centered near Woodward Avenue and I, Gilbert in downtown — so are their styles. Gilbert has been fast and open with his wallet, often making media announcements about his purchases.
Meanwhile, the Ilitches quietly and gradually acquired parcels, and then sat on them until the unveiling of the vision for the Ilitch-led arena district this summer. The differences in style are due, at least in part, to the nature of the projects.
But if the Ilitch family had announced it was purchasing property for such a largescale entertainment district years ago, prices likely would have escalated even further than they already did. Does the fact that so many properties are held by so few help or hurt Detroit? Gilbert, chairman of Quicken Loans Inc. Pictured on map 1. Madison Building, Broadway St. Arts League of Michigan building, Woodward Ave.
Lane Bryant Building, Woodward Ave. Wright-Kay Building, Woodward Ave. Small Plates building, Broadway St. Grand River Ave. Industry Sound Studios building, Griswold St. Detroit Institute of Music, Griswold St. Chrysler House, Griswold St. Cary Building Lofts, Broadway St. First National Building, Woodward Ave. Chase Tower, Woodward Ave. Vinton Building, Woodward Ave. One Woodward Avenue, 1 Woodward Ave. Lafayette St. Building, E. Fort St. In the early s, nearly 50 build-.
Congress St. Antoine St. That figure is now about The General Motors Foundation proudly supports the efforts of the Detroit Homecoming as it showcases the beauty and promise of Detroit. Together, we can reimagine and rejuvenate the Motor City. Know my business, not just my balance. Some business owners expect more than just an account.
They expect their bank to understand their business. For Middle Market, the Greenwich Awards are based on nearly 14, market research interviews with U. Of more than U. His plan has been to attract more companies downtown. The buying spree is designed to connect lower Woodward near Hart Plaza with Grand Circus Park and everything in between by the end of A lot of vacant downtown office space is composed of older Class B and C buildings without modern amenities people are looking for, said Erik Tungate, Oak Park city manager.
Those properties often have old infrastructure, like elevators that can prove costly to maintain or replace. The Ilitch sphere of influence The Ilitch family — of the Little Caesars pizza chain along with two sports teams and a casino in Detroit — for decades has employed a mixture of development strategies. One strategy is to buy a property and renovate it.
The other strategy is to buy land or properties for future development. The Ilitches formed Ilitch Olympia Development of Michigan in as the real estate arm of their business holdings. Their son, Chris, leads many of the projects, including the new Red Wings hockey arena slated to open in Some of the land was vacant and became surface parking lots, as was done with land behind the Fox Theatre.
But, other parcels have structures that will be razed. Bill Shea: , bshea crain. Labyrinthine financing plans are what it has taken to get projects done in the Motor City — even in the resurging downtown and Midtown districts. Richard Karp is redeveloping three Capitol Stewart Park buildings, and the financing for just one of the projects involves 11 different capital stacks. But the market is starting to shift.
These days — post-recession, post-Kwame, soonto-be post-bankruptcy — the real estate community is noticing smoother paths to securing financing, particularly for in-demand multifamily housing in the booming downtown and Midtown areas. Richard Hosey III, a former senior vice president for Bank of America who is now the owner of Detroit-based Hosey Development LLC, said there is a sense among developers and lenders that most redevelopment projects are financially feasible, whereHosey.
Earlier this year, the Detroit Economic Growth Corp. Alfred Taubman Center for Design Education project, among many others. It remains a complex chess game, oftentimes involving many lenders and tax incentives, such as the U. Kirk Pinho: , kpinho crain. Twitter: kirkpinhoCDB. Learn more about how you can grow with us at www. For nearly years, Henry Ford Health System has been part of this amazing city. They are the deeply committed men and women ready to take the creative risks, launch new ventures, and realize the dreams on which a great city depends.
Let us all work together on a shared vision for the Detroit of the future. This arrangement later led to a lawsuit still ongoing as an affiliate of the carpenters fund struck a deal to buy the primary iStar loan. The Richard and Jane Manoogian Foundation proudly supports the Detroit Homecoming and salutes the efforts of this significant gathering to help shape the future of our City of Detroit.
Hamilton Anderson Associates again. By doing it with a high-quality urban design, we think that this will be a wonderful kickoff to a long-term transformation of the riverfront. Rainy Hamilton Jr. However, the design dates back to the early s when Hamilton developed a plan for renovating the late 19th century building while an architect at Smith Group. He found his love for architecture at Charles. Drew Middle School, where he first studied drafting. In , he created a master plan for Belle Isle on behalf of the parks department.
Few elements of the plan were realized, but when the state took control of the park earlier this year, that changed. Now the Department of Natural Resources is using it. The firm he founded 25 years ago, White Construction, is a key player in the first two projects, the Red Wings arena and the 20 stations slated to line the M-1 Rail route. The third is his dream project, the kind of commission he fantasizes about working on as a capstone to his career.
The firm is teaming up with two frequent partners, Southfield-based Barton Malow Co. The major construction work will begin in March. Then the recession hit, decimating the construction indus-. White expects to bring on another five employees over the next year. He looks for opportunities to support other community businesses, especially those led by African-Americans.
We buy our cars at black-owned dealerships, and I try to use black-owned subcontractors in my businesses as well as maintaining a diverse workforce. Welcome home. How could the courtyard, which was originally outdoors and turned into a glassed-over atrium in the s, evolve and still retain its sense of place?
In short, he captured the spirit of the photograph but updated. As the city itself seeks to maintain its history and sense of place but also rehabilitate its buildings, Thompson, 36, is becoming the go-to interior designer. In five years, he has grown from one man in a spare bedroom into a team of five — looking to add two more — in a recently expanded 1,square-foot showroom in the Auburn building in Midtown.
He worked as a carpenter in high school and college and developed a love for building staircases and other projects. Being around architects and designers helped him appreciate design elements and how they integrated with what he was building. Most clients are local, but Thompson is looking for interesting projects nationwide as well. Midtown Detroit Inc. And then the big new one is the Detroit Development Fund, which is helping me with my office expansion.
His dream building, however, is a bit farther down Woodward Avenue, a crumbling facade on the back side of the Fox Theatre on West Elizabeth Street. Help wanted Hiring Detroiters is job No. Since midsummer, more than 1, contractors have expressed interest, and Mitchell is running like crazy to make sure they meet qualifications to bid on demolition, site work and construction tasks.
The company started considering how to win the arena project two years ago and quickly realized it needed to expand its reach into the Detroit subcontractor community. The number had dwindled when the economy hit the skids and contractors either closed or did not renew their certification.
Yet a bigger problem is finding enough skilled labor for its construction sites. Barton Malow has been a part of building Detroit since it was founded in It took its current name in and was based in Detroit until it moved to a new Southfield headquarters in Detroit-based construction company.
Ford is proud to lend a helping hand to feed Detroiters in need. Michigan State University is connected to Metropolitan Detroit through its many alumni, MSU Extension programs, arts and economic development initiatives, and partnerships in teaching and education. We need more diversity of incomes in Detroit, said Jackson, who is one of four African-Americans to own a Mercedes-Benz dealership and owns Lafayette Towers, an apartment complex on the eastern fringe of downtown Detroit.
The topic was also addressed at the Detroit Homecoming in September. I know that. They need to see how these investments will benefit them, she said, with better schools, blight removal and jobs for working-class and lowincome residents. Greg Jackson, an owner of a Mercedes-Benz dealership and the Lafayette Towers apartment complex, said Detroit needs the diversity of incomes that comes with gentrification.
Retailers are just looking for higher levels of disposable incomes. For those who own homes now, their wealth increases, too. Butler said her firm has a specialty in urban retail development and has faced gentrification debates. What do you need? Its shoppers include Asian, African-Americans and Hispanic residents from the surrounding areas, she said. However, newly elected Detroit Mayor Dennis Archer called with a pitch I found too enticing to pass up.
Downtown Detroit was on life support. More than a quarter of the commercial buildings were totally vacant, another quarter was less than 50 percent occupied. That left half the commercial real estate economically nonfunctional.
Some retail stores and there were few were heated with kerosene space heaters. Even the better restaurants were not that good, and one, located near Harmonie Park, refused to put a sign on the exterior and kept the door locked. You had to knock to get in. Woodward Avenue was 10 lanes of potholes with little traffic. Pedestrian traffic was virtually nil, even at lunchtime. Islands of activity existed — City Hall, the Renaissance Center and Greektown — but they were exceptions.
Some community organizations, especially the Warren-Conner Development Coalition and the Southwest Detroit Business Association, struggled to overcome a tsunami of negative media coverage and failing city services, but most neighborhoods had simply lost the struggle and returned to prairie grass. Those options were transferred to the city of Detroit once the project became public, and today Compuware, Quicken Loans and many other companies occupy the site.
Rather than attempt a merger of the four downtown organizations that existed at that time, we elected to create the Downtown Detroit Partnership with a focus on the central business district but allied with and supporting the other groups along the riverfront and up into Midtown and New Center. I left Detroit in to become president of the newly created Downtown Partnership in Des Moines, Iowa, a move precipitated by the death of my father in Minneapolis and the failing health of my mother.
My return trips to Detroit were infrequent, most recently a few years ago to visit with Dave Blaskiewicz, who was then president of the DDP and pointed out some of the noticeable public space improvements. Still, nothing quite prepared me for the change I experienced when I returned for the Detroit Homecoming event. It was, in a word,. A quick drive from Jefferson up Washington Boulevard, around the theater district and the ballparks, then to the New Center on Woodward revealed all kinds of new projects.
There I met a middle-aged couple, tourists from Frankfurt. German tourists? I walked around the Renaissance Center, where my office used to be, and into Greektown; I paused for a brief conversation with a young couple from Spain. Diversity was taking on a whole new meaning in Detroit. My afternoon walk lasted about three hours.
Sidewalks were clean. Planters were filled with colorful flowers and decorative plants. Bikes were nearly everywhere. Despite what appeared to be a slew of apartment and condo conversions, I was told that the vacancy rate for downtown units was approaching 1 percent, and waiting lists were as long as 18 months for good apartments.
Coffeehouses and appealing restaurants seemed to beckon the much-increased pedestrian traffic. Lunch in Eastern Market with Dan Carmody confirmed what I had been reading: Eastern Market is arguably the premier market of its kind in the country. Carmody has gained a reputation as a visionary when it comes to connecting food, public health and community development. While housing initiatives are to be applauded, and while urban gardens and. Most cities have figured out how to revitalize downtown, but neighborhoods will not return to health until progress is also made in terms of bringing back commercial corridors such as Gratiot and Grand River.
Cities such as Pittsburgh and Washington, D. No one wants to buy a home in a neighborhood where the local Main Street is abandoned and scary-looking. One piece of concrete advice for Detroit: Find neighborhoods where there is still some good housing stock and social fabric, then concentrate on just a couple blocks of commercial storefronts at first. Work to build an alliance between business and property owners and neighborhood residents.
Try to find locally owned businesses, not Walgreens and Subways. The chain stores will come later, but build a unique set of shops if you can. As I departed Detroit for a few days in the Upper Peninsula, I had to appreciate that with all of the actors, big and small, engaged in reviving Detroit, a corner had been turned. The clouds have broken, and once again, the sun is shining on Detroit. Today he helps cities expand revitalization efforts beyond downtowns and into neighborhoods.
We believe that empowering change comes from making positive strides toward transformation. Investing in our community not only energizes its corporate and urban culture, but also connects its people and processes to the results that will reshape our city. Printed in the U. NDPPS What a difference a year — and some inadvertent publicity — can make. His debts are down. He was able to pay taxes on time for the first time in two years. Some menu changes — a price change here, an eliminated item there — helped.
What really helped business pick up, Ryder said, were new businesses opening nearby, including the Brooklyn Street Local deli, the Detroit Tough gym and the Detroit Institute of Bagels, all of which opened within the last year. The eastern end seems to be catching up with the western side, which has seen an influx in foot traffic thanks to new places like Mercury Burger Bar and Astro Coffee.
But there are also challenges: Business owners pool money for security patrols and parking lot guards. The city could also step up. But Corktown is also grappling with who is included in its future progress — and who feels left out.
As the national media continue to shine their lights on the neighborhood, some longtime businesses are growing frustrated at being passed over. Ryder assumed he was too far outside the prime Corktown bubble surrounding Slows Bar BQ and Astro Coffee to claim the moniker, but he still gets included in media reports. Formed 18 months ago, the organization has 80 members and accepts both businesses in the area as well as their suppliers. During the annual St. In the years Slade has been in business — he also owns his building, the building next door, and a parking lot — he said no shamrocks were ever hung on his block.
I never got a damn shamrock. Businesses along the run route are given Shamrocks; this year, the event grew so large that the route was extended up Michigan Avenue. Still, Slade feels left out because the spotlight seems to only fall on newcomer businesses. Slade said Phil Cooley has yet to visit his store. We welcome everyone. Both foot and bike traffic have increased dramatically in the past few years. The success of Hello Records has allowed Kergan to pursue a second location on the east side of the city or an eastern suburb.
Detroit Muscle has hosted giveaways and drives for veterans in the city, about of which are in Corktown alone, Dyjak estimated. There are still some problems, like paying for someone to watch his parking lot and dealing with insurance costs for the building after a recent fire. Few familyowned businesses, such as the custom-rug dealer across the street, remain. But Capers has stayed, selling steak by the ounce to a packed house since In walks Gary Jacobs, dressed in a newsboy cap and smelling of Clubman.
He greets each employee, giving the woman slicing the cheesecake a kiss on the cheek. Jacobs was a golfer who was on his way to a career on the green but needed a winter job to pass the time when the courses were closed. He started working at General Motors but left in the late s after reading a book by real estate guru Al Lowry. He sold his Camaro Z28 and used the money to buy the building that now houses Capers, his first income property.
Lowry filed for a headline-grabbing bankruptcy in the s, but Jacobs has continued to grow his business holdings and investments. Over the years, he has owned dozens of properties across the city, but now holds only Capers and the two adjacent properties. Jacobs initially assumed he would do a quick flip of the Capers building, but the project nearly ran him dry.
The owner of Cheers, a nearby bar, was hosting steak dinners on Mondays and suggested Jacobs do the same on Sundays. The next Sunday, he sold 22 pounds of steak; his wife, Janina, coowner and a well-known golf writer, joined. And why does the Gratiot corridor matter? Hungry for more Steakhouse owner looks to invest in, making the now-popular desserts.
Again, Jacobs sold out. The same thing happened in the middle of a snowstorm that dumped almost a foot of snow on Detroit. He sells 2, pounds of steak on good weeks. The success at Capers let Jacobs buy more properties, including the two adjacent to the steakhouse. It was despicable.
Jacobs said the trio approached him and a handful of others with a plan on what to do with the airport and the areas surrounding it, should the city remain in control of the space after it exits bankruptcy. The idea is to bring job development and community rebuilding to the area, with the airport as its nucleus.
More industrial-focused. They want to work. I was born here, raised here; this is me. Well, the Detroit Homecoming crystallized my thoughts and brought into focus not what I can do but what I will do. I am committed to contributing a significant amount of intellectual knowledge, financial resources and time to support an improved quality of life for Detroiters.
I am a daughter of Detroit, and feel I owe my city so much from the many years of community support, the education I received as a student in the Detroit Public Schools system, my collegiate days at Eastern Michigan University and even my early professional years at businesses such as Allstate Insurance Co. All of my successes can be attributed to my experiences in the great city of Detroit.
It is time for me to roll up my sleeves for my city and take on some heavy lifting along with sharing a continuous positive message. Senior High School in Detroit. During the short week I just had in Detroit through the Homecoming, I now plan to purchase a condo, hopefully to help the tax base, and establish a presence. I have met with community and business leaders and have put together a member plan-.
Our next face-to-face planning meeting will occur in December , where we will unveil much-needed community-based initiatives. My brother former Eastern Michigan University and National Basketball Association great George Gervin and I are now reconnected to Detroit, and we are committed to doing our part in the revitalization and transformation of our hometown. She attended Martin Luther King Jr.
Senior High School. We take pride in our efforts to provide positive youth development. We partner with local leaders to promote community initiatives from environmental education to economic development, including community outreach services. Left: Jefferson and Chalmers avenues intersect in the area that bears the street names. Above: Craft Work is among the small businesses that have opened in the West Village in the past year.
Seafoam Palace, now in development, will display collections from folklore, mythology, the natural sciences, astronomy and more. But now, an actual museum of curiosities is coming. The Seafoam Palace is in development in the 13,square-foot building of a. Seafoam Palace will display collections of artifacts from folklore, mythology, the natural sciences, anatomy, astronomy, mineralogy and map-making. How would you describe investment along East Jefferson? What is stalling investment in the district?
Especially in Jefferson-Chalmers, retail space is so antiquated that it needs a lot of work. We still have a problem in the far eastern area with landlords sitting on property and waiting for their big payday. What is your biggest worry? I still worry about the people who want to get rid of blight by just knocking down all the buildings. We have a lot of very historical districts with their traditional frontage maintained, like the Agnes Street intersection in the West Village, and Jefferson-Chalmers.
People are drawn to denser commercial districts; they want to be able to walk to get a cup of coffee, walk to the grocery store, take a quick bus ride downtown. We value the density and walkability of the urban form, and historic preservation is one part of that. A recent successful Kickstarter will fund repairs on the roof and exhibition space, but money for additional work — like linoleum floor removal, hardwood floor finishing, installation of heating vents, electricity updates and new staircase railings — is not yet secured.
The Seafoam team is seeking a grant writer to move it forward. Is it worth the effort? Solis said that support in the East Jefferson corridor helps them build momentum. In Jefferson Chalmers, the Chalmers Square Project reconstructed three vacant buildings, enlivening a historic district with family-style apartments and commercial space. In the Marina District, Parkway Foods opened a 47,square-foot store in a vacant shopping center.
Joshua Elling, executive director of Jefferson East Inc. We really want to support light manufacturing industries that create jobs not in the twos or threes or fives, but 15 or 25 residents at a time.
The Villages are also seeing a lot of rehabilitation on single-family homes. The hope, then, is for East Jefferson to not only become a hub for play and work, but also, for a broad cross-section of the city, a place to call home. Take a Ride! No bottlenecks here. We salute the many organizations, businesses and residents who are working together for the good of Detroit.
As a community bank, Talmer is here to support the committed partnership that is moving our city forward. GREAT leads. GREAT exposure. Make that status work harder for you. Stand out from your competition by highlighting your listing in both the print and online editions of the Book of Lists. The stately housing stock has for decades attracted middleclass families to the area that is technically five distinct neighborhoods that spread across 2.
In recent years, however, the area has become one of the key areas for reinvestment. The Detroit Economic Growth Corp. That has turned into WorkPlace. Even Detroit Soup started offering dinners in the neighborhood. A new co-working space, called WorkPlace, is an effort to change that by giving small businesses a dinner. Afterward, everyone place to test their concepts. Still, the business district along Grand River, between Evergreen Road and Asbury Park, has been hit-or-miss over the years. This month, just such a spot is com, and she has experienced a 5 percent Down Grand River, several other businesses ing to northwest Detroit in a large, renovatgrowth in profit month over month.
She said she always wanted a community gathering spot that happened to serve coffee. Pop-ups are all the rage in Detroit. It allows entrepreneurs like Brewington to test the water before putting down roots. But for Regina Ward and Nicole Martin, they plan to spend the next 90 days convincing residents that Anahata Yoga should be a permanent neighborhood fixture. Status: In progress. Deloitte has been honored to call Detroit its home since The inaugural Detroit Homecoming event was a huge success.
Deloitte is a proud to have served as a sponsor for such an impactful event in our great city. Please see www. Certain services may not be available to attest clients under the rules and regulations of public accounting. Member of Deloitte Touche Tohmatsu Limited. Our collective of thinkers, makers, dreamers and doers comes together every day to create meaningful connections between people and brands.
But this well-known stretch of Southwest Detroit represents a mere fraction of a neighborhood that sprawls across approximately three zip codes. Beyond Mexicantown lies a collection of stable neighborhoods that are mostly populated by Latinos and other immigrants. They opened up restaurants and jewelry stores. We rolled up our sleeves and will continue to do so.
Being open to immigrants has certainly helped our community. Without the support, he said he would not have been able to expand from a humble home operation into a table restaurant. By electing to tax themselves, commercial property owners have generated funds for streetscape improvements, garbage pickup, extra security patrols. Last year the improvement district hauled , gallons of rubbish out of trash cans and another 36, gallons from the street.
It removed 1, instances of graffiti, swept miles of sidewalk and mowed 60 miles of grass. The biggest project to date, however, has been the effort to get the streetlights along a 2. The largest employer in Southwest, both historically and at present, is manufacturing. The scrap yards may have replaced the automobile industry as the primary employers, but manufacturing is and likely will reSEE PAGE Kellogg Foundation, J.
Plan: Michigan Department of Transportation plans to build a massive hub to facilitate transfer of rail to road freight exchange at the Livernois-Junction Yard. Visit wayne. Or stop by our campus and see how we can help create a success story for you. Join us as we work together to reimagine the future of Detroit.
Meijer, of course. Residents of the 4-squaremile enclave in northwest Detroit say the addition of a superstore to the neighborhood will only enhance the urban revitalization that has taken hold in recent years. TechTown is best known for being a hightech incubator attached to Wayne State University, but its smaller SWOT City program assists new and existing small-business owners across the city as a way to preserve — and grow — jobs. But a community-based effort to rebound has yielded positive results.
Community gardens are thriving in Brightmoor. Thousands of dilapidated homes and commercial buildings have been demolished. The company wants to bolster low breastfeeding rates among black women living in poverty. The idea may seem unconventional, but Brightmoor is building from the ground up, and a focus on the hyperlocal economy is appropriate there, said Michelle Welsh, director of marketing and communication for.
TechTown Detroit. The business engagement is one part of the puzzle, but creating a community partnership is critical as well. Sometimes it houses pop-ups, hosts karate classes and opens its doors for artists who create pieces to display in the area. They are opening their space up to them and letting them get a feel for having a real business. Your results may vary. Visit rootmetrics. Network details and coverage maps at vzw. Focused on Business. Centered on Detroit.
Its Renaissance Conference Center provides 22, square feet of well-appointed meeting space and accommodates up to guests. Lear Corporation is proud to sponsor the Detroit 2. Detroit has always been about the power of opportunity and drive unleashing our combined potential and we welcome you home to even greater avenues to reconnect, recharge and reinvest.
Or are you in the market for a hand-painted, one-of-a-kind piece of art for a living room wall? Now, however, the stretch of Livernois Avenue between Seven and Eight Mile roads is becoming an urban hub where Detroiters from the surrounding neighborhoods, such as Sherwood Forest and the University District, can shop. The Avenue has experienced an infusion of cash from nonprofits for improvements and attracted entrepreneurs who, with that nudge of encouragement, are remaking the area.
In spring , the Detroit Economic Growth Corp. Its Revolve Detroit program also worked with neighborhood groups to put pop-up shops — some of which became permanent — in vacant storefronts. The Lions partnered with Hatch Detroit to do district cleanups and install much-needed new signs for businesses.
She and her wife, Michelle Anderson, who were recently married in New York, just marked their one-year anniversary as business owners. After hosting a successful pop-up as part of the Revolve Detroit program, she permanently opened in July Think gourmet, all natural, homemade and sinful cupcakes, brownies,.
Come uptown to eat. They turned their car around and had dinner there. I was just so grateful. He took a buyout from Chrysler and used the money to purchase the space on Livernois. He and his wife, Katrina, were some of the first to reinvest in Livernois. The changes along Livernois are being noticed by area residents, too.
Maurice Telesford, president of the Sherwood Forest Association, has lived in his neighborhood for five years. All managed through the Detroit Ecnonomic Growth Corp. Status: Completed. And we are doing our part, serving as advisors to the Public Lighting Authority of Detroit to help improve street lighting and make our neighborhoods safer. More than 25, LED lights will be added by year-end. Now, we are proud to partner with others to empower Detroit. In recent years, Detroit has been much maligned by the national media.
There have been too many jokes about Detroit. For Detroit to solidify its resurgence, it must have a vibrant urban core. And that should not occur by default, but rather by people making a conscious choice to live and work in Detroit and raise their families there. That goal starts with removing blight, establishing crimefree neighborhoods and paving the way for ambitious projects to take. Above all, it must be done with a sense of urgency, otherwise the positive momentum will stall.
If Detroit simply retained a healthy portion of its home-state graduates, it would yield enormous dividends. Nearly 40 percent. Sadly, that talent is all too often looking to escape, as the opportunities closer to home have been limited. For that trend to reverse course, Detroit must help create attractive opportunities and em-. And that should not occur by default. Shinola is one example of the diverse businesses that Detroit needs to attract young workers today.
Ballard Benefit Works, Inc. Perhaps public and private partnerships can aid in that effort and emphasize the importance of techrelated business getting established in the city. More pedestrian-friendly areas will naturally fuel a spurt of small businesses that make cities desirable. Add to that an expansive bike program, with dedicated bike-friendly lanes, more green spaces, privatized and reliable bus transit options, and the groundwork will be in place. Detroit is not for everyone.
But it has cache and distinct advantages over most U. It is entrepreneurial, creative, inspiring, urban and fertile for growth and new opportunities. Its revered history points to it being a hallmark for innovation. Detroit can be a great city again. So, when will you return? Vahe Tazian is a lawyer currently residing in Stamford, Conn.
We encourage you to join us in shaping the future. Nathan Wolfe, a visiting professor at Stanford University who tracks the spread of infectious diseases worldwide, is another; his father, Chuck Wolfe, called that street home. All three have devoted their lives to a calling that makes their hometown proud and have been back to visit their hometown over the past few years.
Like millions of former Detroiters with pride in the land where they were born, they can see that there is something special here. The time is ripe for expats like them to lend a hand back to their hometown. Our city is not without examples of dedicated leaders and role models who have left a legacy for future generations. So, too, there are many working tirelessly right now to let future generations inherit a more promising future.
Think about the legacy of Eleanor Josaitis. Her creation of Focus: Hope showed Michigan the importance of empowering entrepreneurs so that positive initiative could help to fight adversity, create jobs and chart a better life for thousands. Judge Damon Keith, who sits on the U. Ben Falik took his passion for volunteerism to new heights by building Summer in the City into a one-stop route for young adults in the area to give back to the city of Detroit.
Faye Nelson showed the power of our collective engagement through her years leading the Detroit Riverfront Conservancy, turning our waterfront into a welcome mat for residents and visitors from around the world. The Boston native is showing how creative thinking can fill large, unmet needs. Bryan Barnhill is a role model for young adults who desire a career in civic service.
The Detroit native graduated from Harvard University and then returned home to help rebuild his city. He now leads talent development for Mayor Mike Duggan. Let us define ourselves as a state full of citizens who care so much about doing things better and shipping something meaningful. Sometimes leaders spend a lifetime building their dreams into a legacy. They understand a few minutes at a coffee stop in the morning can be used to invent a better way.
Four years ago, a few minutes of relentless focus helped raise the funds to launch the Moishe House, a local residential community that created a welcome mat for other young adults. The house planned programs that led to many positive connections, including a marriage.
Why would a very successful financier with zero Detroit connections choose Detroit right now?
This fresh approach has led to an interesting array of works from the Comb Chair, made out of hundreds of combs, to the Vanke Pavilion as a part of the Shanghai World Expo. META-Projects has been very demonstrative of the renewed desire of local architects to connect architecture to its social environment. ArchStudio first caught the attention of local and international media with their visually seductive and contextually sensitive interventions within historic parts of Beijing.
Zhu Jingxiang started his career by building a lot and fast, caught up in the fast pace development of mainland China. After designing over , square meters of buildings in his early career, he took a professor position at the Chinese University in Hong Kong to take a break to research and teach. However, the devastating Sichuan earthquake in drew him into a crusade of design custom, prefabricated and economically viable buildings for disaster prone zones worldwide.
More recently he has extended the scope of his work practically and geographically. Atelier Deshaus. Perhaps young is not the most appropriate way to categorize Atelier Deshaus, as both of the partners, Chen Yifeng and Liu Yichun are both seasoned architects who have been through the largely unknown Chinese system of Design Institutes.
However, the refreshing designs of Atelier Deshaus surprise time and time again, ranging from the brutalist beauty of the Long Museum West Bund to their recent art installation Blossom Pavilion. The use of digital fabrication extends beyond facade treatments and mere aesthetics to the transformation of circulation flows and folding of space itself in projects such as Fab-Union Space on the West Bund. O-Office, unlike most other offices on this list, is located in the southern Chinese city of Guangzhou.
Having experienced the Chinese urbanization climax first hand from their local context, the firm now seeks to exploit architectural design as a critical instrument for research on our spatial and economic reality. You'll now receive updates based on what you follow! Retrieved 6 February Economy of China. Companies of China. Tax system Labor contract law Labor relations Food safety Intellectual property. Categories : Lists of largest private companies by country Lists of companies by revenue China-related lists of superlatives Lists of companies of China.
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Industrial and Commercial Bank of China. China Construction Bank. Agricultural Bank of China. China Life Insurance. Telecommunications equipment. China Railway Engineering Corporation. China Railway Construction. China National Offshore Oil. Pacific Construction Group. China Communications Construction. Amer International Group.