The Malaysian Insider :: Features
The Malaysian Insider :: Features |
| China to have more skyscrapers than the US in five years Posted: 26 Sep 2012 03:19 AM PDT  A night view of Shanghai. — Picture courtesy of shutterstock.com By 2017, China will have 802 skyscraper structures compared with 539 in the US, according to a recent "Supercity" research report by China-based MotianCity, which conducts research on building structures. In 10 years, there are expected to be 1,318 skyscrapers on the mainland, compared with 563 in the US. The US at present has the most skyscrapers in the world at 533, compared with 470 in China, excluding Hong Kong. China is building 332 skyscrapers, with another 516 to be built in the near future. Among these are the 121-storey Shanghai Tower to be completed by 2015, and the 118-storey Ping An International Financial Centre in Shenzhen, expected to be completed by 2016. Most future skyscrapers are expected to be built in major cities such as Shanghai and Beijing as well as the second and third-tier cities including Nanjing and Dongguan. The US has only six skyscrapers under construction, and another 24 in the pipeline. China's tallest building at present is the 101-storey Shanghai World Financial Centre, which is 492 metres tall, while the tallest tower in the US is Chicago's 108-storey Willis Tower, which measures 422 metres. The world's tallest building is the 160-storey Burj Khalifa, which stands at 828 metres tall. — AFP/Relaxnews |
| Bond fund star Gundlach offers US$1.7m reward for stolen art Posted: 26 Sep 2012 02:47 AM PDT LOS ANGELES, Sept 26 — Superstar bond fund manager Jeffrey Gundlach, whose collections of art, pricey watches and fine wine were recently plundered by burglars, offered a new reward of up to US$1.7 million (RM5.2 million) for information leading to the safe return of 13 stolen works. The overall value of the property taken from Gundlach's home in the coastal town of Santa Monica, near Los Angeles, two weeks ago was placed at more than US$10 million, including a red Porsche Carrera 4S sports car the thieves apparently drove away in. But the bulk of the massive heist consisted of rare, one-of-a-kind works by contemporary painter Jasper Johns, who last year won the Presidential Medal of Freedom, the late Dutch abstract artist Piet Mondrian and several other artists.  "King of fixed income" Jeffrey Gundlach at the news conference in Los Angeles, September 24, 2012: "No questions asked." — Reuters pic But he posted a new US$1 million reward for a 1936 oil on canvas by Mondrian called "Composition (A) En Rouge Et Blanc", plus an additional US$500,000 for three works together — a 1956 Johns piece called "Green Target" and two wood-box collage works by Joseph Cornell, "Medici Princess" and "Pinturicchio Boy". Anyone providing information resulting in the successful recovery of all 13 works, including pieces by Frank Stella, Franz Kline, Guy Rose, Philip Guston and Hanson Duvall Puthuff, would stand to receive the total reward of US$1.7 million. Gundlach emphasised that rewards would only be paid if the works were returned undamaged. He said he would take questions from the media, but abruptly left after declining to comment on the first three queries — was his property insured; did he have any suspicions about who was involved in the burglary; and was his house equipped with a security system. A source familiar with arrangements told Reuters earlier the awards were not being offered with the intent of facilitating an arrest of anyone responsible for the burglary. The reward notice issued by Gundlach included the phrase, "No Questions Asked". King of fixed income An anonymous telephone tip line was set up in conjunction with the rewards at 855-692-4997, along with an anonymous online tip site at www.wetip.com. In addition to the art works, police said thieves also got away with luxury watches made by the likes of Glashutte and Breitling, expensive bottles of wine, and a small amount of cash The burglary occurred sometime between the afternoon of September 12 and the night of September 14, according to police. Gundlach was away on a trip at the time. Santa Monica police Sergeant Henry Ramirez, a detective working on the case, told Reuters investigators had yet to identify any possible suspects in the burglary. Asked whether police approved of the rewards posted by Gundlach and the manner in which they were offered, Ramirez said: "That's his own action, and we're separating ourselves from that because that's up to him." Gundlach, the founder, CEO and chief investment officer of DoubleLine Capital, is regarded in the financial industry as the new king of the fixed-income world with US$45 billion in assets under management. He made headlines on Wall Street a year ago when he emerged victorious in a court battle with TCW Group Inc, the asset management firm that fired him in December 2009. A Los Angeles jury found him liable for breach of fiduciary duty as well as taking trade secrets and interfering with the contracts of TCW clients, but Gundlach walked away unscathed as the jurors declined to award any damages. He also won an unpaid wages claim of US$66.7 million against TCW. — Reuters |
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