Chattanooga-based Urban Story sells part Florida mall for housing and more business news | Chattanooga Times Free Press

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Urban Story sells part of Daytona mall

Urban Story Ventures, the Chattanooga-based real estate development group, has sold a former Macy’s site at a Daytona Beach mall where a company plans to put multifamily housing, according to a news release.

Urban Story Ventures acquired the 10-acre Daytona Beach property at Volusia Mall, operated by CBL Properties of Chattanooga, as an investment in the spring of 2020.

“We saw great potential when we purchased the vacant department store and surrounding area back in 2020 — before we had any insight on what the pandemic would do to malls across the country,” said Jimmy White, general partner and president of Urban Story Ventures, in a statement.

The Macy’s property was sold to Legacy Partners, a privately held national real estate firm, and joint venture partner Griffin Capital Co., a private real estate investment manager.

“With Macy’s having left the site, this is an ideal property to redevelop for much needed and desired apartments,” said Jon Wood, senior managing director for Legacy Partners, in a statement.

Apple CEO to take 40% pay cut in ’23

Apple CEO Tim Cook will take a more than 40% pay cut this year from a year earlier as the company adjusts how it calculates his compensation partly based on a recommendation from Cook himself.

Apple Inc. said in a regulatory filing late Thursday that Cook’s target total compensation is $49 million for 2023, with a $3 million salary, $6 million cash incentive and $40 million in equity awards.

Last March the Cupertino, California, company conducted an advisory shareholder vote on executive pay with 6.21 billion shares voting in favor of the executive pay package and 3.44 billion against. There were also abstentions and broker non-votes.

Apple said its compensation committee took into account shareholder feedback, the company’s performance and a recommendation from Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.

Cook has received a $3 million base salary for the past three years, but his total compensation — which includes the restricted awards — jumped from $14.8 million in 2020 to $98.7 million in 2021 and $99.4 million in 2022.

Major bank warn of ‘mild recesssion’

America’s biggest banks issued warnings Friday of economic malaise on the horizon, even as some reported better-than-expected profits.

JPMorgan Chase, the nation’s largest bank, raised the risk of a “mild recession” to arrive later this year. Jamie Dimon, the bank’s chief executive who is normally one of the more gregarious Wall Street figureheads, repeatedly demurred from hard-and-fast predictions on a call with reporters.

“We don’t know the future,” he said. “There are all these geopolitical uncertainties which are real, and we have our eyes focused on it. They may go away or they may not.”

Brian Moynihan, Bank of America’s chief executive, also mentioned a “mild recession” as a prospect the bank is planning for. Wells Fargo is preparing for the U.S. economy to “get worse than it’s been over the last few quarters,” said Mike Santomassimo, the bank’s chief financial officer.

JPMorgan set aside more than $1 billion to prepare for the possibility that more borrowers fall behind on their loans. Bank of America, Citigroup and Wells Fargo also each added hundreds of millions of dollars to their cushions against loan losses.

China’s trade surplus swelled to a record $877.6 billion last year as exports rose despite weakening U.S. and European demand and anti-virus controls that temporarily shut down Shanghai and other industrial centers.

Exports increased 7% from a year earlier to $3.95 trillion, decelerating from 2021′s explosive 29.9% gain, customs data showed Friday. Imports edged up 1.1% to 2.7 trillion, cooling from the previous year’s 30.1% rise as economic growth slowed and consumer spending weakened.

The country’s politically volatile global trade surplus expanded by 29.7% from 2021′s record, already the highest ever for any economy.

“China’s foreign trade and exports showed strong resilience in the face of many difficulties and challenges,” said a customs agency spokesperson, Lu Daliang, at a news conference.

Export growth slumped late in the year after the Federal Reserve and other central banks raised interest rates to cool record-setting inflation by slowing economic activity.

— Compiled by Dave Flessner

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