Dow Jones Futures: Stock Market Rally Enters Power Trend; Square, Snap Carve Handles; Are Apple, Tesla Next?


Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had another strong week, with the Dow Jones, S&P 500 index and Nasdaq 100 all hitting record highs.




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The stock market rally is now in what IBD’s Market School deems a Power Trend, meeting all the criteria. The Nasdaq composite is above the 50-day moving average and has held above the 21-day exponential moving average for 10 straight days. The 50-day line is in an uptrend and the 21-day line has now been above the 50-day for five straight days. A Power Trend is another signal that the current stock market rally, is in a strong uptrend.

But there are some signs that the market rally is getting too extended, with investors getting too bullish.

Sea Limited (SE), Square (SQ), Snap (SNAP), 10X Genomics (TXG) and Netflix (NFLX) have newly formed handles with buy points. Apple (AAPL), Amazon.com (AMZN) and Tesla (TSLA) are working on possible handles.

Keep in mind that Snap and Netflix earnings are on tap this coming week, while Apple stock, Amazon and Tesla are due the following week.


Why This IBD Tool Simplifies The Search For Top Stocks


Investors shouldn’t take these stocks and build a portfolio out of them, even if they all break out. Highly valued growth stocks have been laggards in the current market rally. Concentrating in any one sector or investing theme could leave investors exposed to a sell-off. A good example was Wednesday’s reversal in many story stocks, including Square, Snap, TXG and Tesla stock.

Focusing on one area could mean missing out on gains in other sectors, such as steel, housing retailers and financials, amid an ever-rotating stock market rally. Still, having a couple of these names — if they break out — is worth considering.

Meanwhile, Coinbase (COIN) is now a publicly traded company. The cryptocurrency exchange is highly profitable with booming growth. But investors shouldn’t jump into this new IPO right away.

Square stock is on IBD Leaderboard. Square and Snap stock are on the IBD 50.

Dow Jones Futures

Dow Jones futures will reopen at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


Market wizard Mark Minervini joins IBD Live Monday as the panel analyzes actionable stocks and the market rally.


Coronavirus News

Coronavirus cases worldwide reached 141.29 million. Covid-19 deaths topped 3.02 million.

Coronavirus cases in the U.S. have hit 32.37 million, with deaths above 580,000.

New U.S. Covid cases are picking up modestly, but deaths continue to slide. Most seniors have been vaccinated, while overall immunizations continue to ramp up.

But global new cases are right at prior highs, as infections surge in India, Brazil, Turkey, Argentina and Iran, with European cases still high. While the U.S. is on track to achieve herd immunity within a few months, vaccinations have barely started in much of the world.

Stock Market Rally

The stock market rally turned in solid weekly gains once again, with the Dow Jones and S&P 500 hitting fresh highs.

The Dow Jones Industrial Average rose 1.2% in last week’s stock market trading. The S&P 500 index climbed 1.4%. The Nasdaq composite advanced 1.1%, while the big-cap Nasdaq 100 rallied 1.45%. The small-cap Russell 2000 gained 1%.

The 10-year Treasury yield fell 9 basis points to 1.57%. The big decline came despite strong growth and inflation data. Bond traders apparently are not as worried about accelerating inflation. Booming economic growth and low interest rates is a recipe for broad-based market gains.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.9% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) rose 1.1%.  The iShares Expanded Tech-Software Sector ETF (IGV) popped 2.9%. The VanEck Vectors Semiconductor ETF (SMH) declined 1.4%.

SPDR S&P Metals & Mining ETF (XME) jumped 4.1% and Global X U.S. Infrastructure Development ETF (PAVE) added 1.3%. U.S. Global Jets ETF (JETS) sank 3.15%, as travel plays struggled.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) edged up 0.9% but pulled back from a 10-week line test on Wednesday. ARK Genomics ETF (ARKG) climbed 1.1%. Tesla is no. 1 holding for ARK Investments across its ETFs. Square stock also is a top five ARK Invest holding, while the ARKG ETF owns a fair stake in TXG stock. ARK has bought up significant COIN stock over various ETFs since Wednesday’s debut.

Growth Stocks With Handles

A handle is a good place to shake out weak holders. A proper handle needs to be flat to downward-sloping. It must be at least five days or one week long. And the midpoint of the handle should be above the middle of the base, limiting the overhead supply. The buy point is 10 cents above the top of the handle.

SE stock has a cup-with-handle base with a 258.70 buy point on a daily chart, according to MarketSmith analysis. On a weekly chart, there’s no handle, so the buy point would be 285.10. This is the first real base for SE stock in at least a year.

Square stock is working on a consolidation, nearing record highs. After rising for 10 straight sessions, SQ stock has pulled back in recent days. That could be healthy development.. On a daily chart, a proto handle still needs a couple of days to be proper. But on a weekly chart, SQ stock has a handle with a 278.23 buy point. On either a daily or weekly chart, the recent pullback came on light volume following some above-average volume up days.

Snap stock is working on a handle on a daily chart, but on a weekly chart it has a handle that’s just above the midpoint of the base. The buy point is 65.96. That possible buy point is just above the mid-March peak of 65.13, in what could be seen as a “W” in a double-bottom base. Investors also could view the current pattern as a cup base with 73.69 entry. Snap earnings are due Thursday night.

10X Genomics stock tried to break out on Wednesday past a 201.80 buy point, but like many growth plays reversed lower. On a daily chart, TXG stock might be forming a high handle with a 203.30 entry. Technically, 10X Genomics has a high handle on a weekly chart, because of the down week. But TXG stock’s “down week” was only off 0.3%.

Netflix stock has a handle on a weekly chart at 559.85. On a daily chart, NFLX stock is on track to have a handle after Tuesday, just in time for Netflix earnings after the close. Netflix is in a base going back to late January but really has been going sideways since last July. So its relative strength line has been trending lower over that time. Investors may want to see a powerful breakout before subscribing to Netflix stock. Even that’s no sure thing: NFLX stock gapped out of a base after Q4 earnings, but then quickly fell back.

Possible Handles

Apple stock technically is three days into a handle, but an investor has to squint to see it. AAPL stock could use a good shakeout in its handle attempt, perhaps with a weekly decline. But until then Apple stock has a cup base with a 145.19 buy point.

Amazon stock is working on a handle, though there hasn’t been much of shakeout. However, the top of this would-be handle came in just shy of the Feb. 3 peak of 3,434, signaling the importance of that key level. For now, investors could treat 3,434.10 as a buy point, as either an early entry on a consolidation going back to early September, or as the top of a cup base within that larger consolidation.

As with NFLX stock, Amazon has been going sideways essentially since last July, giving a woeful RS line.

Tesla stock jumped Monday and Tuesday, moving above its 50-day and 10-week lines as well as its March highs. But share reversed lower on Wednesday, starting a possible handle. A handle could be valid on a daily chart after Tuesday, but a bigger shakeout that shows up on a weekly chart could be healthy. A key negative: Tesla stock’s 50-day line has been in decline for more than a month.

Wait for COIN Stock IPO Base

Coinbase is a cryptocurrency exchange giant, minting real dollars for its digital asset trading. It’s getting a lot of attention and could have a bright future. But it’s not time to jump into COIN stock. It’s better to let a new stock find its footing and set up some sort of base. An IPO base can be very short, and are often highly volatile. But they offer a much-higher chance of success than buying an IPO in its debut or first few days, without any real chart pattern.

Coinbase opened Wednesday at 385, quickly ran up to 429.54, but then sold off. After that first hour of trading, COIN stock has only traded below 385. In the past two days, shares have never topped 350, closing Friday at 342. Anyone who bought COIN stock in the first few minutes is sitting on a big loss.

Market Rally Analysis

The stock market rally is now in a Power Trend, a positive signal. But the S&P 500 and Dow Jones are nearly 6% above their 50-day moving averages. That’s just shy of the 6% level suggesting they’re becoming extended. With Microsoft (MSFT), Google (GOOGL), Facebook (FB) and Nvidia (NVDA) hitting record highs and Apple, Amazon and Tesla rebounding, it’s not that surprising to see the major indexes separate from key levels.

But be on watch for a market pullback, even if it’s fairly modest. Along with ongoing market rally rotation, investors may want to be wary of adding significant new exposure in the very short term.

Other possible issues: Investor bullishness is relatively elevated, according to the Bulls vs. Bears reading and other psychological indicators. The rise in tech titans such as Apple is masking flat action in the Nasdaq advance/decline line.

Still, despite the ongoing sector shifts, a diverse group of stocks has taken advantage of the broad uptrend.

What To Do Now

We’ve gone from cyclicals to chips to big techs and back to cyclicals. Balanced leadership means you can avoid too much exposure to a sector just before a reversal. Keep a broad watchlist, not only for potential buys, but to help you be aware of which sectors are trending or lagging.

Go through your portfolio. You might consider taking partial profits into strength on some winning stocks. For stocks that are lagging or losing, how much patience do you give them?

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Melbourne house prices hit record increase with median surpassing $1M as rental market plummets


Melbourne has recorded one of its largest quarterly house price increase, with new data revealing the median has surpassed the $1 million mark.

On Friday, the Real Estate Institute of Victoria released its quarterly March report, which shows metropolitan Melbourne has recorded its highest quarterly increase for houses since December 2009.

The median value of a house in metro Melbourne is now $1,004,500, which is a jump of 8.8 per cent from the previous quarter.

Houses in middle Melbourne are also at a record median of $1,148,500 and in regional Victoria they are at $510,500.

It is the first time regional Victorian houses have surpassed a $500,000 median price.

“Sellers and buyers didn’t waste any time getting active in the market,” REIV President Leah Calnan said in a statement.

“House prices have been boosted by incentives for First Home Buyers, mortgage repayment holidays, and low interest rates.”

“High demand across the state has also been fuelled by an increase in activity following Victoria’s lockdowns which saw thousands of auctions cancelled.”

But while property prices are at an all time high, an inner suburban exodus means Melbourne will soon have the cheapest rental properties of any capital city in the country.

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Queensland’s holiday hotspots are in high demand with prestige home buyers, breathing life back into its luxury market


Demand for luxury homes across Queensland’s most prestigious coastal hideaways is rising as southern buyers pour millions into glamorous holiday abodes in lieu of a European getaway.  

Off the back of the global pandemic those oft-tumultuous markets from Port Douglas to the Gold Coast have become the playground of high-end home-hunters from Sydney and Melbourne who are fleeing more than just strict lockdowns, but a tropical escape where elite homes cost less than their southern counterparts and come with white sand just metres from their opulent steps.

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The luxury home market has boomed as a result of travel restrictions and buyers are craving the holiday feeling all year round, with14 The Cove Road Airlie Beach being an example of this Photo: Supplied

The wave of multimillion-dollar sales has breathed life back into key coastal spots such as Port Douglas and Whitsunday Islands, where in years gone by hurricanes and financial crises have all but crippled them.

Some property punters are now reporting price rises of up to 20 per cent in the past year alone with sale numbers tripling in what they’re calling a gift from the pandemic.

Ray White Whitsunday principal Mark Beale said while his patch of tropical paradise had always been popular with Brisbane buyers, the virus had sparked Victorian and NSW home-hunters to look beyond Byron Bay, resulting in a buyer tidal wave.

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14 The Cove Road Airlie Beach is just one of the properties on the market in Airlie Beach, where the demand for homes in the holiday hotspot have skyrocketed Photo: Supplied

“Right now, Airlie Beach is where it’s at and in the past six months alone we transacted 16 sales above $1 million. The 12 months before that we only sold five,” Mr Beale said.

“Southern buyers perceive it as a bargain here and it’s very cheap in comparison. We spoke to a buyer who sold his little place in Bondi for $5 million and bought a luxury home up here for $2 million.

“And, it’s mostly Sydney and Melbourne buyers, rather than spending $50,000 on a European holiday they’re thinking ‘let’s buy here’.

“Now to see a $5 or $10 million yacht in the harbour isn’t abnormal.”

It was that rejuvenation that led Mr Beale to clock $6.5 million for the off-market transaction of the “Hogs Breath” mansion at 3/188 Mandalay Road, Whitsunday, in September last year – with dozens of multimillion-dollar homes sold by his team since.

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14 The Cove Road Airlie Beach which is currently up for sale with a guide of $2.95 million Photo: Supplied

The three-storey mansion, which belonged to Hogs Breath Cafe co-founder Don Algie occupied a jaw-dropping slice of the pristine island and was bought by horse racing personality Alan Galloway.

It was the Whitsunday mainland’s highest sale in years, with Mandalay estate holding the record after it clocked $14 million in 2018.

Interest remains for new prestige properties coming on the market including a three-bedroom home with expansive water and rainforest views in Airlie Beach being sold by Ray White Whitsundays.

Farther north in Port Douglas, tropical north Queensland director of Sotheby’s International Realty, Barbara Wolveridge, said high-end sales were now transacting at rapid rates with the latest buyer wave rolling in from NSW.

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According to Sotheby’s agent Barbara Wolveridge, Sydeysiders are now purchasing prestige homes in the region where they haven’t normally been investing in with homes like 1 Island Point Rd Port Douglas on their radar Photo: Supplied

“Sydney has now discovered us. We used to find that it was always just Melbourne but the last few [multimillion-dollar sale] have come from Sydney,” Ms Wolveridge said.

“And, it makes sense. Look at places like Noosa and we are still very achievable.”

Ms Wolveridge, who this month sold the five-bedroom avant garde mansion at 15 Wharf Street, Port Douglas alongside the nearby masterpiece at 1 Wharf Stree,t for between $7 million and $9 million each, said 95 per cent of her sales were still holiday homes for southern buyers.

Today a six-bedroom home with tennis court , stunning views and a price guide at $10.8 million, at 1 Island Road, Port Douglas, is attracting further interest.

1 Island Point Road, Port Douglas
1 Island Point Road, Port Douglas is currently on the market with Barbara Wolveridge guiding the home at $10.8 million

On the Gold Coast, Ray White Sovereign Islands agent Edin Kara said the $5-$6 million market was again on the move in the city’s exclusive pocket thanks to the interstate buyer swell.

“We used to rely on Chinese buyers but now we have a lot of Sydney and Melbourne people and this is a permanent move for them,” Mr Kara said.

“This is because of the lifestyle here and prices have absolutely increased by 20 per cent just here on Sovereign Islands over the past 12 months.

“Before the pandemic we were struggling to sell properties over $5 million but now we are getting four times the usual level of inquiry. It’s the best market I’ve seen in 10 years.”

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How the RBI forced bond market to tango


 

The ‘bond vigilantes’ who were warned by the RBI to stop demanding high yields in bond auctions do not seem to be in any mood to listen. The central bank is clearly livid, and this is apparent in the action that unfolded in the bond market on Friday.

Yields rise

The yield on 10-year bonds, which had moved lower to 6.01 per cent after the central bank unveiled the G-SAP 1.0 programme, spiked above 6.12 per cent after the first G-SAP auction on Thursday. The market was apparently not happy with the quantum of purchase in the 10-year bucket.

The bond market was on the edge through Friday, with 10-year yields trading at around 6.16 per cent, ahead of the weekly auction amounting to ₹26,000 crore in which 10-year securities accounted for ₹14,000 crore.

The auction results reveal that the RBI has not purchased any 10-year paper, though bids worth ₹28,000 crore were received for these securities. Ten-year bond yields plunged sharply after 3 pm, when auction results were announced, and are now trading at 6.08 per cent again. The RBI intended to offer bonds worth ₹25,000 crore in the first G-SAP auction. The response to the auction was robust, with offers worth ₹1,01,671 crore received.

The RBI accepted the entire ₹25,000 crore that it originally offered to purchase. The problem in the G-SAP auction, according to market sources, was that the ₹25,000 crore notified by the RBI was spread across maturities (see table). The amount intended for the 10-year bonds was only ₹7,500 crore. The bond market wanted higher purchases in this maturity because the government tends to borrow mainly in this bracket.

For instance, in the weekly auction scheduled for April 16, more than 50 per cent was ear-marked for 10-year securities. The level of nervousness among underwriters was obvious in the commission auctioned for 10-year bonds shooting up to 47.17 paisa on Friday.

 

Other reasons

The other reason why 10-year yields moved higher is because the cut-off yield for 6-year bonds bought in the G-SAP auction was 6.13 per cent.

While the RBI is trying to cool the yield in the 10-year bonds, the yields on 6, 7, 8 and 9 year bonds are higher than the 10-year, implying that the market does want the bond prices to trade lower across maturities, given the large supply scheduled to flood the market. The WPI inflation number released yesterday was yet another dampener for bonds.

“The expected trajectory of the WPI inflation, and its partial transmission into the CPI inflation, going ahead, supports our view that there is negligible space for rate cuts to support growth, in spite of the growing uncertainty related to the surge in Covid-19 cases, localised restrictions and emerging concerns regarding migrants returning to the hinterland. This is likely to keep a floor under the G-Sec yields,” says Aditi Nayar, Chief Economist, ICRA.

It’s clear that market forces dictate that 10-year yields have to move higher from here. It has to be seen how long the RBI can keep yields in check with these strong arm tactics and threats of ‘tandav’.

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MusicMagpie plans £208m flotation on London stock market | IPOs


MusicMagpie, the online reseller that specialises in secondhand tech such as smartphones and games consoles, has announced plans for a £208m flotation.

The initial public offering of MusicMagpie, which was founded in Stockport in 2007 and also has operations in the US under the Decluttr brand, is expected to raise £95m for selling shareholders.

After the listing on London’s junior AIM market, which will also raise £15m to pay down debt and expand its smartphone rental business, directors and senior management will own 11.5% of the company.

The company, co-founded and run by Steve Oliver, made £153m in revenues and £13.9m in profits in the year to the end of November. MusicMagpie, which last year began setting up kiosks in Asda and Co-op stores to recycle old phones for cash, makes 54% of revenues from the resale of consumer technology, 38% from “disc media” such as CDs, and 7% from books.

“We are thrilled that MusicMagpie’s circular economy model has resonated so strongly with investors,” Oliver said. “Given the ongoing move to tackle the growing problem of e-waste and the fact that consumer attitudes towards buying refurbished consumer technology products are rapidly changing, we believe there is significant potential for MusicMagpie’s future growth prospects.”

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The company, which also lists products it sells across eBay and Amazon Marketplace, says that the market for pre-owned consumer technology and physical media is worth £9bn in the UK and US.

“In the UK alone, we estimate that people are sitting on around £16.5bn worth of technology that they no longer use,” Oliver said. “Only a small percentage of consumer technology items are currently recycled. The listing on AIM reflects not only the success that we have enjoyed to date but also our confidence in our ability to capitalise on the favourable long-term trends that continue to drive the company’s strong performance.”

MusicMagpie joins a string of UK-based technology companies turning to the stock market, including Moonpig, Deliveroo, the Hut Group and the cybersecurity company Darktrace.

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Hobart’s housing market has been growing ‘dramatically’ for five years, with no cooling down in sight


It’s new data, but it comes as no surprise to those who have been home hunting in Tasmania in recent months — house prices are still rising, and there seems to be no end in sight.

CoreLogic’s latest home value index reveals Hobart’s houses prices grew by 2.5 per cent in February, and 8.7 per cent in the past year.

Hobart’s median home value now sits at $535,994 — higher than Adelaide, Perth and Darwin, and about on par with Brisbane.

But this is not a story confined to the state’s capital.

Values in regional Tasmania grew by even more — 2.7 per cent in February, and a whopping 13.8 per cent in the past 12 months.

The median value for regional Tasmania was $358,415.

Tim Lawless from CoreLogic said prices were rising across the country, but that Hobart was a particular stand-out.

The next closest capital city over that same period was Canberra, where prices have risen 30 per cent.

“Prior to that five-year period Hobart was a really weak market … which meant it was very affordable,” Mr Lawless said.

“As more people started to look towards lifestyle markets and investment opportunities, Hobart really stood out for high yield and strong affordability.”

That affordability, coupled with Tasmania’s handling of the coronavirus pandemic, makes the state attractive to tree-changers and sea-changers — those from interstate seeking a lifestyle change where their housing dollars go further.

Mandy Welling from the Real Estate Institute of Tasmania said regional price growth seemed to be a knock-on effect from growth in the capital city.

Mandy Welling says there is plenty of confidence in the market.(

ABC News: Laura Beavis

)

“We think it’s purely driven by people being driven out of those areas in and around the CBD and built-up areas,” she said.

“The price increases are pushing them out into the suburbs and regional areas.”

CoreLogic’s weekly market update reveals other factors are also playing a part.

Hobart’s listings were down.

They have fallen 23.6 per cent over the past 12 months, and houses in Hobart spent 27 days on the market on average — fewer days than any other capital city in the country.

It means supply is low, while buyer demand remains high.

“To see listing numbers as low as what they are across Hobart and regional Tassie as well is really creating some urgency amongst buyers. It’s absolutely a vendor’s market,” Mr Lawless said.

Ms Welling said while there was a stock shortage, there was plenty of confidence in the buying market.

“That’s what’s creating that increase at the moment,” she said.

So, after dramatic five-year growth, will the heated-up market cool down anytime soon?

It seems that’s unlikely.

Mr Lawless said there was still a significant gap between Hobart and Melbourne home prices, meaning Tasmania’s attractiveness to buyers was likely to continue for a while yet.

“It looks to me like this market has some legs,” he said.

“We’re not expecting interest rates to be rising anytime soon either, so it does look like the market has some momentum.

“Can prices keep on rising this quickly? Probably not.”

Ms Welling said a combination of factors would need to align for Tasmania’s price growth to stall or decline.

“They would be a sharp increase in unemployment levels, an increase in interest rates, and an oversupply of properties onto the market,” she said.

“At least a couple of those elements would need to come into our marketplace to slow it down.

“I know there’s a scare out there at the moment of people thinking that all of a sudden there’ll be a tumble in property values.

“We never like to predict the future, of course, but with everything that we’re looking at with all of our statistics, that is highly unlikely.”

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Winter Night Market – What’s On


Winter is coming and so is the Winter Night Market!

The Winter Night Market is back at Queen Victoria Market every Wednesday evening during winter. Rug up and head to the Market for a winter wonderland complete with everything we love and have missed – delicious street food, hot bevvies, great shopping and live music.

Feast upon global street food and drinks including smoky barbecue, hot chocolate, melted cheesy pasta, oozy decadent desserts, cocktails and mulled wine. Then with a happy tummy, sit back and enjoy live music or browse the stalls for locally-made jewellery, art, clothing, books, skincare, homewares and more. 

Throughout July, they’ll bring the festive spirit with Christmas in July – complete with snow, Christmas trees, Santa, eggnog and carols. It’ll be mid-winter fun for the whole family.

No entry fee, just come hungry and ready for a good time.

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Chinatown Melbourne Market


Chinatown Melbourne Market

Chinatown Melbourne MarketChinatown Melbourne Market

On Fridays and Saturdays, Chinatown Melbourne Market brings you the ultimate hawker-style outdoor laneway dining experience in the heart of Melbourne CBD.

From dumplings to noodles, BBQ skewers to desserts – Indulge yourself with a large variety of street food, merchandise and memorabilia Melbourne’s Chinatown has to offer.

Every week on Friday and Saturday

Time: 4.00 p.m. – 10.00 p.m.

@ Heffernan Lane, Melbourne. Heffernan Lane runs between Lonsdale Street and Little Bourke Street, near Russell Street. Map


❊ When & Where ❊

Happens: Friday, Saturday

Times: Fri & Sat: 4pm – 10pm

City

Melbourne

VirtualLocationhttps://chinatownmelbournemarket.com.au/

❊ Location ❊

Chinatown Melbourne Market⊜ Heffernan Lane   Melbourne |
Google Map

Heffernan Lane, Melbourne, , 3000

MyCity Save

❊ Be Social ❊

❊ Coronavirus (COVID-19) Update ❊

As Victoria takes action to stop the spread of coronavirus (COVID-19), events may be cancelled at short notice. Please confirm details before making plans | Disclaimer


❊ Web Links ❊

Chinatown Melbourne Market

→ www.chinatownmelbournemarket.com.au

→ Chinatown: Outdoor Dining Precinct


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New York hoteliers look to Port Douglas in hope of quadrupling town’s wedding market


With year-round sunshine and facilities like St Mary’s seaside chapel, Port Douglas has been a popular wedding destination for decades.

Now the company behind New York’s Plaza Hotel is looking to cash in on the matrimonial industry in the 3,500-resident town by proposing a 253-room luxury hotel with a rooftop wedding venue.

If the project is granted a development application by the Douglas Shire Council, the hotel will be the first in Australia to be operated by hotel chain Fairmont, which is owned by Accor.

The proposed five-star Fairmont Port Douglas would feature several on-site restaurants, a day spa, and treetop walk.

But its developer has been told to address 33 aspects of its original proposal by the town’s planning department.

Property developer Paul Chiodo said it would be the first resort to be built in the town for nearly two decades and would have an environmental focus.

“Instead of just a standard corrugated iron roof structure that creates a lot of heat … we’ve got an activated roof up there,” he said.

“It actually provides a cooling system for the hotel as well, so it doesn’t generate excess energy and power and is far better for the environment.”

A wedding platform is planned to feature on the rooftop pool area, which Mr Chiodo said the company was hoping would boost the local wedding industry.

“There are 500 weddings a year in Port Douglas and we’re hoping to quadruple that with our hotel,” he said.

The company said it would reuse some of the 5,000 tonnes of concrete from the demolished building on the site for the road base at the resort.

The council was concerned the five-storey building was too tall.

“The proposed building height is approximately 20 metres, with council’s planning scheme limiting building height to 13.5 metres,” the council’s manager for environment and planning, Paul Hoye, said.

But Mr Chiodo said that depended on where you measured from.

“How the planning scheme works, it takes its height from a natural ground level of the site,” he said.

The planning department also questioned why the company had not provided adequate parking for guests, falling 185 spaces short of what was required.

Mr Chiodo said the company’s research showed that much parking was unnecessary.

“We’ve provided a study that actually shows that people actually won’t be driving themselves to the hotel,” he said.

He also said the design had been amended so that three iconic palm trees would be relocated rather than removed.

Mr Chiodo said if the development application was approved the resort could be completed within two and a half years.

He said a recent report revealed that during construction the development would create 694 jobs and eventually add $203 million in annual gross value to the local economy.

Thank you for spending time with us on My Local Pages. We hope you enjoyed checking out this news update on “News & What’s On in Brisbane” called “New York hoteliers look to Port Douglas in hope of quadrupling town’s wedding market”. This news update was brought to you by MyLocalPages Australia as part of our current events and news aggregator services.

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President Trump did not profit from market boom in which he created, according to financial report


President Donald Trump gives thumbs up as he steps off Air Force One as he arrives Monday, Oct. 8, 2018, at Andrews Air Force Base, Md. (AP Photo/Alex Brandon)

OAN Newsroom
UPDATED 11:00 AM PT – Monday, April 12, 2021

A new financial report confirmed President Trump’s assertion he not only did not profit off the presidency, but actually grew less wealthy as a result of his service to the American people.

This is according to estimates by Forbes, which were published in their annual Billionaires List on Tuesday. It assessed his net worth at $2.4 billion, which is down from $3.5 billion in 2017 at the onset of the Trump administration.

That means despite four years of accusations from the left that President Trump was enriching himself from the White House, his time in office actually cost him about 32 percent of his total wealth. This confirms the truth behind his numerous statements on the matter.

“I think I will, in a combination of loss and opportunity, probably it’ll cost me anywhere from three to $5 billion to be President,” he previously stated. “And the only thing I care about is this country…couldn’t care less, otherwise.”

Moreover, the analysis performed by Forbes and verified by industry experts also projected that had President Trump sold off all his assets and used the proceeds to invest in the stock market, he would have made himself $1.6 billion richer.

This is due to the thriving stock market overseen by the Trump administration and boosted by a business-friendly overhaul of the U.S. tax code, which was spearheaded by President Trump. According to Forbes, he refused to “cash in on a market boom he helped propel.”

While the Constitution mandates the president receive a salary amount decided by Congress and thus a sitting commander-in-chief cannot legally refuse it outright, President Trump still did not profit.  While keeping one of his earliest campaign promises, he donated the totality of his salary, set at $400, 000 a year or $1.6 million over four years, to various government agencies throughout his presidency.

His first quarterly donation was in the amount of $78,333, which Forbes estimated were his post-tax earnings. This was topped off by an “anonymous” donor to a total of $100,000, which was the same amount President Trump donated every other quarter of his presidency. This suggests he was not only not taking in a salary, but dipping into his own private funds to pay taxes on that salary then donating the pre-tax amount back.

Yet, despite all those financial losses, President Trump said on repeated occasions he had no regrets over making that sacrifice for the sake of the American people.

MORE NEWS: Biden military budget tailor-made for lobbyist firm ‘Pine Island Acquisitions Corporation’



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