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<ul><li>The multiplex behemoth now owns more than 1,650 screens across over 350 properties in 110 cities in the country.</li><li>The combined entity aims to open 180-200 screens per year, across formats, in the next two years.</li><li>The merged entity can definitely achieve bigger goals, but needs good content.</li></ul>After the merger of two <keyword id="16783584" type="General" weightage="20" keywordseo="multiplex-chains-PVR-and-Inox-Leisure" source="Orion">multiplex chains PVR and Inox Leisure</keyword> this year, the merged entity has become a behemoth in the country, and fifth largest listed multiplex chain globally by screen count. While the merger was announced last March, the record date for the scheme of amalgamation between the two multiplex operators happened in February 2023. The combined entity will start trading with the name PVR-INOX on exchanges in March 2023 and their combined financials would be reported from 4QFY23. The multiplex behemoth now owns more than 1,650 screens across 350 properties, in 110 cities. “PVR-INOX now controls 18% screen share (43% share in multiplex screens in India) and 30% box-office share (over 50% share of multiplex box office). The merged entity commands the highest multiplex market share in all key regions of India. PVR-INOX would become the fifth-largest listed multiplex chain globally by screen count with the highest number of admissions per screen (around 127,000 admissions/screen in 2019),” said a report by Kotak Institutional Equities. The combined entity aims to open 180-200 screens per year, across formats, in the next two years. “Capex per year would be ₹8-8.5 billion (₹800-850 crore). Over 40% new screen openings will come from the South as it remains underpenetrated,” said the report. While merged entity gains the lion’s share, real issue still remains poor content While the merged entity can definitely achieve bigger goals, analysts believe the real issue still remains poor content leading to flop movies on screen. “The management has guided for annual synergy benefits of ₹2.25 billion (₹225 crore) at the EBITDA (earnings before interest, taxes, depreciation and amortisation) level in the next 12-24 months,” said a report by Kotak Institutional Equities. Analysts say that the merged entity has no real competitor and should remain focused on strengthening its position at the cost of single-screen theatres and smaller chains. Yet, there are challenges that all multiplexes will face bringing in the mega footfalls. For one, the Hindi cinema industry itself is facing the <a href="https://www.businessinsider.in/business/news/its-not-bollywood-films-its-the-superstars-that-people-seem-to-be-tired-of/articleshow/92382077.cms">shifting trend and migration of audiences to South movies</a> which captured audiences with larger-than-life characters. Rapid adoption of OTT, proliferation of social media and an active ‘Boycott Bollywood’ campaign and higher ticket prices have impacted footfalls in theatres, say analysts at Emkay Global. “While focus of the merged entity now shifts to realising synergies, the crucial issue of footfall recovery remains moot. Post-Covid, we have witnessed a clear dichotomy in box-office performance, with a high proportion of movies turning out to be duds; we believe the main culprit is the sub-par content quality, punctured by the weak critic and audience reviews,” said a report by Emkay Global. Not star power, alone It’s because of the increasing Southern push that <keyword id="4568700" type="General" weightage="20" keywordseo="PVR-INOX" source="Orion">PVR Inox</keyword> are planning to boost the addition of new cinemas there. “With Bollywood content not up to the mark, footfalls have not seen a meaningful uptick post Covid. Only select movies with differentiated offerings have managed to taste success at the box office. As we have emphasised in the past too, Bollywood’s recovery is critical to box-office collections, with regional and Hollywood contribution being only sporadic in nature,” said the report. Bollywood continues to witness poor movie performance with most movies including Amitabh Bachchan-starrer Goodbye and Uunchai, Akshay Kumar’s Ram Setu and Ranveer Singh’s Cirkus not meeting expectations except for Drishyam 2 and Pathaan. “Going ahead too, we believe that star power alone cannot drive collections, if there is no differentiating factor in the movie,” said the Emkay Global report. In Q3 FY23, only one Bollywood movie i.e Drishyam 2 managed to break the ₹100 crore box office barrier. “CY22 has been one of the worst years for Bollywood, with very few movies finding traction. A mere 7% of the major movies that were released in the CY21/22 managed to recover their investment and yielded some profit. Prior to Covid, this was close to 30%, with more than 40% of movies doing well in CY19,” said a report by Emkay. While Inox-PVR have a bigger screen presence, they need what it takes to bring in audiences — better movies, bigger hits from Bollywood and Hollywood alike – in addition to South superhits. Some <keyword id="18300" type="General" weightage="20" keywordseo="bollywood-movies" source="Orion">Bollywood movies</keyword> expected to be released in the next six months <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Movie </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Approx date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cast </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mrs Chatterjee Vs Norway </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rani Mukerji </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bholaa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ajay Devgn, Tabu </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gumraah </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Roy Kapur, Mrunal Thakur </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kisk Ka Bhai Kisi Ka Jaan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salam Khan </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jawan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shahrukh Khan </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maidaan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ajay Devgn, Priyamani, Gajraj Rao, Rudranil Ghosh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dream Girl 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ayushmann Khurrana, Ananya Pandey </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sidharth Malhotra, Disha Patani, Raashi Khanna </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rocky Aur Rani Ki Prem Kahani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranveer Singh, Alia Bhatt </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Animal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranbir Kapoor </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gadar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sunny Deol, Ameesha Patel </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tariq </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">John Abraham </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/the-godot-recession-could-be-pushed-back-further-svb-crisis-could-force-us-fed-to-pause-rate-hikes/articleshow/98612680.cms">The ‘Godot’ recession could be pushed back further, SVB crisis could force US Fed to pause rate hikes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/kotak-mahindra-amc-launches-kotak-silver-etf-fund-of-fund/articleshow/98610397.cms">Kotak Mahindra AMC launches Silver ETF Fund of Fund</a>

PVR-INOX, now fifth largest listed multiplex chain globally, awaits good movies

<ul class="summary-list"><li>The US has said it will sanction <keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword> and target their assets.</li><li>But the US is also now one of the world's leading <keyword id="13440843" type="UNKNOWN" weightage="60" keywordseo="tax-havens" source="Orion">tax havens</keyword>, meaning it's hard to know who owns what.</li></ul>For years, a new <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> haven has been on the rise: <a href="https://www.businessinsider.com/ap-us-is-emerging-as-a-tax-haven-alongside-switzerland-caymans-2016-4">The United States</a>. That could pose a problem as the US attempts to <a href="https://www.businessinsider.com/russian-oligarchs-sanctions-putins-inner-circle-2022-3">crack down on Russian oligarchs</a> and target their wealth.The Biden administration <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/03/fact-sheet-the-united-states-continues-to-target-russian-oligarchs-enabling-putins-war-of-choice/">has said</a> it's sanctioning an "expansive list" of <a href="https://www.businessinsider.com/what-is-a-russian-oligarch-why-are-they-being-sanctioned-2022-3">oligarchs</a>, which includes freezing their assets and blocking their properties from being used. But the pervasiveness of those wealth-hiding mechanisms might be a hindrance in sanctioning Russian oligarchs — since it's pretty difficult to know who owns what."It undermines our ability to levy meaningful sanctions," Chuck Collins, the director of the Program on Inequality and the Common Good at the left-leaning Institute for Policy Studies, told Insider. Collins has been sounding the alarm on the "<a href="https://www.businessinsider.com/how-to-stop-wealthy-hiding-money-chuck-collins-oscar-mayer-2021-3">wealth defense industry"</a> — the cottage industry of attorneys, family offices, and more that's ballooned around helping the ultra-wealthy preserve and hide their wealth. Some of that wealth might be hiding down the street from you, in empty luxury apartments to "artports," or art-storage facilities that are technically in free-trade zones. "Our hands are tied by the fact that we are a weak link in the global money hiding system," Collins saidFor instance, Insider's Hillary Hoffower<a href="https://www.businessinsider.com/what-is-a-ghost-condo-russians-sunny-isles-real-estate-2022-3"> reported</a> on how wealthy Russians are parking their money in Sunny Isles Beach, Florida. The small city — known as "<a href="https://www.businessinsider.com/florida-little-moscow-sunny-isles-miami-russian-money-real-estate-2022-3">Little Moscow</a>" — has what's called "ghost condos." Rich Russians buy property using <a href="https://www.businessinsider.com/jake-bernstein-panama-papers-offshore-banking-shell-companies-2018-2">shell or holding companies</a> to conceal the true owner. Often, they never live there; the properties just help them get around taxes and allow them to cash out when they need more money."In, say, London, where they have higher levels of real estate transparency, they can identify the holdings of the oligarchs and freeze assets, seize assets, threaten to expropriate assets," Collins said."Those are all things that other countries are doing as part of putting sanctions on the Russian oligarchs."But, without that transparency — Collins said that real estate is likely one of the big ways that offshore money is coming to the US — "we're thwarted in our ability to be as effective as we'd like."The Pandora Papers, a trove of 12 million financial records uncovered by the <a href="https://www.icij.org/investigations/pandora-papers/global-investigation-tax-havens-offshore/">International Consortium of Investigative Journalists</a>, <a href="https://www.businessinsider.com/pandora-papers-south-dakota-rivals-offshore-tax-havens-for-financial-secrecy-2021-10">found tha</a>t $360 billion was socked away in <a href="https://www.businessinsider.com/why-rich-hide-money-south-dakota-tax-haven-pandora-papers-2021-10">South Dakota</a> alone — rivaling some offshore havens. The Tax Justice Network, an advocacy group, ranks the US <a href="https://taxjustice.net/country-profiles/united-states/">second in the world</a> for enabling financial secrecy. Passing legislation that requires registration for the ownership of certain things, like trusts with over $10 million and making the beneficiaries transparent, might help pare down some of the country's wealth-hiding woes, according to Collins. He said that there's an "appetite for transparency in real estate," as <a href="https://www.businessinsider.com/first-time-buyers-struggle-to-buy-home-afford-down-payments-2022-3">would-be-homeowners</a> find themselves priced out as ghost condos linger.Another way to tackle tax dodgers: Funding the IRS's enforcement efforts. The underfunded and understaffed agency <a href="https://www.businessinsider.com/underfunded-irs-tapped-sanction-russian-oligarchs-needs-more-workers-2022-3">has said</a> it's already been tapped to help sanction oligarchs, but needs 1,300 more workers to work most effectively."Our concept of a tax haven was always some little Caribbean island, some small state that had auctioned off its sovereignty to become a magnet for money laundering or money hiding," Collins said. "And now, we're looking in the mirror. It's the US — we're the weak link."

The US has become a tax haven, making it hard to sanction Russian oligarchs

<ul class="summary-list"><li>Laura Young bought a 2,000 year-old bust for $34.99 in a Texas Goodwill store in 2018.</li><li><keyword id="11931454" type="UNKNOWN" weightage="60" keywordseo="art" source="Orion">Art</keyword> lawyers estimate the piece, nicknamed "Dennis Reynolds," to be worth hundreds of thousands of dollars.</li></ul>A Texas woman has handed in a 2,000-year-old Roman bust she bought four years ago in a Goodwill store for $34.99. <a href="https://www.instagram.com/p/CdJL48tu7-g/">In a post to her Instagram followers</a>, Laura Young said she found the historic 52-pound marble relic at the Far West Goodwill in Austin, Texas, in 2018. Goodwill did not immediately respond to Insider's request for comment made outside normal working hours.Young <a href="https://www.kut.org/life-arts/2022-05-04/so-the-35-sculpture-you-got-at-an-austin-goodwill-was-looted-from-a-museum-during-wwii-now-what">told Austin NPR Station KUT</a> that after doing some googling, she contacted an auction house, which confirmed the piece was an original bust. She did not immediately respond to Insider's request for comment.According to art law firm <a href="https://www.artandiplawfirm.com/voluntary-return-of-marble-bust-to-germany-provides-model-for-restitution-of-artifacts-looted-in-wartime/">Amineddoleh &amp; Associates</a>, who advised Young on the discovery, the bust was determined to have been owned by King Ludwig of Bavaria in the 1800s, who displayed it in the courtyard of Pompejandum, a replica of a courtyard in the city of Pompeii, Italy. Pompejandum was shelled by US allied forces in 1944 and 1945, after which some items, including the bust, disappeared. Young called the bust "Dennis Reynolds," after the narcissistic, well-groomed co-star of the FX comedy "It's Always Sunny in Philadelphia." He was one of a collection of busts owned by Young. "He was attractive, he was cold, he was aloof. I couldn't really have him. He was difficult," Young told KUT. "So, yeah, my nickname for him was Dennis."Young told KUT that Amineddoleh &amp; Associates eventually sealed a deal that would find a permanent home for Dennis. The deal included a small finders' fee for Young, which would remain confidential. On its website, Amineddoleh &amp; Associates said that as the looted piece was not sold by the museum or the German government, it was still the property of the Bavarian State, and that Young would have made "hundreds of thousands of dollars" on the open market for the piece. "Immediately, I was like, 'OK, I cannot keep him and I also cannot sell him,'" Young <a href="https://www.nytimes.com/2022/05/06/us/roman-bust-goodwill-san-antonio-museum.html">told The New York Times</a>. She added: "It was extremely bittersweet, to say the least. But I only have control over what I can control, and art theft, looting during a war, is a war crime. I can't be a party to it."The bust will be lent for one year to the <a href="https://www.samuseum.org/artwork/exhibition/a-roman-portrait-from-germany-in-texas/">San Antonio Museum of Art</a>, which credited Young's Goodwill discovery. It will then be returned to the Bavarian Administration of State-Owned Palaces, Gardens and Lakes in Bavaria, Germany. The museums didn't immediately respond to Insider's requests for comment outside normal working hours."As an attorney working in the art and heritage world, it was an honor to advise Ms. Young on the legal issues related to the marble bust and to work with her to return the valuable artifact to its rightful home," Amineddoleh &amp; Associates founder Leila Amineddoleh told Insider in a statement. "The bust has an incredible history and its story will now be shared with the world."

A Roman bust sold by a Goodwill store for $34.99 turned out to be a 2,000-year-old relic

It's Friday, folks. Jordan Parker Erb here, reporting to you from New York.This week, insiders gave us a glimpse into the leadership style of <a href="https://www.businessinsider.com/profile-of-amazons-new-retail-ceo-doug-herrington-2022-7">Amazon's mild-mannered, Allbirds-wearing new retail boss</a>, Doug Herrington.Before we get started: Do you know someone who's shaping the marketing <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> industry? Nominate them for Insider's fourth annual list of martech leaders.<a href="https://www.businessinsider.com/seeking-nominations-for-the-marketing-tech-companies-who-are-leading-the-industry-in-2022-2022-7"> Here's how to submit a nomination.</a>Now, let's get started. <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">Sign up here to get 10 Things in Tech in your inbox each morning.</a><a href="https://www.businessinsider.com/profile-of-amazons-new-retail-ceo-doug-herrington-2022-7"></a>1. Meet Doug Herrington, Amazon's new retail CEO. After Dave Clark resigned last month, Herrington was promoted to the company's most senior retail executive job — catapulting the soft-spoken 17-year company veteran <a href="https://www.businessinsider.com/profile-of-amazons-new-retail-ceo-doug-herrington-2022-7">into the spotlight</a>.<ul><li>A fan of no-show socks, Warby Parker glasses, and Allbirds shoes, Herrington fits the classic Amazon executive look, and can often be found toting around a bag of Cheez-Its.</li><li>People familiar with Herrington told Insider he's known as a gentle, mild-mannered leader with a lot of creative ideas, but that many of his initiatives (like the now-dead <a href="https://money.cnn.com/2016/03/31/technology/amazon-dash-buttons/index.html">Dash Button</a>) have failed to gain much traction. </li><li>Herrington's rise may be evidence that his leadership style — essentially the opposite of his predecessor, the operation-minded Clark — is what CEO Andy Jassy thinks the company needs.</li></ul><a href="https://www.businessinsider.com/profile-of-amazons-new-retail-ceo-doug-herrington-2022-7">Read our full profile here.</a>In other news:<a href="https://www.businessinsider.com/sunny-balwani-trial-guilty-all-counts-theranos-elizabeth-holmes-2022-7"></a><div type="image" title="sunny balwani trial" height="2046" width="2729" msid="92748190" hostid="261"></div>2. Ramesh "Sunny" Balwani has been convicted on 12 fraud-related charges. Balwani, Elizabeth Holmes' ex-boyfriend and former Theranos business partner, had been <a href="https://www.businessinsider.com/elizabeth-holmes-ex-former-business-partner-convicted-on-fraud-charges-2022-6">charged with 10 counts of wire fraud</a> and two counts of conspiracy to commit wire fraud. Insider columnist Adam Lashinsky breaks down <a href="https://www.businessinsider.com/sunny-balwani-trial-guilty-all-counts-theranos-elizabeth-holmes-2022-7">why the verdict was downright resounding for Balwani</a>. 3. A Facebook Marketplace scam is tricking sellers into sending money. Scammers have been using fake Zelle emails to trick people on the platform, and some sellers have lost hundreds of dollars to the scheme. <a href="https://www.businessinsider.com/facebook-marketplace-scam-uses-fake-zelle-emails-to-trick-sellers-2022-7">Here's what to look out for.</a>4. Elon Musk's $44 billion deal to buy Twitter is in peril, according to The Washington Post. Three sources told the paper that Musk's team has "<a href="https://www.washingtonpost.com/technology/2022/07/07/elon-musk-twitter-jeopardy/">stopped engaging in certain discussions around funding</a>" for the deal. Meanwhile, Twitter says it's <a href="https://www.theverge.com/2022/7/7/23198893/twitter-million-spam-account-removals-per-day-musk-buyout">removing more than 1 million spam accounts each day</a>. As the takeover drama continues, the social media company has also <a href="https://www.businessinsider.com/twitter-layoffs-recruiting-team-elon-musk-takeover-spam-bot-2022-7?op=1&amp;scrolla=5eb6d68b7fedc32c19ef33b4">laid off a third of its recruiting team</a>. 5. A cryptocurrency investor shares the perks of her 20 metaverse properties. The former day trader sold one of her properties for $30,000, but the rest are getting her perks — like passive income and citizenship on a real-life island. <a href="https://www.businessinsider.com/metaverse-virtual-real-estate-how-to-make-passive-income-2022-5">These are all the benefits she gets.</a>6. Elon Musk says he's doing his best to help the "underpopulation crisis." After Insider reported<a href="https://www.businessinsider.com/elon-musk-shivon-zilis-secret-twins-neuralink-tesla"> he had twins last fall</a>, the Tesla exec tweeted that "a collapsing birth rate is the biggest danger civilization faces by far."<a href="https://www.businessinsider.com/elon-musk-twins-children-underpopulation-crisis-birth-rate-shivon-zilis-2022-7"> See his full tweet.</a>7. Layoffs are hitting the creator economy. Since May, eight startups — including Cameo, Substack, and MasterClass — have laid off employees. <a href="https://www.businessinsider.com/creator-economy-startups-layoffs-employees-cameo-substack-jellysmack-2022-7">See five more startups that have sacked employees in the past few months.</a>8. A barely-used Hummer EV was sold for nearly three times its suggested price. As GMC struggles to fulfill over 77,500 reservations for the new electric car, someone sold theirs for $324,500 in a Las Vegas auction. <a href="https://www.businessinsider.com/used-electric-hummer-ev-sold-three-times-original-price-auction-2022-7">Why people are clamoring for the electric Hummer.</a>Odds and ends:<a href="https://www.businessinsider.com/best-electric-cars-longest-range-lucid-tesla-ford-kia-hyundai-2022-7"></a><div type="image" title="Lucid Air" height="2405" width="3207" msid="92748191" hostid="261"></div>9. We ranked the 15 longest-range electric cars on sale in 2022. We tested EVs from Kia, Tesla, Ford, and more by their range, as estimated by the Environmental Protection Agency. While the Lucid Air is the longest-range electric car, <a href="https://www.businessinsider.com/best-electric-cars-longest-range-lucid-tesla-ford-kia-hyundai-2022-7">these three also made the cut</a>.10. Elon Musk's Boring Company will now accept payment in Dogecoin. People taking an underground Tesla ride in Las Vegas can now pay for it using cryptocurrency. <a href="https://www.businessinsider.com/elon-musk-boring-company-accepts-payment-dogecoin-vegas-2022-7">Here's the latest.</a>The latest people moves in tech:<ul><li>SoftBank exec Rajeev Misra will step back from his role heading its Vision Fund 2 to <a href="https://www.businessinsider.com/softbank-vision-fund-ceo-rajeev-misra-steps-back-2022-4">create his own $6 billion external fund</a>.</li><li>Microsoft Corp. cloud VP Tom Keane announced he'd be <a href="https://www.bloomberg.com/news/articles/2022-07-06/microsoft-cloud-executive-leaves-after-allegations-of-verbal-abuse">leaving the company after 21 years</a>. His departure comes after Insider reported on <a href="https://www.businessinsider.com/microsoft-toxic-culture-ceo-satya-nadella-sexual-harassment-pay-disparity-2022-5?r=US&amp;IR=T">allegations made against him of verbal abuse.</a></li><li>GameStop's CFO is leaving the company, <a href="https://www.cnbc.com/2022/07/07/gamestop-cfo-is-leaving-the-company-retailer-announces-layoffs.html">CNBC reported</a>.</li><li>According to the Hollywood Reporter, Snap just hired James Murray, the outgoing director of the U.S. Secret Service, <a href="https://www.hollywoodreporter.com/business/digital/snap-james-murray-secret-service-snapchat-1235176832/#recipient_hashed=46516a19e358c04643a5bd0612e990e2a04b4db922bad5858e26d29e31d92acb">as its chief security officer</a>.</li></ul>Keep updated with the latest tech news throughout your day by checking out<a href="https://link.chtbl.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Meet Doug Herrington, Amazon's new retail CEO

<ul class="summary-list"><li>Conor Dougherty is an economics reporter at The New York Times. He previously spent a decade in New York covering housing and the economy for The Wall Street Journal. He grew up in the Bay Area and lives with his family in Oakland.</li><li>The following is an excerpt from his new book, "<a href="https://www.penguinrandomhouse.com/books/585765/golden-gates-by-conor-dougherty">GOLDEN GATES: Fighting for Housing in America</a>."</li><li>In it, he tells the story of Sister Christina, a nun who runs the Catholic nonprofit St. Francis Center and presides over a portfolio of 10 buildings with 87 apartments.</li><li>Sister Christina purchases buildings with money from foundations, corporations, and other sources, and then deed restricts them as affordable forever.</li><li>In this instance, the building right across the street from St. Francis was being sold - and Sister Christina was eventually able to buy it.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Sister Christina was sitting at her desk, next to a bookcase decorated with pictures of smiling children and a woodcut that read "Peace," when a call from private equity intruded in her life. Sister Christina Heltsley was a nun who ran a Catholic nonprofit called the St. Francis Center, which sat in North Fair Oaks, an unincorporated piece of San Mateo County just a few miles from Facebook's headquarters. The call was from a man who worked for a Los Angeles private equity firm called Trion Properties. He said his company had just bought the building across the street from her - a 48-unit apartment complex called the Buckingham Apartments. It was one of the largest buildings in the vicinity and home to dozens of low-income Latino families who depended on St. Francis's food pantry, clothing donations, and immigration counseling, and sent their kids to an adjoining school. Sister Christina felt her insides drop. She knew where this was going and that the families who lived across the street were as good as gone. She spent the next few months hustling for extra donations and trying to find homes for displaced tenants and having cartoon steam come out of her ears whenever she heard the phrase "underperforming asset." Still, she never accused Trion of lying. The demand for mid-market rentals has flooded the value-add investing space with capital that upgrades and flips properties like the Buckingham apartments. They saw an opportunity and went for it. Housing troubles were, of course, nothing new. Still, the indignity of losing a building that was directly across the street and filled her office window, of having a group of investors from LA straight-up declare their intention to rid North Fair Oaks of the people she'd dedicated her life to helping - that was too much to take. That October, Sister Christina and the Buckingham tenants and 400 angry neighbors marched in front of the building and down El Camino Real holding signs that read "Stop Displacement Now" and "Trion Please Don't Evict My Family" and chanting, "Esta es nuestra casa. ¿A dónde vamos a ir?" (This is our home. Where are we going to go?). The renovations moved forward regardless.Words like "homeless" do not appear in investor newsletters or the various how-to books and blogs and podcasts that surround the apartment investing industry. The language is of math and euphemisms. Run-down old buildings are "vintage," and renovating them is "value- add" investing. A building with families headed by low-income nannies and construction workers who can easily be replaced is "an underperforming asset." Handing out eviction notices is "re-tenanting" and raising rents by 50 to 100% is "stabilizing." The trade press routinely writes number-choked articles about floating mortgage rates and the "professional management practices" that allow an investor to buy an old building and double its value and operating income in a few years, without ever once mentioning what happens to the people who lived there. Sister Christina's office was still across the street, so she watched the daily renovations and from her window could see displaced tenants carry their belongings out of their apartments. To the eyes of an investor, things that looked better were better. Sister Christina did not see the same things they did. She saw lipstick on an ugly process and a violation of the "moral mortgage" that comes with owning someone else's home.As the executive director of the St. Francis Center, Sister Christina presided over a portfolio of 10 buildings with 87 apartments whose value on the open market would be well into the tens of millions. But they weren't on the open market. Sister Christina bought them with money from foundations and corporations and loans and rich people, then set them aside, worked down the debt, and deed restricted them as affordable forever. She had in a sense removed them from capitalism, but she did it by operating inside real estate's twisted web. She got money from the same tech companies that her tenants accused of being the agents of gentrification. She got loans from the same banks that financed investors who flipped apartment buildings. One of St. Francis's board members was also on the board of the California Apartment Association, the state's biggest landlords' group and a fierce opponent of rent control. As always, she followed the St. Francis Center's motto - "Compassion, not judgment"- and didn't dwell on the institutional hypocrisies, which would only distract her from the mission of expanding her portfolio and insulating the neighborhood from rising rents.The St. Francis Center first got into housing in 1997, buying a 24-unit apartment complex back when Silicon Valley was swelling with new techies during the dot-com boom. Sister Christina kept expanding it, another building here, another building there. Morality was a competitive tool. Sister Christina found many of her buildings by persuading local property owners to sell apartment buildings to the St. Francis Center in quiet, off-market transactions instead of auctioning to the highest bidder. Her sales pitch was, "It's the right thing to do." And with the right owner, it worked. In the real estate lingo that she now spoke as fluently as any broker, Sister Christina was an "opportunistic buyer." Go slowly. Don't covet. Find deals. Such are the rules of value purchasing, and most of the time she followed them with the discipline of a careful investor. Buckingham was an exception. She wanted it back so badly that she volunteered she would pay whatever the market price, and had always let it be known that when Trion was finally ready to flip the 180 Flats, she would still be an eager buyer. Her portfolio of former trap houses and small apartment buildings didn't yield much cash, but as homeless camps multiplied and Bay Area housing costs spiraled into a political crisis, institutions and wealthy donors were becoming much more generous and had vastly expanded the St. Francis Center's buying power. Once the 180 Flats had gotten an exterior paint job and the gray faux-wood floors and track lighting had been installed, online rents for the studio, one-and-two-bedroom apartments were listed in the $2,000 to $3,000 range. That was enough to rationalize a purchase price of $21,750,000, and in September 2018, the St. Francis Center paid it.Buckingham's new neon "180" address sign was still there during the grand re-opening, but the name "180 Flats" had been replaced with a black block-lettered sign that read "La Casa de Sobrato." It was a sunny fall day, and the St. Francis Center's supporters sat in neat rows of metal folding chairs to watch John Sobrato and people from Facebook's community relations team participate in the big ribbon cutting. The street was lined with foreign-model sedans and a Tesla Model 3. There were two sheriffs' SUVs nearby. They weren't there to carry out any evictions but rather to block the intersection for the big party.From "GOLDEN GATES: Fighting for Housing in America" by Conor Dougherty. Copyright © Conor Dougherty, 2020. Published by arrangement with Penguin Press, a member of Penguin Random House LLC.

The story of how a nun played private equity's game and created affordable housing in the Bay Area

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Melia Robinson/Business Insider</div></div></div><ul><li>Residents of a private street in San Francisco were outraged after one couple scooped up their cul-de-sac in an online auction and tried to sell it back to them for nearly $1 million.</li><li>City leaders are now moving to rescind the sale.</li></ul> SAN FRANCISCO - Tina Lam is an engineer with an engineer's salary. She can't afford to live on Presidio Terrace - one of the most exclusive streets in San Francisco - but she could buy the street.In 2015, the City of San Francisco put the parcel up for sale after the homeowners' association failed to pay property taxes on the street for more than a decade. Lam and her husband, Michael Cheng, paid $90,000 in an online auction to become the proud owners of the street, the sidewalks, and the well-manicured shrubbery around the 35 mega-mansions on Presidio Terrace. On Monday, the couple offered to sell it all back to residents for nearly $1 million.Now, city leaders are moving to rescind the sale. On November 28, the San Francisco Board of Supervisors determined that the city's tax collector did not make a reasonable effort to notify residents of the unpaid tax bill before awarding their street to the highest bidder - and voted to reverse the sale. Lam and Cheng will be reimbursed their $90,000.For <a href="http://www.sfchronicle.com/news/us/article/San-Francisco-homeowners-want-city-to-give-back-12388000.php">at least 17 years</a>, the city's Office of the Treasurer and Tax Collector mailed tax forms to the address of a now deceased bookkeeper, who worked for the homeowners' association before retiring in the 1980s. Over the years, the $14 annual property tax went unpaid by the people who live on Presidio Terrace. (San Francisco taxes the private street as a separate parcel from the homes on it.) The bill racked up hundreds more dollars in penalties and interest.Presidio Terrace, along with 1,400 other parcels (mostly vacant lots), hit the auction block in 2015. The tax collector's office sent advanced notice to the same outdated address, which was later returned to sender and marked as undeliverable, <a href="http://time.com/5035204/presidio-terrace-san-francisco-hearing-street-sale/?xid=homepage">according to José Cisneros</a>, treasurer of the city and county of San Francisco. Still, the sale went on.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Melia Robinson/Business Insider</div></div></div><h2>Residents were furious about the sale</h2>Sunny Lee, whose house on Presidio Terrace has passed through three generations of her family, said before the Board of Supervisors on Tuesday that she was in "utter disbelief" that her street could be "taken out from under us" after the tax collector's office saw that its attempts to notify residents of the unpaid tax bill and of the sale failed to reach them.Carol Shearer and her husband purchased a home on Presidio Terrace two years ago and have been living in Boston while the house is being renovated. She described her shock when she learned from the news "that our new community has this bizarre condition" that she said "threatens the safety and quiet environment" of her real-estate investment.Residents came in droves to express their outrage. Most who spoke, including Carrie Weintraub, president of the homeowners' association, accepted some responsibility for not updating the group's address with the tax collector's office. But they argued the city did not perform the due-process required before selling land they thought they owned.Presidio Terrace isn't open to the public. A stone fence circles most of the development, and a private security guard stands watch at the gated entrance. The street's enhanced security and isolated location at the top of the peninsula has attracted some of the wealthiest and most powerful politicians in California over the years, including Sen. Diane Feinstein and House Minority Leader Nancy Pelosi. A homeowners' association has reigned over the street since 1905.Though they may be well-connected, the residents of Presidio Terrace were not made aware of their street's sale until May, when a title-search company working on behalf of Cheng and Lam contacted the homeowners' association to see if it was interested in buying back the parcel. Cheng <a href="http://time.com/5035204/presidio-terrace-san-francisco-hearing-street-sale/?xid=homepage">has since said</a> that was done in "error." A few months later, the couple revealed plans to charge rent on street parking spots in a buzzy interview with the <a href="http://www.sfchronicle.com/bayarea/matier-ross/article/Rich-SF-residents-get-a-shock-Someone-bought-11738236.php">San Francisco Chronicle</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.google.com/maps/@37.7882405,-122.4606584,273m/data=!3m1!1e3">Google Street View</a></div></div></div>Supervisor Mark Farrell, who represents the district, urged the board to reverse the sale on Tuesday. He criticized the out-of-town investors for wanting to turn a profit on homeowners who simply didn't know they owed tax on their street. According to Farrell, Lam and Cheng offered to sell the street back for $950,000 on the day before the hearing.Lam, a first-generation immigrant who was born in Hong Kong, said her intent was never to make money off the ultra-rich residents of Presidio Terrace."I'm an engineer with a simple dream of owning a piece of San Francisco," Lam said before the San Francisco Board of Supervisors. "I'm not rich enough to live on that street, but I like to think that by owning it, I'm a San Franciscan in spirit."<h2>Critics say the rich will get their way in San Francisco</h2>The homeowners' association's fight to win their street back has sparked interest far beyond Presidio Terrace. <a href="http://time.com/5035204/presidio-terrace-san-francisco-hearing-street-sale/?xid=homepage">Critics</a>, including citizens who appeared at the Board of Supervisors hearing in support of Lam and Cheng, have argued that city leaders would not devote the same attention to the sale had the street been located in a less pricey zip code. The median home value in the Presidio Heights neighborhood tops $4.8 million, according to real-estate site <a href="https://www.zillow.com/presidio-heights-san-francisco-ca/">Zillow</a> - more than four times the <a href="https://www.zillow.com/homes/san-francisco-ca_rb/">median home value</a> for San Francisco."No one, regardless of who they are, should be deprived of their property without due process of the law," said Scott Emblidge, an attorney representing the homeowners' association.The Board of Supervisors voted 7-4 to reverse the sale of Presidio Terrace, which prompted residents watching the hearing from an overflow room at City Hall to cheer. But the fate of Presidio Terrace remains hazy. Lam and Cheng told <a href="http://time.com/5035204/presidio-terrace-san-francisco-hearing-street-sale/?xid=homepage">TIME</a> ahead of the hearing that they planned to pursue ownership through the courts if the sale was rescinded.Shepard Kopp, attorney for the buyers, expressed his disappointment with the outcome.<div>"Sadly, the seven members of the board who voted to rescind this sale have demonstrated that you get a different standard of government in San Francisco if you are rich and politically connected," he <a href="https://www.usnews.com/news/best-states/california/articles/2017-11-28/san-francisco-homeowners-want-city-to-give-back-their-street">wrote in a statement</a>.</div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/inside-presidio-terrace-san-francisco-street-couple-bought-tina-lam-michael-cheng-2017-8">Inside the exclusive multimillion-dollar San Francisco street that a couple bought for $90,000</a></h3> <div> </div> </div>

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