Wednesday's Afternoon Update
What you need to know about Florida today
Businesses claim millions in ‘nonbusiness’ profits that Florida can’t tax
Economists estimate that Florida loses nearly $50 million a year to companies claiming deductions for irregular profits. As confusing as it sounds, sometimes a business makes “nonbusiness income.” It happens when a company earns money outside of its usual business. For instance, if a railroad has extra cash that it decides to invest, any money it makes off those investments would likely be considered nonbusiness income. More from the Orlando Sentinel.
Miami-Dade looks to build freight ties with Brazil, Paraguay
Brazil is by far Miami-Dade’s top trade partner, and Paraguay has long had freight ties. But Commissioner Javier Souto, Aviation Director Lester Sola and PortMiami Director Juan Kuryla point to “tremendous” untapped potential for cargo growth with both. “We’re talking about jobs,” Mr. Souto told commissioners Tuesday after a trade trip they took to those nations. “We’re talking about bread on the table for the people of Miami-Dade County.” More from Miami Today.
Commercial broker sees promise in part of St. Petersburg others avoided
Several years ago, South St. Petersburg wasn’t getting much positive attention. “South St. Pete is a forgotten gem that over the years was clouded with bad press — unjustified bad press,” says Frank Bozikovich, an agent for Commercial Partners Realty based in St. Petersburg. After years of working in the area, Bozikovich’s persistence has begun to pay off. He's helped bring in about $700 million to $750 million in potential investments, for starters. More from the Business Observer.
Florida’s largest credit union makes industry’s largest bank buy
Florida’s largest credit union, the $10.4 billion Suncoast Credit Union in Tampa, plans to buy the $746 million Apollo Bank in Miami, making it the financial industry’s largest credit union bank acquisition to date. The signing of a definitive agreement was announced on Tuesday. Financial terms of the deal were not disclosed. More from the Credit Union Times.
Pricey swag and sloppy bookkeeping at tourism office worries Broward County leaders
A Broward tourism official billed the county more than $400,000 for swag and other items bought from a company she owned, violating county rules, auditors said. She got to walk away from her job without consequence, surprising at least one county commissioner. More from the South Florida Sun-Sentinel.
Out of the Box
T-shirts cost $5 million — but come with a big bonus
Developers of high-end luxury condos come up with all kinds of gimmicks to set themselves apart from their well-heeled competitors: a private Alicia Keys concert, dinner with Andrea Bocelli — even a free Aston Martin Vulcan racer worth more than $2 million. For its first residential development, in Wynwood, the Italian clothing giant Diesel has come up with a marketing strategy that stays true to its fashionista roots.
» More from the Miami Herald.
First look: Disney’s new ‘Star Wars’ ride spins into Hollywood Studios
Star Wars: Rise of the Resistance, Disney’s new “Star Wars” ride, is a delightfully disorienting, swirling mix of animatronics, AT-ATs and off-balance surprises. The Walt Disney World attraction officially debuts Thursday at Disney’s Hollywood Studios theme park, although some members of the media previewed Rise on Tuesday afternoon.
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