Wednesday's Afternoon Update
Florida attorney general activates price gouging hotline amid coronavirus outbreak
With coronavirus (COVID-19) posing a major concern, disinfectants and other supplies are imperative. But that also creates another concern — price gouging. Florida Attorney General Ashley Moody activated Florida’s price gouging hotline, encouraging people to report big price differences. Items covered under the COVID-19 state of emergency are protective masks, sanitizing and disinfecting supplies and cleaning supplies. Violators could face fines between $1,000 and $25,000. More from WINK News and WJCT.
Polo maker Ralph Lauren exploited tax loophole that Florida lawmakers refuse to close
The multibillion-dollar clothing company that sells Ralph Lauren polo shirts and other luxury apparel sought a $1.3-million income tax refund from Florida by taking advantage of a loophole that the Republican-controlled Legislature has chosen to leave open. Accountants for Ralph Lauren Corp. argued Florida cannot tax income the New York-based company has shifted out of the state by paying itself for the right to use its own brand name and other trademarks, according to litigation records obtained by the Orlando Sentinel. More from the Orlando Sentinel
Sarasota-Manatee job growth outpaces U.S.
One of of every 10 new jobs created in the U.S. are coming from Florida. And the Sarasota-Manatee region has been a sizable contributor to that growth, according to Jerry D. Parrish, the chief economist and director of research at the Florida Chamber Foundation. More from the Sarasota Herald-Tribune.
Firm with Clearwater ties investigated by feds. Lawsuits detail ‘Ponzi scheme.’
The office in downtown’s One Clearwater Tower is nondescript, with a single door on the eighth floor, two stories below the temporary City Hall. But inside GPB Capital Holdings LLC is a whirlwind of turmoil. Investors and a former employee have filed multiple lawsuits, while the FBI and the U.S. Securities and Exchange Commission have launched investigations. More from the Tampa Bay Times.
As Miami Worldcenter rises, deals to sell its land continue
Even as the giant Miami Worldcenter builds up and out, deals continue to take place. Recently, Miami Worldcenter Associates sold a 1-acre parcel for $27 million, and Miami’s Urban Development Review Board voted unanimously to recommend approval of the 52-story Miami World Tower, which will house 560 residential units and about 3,000 square feet of commercial space. More from Miami Today
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Profile
Nely Galán
Don’t buy shoes, buy buildings. It’s good advice. It also happens to be the title of Nely Galán’s upcoming book about investing and thinking like an owner. Galán is the former president of entertainment for television network Telemundo. The entrepreneur has also produced over 700 television episodes and wrote the book “Self Made: Becoming Empowered, Self-Reliant, and Rich in Every Way.”
» More from the Business Observer.
Space Business
NASA’s moon rocket launch is delayed another year to 2021, after billions in cost overruns
This won’t be SLS’ year. NASA’s heavy-lift rocket, designed to be the most powerful of all time to return astronauts to the moon, was supposed to fly on its first mission in November after years of delays and cost overruns under a program known as Artemis. Now, the earliest SLS will fly is likely spring 2021, a delay that an audit predicts will cost the space agency another $1.4 billion.
» Read more from the Orlando Sentinel and the Verge.