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World’s tallest wooden skyscraper planned in Tokyo

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A Japanese company is planning to build the world’s tallest wooden skyscraper with 90 percent of the building made of wood.

Sumitomo Forestry says its wooden high-rise — dubbed the W350 — will be 350 meters tall and the planned structure will be a hybrid of mostly wood and steel.

The 70-storey building, expected to be built in Tokyo, will comprise of stores, offices, hotels and private homes, the company noted in plans released earlier in February.

Sumitomo Forestry, which notes on its website that “happiness grows from trees,” said it aimed to create environmentally-friendly, timber-utilizing cities which “become forests through increased use of wooden architecture for high-rise buildings.”

Building with wood is still not cheap, however.

Using 185,000 cubic meters of timber, the building is expected to cost around 600 billion Japanese yen ($5.6 billion) which is twice the amount of a conventional high-rise building constructed with current technology.

However, the company believed that those costs would come down as timber became a more-frequently used material: “Going forward, the economic feasibility of the project will be enhanced by reducing costs through technological development.”

Currently the tallest wooden building is 18-storeys high (53 meters) and serves as accommodation for students at the University of British Colombia.

Greenery will feature heavily in the building from Sumitomo Forestry with foliage connecting from the ground to top floors offering “a view of biodiversity in an urban setting.”

The building plans show balconies that continue around all four sides of the building, giving a space “in which people can enjoy fresh outside air, rich natural elements and sunshine filtering through foliage.”

With earthquakes not unusual in Japan, the building will incorporate a structural system composed of braced tubes made from columns, beams and braces “to prevent deformation of the building due to lateral forces such as earthquakes or wind.”

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Uber wins legal fight to regain London license

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A man holding up a smartphone with the Uber transport app visible on screen, while taxis queue in the background, on June 4, 2019. (Photo by Olly Curtis/Future via Getty Images)

Olly Curtis | Future | Getty Images

Uber won its legal fight to continue operating in London on Monday, as a judge overturned a ban on the ride-hailing app by the city’s transport regulator.

Last year, TfL stripped Uber of its license for a second time — it first declined to renew Uber’s London license in 2017 — citing a “pattern of failures” that had put passengers at risk.

The watchdog said a glitch in Uber’s systems allowed unauthorized drivers to upload their photos to other driver accounts and fraudulently pick up passengers in at least 14,000 journeys.

Uber had tried to allay the regulator’s passenger safety concerns, introducing a new system in April to verify drivers’ identities through a mix of facial recognition and human reviewers.

London is Uber’s largest market by far in Europe. The company has racked up around 3.5 million users and 45,000 drivers in the U.K. capital since launching there in 2012.

It’s the city’s top ride-hailing player but faces heavy competition from several new operators including India’s Ola and Estonia’s Bolt.

This is a breaking news story. Please check back for updates.

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Dow futures up 200 points following a 4-week losing streak

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Spencer Platt | Getty Images News | Getty Images

Stock futures climbed in early morning trading on Monday following a four-week losing streak on Wall Street.

Futures on the Dow Jones Industrial Average rose 213 points. S&P 500 futures and the Nasdaq 100 futures also traded in positive territory as well.

The S&P 500 and the 30-stock Dow were coming off their fourth straight negative week, shedding 0.6% and 1.8%, respectively. It marked the first time since August 2019 that the two benchmarks suffered a four-week losing streak.

The tech-heavy Nasdaq eked out a 1% gain last week, posting its first positive week in four as the technology sector rebounded slightly from the recent deep rout. 

Signs of a worsening pandemic continue to keep investors on edge. New daily coronavirus cases topped 1,000 in New York state on Saturday, marking the first time the state’s new infections have broken the 1,000 threshold since early June.

Major averages are on track to post steep losses for September, a historically weak month for stocks. The Dow and the S&P 500 have fallen 4.4% and 5.8%, respectively, while the Nasdaq has dropped 7.3%. The declines followed a massive comeback from the coronavirus sell-off that saw the S&P 500 climb more than 50% from its March bottom.

“When markets get to the kinds of extremes we saw a month ago, it tends to take a very deep correction before the worst is behind us,” Matthew Maley, chief market strategist at Miller Tabak, said in a note on Sunday. “It also usually sees several ‘waves’ of a decline.” 

Investors continue to monitor the developments on further fiscal stimulus after negotiations between House Democrats and the Trump administration fell apart in early August.

House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion. The chamber could vote on the bill as soon as next week.

Meanwhile on Saturday, President Donald Trump announced that he will nominate Judge Amy Coney Barrett to fill the vacancy left by the death of Justice Ruth Bader Ginsburg on the Supreme Court.

The move sets up a confirmation fight just weeks before Election Day. Hearings to consider Trump’s nominee are set to begin Oct. 12, Senator Lindsey Graham said late Saturday.

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K-pop sensation BTS’ label prices IPO at top end of range

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South Korean boy band BTS backstage during the 61st Annual GRAMMY Awards at Staples Center on February 10, 2019 in Los Angeles, California.

John Shearer | Getty Images Entertainment | Getty Images

SINGAPORE — Shares of Big Hit Entertainment, the music label behind global K-pop phenomenon BTS, were priced on Monday at the top end of the range ahead of their highly anticipated market debut.

Big Hit Entertainment’s stock price was set at 135,000 South Korean won (approx. $115) per piece, according to a regulatory filing on Monday. That was at the top end of the 105,000-135,000 won per share range which was earlier announced. Big Hit is expected to make its market debut in October.

According to the regulatory filing, Big Hit will also raise 962.55 billion Korean won (approx. $820 million) through the offering. The stock was 1,117 times oversubscribed by institutional investors, the filing showed.

Entertainment stocks in South Korea popped on the back of the IPO pricing announcement by Big Hit. Shares of YG Entertainment were up nearly 10%, JYP Entertainment were higher by 8.36% and SM Entertainment jumped more than 6%.

A recent Reuters report indicated that retail investor interest for Big Hit’s IPO is expected to be strong, with fans of BTS reportedly looking to secure shares of the label.

Reuters also said demand among South Korean retail investors for new share listings has been strong as markets are filled with cash after government stimulus efforts to prop the coronavirus-hit economy.

Earlier in September, South Korean video game publisher Kakao Games saw a blockbuster market debut, and shares surged by the daily permissible limit of 30% on their first trading day.

— CNBC’s Chery Kang contributed to this report.

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