Ayala Land—controlled by tycoon Jaime Zobel de Ayala and his family—has acquired Hong Kong-listed New World Development’s hotel in the heart of the Makati business district as the Philippine developer expands its hospitality footprint amid a tourism boom. The 578-room New World Hotel Makati will be operated by Ayala Land’s hospitality and resort unit, the builder, a unit of the Zobel de Ayala family’s Ayala Corp., said in a statement without disclosing the transaction’s amount.The sale coincides with the announcement that New World Development, controlled by the family of billionaire Henry Cheng, has concluded a HK$88.2 billion ($11.2 billion) debt…

President Trump has repeatedly called Federal Reserve Board Chair Jerome Powell stupid, terrible, a fool, and referred to him as a person of average mentality. There are more examples of Trump’s juvenile jabs, but you get the idea. Why would the President resort to name calling on a person that he himself appointed to the position? I found two primary reasons, and we will examine both. First, we need to fully understand the role of the Fed and its relationship with a sitting President. The Role of the Federal Reserve The Fed is an independent, non-political entity. That means, it…