Empire State Realty Trust reports second consecutive quarterly loss

first_imgEmail Address* Malkin said the company’s focus on indoor environmental quality enabled its tenants to return to their offices safely. Occupancy at ESRT’s buildings has grown to 45 percent in Westchester and 55 percent in Connecticut, while occupancy in its New York City buildings stayed below 15 percent, he said.During the third quarter, Li & Fung signed a new lease for about 103,000 square feet for an 8.3-year term at the Empire State Building, according to the company. In October, Centric Brands inked a new 212,000-square-foot lease for a 7.9-year term at the iconic skyscraper. Centric Brands had been subletting the space from Global Brands Group.Still, the REIT has implemented a series of cost-cutting measures to weather the ongoing crisis. It furloughed 156 employees at two locations — 60 East 42nd Street and the Empire State Building — and laid off six, according to a WARN notice from the state’s Department of Labor.In addition, the company has suspended its third and fourth quarter dividend to shareholders.“The management team and the board believes that payment of a dividend is currently not the highest and best use of our balance sheet, giving continued uncertainty in the macro environment, benefits of maximizing our operating runway and a significant discounted valuation of our stock,” said CFO Christina Chiu.The firm also faces a unique challenge in the Observation Deck, whose attendance during the third quarter was only 6 percent compared to a year ago.The revenue from the observatory was $4.4 million, down 88 percent compared to the same period last year when it took in $37.6 million.“We are confident that travel will return, and we are confident about the future of New York City,” Malkin said. “We also believe that we will not be out of the disruptions from Covid 19 until we see free travel in and out of New York City from states and countries.”Contact Akiko Matsuda Message* Share via Shortlink Tony Malkin (Getty, iStock)The Empire State Building’s observation deck reopened to the public three months ago, but that hasn’t been enough to help its owner stem its losses this year.Empire State Realty Trust reported a net loss of $12.3 million, down from $26.8 million in net income a year ago, the real estate investment trust reported during its quarterly earnings call Thursday. Its total revenue during the third quarter was $146.6 million, down by 24 percent year-over-year.This is the second consecutive quarter in which the REIT reported a net loss; it lost $19.6 million in the second quarter.“ESRT continues to adjust on a daily basis to smooth tenant re-entry, collect rents, manage Observatory visits, assist survival of our local retail tenants, and ensure ESRT employee safety,” said Tony Malkin, the company’s CEO and president, during an earnings call Thursday.Third-quarter rent revenue from ESRT’s 10.1 million-square-foot portfolio in New York City, Westchester County and Connecticut was $140 million, down 7 percent compared to a year ago, but up 1 percent from the second quarter. Rent collections hit 94 percent, up 9 percentage points.Read moreEmpire State Realty Trust lost $20M in Q2Empire State Realty cancels dividend for rest of 2020A third of Empire State Realty Trust tenants sought rent relief: Q1 reportcenter_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* TagsCommercial Real Estateoffice marketlast_img read more

Military initiative seeks to boost Franco-German ties

first_imgAt an informal working dinner in Bonn last week, Chirac and German Chancellor Helmut Kohl decided to step up bilateral military planning and launch a convergence process between France and Germany’s military structures.The two leaders agreed to aim for substantial progress on this issue as early as the next Franco-German summit, to be held on 5 June in Dijon.The initiative was announced after weeks of grumbling in Bonn over the lack of consultation prior to Chirac’s announcement that France was to engage upon a major overhaul of its defence, which included the scrapping of compulsory military service and making deep cuts in its armament programmes. But Chirac has convinced observers in Germany and France of his determination to make cooperation with Bonn the pivot of France’s foreign and European policy. Chirac’s decision took German defence circles largely by surprise and angered both the government and industry. German Defence Minister Volker Rühe showed his irritation over the lack of warning about the decision to scrap the draft, which triggered a debate in Germany for which Bonn was not prepared.Germany’s hard-pressed defence industry voiced fears that a reduction in French military spending would endanger a number of cooperation programmes and threaten their profitability.During their talks, Chirac and Kohl also discussed the Intergovernmental Conference, the EU summit on 21 June, and the G7 meeting in Lyon in July.The two leaders also agreed to work towards a resolution of the Franco-German dispute over the liberalisation of Europe’s electricity market which is holding up agreement on the issue. Bonn wants to introduce a large measure of competition, while Paris is keen to preserve the position of its state-run monopoly Electricité de France (EDF).In another show of their determination to avoid future irritations due to miscommunication, Kohl and Chirac agreed to meet roughly every six weeks, including meetings at multilateral summits.The run-up to and the outcome of the Bonn meeting are characteristic of the way in which Franco-German ties have evolved since Chirac’s election to the presidency a year ago. The French president’s taste for spontaneous action and decision-making without prior consultation, politically justified as part of the Gaullist presidential tradition, often irritates his German partners.last_img read more

Law firms’ middle-class bias risks excluding a diversity of talent

first_img Dr Louise Ashley is a research fellow at the Centre for Professional Service Firms, Cass Business School, part of City University London It may come as no surprise that the legal sector has a bias towards middle-class candidates. A range of research has attributed this situation to the tendency of leading law firms to recruit graduates from those UK and international institutions with the most testing entry requirements, which themselves have a strong middle-class bias. Though the impact of this strategy on their own diversity is increasingly recognised by many firms, it is widely justified on the basis that academic ability is a prerequisite for top-flight legal practice. Unequal access to educational advantage is, therefore, an important explanation of unequal access to legal careers. However, my research over the past five years suggests this is not the only factor. Working-class candidates may also be rejected from law firms purely on the basis of how they look and sound. Again, this emphasis is considered rational by many in the profession. After all, lawyers are in the business of providing advice and in consequence it makes sense that they should be articulate – or ‘well-spoken’. Yet it appears that for many individuals within leading City firms, the ability to clearly express oneself is considered seriously compromised when it is accompanied by any accent falling far outside the middle-class (and often southern) norm. Senior practitioners often attribute responsibility for this situation to clients, who must feel able to trust their advisers. It appears that this trust is considered possible only when associated with a narrow set of cultural characteristics. Many participants in this research also tacitly acknowledged the emphasis placed on reputation management when securing the position of elite law firms. This rests on several factors, including a belief that clients experience difficulty assessing and comparing the relative quality of advice they receive. Projecting the ‘right’ image therefore becomes an important proxy measure for some firms and can lead to a perception that living up to their ‘high-class’ reputation requires that they also field teams of lawyers who are of the ‘right class’. Why does this issue matter? The trend identified here is of concern from not just a moral but also a commercial perspective. A dual rhetoric has developed. On one side are ‘traditionalists’, who believe that the costs and risks of recruiting from institutions where students are drawn from a wider range of socio-economic backgrounds are too high. However, a counter-argument is made by ‘modernists’ who have started to question the sector’s recruitment strategies. They say that current strategies are delivering a set of ‘cookie-cutter’ recruits, all with similar skills and aptitudes. They argue that graduates who have benefited from long-term educational advantage are less ‘hungry’ and perhaps at times less talented than peers who have been forced to overcome more obstacles. Others suggest that though the two traits are by no means mutually exclusive, focusing heavily on academic ability does not always deliver the most commercial lawyers. The business case for diversity is often cited but is often bogus. However, in this case perhaps the most obvious demonstration of the benefits of difference is the knowledge that many highly successful senior leaders across the sector come from less privileged backgrounds, but would not have gained entry to their firms today on the basis of their academic qualifications. At the widest scale, reducing unequal educational outcomes according to relative privilege is one means by which this issue could be addressed. Of course, law firms cannot achieve this alone. The outreach programmes many have adopted are unlikely to make a significant dent in the sector’s middle-class bias if they are not accompanied by much deeper critical reflection about what a City lawyer can look and sound like. This will take courage and is undoubtedly challenging for a still relatively conservative profession.last_img read more

Real Madrid and Man City interested in signing Metz wonder-kid

first_img Thill, who has played for the national team, was watched by those clubs during the past international break against Sweden. “He has the potential to play for one of the five top clubs in Europe,” said Denis Schaeffer, his agent.  Esta es la perla del Metz por la que se pelean el Madrid y el City IN SPORT.ES However, the Metz wonder-kid knows that it’s best for him to continue in the French league, gaining experience and waiting for a definitive offer to make the leap forward in his professional career. Sport EN Real Madrid and Man City, FC Barcelona’s Champions League rivals, are focusing on one of the young stars of Metz, in the French league. It’s the central-midfielder Vincent Thill, who has debuted for the club despite being just 17. center_img Upd. at 14:24 According to French newspaper Le Journal du Dimanche, City and Real are following him closely, while Bayern Munich were said to be interested last season in the Luxembourgian.  17/10/2016 CESTlast_img read more

Ivory trade crusade

first_imgDonalea Patman sold her beloved family home in the Dandenong Ranges to fund a crusade against the importation of ivory…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription. By Rowan Forster last_img

Rebels Headrick sinks Leafs with overtime winner

first_imgThe Nelson Leafs know they can play with the best in the Murdoch Division.Now the players overcome the hurdle by registering a few wins.Nick Headrick scored a power play goal in overtime to spark the Rebels to a 2-1 Kootenay International Junior Hockey League victory over the Leafs Saturday night in Castlegar.Headrick scored the marker with Nelson defenceman Aigne McGeady-Bruce in the penalty box for holding. The teams played through 40 minutes of scoreless time after Darren Medeiros and Levi Hulston exchanged first period goals.Castlegar held much of the territorial play out shooting Nelson 41-23.Patrick Ostermann, busy in the Nelson nets, took the loss for the visitors.Paul Broadbent registered the win in goal for the Rebels.Despite registering a single point, Nelson fell two points behind third place Grand Forks Border Bruins in Murdoch Division standings.Both Grand Forks and Nelson clinched a playoff berth after Spokane Braves suffered a 5-0 home ice loss to Fernie Friday. The loss was Spokane’s eighth straight setback.Nelson is idle until the Leafs host Castlegar Friday at the NDCC Arena.last_img read more

All Nippon Airways striking new A380 in-flight product

first_imgAll Nippon Airways A380 All Nippon Airways has unveiled its striking new in-flight product for its A380s for the Tokyo Honolulu route.The hard product was impressive enough when ANA unveiled its “Flying Honu” sea turtle-liveried Airbus A380 earlier this year: first class suites, staggered fully flat business class seats, premium economy and spacious economy seats. But the Japanese carrier, often at the forefront of passenger experience, is bringing even more to the literal and figurative table with a remarkable range of soft products.All NipponFirst class gets a luxury hotel tie-in. Image – ANAFirst class passengers will enjoy meals from Michelin-starred chef Ryo Takatsuka, head chef at the restaurant Noe at the Four Seasons Resort Oahu at Ko Olina in Hawai’i. This is certainly smart linkage of in-air and on-ground hospitality guest experience. But it’s not just in the pointy end: Australian casual dining group Bills is creating menus for economy on the outbound flight from Japan, which come with a drink voucher for bills’ Waikiki location.All NipponPremium economy will see upgraded meals. Image – ANAPremium economy, too, will see an upgraded meal offering compared with economy class for the first time on ANA, which promises that it will be offering “ a superior menu in comparison to the one served in Economy Class. As before, a choice from both International and Japanese culinary traditions will be available for flights to and from Japan.”All NipponSpecial soft product items appear throughout the cabin. Image – ANAThroughout the aircraft, a special Blue Hawai’i cocktail (and it’s certainly blue) will be on offer departing Japan, with crew wearing special Flying Honu aprons with tropical flowers, and towards the back of the plane, there are three separate designs of Flying Honu paper cups.READ: The World’s Best Airlines for 2019When it comes time to sleep, “In First Class, passengers will be able to wrap up in a comforter from Japan’s famous Tokyo Nishikawa Sangyo. Travelers can rest their heads on pillows made out of premium Hungarian white duck down. They will also receive a 100 percent organic cotton loungewear and a blanket made by the renowned Japanese producer Tenerita, the only Japanese company that obtained the Global Organic Textile Standard certification,” ANA explains.All NipponThe-first-class-amenity-kit-comes-in-a-tropical-seaside-palette.-Image-ANA.jpgBusiness class passengers will get “sheets, loungewear, as well as a comforter and pillow set from Japan’s well-known high-technology bedding company Maruhachi. The pillow is designed so that one side is soft and airy, while the other side is more structured so that it provides more neck support.”And in ANA COUCHii, which appears to be the Recaro/Air New Zealand-designed Skycouch with the swing-up footrest construct, there’s a special bed sheet, pillow and blanket set.Amenity kits, too, are spruced up: ANA is working with British luggage maker Globe-Trotter in first class, though the kits themselves are a little too close to Formia’s work for Qatar Airways’ first class to be truly revolutionary. In business, it’s Fred Segal, and both business and premium economy passengers get a special ANA Hawaii tote bag. There’s also a special bag for kids, plus inflatable Flying Honu A380s and a truly adorable silverware set.All NipponKids-too-get-a-special-giveaway.-Image-ANA.jpgThe context, as often with Japan, is fascinating. Japanese travelers are used to Joyful Trains, the uniquely-liveried tourist rolling stock on a particular (often scenic) route, with special services on board — including sake tasting tours, seaside viewing trains, or even a bullet train with a footbath on board.That experience is reading across to ANA’s Hawai’i services: a special livery, with special services, on a particular route. It’s a fascinating glimpse into what a carrier willing to invest in a premium leisure product on a holiday route can do.All NipponNaturally-special-inflight-shopping-items-will-also-be-offered.-Image-ANA.jpgThe first A380 will offer three roundtrips a week starting 24 May, increasing to ten roundtrips when the second aircraft arrives in July. The airline plans to start sales in January 2019 for both the first class and “COUCHii” Skycouch product.last_img read more

You’ve Got to Be Kidding: A MySpace Credit Card?

first_imgmarshall kirkpatrick Related Posts MySpace is announcing today that it is partnering with Citi to offer its users a co-branded credit card. We expect to start seeing cards flashed at retail outlets by 99-year olds named “bongkillah,” or what have you. MySpace is a lot of things, and despite Facebook’s formidable attack it remains wildly popular, but an institution of trust and responsibility MySpace is not!That’s exactly what the company is aiming to become, though, with this new partnership. The “Generation Forward” campaign will reward credit card users with music downloads and other tokens of thanks when they make “responsible choices” like pay their bills on time, donate to homeless shelters and promise to be nice to small animals. How much more surreal could this get?We’re all for the webification of financial data, with proper privacy and data portability steps of course. We’re big fans of some of the personal finance apps available. We really want to see innovation in this space and even some of the paternalistic shoving towards social responsibility that MySpace is engaging in seems like a good idea.This is MySpace, though. It’s got a lot going for it, but a “responsibility based” MySpace credit card sounds like an Octuplet Mom co-branded condom to us. This just seems too far afield from the brand that made MySpace what it is and we expect the credit cards to be something that more people make jokes about than use. A Web Developer’s New Best Friend is the AI Wai… 8 Best WordPress Hosting Solutions on the Marketcenter_img Why Tech Companies Need Simpler Terms of Servic… Tags:#Digital Lifestyle#news#web Top Reasons to Go With Managed WordPress Hostinglast_img read more

Are Companies Watching Your Open Source Code to Patent It?

first_imgRelated Posts 7 Types of Video that will Make a Massive Impac… How to Write a Welcome Email to New Employees? Why You Love Online Quizzes klint finleycenter_img Tags:#hack#tips Would be patent-trolls searching through commit logs for ideas to patent sounds like a scare-story on a local news station, and the goods news is that there aren’t any cut-and-dry cases of this happening yet. However, Tech Dirt‘s Mike Masnick has found two suspicious instances of patents that may be “borrowing” technology from open source projects. In one case, IBM made the case that it had “improved” on prior art and was granted a patent. Is this something open source developers should be worried about?The first case involves an algorithm patented by Tandberg . Jason Garrett-Glaser, an x264 developer, initially claimed that Tandberg copied an algorithm he created step by step out of his commit code. He’s since posted an update saying Tanberg claims to have come up with the algorithm on its own. Garrett-Glaser admits that it’s believable, since the algorithm is “way too obvious to be patented” in his opinion. Tandberg also claims that the algorithm it patented isn’t exactly the same as Garrett-Glaser’s. Garrett-Glaser isn’t convinced.In the second case, IBM patented a Windows library very similar to the open source project HeapCheck. The USPTO rejected the IBM’s patent application three times because it was too similar to HeapCheck, but eventually IBM made the case that it had improved on the original project and was granted a patent.Has this sort of thing happened before? Is this something open source developers should be worried about? How can developers stop patent trolls from stealing their work? Growing Phone Scams: 5 Tips To Avoidlast_img read more

Supercomputers are Still the Need of the Hour

first_imgThe supercomputers with their capabilities, can understand and predict complex natural hazards. Take the instance of earthquakes. It’s critical to understand every minor and significant aspect of earthquake to avoid risking any life. Research teams have been successful most times in predicting and estimating cyclone patterns with the help of supercomputers. This becomes possible with the high-level software specially designed for and handled by supercomputers. Trends Driving the Loyalty Marketing Industry Ability to predict changing weather conditions. As global warming’s impacts became an indisputable issue, the spotlight has been mostly focused on supercomputers for the accurate prediction of ever-changing weather conditions. Due to complex natured massive data as well as climate patterns, researchers are gradually raising investments in more robust systems that are available currently, i.e., supercomputers. Business Intelligence Analyst with Excellent knowledge on Hadoop and Big data development at NexSoftSys.com Supercomputers have often been applied for diagnosing several diseases. The main application of supercomputer is in studying the disease-causing agents’ behavior; only after which appropriate medicines and vaccines can be made. Apart from this, research reports issued by supercomputers have helped doctors in understanding brain injuries, strokes, and other blood flow issues in a better way. Why IoT Apps are Eating Device Interfaces These days, whenever we think of supercomputers, we assume that these large computer systems are indeed technical artifacts that are just meant for museums. Most of the computers today are remarkably smaller than systems that were used to be at the time when we heard the term “computer” for the first-ever. Supercomputers are still the need of the hour.When we look back around a half-century ago, we can see the world’s smallest computer was a humongous machine that occupied the entire room. At the time, when microchip became significant components of the system framework, the world of computer transformed completely and presently, they even assumed the size of a human fingernail.What happens if we build a standard room-sized computer that is incorporated with a lot of those kinds of chips at present? Indeed, we get what is called a supercomputer – the machine whose power of processing is hugely more significant as compared to the traditional computers and is capable of solving the most complicated problems associated with the scientific field. If so, in what way these supercomputers differ from the conventional machines that we are using presently? Then, let’s have a closer view!Brief Overview – What Is A Supercomputer?Any machine whose performance capability (be it concerning design or default) empowers it to compete effectively in terms of data congregation and functionality can be termed as “supercomputer.” Well, originally designed to process a massive amount of data to assist organizations as well as enterprises, supercomputers work based on architectural as well as operational principles associated with grid and parallel processing. Every single process is executed on a large number of processors at once or is distributed amongst them. Even though supercomputers incorporate millions of processors and demand a considerable amount of floor space, however, they usually comprise of most significant components of a conventional computer system, including an operating system, peripheral devices, connectors, applications, and processor(s).Current Trends In Supercomputer MarketAs per a recent report, the global market size of a supercomputer is estimated to flourish around $1.45 billion by the end of the year 2022. In spite of this projected rapid growth, surviving in the ever-changing technology industry is not that easy, as many prominent supercomputer makers, namely, Dell, Lenovo, Cray, and HPE offer an assorted array of high-performance computing solutions nowadays. When we have a look at a modern supercomputer’s architecture attentively, we will be able to observe that, the entire system is intentionally configured with a sole purpose, i.e., parallel processing. This is entirely different from the multitasking process, in which a scheduling mechanism successfully juggles several tasks leading towards some concurrency.Although, typical multi-core processors meant for personal computers as well as data center servers regarded as essential components of supercomputers, however, at the end of the 20th century, the majority of machines were formed of COTS (commercial off-the-shelf) elements. In fact, in the past, several significant factors owing to a dramatic transformation in the technological world, re-inspired the demand for a purpose-built architecture of the supercomputer systems. Related Posts Biology field. Follow the Puck What it Takes to Build a Highly Secure FinTech …center_img A paradigm shift towards cloud platform.Over recent years, a large number of organizations showed interest in migrating their business processes on the cloud rather than opting services from the traditional vendors, such as Rackspace, GoGrid, and Amazon. As these organizations perceive that their cloud-computing service vendors will manage all their business functions with the assistance of advanced features associated with cloud-platform as opposed to in-house IT department. Favorably, this perception emphasizes more on “computing” that brings back all the significant attention towards supercomputers. Tags:#supercomputers Clear distinguish between hardware and software. In the flourishing era of PCs, the manufacturers used to offer both system hardware and software as bundled products, due to which it was challenging to assess the performance of hardware components against the applications on an individual basis. However, today’s technological advancement made it simpler to distinguish between the functionalities of hardware and software. The Super-sized problems. Serial and Parallel Processing You must be able to differentiate between serial and parallel. In general, computers are designed to do one thing at a time; this means they do the things in a distinct series of operations known as serial processing. It’s like a person waiting at a grocery store billing counter, picking up the products from the conveyor belt, scanning them and passing them for final packing. Regardless the loading time is taken by the person or the packing time, the speed at which he checks out his shopping is determined by the rate of the operator during scanning and processing the products, which is always one at a time. The supercomputer, whereas, is designed to work more quickly. It splits the problems into pieces and works on several pieces at a time; this is parallel processing. It’s like a group of friends arrived with a full trolley of products. Each friend can move to separate checkout with a few numbers of products and pay for it. Once every friend has paid successfully, they can get together, load the cart again, and leave. Parallel processing is similar to things that happen inside the human brain.Why Supercomputers Use Parallel Processing?You hardly use the processing power of our computers as we use them for browsing, sending emails, writing documents, etc. However, if you try to do something complex, like changing the colors of each massive digital photo, our computer can do that. It may take a couple of minutes. When playing a game on PC, you already know that you require fast processor chip and big RAM to avoid slow performance. Faster processor will double the memory and speed of the computer, yet there is a limit – the processor can only do one thing at a time. The best way to make a difference is to apply parallel processing. It can be done by addition of more processors, splitting of the problem into chunks, and using each processor for a different separated problem in parallel. Does Supercomputer require special software?Don’t get surprised if you get to know that supercomputers run a fairly ordinary OS that is similar to the ones running on your personal computer. Modern supercomputers are the clusters of off-the-shelf workstations or computers. Unix was the operating system used by the supercomputers, which has now been superseded by Linux. As supercomputers are intended to work on scientific problems in general, their app programs are written in a traditional scientific programming language, including Fortran, C and C++.Top applications of supercomputers Supercomputers have revolutionized the designing of airplanes. Credit goes to the simulators assisting manufacturers in understanding the airflow dynamics to craft better and safer airplanes. Take AwayToday, the supercomputers might significantly contribute towards digital transformation across the industries, earlier detection of genetic disorders, better weather forecasting, achieve most significant scientific breakthroughs, and of course, making of reliable business decisions. As internet usage will surge dramatically in the near future, the rise in the amount of data brings some complicated issues associated with the processing of massive data and faster computations to the surface. These issues can be adequately addressed by the most powerful computing systems, i.e., by supercomputers. James Warner In the air. The Impact of Moore’ Law Ending.In 1965, soon after the commission of the world’s first-ever supercomputer, one of the Intel’s co-founders Gordon Moore proposed that the number of transistors within processors doubles up for every couple of years which would result in more affordability concerning speed boosters and bigger memory solutions soon.This surge certainly enhances the performance of the system and assists in coping with customer expectations with higher productivity. Even though, Moore’s suggestion proved right over the last few decades; however, most of the technologists strongly claims that it may not hold true any longer in terms of practicability.Recently, Intel adopted “Process.Architecture.Optimization” production model and replaced its traditional “tick-tock” model to achieve competitive advantage over lower power consumption and higher performance. By doing so, Intel tried to capture the attention of the market towards it’s Xeon product range and proclaimed that the firm is highly committed to delivering performance-optimized solutions to meet its customer’s dynamic system requirements best.last_img read more