Cigarette plain packaging could leave UK government with £11bn legal bill

first_img Express KCS Share Cigarette plain packaging could leave UK government with £11bn legal bill Show Comments ▼ whatsapp Tobacco giants last night warned that the government could be landed with a huge legal bill, after plain packaging for cigarettes came a step closer yesterday with a vote in parliament backing the move.British American Tobacco (BAT) confirmed that if the House of Lords gives its final approval to the proposals next week, it will take legal action. Analysts at Exane BNP Paribas estimated last year that legal bills for the UK government could reach as much £11bn.BAT’s Jerome Abelman said: “Legal action is not something we want to undertake, nor is it something we enter into lightly – but the UK government has left us with no other choice after running what can only be described as a flawed consultation process.” Citing the loss of the use of intellectual property, Abelman said: “Any business that has property taken away from it by the state would inevitably want to challenge and seek compensation.”Another tobacco giant, Philip Morris, is already taking action in Aust­ralia. Analyst James Bushnell said the UK move could also see plain packs introduced elsewhere: “The whole plain packaging issue is symbolic, because if it does get through in the UK and Ireland it potentially opens the door for other countries in the EU. It’s not just about the UK.” whatsapp Wednesday 11 March 2015 10:14 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof Tags: British American Tobacco Companylast_img read more

Deep sadness as six year old Laois boy passes away

first_img 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin Deep sadness as six year old Laois boy passes away Facebook Here are all of Wednesday’s Laois GAA results GAA Pinterest GAA Home News Community Deep sadness as six year old Laois boy passes away NewsCommunity GAA Facebook WhatsApp Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory center_img WhatsApp Pinterest Tributes have been paid to Shane Brophy, a six year old Laois boy who passed away yesterday evening.Shane, who was a little motorbike enthuasist, saw over 200 bikers grant his ultimate wish as they lined up outside of the Midlands Park Hotel, where he got to see all bikes and people turn out especially for him.Tributes have poured in for Shane since his ultimely passing. TAGSShane Brophy RELATED ARTICLESMORE FROM AUTHOR The death notice on RIP reads as: Shane will be sadly missed by his loving mother Elaine, brother Scott and sister Layla, grandparents, uncles, aunts, cousins, relatives and friends.Reposing at 15 Cois Na Habhainn, Green Mill Lane, Portlaoise on Tuesday 30th July. Reposing at New House Doonane on Wednesday 31st July and on Thursday the 1st August. (Eir Code R93 E4 E6).Removal on Friday at 1.30pm to St Abban’s Church, Doonane, arriving for mass at 2pm with burial thereafter in adjoining cemetery.House strictly private on Friday morning.May Shane rest in peace with the Angels. By Siun Lennon – 30th July 2019 Twitter Previous articleRemember the Game: Emo claim Intermediate football glory in 2012Next articleLocal group climb Ireland’s highest mountain for two great reasons Siun Lennonún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics. Twitterlast_img read more

Feds create expert panel for new venture capital funds

Providing funding and inspiration for Black entrepreneurs The federal government took another step in its effort to revive the Canadian venture capital industry Thursday, announcing the creation of an expert panel to help select funds and managers for its planned investments; and, launching a consultation on its plans to phase out the federal tax credit for labour-sponsored venture capital corporations (LSVCCs). The Department of Finance announced the creation of the expert panel that will advise it on the private sector managers to run up to four new funds of funds the government is seeding (it plans to devote $250 million to establish new national funds of funds); and, to help it select up to five venture funds to receive an aggregate direct investment of $50 million. Facebook LinkedIn Twitter Keywords Venture capital,  Labour sponsored investment funds VC investment program gets $450-million budget pledge The group is chaired by private equity veteran, Sam Duboc, who is currently serving as an advisor to the government on its plan to catalyze the Canadian venture industry. In Januray, he was appointed Clifford Clark Visiting Economist at Finance to support the implementation of the government’s venture capital plans. Previously, he founded the private equity firm, EdgeStone Capital Partners, in 1999, and has worked in CIBC’s merchant banking division, among other things. The panel also includes: Jim Davidson, chairman and CEO of investment bank FirstEnergy Capital Corp.; Gilles Duruflé, an independent consultant to venture capital and private equity funds, institutional investors and governments, and former senior partner at CDP Capital Technology Ventures; angel investor and industry veteran, Robin Louis; and, Annette Verschuren, former president of Home Depot Canada, who is now chair and CEO of NRStor Inc., a company aiming to commercialize energy storage technologies. In addition to advising on the funds and managers to receive government investments, Finance says that the panel may also provide advice on other elements of the government’s plans. In addition to seeding the new funds of funds and investing in existing venture funds, it’s also planning to invest $100 million to recapitalize existing funds of funds. At the same time, the government also announced the launch of public consultations on the tax rules governing LSVCCs, in order to help these funds deal with the planned phase-out of the federal LSVCC tax credit by 2017. See: New measures to help boost venture capital While the venture industry has expressed dismay at the move, the government says that it believes its planned $400 million worth of investments in the venture funds and funds of funds will be more effective at jump starting the industry, and ultimately, boosting economic growth. It notes that critics believe the tax-subsidized LSVCCs have distorted the market for venture capital, lowering the average quality of deals, and limiting the supply of equity to non-traditional industries and newer companies; among other complaints. Now, the government is seeking public input on potential changes to rules related to investment requirements, wind-ups, redemptions and other rules governing the operation of LSVCCs, as it prepares draft legislation to phase out the tax credit. Comments are due by July 23. The draft legislation will be released for public comment at a later date. Comments can be sent to the Department of Finance at [email protected] Wealthsimple raising $750 million in latest financing deal, valuation hits $5 billion Share this article and your comments with peers on social media Related news James Langton read more

Exports and business investment broadening: BoC deputy

first_img Share this article and your comments with peers on social media A senior Bank of Canada official said Monday the central bank is seeing encouraging signs that exports and business investment are broadening and strengthening. In a speech to the Saskatoon Regional Development Authority, deputy governor Timothy Lane said international trade is key to Canada’s economic growth potential. IE Staff Canadian trade deficit grew in October However, he cautioned the central bank is also keeping close tabs on the rise in protectionist sentiment in some parts of the world and what it might mean for the Canadian economy. Lane noted that populist movements in some of Canada’s major trading partners are demanding new trade barriers and that such protectionist measures would undoubtedly mean less trade which would reduce economic growth. “With the rise in protectionist sentiment in some parts of the world, we have been entering a time of heightened uncertainty about the rules of the game on international trade,” said Lane, according to a prepared text of his speech released in Ottawa. “The possibility of a material protectionist shift — particularly regarding the outcome of negotiations on possible changes to NAFTA — is a key source of uncertainty for Canada’s economic outlook.” Ongoing talks between Canada, the United States and Mexico to renegotiate the NAFTA agreement began this summer. U.S. President Donald Trump promised changes to the deal in his election last year and has threatened to end the agreement if he can’t make the changes he wants. In his speech, Lane said expanded markets for Canadian exports have not been the only benefits from trade liberalization. “We also benefit from the greater efficiencies that can be achieved by those exporters that do expand, the heightened competition and better access to imported inputs that come with greater openness to imports and the resulting spur to innovation throughout the GVCs (global value chains),” he said. “If trading rules are changed in a way that undermines these benefits, the result would be both lost external demand for exports and lower potential growth for Canada as well as for the United States and other trading partners.” The Bank of Canada raised its key interest rate target earlier this month, a move that was followed by the big Canadian banks raising their prime rates. The Canadian dollar also moved higher in the wake of the increase, building on gains it has made so far this year. The loonie is up more than 10% from its lows of the spring, an increase that has made Canadian exports more expensive for buyers in the United States. “We will be paying close attention to how the economy responds to both higher interest rates and the stronger Canadian dollar,” Lane said. Related newscenter_img Purchase of three icebreakers turns Canada’s August trade surplus into a deficit Keywords ExportsCompanies Bank of Canada Higher oil prices helped narrow Canada’s trade deficit to $4.2B in January Facebook LinkedIn Twitterlast_img read more

Diaspora Forum in Miami March 28

first_imgRelatedDiaspora Forum in Miami March 28 FacebookTwitterWhatsAppEmail The Consulate General of Jamaica, in collaboration with the Jamaican Diaspora Southern United States (US), will host a community forum on Saturday, March 28, beginning at 12 noon, at the Holy Family Episcopal Church, in Miami Gardens.Special guest will be Professor Dr. Neville Ying of the Jamaica Diaspora Institute, at the Mona School of Business, University of the West Indies (UWI), Mona, who will provide an update on the development of the Diaspora Institute in Jamaica. He will also address the ongoing efforts of Jamaicans in the Diaspora, to develop stronger links and remain connected.According to Diaspora Advisory Board representative to the Southern United States, Marlon Hill, all Jamaicans in the Diaspora are invited to attend and be engaged in these discussions, “as we continue to focus on uniting and galvanising our talents and resources for the benefit of our local communities throughout the USA and the on-going development and support of our homeland.”In an effort to collectively engage interest groups through communication and database development, the forum will also address how participants can continue to streamline and pool their resources and expertise to benefit community development projects. The participants at the forum will include representatives of community organisations – charitable, alumni and service; corporate and business leaders, the clergy and media personnel.Diaspora representatives from other communities throughout the Southern Region will participate in the forum via the internet.Mr. Hill said the idea was for all to have a chance to share thoughts and ideas to strengthen the efforts around community development in Jamaica and the Diaspora.“The organising effort among Jamaicans and persons of Jamaican descent overseas is an on-going work in progress. We are at a critical and positive crossroads in laying the foundation for continued development. The Jamaica Diaspora Institute is an important institutional tool in supporting the overall goals,” he added. RelatedDiaspora Forum in Miami March 28 Advertisementscenter_img RelatedDiaspora Forum in Miami March 28 Diaspora Forum in Miami March 28 Foreign AffairsMarch 25, 2009last_img read more

Aboriginal and Torres Strait Islander Advisory Group on COVID-19, 14 December 2020

first_imgAboriginal and Torres Strait Islander Advisory Group on COVID-19, 14 December 2020 The Aboriginal and Torres Strait Islander Advisory Group on COVID-19 (the Taskforce) convened in March 2020 to develop and deliver a National Management Plan to protect communities. The Taskforce also advises on health issues related to COVID-19 and is co-chaired by the National Aboriginal Community Controlled Health Organisation (NACCHO), and the Australian Government Department of Health. This communique provides an update on their work and current key focus areas.Current status of coronavirus /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Aboriginal, Aboriginal and Torres Strait Islander, Australia, Australian, Australian Government, community, coronavirus, covid-19, Department of Health, Government, health, NACCHOlast_img read more

High School Girls Embrace Technology Through Creative Summer Internship

Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Note to Editors: The “Girls Embrace Technology” internship runs Monday through Thursday, 9 a.m. to 1 p.m., through July 25 in the Integrated Teaching and Learning Laboratory. The ITL Laboratory is part of the Engineering Center Complex at Colorado Avenue and Regent Drive in Boulder. For a more detailed schedule or location information call (303) 492-7426. Thirty-seven Boulder area high school girls are developing their interest in technology through a six-week paid internship offered this summer for the first time by the College of Engineering and Applied Science at the University of Colorado at Boulder. The pilot program, called “Girls Embrace Technology,” gives teen-age girls the opportunity to learn about physics, engineering design and computer software development, while creating multimedia software that will be used later by elementary-level students and teachers. The girls are paid a $75 per week stipend for the part-time internship. The internship was conceived by Jackie Sullivan, co-director of the Integrated Teaching and Learning Laboratory, which has been named a “Program of Excellence” by the Colorado Commission on Higher Education, in collaboration with CU-Boulder’s Women in Engineering Program and the Alliance for Technology, Learning and Society. The Xcel Energy Foundation and CU-Boulder Outreach Committee also provided financial support. “The goal is to introduce high school girls in a hands-on way to the creative applications of technology, which are also beneficial in addressing real-world needs,” said Sullivan. “Software developed by women to satisfy the interests of girls and women is sorely missing from the marketplace. We hope to introduce girls to the creative software development process as a means to inspire them to pursue applications of technology and digital graphics while in high school.” While encouraging the interest of girls in engineering and technology fields, the internship also will enhance the ITL Laboratory’s outreach exhibits for thousands of K-12 students who visit the facility each year. The internship will create new interactive software aimed at helping third- through fifth-grade students to understand the physical principles involved in “Pythagorean Fantasy,” a popular, Rube Goldberg style exhibit, also known as the ball machine. The interactive exhibit uses the movement of balls, which can be manipulated to loop, spiral and bounce along an extensive track, to demonstrate principles of dynamic motion. The Girls Embrace Technology internship began the week of June 17 with the girls learning to work in teams, exploring physics phenomena and designing a multimedia-based component of an elementary-level science curriculum. The interns then went on to plan their projects and learn to use a variety of digital graphic and audio software tools. The last three weeks of the internship will be used to develop and test their multimedia software, with final group presentations to be made on July 25. Mechanical engineering instructor Derek Reamon, who is leading the internship with assistance from four undergraduate female mentors, said he hopes it will help girls who are already involved in advanced math or science classes to “stay on track” for careers in engineering, math or science. “A lot of girls start dropping out of these classes during high school, and then when they get to college, engineering or science is no longer an option for them,” Reamon said. Published: July 8, 2002 read more

St. Mary’s All-Age School to Benefit From Modern Sanitation Facility

first_imgSt. Mary’s All-Age School to Benefit From Modern Sanitation FacilityJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay Photo: Michael ShawMember of Parliament for North Central St. Catherine, and Minister with responsibility for Sport, Hon. Natalie Neita Headley (second right), engages in discussions regarding the proposed site for a new $5million modern bathroom facility to be built at the St. Mary’s All-Age School in Above Rocks, St. Catherine. Participating in the discussions with (from left) are: Immediate Past Principal of the school, Doreen Rowe; Acting Principal of St. Mary’s All-Age School, Melbourne Thompson; and Project Officer, Jamaica Social Investment Fund (JSIF), Gerald Murray. The Minister was conducting a site visit of the school on Tuesday (February 17). Scheduled to get underway within three months, the project is being implemented by JSIF through funding by the PetroCaribe Fund. FacebookTwitterWhatsAppEmail RelatedHolland High Principal Hails Improvement in Student Achievement Story HighlightsStudents of the St. Mary’s All-Age School in Above Rocks, St. Catherine, are set to benefit from the construction of a $5 million modern sanitation facility, which is slated to get underway within three months.Being implemented by the Jamaica Social Investment Fund (JSIF), through funding by the PetroCaribe Fund, the project will entail the replacement of the current pit latrines with eight new flush toilet stalls. Five will be set aside for the girls; while the remaining three, as well as a urinal, will be used by the boys. RelatedECC Gets $4 Million to Assist Early Childhood Institutions “We had a Parent Teachers’ Association (PTA) meeting and our Member of Parliament came. We told her about the challenges with the bathroom system and how difficult it was for the children, and as a result of speaking with her, she has consented to assist us. We are here today very elated that we are going to be getting our bathrooms,” she said.This project is part of a broader programme being undertaken by JSIF to rid schools across the island of as many pit latrines as possible.Project Officer at JSIF, Michelle Howe, told JIS News that 33 schools have been done to date, with another 22 schools targeted for the current period.She noted that for this particular project, emphasis was placed on ensuring that environmentally friendly practices will be adhered to.The Project Officer explained that the facilities will include a septic tank; a gravel bed; a chamber that will allow for the chlorination of the water; and a soak away.“What you’ll find happening is that when it goes into the soak away, the water is treated to the point where it wouldn’t contaminate the groundwater that it would encounter,” Ms. Howe said.“So it works out to be environmentally friendly. Our focus is not just to create a system or put in a new system, but to ensure that at the end of the day, it doesn’t create any other problems for the future where the environment is concerned,” she added. St. Mary’s All-Age School to Benefit From Modern Sanitation Facility EducationFebruary 19, 2015Written by: Alecia Smith-Edwards RelatedGovt Undertakes $100 Million Primary School Sanitation Project Students of the St. Mary’s All-Age School in Above Rocks, St. Catherine, are set to benefit from the construction of a $5 million modern sanitation facility, which is slated to get underway within three months.Being implemented by the Jamaica Social Investment Fund (JSIF), through funding by the PetroCaribe Fund, the project will entail the replacement of the current pit latrines with eight new flush toilet stalls. Five will be set aside for the girls; while the remaining three, as well as a urinal, will be used by the boys.On Tuesday (February 17), Member of Parliament for North Central St. Catherine, and Minister with responsibility for Sport, Hon. Natalie Neita Headley, conducted a site visit along with senior staff members of the school, to make a final decision on the location for the new sanitary block.Mrs. Neita Headley, who has been on a campaign since 2007 to remove pit latrines from schools within her constituency, told JIS News that she was very pleased that JSIF decided to approve, and go ahead with the project.“I think that it is going to be to the betterment of the school and for the community,” she said.She noted that St. Mary’s All-Age is one of three schools left in her constituency for which the sanitary conveniences need to be upgraded. JSIF is currently working on undertaking these works at the other two institutions.Vice Principal of the school, Jacquelin Brown-Hope, lauded and expressed her appreciation to Minister Neita Headley for her intervention in ensuring that the project became a reality. Advertisementslast_img read more

People / Cargolux appoints easyJet strategy boss as new head of flight operations

first_img Cargolux has announced its replacement for Marcel Funk, head of flight operations, who resigned earlier this year. The new executive vice president of flight operations is Jason Holt, who leaves his role at easyJet, where he was head of operational strategy, business planning and change.Prior to that he was managing director of Nigeria’s Arik Air, and he has also worked at low-cost carrier National Air Services as well as Virgin Atlantic.Jason HoltMr Holt, who also joins the carrier’s executive committee, will start at Cargoux in the final quarter of this year. Chief pilot Claude Zehren has become deputy head of flight operations and will report to Mr Holt.Mr Funk retired as vice-president at the end of April, but will continue flying for the carrier until the end of the year when he will leave. Sources had suggested to the local media that he is leaving over differences of opinion with the management. He denied his departure was related to the now infamous wing wave last September when Cargolux collected a new aircraft from Boeing. Mr Funk was on board, but not flying at the time.Marcel FunkMr Funk was promoted a year ago after becoming chief pilot at the carrier in 2004. He will be the fifth board member to leave Cargolux since the beginning of 2014. By Alex Lennane 22/07/2015last_img read more

Is Covid taking the T out of TAMI?

first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink TagsCoronavirusCoronavirus Real EstateTechnologycenter_img Tech giants Facebook, Twitter, Apple, Google and Netflix have inked massive new office leases across the country in recent years. How much could the pandemic change that? (iStock)For those in the very physical world of commercial real estate, recent news from one of the internet’s largest companies has been hard to swallow.Mark Zuckerberg’s announcement that many of Facebook’s 48,000 employees can work from home indefinitely — while the social media giant taps pools of talent in smaller markets — has rattled office landlords and many of their brokers. The decision, which Zuckerberg made public in late May, echoed similar messages from Twitter and Shopify.But while some say the move could spell the end of major office leases for tech firms, many in the real estate industry have been quick to counter that the changes won’t be too far reaching.“I think we have to put everything in perspective,” Bill Rudin, head of Rudin Management and chair of the Real Estate Board of New York, told The Real Deal in an Zoom interview before the city’s first phase of reopening started.“All Facebook’s products are related to the internet and people interacting in a virtual world,” he said.” Fortunately, we live in a real world, where human interaction is critical.”No matter how you slice it, though, one of the fastest growing sectors in commercial real estate — with lease deals that have overshadowed those of banks and law firms in recent years — is now caught in limbo. Tech’s seemingly insatiable need for office space has been hit with a pair of contradictory messages in less than a month.“I don’t think anybody has a tremendous amount of clarity about this thing. People are wondering what to do.”Bryan Woo, Youngwoo & AssociatesOn one end of the spectrum, the announcements from Facebook, Twitter and Shopify raise new questions about whether a temporary measure to help stop the spread of Covid-19 could lead to a permanent shift in how tech firms view office space.On the other end, newcomer TikTok signed a lease for 232,000 square feet in the Durst Organization’s Times Square building One Five One — Manhattan’s first six-figure office lease deal since the pandemic ground most of the city’s real estate activity to a halt.“Facebook, Amazon, Google and others have put a lot of money and effort into creating terrific campuses,” said Columbia Property Trust CEO Nelson Mills, Twitter’s landlord at its Chelsea headquarters. “They’ve done that for efficiency and productivity, security [and] also for cultural reasons. Those drivers still exist.”Others say the long game for influential social media, e-commerce and other tech firms could lie somewhere between gobbling up space at pre-pandemic levels and rejecting traditional offices as relics of the past — especially if property owners won’t budge on rents. One of the biggest frustrations for commercial landlords and brokers since March has been the uncertainty about what the public health crisis and economic downturn will mean for tech companies in the long run.“I don’t think anybody has a tremendous amount of clarity about this thing,” said Youngwoo & Associates’ Bryan Woo, whose company has a major lease with Google at Pier 57 in Manhattan. “People are wondering what to do.”Out of officeSacha Zarba, a tech office leasing broker at CBRE, said that while he’s not concerned about a massive drop in demand for office space across the board, it will be tough to make a final call on any company’s strategy until a vaccine hits the market.Despite Twitter’s new WFH policy, the company has no plans to close or shrink any of its offices, a company spokesperson told TRD.“I don’t think we get a real answer on this or a real firm direction … until we see the ebb and flow of employees and what they decide to do post-vaccine,” he said.While the long-term strategies among tech firms remain up in the air, none of the big companies expect all of their employees to return to the office in the next few months.Amazon employees who can effectively work from home can continue doing so until at least Oct. 2, according to a company spokesperson.Google plans to start opening more buildings in more cities starting July 6, though returning to the office will be voluntary for most employees through the end of the year, the company’s CEO Sundar Pichai wrote in a blog post in late May.“Our campuses are designed to enable collaboration and community — in fact, some of our greatest innovations were the result of chance encounters in the office — and it’s clear this is something many of us don’t want to lose,” Pichai wrote. He also noted that Google is “very familiar with distributed work as we have many offices around the world and open-minded about the lessons we’ll learn through this period.”Google declined to comment beyond Pichai’s post. Netflix declined to comment on the company’s work from home plans, and representatives for Apple and Facebook did not respond to requests for comment.And despite Twitter’s announcement that some employees can work from home for as long as they want, a spokesperson for the company told TRD that it has no plans to close or shrink any of its offices.Twitter’s Manhattan headquarters encompasses more than 200,000 square feet at Columbia Property Trust’s 245-249 West 17th Street, and Mills said he remains confident in the company’s tenancy there. “We’re not worried about Twitter in particular. They’re committed to the space,” Mills said, adding that he believes “other tech companies will continue to expand their footprints in Manhattan.”Twitter, which launched in March 2006, has become one of the tech world’s more established social media companies with about 5,0000 employees and a market cap of more than $25 billion. By comparison, the Chinese video sharing service TikTok first hit the internet in September 2016 and has rapidly grown over the past few years with offices in Asia, Europe and the U.S. As of now, most of TikTok’s U.S. employees are based in Culver City, California.Representatives for Durst and TikTok did not respond to requests for comment.The record amount of office leasing in New York City in recent years has largely come from the tech industry, according to Newmark Knight Frank tri-state president David Falk. And though some companies have offered employees the option to work from home indefinitely, Falk said he doesn’t see enough people taking advantage of that to lead to significantly smaller tech offices.“People have been told, ‘You have to work remotely’ for the last 11 weeks. They didn’t choose to do this,” he said. “The problem with remote working is it’s not for every job function or every person.”At the same time, most of the Big Tech giants have inked large office deals in San Francisco in recent years. These include Facebook’s more than 750,000-square-foot lease in Park Tower, Google’s 140,000-square-foot lease at 215 Fremont Street and Amazon’s leases totaling more than 300,000 square feet at 525 Market Street.Scott Harper, a Colliers International broker in San Francisco, said the rapid rate at which tech firms have expanded their office footprints in recent years has put the city in a strong position to deal with a slower rate of growth in the sector. If those companies decide to take up less space in the city post-pandemic, he said, other tech startups would likely make up the difference.“As the financial sector has reduced its footprint, technology has more than made up for it,” Harper said. “And I still think you’ll see some of that going forward, maybe just not at the rate we’ve been blessed with over the last few years.”Tech tectonicsAlthough Silicon Valley remains the stronghold for most of the country’s largest tech companies, many have dramatically increased their office presences in the Big Apple in recent years.Google purchased the Chelsea Market building for a near-record $2.4 billion in 2018 and inked a 1.3 million-square-foot lease at St. John’s Terminal in Hudson Square last year. Facebook recently leased 1.5 million square feet of office space across three Hudson Yards buildings and is closing in on a deal for 740,000 square feet at the Farley Building. And Apple reportedly inked a 220,000-square-foot lease in February at Vornado Realty Trust’s 11 Penn Plaza.And while Amazon famously backed out of its plan to build part of its HQ2 in Long Island City last year, the e-commerce behemoth has still been increasing its presence in New York, buying the Lord & Taylor Building from WeWork for $1.15 billion and signing a lease for 335,000 square feet in 2019 at SL Green’s 410 10th Avenue on the Far West Side.Woo said it would be “silly” to assume there won’t be any changes to the way tech companies view office space in dense cities like New York. He maintained that at least a partial slowdown is inevitable. “To a certain degree, it’s unquestionable that there’s going to be a decrease in demand for office space — at least in the short term,” he said. “It’s a question of how much.”But Woo said he also believes the city will retain its appeal to tech companies, given how much they’ve invested in New York over the years. Office landlords will still be eager to have them, he added, as long as they still have good credit and can pay competitive rents.Julie Samuels, executive director of the nonprofit Tech:NYC, said she expects more employers in the field to let their staffers work from home, “because it’s frankly been pretty easy for tech companies to work from home.”But even though New York emerged as the center of the global pandemic this spring, Samuels said remote working may end up being less permanent in the five boroughs than in other markets.“People who live in New York are attracted to so much of what city life uniquely offers, and a big part of that is being out and about,” she noted. “And whether that’s going out for a meal or meeting up with friends or going to an office, it’s just part of the culture here.”If any sector will look to aggressively reduce its office space, Falk said he thinks it will be what has rapidly emerged as one of the pandemic’s biggest punching bags: the retail industry.“What’s not doing well right now is corporate offices for major retailers,” he said. “These companies need to save money.”last_img read more