Empire State Building sell-off continues
New York's iconic Empire State Building is a
step closer to being sold through an initial public offering, the owners said
Wednesday, after a lengthy legal tussle with opposing investors.
The 102-story skyscraper, which is the second tallest in New York and a
key fixture on the Manhattan skyline, can go ahead with the sell-off after the
Malkin family, which controls the building, finally got enough support."More than the required supermajority has approved the consolidation and IPO," a regulatory filing at the SEC said.
At least 80% of Empire State Building Associates LLC holders had to approve the Malkins' plan for what would be one of the highest profile real estate stories in New York for years.
"We are pleased to deliver to our investors a proposal which has received such support," a Malkin spokesperson told AFP.
"The vote remains open and we urge all investors who have not yet voted in favor of the proposed consolidation and IPO to do so immediately. We look forward to delivering to our investors what we believe to be the many benefits of this transaction."
Opec in no mood for a fight
Opec oil exporters on Thursday were in no mood to fight over how much crude to produce and instead weighed the impact of rising supplies of US shale and a looming turf war in Asia.
The Organisation of the Petroleum Exporting Countries has little room to pump more oil due to the US oil boom that has sparked competition for marketshare in Asia and set off a rivalry between its top two producers Saudi Arabia and Iraq.
At a meeting in Vienna on Friday, the 12-member group is expected to stick with its 30 million barrel a day (bpd) output target for the last six months of 2013.
"This will be a straightforward meeting leading to a rollover (of the existing output target)," a Gulf Opec delegate told . "Shale isn't an immediate threat or concern for Saudi Arabia."
Opec ministers are also comfortable with oil just above $100 a barrel, well below the $125 that rang alarms in major consumer countries last year.
But triple digit oil has also unlocked vast amounts of US shale oil in North Dakota and Texas which competes with Opec crude of similar, light quality from Nigeria and Algeria, rather than heavier Saudi output.
Gulf producers are of the view that Opec will still be able to pump at least 30 million bpd, provided US shale grows at a moderate pace.
"Shale oil is not a threat, but it changes the dynamics of where the oil is going. There will be more competition in Asia," said a Gulf Opec source.
Nigeria, along with Algeria, has already felt the heat from the US oil boom, losing ground in its most lucrative export market and diverting sales to Asia.
Fast-growing exporter Iraq is also fighting for more Asian market share, competing with regional rival Saudi Arabia. The United Arab Emirates, also building up capacity, has the region in its sights, but downplayed the prospect for battle.
"I'm not of the view that competition in Asia is going to distort the price," UAE Oil Minister Suhail bin Mohammed al-Mazroui told .
Innovative use of hydraulic fracturing, or "fracking", has put the United States in line to become the world's largest oil producer by 2017, overtaking Saudi Arabia.
That is not worrisome for Riyadh, especially when it comes to charting policy for the second half of 2013.
And the kingdom - holder of most spare capacity in Opec - shows no sign of opening the taps to bring down prices and curtail that output by making it uneconomic.
By the end of last year, the United States had recorded the biggest annual rise in oil output since it first pumped oil in the early 1860s. The 850 000 bpd increment was more than each of Opec's two smallest producers, Qatar and Ecuador, pump in total.
Opec, which dismissed shale as of little concern a year ago, has a divided view on it. While Saudi's Naimi welcomes it, his Nigerian counterpart Diezani Alison-Madueke has said it will have a "major impact".
Price worry
Some within Opec are concerned about the potential for both slow global growth and a dramatic rise in US shale oil to send prices tumbling.
But the group that pumps a third of the world's oil is not known for contingency plans.
Opec delegates now say this meeting will not be electing a new secretary general - stuck in a logjam of competing candidates from Iran, Iraq and Saudi Arabia - but will merely approve the criteria for prospective candidates to come forward.
With change in the output ceiling unlikely, short-term market management will be guided by Opec's leading producer Saudi Arabia the only member with significant unused capacity supported by the UAE and Kuwait.
Saudi Arabia has cut back from a 30-year high reached in 2012 of 10 million bpd, pumping 9.3 million bpd in April. That has helped bring overall Opec production down to 30.46 million bpd, 460 000 bpd above the target.
While challenges loom in the medium term, the numbers for the rest of 2013 suggest some breathing space for Opec.
Demand for Opec crude is set to rise in the second half to average 30.47 million bpd, up from 29.14 million bpd in the current quarter, according to Opec forecasts. So if Opec holds output at April's rate, supply would match the average requirement in the second half of 2013.
Price hawks Iran, Algeria and Venezuela - among those with the highest budget break even oil prices in Opec - may still call for supply cuts.
Yet Venezuela, at least, looks set to keep the status quo. Oil Minister Rafael Ramirez has said he will propose that Opec keep oil production quotas unchanged.
Fewer people travel as austerity bites
Fewer Europeans are planning to go away for a
summer holiday as economic austerity bites, a new study shows, with levels of
foreign vacation travel at their lowest for eight years.
No more than 54% of Europeans were planning to get away for summer holiday this year, according to the Ipsos-Europ Assistance "holiday barometer" published on Thursday.
Europ Assistance Group CEO Martin Vial said there was "a clear correlation between the intensity of the slump and holiday intentions".
Unsurprisingly the countries with the highest unemployment rates were the worst hit.
"The scope of the crisis in Spain and Italy is particularly visible in departure plans," the report said, with fewer than one in two Spaniards planning to leave on holiday this summer and little more than half of Italians.
The departure plans for Germans and Austrians had stabilised due to “less tense” economic and social situations, the study showed.
Vacation
For the first time since the economic crisis began, the French were particularly affected this year, it said.
While 62% of them say they want to leave on holiday this year, this is still eight points down on last year and the lowest rate since 2005.
At least the stay-at-home French can comfort themselves on remaining in the leading destination chosen by Europeans.
The country is set this year to welcome 18% of European tourists, the study says, followed closely by Italy with Spain in third place with 14%.
The internet and social networks are being used more than ever for vacation preparations, with the British holidaymakers most active on the internet, followed by the Belgians, French and Germans.
The British have also retained their enthusiasm for foreign travel, being the only country studied where the intentions to leave on a summer holiday are going up this year, from 51% to 56%.
Ipsos conducted the study talking to 4 048 people from Austria, Belgium, Britain, France, Germany, Italy and Spain.
No more than 54% of Europeans were planning to get away for summer holiday this year, according to the Ipsos-Europ Assistance "holiday barometer" published on Thursday.
Europ Assistance Group CEO Martin Vial said there was "a clear correlation between the intensity of the slump and holiday intentions".
Unsurprisingly the countries with the highest unemployment rates were the worst hit.
"The scope of the crisis in Spain and Italy is particularly visible in departure plans," the report said, with fewer than one in two Spaniards planning to leave on holiday this summer and little more than half of Italians.
The departure plans for Germans and Austrians had stabilised due to “less tense” economic and social situations, the study showed.
Vacation
For the first time since the economic crisis began, the French were particularly affected this year, it said.
While 62% of them say they want to leave on holiday this year, this is still eight points down on last year and the lowest rate since 2005.
At least the stay-at-home French can comfort themselves on remaining in the leading destination chosen by Europeans.
The country is set this year to welcome 18% of European tourists, the study says, followed closely by Italy with Spain in third place with 14%.
The internet and social networks are being used more than ever for vacation preparations, with the British holidaymakers most active on the internet, followed by the Belgians, French and Germans.
The British have also retained their enthusiasm for foreign travel, being the only country studied where the intentions to leave on a summer holiday are going up this year, from 51% to 56%.
Ipsos conducted the study talking to 4 048 people from Austria, Belgium, Britain, France, Germany, Italy and Spain.
Settlements plan raises Mideast tensions
Israeli plans for 1 000 new settler homes in
annexed east Jerusalem are "destroying" efforts by Washington's top diplomat to
revive the peace process, a Palestinian official charged on Thursday.
But Israel said the construction plans were not new and accused the Palestinians of seeking a pretext to avoid a resumption of direct talks which broke down in 2010 and which US Secretary of State John Kerry is trying to revive.
"We consider the recent decision of the Israeli government to build a thousand homes in east Jerusalem as effectively destroying the efforts of Kerry," top Palestinian negotiator Saeb Erakat said.
He accused Israel of having "a systematic plan for destroying Kerry's efforts which involves an escalation of settlement building, a displacement of the population of the Jordan Valley, an increase of settler attacks against our people and confiscation of our land".
Erakat's remarks came just hours after an NGO told AFP Israel was readying to build more than 1 000 settler homes in east Jerusalem despite a major push by Washington to revive dormant peace talks.
Danny Seidemann, director of Jerusalem settlement watchdog Terrestrial Jerusalem, said contracts had been signed for 300 homes in Ramot and another 797 plots were to be offered for sale in Gilo.
Excuses
Both are in mainly Arab areas of the Holy City which were occupied by Israel in the 1967 Six Day War and later annexed in a move never recognised by the international community.
The news emerged just days after Kerry's latest trip to the region, his fourth visit in as many months.
Settlement construction was the issue which brought about a collapse of peace talks in September 2010 and the Palestinians say they will not return to negotiations while Israel builds on land they want for a future state.
But Ofir Gendelman, a spokesperson for Israeli Prime Minister Benjamin Netanyahu said the plans were not new, and accused the Palestinians of looking for any excuse to avoid peace talks.
"The Palestinians keep making up excuses in order to run away from peace negotiations with Israel," he wrote on Twitter.
"The Palestinians recycle old claims which are based on false information. They run to the media to avoid discussing outstanding issues," he said, calling for them to "resume peace talks immediately".
He said the plan to build hundreds of new homes in Gilo and Ramot was "not new" and had been "reposted due to administrative requirements".
Violation of international law
According to public radio, tenders for the new homes were invited late last year and it was only the names of the winning bids which were released on Wednesday.
Housing ministry spokesperson Ariel Rosenberg also said there had been no tenders for new east Jerusalem housing invited this year.
"Since the start of this year, there have not been any tenders in east Jerusalem but last year there were more than a thousand," he said, refusing to say why.
Earlier this month, Netanyahu reportedly promised Kerry he would "rein in" settlement construction in the West Bank, including east Jerusalem, to give US peace efforts a chance.
Settlement watchdog Peace Now also confirmed that not a single tender had been invited in months.
Israel does not view construction in east Jerusalem as illegal, but most of the world views all settlement activity on land seized in 1967 as a violation of international law.
The Palestinians want the eastern sector of the city as the capital of their future state.
But Israel said the construction plans were not new and accused the Palestinians of seeking a pretext to avoid a resumption of direct talks which broke down in 2010 and which US Secretary of State John Kerry is trying to revive.
"We consider the recent decision of the Israeli government to build a thousand homes in east Jerusalem as effectively destroying the efforts of Kerry," top Palestinian negotiator Saeb Erakat said.
He accused Israel of having "a systematic plan for destroying Kerry's efforts which involves an escalation of settlement building, a displacement of the population of the Jordan Valley, an increase of settler attacks against our people and confiscation of our land".
Erakat's remarks came just hours after an NGO told AFP Israel was readying to build more than 1 000 settler homes in east Jerusalem despite a major push by Washington to revive dormant peace talks.
Danny Seidemann, director of Jerusalem settlement watchdog Terrestrial Jerusalem, said contracts had been signed for 300 homes in Ramot and another 797 plots were to be offered for sale in Gilo.
Excuses
Both are in mainly Arab areas of the Holy City which were occupied by Israel in the 1967 Six Day War and later annexed in a move never recognised by the international community.
The news emerged just days after Kerry's latest trip to the region, his fourth visit in as many months.
Settlement construction was the issue which brought about a collapse of peace talks in September 2010 and the Palestinians say they will not return to negotiations while Israel builds on land they want for a future state.
But Ofir Gendelman, a spokesperson for Israeli Prime Minister Benjamin Netanyahu said the plans were not new, and accused the Palestinians of looking for any excuse to avoid peace talks.
"The Palestinians keep making up excuses in order to run away from peace negotiations with Israel," he wrote on Twitter.
"The Palestinians recycle old claims which are based on false information. They run to the media to avoid discussing outstanding issues," he said, calling for them to "resume peace talks immediately".
He said the plan to build hundreds of new homes in Gilo and Ramot was "not new" and had been "reposted due to administrative requirements".
Violation of international law
According to public radio, tenders for the new homes were invited late last year and it was only the names of the winning bids which were released on Wednesday.
Housing ministry spokesperson Ariel Rosenberg also said there had been no tenders for new east Jerusalem housing invited this year.
"Since the start of this year, there have not been any tenders in east Jerusalem but last year there were more than a thousand," he said, refusing to say why.
Earlier this month, Netanyahu reportedly promised Kerry he would "rein in" settlement construction in the West Bank, including east Jerusalem, to give US peace efforts a chance.
Settlement watchdog Peace Now also confirmed that not a single tender had been invited in months.
Israel does not view construction in east Jerusalem as illegal, but most of the world views all settlement activity on land seized in 1967 as a violation of international law.
The Palestinians want the eastern sector of the city as the capital of their future state.
Neo-Nazis march through Athens
Hundreds of Greek neo-Nazis marched with
torches through the streets of Athens late on Wednesday to
commemorate the 560th anniversary of the fall of Constantinople in 1453.
The militants from the ultranationalist Golden Dawn party shouted "Blood, honour, Golden Dawn" and "Greece belongs to the Greeks".
After several fiery speeches against the Turks and communists in the square outside Athens cathedral, they marched on parliament, where the party has held 18 seats since June.
The annual march concluded without incident, unlike last year when a Pakistani man who found himself in their path was attacked by 15-20 neo-Nazis.
Nevertheless, this year's march caused concern among tourists in the Greek capital.
"When they arrived, all the tourists paid their bills and left," said Fotis, a waiter at the Meatropoleos restaurant in central Athens.
Ruling coalition split
As he watched the neo-Nazi demonstration unfold, Antonio Leiva, a tourist from Chile, said: "I'm shocked.
"I strongly believe in freedom of expression but there are limits when it comes to encouraging racial hatred," he said.
Greece's ruling coalition is split over a bid to toughen an anti-racism law aimed at curbing Golden Dawn, amid fears it could unwittingly alienate the influential Orthodox church.
The socialist and moderate leftist parties put forward the bill on their own on Thursday after the coalition's leading conservative party backtracked.
The proposed bill would impose prison sentences of up to three years - up from the current two years - and a fine of up to €20 000 for hate speech and the denial or praise of war crimes and genocide.
Rights groups believe Golden Dawn has instigated a recent wave of violence against migrants, which the party denies.
The militants from the ultranationalist Golden Dawn party shouted "Blood, honour, Golden Dawn" and "Greece belongs to the Greeks".
After several fiery speeches against the Turks and communists in the square outside Athens cathedral, they marched on parliament, where the party has held 18 seats since June.
The annual march concluded without incident, unlike last year when a Pakistani man who found himself in their path was attacked by 15-20 neo-Nazis.
Nevertheless, this year's march caused concern among tourists in the Greek capital.
"When they arrived, all the tourists paid their bills and left," said Fotis, a waiter at the Meatropoleos restaurant in central Athens.
Ruling coalition split
As he watched the neo-Nazi demonstration unfold, Antonio Leiva, a tourist from Chile, said: "I'm shocked.
"I strongly believe in freedom of expression but there are limits when it comes to encouraging racial hatred," he said.
Greece's ruling coalition is split over a bid to toughen an anti-racism law aimed at curbing Golden Dawn, amid fears it could unwittingly alienate the influential Orthodox church.
The socialist and moderate leftist parties put forward the bill on their own on Thursday after the coalition's leading conservative party backtracked.
The proposed bill would impose prison sentences of up to three years - up from the current two years - and a fine of up to €20 000 for hate speech and the denial or praise of war crimes and genocide.
Rights groups believe Golden Dawn has instigated a recent wave of violence against migrants, which the party denies.
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