The real estate firm owned by the family of Jared Kushner has withdrawn a request for a big tax break for one its buildings in Jersey City, New Jersey, the latest setback for the company in the area.

The Kushner Cos. sent a letter withdrawing its application for a 30-year break from city taxes for a planned two-tower project in the struggling Journal Square section of the city, Jersey City spokeswoman Jennifer Morrill said Wednesday. Opponents of the tax breaks marched downtown earlier this year and the city’s mayor recently came out against the Kushner request.

Jared Kushner was CEO of the family company before stepping down to become a senior adviser to his father-in-law, President Donald Trump.

Committed to area

Kushner Cos. spokesman James Yolles said the company is committed to the “much-needed investment” in that area of the city.

The loss of the tax break is the latest blow for the company in a city where it is major real estate developer.

The 79-story building, One Journal Square, gained attention last month after Jared Kushner’s sister, Nicole Kushner Meyer, mentioned her brother in a presentation in Beijing where she had hoped to attract Chinese investors in the building. Marketing material noted the “celebrity status” of her family.

Government ethics experts blasted the family for what they said was an attempt to profit off Jared Kushner’s position in Washington, and the Kushner Cos. canceled upcoming investor presentations in the country.

The company said Meyer wasn’t trying to use her White House ties to attract investors.

EB-5 visa program

The Kushner family is seeking 300 wealthy Chinese to invest a total of $150 million in One Journal Square. The family was trying to raise money through the EB-5 visa program that grants temporary U.S. residency to wealthy foreigners in exchange for investments of at least $500,000 in certain U.S. projects

The company also is in danger of losing another tax break for the building. The shared office space firm WeWork recently pulled out as anchor tenant. That has put in doubt a state tax break tied to WeWork.

Another project is off, too. The Kushner Cos. once considered bidding to develop a 95-acre industrial site along the Hackensack River in the city for housing, called Bayfront. Last month, it was revealed the family had withdrawn from those plans last year.

The Kusnher Cos. has said politics had nothing to do with its decision to withdraw from Bayfront, and that “economics of the deal” drove the move.

As for One Journal Square, company spokesman Yolles said the project will provide 4,000 construction jobs and $180 million in tax revenue for the city over 30 years.

Tax breaks an issue

Jersey City Mayor Steven Fulop, a Democrat, is running for re-election this fall, and tax breaks to developers have become a major issue.

Unlike neighboring Hoboken, Jersey City has granted dozens of tax breaks in recent years. Fulop had campaigned to reform the practice, but critics say he has done little.

Another Kushner property in the city overlooking the Hudson River got a five-year tax break soon after Fulop was elected mayor. That 50-story building has licensed the Trump name and is called Trump Bay Street. The building was also partly financed with EB-5 visa money from abroad.

The Kushner family owns or manages 20,000 apartments, 13 million square feet of office space and industrial properties in several states, including New York, New Jersey, Maryland and Illinois. 
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From: MeNeedIt

Russia’s hosting of FIFA’s (International Federation of Association Football) Confederations Cup from June 17 to July 2 and the World Cup championship in 2018 is reigniting hopes in the country for football (soccer).

The last time Russia made the world’s top four was in 1966 when it was part of the Soviet Union.

Watch: Russia’s Hosting of FIFA Tournaments Reignites World Cup Hopes

Russian football gained global recognition during the 1966 World Cup when the Soviet Union defeated Italy, Chile, and Hungary to take fourth place.

Half-a-century later, the few living players from that championship have yet to see Russia return to the top four.

“When there was the world championship in England, the coach said, ‘Thank you guys, we won’t achieve such a success for the next 50 years.’ So, 50 years passed,” said Vladimir Ponomarev, USSR defender in the 1966 championship.

Fans have high hopes

Despite Russian football’s struggle since, die-hard fans have high hopes for the tournaments.

“That’s why we are faced with big problems when they show negative results,” said Lokomotiv Football Club’s Maksim “Loko” Shataylo. “Sometimes it may result in such extraordinary situations because the fans become too upset. They believe too much, they hope too much! I believe in the better. We’ll definitely be in the top eight,” adds Shataylo.

As host of the FIFA tournaments, Russia’s national team automatically qualifies to compete.

Russia’s star players say their goal is clear.

“Of course, it is to get to the final game, step by step,” said Spartak Moscow Football Club Captain Denis Glushakov in May comments to the press. “We’ll play the first and the second match and only then I may tell you whether we get to the final or not.”

Passion is lacking

Ponomarev says Russian football lacks the passion it had during Soviet times.

“But we’ll keep working and growing. We’ll keep training and that will allow us to get on the same level as great European teams,” said Ponomarev. “So far, we are not much valued. The Confederations Cup matches will show us the level of Russian football.”

The Confederations Cup will also test how well Russia itself is prepared for next year’s World Cup championship.

“As for the world championships and the idea that so much effort is put into winning them without a result, I think that after the world championship of 2018 there will be a breakthrough in football here,” says Shataylo. “It will become more popular. New stadiums, new infrastructure are under construction. It will be more convenient to move around the country to see the matches. The fans will love this country and football, and all will be well.”

Meanwhile, Ponomarev continues to support Russian football and the next generation of players by offering advice to amateur teams and coaches.

“We must start small. We must start with our small footballers who train here,” he said.

But as for hosting the upcoming FIFA tournaments, he adds optimistically, “For me it will be a success. Fifty years have passed. It’s time to get to fourth place. It would be superb for all Russian fans! They would be absolutely happy.”

Field is set

For the host Russian team, its Confederations Cup Group A opener will be played on Saturday (June 17) against New Zealand in St. Petersburg. Wednesday (June 21) the Russians play in Moscow against Portugal, and the hosts final group match is against Mexico in Kazan on June 24.

The other four teams in the tournament — Cameroon, Chile, Australia and Germany — are in Group B. After round-robin play, the first and second-place teams in each group advance to the semifinals, with the championship match in St. Petersburg July 2. The tournament winner will receive $5 million, and the runner-up $4.5 million.

 Olga Pavlova and Ricardo Marquina Montañana contributed to this report.
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From: MeNeedIt

Russia’s role as host of FIFA’s (International Federation of Association Footballs’) Confederations Cup from June 17 to July 2 and the World Cup championship in 2018 is reigniting hopes for Russian football (soccer). The last time Russia made the world’s top four was 1966, when it was part of the Soviet Union. VOA’s Daniel Schearf spoke with one of the few living players from that game and has this report from Moscow.
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From: MeNeedIt

China’s three big Internet-driven companies, Alibaba, Tencent, and Baidu, are set to influence a vast section of the country’s business because they control data concerning the consumer and social behavior of millions of people. The awesome power comes from the government’s drive to develop a “big data” industry, which is thriving in China.

Several other players, including utilities like phone companies and retail chains, are also trying to dip into the newly discovered pot of money from buyers who need information to understand buying preferences of potential customers, and design their products and strategies in line with the data flows.

“It [big data] is an improvement to do [a] better job, but unfortunately your [consumer’s] lifeline is more and more dependent on these big three guys,” said Chiang Jeongwen, a professor of marketing at the China Europe International Business School.

Recent studies have shown that nearly 90 percent of China’s 731 million online users have made at least one online purchase, often involving the use of Baidu’s search facilities, e-commerce sites and third-party transactions using mobile phone apps.

Predicting trends

“People are buying things and using their third party payment systems. [That] information [is] also being captured by Tencent and Alibaba. That is huge because now they know both offline and online information of consumers,” said Chiang.

These companies own a wide range of businesses that makes it possible for them to gather both online and offline data that is generated when a customer uses a phone app to make payments at a physical shop.

Alibaba owns Alipay while Tencent runs the highly popular WeChat service which offers mobile payment options. Baidu is China’s biggest internet search engine and holds the kind of influence that Google does in other countries.

“They have diversified the services [that] they offer. Alibaba, they are big in e-commerce. The kind of data they generate comes from anything ranging from what you buy online to your bill payments, travel bookings you do with, for example, the Alipay app,” said Shazeda Ahmed, visiting academic in the technology and economics division of Mercator Institute of Chinese Studies.

“People use the same platforms to make purchases, so there is a sense of extreme power in this situation because you can do all of these on one platform,” she explained.

These companies have a very strong predictive power that comes from a vast store of historical data and real-time data that they are collecting from users of different services. “They kind of able to anticipate the next thing a user might want before the user himself is aware of it,” she said.

Trading in data

The expansion of big data has given rise to serious concerns about the privacy of millions of people, who reveal both their transaction information and facets of social behavior through social media.

China has seen the rise of a black market for data. Data sellers offer a wide range of data on a targeted person, business or community by cracking into official databases and privately run sites.

But Chinese officials insist the government has put in place strong safeguards.

“There is a very strong firewall built before the big data center was established,” Zhang Bin, a senior official of the main big data center established by the Chinese government in Guiyang city. “We also made strict policy to control the data leaks from the government, so these are the two ways to protect information not to be leaked to the private companies for illegal use.”

The government has established a big data exchange center in Guiyang to encourage private and state-run companies to trade in data in a transparent manner, and help the industry find out the real price of the information. The center has come in for some praise by foreign companies who visited it but some questions remain unanswered.

“Having a legitimate place to trade data is an idea, but how does an exchange ensure that the data controllers has to requisite rights to sell data and it’s not breach of privacy?” Gagan Sabharwal, director of the National Association of Software and Service Companies in India, said after a recent visit.
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From: MeNeedIt

Musicians tend to talk about their instruments in terms of tone and sound as often as the brand. Electric guitarists are no different, and they can expound on the ‘bright’ sound of the Fender or the bass heavy Gibsons. But now there is a 3D-printed electric guitar, and that could just be the beginning for 3D-printed musical instruments. VOA’s Kevin Enochs reports.
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From: MeNeedIt

Nearly one third of all humans are now classified as overweight or obese. That’s the conclusion from a study published in the New England Journal of Medicine that dropped this week. When it comes to childhood weight problems, the U.S. tops the list. 13 percent of U.S. kids are now classified as obese. To combat the problem, the city of Seattle in Washington state is taking what some consider a drastic measure. VOA’s Kevin Enochs reports.
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From: MeNeedIt

Uber’s embattled CEO Travis Kalanick announced Tuesday that he is taking a leave of absence from the company for an unspecified amount of time.

He made the announcement to employees over email saying he needed to mourn the loss of his mother, who died in a boating accident last month. He also said he need to learn to become a better leader.

Kalanick’s announcement came as former U.S. attorney general under former President Barack Obama released a list of recommendations for the company. One of those included removing Kalanick from certain responsibilities and giving them to a chief operating officer.

Eric Holder, whose firm, Covington & Burling LLP, as well as a second firm, Perkins Cole, conducted separate looks into Uber’s corporate culture after charges of sexual harassment made by a former employee, Susan Fowler. She claims her charges were not taken seriously.

Holder’s firm also said Uber should hold senior managers more accountable and should improve diversity.

Uber reportedly did make changes after Fowler’s allegations, including starting a 24-hour employee hotline and firing 20 after Perkins Cole investigated complaints about sexual harassment, bullying and other workplace problems.

Other recommendations included limiting alcohol at work parties and forbidding intimate relationships between employees and bosses.

Uber was controversial from the start as it turned the taxi market in hundred of cities upside down. At its peak, it was valued at more than $70 billion.
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From: MeNeedIt

Top officials of the U.S. central bank are gathered in Washington, debating whether to raise short-term interest rates on Wednesday, and by how much. 

Most economists expect the Federal Reserve to boost the benchmark rate a modest quarter of a percent, to a range between one and 1.25 percent. 

The Fed cut rates nearly to zero at the worst of the financial crisis to make borrowing cheaper in a bid to boost economic growth and employment. Since then, the recovering economy and improved unemployment rate, at 4.3 percent, have prompted the central bank to gradually raise rates. 

Officials worry that keeping rates too low for too long could spark a burst of inflation that could hurt the economy. The Fed’s job is to keep prices stable and encourage full employment. However, Tuesday’s newest data on inflation at the wholesale level shows little change. Fed officials have been trying to get inflation to rise to a low-but-manageable rate of about two percent. 

Federal Reserve Chair Janet Yellen is scheduled to meet with journalists Wednesday afternoon, where she is likely to get questions about possible future interest rate hikes. She may also explain more about the Fed’s plans to gradually sell off the huge number of securities that the central bank bought during the financial crisis in a complex effort to stimulate the economy. 

Meanwhile, officials will get new information on changes in consumer prices and retail sales before they make their decision on interest rates. Investors watch retail sales closely because consumer demand drives most U.S. economic activity. 
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From: MeNeedIt

It’s the end of an internet era.

Yahoo, an iconic early adapter of the World Wide Web, is now part of Verizon Communications, after a $4.48 billion deal was finalized Tuesday for Yahoo’s core internet operations.

The remainder of Yahoo will be called Atlaba Inc., which will serve as a holding company for Yahoo’s shares in Chinese e-commerce giant Alibaba.

Yahoo was founded in 1994 by two Stanford graduate students, and quickly became a leading portal site. At the height of the dot-com bubble, it was estimated to be worth $100 billion.

Now, under Verizon, Yahoo will join another aged internet property, AOL. The two companies will part of a division of Verizon called Oath, which is led by AOL CEO Tim Armstrong.

Oath says it has about 1.3 billion monthly users, and it hopes Yahoo may help build audience.

“Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners,”Armstrong said.

About 2,100 people are expected to lose their jobs under the new structure in what Oath says will be a cost saving measure.

Controversial Yahoo CEO Marissa Mayer will not join Oath. According to the New York Times, she was paid on average $1 million per week during her five-year stint at Yahoo. She is also reportedly receiving a $23 million severance package.

“Given the inherent changes to my role, I’ll be leaving the company,” Mayer wrote in an email to employees. “However, I want all of you to know that I’m brimming with nostalgia, gratitude and optimism.”

“Verizon wishes Mayer well in her future endeavors,” it said in a statement.
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From: MeNeedIt

Britain’s descent into political crisis just days before Brexit talks begin has sapped confidence among business leaders and infuriated bosses who were already grappling with the fallout from the vote to leave the EU.

The failure by Prime Minister Theresa May to win a parliamentary majority in last week’s election has pushed the world’s fifth largest economy towards a level of political uncertainty not seen since the 1970s.

May called the election to secure a mandate for her vision of a “hard Brexit” – driving down migration by taking Britain out of the single market and the customs union. Instead, she got a hung parliament in which no single party has a majority. Business leaders demanded a re-think.

“The U.K. has had a reputation, earned over the generations, for stability and predictability in its government,” a senior executive at a multi-national company listed on the London FTSE 100 told Reuters on condition of anonymity. “That reputation in 12 months has been destroyed, truly destroyed. First by Brexit and now through this election.”

A survey by the Institute of Directors (IoD) found only 20 percent of its nearly 700 members were now optimistic about the British economy over the next 12 months, compared with 57 percent who were quite or very pessimistic.

The IoD survey, taken after the election, found a negative swing of 34 points in confidence in the economy from its previous survey in May.

“It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could — if not addressed immediately — be disastrous for the U.K. economy,” said Stephen Martin, director general of the IoD.

The collapse in confidence, which follows a short-term drop after last year’s Brexit vote, coincides with a slowdown in the wider economy that has taken hold since the start of this year, as rising inflation pushes up the price of goods.

Figures from credit card firm Visa showed British consumers turned more cautious even before the shock election result, with households cutting their spending for the first time in nearly four years last month.

The Confederation of British Industry (CBI) warned there was now a risk businesses would cut back on investment which has largely held up since last year’s Brexit vote.

And the trade group that represents manufacturers, the EEF, said its members were having to navigate the most uncertain political territory in Britain for decades.

Both groups called on the government to rethink its approach to Brexit, saying the country needed tariff-free access to the single market and a steady flow of migrant workers.

Some executives hoped the political paralysis would lead to a ‘softer Brexit’, with access to markets prioritized over a clamp down on immigration.

“Here we are again: another bolt from the blue, a political earthquake that we didn’t think used to happen in the U.K.,” CBI Director General Carolyn Fairbairn said at a conference hosted by the Resolution Foundation. “But I do think there are opportunities in this, and it is an opportunity to refocus back on the economy to talk about jobs, growth, future prosperity.”

Having slid to its lowest for nearly two months against the dollar on Friday, the pound fell broadly again on Monday.

Left in limbo

Business executives warned the political uncertainty could be felt across a wave of sectors.

Leaders of the drugs industry warned of the hazards of government limbo at a critical time for the highly regulated sector as companies seek clarity on the rules that will govern their business after Brexit.

Andy Bruce, the CEO of Lookers, one of Britain’s biggest car dealerships, said the lack of a clear result meant the highly successful industry had now entered “uncharted waters” in terms of how many new cars it could sell.

And Martin Sorrell, CEO of WPP, the world’s largest advertising agency, told Reuters he feared increased economic uncertainty, which meant “weak investment and postponement of decision making.”

“Now it seems that we could have no deal because of the short time fuse and lack of decisive government decision making, or a soft Brexit, the latter with more movement and membership of the single market,” he said.

Bankers, at the heart of London’s huge financial center, cautioned of the impact on takeover activity.

“So long as uncertainty is there I don’t see that as particularly positive for M&A in the short term,” Karen Cook, chairman of investment banking at Goldman Sachs said at the Reuters Global M&A summit.

Gareth Vale, marketing director at recruitment group Manpower, said its clients were very apprehensive, and had not yet fully grasped the impact that Brexit would have.

“I think the uncertainty around Brexit, and more recently the general election, has created a sense of almost inertia, which has prevented them from considering some of the bigger seismic shifts that are on the horizon.”
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From: MeNeedIt

The Trump administration has a backup plan to keep the government from defaulting on its financial obligations even if Congress misses an August deadline to raise the debt limit, Treasury Secretary Steven Mnuchin told a congressional panel Monday.

Mnuchin had previously set an August deadline for the federal government to avoid a catastrophic default. Mnuchin said he still prefers that Congress increase the government’s authority to borrow before lawmakers leave on a five-week break in August.

However, he said he is “comfortable” that the Treasury Department can meet the government’s financial obligations through the start of September. Private analysts say Mnuchin probably has even greater leeway.

“If for whatever reason Congress does not act before August, we do have backup plans that we can fund the government,” Mnuchin said without elaborating. “So I want to make it clear that that is not the timeframe that would create a serious problem.”

The federal government technically hit the debt limit in March, but Treasury has been using accounting steps known as “extraordinary measures” to avoid a default.

Shortly before Mnuchin testified, a Washington think tank projected that despite the slowdown in revenues, the government will have enough cash to pay its bills until October or November.

The Bipartisan Policy Center says that revenue results from this month’s quarterly tax payments could clarify the deadline, but for now it forecasts that Mnuchin has sufficient maneuvering room to keep the government solvent into the fall. The policy center says a big Oct. 2 payment into the military retirement trust fund could trigger default.

As of Friday, the Treasury had a cash balance of $148 billion, down from $204 billion a month ago. The national debt is nearly $20 trillion, including money owed to several federal programs.

Vote on debt limit

Raising the debt limit has become a politically-charged vote in Congress, even though economists believe that an unprecedented default would be catastrophic for the economy. Republicans, who control Congress and the White House, are struggling to come up with a strategy to raise the debt limit, with some GOP members demanding spending cuts in exchange for their vote.

But since Republicans have many members who simply refuse to vote for a debt increase, GOP leaders such as Speaker Paul Ryan of Wisconsin may have no choice but to seek help from Democrats, who are demanding that any debt limit hike be “clean” of GOP add-ons.

Lawmakers are trying to deal with the debt limit while at the same time a House panel is beginning work on spending bills to fund the government.

Republicans controlling the House are taking the first steps to approve President Donald Trump’s big budget increase for veterans’ health care and the Pentagon.

Spending bill

At stake is an $89 billion spending bill for the Department of Veterans Affairs and Pentagon construction projects that’s scheduled for a preliminary panel vote on Monday. The bill would give the VA a 5 percent budget hike for the budget year beginning in October as the agency works to improve wait times and correct other problems.

The Defense Department, meanwhile, would receive a $2 billion, 10 percent increase for military construction projects at bases in both the U.S. and abroad.

“This legislation includes the funding and policies necessary to deliver on our promises to our military and our veterans,” said House Appropriations Committee Chairman Rodney Frelinghuysen, a Republican from New Jersey.

Republicans are still struggling to come up with a broader budget that would dictate spending levels for other agencies. Trump has proposed sharp cuts to many domestic agencies and foreign aid as a means to pay for increases for the military. But many GOP lawmakers have already signaled that they disagree with Trump.

Under Washington’s arcane budget rules, lawmakers are first supposed to pass an overall fiscal blueprint called a budget resolution before tackling the annual round of spending bills. This year, that budget plan is also the key to unlocking action later this year on legislation to overhaul the tax code, a top GOP priority.

Instead, Republicans are split into three camps on spending: defense hawks who want even more money for the military than proposed by Trump; pragmatists who are defenders of domestic programs; and conservatives who agree with Trump’s plan to cut domestic agencies and deliver the proceeds to the Pentagon.

For now, those GOP divisions have meant an impasse for Trump’s overall budget and tax agenda.
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From: MeNeedIt

Israel will reduce electricity supplies to the Gaza Strip after the Palestinian Authority limited how much it pays for power to the enclave run by Hamas, Israeli officials said Monday.

The decision by Israel’s security cabinet is expected to shorten by 45 minutes the daily average of four hours of power that Gaza’s 2 million residents receive from an electricity grid dependent on Israeli supplies, the officials said.

The West Bank-based Palestinian Authority (PA) blamed Hamas’ failure to reimburse it for electricity for the reduction in power supplies.

But PA spokesman Tareq Rashmawi coupled that explanation with a demand that Hamas agree to Palestinian President Mahmoud Abbas’ unity initiatives, which include holding the first parliamentary and presidential elections in more than a decade.

“We renew the call to the Hamas movement and the de facto government there to hand over to us all responsibilities of government institutions in Gaza so that the government can provide its best services to our people in Gaza,” he said.

Hamas spokesman Fawzi Barhoum said Israel and the Palestinian Authority “will bear responsibility for the grave deterioration” in Gaza’s health and environmental situation.

Any worsening to Gaza’s power crisis — its main electrical plant is off-line in a Hamas-PA dispute over taxation — could cause the collapse of health services already reliant on stand-alone generators, many of them in a poor state of repair, said Ashraf al-Qidra, spokesman for the Health Ministry in Gaza.

Israel charges the PA 40 million shekels ($11 million) a month for electricity, deducting that from the transfers of Palestinian tax revenues it collects on behalf of the Authority.

Israel does not engage with Hamas, which it considers a terrorist group.

Last month, the Palestinian Authority informed Israel that it would cover only 70 percent of the monthly cost of electricity that the Israel Electric Corporation supplies to the Gaza Strip.

At the security cabinet session late on Sunday, ministers decided that Israel would not make up the shortfall, the officials said.

“This is a decision by [Abbas] … Israelis paying Gaza’s electricity bill is an impossible situation,” Israeli Public Security Minister Gilad Erdan said on Army Radio.

Israeli military and security chiefs backed the move, despite concern Hamas could respond by increasing hostilities with Israel.

Hamas seized control of the Gaza Strip from Abbas’s Fatah movement in 2007, and several attempts at reconciliation, most recently in 2014, have failed. Hamas has accused Abbas of trying to turn the screw on them to make political concessions.
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From: MeNeedIt