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Businesses Fee San Francisco City Due to Rampant Crime

San Francisco could lose hundreds of millions of dollars per year as a result of a commercial flight caused by crime, homelessness, and a failure to recover from the COVID pandemic.

Top shops such as Nordstrom, H&M, and Gap have left the city in recent months, and the owner of two major hotels, including San Francisco’s largest, announced its departure earlier this week.

Companies have cited fears about the safety of their employees and customers in the ‘deteriorating’ downtown neighbourhood, which is riddled with drug use and criminality.

The situation is exacerbated by data showing that footfall in the city’s ailing centre is only 32% of pre-covid levels. According to official projections, the public transport network is also on the verge of collapse, since passenger figures remain similarly grim.

Leaders believe that the issue will add to a $1.3 billion budget gap over the next five years. According to the city’s chief accountant’s worst-case scenario, the reduction in property tax revenue alone could cost roughly $200 million each year.

According to a study of government numbers and other research, San Francisco may lose hundreds of millions of dollars due to a company migration and its failure to recover from COVID.

The owner of the Hilton Union Square, the city’s largest hotel, and Parc 55, announced earlier this week that they would leave. According to the report, the city’s ‘road to recovery remains clouded and elongated by substantial hurdles.’

Many businesses that have left have cited concerns about the safety of their employees and clients, such as criminality and public drug usage. at February 2022, homeless individuals take drugs at an encampment in downtown San Francisco’s Tenderloin area.

Park Hotels & Resorts stated on Monday that it will default on a $725 million loan secured by the Hilton San Francisco Union Square and the Parc 55. The hotels have a total of 2,945 rooms, accounting for 9% of the city’s total.

According to a statement issued by Park’s chairman and CEO, Thomas J. Baltimore, the city’s “path to recovery remains clouded and elongated by major challenges,” including “record high office vacancy, concerns about street conditions, and a lower return to office than peer cities.”

The phrase alluded to the desolate homeless camps and open drug use that are prevalent in some locations. DailyMail.com has previously exposed these bleak hotspots and their devastation on communities.

Park’s decision was followed by the announcement that 30 other hotels have loans due on their premises over the next two years.

This comes on the heels of Nordstrom’s announcement in May of the impending closures of its flagship store and Nordstrom Rack. The corporation made a diplomatic allusion to the ‘dramatically’ changed ‘dynamics’ of downtown San Francisco, ‘impacting customer foot traffic… and our ability to operate profitably,’ according to a statement.

Nordstrom has announced the closure of both its upscale department store and its Nordstrom Rack. The corporation made a diplomatic allusion to the ‘dramatically’ altered ‘dynamics’ of downtown. The shop’s location, Westfield, was blamed on “unsafe conditions for customers, retailers, and employees.”

Several of the establishments that have closed cited safety concerns, as San Francisco’s downtown neighbourhood is plagued by homelessness and drug use. Cams are installed up throughout the city, and people openly use drugs.

Westfield, which owns the mall where Nordstrom was located, was harsher in its evaluation. The ‘deteriorating situation in downtown San Francisco’ and ‘unsafe conditions for customers, retailers, and employees’ were cited.

H&M’s flagship shop closed in 2020, and the lease for its Westfield location expires in January.

According to a devastating analysis released in May, 95 retailers in the city’s downtown had closed since the beginning of the COVID outbreak. Desirable names such as Lululemon, Ray Ban, and Christian Louboutin are among those departing.

Whole Foods similarly closed its flagship store at Trinity Place in April, just 12 months after it opened, with an announcement that it would return ‘if we feel we can secure the safety of our team members’. The closure came after a series of accidents, including the drug overdose death of a 30-year-old man in the lavatory in September 2022.

Footfall in downtown San Francisco has likewise failed to return to pre-covid levels as stores have closed.

According to studies conducted by the University of Toronto’s School of City, activity in downtown San Francisco is just 32% of pre-covid levels. San Francisco finished last out of 63 cities studied in the United States.

Ridership on the Bay Area Rapid Transit, which serves San Francisco, Alameda, and Contra Costa counties, is likewise only 34% of pre-covid levels, according to data released in May.

The vacancy rate of office buildings has also reached new highs as retailers depart and people remain away. According to a San Francisco Chronicle examination of Lee & Associates statistics, the vacancy rate in May was 31%, equating to 18.4 million square feet, or enough space for 92,000 workers.

Salesforce announced in April that it will close its eponymous 30-story Salesforce East skyscraper in downtown San Francisco, where approximately 1,000 employees worked prior to the outbreak.

According to the San Francisco Travel Association, tourism is gradually returning to pre-crisis levels. San Francisco introduces a new tourism advertising campaign emphasising diversity.

San Francisco is the home of Silicon Valley, and its job market is largely influenced by technology and services. Many workers in these industries continue to work from home.

Many large San Francisco-based internet companies, including Meta, Google, Salesforce, and Twitter, have also let off tens of thousands of employees in recent months as the industry experienced a post-covid slowdown.

Despite a $1.3 billion shortfall by 2028, San Francisco Mayor London Breed has proposed a record budget.

Salesforce announced in April that it will close its eponymous 30-story Salesforce East skyscraper in downtown San Francisco, where approximately 1,000 employees worked prior to the outbreak.

In May, city officials started a $6 million advertising campaign to entice tourists to return. Visitor counts have increased since covid and are expected to be roughly 16% lower in 2022 from the record-breaking 26.2 million in 2019.

The international campaign featured a commercial highlighting a variety of local talent, including drag queen Lady Camden, who rose to fame on ‘RuPaul’s Drag Race,’ and local muralist Sirron Norris.

Meanwhile, the city of San Francisco’s tax revenues are hurting.

According to modelling issued in November by the San Francisco Controller’s Office, the city’s income loss due to lower property taxes could reach $196 million per year by 2028.

The best-case scenario predicted by the models is that the cost will be closer to $100 million each year.

According to the Controller’s Office, this will contribute to a $1.3 billion budget shortfall by 2028. A March report mentions ‘reduced revenue estimates’ as a factor.

Despite the city’s troubling finances, Mayor London Breed has proposed a record $14.6 billion budget for the next two years.

World News

Marine Le Pen’s National Rally Wins the First Round in France 2024 Election

Marine Le Pen's far-right National Rally (RN) party scored historic gains in France

Exit polls in France showed that Marine Le Pen’s right-wing National Rally (RN) party made huge gains to win the first round of election on Sunday. However, the final outcome will depend on how people trade votes in the days before next week’s run-off.

Exit polls from Ipsos, Ifop, OpinionWay, and Elabe showed that the RN got about 34% of the vote. This was a big loss for President Emmanuel Macron, who called the early election after his party lost badly in the European Parliament elections earlier this month.

The National Rally (RN) easily won more votes than its opponents on the left and center, including Macron’s Together group, whose bloc was predicted to get 20.5% to 23% of the vote. Exit polls showed that the New Popular Front (NFP), a hastily put together left-wing alliance, would get about 29% of the vote.

The results of the exit polls matched what people said in polls before the election, which made Le Pen’s fans very happy. But they didn’t say for sure if the anti-immigrant, anti-EU National Rally (RN) will be able to “cohabit” with the pro-EU Macron in a government after the runoff election next Sunday.

Voters in France Angry at Macron

Many French people have looked down on the National Rally (RN) for a long time, but now it is closer to power than it has ever been. A party known for racism and antisemitism has tried to clean up its image, and it has worked. Voters are angry at Macron, the high cost of living, and rising concerns about immigration.

Fans of Marine Le Pen waved French flags and sang the Marseillaise in the northern French district of Henin-Beaumont. The crowd cheered as Le Pen said, “The French have shown they are ready to turn the page on a power that is disrespectful and destructive.”

The National Rally’s chances of taking power next week will rest on what political deals its opponents make in the next few days. Right-wing and left-wing parties used to work together to keep the National Rally (RN) out of power, but the “republican front,” which refers to this group, is less stable than ever.

If no candidate gets 50% of the vote in the first round, the top two candidates and anyone else with 12.5% of the registered voters immediately move on to the second round. The district goes to the person who gets the most votes in the runoff.

France is likely to have a record number of three-way runoffs because so many people voted on Sunday. Experts say that these are much better for the National Rally (RN) than two-way games. Almost right away on Sunday night, the horse trade began.

Macron asked people to support candidates who are “clearly republican and democratic.” Based on what he has said recently, this would rule out candidates from the National Rally (RN) and the hard-left France Unbowed (LFI) party. Leaders on the far left and the center left both asked their third-placed candidates to drop out.

Minority government

Jean-Luc Melenchon, leader of France Unbowed, said, “Our rule is simple and clear: not a single more vote for the National Rally.” But the center-right Republicans party, which split before the vote when some of its members joined the RN, didn’t say anything.

The president of the RN party, Jordan Bardella, who is 28 years old, said he was ready to be prime minister if his party gets a majority of seats. He has said he won’t try to make a minority government, and neither Macron nor the communist NFP will work with him.

“I will be a “cohabitation” Prime Minister, respectful of the constitution and of the office of President of the Republic, but uncompromising about the policies we will implement,” he said.

A few thousand anti-RN protesters met in Paris’s Republique square on Sunday night for a rally of the leftist alliance. The mood was gloomy.

Niya Khaldi, a 33-year-old teacher, said that the RN’s good results made her feel “disgust, sadness, and fear.”

“This is not how I normally act,” she said. “I think I came to reassure myself, to not feel alone.”

Election Runoff

The result on Sunday didn’t have much of an effect on the market. In early Asia-Pacific trade, the euro gained about 0.23%. Fiona Cincotta, a senior markets expert at City Index in London, said she was glad the outcome “didn’t come as a surprise.”

“Le Pen had a slightly smaller margin than some of the polls had pointed to, which may have helped the euro a little bit higher on the open,” she noted. “Now everyone is waiting for July 7 to see if the second round supports a clear majority or not. So it does feel like we’re on the edge of something.”

Some pollsters thought the RN would win the most seats in the National Assembly, but Elabe was the only one who thought the party would win all 289 seats in the run-off. Seat projections made after the first round of voting are often very wrong, and this race is no exception.

On Sunday night, Reuters reported there were no final results for the whole country yet, but they were due in the next few hours. In France, exit polls have usually been very accurate.

Voter turnout was high compared to previous parliamentary elections. This shows how passionate people are about politics after Macron made the shocking and politically risky decision to call a vote in parliament.

Mathieu Gallard, research head at Ipsos France, said that at 1500 GMT, nearly 60% of voters had turned out, up from 39.42% two years earlier. This was the highest comparable turnout since the 1986 legislative vote. It wasn’t clear when the official number of people who voted would be changed.

 

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Pakistan Seeks US Support for Counter-Terrorism Operation Azm-e-Istehkam

Pakistan

(CTN News) – Pakistan’s Ambassador to the United States, Masood Khan, has urged Washington to provide Pakistan with sophisticated small arms and communication equipment to ensure the success of Operation Azm-e-Istehkam, a newly approved counter-terrorism initiative in the country.

The federal government recently approved the reinvigorated national counter-terrorism drive, which comprises three components: doctrinal, societal, and operational.

Ambassador Khan noted that work on the first two phases has already begun, with the third phase set to be implemented soon.

Addressing US policymakers, scholars, and corporate leaders at the Wilson Center in Washington, Khan emphasized the importance of strong security links, enhanced intelligence cooperation, and the resumption of sales of advanced military platforms between Pakistan and the US.

He argued that this is crucial for regional security and countering the rising tide of terrorism, which also threatens the interests of the US and its allies.

“Pakistan has launched Azm-i-Istehkam […] to oppose and dismantle terrorist networks. For that, we need sophisticated small arms and communication equipment,” said Ambassador Khan.

Pakistan–United States relations

The ambassador observed that the prospects of Pakistan-United States relations were bright, stating that the two countries “share values, our security and economic interests are interwoven, and it is the aspiration of our two peoples that strengthens our ties.”

He invited US investors and businesses to explore Pakistan’s potential in terms of demographic dividend, technological advancements, and market opportunities.

Khan also suggested that the US should consider Pakistan as a partner in its diplomatic efforts in Kabul and collaborate on counterterrorism and the rights of women and girls in Afghanistan.

He stressed that the bilateral relationship should be based on ground realities and not be hindered by a few issues.

“We should not base our engagement on the incongruity of expectations.

Our ties should be anchored in ground realities, even as we aim for stronger security and economic partnerships. Secondly, one or two issues should not hold the entire relationship hostage,” said the ambassador.

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China Urges Taiwanese to Visit Mainland ‘Without Worry’ Despite Execution Threat

China Urges Taiwanese to Visit Mainland Without Worry Despite Threats

China has reassured Taiwanese citizens that they can visit the mainland “without the slightest worry”, despite Taiwan raising its travel alert to the second-highest level in response to Beijing’s new judicial guidelines targeting supporters of Taiwanese independence.

Last week, China published guidelines that could impose the death penalty for “particularly serious” cases involving “diehard” advocates of Taiwanese independence.

In response, Taiwan’s government urged the public to avoid “unnecessary travel” to mainland China and Hong Kong, and raised its travel warning to the “orange” level.

However, Zhu Fenglian, a spokeswoman for a Chinese body overseeing Taiwan affairs, stated that the new directives are “aimed solely at the very small number of supporters of ‘Taiwan independence’, who are engaged in malicious acts and utterances”.

She emphasized that “the vast majority of Taiwan compatriots involved in cross-strait exchanges and cooperation do not need to have the slightest worry when they come to or leave mainland China”.

“They can arrive in high spirits and leave fully satisfied with their stay,” Zhu added.

What’s Behind The China-Taiwan Tensions?

The tensions stem from the longstanding dispute over Taiwan’s status. Mainland China claims Taiwan as part of its territory and has refused to rule out using force to bring the democratic island under its control, while Taiwan sees itself as a sovereign state.

Beijing has not conducted top-level communications with Taipei since 2016, when the Democratic Progressive Party’s Tsai Ing-wen became Taiwan’s leader. China has since branded her successor, President Lai Ching-te, a “dangerous separatist”.

“The DPP authorities have fabricated excuses to deceive the people on the island and incite confrontation and opposition,” Zhu said in her statement.
Despite the political tensions, many Taiwanese continue to travel to mainland China for work, study, or business.

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