first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Some restaurants and hotels are partnering up to offer private dining in empty rooms, in an attempt to survive the economic fallout of the pandemic. (iStock)The pandemic has upended every part of the hospitality industry, with travel restrictions leaving hotel rooms empty, and lockdowns in cities forcing restaurants and bars to severely limit occupancy.That’s left some hoteliers and restaurateurs to try out a creative solution to both problems: Turn those empty rooms into private dining suites, where patrons can pay a premium for a meal provided by a local eatery (or, in some cases, the hotel’s restaurant).These sorts of ventures have rolled out at hotels in Philadelphia, New York, Boston and other cities ravaged by the pandemic, according to the New York Times. In Brooklyn, the Wythe Hotel’s restaurant, Le Crocodile, worked to create Le Crocodile Upstairs, which set aside 13 hotel rooms that could be reserved for private dining, with accommodations for six to 10 people and a set menu of $100 per person. (New York’s recently enacted indoor dining restrictions, however, forced even this setup to close.)In Philadelphia, AKA University City offered a deal with a local restaurant, Walnut Street Cafe, where — for $50, plus $65 for a prix fixe menu — groups of up to four people could dine in a private room within the hotel. Customers prepay for the meal and have contact with only one person throughout the experience, minimizing (in theory, anyway) the risk of exposure to Covid-19.Still, the trend may not be enough to save many of the establishments that have been hit hard by these pandemic-related restrictions. The hotel industry has lost $46 billion in revenue in 2020, with nearly 1 billion unsold hotel room nights on the horizon for the year. Several large hotel chains have already closed properties, such as the 478-room Hilton Times Square in New York, which permanently shut its doors in September.Restaurants aren’t faring any better: 37 percent of restaurants nationwide said they do not expect to survive the next six months without federal relief, according to a recent industry survey. [NYT] — Amy Plittcenter_img TagsCommercial Real EstateCoronavirusHotel MarketRestaurantslast_img read more

first_imgThe Croatian government’s plan to use a concession agreement to monetise the debts of Hrvatske Autoceste (HAC), Croatia’s national motorway authority, and Autocesta Rijeka-Zagreb (ARZ), the state-owned company that operates the Rijeka-Zagreb motorway, is in danger of unravelling.According to the Ministry of Maritime Affairs, Transport and Infrastructure, the combined debts of HAC and ARZ totalled HRK33bn (€4.3bn) in principal alone.Under the agreement, unveiled in 2013, the government would lease the country’s two main highways and ancillary roads for 30-50 years to a winning consortium in return for a one-off payment of up to HRK2bn to reduce public debt.The new operator’s revenue streams would include tolls and income from motorway services, while the government retained fuel excise duties. The bidding groups include Croatia’s four mandatory pension funds (OMFs), for which participation represents a new long-term investment vehicle.Opponents of the plan, who describe the project as a form of privatisation that would lead to higher motoring costs and job losses, have suggested alternatives such as rescheduling the debts or financing them through government bond sales open to the public, as well as pension funds.From the government’s perspective, neither solution reduces the country’s general government debt, which had risen to 77% of GDP by the end of June 2014, from 68.5% a year earlier.Meanwhile, eliminating the associated interest costs, the government argues, would free up revenues for new infrastructure investment.In October, a group of construction trade unions, trade union associations and civil society organisations initiated a call for a referendum supporting a ban on concession schemes for existing highways.The group claims it has obtained the necessary number of signatures – 10% of the eligible voting population.The 400,000-odd signatures now have to be verified by a parliamentary committee.Prime minister Zoran Milanović, while stating he would respect the outcome of the referendum, is nevertheless referring it to the Constitutional Court.He wants the Court to examine, among other things, the implications for lost revenues for OMFs’ 1.7m members should the referendum pass.The timing could not be worse.The bidding consortia have until the end of this month to submit non-binding proposals, followed by a period of negotiations.According to the Ministry of Maritime Affairs, Transport and Infrastructure, a shortlist may be published in December or January.It is also possible that none of the bids are acceptable, although currently the government has not announced an alternative proposal to deal with the motorway debts.last_img read more

first_imgUSC’s endowment had one of the largest losses among the nation’s top schools, according to a recently published report detailing university endowment figures for the last fiscal year.The study, conducted by the National Association of College and University Business Officers (NACUBO), found that the endowments at universities nationwide lost an average of 18.7 percent in value. USC lost 25.6 percent in endowment funds — nearly 7 percent more than the national average. That 25.6 percent translated into a $1.2 billion loss between July 2008 and June 2009.“The survey is in its 39th year, and this is the largest decline we’ve seen in its history,” NACUBO’s director of research and policy Kenneth Redd said.USC ranked 22nd among the schools that suffered the worst endowment losses with Syracuse, Baylor College of Medicine, Harvard, Yale and Carnegie Mellon leading the pack.USC was also ranked the 8th worst managed endowment by 24/7 Wall St., which based its rankings on absolute dollar gain and loss, percentage gain and loss and the greatest percentage and dollar gains and loses among the largest endowments.“Just about every major institution with financial investments saw its endowment valuation go south,” Assistant Vice President for Media Relations James Grant wrote in an e-mail. “But the markets are rebounding, and we will continue to diversify our investment portfolio and seek to grow the endowment.”USC administration has stated in the past that USC’s operating budget does not depend as much on its endowment’s returns as other schools, so, despite the loss, the university does not expect to see any major consequences to its budget.Previously, USC had seen a steady increase in endowment funds because of the accumulating interest from various investments, ultimately leading to a high of $3.7 billion.The endowment soon began to decline, showing the first traces of what would become a national recession and a worldwide market crash, falling from $3.6 billion in June 2008 to $2.4 billion by March 2009.For schools that do rely heavily on their endowments, the drops can be catastrophic.“Endowments are fairly important sources of revenue,” Redd said. “Fifteen to 20 percent of total operating budgets are from the endowment funds for many schools.”Redd said endowments are especially important for financial aid and there have been schools that have cut financial aid from their budget.“A lot of institutions have made commitments to financial aid plans,” he said. “They’ve had to cut back on financial aid and on outside administrative staff.”Lawrence Picus, USC professor of education and finance, said USC has put a wise strategy in place to keep the school from feeling the consequences of a bad economy.“We have a strategy to make sure that no one is badly hurt in bad times,” Picus said. “And we want to make sure we think wisely about how we spend our money when we have it.”Robert Abeles, USC’s chief financial officer, has previously stated that the endowment loss would have a greater effect on the spending in the 2011 fiscal year than in the current year.Redd noted that these drops, though frightening, are not necessarily cause for alarm.“Endowments are supposed to last into perpetuity,” he said. “Campuses are not going to panic because of one bad year. You can make changes on campus, but the idea is to let the endowment grow in the future.”Redd also said that, historically, stock has outpaced other forms of investment bonds, and, since most endowments are based on stock figures, there is a likelihood that endowments will grow in the near future.“We can’t predict the future,” Redd said. “Certainly we think endowments will grow in the long run, but no one knows for sure what will happen.”USC’s endowment has already grown since the end of the 2009 fiscal year; the endowment grew slightly to $2.5 billion in June.last_img read more

first_imgMumbai, Jul 8 (PTI) After its regional foray with Star Sports 1 Tamil, Star Sports is set to launch Indias first private free-to-air sports channel, Star Sports First.The channel will go on air on July 21 on DDs FTA DTH platform Freedish. It will allow sports fans to watch their favourite sports in Hindi without paying any fee, a media release issued by Star Sports said.The channel will also air VIVO Pro Kabaddi League Season 5 which will begin in Hyderabad on July 28. Its programme calendar will also include BCCI domestic cricket tournaments and domestic football tournaments, etc.A Star India spokesperson said: “Television penetration in India has grown exponentially. We recognise that there is a very sizable subset of this universe that is not on conventional pay TV. In the `Free-to-air content that they have access to, sports content is mostly absent and only sporadically available. It is our belief that there is an eager appetite for it.” PTI NRB KRK RYSlast_img

first_img Related Items: Facebook Twitter Google+LinkedInPinterestWhatsAppTURKS AND CAICOS ISLANDS, NOVEMBER 18, 2013- The government seems to be making a tremendous effort in fighting money-laundering in the Turks and Caicos Islands. In addition, to a recently held anti-money laundering training at Beaches Resort and Spa, the government is now hoping to pump funds into the area in an effort to minimize money-laundering activities in the TCI. At last Cabinet sitting, the country’s leaders advised the governor to approve monies amounting to more than $120,000 to improve the ability of the relevant authorities to detect money laundering, among beneficiaries of the fund are the Marine branch of the Royal Turks and Caicos Islands Police Force and the Financial Crimes Intelligence Unit. Facebook Twitter Google+LinkedInPinterestWhatsApplast_img read more

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppTURKS AND CAICOS ISLANDS, NOVEMBER 18, 2013- The Deputy Governor, Anya Williams has encouraged Captive Insurance companies to grow their sector. In her welcome address to some 70 delegates at the Captive Insurance Conference held at the Regent Palms over the weekend, the deputy governor challenges the group to grow this unique sector of their industry as it may mean growth as well for the Turks and Caicos’ economy. The Turks and Caicos is home to 5800 captive insurance groups out of a global total of around 8000; accounting for about 12% of the country’s revenue, the sector is the second largest contributor to the country’s Gross Domestic Product. Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:last_img

first_imgCameroon manager Clarence Seedorf revealed that he thinks Neymar made a terrible mistake by leaving FC Barcelona last year.Spain is currently going berserk with Neymar again, the Brazilian is about to face Clarence Seedorf’s Cameroon National Team and everybody keeps talking about his future outside of PSG.Before the World Cup, Neymar was projected to leave the French giants and sign a new contract with Real Madrid but things are not as clear now.The below average performance from that tournament and his ‘normal’ level of performance for PSG this season has brought a very different situation for Neymar’s future, there is even a rumor that links him to a possible return to FC Barcelona.With the Brazil vs Cameroon match about to take place this Tuesday, manager Clarence Seedorf wanted to give his two cents on the whole matter and revealed that Neymar should’ve never left the Catalan club in the first place because he had absolutely everything there.The constant rumors of him possibly coming back to the Catalan club, are coming after several reports of him visiting Barcelona and even allegedly offering himself back to the club.Seedorf and Kluivert v Neymar… in Milton Keynes?!As international friendlies go, this one’s pretty bizarre 👉— BBC Sport (@BBCSport) November 19, 2018But a large portion of the Barcelona fans are still hurt after the way in which Neymar left, they don’t think that the best decision for them is to actually embrace the player back to the club.However, the player’s quality is not even in question as many of the club’s board members are considering the possibility to bring him back to the club if the transfer market allows them to actually get an acceptable deal for him.Everything will depend on whether he gets to win an important trophy this season with PSG, not winning the Champions League would drop his market value dramatically and could give them a new chance for the French giants to actually consider on him leaving.Neymar is clearly not happy with the titles that he has gotten so far in Ligue 1, he thought he would become the best player in the world after he left Barcelona and he only went to France to become Kylian Mbappé’s number 2 so far.Things are not working out as he expected, and the rest of the world is already starting to notice how unhappy he is.Opinion: Neymar will earn respect back from the PSG fans Tomás Pavel Ibarra Meda – September 14, 2019 After completing his incredible return to Parc des Princes, we predict that Neymar will earn the respect back from PSG supporters.The situation between Neymar…Seedorf: “Neymar cometió un pecado”— (@Futbolestodo) November 19, 2018For Clarence Seedorf who played in the Spanish La Liga for many years with Real Madrid and will face Neymar on Tuesday, the Brazil skipper obviously made a terrible mistake by leaving the Catalan club and describes his situation perfectly.“Neymar’s talent is undisputed, but he needs a squad that can help him grow in order to give the best of himself because he won’t achieve that on his own,” said Seedorf via Sport ahead of the international friendly between Brazil and Cameroon.“I honestly believe that leaving Barcelona so quickly was a terrible sin on his behalf. If he had stayed in the club for two more seasons, things could’ve worked out differently for him. But now he is at PSG and that’s the path he needs to follow.”“Neymar also needs a manager who can give him what he needs, because he is still very young and he hasn’t been in Europe for a too long.”“He also needs to play alongside other footballers who are better than he is, I’m not talking about players who rival his quality as a footballer but people who have won bigger titles than he has.”“These players can teach him about different experiences and they can also teach him more respect,” he concluded.Que Deus nos abençoe e nos proteja 🙏🏽⚽️🇧🇷— Neymar Jr (@neymarjr) November 16, 2018Where do you see Neymar playing next season in Europe? Please share your opinion in the comment section down below.last_img read more