Brookfield taking pandemic-hit real estate arm private

first_img Message* Full Name* brookfield asset managementBrookfield Property PartnersmallsManhattan Email Address* Share via Shortlinkcenter_img Brookfield Property Partners’ Brian Kingston and Brookfield Asset Management’s Bruce Flatt (Brookfield)Brookfield Asset Management reached an agreement Thursday to take its Covid-dinged real estate arm private by acquiring all of Brookfield Property Partners’ outstanding shares in a deal worth $6.5 billion.The Toronto-based asset manager already owns over 60 percent of Brookfield Property Partners shares, but in order to take the company private it had to buy out the remaining shareholders. The move takes Brookfield’s real estate wing off the public markets and away from scrutiny of analysts, investors and short sellers who have questioned its asset valuations.Manhattan West in New York (SOM)Brookfield Property Partners owns some of the glitziest high-rise office towers in New York City, London and Los Angeles. As of October, it controlled 27 million square feet of office space in New York alone, including Manhattan West.Rent collections at its offices have been stable, but its retail component has been hammered by the pandemic. The company controls one of the largest mall portfolios in the U.S. It has turned over some of these malls to lenders and said it is negotiating with special servicers on at least 20 of them in its fourth quarter earnings call with analysts.Brookfield Property Partners, which reported $2 billion in losses in 2020, was also highly leveraged. Some analysts and investors noted the privatization plan was necessary in order to prevent the company from cutting its lucrative dividend, which was a key attraction for investors buying the stock.The deal still falls significantly below what Brookfield Property Partners values its own shares. The company has said the fair value of its stock was around $27 per share.Brookfield Asset Managements will pay $18.17 a share for Brookfield Property Partners’ outstanding shares, above the offer it announced in January, which would have marked the deal at $17.50 a share.Lazard Frères, acting as an independent valuator and financial adviser, valued the fair market value of Brookfield Property Partners shares at between $14 and $18.50 a share.Brookfield Property Partners’ independent directors unanimously approved the transaction. Shareholders of the real estate arm also have the option of receiving a portion of shares in Brookfield Asset Management instead of taking the cash offer.Brookfield Asset Management CFO Nick Goodman said the company believes the deal is “appealing to BPY unit holders in many aspects and allows for greater optionality in how we manage our portfolio of high-quality real estate assets.”Contact Keith Larsen Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Tagslast_img read more

London takes lead in shift to mixed use

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Ambulances just for pregnant women

first_imgDr Magome Masike, the province’s MEC for health, says that the North West is going all out to bring down maternal and infant mortality rates.(Image: NW Department of Health) This South African infant is in good hands, but many others have no access to health care just before, during and after birth.(Image: UConn School of Nursing Study Abroad) A milk bank has been established at, among other facilities, the Joe Morolong Memorial Hospital.(Image: Joe Morolong Memorial Hospital)MEDIA CONTACTS • Tebogo LekgethwaneSpokesperson, North WestHealth Department+27 18 388 3774 or +27 82 929 9958 Romaana NaidooThe North West province has stepped in to curb maternal and infant mortality, and ensure that pregnant women safely deliver their babies at health care facilities, thanks to the establishment of maternity waiting homes and a new fleet of 10 dedicated obstetric ambulances.“In our province we have established that there are women who have been giving birth outside health facilities or in transit to the health facility,” said Tebogo Lekgethwane, spokesperson for the North West Health Department.“This has had negative impact on maternal and infant mortality because by giving birth outside a health facility without nurses in attendance, a pregnant mother and the infant are exposed to risks and complications which would have been immediately attended to if they were in a facility.”During a speech in Mmabatho on 22 May, where he explained the breakdown of the department’s R7.6-billion (US$760 000) budget, North West Health MEC Dr Magome Masike explained that the provincial department established maternity waiting homes and bought obstetric ambulances for the exclusive transport needs of pregnant women.He mentioned that 13 maternity waiting homes were established and that 10 were functional across the four municipal districts in the province. Seven were located in the Dr Ruth Segomotsi Mompati district munipality – a “largely rural” area – three in Bojanala, two in Ngaka Modiri Molema and one in Dr Kenneth Kaunda.The department also aimed to increase the number of waiting homes in 2013 and 2014. “We are on course to saving mothers and babies at birth,” said Masike. “Maternal mortality rate in South Africa has declined from 176 per 100 000 live births from 2008 to 2010, to 153.2 per 100 000 live births in 2011.” In the North West, he added, the corresponding figure was 145.6 per 100 000, down from 229.5.He explained that in the 2008 – 2010 reporting period, the North West, Free State and Northern Cape were the worst three performing provinces in terms of maternal mortality. Now the North West is one of country’s top three performing provinces, according to a report released in 2011 by the National Committee for the Confidential Enquiries into Maternal Deaths.Masike also noted that three more milk banks had been established at the Job Shimankane Tabane, Joe Morolong and Mafikeng provincial hospitals, in addition to the one at Potchefstroom hospital.“Maternity waiting homes will allow women to be nearer to health facilities in the last two weeks towards delivery due date,” Lekgethwane explained. “Obstetric ambulances will immediately be accessible to pregnant mothers at the time of emergency and this will improve the response time because they will only respond to maternity cases.”The special obstetric ambulances differ from other ambulances, Lekgethwane said, in that they will be converted to meet the specific demands of a pregnant mother – so they will carry equipment needed in case a mother gives birth in transit. The team will include a midwife to ensure the safe delivery of the child, should this happen in transit or at home.Tackling maternal mortalityAccording to a report released in 2011 by Human Rights Watch, titled Stop Making Excuses: Accountability for Maternal Health Care in South Africa, the UN estimated that 4 500 women die each year in South Africa because of preventable and treatable pregnancy and childbirth-related causes.This report was based on field research between August 2010 and April 2011 with maternity patients, families, community caregivers, health and human rights experts, health workers, government officials, and representatives of donor and international agencies.However a 2012 report, issued in 2012 by the Committee on Morbidity and Mortality in Children under Five Years, indicates that the national infant mortality rate has dropped from 47.4 per 1 000 live births in 2007, to 38.1 per 1 000.The statistic for the North West showed a clear improvement, from 77.6 per 1 000 live births to 48.4 per 1 000, while the under-five mortality rate decreased from 62.1 per 1 000 in 2007 to 50.7 per 1 000.According to the North West’s MEC for finance, Paul Sebegoe, the provincial economy is driven mainly by the mining, agriculture and tourism sectors, and is expected to grow by around 2% on average in 2013.“We cannot afford to deny the masses of our people their right to dignity and decent life, and infrastructure development remains key towards unlocking development opportunities for the people of this province,” he said. “If we do not succeed we would have failed all of us.”The North West provincial population contributed 7.2% to the total population in 1996; 6.7% in 2001 and 6.3% in 2007.The recently published census data by Statistics South Africa indicated that the province has a population of 3.5-million, resulting in a slight increase in national population share to 6.8% in 2011.This is attributed to various factors such as migration, increased birth rate and increased life expectancy.last_img read more

Did the FBI Build Backdoors Into OpenBSD?

first_imgThe FBI is being accused of planting backdoors in the security-focused open source operating system OpenBSD. OpenBSD is used in commercial security products such as firewalls from Calyptix and .vantronix. Thus far, a code audit has not revealed any backdoors in OpenBSD but some bugs have been found.Earlier this week, OpenBSD founder Theo de Raadt forwarded an e-mail from Gregory Perry, former CTO of the defunct security company NETSEC, to the OpenBSD mailing list. NETSEC paid developers to contribute to OpenBSD during the 90s. Perry claims that former NETSEC developer Jason Wright and his development team inserted backdoors into the OpenBSD Crypto Framework under the direction of the FBI – a claim Wright firmly denies. Perry claims to be coming forward now because his 10 year nondisclosure agreement with the FBI has expired.From Perry’s e-mail:If you will recall, a while back I was the CTO at NETSEC and arranged funding and donations for the OpenBSD Crypto Framework. At that same time I also did some consulting for the FBI, for their GSA Technical Support Center, which was a cryptologic reverse engineering project aimed at backdooring and implementing key escrow mechanisms for smart card and other hardware-based computing technologies.My NDA with the FBI has recently expired, and I wanted to make you aware of the fact that the FBI implemented a number of backdoors and side channel key leaking mechanisms into the OCF, for the express purpose of monitoring the site to site VPN encryption system implemented by EOUSA, the parent organization to the FBI. Jason Wright and several other developers were responsible for those backdoors, and you would be well advised to review any and all code commits by Wright as well as the other developers he worked with originating from NETSEC.From 2001 until 2003, it was funded by a grant from DARPA. Perry suggests that the reason OpenBSD lost its DARPA funding is that DARPA got wind of the FBI’s backdoors. At the time, de Raadt speculated that the funding was dropped due to antiwar statements he made in the press. Perry also alleges that Scott Lowe, VMWare-Cisco Solutions Principal at EMC, is on the FBI’s payroll and that Lowe’s advocacy for OpenBSD VMs in enterprise VMware vSphere deployments is motivated by his connection to the FBI. Lowe denies this and told IT World:Mr. Perry is mistaken. I am not, nor have I ever been, affiliated with or employed by the FBI or any other government agency. Likewise, I have not ever contributed a single line of code to OpenBSD; my advocacy is strictly due to appreciation of the project and nothing morede Raadt writes that he published Perry’s e-mail so that:(a)those who use the code can audit it for these problems,(b) those that are angry at the story can take other actions,(c) if it is not true, those who are being accused can defend themselves.Wright responded via the OpenBSD mailing list. An excerpt of his response:I will state clearly that I did not add backdoors to the OpenBSD operating system or the OpenBSD crypto framework (OCF). The code I touched during that work relates mostly to device drivers to support the framework. I don’t believe I ever touched isakmpd or photurisd (userland key management programs), and I rarely touched the ipsec internals (cryptodev and cryptosoft, yes). However, I welcome an audit of everything I committed to OpenBSD’s tree.CNET’s Declan McCullagh spotted the following tweet from former FBI agent E.J. Hilbert: Rob Beck, director of the OpenBSD Foundation, adds another level to the paranoid in this e-mail:Is it simply a way to spread FUD and discredit openbsd?Is it a personal gripe with the accused?Is it an attempt to manipulate what is used in the market?Is it outright liesIs it outright truth and genuine altruism?He also notes:Of course in these days of binary only blob drivers, I don’t think the government need resort to this sort of tactic these days. Those nice binary-only drivers everyone loves running for video and wireless will ensure that there are nice places in your favorite Open Source project that can be coopted quietly by government organizations and have access to your entire kernel. No need to be subtle.McCullagh’s CNET article includes a nice history of government snooping. I covered the subject for Disinfo a few years ago, including Julian Assange’s now defunct Rubberhose project. Massive Non-Desk Workforce is an Opportunity fo… klint finley 3 Areas of Your Business that Need Tech Now Related Posts Tags:#Analysis#enterprise IT + Project Management: A Love Affair Cognitive Automation is the Immediate Future of…last_img read more

10 months agoBournemouth chief Blake welcomes Clyne deal

first_imgTagsTransfersLoan MarketAbout the authorPaul VegasShare the loveHave your say Bournemouth chief Blake welcomes Clyne dealby Paul Vegas10 months agoSend to a friendShare the loveBournemouth chief Neill Blake has welcomed their deal for Nathaniel Clyne from Liverpool.The England international right-back will remain at Vitality Stadium until the end of the 2018/19 season and is eligible for Saturday’s FA Cup third round tie against Brighton & Hove Albion.Blake said: “When a player of Nathaniel’s quality and experience became available we had to act quickly, and I’m delighted that he will be with us until the end of the season.“With Adam Smith and Simon Francis suffering injuries in recent weeks, it was imperative to strengthen the right-back area, and Nathaniel is a great fit for our squad in terms of his character and style of play.“I am looking forward to seeing him pull on an AFC Bournemouth shirt and am confident that he can help us build on a record-breaking first half of the season. last_img read more

Video: Ohio State Lost, But Freshman G D’Angelo Russell Threw A Ridiculous Pass vs. Iowa

first_imgD'Angelo Russell throws crazy pass vs. Maryland.The Ohio State men’s basketball team fell on the road to Iowa Saturday afternoon, 76-67. Buckeyes’ freshman guard D’Angelo Russell, as he’s done basically all season, shined in defeat. Russell, a projected top-10 pick in the upcoming NBA Draft, totaled 27 points, 14 rebounds and two assists against the Hawkeyes. He deserved at least three assists, though. Check out this ridiculous one-handed bounce pass Russell threw in the first half:That’s an NBA-caliber feed from a future NBA player. With the loss, Ohio State falls to 14-5, 3-3 in the Big Ten, while Iowa improved to 13-5, 4-1 in the conference.last_img

PM Says Free Access To Health Care A Right For Every Jamaican

first_img Prime Minister, the Most Hon. Andrew Holness, says the policy of free access to health care is a right that every Jamaican should be able to enjoy, regardless of financial status. Prime Minister, the Most Hon. Andrew Holness, says the policy of free access to health care is a right that every Jamaican should be able to enjoy, regardless of financial status.Addressing St. Ann business leaders and medical practitioners at the opening of the expanded operating theatre and the renovated male surgical ward as well as the handing over of an ambulance at the St. Ann’s Bay Regional Hospital on October 6, Mr. Holness said he is aware that the policy has brought on added pressure on the public health system with more persons now seeking treatment at hospitals.“I know the difficult circumstances our doctors, nurses and other staff members encounter. I have also taken note of those who have said that this policy cannot work. Indeed, the figures have shown that persons seeking health care have increased since the policy was put in place. It has also shown that by virtue of this, our health facilities have come under stress,” he noted.Mr. Holness  said that while he understands both sides of the conversation, “this is not a reason to abandon the policy.”“In fact, we have had introspective discussions within our Cabinet regarding the policy, because we don’t want to burden our Jamaican people purely because we had made a political commitment. But, when we examine the policy, it is the right thing to do,” the Prime Minister said.He  further argued that an increase in waiting time at health facilities is not a reason or an excuse to abandon the policy, adding that Health Minister, Dr. the Hon. Christopher Tufton, should be commended for his thorough approach in trying to find a balance.“What we are discovering is that the issue of waiting time, though it may have been triggered by an increased number of Jamaicans seeking health care, is not totally a resource problem,” Mr. Holness pointed out.“In many instances, it is a management problem. It is also an information problem as well as a business process problem. So, the programme that the Hon. Minister has put in place to quantify and to measure the issue of waiting time, so he can better manage the process, is a sound one,” he added.Mr. Holness  said that some persons have not been exercising the correct options when trying to access the proper health facilities.“Part of this is to get people who use the health facilities to find the appropriate ones. Some are going to facilities where they could get the same treatment elsewhere at places  designed to treat their problems,” he noted.Mr. Holness  said persons who are in need of primary care are erroneously going to secondary and tertiary institutions, adding that “by just changing the information flow by educating the user has resulted in a reduction in waiting time.” “I know the difficult circumstances our doctors, nurses and other staff members encounter. I have also taken note of those who have said that this policy cannot work. Indeed, the figures have shown that persons seeking health care have increased since the policy was put in place. It has also shown that by virtue of this, our health facilities have come under stress,” he noted and while he understands both sides of the conversation, “this is not a reason to abandon the policy.” Story Highlights Addressing St. Ann business leaders and medical practitioners at the opening of the expanded operating theatre and the renovated male surgical ward as well as the handing over of an ambulance at the St. Ann’s Bay Regional Hospital on October 6, Mr. Holness said he is aware that the policy has brought on added pressure on the public health system with more persons now seeking treatment at hospitals.last_img read more

Ohio State mens gymnastics dominates at Big Ten championships

The OSU men’s gymnastics team poses for a photo after winning the 2016 Big Ten championship. Credit: Luke Swartz | Lantern reporterSt. John Arena played host to the Big Ten Men’s Gymnastics Championships over the weekend, and the hosting team stole the show, grabbing the team title among a trove of other accolades.  The No. 3 Ohio State men’s gymnastics team capped off a thrilling Friday night with a team championship, while also boasting two of the events’ top all-around scorers from a pair of Olympic hopefuls, redshirt sophomore Sean Melton and freshman Alec Yoder. Then, the following night, the Buckeyes collected all three of the major end-of-the-year awards and multiple event titles. “I’m glad (the guys) have stuck with the process of what we’re trying to implement, and I think it’s very sweet to get these results,” said OSU coach Rustam Sharipov. “I think it’s a great reward to see them happy and, of course, they make me happy.”OSU, which now owns 13 Big Ten championships, last won the conference title in 2007.  Coincidentally, this marks the first time since that year that the event was hosted by the Buckeyes. A fitting coda to the big weekend came when the Scarlet and Gray had multiple individuals recognized for their successful seasons, including Sharipov, who won the Big Ten Coach of the Year award. Melton received the conference’s gymnast of the year award, while Yoder earned Big Ten Freshman of the Year. The All-Big Ten teams were also announced. Melton and Yoder took home first-team honors, while sophomore Seth Delbridge and senior Alex Johnson received spots on the second team. Johnson was also recognized with the Sportsmanship Award.Melton finished first in three separate events on Friday night, including rings (15.850), floor exercise (15.400) and parallel bars (15.500).  Yoder also put up impressive numbers on the night, finishing second on the pommel horse (15.250), fourth on rings (15.150) and fifth on high bar (14.100).Melton, who is a member of the U.S. Senior National Team, earned the gold medal for his all-around performance, scoring a six-event high score of 89.75 en route to his first Big Ten all-around win. He is the first OSU men’s gymnast to win the all-around title since 2004.  Yoder, meanwhile, finished in second place, putting up a six-event score of 87.55.Despite being recognized for his solo performance, Melton remains focused on the success of the team. “Anything individual is just another plus, but my main goal is the team title,” Melton said. “I’m going to enjoy it and I’m excited about it, but the team title is my No. 1 priority.” In the individual championships, which were held on Saturday, the Buckeyes grabbed three event titles. Melton won the parallel bars (16.175), which is a new school record, and the floor exercise (15.450), while Yoder won on the pommel horse (15.225). OSU also had three second-place finishes, with Melton on the rings (15.100), Delbridge in the vault (13.325) and Johnson on the high bar (14.550).Yoder said he finds pride in the team success and individual accolades while also taking in the emotion of the big stage.“This is surreal, this is something that I’ve been dreaming about for a long time,” Yoder said. “I’m just so proud of this team and (I’m) just amazed with this whole experience.”The Buckeyes are next set to have the benefit of competing on their home floor once again as they host the NCAA Men’s Gymnastics Championships. OSU looks poised for a successful showing after dominating the conference championships, as six of the Big Ten teams it defeated ranked in the top 10 nationally. The event is scheduled to be held April 15 and 16 at St. John Arena. read more

Claude Puel mute on Andre Silvas future

first_imgLeicester City manager has declined comments on the future of Portuguese International Andre Silva despite making just one start in the Premier League for City this season.The 29-year-old is expected to go out on loan in January, with a possible return to his former club Sporting Lisbon likely. Andy King and Yohan Benalouane are also among Leicester city players likely to depart.“I cannot speak about any player but we know in the window we will see some moves for some players to get some game time,” he told Leicester mercury.“There will be some decisions made with different players.“We are only focused on this important game on Saturday and do not speak about the transfer window.Harry Maguire, Manchester UnitedLiverpool legend Nicol slams Harry Maguire’s Man United form Andrew Smyth – September 14, 2019 Steve Nicol believes Harry Maguire has made some “horrendous mistakes” recently, and has failed to find his best form since joining Manchester United.“It is not my concern at my moment. The most important thing is we have busy weeks ahead with a lot of games in a short time and we need to keep our focus on this game because we want to perform.“We will see in January what we decide to do with different players.“Perhaps in January it is a good opportunity to reduce the squad and to keep all the players with a positive attitude and concentration on our game.“We have 30 players and it is difficult to keep all the intensity and motivation for them all.“For them and for us it is a good thing to find a balance in the squad and we will see in time after some discussions with some players we will see the desire of the players.”last_img read more