What is it? [email protected] Janet Woodcock Tom Williams/CQ Roll Call/AP @NicholasFlorko Tags cancergovernment agenciespolicySTAT+White House Unlock this article — plus daily intelligence on Capitol Hill and the life sciences industry — by subscribing to STAT+. First 30 days free. GET STARTED Log In | Learn More Nicholas Florko By Nicholas Florko March 1, 2021 Reprints Politics WASHINGTON — In 2000, the Food and Drug Administration approved just three cancer drugs. Last year, even with the agency laser-focused on the coronavirus pandemic, much of its staff teleworking, the agency still approved a record-breaking 17 different cancer therapies — more than in any other category.That’s the legacy of FDA drug center chief Janet Woodcock. Washington Correspondent Nicholas Florko reports on the the intersection of politics and health policy. He is the author the newsletter “D.C. Diagnosis.” About the Author Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. GET STARTED What’s included? Janet Woodcock revolutionized the way the FDA reviews cancer drugs, inspiring her supporters and raising concerns for detractors Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr.
Under the proposal, a dealer firm would be fined $100 per day for each advisor it has failed to report CE credits for, beginning after the 10th business day of January and extending to the final business day of January.In a written submission, the Investment Industry Association of Canada (IIAC) voiced its support for the fee proposal. “The daily fine structure provides the opportunity for firms to rectify errors early and avoid or minimize the potential penalty by filing as soon as possible,” wrote Mustapha Saleem, a policy analyst with the IIAC.However, IIROC also proposed suspending advisors if their firms haven’t reported CE credits by the last business day of January — even though the advisors may have met their CE requirements. This proposal was met with less enthusiasm by some industry players.Sean Etherington, president of Toronto-based Assante Wealth Management Inc., wrote, “we do not believe the advisor should be suspended for the Dealer Member’s failure to update the continuing education reporting system in a timely manner.”Etherington also noted that the proposed suspensions would not only have the potential to punish advisors who have met their CE obligations, but also their clients.“For example, if the [advisor] is not able to provide advice and execute transactions, the client may suffer significant financial loss,” Etherington wrote. “This unintended consequence is not in the best interest of clients.”The Independent Financial Brokers of Canada (IFB) expressed a similar concern.“Suspension is a hefty penalty for the advisor and also for his/her clients,” the association wrote in a submission, adding that suspensions would subject clients to “inconvenience and confusion, while exposing the advisor to great reputational risk and economic loss.”IIROC’s proposal was silent on how an advisor would be reinstated following a suspension — an item on which the IIAC requested clarification.Changes to the VPP questionedIIROC also proposed amendments to its Voluntary Participation Program (VPP).Currently, the program allows former approved persons who choose to participate in IIROC’s CE program voluntarily to extend the validity of their Canadian Securities Course (CSC) by taking a list of approved courses.The VPP can be used to extend the validity of the CSC indefinitely, but IIROC has proposed limiting the extension to one CE cycle, among other changes. (IIROC’s CE cycles last two years.)This proposal was welcomed by the IIAC, but Monica Jacobs, a certified financial planner with MJ Squared Consulting Inc., suggested that a one-cycle limit on the CSC extension would “penalize individuals who have moved temporarily from the IIROC platform either by choice or circumstance.”“The fact that [those] enrolled in the VPP are proactively keeping track of their required Compliance and Continuing Education requirements at a substantial personal cost of time and money indicates a high level of commitment to maintaining competence in addition to an obvious intention to return to the IIROC platform,” Jacobs wrote in a submission.“I can think of no other example in finance or any other industry where a qualification is removed once it has been attained, and the required continuing education is completed and annual fees paid,” she added. “The knowledge does not simply disappear when one is no longer attached to the IIROC platform.”Jacobs also suggested that women would be affected disproportionately by a one-cycle limit to the CSC extension, noting that women often have to take time away from their careers to care for young or aging family members.“I’m sure it is not the intention of IIROC to place barriers in the way of women returning to work, but this policy will invariably have that effect,” she wrote.CE course provider unhappy with feesIIROC proposed that CE participants not receive credits for repeating the same courses unless those courses have been “substantially updated.”Learnedly Canada Inc., a Toronto-based provider of online CE material, agreed with this proposal, but said the current price structure of the Continuing Education Course Accreditation Process (CECAP), which accredits IIROC’s CE material, discourages course providers from making substantial updates to course material.In a written submission, Learnedly founder John Waldron said substantial updates to a course require the course to be re-accredited, rather than re-certified. Citing CECAP’s course review fees, Waldron claimed the cost of re-accrediting a course is “46% to 287% higher than the cost to re-certify a course with no material changes.”“This fee structure discourages course providers from updating accredited content in favour of leaving courses unchanged,” Waldron wrote.IIROC did, however, suggest that CE participants be allowed to repeat certain approved ethics courses in different CE cycles and still receive credit.Read all the submissions on IIROC’s proposed CE reforms here. Related news Facebook LinkedIn Twitter CFA Institute launches ESG credential globally IIROC launches consultation on competency requirements for reps andreypopov/123RF Share this article and your comments with peers on social media Keywords Continuing educationCompanies Assante Wealth Management, Investment Industry Association of Canada, Investment Industry Regulatory Organization of Canada New course eases fund reps’ access to alt funds Some of the proposed revisions to the Investment Industry Regulatory Organization of Canada’s (IIROC) continuing education (CE) program have drawn criticism from industry.In July, IIROC published a notice outlining the proposed changes, which included introducing a late filing fee for dealer firms that fail to report advisors’ CE credits to IIROC within 10 business days of the end of a CE cycle. Greg Dalgetty
Published: Jan. 11, 2011 Former University of Colorado football player Michael Sipili turned himself in to Boulder Police today in connection with allegations of sexual assault.The charges stem from incidents that occurred in the early morning hours of Dec. 4, 2010. Sipili is accused of sexual assault based on an incident that occurred at an informal gathering at an off-campus apartment. Sipili is not an active player on the CU roster, having completed his NCAA eligibility this past season, but is a CU-Boulder senior. It is unknown at this time if others will be charged in connection with the incident.CU-Boulder campus and athletic officials reacted swiftly in condemning the alleged assault.”We are extremely disappointed and troubled to learn of these accusations,” said CU Director of Intercollegiate Athletics Mike Bohn. “We want the members of the university community to know that we have dedicated ourselves to educating our young men and women regarding sexual assault and sexual harassment. Our resolve to collaborate with on- and off-campus partners on these issues remains steadfast, and those who do not embrace these values will face severe team and university penalties.”Bohn said reforms undertaken earlier in the decade under the leadership of then-Provost Philip P. DiStefano have taken root in the department and within the football program. He cited as an example presentations to players on issues of sexual assault and sexual harassment by speakers invited by former CU head football coach Dan Hawkins during his tenure (2005-10). The speakers included law enforcement officials and victims’ advocates.Bohn said CU student-athletes also focus on sexual assault issues as part of the CU Experience class offered to student-athletes, as well as in mandatory orientation sessions for all students that occur as a part of their freshman orientation at CU-Boulder.CU Athletic Department officials also serve with local CU and Boulder law enforcement officials and victims’ advocates on a working group formed with the Boulder District Attorney’s office. The group is charged with creating communication pathways and plans regarding student-athletes’ behavior, and addressing issues of violent crime, racism, alcohol abuse and other related issues.CU-Boulder Associate Vice Chancellor for Student Affairs and Dean of Students Deb Coffin said the measures Bohn outlined mean, at a very basic level, “that we will not tolerate sexual misconduct at CU-Boulder, or any actions that threaten the safety of women on our campus.””I want the entire community to know that this university has learned from the difficult lessons of our past,” Coffin said. “We have put in place a slate of campuswide policies that address sexual assault and sexual harassment. We communicate these policies to our students from their first moments on campus, and we hold them accountable to these standards during their time here.”Coffin pledged full cooperation with Boulder authorities in further investigating and prosecuting the case. Students accused of sexual assault also face hearings within CU-Boulder’s Office of Student Conduct and, if found responsible for sexual assault in those proceedings, face significant penalties.”Any CU student found responsible for a sexual assault faces penalties ranging from suspension to expulsion,” Coffin said.Incoming CU head football coach Jon Embree said he, too, would not tolerate personal misconduct, or violence against women, by CU players.”My philosophy on off-the-field issues is simple: It’s a privilege to be a University of Colorado Buffalo,” Embree said. “We have to hold ourselves to high standards of personal conduct, and if our players don’t embrace that, they will lose that privilege. On top of that, I intend to uphold the values the campus has established, and send a strong and consistent message to our players that respect for women is a basic requirement for being on this team.”FACT SHEETCU-Boulder measures to combat sexual assault and sexual harassment–The University of Colorado does not tolerate sexual harassment or sexual assault on the part of its students, student-athletes, faculty or staff. The university has taken strong measures within the last decade to educate our campus community about this issue, and has concurrently implemented strong policies to enforce these messages.–As a result of a slate of athletic reforms the university has undertaken since 2003, CU student-athletes receive extensive training and orientation on sexual harassment/sexual assault issues in multiple venues.–As CU students, student-athletes are trained on these issues in the new student orientation and move-in process through presentations, focused discussions and in team-specific presentations and messages from coaches, as well as in the CU Experience academic class.–The CU football team routinely hears from at least one guest speaker per season who focuses on issues of sexual assault-sexual harassment. These messages are reinforced with players collectively at many other moments.–Former head football coach Dan Hawkins took action against players violating team and campus policies, and coach Jon Embree has pledged to do the same. The university will cooperate fully with any further criminal investigation or prosecution.–CU officials helped to form, and continue to participate in, the CU-DA “Task Force for Student-Athlete Welfare” which was formed in 2009. This is a dialogue involving the CU-Boulder dean of students, athletic director, chief of police, CU victims’ advocates and counseling professionals who work with Boulder law enforcement officials, including the district attorney, to arrive at strategies to reduce sexual assault and educate student-athletes about the law, particularly the criminal justice system.–In 2004, CU-Boulder’s Sexual Assault Sexual Harassment (SASH) task force was formed by then-Vice Chancellor for Student Affairs Ron Stump. The group monitors the campus climate on sexual assault, harassment and women’s safety issues, looking for ways to reduce gender violence.–CU has acted on its values by adding key personnel to assist the general campus and Intercollegiate Athletics in conveying sexual assault messages, offering resources to victims and education to the community. A position was added to the Office of Victims Assistance in order to expand victim advocacy resources and violence prevention education.–In addition to hiring a victims’ advocate, Davian Gagne, in 2008, the university hired Sheila Ridley to serve as director of student development and student welfare. Ridley is now a member of the Sexual Assault Sexual Harassment task force and has coordinated her efforts with student health efforts at CU-Boulder’s Wardenburg Health Center. Ridley also has covered sexual assault prevention and related issues in her CU Experience classes for student-athletes.–In 2009, CU Title IX Consultant Nancy Hogshead Makar detailed the university’s challenges and progress in addressing the campus climate for women in general and the climate for women related to intercollegiate athletics in particular. In a report presented to the CU administration, Hogshead Makar noted that “while the Simpson lawsuit was pending, CU began integrating the Athletics Department into the CU campus umbrella, rather than treating it as a satellite operation. It continues this process of integration.” Describing her experience in working with CU officials and staff to conduct her Title IX review in 2009, Hogshead Makar wrote in the report, “I am continually struck by the degree of investment people had in a positive outcome for students and for the community as a whole.”–In 2010, the university hired Dr. Donald Misch as associate vice chancellor for health and wellness, and charged him with unifying efforts to address alcohol, drugs and sexual health issues.The Student Conduct Policies and Procedures document is located at www.colorado.edu/studentaffairs/studentconduct/downloads/StudentConductPoliciesandProcedures.pdf.Office of Orientation: Family Conversations about Sexual Assault is located at www.colorado.edu/orientation/conversations/assault.html.The university’s safety page on sexual assault is located at www.colorado.edu/safety/awareness/sexassault.html. Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail
Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Categories:EnvironmentScience & TechnologyNews Headlines A prescribed fire at the Joseph W. Jones Ecological Research Center in Georgia. Photo: USFWS Humans use fire for heating, cooking, managing lands and, more recently, fueling industrial processes. Now, research from the University of Colorado has found that these various means of using fire are inversely related to one another, providing new insight into how people are changing the face of fire.The results were published today in the journal Philosophical Transactions of the Royal Society B and presented at a meeting of the Royal Society in London as part of a discussion on fire and mankind.Over time, the majority of human fire use has shifted from indigenous burning to agricultural burning to fossil fuel burning. The findings show that locations on the planet with high fossil fuel emissions and biomass burning emissions are rare, suggesting an inverse relationship in which an increase in one causes a decline in the other.“We call this the ‘combustion ladder’ – where fire management shifts towards using more efficient and safer forms of combustion that may ultimately exclude open use of fire in the landscape,” said Jennifer Balch, director of Earth Lab and assistant professor in the Department of Geography at CU-Boulder and lead study author.The new study, which incorporates satellite data on fire with fossil fuel emissions data from a 14-year period between 1997 and 2010, marks one of the first times this shift has been tested with global data.“One important next step is to distinguish between natural landscape fires, fires started accidentally by humans and fires deliberately started as part of land management,” said Andrew Scott, a professor at the Royal Holloway University of London and a co-author of the study.“Despite our push to contain combustion, there are still fires in places that can be very damaging,” said Balch. “We’ve tried the experiment in the U.S. of trying to remove fire completely, and it doesn’t work. We spend two to three billion dollars every year fighting fires. In the western U.S. in particular, we live in flammable places, and must learn to coexist with fire.”Other co-authors on the new study include Chelsea Nagy of CU-Boulder; Sally Archibald of the University of the Witwatersrand (South Africa); David Bowman and Grant Williamson of the University of Tasmania (Australia); Max Moritz of the University of California, Berkeley; and Christopher Roos of Southern Methodist University.Contact:Jennifer Balch, [email protected] Knoss, CU-Boulder media relations, [email protected] Published: May 22, 2016
Telenor, Axiata plot Malaysian merger Tags Home Telenor Q2 buoyed by Nordic rebound and Asian growth Previous ArticleApple relies on iPhone for strong performanceNext ArticleBroadcom winds down cellular baseband business at expense of 2,500 jobs Author Ken Wieland AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 23 JUL 2014 Telenor advances multi-vendor SA 5G Ken has been part of the MWC Mobile World Daily editorial team for the last three years, and is now contributing regularly to Mobile World Live. He has been a telecoms journalist for over 15 years, which includes eight…More Read more Telenor books loss on $780M Myanmar write-off Telenor Group posted a modest 1.6 per cent growth in second quarter organic revenue, to NOK26.8 billion ($4.3 billion), but was still able to revise upwards its full-year EBITDA guidance as mobile operations in Norway, Sweden, Bangladesh and Pakistan each delivered solid results.“On the back of strong performance so far this year and our estimates for the remainder of 2014, we now expect an EBITDA margin above last year while our revenue outlook remains at low single digit organic growth,” said Jon Fredrik Baksaas (pictured), Telenor CEO.EBITDA margin was 35.1 per cent for the first half of the year, eclipsing last year’s 34.5 per cent.Telenor also had a strong showing in India and Malaysia, although Denmark and Thailand remain “challenging”.Underlying mobile service revenue for the group, driven by data usage, was up 4 per cent.In Norway, which accounts for around a quarter of group turnover, Q2 sales were up 6 per cent, to NOK6.5 billion.The increase was helped by a mobile ARPU hike from NOK280 (Q2 2013) to NOK304 as customers consumed more data.Refreshingly, Telenor gives median mobile data usage figures in Norway (which avoids distortions that average figures can sometimes produce if there’s a small minority gobbling up vast quantities of gigabytes).Median data usage was 232MB in Q2, nearly double from last year’s Q2 (123MB).In Sweden, although Q2 revenues were down 1 per cent year-on-year, to NOK2.84 billion, there was a 6 per cent growth in underlying mobile revenue growth (and a 2.5 percentage point increase in EBITDA margin.)Revenues in Demark slumped a worrying 12 per cent, to NOK1.17 billion, as operations there undergo a transformation programme.Bangladesh and Pakistan each delivered strong top-line performances for the quarter, up 10 per cent and six per cent respectively.Telenor’s operations in India attracted two million new mobile subscribers, helping organic revenues grow 46 per cent to a shade over NOK1 billion.Stiff pricing regulation and political uncertainty in Thailand, however, weighed heavily on results. Telenor’s sales there plummeted 11 per cent to just over NOK4 billion.“While [group] results are strong, the high investments in modern infrastructure and changes in customer expectations demand continued efficiency improvements, as well as strong efforts for building capabilities for the future,” added Baksaas.Telenor’s net income fell from NOK3.25 million to NOK2.32 billion after one-time costs from associated companies. FinancialRegulatoryTelenor Related
Email HELENA – Medical marijuana advocates in Montana said Monday that they hope to start gathering signatures soon in an effort to block stringent new state regulations, even as the group awaits a judge’s decision on a legal challenge to the new law.The Montana Cannabis Industry Association has so far made the court arguments the focal point of its effort to derail a law that goes into effect Friday. A Helena judge has indicated he may block at least part of it.But medical marijuana growers have a backup plan if the whole law is not stuck down in court. The advocates are confident they will be able to gather enough signatures in the coming months to suspend the law until voters can decide in 2012.The attorney general’s office revised the group’s proposed ballot language late last week, toning down the description of the new restrictions put in place by the Legislature.The industry was working with election officials early this week to finalize wording on the forms that will be used to gather signatures.The Montana Cannabis Industry Association said it is confident it can gather the number of required signatures to suspend the law before the Sept. 30 deadline to do so.It would take 15 percent of the number of voters who voted in the 2008 gubernatorial election from at least 51 legislative districts to suspend the law. That would return the state to the old law first approved by voters in 2004, and voters would then be asked to approve or reject the new law on the 2012 ballot.It would take more than 35,000 signatures to suspend the law, and perhaps thousands more depending on which legislative districts the group chooses to target for signatures.The group could collect signatures from just 5 percent of those voters to put the question on the 2012 ballot, but the new law would remain in place during the interim.The group plans to train volunteers before kicking off the signature drive in early July. The group said the volunteers are motivated to go out and get signatures to protect their livelihoods or their supply of medical marijuana.“We feel like we already have a pretty significant and enthusiastic infrastructure that is overeager to collect signatures,” said Kate Cholewa, with the Montana Cannabis Industry Association. “We have people eager to sign these who aren’t patients, who aren’t caregivers, people don’t like the Legislature undoing what the people did.”The industry was in support of an interim compromise that would have put more restrictions on the industry while allowing much of it to remain in place and making it more difficult to get a medical marijuana card.But Republicans during the legislative session earlier this year, holding out for a bigger crackdown, forced the more stringent law that does away with the for-profit dispensary industry.Critics argued that medical marijuana had grown out of control. Montana has more than 30,000 registered medical marijuana users out of a total population of less than 1 million — one of the highest adult user rates out of the 15 states that allow medical use of the drug. Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox.
February 10, 2010 Published by Site Default Leave a Reply Cancel ReplyYou must be logged in to post a comment. LinkedIn 0 CMU Australia Scholarships for International Students Pocket Tweet Deadline: 31/03/2010Open to: applicants with master’s qualifications in political science or related fieldFund: $25,000 per annumUniversity of Sydney offers a full-time postgraduate scholarship (commencing in Semester 2, 2010) to undertake research leading to a PhD in international conflict. The project will investigate the roles of norms, political culture, values, and/or similar factors in patterns of interstate conflict across different regions of the world. The research will be complementary to, and in close interaction with, an ARC-funded project on the role of political institutions in regional conflict dynamics.Eligibilty– applicant should have a strong Honours degree, and/or master’s qualifications in political science or related field– applicants should have a particular interest in theories of international conflict, and strong skills in qualitative social science research methods.Local and international students can apply however tuition fees payable by international students are not covered by this scholarship.ScholarshipThe scholarship is valued at $25,000 per annum (tax exempt) and may be renewed for up to three years, subject to satisfactory progress.Application processApplicants should submit following documents:1. CV2. a copy of an academic transcript,3. the names and contact details of at least two refereesand sent it by 31 March 2010 to Dr. Benjamin Goldsmith at: [email protected] mail to following address:Dr. Benjamin GoldsmithDepartment of Government & International RelationsMerewether H04The University of SydneyNSW 2006For further information contact Dr. Benjamin Goldsmith at: [email protected] detailed info ← Fellowships at the National Gallery of Canada +1 PhD Scholarship in International Conflict, Sydney Similar Stories Share 0 Showing the best of you! → Reddit PhD Scholarship in Archaeo-geochemistry: ISOTOPES AND TRACE ELEMENT IN HUMAN REMAINS Google PhD Fellowship Program for graduate students
We’ll send you our regular newsletter and include you in our monthly giveaways. PLUS, you’ll receive our exclusive Rider Fitness digital edition with 15 exercises for more effective riding. Subscribe to the Horse Sport newsletter and get an exclusive bonus digital edition! Email* Horse Sport Enews Equestrian Canada (EC) is pleased to announce the up-and-coming eventing stars set to represent Canada in the eventing portion of the 2017 Adequan/FEI North American Junior & Young Rider Championships (NAJYRC), presented by Gotham North, set to take place July 20-23, 2017 at Rebecca Farm in Kalispell, MT.Two complete teams have been named to represent Canada. The following athletes will compete on the CICOY 2* Young Rider Nations’ Cup Team:Rider / Hometown / Horse / OwnerAnne-Sophie Levesque / Cochrane, AB / Eskapade / Anne-Sophie LevesqueAnnick Niemuller / Goodwood, ON / FE Akari / Cheryl Niemuller / FE Black Jack / Karl NiemullerApril Simmonds / Uxbridge, ON / Impressively Done / Faydon Enterprises Ltd. & April SimmondsEmily Thompson / East Gwillimbury, ON / Paddington / Emily ThompsonAlberta Chef d’Équipe: Julie Simard – Cochrane, ABOntario Chef d’Équipe: Penny Rowland – Mono, ONThe following athletes will compete on the CHJ 1* Junior Championship Team:Rider / Hometown / Horse / OwnerChloe Duffy / Sombra, ON / Oro Veradero / Chloe Duffy|Tosca Holmes-Smith / Chase, BC / Fiat / Ali Holmes-SmithElla Marquis / Caledon, ON / Meadowbrook’s Pollyanna / Mark MarquisEva Marquis / Caledon, ON / Hollywood / Mark MarquisBritish Columbia Chef d’Équipe: – Maeve Drew – Duncan, BCOntario Chef d’Équipe: Penny Rowland – Mono, ONFor more information on NAJYRC 2017, visit www.youngriders.org. Further information on Rebecca Farm can be found at www.rebeccafarm.org. Tags: NAJYRC, Adequan/FEI North American Junior & Young Rider Championships, More from Horse Sport:Christilot Boylen Retires From Team SportAfter an exemplary career as one of Canada’s top Dressage riders, seven-time Olympian Christilot Boylen has announced her retirement from team competition.2020 Royal Agricultural Winter Fair CancelledFor only the second time in its history, The Royal Agricultural Winter Fair has been cancelled but plans are being made for some virtual competitions.Royal Agricultural Winter Fair Statement on 2020 EventAs the Province of Ontario starts to reopen, The Royal’s Board and staff will adhere to all recommendations put forward by government and health officials.Government Financial Assistance for Ontario FarmersOntario Equestrian has recently released this update of several financial assistance packages available, including those for farm business. SIGN UP
After seven months of due diligence, developer Michael Shvo bet on New York real estate emerging from the coronavirus pandemic last week — by making an offer to buy a building on Fifth Avenue.“What we’re facing now — we don’t know the end of this, but we know eventually there will be an end,” he said.With the global economy in limbo, Shvo spoke with The Real Deal’s publisher Amir Korangy as part of a live series of webinars in which TRD discusses the coronavirus crisis with major industry stakeholders. During the hour-long talk, the developer invoked the Bible, quoted Batman and said he’ll always be bullish on New York City, even if its density has made it vulnerable to the outbreak of Covid-19.“I want to invest in New York City, that’s where the people are,” he said.“There are selective groups that have a lot of cash, dry powder — us being one of them — that will look at opportunities,” he said. “We’re not looking at opportunities because ‘Oh my god, coronavirus came.’ We think the seller may be more motivated. Today, you’re pricing coronavirus into anything you do. That’s the reality… we’re in the middle of the storm.”Over the last 18 months, Shvo and his partners have acquired $3.5 billion in real estate around the U.S., including Chicago’s “Big Red” office tower for $370 million and the Transamerica Building in San Francisco for $700 million. “The strategy has been very consistent,” Shvo said. “We were buying — and we still are — buying core assets and opportunistic investments.”With the market turned on its head, having credit tenants is reassuring. “The Chicago Housing Authority ain’t going anywhere. Neither is Northern Trust Bank,” Shvo said of his tenants in Chicago. But the fear is real. “This is like the Hunger Games right now,” he said. “The strongest will survive. Some of the smaller companies can’t.”In general, he said the full impact of the pandemic on Class A office prices won’t be known for a few weeks when rent checks come due. But he predicted cap rates would likely contract. Shvo disagreed with the idea that the pandemic would alter the way employers think about office space.“I do not think all of a sudden you’re going to see a massive shift that people don’t need offices and don’t want offices,” he said. “They need human interaction. They need to go somewhere.”Shvo, who began his real estate career as an agent at Douglas Elliman, said he doubted that residential living would change significantly post-coronavirus. (“Nobody’s buying apartments right now, so all the virtual tours are fantastic, but no one is buying apartments,” he said. “I would suggest to brokers in today’s world that you’ve got to educate yourself so when we come out of it you can capitalize on [your knowledge].”)Shvo said the key to staying sane while quarantined is to maintain a schedule and he has insisted that Shvo employees get on Zoom calls to see each others’ faces. “Wake up at the same time, shower, exercise,” he said. He invoked the Biblical story of creation and said that God catalogued each animal one by one. “The point is, we are creatures that need structure.”Although pandemics wouldn’t be factored into underwriting, he said force majeure clauses will be scrutinized. “You’re going to see a lot of lawyers overthink and over negotiate these clauses,” he said.During the conversation with Korangy, Shvo dished about deals and weighed in on everything from WeWork to the fate of the hotel industry. He summed up real estate’s new reality this way: “Until two weeks ago, you woke up, ran to make more money, ran to buy buildings,” he said. “Now you want to make sure you have food, toilet paper and a job.”Shvo, who owns the Raleigh, Richmond and South Seas Hotels in Miami, said he had to shut them down because of coronavirus. “It’s obviously not great,” he said. He had planned to close the Raleigh in June anyway, in order to build a 200-foot-tall residential tower.In general, he predicted the hospitality business would rebound, starting with lower-end hotels. “People are going to continue to travel, it’s in our DNA.” Hotels and restaurant owners that are highly levered or rely on small margins would have a tougher time re-opening. Right now, many are operating out of fear. Again, he referenced the Old Testament, re-telling the story of Noah and the flood. “After the flood, God told Noah I’m never doing this again,” he said.After invoking the Bible several times, Shvo said it’s important to have something that roots you during tough times. “With my tax thing, overnight, all of a sudden life changed,” he said. “There was fear. You’re not in control of your future. Thank God I went through this. I can tell you, the darkest moment of the day is always just before dawn… It really makes you appreciate what you have on a day-to-day basis.”He also dished about recent deals, including the $700 million acquisition of the iconic Transamerica Building in San Francisco. Shvo said his group’s experience working with brands — whether Aman or Armani — gave it an edge over other bids. “Part of the deal is they’re keeping their name on the building for 99 years,” he said.Shvo ended with the following advice: “When you go through hardship — and I’ve been through enough hardship — you know who your friends are,” he said. “When you’re worried about your lenders, your tenants… the way you treat tenants and lenders treat you… this will go away, but we’ll all remember how people behaved when things got tough.” This content is for subscribers only.Subscribe Now
OKO Group, the US-based development company founded by international real estate and hotel magnate Vladislav Doronin, and Cain International, a privately held real estate investment firm, have revealed plans for 830 Brickell, the first new office tower to launch in Miami in nearly a decade. The soaring 57-story, 724-foot-tall skyscraper designed by one of the world’s leading architecture firms will introduce a premium commercial offering to the city’s booming financial district and will reinvent the workplace lifestyle for the highest-caliber of global workforce. Cushman & Wakefield’s leasing team is launching the marketing of the building to prospects now, ahead of 830 Brickell’s completion in 2021.At the core of 830 Brickell’s innovative approach to office space is its stunning design by Adrian Smith + Gordon Gill Architecture (AS+GG), the internationally acclaimed firm responsible for the world’s tallest buildings, including the Burj Khalifa, Jeddah Tower and the tallest residential building in the U.S., New York’s Central Park Tower. The tower will feature spectacular only-in-Miami panoramic ocean and city views, floor-to-ceiling windows, column-free spans, state-of-the-art digital infrastructure with Wired certification and a LEED Silver certification due to its progressive environmentally efficient design. It will be Miami’s most contemporary office tower, befitting the city’s growth into an international capital of business.“The 830 Brickell development, in its unmatched location, will enhance and elevate the commercial landscape of Miami, helping to attract world-players in finance and business to this thriving city. In my 26-year career as a developer I have built 71 commercial and residential buildings totaling over 75 million square feet, I am proud to be bringing what will be the best office building to Miami with 830 Brickell,” says Vladislav Doronin, Chairman and CEO of OKO Group.Set within the urban destination of Miami’s Brickell neighborhood, 830 Brickell is at the center of the city’s most exciting cultural, culinary and retail experiences. Tenants will have direct, walkable access to Brickell City Center, Mary Brickell Village, Downtown Miami offering a suite of upscale hotels and restaurants. Known as the city’s financial district and the Wall Street of Latin America, Brickell is a rapidly transforming neighborhood for residents, tourists and businesspeople alike. The location is also convenient to Miami International Airport as well as the Port of Miami. 830 Brickell will also be differentiated by its unprecedented lifestyle offerings for a commercial tower, which will promote out-of-the-box collaboration, work-life balance and wellness. Aimed at attracting the world’s largest companies and progressive visionaries, the project touts an elite roster of first-rate amenities – including an upscale rooftop restaurant and bar on the 56th and 57th floors, a 30th floor sky lobby with a nearly 2,500-square-foot health and wellness center and first-class conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking and electric vehicle charging stations, cafés and shopping. Offering white-glove customer service, the tower also boasts a forward-thinking culture of seamlessness, highlighted by a 24-hour concierge responsible for event planning and coordination, booking restaurant reservations, sending out dry cleaning, organizing deliveries and more. Additional services will include bicycle storage, a shoe shining stations and much more.This project is innovative through its use of programming outdoor spaces that serve as amenities for the tenants, both at the podium level and at the skyline level. The rooftop restaurant and bar are outstanding amenities, affording sweeping views of downtown that will energize the building at night. Additional roof terraces will allow tenants to enjoy the Miami weather without being on the street level. The 30th floor sky lobby with café and fitness center offers more advantageous views to all tenants.This commercial tower will set the new gold standard in Miami and will be the catalyst for additional high-end development in the area. The design of 830 Brickell was influenced and inspired by the world-class-quality of art infused in the city since the introduction of the Art Basel Miami Beach fair in 2002. AS+GG’s aim was to elevate the architectural expression of the building to the level of museum-quality art.