close video San Franciscos crime, economy struggles only a temporary issue: Michael Pestronk
Post Brothers CEO Michael Pestronk outlines why he believes San Francisco provides a huge opportunity for investment despite economic and social struggles.
Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, becoming the latest major firm to high-tail it out of the troubled California city.
"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.
General view of the Westfield Century Theatres in San Francisco, California on Wednesday, June 14, 2023. (Flightrisk for Fox News Digital / Fox News) Ticker Security Last Change Change % CNK CINEMARK HOLDINGS INC. 17.24 -1.14 -6.20%
The theater is located in the Westfield San Francisco Centre, whose owner, shopping center giant Westfield, announced Monday it would be handing the property back to a bank due to "the challenging operating conditions in downtown San Francisco."
SAN FRANCISCO ICE CREAM SHOP ROBBED TWICE IN ONE MORNING, OWNER FORCED TO TOSS GALLONS OF PRODUCT
The mall remains operational amid the search for a new buyer, but Westfield said prior to Cinemark's announcement the property would only be 55% leased when Nordstrom packs up from the location at the end of August as part of the high-end retailer's recent decision to close both its downtown San Francisco locations due to the "dynamics" of the area.
Shoppers leave the Westfield San Francisco Centre in San Francisco on April 13, 2022. Westfield announced this week it is handing the property back to a bank, citing “challenging operating conditions in downtown San Francisco.” (Justin Sullivan/Getty Images / Getty Images)
Westfield's other properties are 93% leased, on average.
Westfield's decision came days after major hotelier Park Hotels & Resorts announced it had stopped making payments on a $725 million loan for its Hilton San Francisco Union Square and Parc 55 San Francisco properties, pointing to several "major challenges" in the city.
FED UP SAN FRANCISCO RESIDENTS FORCED TO SELF-FUND HEAVYWEIGHT PLANTERS TO BLOCK HOMELESS ENCAMPMENTS
The stream of departures comes amid a growing exodus of retailers fleeing downtown San Francisco for various reasons as the city continues to struggle with retail theft, homelessness and a raging drug crisis.
A homeless encampment along Willow Street in the Tenderloin district of downtown San Francisco is seen on Feb. 24, 2022. A stream of major businesses have announced they are leaving San Francisco’s downtown area as the city grapples with crime. (Gary Coronado/Los Angeles Times via Getty Images / Getty Images)
Following Westfield's announcement, San Francisco Republican Party Chairman John Dennis blamed progressive policies for running businesses out of town, telling FOX Business that San Francisco is "the worst managed city in America."
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But California Democratic Rep. Ro Khanna told FOX Business' "Cavuto: Coast to Coast" on Tuesday that despite crime problems, the claims of a "mass exodus" of businesses from San Francisco are not true, and the major tech hub is thriving.
Andy Burnham has hit out at allies of Sir Keir Starmer for “demanding simplistic statements of loyalty”, claiming they are underestimating the “peril” Labour is in.
The mayor of Greater Manchester insisted his recent interventions have not been about “personal ambition”, but starting an “open debate” about the direction of the party ahead of potentially catastrophic local and devolved elections next year.
In the lead up to Labour’s annual conference in Liverpool this week, the so-called “King of the North” has accused Sir Keir of having no vision for the country, while setting out his own policy proposals.
It has fuelled mounting speculation he could launch a future leadership challenge against the prime minister, who in turn has compared Mr Burnham to Liz Truss.
At a fringe event on the opening day of the conference, the Northern mayor said: “I was clear in the interviews I gave last week, I wanted to launch a debate about the direction of the party and getting a plan to beat Reform UK.
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“Those out there making calls for simplistic statements of loyalty are underestimating the peril the party is in.”
Two polls this week have predicted Reform UK leader Nigel Farage will become the next prime minister, while a poll of Labour members found more than half of them don’t want Sir Keir to fight the next general election.
Mr Burnham later turned up to a rally about Proportional Representation (PR), in which he insisted he wanted “this government to work”.
He received a rapturous reception as he entered the room, flanked by over a dozen photographers.
Image: Andy Bunrham flanked by media at a fringe event
Mr Burnham made light of the attention, quipping that “there’s nothing more unstoppable than an idea whose time has come”, in reference to PR.
But this was not the focus of the punchy speech that followed, in which he criticised the Labour leadership’s handling of dissent, saying a “climate of fear” was preventing MPs from having an “open debate” about the direction of the party.
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A handful of Labour MPs have been suspended over the past year for criticising the government on issues like welfare reform and the two child benefit cap, but Mr Burnham has the freedom to be outspoken as he is not a member of parliament.
He said he had been accused of “all sorts of things” in the past week but had done “nothing more than launch a debate”.
Mr Burnham drew clear dividing lines in a recent interview with The New Statesman, as he said the country should be “less in hock to the bond markets”, called for a greater focus on council housing and said public utilities should be nationalised.
It fuelled speculation of an impending leadership challenge, given Mr Burnham fought twice to run the Labour Party while he was an MP, before stepping down in 2017 to run for the metro mayor position. He has not ruled out a return to Westminster and last week claimed Labour MPs have privately asked him to stand.
Sir Keir tried to shut down the narrative by suggesting Mr Burnham’s policies would unleash the economic chaos of Ms Truss, whose fatal mini budget sent the markets into meltdown, as he dismissed the “personal ambitions of the mayor”.
However, in a direct message to “those who say that I’m speaking out purely for my own ambition”, a defiant Mr Burnham said: “I can say to you tonight I am speaking out for the thousands of councillors here at this conference who are worried about going to those doorsteps next May, speaking for the members of the Senedd who, again, are working hard to keep Wales Labour… and, of course, members of the Scottish parliament as well, who want a stronger story about Labour to go to those doorsteps.
“I’m speaking out for the millions of good people around Britain who want a more hopeful direction for the country.
“I think we can do it. I honestly believe it can be done. We can make this government work, we can find that more hopeful direction and we can win again at the next general election.”
The speech was met with a big round of applause from members, while one Labour MP told Sky News it was a “great speech”.
And while cabinet ministers have called for the party to unite behind the prime minister to fight Reform UK – there appeared to a change in tone from Wes Streeting as the first day of conference drew to a close.
The health secretary told a fringe event that the government must be “open to challenge” from within.
He said: “We’ve got to be self-confident enough as ministers to be open to challenge, and openly debate different ideas, because it makes you stronger as a government.”
The brutality of Russia’s drone assaults on Ukraine’s towns and cities shows no let up.
“Savage strikes, a deliberate targeted terror” is how the Ukrainian President Volodymyr Zelenskyy described the latest overnight bombardment.
Some 595 attack drones and 48 missiles were involved and even if only a small fraction made it through Ukrainian air defences, the destruction – in Sumy and Odessa, Zaporizhia and Kyiv – is significant.
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2:57
Russia strikes Kyiv in major attack
Also overnight, Denmark reported yet more drone sightings.
It has not named Russia directly but after a week in which unidentified drones have resulted in the temporary shutdown of military and civilian airports, it is banning all civil drone flights and describing the threat as a hybrid attack.
Germany is also raising the alarm over unexplained drone activity along its border with Denmark.
Germany’s interior minister said on Saturday: “We are witnessing an arms race, an arms race between drone threats and drone defences. It is a race we cannot afford to lose.”
NATO is having to deploy extra assets to beef up its Baltic Sea defences and its Eastern flank.
European nations are working to establish a drone wall along their borders with Russia and Ukraine.
Germany is setting up a drone defence centre to make sure it has what it needs to protect itself.
The Kremlin is forcing NATO to divert assets to protect its airspace and sub-sea infrastructure at a time when Europe is trying to work out how best to support and finance Ukraine.
With drones an inexpensive element of its hybrid warfare arsenal, Russia is sending a clear warning that it can relatively easily chip away at Europe’s defences and that Europe had better focus on protecting itself.
“If NATO begins to look too rattled, that actually is encouragement for Putin precisely to step up the pressure,” says Mark Galeotti, a specialist in Russian security. “So really we need to be holding our nerve.
“Yes, reserving the right to shoot things down that look like direct threats, but otherwise actually talking down, not talking up, the nature of the threat while of course we arm so that we are even more prepared.”
Last week, Estonia said its fighter jets had escorted three Russian MIG fighter jets out of their airspace after a 12-minute incursion, which Russia denies ever took place.
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3:24
Russia denies violating Estonia airspace amid NATO outrage
On Saturday, Estonia pledged €10m (£8.7m) to NATO’s “Prioritised Ukraine Requirement List” or PURL programme, which sees US-produced weapons, paid for by NATO’s European partners, fast-tracked to Ukraine.
Zelenskyy posted on Sunday after speaking with the NATO secretary general that PURL is moving forward well. And that is just what Russia is trying to prevent.
Andy Burnham has hit out at allies of Sir Keir Starmer for “demanding simplistic statements of loyalty”, claiming they are underestimating the “peril” Labour is in.
The mayor of Greater Manchester insisted his recent interventions have not been about “personal ambition”, but starting an “open debate” about the direction of the party ahead of potentially catastrophic local and devolved elections next year.
In the lead up to Labour’s annual conference in Liverpool this week, the so-called “King of the North” has accused Sir Keir of having no vision for the country, while setting out his own policy proposals.
It has fuelled mounting speculation he could launch a future leadership challenge against the prime minister, who in turn has compared Mr Burnham to Liz Truss.
At a fringe event on the opening day of the conference, the Northern mayor said: “I was clear in the interviews I gave last week, I wanted to launch a debate about the direction of the party and getting a plan to beat Reform UK.
More from Politics
“Those out there making calls for simplistic statements of loyalty are underestimating the peril the party is in.”
Two polls this week have predicted Reform UK leader Nigel Farage will become the next prime minister, while a poll of Labour members found more than half of them don’t want Sir Keir to fight the next general election.
Mr Burnham later turned up to a rally about Proportional Representation (PR), in which he insisted he wanted “this government to work”.
He received a rapturous reception as he entered the room, flanked by over a dozen photographers.
Image: Andy Bunrham flanked by media at a fringe event
Mr Burnham made light of the attention, quipping that “there’s nothing more unstoppable than an idea whose time has come”, in reference to PR.
But this was not the focus of the punchy speech that followed, in which he criticised the Labour leadership’s handling of dissent, saying a “climate of fear” was preventing MPs from having an “open debate” about the direction of the party.
Spotify
This content is provided by Spotify, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spotify cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spotify cookies.
To view this content you can use the button below to allow Spotify cookies for this session only.
A handful of Labour MPs have been suspended over the past year for criticising the government on issues like welfare reform and the two child benefit cap, but Mr Burnham has the freedom to be outspoken as he is not a member of parliament.
He said he had been accused of “all sorts of things” in the past week but had done “nothing more than launch a debate”.
Mr Burnham drew clear dividing lines in a recent interview with The New Statesman, as he said the country should be “less in hock to the bond markets”, called for a greater focus on council housing and said public utilities should be nationalised.
It fuelled speculation of an impending leadership challenge, given Mr Burnham fought twice to run the Labour Party while he was an MP, before stepping down in 2017 to run for the metro mayor position. He has not ruled out a return to Westminster and last week claimed Labour MPs have privately asked him to stand.
Sir Keir tried to shut down the narrative by suggesting Mr Burnham’s policies would unleash the economic chaos of Ms Truss, whose fatal mini budget sent the markets into meltdown, as he dismissed the “personal ambitions of the mayor”.
However, in a direct message to “those who say that I’m speaking out purely for my own ambition”, a defiant Mr Burnham said: “I can say to you tonight I am speaking out for the thousands of councillors here at this conference who are worried about going to those doorsteps next May, speaking for the members of the Senedd who, again, are working hard to keep Wales Labour… and, of course, members of the Scottish parliament as well, who want a stronger story about Labour to go to those doorsteps.
“I’m speaking out for the millions of good people around Britain who want a more hopeful direction for the country.
“I think we can do it. I honestly believe it can be done. We can make this government work, we can find that more hopeful direction and we can win again at the next general election.”
The speech was met with a big round of applause from members, while one Labour MP told Sky News it was a “great speech”.
And while cabinet ministers have called for the party to unite behind the prime minister to fight Reform UK – there appeared to a change in tone from Wes Streeting as the first day of conference drew to a close.
The health secretary told a fringe event that the government must be “open to challenge” from within.
He said: “We’ve got to be self-confident enough as ministers to be open to challenge, and openly debate different ideas, because it makes you stronger as a government.”