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Billionaire Elon Musk says Twitter the social media company he is in the midst of rebranding as “X” will keep its headquarters in San Francisco despite the “doom loop” the city is facing as big-name businesses head for the exits.

Musk, who led a group of investors in acquiring Twitter that took the company private in a $44 billion deal last year, tweeted Saturday that the companys headquarters will remain in San Francisco despite receiving offers aimed at enticing the company to relocate.

“Many have offered rich incentives for X (fka Twitter) to move its HQ out of San Francisco. Moreover, the city is in a doom spiral with one company after another left or leaving. Therefore, they expect X will move too. We will not,” Musk explained.

“You only know who your real friends are when the chips are down. San Francisco, beautiful San Francisco, though others forsake you, we will always be your friend,” Musks tweet concluded.

San Franciscos economy has suffered from an exodus of businesses and residents in the last few years, creating a “doom loop” in which a local government enters a downward fiscal spiral as its tax base declines.

An urban doom loop involves a decline in workers present in offices in city centers, which results in businesses shrinking their office footprint and rental overhead.

The decline in demand causes real estate prices to fall, which in turn reduces property tax revenue while other sources of tax revenue, like sales tax, also take a hit due to the reduced traffic in downtown areas.

As the overall tax base declines, it becomes harder for city governments to fund public services like law enforcement as theyre forced to make trade-offs that include things like budget cuts or tax hikes to stabilize their finances both of which can drive more businesses and residents to depart if those policies have a negative effect on the economic climate or overall quality of life.

The growing popularity of remote work has accelerated that trend, decreasing the number of workers heading to the office on a daily basis as it becomes easier than ever for workers to live in suburban and rural areas without commuting.

The tech-heavy economy of San Francisco and criticisms of the city governments record on public safety issues have made it a case study in the dynamics that drive urban doom loops.

According to data from the Census Bureau, the population of San Francisco County declined by 7.5% from April 1, 2020, to July 1, 2022.

Commercial real estate firm CBRE released data in early July that showed that San Francisco had an overall office vacancy rate of 31.6% in the second quarter of 2023.

The CBRE report noted that in the last quarter “negative net absorption accelerated due to slow leasing activity, combined with a high volume of lease expirations and several new sublease listings.

This resulted in 1.83 million sq. ft. of occupancy loss, which increased the market-wide vacancy rate from 29.4% to 31.6%.”

Although Twitter isnt relocating its headquarters, the company has sought to shrink its office footprint in San Francisco and faced a lawsuit from its landlord earlier this year over unpaid rent  although the social media company has faced similar suits at offices in Denver, Oakland and London since Musk acquired Twitter and began a broad cost-cutting push to stabilize its finances.

Amid Twitters rebrand to X, city officials filed a complaint and opened an investigation into whether the company had the proper permits to install an illuminated “X” atop its downtown headquarters.

Police had stopped the installation last week but later said there was a “misunderstanding” and that the incident was not a police matter.

City officials say a permit is required to change letters or signs on buildings or to erect a new sign on top of a building.

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Starmer survives rebellion as watered-down welfare cuts pass key vote

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Starmer survives rebellion as watered-down welfare cuts pass key vote

Sir Keir Starmer’s controversial welfare bill has passed its first hurdle in the Commons despite a sizeable rebellion from his MPs.

The prime minister’s watered-down Universal Credit and Personal Independent Payment Bill, aimed at saving £5.5bn, was backed by a majority of 75 on Tuesday evening.

A total of 49 Labour MPs voted against the bill – the largest rebellion since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

Politics latest: Chancellor left in ‘impossible situation’ after PM survives welfare rebellion

After multiple concessions made due to threats of a Labour rebellion, many MPs questioned what they were voting for as the bill had been severely stripped down.

They ended up voting for only one part of the plan: a cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

The Institute for Fiscal Studies (IFS) said the bill voted through “is not expected to deliver any savings over the next four years” because the savings from reducing the Universal Credit health element for new claimants will be roughly offset by the cost of increasing the UC standard allowance.

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Just 90 minutes before voting started on Tuesday evening, disabilities minister Stephen Timms announced the last of a series of concessions made as dozens of Labour MPs spoke of their fears for disabled and sick people if the bill was made law.

How did your MP vote on Labour’s welfare bill?

In a major U-turn, he said changes in eligibility for the personal independence payment (PIP), the main disability payment to help pay for extra costs incurred, would not take place until a review he is carrying out into the benefit is published in autumn 2026.

An amendment brought by Labour MP Rachael Maskell, which aimed to prevent the bill progressing to the next stage, was defeated but 44 Labour MPs voted for it.

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Welfare bill blows ‘black hole’ in chancellor’s accounts

A Number 10 source told Sky News’ political editor Beth Rigby: “Change isn’t easy, we’ve always known that, we’re determined to deliver on the mandate the country gave us, to make Britain work for hardworking people.

“We accept the will of the house, and want to take colleagues with us, our destination – a social security system that supports the most vulnerable, and enables people to thrive – remains.”

But the Conservative shadow chancellor Mel Stride called the vote “farcical” and said the government “ended up in this terrible situation” because they “rushed it”.

He warned the markets “will have noticed that when it comes to taking tougher decisions about controlling and spending, this government has been found wanting”.

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‘Absolutely lessons to learn’ after welfare vote

Work and Pensions Secretary Liz Kendall said: “I wish we’d got to this point in a different way. And there are absolutely lessons to learn.

“But I think it’s really important we pass this bill at the second reading, it put some really important reforms to the welfare system – tackling work disincentives, making sure that people with severe conditions would no longer be assessed and alongside our investment in employment support this will help people get back to work, because that’s the brighter future for them.”

She made further concessions on Monday in the hope the rebels’ fears would be allayed, but many were concerned the PIP eligibility was going to be changed at the same time the review was published, meaning its findings would not be taken into account.

Her changes were:

• Current PIP claimants, and any up to November 2026, would have the same eligibility criteria as they do now, instead of the stricter measure proposed

• A consultation into PIP to be “co-produced” with disabled people and published in autumn 2026

• For existing and future Universal Credit (UC) claimants, the combined value of the standard UC allowance and the health top-up will rise “at least in line with inflation” every year for the rest of this parliament

• The UC health top-up, for people with limited ability to work due to a disability or long-term sickness, will get a £300m boost next year – doubling the current amount – then rising to £800m the year after and £1bn in 2028/29.

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Women’s Euros: Extreme heat warnings in place as tournament kicks off

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Women's Euros: Extreme heat warnings in place as tournament kicks off

The Women’s Euros begin in Switzerland today – with extreme heat warnings in place.

Security measures have had to be relaxed by UEFA for the opening matches so fans can bring in water bottles.

Temperatures could be about 30C (86F) when the Swiss hosts open their campaign against Norway in Basel this evening.

Players have already seen the impact of heatwaves this summer at the men’s Club World Cup in the US.

Players take a drink during a training session of Spain soccer team at the Euro 2025, in Lausanne, Switzerland Tuesday, July 1, 2025 Pic: AP
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The Spain squad pauses for refreshments during a training session. Pic: AP

It is raising new concerns in the global players’ union about whether the stars of the sport are being protected in hot and humid conditions.

FIFPRO has asked FIFA to allow cooling breaks every 15 minutes rather than just in the 30th minute of each half.

There’s also a request for half-time to be extended from 15 to 20 minutes to help lower the core temperature of players.

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FIFPRO’s medical director, Dr Vincent Gouttebarge, said: “There are some very challenging weather conditions that we anticipated a couple of weeks ago already, that was already communicated to FIFA.

“And I think the past few weeks were confirmation of all worries that the heat conditions will play a negative role for the performance and the health of the players.”

Football has seemed focused on players and fans baking in the Middle East – but scorching summers in Europe and the US are becoming increasingly problematic for sport.

Chloe Kelly celebrates with Beth Mead, right, after scoring her side's sixth goal at Wembley Stadium, in London, Friday, May 30, 2025. AP
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England are the tournament’s defending champions. Pic: AP

While climate change is a factor, the issue is not new and at the 1994 World Cup, players were steaming as temperatures rose in the US.

There is now more awareness of the need for mitigation measures among players and their international union.

FIFPRO feels football officials weren’t responsive when it asked for kick-off times to be moved from the fierce afternoon heat in the US for the first 32-team Club World Cup.

FIFA has to balance the needs of fans and broadcasters with welfare, with no desire to load all the matches in the same evening time slots.

Electric storms have also seen six games stopped, including a two-hour pause during a Chelsea game at the weekend.

This is the dress rehearsal for the World Cup next summer, which is mostly in the US.

Players are also feeling the heat at the Club World Cup in the US. Pic: AP
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Players are also feeling the heat at the Club World Cup. Pic: AP

The use of more indoor, air conditioned stadiums should help.

There is no prospect of moving the World Cup to winter, as Qatar had to do in 2022.

And looking further ahead to this time in 2030, there will be World Cup matches in Spain, Portugal and Morocco. The temperatures this week have been hitting 40C (104F) in some host cities.

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Wildfires erupt in Italy and France amid heatwave

FIFA said in a statement to Sky News: “Heat conditions are a serious topic that affect football globally.

“At the FCWC some significant and progressive measures are being taken to protect the players from the heat. For instance, cooling breaks were implemented in 31 out of 54 matches so far.

“Discussions on how to deal with heat conditions need to take place collectively and FIFA stands ready to facilitate this dialogue, including through the Task Force on Player Welfare, and to receive constructive input from all stakeholders on how to further enhance heat management.

“In all of this, the protection of players must be at the centre.”

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Politics

SEC approves conversion of Grayscale’s large-cap crypto fund into ETF

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<div>SEC approves conversion of Grayscale's large-cap crypto fund into ETF</div>

<div>SEC approves conversion of Grayscale's large-cap crypto fund into ETF</div>

Grayscale has slowly narrowed the arbitrage opportunities on its crypto trusts by converting them into exchange-traded funds.

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