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The Big Apple is still seeing fewer tourists than before the COVID pandemic amid concerns about crime, according to a report released by the state comptrollers office Thursday.

The number of people who visited New York City last year — 62.2 million — was about 7% less than the 66.6 million tourists tallied in 2019, Comptroller Tom DiNapoli found.

Our city and state leaders need to focus on keeping New York a desirable and safe destination for individuals and families from around the world, DiNapoli said in a statement accompanying the report.

DiNapolis analysis cited high prices as an issue that could be contributing to the slower recovery, too, including for business or trade conventions.

Some visitors may also be hesitant to return amid perceptions of crime and public safety in the City, the report said, noting Gov. Kathy Hochul deploying the National Guard in the subways in response to a series of highly publicized violent crimes, along with beefed up police presence on the rails.

The city has also seen a few recent high-profile attacks on visitors, including a Pennsylvania mom who was randomly stabbed in the chest while chaperoning schoolgirls on a class trip in Times Square earlier this month.

Two teens from Paraguay were stabbed in an unprovoked attack in Grand Central Terminal on Christmas Day, while a man from Brazil was knifed in the neck at a Queens subway station in February.

The lag was especially striking with international tourism, which, while up from 2022, was still 14% down compared to 2019.

Thats a concern because foreigners spend considerably more money than domestic tourists when they visit. Spending from international travelers is still down 20% from pre-pandemic era, the report found.

Tourists from China represented the largest share of global tourists in 2019, now visitors from the United Kingdom are the biggest share.

The report noted the COVID-19 lockdowns and travel bans were in place for a longer period in China, and that impacted the number of travelers from there.

Domestic travelers, especially those making leisure trips, fared better.

The 50.6 million US visitors to the Big Apple in 2023 were 7% more than in 2022 — but still 5% lower than visitors in 2019.

Conference-based business return is also important for the City as this is one area where visitors have returned faster in other large cities, DiNapoli said.

Revenue and spending from tourism are up overall, but that has more to do with rising prices for hotel rooms and other costs, the comptroller noted.

Meanwhile, there are still nearly 30,000 fewer workers in the tourism-related sector compared to 2019, with jobs down 10% in restaurants, bars, hotels and entertainment venues.

Tourism- related retail jobs are still down by 9,172 or 16.8%, with less foot traffic in tourist areas.

The lag in tourism contrasts with a total recovery of jobs Gotham lost during the coronavirus outbreak.

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DiNapoli emphasized that the picture has improved the past few years and the city is close to recovering all the jobs lost during the pandemic, and could do so next year.

The number of tourists is nearly back to pre-pandemic numbers in New York City, DiNapoli said. 

Visitor spending and the tax revenue this industry generates already exceed pre-pandemic levels, but the industrys recovery wont be complete until we see a full return of international and business travelers, and a full recovery of local jobs.”

The city hotel occupancy rate was 81.6%, highest among top markets in the nation — but still lower than 89.6% in 2019.

The analysis said the migrant crisis contributed to the hotel industry’s bottom line, boosting gross profits by 47% from 2022 to 2023.

Thousands of hotel rooms were taken off the market and the city paid hoteliers an average of $156 per room and provided full occupancy.

These were mostly small and medium-sized hotels, many in the outer boroughs.

Meanwhile, the larger, popular hotels mostly in the Manhattan tourism sector, charged an average of $301 per room.

The head of the New York City Hotel Association said the city tourism market has a ways to go when looking at the global competition.

“The hotel industry not only lags its numbers of 2019, a benchmark year for most industries, but also lags its competitors in other major international gateway cities like London and Paris. Both of those markets surpassed their 2019 numbers in 2023,” said NYC Hotel Association CEO Vijay Dandapani.

He also said surveys show that New York City “scores low in the perception of safety” as well for high costs.

Dandapani also said 16,000 hotel rooms were taken off the market to house migrants and 6,000 hotel other rooms closed during the pandemic.

The city hotel occupancy rate would be lower without the significant reduction in marketable hotel rooms, he said.

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Politics

California judge rules DAO members liable under partnership laws

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California judge rules DAO members liable under partnership laws

A16z Crypto’s Miles Jennings posted on X that the ruling is a “huge blow” to decentralized governance. 

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Politics

Thousands of farmers to descend on Downing Street to protest against inheritance tax changes

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Thousands of farmers to descend on Downing Street to protest against inheritance tax changes

Thousands of farmers from across the UK are expected to gather outside Downing Street today – in the biggest protest yet against the government’s changes to inheritance tax rules.

The reforms, announced in last month’s budget, will mean farms worth over £1m will be subject to 20% inheritance tax from April 2026.

Farmers say that will lead to land being sold to pay the tax bill, impact food security and the future of British farming.

The Government insists it is “committed” to the farming industry but has had to make “difficult decisions”.

Farmers from Scotland, Northern Ireland, Wales and England will arrive in London to hear speeches from agricultural leaders.

Sky News understands TV presenter and farm owner Jeremy Clarkson, Conservative Party leader Kemi Badenoch and Lib Dem leader Ed Davey will also address crowds.

Protestors will then march around Parliament Square.

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A sign in a field by the M40 near Warwick, protesting the changes to inheritance tax (IHT) rules in the recent budget. Pic: PA
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A sign in a field by the M40 near Warwick, protesting the changes to inheritance tax rules in the recent budget. Pic: PA

‘It’s really worrying’

“It’s unfortunate, as Labour had originally said they would support farmers,” said fourth-generation farmer Will Weaver, who is attending today’s rally.

His 500-acre cow and sheep farm in South Gloucestershire has been in his family since 1939.

“We’ve probably buried our head in the sand a little bit. I think, back of a fag-packet rough estimates, tax is going to be north of half a million [pounds].”

The government is keen to stress that farmers will get a decade to pay the bill – but that comes as little comfort to Will: “It’s more than our profit in any year that we’ve had in the last 10 years. Dad’s saying we’ll have to sell something. I don’t know if we’ll be able to raise that sort of money through a mortgage. It’s really worrying.”

As anger grows, there continues to be disagreement between the National Farmer’s Union and the Government over how many farms will actually be impacted by the change.

The Treasury says only the wealthiest estates, around 500 of them, will have to pay under the new rules – claiming 72% of farms won’t be impacted.

But farmers say that calculation is incorrect – citing that DEFRA’s own figures show 66% of farms are valued at over £1m and that the government has undervalued many estates.

At the same time as the rally, the NFU is addressing 1,800 of its members in Westminster before they lobby MPs.

More on this story:
Farmers warn of food price hikes

Minister downplays risk of empty shelves if farmers strike

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The president of the National Farmers’ Union says farmers are feeling

‘Understanding has been betrayed’

Max Sealy represents the NFU Dairy Board in the South of England.

“We have a detailed job to do to explain why this is wrong not just for farming, not just for the countryside and not just for our families, but for the economy in general,” he said.

“This is a bad tax – it’s been badly implemented because it will affect growth productivity in the country.”

He told Sky News Labour made promises to farmers ahead of the election.

“Both Steve Reed and Keir Starmer came to our conference two years ago and told us farming wasn’t a business like any others and that he understood the long-term nature of farming – that understanding has been betrayed,” he said.

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And the government say:

In a joint statement, Chancellor Rachel Reeves and Secretary of State for Environment, Food and Rural Affairs Steve Reed said: “Farmers are the backbone of Britain, and we recognise the strength of feeling expressed by farming and rural communities in recent weeks. We are steadfast in our commitment to Britain’s farming industry because food security is national security.

“It’s why we are investing £5bn into farming over the next two years – the largest amount ever directed towards sustainable food production, rural economic growth and nature’s recovery in our country’s history.

“But with public services crumbling and a £22bn fiscal hole that this Government inherited, we have taken difficult decisions.

“The reforms to Agricultural Property Relief ensure that wealthier estates and the most valuable farms pay their fair share to invest in our schools and health services that farmers and families in rural communities rely on.”

A Met Police spokesperson said it was “well prepared” for the protest and would have officers deployed to ensure it passes off “safely, lawfully and in a way that prevents serious disruption”.

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Technology

Fintech unicorns are watching Klarna’s debut for signs of when IPO window will reopen

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Fintech unicorns are watching Klarna's debut for signs of when IPO window will reopen

Hiroki Takeuchi, co-founder and CEO of GoCardless. 

Zed Jameson | Bloomberg | Getty Images

LISBON, Portugal — Financial technology unicorns aren’t in a rush to go public after buy now, pay later firm Klarna filed for a U.S. IPO — but they’re keeping a watchful eye on it for signs of when the market will open up again.

Last week, Klarna made a confidential filing to go public in the U.S., ending months of speculation over where the Swedish digital payments firm would list. Timing of the IPO is still unclear, and Klarna has yet to decide on pricing or the number of shares it’ll issue to the public.

Still, the development drew buzz from fintech circles with market watchers asking if the move marks the start of a resurgence in big fintech IPOs. For now, that doesn’t appear to be the case — however, founders say they’ll be watching the IPO market, eyeing pricing and eventually stock performance.

Hiroki Takeuchi, CEO of online payments startup GoCardless, said last week that it’s not yet time for his company to fire the starting gun on an IPO. He views listing as more of a milestone on a journey than an end goal.

“The markets have been challenging over the last few years,” Takeuchi, whose business GoCardless was last valued at over $2 billion, said in a CNBC-moderated panel at the Web Summit tech conference in Lisbon, Portugal.

“We need to be focused on building a better business,” Takeuchi added, noting that “the rest will follow” if the startup gets that right. GoCardless specializes in recurring payments, transactions that come out of a consumer’s bank account in a routine fashion — such as a monthly donation to charity.

Lucy Liu, co-founder of cross-border payments firm Airwallex, agreed with Takeuchi and said it’s also not the right time for Airwallex to go public. In a separate interview, Liu directed CNBC to what her fellow Airwallex co-founder and CEO Jack Zhang has said previously — that the firm expects to be “IPO-ready” by 2026.

“Every company is different,” Liu said onstage, sat alongside Takeuchi on the same panel. Airwallex is more focused on becoming the best it can be at solving friction in global cross-border payments, she said.

An IPO is a goal in the company’s trajectory — but it’s not the final milestone, according to Liu. “We’re constantly in conversations with our investors shareholders,” she said, adding that will change “when the time is right.”

‘Stars aligning’ for fintech IPOs

One thing’s for sure, though — analysts are much more optimistic about the outlook for fintech IPOs now than they were before.

'Phantom debt' is flying under the radar — and it could be a problem for the U.S. economy

“We outlined five handles to open the [IPO] window, and I think those stars are aligning in terms of the macro, interest rates, politics, the elections are out the way, volatility,” Navina Rajan, senior research analyst at private market data firm PitchBook, told CNBC.

“It’s definitely in a better place, but at the end of the day, we don’t know what’s going to happen, there’s a new president in the U.S.,” Rajan continued. “It will be interesting to see the timing of the IPO and also the valuation.”

Fintech companies have raised around 6.2 billion euros ($6.6 billion) in venture capital from the beginning of the year through Oct. 30, according to PitchBook data.

Jaidev Janardana, CEO and co-founder of British digital bank Zopa, told CNBC that an IPO is not an immediate priority for his firm.

“To be honest, it’s not the top of mind for me,” Janardana told CNBC. “I think we continue to be lucky to have supportive and long-term shareholders who support future growth as well.”

He implied private markets are currently still the most accommodative place to be able to build a technology business that’s focused on investing in growth.

However, Zopa’s CEO added that he’s seeing signs pointing toward a more favorable IPO market in the next couple of years, with the U.S. likely opening up in 2025.

That should mean that Europe becomes more open to IPOs happening the following year, according to Janardana. He didn’t disclose where Zopa is looking to go public.

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