Salesforce to shrink office footprint

first_imgManhattan has seen a spike in subleasing in the past six months, with sublease space reaching 25 percent of total office availability in September. The push started with companies that were under pressure before the pandemic, including media and retail, but extended to others in technology and other relatively stable sectors.A recent change to accounting rules means the subleasing trend could cost businesses dearly.“Under prior accounting rules you were able to amortize the loss from a sublease annually over the life of the lease,” R. Byron Carlock of PwC told BI. “Now tenants have to take the full writedown of the loss they expect to incur from the subleased space up front.”It’s unclear which Salesforce office locations will be consolidated. Hawkins said the company’s headquarters in San Francisco will not be affected.[Business Insider] — Sylvia Varnham O’Regan This content is for subscribers only.Subscribe Now Salesforce CEO Marc Benioff (Getty)Software giant Salesforce recently made headlines with a $27.7 billion deal to buy workplace messaging app Slack. But the company won’t be expanding its commercial real estate footprint — quite the opposite.Chief financial officer Mark Hawkins said on a call with analysts last week that Salesforce planned to consolidate and sublease certain sites as more people worked from home.“The pandemic has also empowered us to reimagine how we operate in this work-from-anywhere, digital world,” Hawkins said on the call, which was reported by Business Insider. “In Q3, we continue to reimagine our operations after analyzing our global lease commitments.”The move will result in a writedown of between $80 million and $100 million, the publication reported.Read moreSpike in Manhattan’s office sublease explainedGot space? Manhattan office availability hits 7-year highZillow’s employees can work remotely foreverlast_img read more

Summit: Magna Carta – ‘equality before the law in gestation’

first_imgNobody in their right mind would have ‘put a penny bet on the Magna Carta’s survival’ back in 1215, former lord chief justice Igor Judge asserted today.And yet 800 years on, ‘this wonderful living instrument survives in a healthy, robust and exciting form’.In a lecture ‘Magna Carta – Accident or Destiny?’ Judge reminded delegates at the Global Law Summit in London that Magna Carta was always intended to fail. ‘King John swore an oath that he was acting in good faith and yet even before the wax had hardened, he had asked Pope Innocent III to annul it.’The pope did not mince his words. ‘Magna Carta,’ he proclaimed, ‘would have no validity at any time whatsoever.’But the charter had a life of its own, said Judge. It contains words and principles that have resonated until today, such as ‘liberties’, ‘rights’, ‘law of the land’ and ‘council’, which in time became parliament. The separation of the judiciary from the executive also has its origins in the charter, with the provision that enforcement officers could henceforth not also be judges. ‘It was equality before the law in gestation,’ said Judge.He continued that John died the year after the charter was sealed, passing his throne on to the infant Henry III who reigned under the supervision of an elected regent – the fact of his being elected marking the imminent demise of the absolute power of the monarchy.The regent, in 1216, reissued the charter, which was subsequently reissued another 50 times by successive kings. By the time of the civil war in the 17th century, the charter, Judge said, was being cited to curb the divine right of monarchs and to assert the sovereignty of parliament.Judge, who had compressed this history lesson into a 15-minute address, concluded: ‘The Magna Carta principles didn’t survive by accident. They are a living instrument, revered globally, and in another 800 years our descendants should still be celebrating it.’last_img read more

Villa & QPR away games – SOLD OUT

first_imgThe club’s full allocation of 1,797 tickets for Saturday’s trip to QPR has now been snapped up. The same applies for all 2,100 tickets for the New Year’s Day trip to Aston Villa (kick-off 5.30pm).The club will receive no further allocation of tickets for either fixture.last_img

It felt like playing with your friends says leader Schauffele after crowdless PGA Charles Schwab

first_img WATCH US LIVE SUBSCRIBE TO US Last Updated: 14th June, 2020 06:07 IST It Felt Like Playing With Your Friends Says Leader Schauffele After Crowdless PGA Charles Schwab The quiet of Colonial made Xander Schauffele feel as though he were back home in San Diego playing with his friends. In this case, his buddies happen to be some of the biggest stars in golf The quiet of Colonial made Xander Schauffele feel as though he were back home in San Diego playing with his friends. In this case, his buddies happen to be some of the biggest stars in golf.Schauffele made a 12-foot birdie putt on the 18th hole Saturday to break out of a six-way share of the lead with a 4-under 66, giving him one-shot lead over an All-Star cast going into a final round of the Charles Schwab Challenge.Jordan Spieth took only 10 putts on the front nine and had the lead until he didn’t hit the 15th green from 81 yards away, leading to bogey. He had a 68 and was in a chasing pack that featured Justin Thomas, U.S. Open champion Gary Woodland, Collin Morikawa and Branden Grace. First Published: 14th June, 2020 06:07 IST Written Bycenter_img COMMENT LIVE TV Associated Press Television News FOLLOW USlast_img read more