Universities are creating record levels of wealth

first_imgUniversities are generating more wealth and creating more jobs than everbefore, according to new Government figures. The third annual Higher Education Business Interaction (HEBI) Survey shows thatduring 2001-02, the amount of turnover made by spin-off companies increasedfrom £212m to £289m, and the number of people employed by spin-offs increasedfrom 10,500 to 12,000. A ‘spin-off’ is an enterprise that is either fully or partly owned by a highereducation institution (HEI) or one of its staff, or one that has been set up byHEI staff to exploit academic knowledge. Science and innovation minister, Lord Sainsbury, said that UK universitieshave risen to the challenge of transferring their knowledge into industry, andare becoming increasingly entrepreneurial. “Their pioneering work is being turned into practical applications andis making a valuable contribution to the economy and society,” he said. The spin-off performance of universities in the UK is far better than thosein the US. Universities in the UK identified one spin-off firm for every £15mof research expenditure, compared with one spin-off for every £44m in the US. Alan Johnson, minister for lifelong learning, further and higher education,said that the results demonstrate what universities and business can achievewhen they both work together. Lord Sainsbury said: “We have made large investments in knowledgetransfer over the past few years, and it is good to see it bearing fruit. Thethree surveys show a dramatic improvement.” www.hero.ac.uk Previous Article Next Article Universities are creating record levels of wealthOn 24 Feb 2004 in Personnel Today Comments are closed. Related posts:No related photos.last_img read more

Chetrit lands $90M inventory loans for Tribeca condo conversion

first_imgJoseph Chetrit and 49 Chambers (Getty, 49 Chambers) Chetrit Group’s luxury Tribeca condo project recently received $90.75 million in inventory loans.Axos Bank provided a $49.25 million senior mortgage for 49 Chambers Street. Silverstein Capital Partners, the lending arm of developer Silverstein Properties, issued a $41.5 million mezzanine loan for 51 unsold units in the 97-unit condo development, sources familiar with the deal told The Real Deal. Both loans have a four-year term.The proceeds from the loan were used to pay off part of the property’s existing loans, which were issued by SL Green Realty in early 2019 and later sold to Silverstein, sources said.Read moreChetrit Group lands $204M to refinance 49 Chambers Street condo conversionTo lure buyers, Extell offers free common charges for up to five yearsManhattan luxury market has another strong week Built in 1912, the 15-story Beaux Arts building was once the Emigrant Industrial Savings Bank. Chetrit bought the Beaux-Arts building from the city in 2013 for $89 million, and began converting it into condos in 2016, with a projected sellout of $334 million.Sales for its condos launched in 2017, but have struggled amid the broader luxury market downturn. In November 2018, The Real Deal reported that the developer was offering buyers’ agents 50 percent of their commission at the contract signing.About two years ago, SL Green provided the developer with a $204 million loan on the property to retire a $194 million construction financing package, which was issued by SL Green and Acore Capital in 2016, according to Commercial Observer.Chetrit and Axos Bank did not respond to requests for comment for the article. Silverstein declined to comment. Contact Akiko Matsuda Message* Email Address* Share via Shortlinkcenter_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* TagsChetrit GroupCommercial Real Estatecondo marketNYC Luxury Marketlast_img read more

Cuomo pushes for commercial-to-resi conversions

first_imgEmail Address* TagsAndrew CuomoState of the State Cuomo called for the conversion of vacant commercial space to affordable housing. (Getty) Gov. Andrew Cuomo on Monday called for the conversion of vacant commercial space into affordable and supportive housing.During his 11th State of the State address, Cuomo cited the spike in empty commercial space as an opportunity to add dwellings. Such a proposal has already been promoted by the real estate industry: Last month the Real Estate Board of New York identified 210 million square feet of class B and C office space citywide that could be converted.“Take the negative, make it a positive,” Cuomo said.It isn’t yet clear how many commercial landlords would be willing to change the use of their properties. Such conversions would come with major logistical challenges, including light and air requirements for residential units. The governor subsequently announced that he would propose legislation to create a five-year period during which property owners can convert office buildings and hotels in the Manhattan central business district to residential use.The governor made no mention of state financial assistance for such conversions, which tend to be so costly as to be uneconomical.Deploying various military analogies, Cuomo gave an overview of his plans to continue tackling the Covid-19 crisis.“Covid fatigue is not an option until Covid itself is fatigued,” he said. “If we tire before the enemy tires, we lose the war.”He said that the state can’t remain closed until everyone is vaccinated, but that it would increase economic activity, including reopening restaurants, “using science.” Indoor dining is still prohibited in New York City and at reduced capacity elsewhere, and Cuomo noted that regions would need to shut back down if hospitals were overwhelmed with cases.In lawsuits and press releases, restaurant owners have said science does not justify Cuomo’s restrictions.Turning to federal issues, the governor said Washington has “savaged” New York over the past four years. With a new president and Democrat-controlled Congress, Cuomo said he is hopeful that state and local tax deductions, which the Trump administration capped at $10,000 in 2017, would be restored.“Washington raised our taxes to benefit other states,” he said, lamenting that those states then tried to lure New Yorkers based on their lower tax rates. “The infuriating irony is that New York subsidizes those other states’ lower rates.”To clarify: Many New Yorkers’ taxes were lowered by the 2017 overhaul, but rates were effectively lowered more in low-tax states, increasing their advantage over the blue states that send more money to Washington than they get back.Still, Cuomo said if the federal government doesn’t help New York address its $15 billion deficit, painful steps will need to be taken. He floated the prospect of raising taxes on all earners who make more than $1 million a year, which by his calculation would “only raise $1.5 billion.” Even with that and a freeze on labor contracts with public employees, extensive cuts would be needed, he said.Leading up to Monday’s address, which took place in the state Capitol’s “War Room,” Cuomo announced a number of other proposals, including an extension of the High Line that would connect to the newly opened Moynihan Train Hall.Cuomo also pledged to propose legislation to extend the commercial eviction moratorium through May 1, as well the ban on fees for late residential rent payments. He indicated that he will lay out certain plans in depth at three future briefings.Contact Kathryn Brenzel Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Share via Shortlink Full Name*last_img read more

Forbearance rate stubborn among home-mortgage borrowers

first_imgTagsHousing MarketMortgagesResidential Real Estate Share via Shortlink (iStock)Home-mortgage borrowers’ pandemic recovery has hit a wall.The forbearance rate among mortgage borrowers had been improving since peaking in June at 8.55 percent. But after declining to 5.5 percent — or about 2.7 million homeowners — progress ceased in November, the Wall Street Journal reported, citing the data from Mortgage Bankers Association.At the same time, the number of job openings has declined, and unemployment claims remain high.Read moreMore than 7.5% of home loans in forbearance: MBATRD Insights: More homeowners are skipping mortgage payments in favor of credit card bills3M homeowners remain in forbearance Email Address* Full Name*center_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* “With the waning recovery, and more applications for unemployment claims, we’re likely going to see increased demand for forbearance,” said Ralph McLaughlin, chief economist at Haus, a home-finance startup. “One of the safeguards people have, if they own a home, is to apply for forbearance.”The federal Cares Act passed last March allowed borrowers to postpone payments on federally backed mortgages for up to 12 months. But Covid infections began surging in the fall and the initial robust stimulus from Congress gave way to deadlock at the election approached.Shunda Lee, a Texas homeowner, was going to restart payment on her home this month after a three-month forbearance from her lender expired, the Journal reported. Instead, she received a three-month extension because a short-term prospect of her job as a lawyer remains uncertain as the courthouses where she works have often been closed.If she runs out of her forbearance allowance and is still not working full-time, she’ll ask her parents for financial help, said the 47-year-old.“If worse comes to worst, that’s what I’ll do,” she said. “Nobody wants me to lose my house.” [WSJ] — Akiko MatsudaContact Akiko Matsudalast_img read more

Seasonal fluctuations in microbial activity in Antarctic moss peat

first_imgThe Signy Island terrestrial reference sites epitomize unpolluted maritime Antarctic tundra. The extreme transition from the harsh Antarctic winter to the milder summer facilitates studies of the effects of freeze-thaw cycles on microbial activity in moss peat. Seasonal monitoring of peat oxygen uptake showed a transient spring peak at c. 0oC, attributed to microbial utilization of dissolved organic carbon (DOC). After a more gradual temperature-linked summer increase, autumnal freeze-thaw cycles stimulated a final pre-winter peak. The transient climaxes were associated with blooms of saccharolytic yeasts and microfungi. The bacterial population stabilized after a spring increase but then diversified as DOC became rate-limiting. Effects of pre-monitored spring freeze-thaw cycles on late-winter peat cores were simulated in a Gilson respirometer. In vitro perturbations demonstrated the regulatory effects of DOC availability, water content and temperature on peat respiration and microflora! composition. Comparative respirometry and loss in tensile strength of interred cotton strips showed a difference in decomposer activity beneath a relatively dry Polytrichum-Chorisodontium turf and a wet Cattiergon-Cephalozielta carpet. This was associated with water content and anaerobiosis. Cellulolysis accelerated during the growing season and increased with depth, despite anaerobic conditions. Estimates of annual bryophyte decomposition are presented for use in an Antarctic ecosystem model.last_img read more

Melting of ice shelves and the mass balance of Antarctica

first_imgWe calculate the present ice budget for Antarctica from measurements of accumulation minus iceberg calving, run-off and in situ melting beneath the floating ice shelves. The resulting negative mass balance of 469 Gt year−1 differs substantially from other recent estimates but some components are subject to high temporal variability and budget uncertainties of 20–50%. Annual accumulation from an earlier review is adjusted to include the Antarctic Peninsula for a total of 2144 Gt year−1. An iceberg production rate of 2016 Gt year−1 is obtained from the volume of large icebergs calculated from satellite images since 1978, and from the results of an international iceberg census project. Ice-shelf melting of 544 Gt year−1 is derived from physical and geochemical observations of meltwater outflow, glaciological field studies and modeling of the sub-ice ocean circulation. The highest melt rates occur near ice fronts and deep within sub-ice cavities. Run-off from the ice-sheet surface and from beneath the grounded ice is taken to be 53 Gt year−1. Less than half of the negative mass balance need come from the grounded ice to account for the unattributed 0.45 mm year−1 in the IPCC “best estimate” of the recent global sea-level rise.last_img read more

Larval development in the Antarctic nemertean Parborlasia corrugatus (Heteronemertea: Lineidae)

first_imgEmbryonic and larval development were followed from fertilisation to settlement in the Antarctic heteronemertean Parborlasia corrugatus (McIntosh, 1876). The first cleavage occurred 10 to 15 h after fertilisation, and the second at ≃17 h. Larvae hatched at the gastrula stage, between 170 and 200 h post-fertilisation, and were ≃150 μm in diameter. Early larval stages aggregated in dense groups near the surface of incubation vessels and were positively phototactic. Early pilidium larvae were recognisable 435 h post-fertilisation. They were 155×152 μm in size, and possessed a complete apical tuft of cilia and a full marginal band of locomotory cilia. At this stage, the gust was visible through the body wall, and the mouth was open and was ≃40 μm in diameter. Late pilidia, 222×193 μm in size, were helmet-shaped. They had an apical tuft over 100 μm long, and possessed a lobed marginal band of locomotory cilia. Pilidia were observed aggregating close to the bottom of incubation vessels 1200 to 1350 h (50 to 56 d) after fertilisation, and this was interpreted as settlement behaviour. At this stage, the apical tuft had been lost and they were highly contractile, being capable of compressing their bodies. However, neither developing juveniles within the larval envelope nor hatched juveniles were observed. Pilidia consumed the microalgae Tetraselmis suecica, Thalassiosira pseudonana and Isochrysis galbana. They also fed on particulate organic material < 1 μm in size, as shown by the presence of material in the guts of larvae offered filtered extracts of algal cultures. There was some indication that larvae could use dissolved organic material, since pilidia held in seawater with organic material removed did not survive as long as those in filtered seawater or in filtered water with added amino acids. However, the only larvae to exhibit settlement behaviour in the feeding experiments were those offered Tetraselmis succica and Thalassiosira pseudonana, and these required a longer development time to reach this stage than pilidia in the standard cultures, where a mixed algal diet was offered.last_img read more

Interannual variation in the diet of the Antarctic prion Pachyptila desolata at South Georgia

first_imgThe diet of the Antarctic Prion Pachyptila desolata was examined using food samples regurgitated by adult birds during five breeding seasons at Bird Island, South Georgia. In all years the diet was mainly crustaceans, with a small proportion of myctophid fish and trace amounts of ephalopods. Antarctic krill Euphausia superba was the dominant prey item in three years and was replaced by calanoid copepods, especially Rhincalanus gigas and Calanoides acutus, in two years of low krill abundance. Differences in the prey species taken and observations of foraging behaviour suggest that in years of low krill availability Antarctic Prions forage closer inshore, taking copepods by filtering surface water through their palatal lamellae. By switching to feeding on copepods Antarctic Prions are apparently able to maintain a comparable level of reproductive success, unlike most other krill feeding species which suffer much reduced reproductive performance in years of reduced krill availability.last_img read more

The spring mesozooplankton community at South Georgia: a comparison of shelf and oceanic sites

first_imgMesozooplankton (predominantly 200–2000 μm) were sampled at a shelf and an oceanic station close to South Georgia, South Atlantic, during austral spring (October/November) 1997. Onshelf zooplankton biomass was extremely high at 10–16 g dry mass m−2 (0–150 m), 70% comprising the small neritic clausocalaniid copepod Drepanopus forcipatus. Large calanoid species, principally Calanoides acutus and Rhincalanus gigas, contributed only 8–10%. At the oceanic station, biomass in the sampled water column (0–1000 m) was ∼6.5 g dry mass m−2 and 4–6 g dry mass m−2 in the top 200 m. Here, large calanoids composed 40–50% of the standing stock. Antarctic krill (Euphausia superba) occurred in low abundances at both stations. Vertical profiles obtained with a Longhurst Hardy Plankton Recorder indicated that populations of C. acutus and R. gigas, which overwinter at depth, had completed their spring ascent and were resident in surface waters. Dry mass, carbon and lipid values were lower than found in summer but were consistent with overwintered populations. Phytoplankton concentrations were considerably higher at the oceanic station (2–3 mg chlorophyll a m−3) and increased over the time on station. In response to this, egg production of both large calanoid species and growth rates of R. gigas approached those measured in summer. Onshelf phytoplankton concentrations were lower (<1 mg m−3), and low egg production rates suggested food limitation. Here phytoplankton rations equivalent to 6% zooplankton body C would have been sufficient to clear primary production whereas at the oceanic station daily carbon fixation was broadly equivalent to zooplankton carbon biomass.last_img read more

Calculation of pitch angle and energy diffusion coefficients with the PADIE code

first_imgWe present a new computer code (PADIE) that calculates fully relativistic quasi-linear pitch angle and energy diffusion coefficients for resonant wave-particle interactions in a magnetized plasma. Unlike previous codes, the full electromagnetic dispersion relation is used so that interactions involving any linear electromagnetic wave mode in a predominantly cold plasma can be addressed for any ratio of the plasma-frequency to the cyclotron frequency ωpe /∣Ωe∣. The code can be applied to problems in astrophysical, magnetospheric, and laboratory plasmas. The code is applied here to the Earth’s radiation belts to calculate electron diffusion by whistler mode chorus, electromagnetic ion cyclotron (EMIC), and Z mode waves. The high-density approximation is remarkably good for electron diffusion by whistler mode chorus for energies E ≥ 100 keV, even for ωpe/∣Ωe∣ ≈ 2 but underestimates diffusion by orders of magnitude at low energies (∼10 keV). When a realistic angular spread of propagating waves is introduced for EMIC waves, electron diffusion at ∼0.5 MeV is only slightly reduced compared with the assumption of field-aligned propagation, but at ∼5 MeV, electron diffusion at pitch angles near 90° is reduced by a factor of 5 and increased by several orders of magnitude at pitch angles 30°–80°. Scattering by EMIC waves should contribute to flattening of the distribution function. The first results for electron diffusion by Z mode waves are presented. They show that unlike the whistler and EMIC waves, energy diffusion exceeds pitch angle diffusion over a broad range of pitch angles less than 45°. The results suggest that Z mode waves could provide a significant contribution to electron acceleration in the radiation belts during storm times.last_img read more