Following a pricing of $19 per share on Wednesday, Pinterest raised $1.43 billion in its IPO, valuing the company at $10 billion. 

The price range for Pinterest, which is anticipated to begin trading on Thursday on the New York Stock Exchange, was initially stated as being between $15 and $17. Despite the difficulties Lyft has encountered since becoming the first consumer tech IPO of the year last month, investors still seem to have a taste for the social media company.

CNBC Report

Wednesday morning, CNBC reported that the company would set its prices higher than anticipated. Pinterest’s revenue increased by 60% to $756 million last year, and with a net loss of $63 million, the business came a lot closer to becoming profitable. Pinterest’s IPO is still less than the $12 billion valuation it received in a financing round in 2017.
The year’s first important tech IPO, Pinterest, is due to begin trading around the same time as Zoom, a carrier of video conferencing services. The first significant IPO to hit the market was made by the ride-hailing company Lyft in March, but since then, the stock price has reduced by 19%

Pinterest beginning:

Pinterest, which now has 265 million monthly users, was launched in 2010 by Ben Silbermann, a former Google employee, and Evan Sharp, a former Facebook designer. The business experienced explosive growth in 2012, but since then, expansion has slowed down in part because of a workplace culture that many employees describe as being decision-slow.

Higher Stock Holder

At the offer price, Silbermann’s stake is valued at close to $1 billion. While FirstMark’s holdings are worth $844 million and Andreessen Horowitz‘s stake is worth $827 million, Bessemer Ventures owns shares worth $1.13 billion.

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The post Pinterest prices IPO at $19 a share, valuation tops $10 billion first appeared on Article Thirteen.

A Chinese company named Meitu, best known for its selfie image-enhancing app, announced on Wednesday that it is entering the offline skincare industry in an effort to counteract the effects of declining app users and a smartphone business that is facing downfall.

Meitu, which began in late 2016 in what was then Hong Kong’s largest tech IPO in a decade, has since seen losses and seen its share price more than halve as China’s smartphone industry has lost steam, declining by about 16% in 2018. 

Meitu Inc, deal with Xiaomi

In November, the company made a deal with Xiaomi Corp. to outsource the manufacturing of its smartphones in exchange for brand and technology rights.

Meitu announced on Wednesday that it will release a face-cleansing brush that uses a user’s specific skin condition to determine the ideal pulsating setting for that user. 

Decline in Meitu App Users

The company’s beauty-focused camera applications, which surged in popularity in China in 2015 due to strong demand from female consumers, have recently seen a significant decline in usage. 

Monthly active users across Meitu’s suite of apps declined 19.9 percent from a year earlier, according to the company’s earnings report for the six months ending in December.

Meanwhile, its smartphone division accounted for the majority of the company’s sales during the same time period, but high costs caused the company to lose money overall.

Slowing smartphone sales and a weakening economy have put pressure on domestic smartphone makers, who are raising prices in the hopes of increasing margins. 

Meitu shares closed up 4.6 percent at HK$3.45 on Wednesday, well below their IPO price of $HK8.5.

Meitu Releases the Meituspa Mini Cleansing Brush

The meitu skin Weibo account announced the launch of the meituspa mini, a multi-functional portable facial cleansing brush, on June 25th. Officially priced at RMB 228 for a limited time, the meituspa mini is now available for RMB 198 on Meitu’s official website and Taobao online store.

The meituspa mini provides targeted solutions for both the T-zone (nose and forehead) and the U-zone (cheeks and jawline), as well as for each individual user’s skin type. The device’s thick bristles on top provide deep pore cleansing, while the fine bristles provide a more gentle experience. It has three intensity levels to accommodate different skin types: whether the user’s skin is sensitive, dry, oily, or a combination of the three, the meituspa mini provides a completely personalised deep cleansing experience. It also has a 15-second smart reminder that tells users to move the device to a different location to avoid over-cleaning.

The meituspa mini is available in two colours: lavender and fuchsia, and it has three sonic intensity settings.
The meituspa mini is light, portable, and designed with women in mind. It fits perfectly into the palm of the hand and can easily be carried in a purse for those on the go.

The meitu spa mini is small and portable, and it can be taken with you wherever you go!

The meituspa mini penetrates into the deepest layers of the skin to release dirt and residue from the pores for a thoroughly refreshing cleansing experience, with a sound wave frequency of up to 7110 pulses per minute. The device also has the same exclusive massaging feature as the original meituspa cleansing brush: it tones the facial muscles and firms the skin to create a youthful v-shaped facial appearance by simulating more than 300 professional finger taps per minute. Meitu spa mini thus offers more than more traditional competing products on the market.

The post China selfie app company Meitu forays into skincare to counter drop in users first appeared on Article Thirteen.

In Washington When Robert S. Mueller III’s findings are made public on Thursday, not all of them won’t be new to President Trump. In order to help them prepare for the release of Special Counsel Robert Mueller’s Russia report, White House lawyers have recently spoken with U.S. Justice Department officials about the report’s conclusions.. 

Citizens review

According to people with knowledge of the conversations, Justice Department officials have frequently spoken with White House lawyers about the special counsel’s recent findings. The discussions have been helpful to the president’s legal counsel as it formulates a response to the report and plans for the ensuing public debate over its findings.

Several of Mr. Trump’s advisers, some of whom fear his backlash more than the findings themselves, were becoming increasingly paranoid, according to the sources. It may be clear from the report which of Mr. Trump’s current and former advisers spoke to the special counsel, how much they said, and how much harm they caused the president, offering a kind of road map for retaliation.

Attorney General William P. Barr’s Attack

Questions have also been raised about the propriety of the decisions made by Attorney General William P. Barr since he received Mr. Mueller’s findings late last month as a result of the conversations between Justice Department officials and White House lawyers.

Attorney’s conclusion

Mr. Barr and Rod J. Rosenstein concluded that Mr. Trump had not engaged in improper obstruction of justice and that the special counsel had not discovered any coordination between the Trump campaign and Russia’s meddling in the 2016 election. According to Mr. Barr, lawmakers were “spying” on the Trump campaign. He also drew ominous historical comparisons between the illegal surveillance of anti-Vietnam War protesters and deliberately chose not to refute claims that Mr. Mueller’s team was conducting a “witch hunt.”

White House and Justice Department spokespeople declined to comment. Mr. Barr declined to respond to questions from lawmakers last week about whether the department had provided the White House with a sneak peek of Mr. Mueller’s findings. He plans to hold a news conference to discuss the special counsel’s report on Thursday at 9:30 a.m.

The post White House and Justice Dept. Discussed Mueller Report Before Release first appeared on Article Thirteen.

With yields ranging from 7.7% to 10%, these 3 Top Dividend Stocks can significantly boost investors’ cash reserves.
The investing community has few safe havens left after this year. While the Dow Jones Industrial Average, S&P 500. Nasdaq Composite all fell into bear markets with peak-to-trough losses easily exceeding 20%. The bond market is having its worst year on record

Increased volatility frequently puts investors to the test, but it’s also the best time to do some shopping. In the past, a bull market rally has eventually put a bear market into the rearview mirror. The current bear market will undoubtedly demonstrate that the same is true.

Additionally

now may be a particularly advantageous time to look for dividend stocks on sale. Dividend-paying publicly traded companies almost always have recurring profits and have definite long-term growth prospects. The fact that they consistently outperform stocks that don’t pay a dividend over extended periods is what matters most.

Income investors desire the highest yield with the least amount of risk in an ideal world. Unfortunately, there are many problems with the investing world. Studies have shown that risk and yield tend to increase together once yields reach 4%. Given that yield depends on payout in relation to share price. A struggling or failing operating model that drags down company’s share price can deceive investors into believing they are receiving supercharged yield. In reality They have fallen victim to a value trap.

In other words, high-yield stocks demand extensive additional due diligence from investors and are occasionally not worth the trouble. However, it’s not always the case.

Enterprise Products Partners: 7.67% yield

Enterprise Products Partners (EPD -0.29%), a high-yield dividend stock, may be the safest investment in the entire energy sector. Enterprise has increased its base annual payout for 24 years in a row.And is currently paying out a yield of 7.7%

Some people experience shivers down their spines at the thought of investing in oil and gas stocks. That’s because during the early stages of the COVID-19 pandemic lockdowns in 2020. Demand for oil and natural gas fell off a cliff. Over the course of a few months, drilling stock prices were completely up and down. West Texas Intermediate crude oil futures briefly falling below $40 per barrel.

Let me assuage your worries:

There are no fluctuating spot prices to worry about for Enterprise Products Partners. This is due to the fact that it is a midstream company that manages over 50,000 miles of transmission pipeline.14 billion cubic feet of natural gas storage.And twenty natural gas processing facilities. In a nutshell, it’s a middleman who transports energy products from the fields to the ports or refineries.

It’s crucial to keep in mind that midstream operators almost exclusively use volume- or long-term fixed-fee contracts. These contracts enable Enterprise to predict its operating cash flow in a given year with accuracy and transparency. How volatile spot prices for oil and natural gas are. It is crucial to understand this cash flow number because it enables the business to set aside funds for infrastructure projects and acquisitions without affecting its distribution or profitability.

In terms of distribution

Enterprise Products Partners’ distribution coverage ratio (DCR) never dropped below 1.6 at any time during the worst of the pandemic. When comparing the amount paid to shareholders to the company’s distributable cash flow from operations, the DCR is used. A value of 1 or less indicates an unsustainable payout.

The company also has $5.5 billion worth of infrastructure projects in the works.The majority of which should be completed by the end of 2023 (bad pun alert!). Enterprise Products Partners appears to be a lock to gain as domestic drilling needs increase.

PennantPark Floating Rate Capital: 10.01% yield

PennantPark Floating Rate Capital (PFLT 0.09%), a little-known business development company (BDC) is the second ultra-high-yield dividend stock that I’d rank as one of the safest on the planet to buy right now. PennantPark, which has been paying a consistent monthly dividend of $0.095 per share for more than seven years, has the highest yield on this list.

BDCs typically invest in middle-market businesses with market caps of $2 billion or less and concentrate on either debt or equity. The majority (87%) of PennantPark’s $1.16 billion portfolio which includes $154.5 million in various common and preferred stock positions—is invested in corporate debt.

Why are middle-market companies in debt?

First of all, when it comes to accessing the debt/credit market, smaller businesses typically have fewer options. Holders of middle-market company debt consequently receive a sizable yield. PennantPark had a 10% weighted average yield on its debt investments as of the end of September.

Additionally, the entire investment portfolio of PennantPark Floating Rate Capital consists of variable-rate debt. The yield PennantPark is earning on its more than $1 billion in corporate debt is also rising as a result of the Federal Reserve’s swiftly rising interest rates, which are intended to counter historically high inflation. The company’s weighted average yield on its debt investments was 8.5% as of the end of June. It is now 10%, as mentioned. Higher rates are excellent for this business.

It’s also important to remember that PennantPark has primarily bought first-lien secured debt; all but $0.1 million of its $1.01 billion in debt is secured by a first lien. In the event of bankruptcy, first-lien secured debt has priority in the collection process. PennantPark has significantly reduced the risk of its debt investment holdings by deciding to invest in first-lien secured debt.

Antero Midstream: 8.17% yield

Antero Midstream (AM), a natural gas stock, is the third extremely secure ultra-high-yield dividend stock that investors can purchase right now. It yields an impressive 8.2%. 

Similar to Enterprise Products Partners, investors might be hesitant to trust energy stocks in light of what transpired in 2020. But this is a midstream energy company, as the name suggests. For parent company Antero Resources (AR -1.03%), it primarily performs gathering, compression, water delivery, and natural gas processing in the Appalachian region, more specifically the Utica and Marcellus Shale.

The fact that Antero Midstream has 100% fixed-fee contracts is the best reason to invest in it. This indicates that the business is totally protected from inflation and that it can (cue the drum roll) predict its annual operating cash flow. This openness enabled the business to complete a $205 million deal in September to purchase gathering and compression assets in the Marcellus Shale from Crestwood Equity Partners.

The fact that the global energy complex is a complete mess also favours Antero Midstream (and Enterprise Products Partners, for that matter). Energy companies drastically cut back on their capital expenditures as a result of the pandemic. With the rise in energy demand and Russia’s invasion of Ukraine earlier this year, there are obvious supply concerns. Oil and gas prices could rise steadily as a result of this scenario, which would encourage more drilling and increase demand for energy infrastructure.

The plan by Antero Resources

To increase drilling on Antero Midstream’s acreage is the other significant catalyst. In 2021, the latter actually cut back on its quarterly dividend by 27% in order to accommodate the rise in drilling. Although a payout reduction typically raises a warning sign, there is a very good reason for it. The additional money Antero Midstream “saves” by cutting the dividend can be used to fund infrastructure development to offset the increased drilling by its parent company. By the middle of the decade, this is anticipated to add $200 million in incremental cash flow.

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The post 3 Top Dividend Stocks With Yields Over 4% first appeared on Article Thirteen.

Washington, D.C. The most recent information regarding the investigation into Donald Trump’s campaign and Russian election interference (all times local):

8:40 p.m.

The attorney general is “taking unprecedented steps to spin” the special counsel’s Russia investigation. According to the chairman of the House Judiciary Committee

Rep. Jerrold Nadler, a New York Democrat, said Wednesday that Attorney General William Barr .“Appears to be waging a media campaign”. On behalf of President Donald Trump.

He claims that by holding a news conference on Thursday morning before delivering a redacted copy of Robert Mueller‘s report to Congress. the attorney general will “again result in his own words”.

He forewarns that the committee will issue subpoenas “in short order” if the report is heavily redacted

After reading the version of the report Barr releases, Nadler predicts that he will “probably find it useful”. To summon Mueller and the other members of his team to testify.

After Attorney General William Barr’s morning news conference on Thursday, the Justice Department intends to release a redacted report on the special counsel’s investigation into Russian interference in the 2016 presidential election.

Democrats are becoming incensed over this. They have expressed worry that Barr will attempt to skew the conclusions. Before the general public has a chance to read the report.

The timing of Barr’s discussion of the redacted report and its release to Congress. According to Jerrold Nadler, the chairman of the House Judiciary Committee, is “wrong.”

Chuck Schumer, leader of the Senate Democrats, claims that “the process is poisoned before the report is even released”

House Speaker Nancy Pelosi point

House Speaker Nancy Pelosi claims that Barr’s “single-minded effort to protect” Trump has “thrown out his credibility & the DOJ’s independence.”

It is “wrong,” according to the chairman of the House Judiciary Committee. For his committee to receive a redacted copy of the special counsel Robert Mueller report following Attorney General William Barr’s Thursday press conference.

Several hours after Barr’s 9:30 a.m. press conference, New York Rep. Jerrold Nadler tweets that the Justice Department has informed his panel that it will receive the report around 11 a.m. or noon. 

Democrats have expressed concern that Barr may try to influence Mueller’s conclusions. The general public has a chance to read them. 

Rep. Hakeem Jeffries of New York, the leader of the Democratic caucus, tweeted at Barr. “Release the Mueller report tomorrow morning and keep your mouth shut.”

After the redacted version of special counsel Robert Mueller’s report is released on Thursday. President Donald Trump says he might hold a press conference.

In an interview with right-leaning radio host Larry O’Connor, Trump is expressing confidence in the results of Mueller’s investigation into Russian meddling. You’ll see a lot of very powerful things emerge tomorrow, he predicts. 

The release of the report will coincide with a news conference by Attorney General William Barr on Thursday morning. Trump says, “We’ll see. Maybe I’ll do one after that.”

Conference about the Russia investigation

Attorney General William Barr will give a news conference on Thursday morning about the Russia investigation, according to the Justice Department. 

The Justice Department in Washington will host the news conference at 9:30 a.m. Rod Rosenstein, the deputy attorney general, will be present with Barr. 

the Justice Department will make public the Mueller report on Thursday

Late last month, Mueller formally wrapped up his inquiry and handed Barr a nearly 400-page report.

Robert Mueller will provide the American people with some answers directly after nearly two years of waiting. 

The special counsel’s report on Russian election interference. the Justice Department is expected to release Donald Trump’s campaign on Thursday in a redacted form. Setting off months or even years of debates about its implications in a deeply divided nation. 

The almost 400-page report is anticipated to reveal what Mueller found regarding connections between the Trump campaign and Russia that weren’t illegal. Additionally, it will outline the special counsel’s findings regarding pivotal moments in Trump’s administration, such as his decision to fire FBI Director James Comey and his actions to obstruct the Russia investigation both in public and privately.

The post The Latest: Top Democrat says Barr is trying to spin report first appeared on Article Thirteen.

The primary purpose of this article is to provide information about the redesigned 2020 Toyota Highlander SUV, unveiled at the New York Auto Show.

People should read this article if they are interested in learning about:

1. The new features and design changes of the 2020 Toyota Highlander SUV.
2. The available trim levels, engine options (gas and hybrid), and specifications like fuel efficiency, horsepower, and towing capacity.
3. The pricing estimates for the 2020 model compared to the previous year’s model.
4. Highlander faces competition in the three-row family SUV segment from other automakers like Hyundai, Kia, Subaru, Volkswagen, Ford, and Chevrolet.
5. The significance of the Highlander model in Toyota’s lineup and its role in attracting family-oriented customers in the growing SUV market.
6. Toyota’s market share projections and the importance of the Highlander’s success in retaining its customer base.

In summary, this article provides a comprehensive overview of the redesigned 2020 Toyota Highlander SUV, its specifications, pricing, competition, and its importance in Toyota’s overall strategy. It is a valuable read for anyone considering purchasing a three-row family SUV or interested in the latest developments in the automotive industry.

NEW YORK:Toyota unveiled a revamped model of its Highlander SUV as the race for three-row family vehicles intensifies.

The New York Auto Show will mark the debut of the 2020 Highlander. The model with a gas engine will go on sale in December, while the one with a hybrid engine will start showing up in stores in February.

Toyota did not disclose pricing for the redesigned Highlander, but Edmunds, a website that offers car-buying advice, estimates that the 2019 model will cost between $31,330 and $47,010.

The Highlander has grown to be a crucial component of the Toyota lineup as millions of consumers switch from sedans to SUVs and pickups.

However, with the recent entry of the Hyundai Palisade, Kia Telluride, Subaru Ascent, and Volkswagen Atlas into the three-row SUV market, Toyota will face pressure to retain the support of its family-oriented customers. The Ford Explorer and Chevrolet Traverse are two additional category leaders.

Toyota’s market share was predicted by IHS Markit automotive analysts to fall from 11% in 2018 to 9% in 2023. 

The Highlander, which debuted in 2001, has grown to become one of Toyota’s most significant automobiles. It outperformed the Toyota Prius, Avalon, Sienna, and Yaris put together in 2018.

The most recent redesign makes the SUV’s fourth iteration. 

With a 3.5-liter, 6-cylinder, 295-horsepower stop-start engine, the gas model achieves an average fuel efficiency of 22 miles per gallon. Using two electric motors, the 2.5-liter, 4-cylinder hybrid achieves 34 mpg and 240 horsepower.

Five trim levels will be available for the Highlander, including a Platinum model with a 12.3-inch touchscreen.

Designers aimed for a “chiseled” aura and a “powerful stance,” Toyota said.

The vehicle is available in 7-seat or 8-seat configurations.

A heavy-duty radiator, trailer sway control, and a 5,000-pound towing capacity are features of a package that is available.

Both front-wheel drive and all-wheel drive versions of the car are offered.

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The post New York Auto Show: Toyota’s 3-row Highlander SUV gets a redesign first appeared on Article Thirteen.

The article covers two main topics and serves different purposes for each:

1. Launch of the TIME 100 Summit: This part aims to announce and provide details about the new TIME 100 Summit event. People should read this if they are interested in learning about:

• The Summit is an additional live event to complement the annual TIME 100 list.
• Date, location, and format of the Summit
• The goal of bringing together influential leaders from previous TIME 100 lists to inspire collaboration
• Some confirmed speakers include Nancy Pelosi, Tarana Burke, and Tyra Banks.
• How does it builds on the existing TIME 100 list and Gala
• Upcoming announcement of more speakers tied to the 2019 TIME 100 list release
• Hillary Clinton’s comments on the Mueller report: The purpose here is to highlight Hillary Clinton’s perspective on the Mueller report, shared at the TIME 100 Summit event. People should read this part if they want to know Clinton’s views on:

• Her take is that the report raises serious questions but is just the start of reckoning with election meddling
• Her stance is that Congress should examine if Trump committed impeachable offenses rather than immediate impeachment
• She compares the Nixon impeachment process and the need for a professional, non-partisan approach.
• Her belief that Trump benefited from the DOJ policy of not indicting a sitting president
• Her opinion that anyone else would have been indicted based on the report’s findings

The article also briefly overviews TIME magazine itself towards the end.

NEW YORK, April 3, 2019 — Today it was revealed that TIME is launching the TIME 100 Summit. An additional live event to the yearly TIME 100 list of the world’s most influential people. On April 23, 2019, at Center415 in New York. Leaders from previous and current TIME 100 lists from a variety of industries. Including business, entertainment, government, health, and science, will gather for the day-long TIME 100 Summit.

Guest speakers

The occasion will highlight the extraordinary advancements a few TIME 100 leaders are making. Inspire interdisciplinary cooperation for a better world. Speaker of the U.S. House of Representatives Nancy Pelosi, screenwriter, director, and producer Ryan Murphy, activist and founder of the #MeToo movement Tarana Burke, actor, author, and businesswoman Tyra Banks, AI expert Kai-Fu Lee, CEO of Bumble Whitney Wolfe Herd, chef and activist José Andrés, activist, host, and author Janet Mock, geneticist George Church, CEO of Thrive Global Arianna Huffington, transplant surgeon Giuliano Test

“The TIME 100 Summit marks an exciting and important new chapter in TIME’s history”. Said TIME editor in chief and CEO Edward Felsenthal. “Over the last sixteen years,. TIME has built not only a globally recognized annual list and gala, but one of the world’s greatest leadership communities. The Summit is the next step in the evolution of the TIME 100 list into a series of events. That tap into the power of this community and encourage collaboration, action and progress.”

More speakers are going to be announced

In the coming weeks, more speakers will be announced. On April 18, 2019, in conjunction with the publication of the 2019 TIME 100 list. The final lineup for the TIME 100 Summit will be revealed. This list will include honorees from this year’s TIME 100.

“The TIME 100 is not just a list of the world’s most influential people—it’s an opportunity to connect them”. Said Dan Macsai, editorial director of the TIME 100. “And when you connect extraordinary people, they can do extraordinary things. We are thrilled to make that even more possible at the Summit.”

On April 18, 2019. TIME will release its 16th annual list honouring the activism, creativity, and accomplishment of the world’s 100 most influential people. After the TIME 100 Summit on April 23, 2019, in New York. The TIME 100 gala will honour the 100 most influential people in the world for the 15th time. Visit time.com/time100 to learn more about the TIME 100.

Robert Mueller’s report

 NEW YORK — Hillary Clinton stated on Tuesday that the special counsel Robert Mueller’s report “raises some serious questions”. But it is only the beginning of a reckoning on election meddling.

However, the former Democratic presidential candidate said Congress should instead seriously examine. Whether President Donald Trump committed high crimes and misdemeanours. She refrained from calling for immediate impeachment proceedings.

If elected officials believe that he did. “Then I think it is the obligation of Congress to put forward the articles of impeachment”. Clinton said at an appearance in New York City for the Time 100 Summit. Where she called for the full, unredacted report to be released.

Clinton has indicated she “should undertake something in a really serious way based on evidence”. Rather than a predetermined result for

She compared it to her time as a young lawyer working on the impeachment case against Richard Nixon. Which she claimed gained the public’s trust and confidence due to its professionalism and apolitical approach.

Clinton added that Trump benefited from the Department of Justice’s position that an incumbent president cannot be indicted

“I think there’s enough there that any other person who had engaged in those acts would certainly have been indicted”. She said.

ABOUT TIME

TIME is a global multimedia brand that reaches a combined audience of more than 100 million around the world. A trusted destination for reporting and insight on the people, places and issues that matter. TIME captures the events that shape our lives. TIME’s major franchises include the TIME 100 Most Influential People. Person of the Year, Firsts, Best Inventions, Genius Companies, World’s Greatest Places and more. With 45 million digital visitors each month and 40 million social followers. TIME is one of the most trusted and recognized sources of news and information in the world

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The post Hillary Clinton to Speak at the TIME 100 Summit on April 23 in New York, NY first appeared on Article Thirteen.

New York City is about to embark on an ambitious plan to fight climate change that would force thousands of large buildings, like the Empire State Building and Trump Tower. To sharply reduce their greenhouse gas emissions. 

Legislation expected 40 percent reduction of emission

The legislation, expected to be passed by the City Council on Thursday, would set emission caps for many different types of buildings, with the goal of achieving a 40 percent overall reduction of emissions by 2030. Buildings that do not meet the caps could face steep fines.

The legislation, expected to be passed by the City Council on Thursday. Itwould set emission caps for many different types of buildings, with the goal of achieving a 40 percent overall reduction of emissions by 2030. Buildings that do not meet the caps could face steep fines.

The Problem Of Climate Change

The effort comes as the nation debates the merits and necessity of the Green New Deal, the congressional proposal to combat climate change and create new high-paying jobs in clean energy industries. New York, among other states, has launched a number of initiatives to reduce carbon emissions. 

But according to John Mandyck, the chief executive of the Urban Green Council, an organisation that includes real estate developers and environmental groups among others. New York City’s move may be unprecedented. This is despite the fact that executives in the real estate industry oppose it, in part due to the costs involved in meeting the new targets.

Mr. Mandyck addressed the issue

“This is huge,” Mr. Mandyck said. “I haven’t seen a city that has tackled climate change head-on in a way like this, setting specific targets for buildings and providing a path forward for how they can comply through innovative policy tools.”

Buildings are one of the main contributors to greenhouse gas emissions because they require a lot of energy for lighting, heating, and cooling and are frequently inefficient, allowing heat to escape in the winter and cool air to enter in the summer through outdated windows or insufficient insulation. According to a 2017 greenhouse gas emissions inventory, buildings were responsible for 67 percent of the city’s emissions.

The legislation, which is a component of the Climate Mobilization Act, was introduced after years of unsuccessful attempts to persuade, bribe, or incentivize building owners to make voluntary reductions in energy use.

Mayor Bill de Blasio in action

Mayor Bill de Blasio has declared that he will sign the legislation and that his administration closely collaborated with the Council during the bill’s drafting. Last week, de Blasio described the legislation as “very aggressive” during a separate news conference. The mayor has considered running for president and has looked for ways to establish himself as a national leader in the advancement of progressive causes, such as the fight against climate change.

“It’s going to revolutionize our ability to reduce emissions through our buildings which are really our No. 1 problem here in New York City,” the mayor said.

Building owners will incur significant costs. The cumulative cost to building owners to make the upgrades required to meet the caps, according to Mark Chambers, director of the Mayor’s Office of Sustainability, would exceed $4 billion. Eventually, he continued, building owners would recover those costs through lower operating costs.

The caps did not apply to a wide range of structures, including places of worship, apartment buildings with rent-controlled units, and other forms of affordable housing. These buildings must implement a number of energy-saving measures, such as insulating pipes, but these actions fall far short of the expensive steps necessary to meet the caps.

While real estate industry executives support reducing emissions, they feel that too many building types received exemptions, which places an unfair burden on the remaining structures to reduce the city’s greenhouse gas output.

In Jackson Heights, Queens, there are four co-op apartment buildings with a total of 437 units. Ed Ermler is the board president of those buildings. The target that the city 
has set is still “totally unattainable,” he claimed, despite having spent hundreds of thousands of dollars in recent years to install computerised boiler controls and other systems to make the Roosevelt Terrace buildings, built in the 1950s, more energy efficient.

“To get down to even 20 percent from where I am today, with the technology that exists, there’s nothing more that I can do,” Mr. Ermler said. “It’s not like there’s this magic wand.”

He said that the majority of apartment owners in the complex are over 65 years old. “Most are on a fixed income and I have to be very cognizant about anything that I do because I don’t want to put an undue burden on people that can’t afford it.

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The post Big Buildings Hurt the Climate New York City Hopes to Change That first appeared on Article Thirteen.