Latest news with #Beattie
17 hours ago
- Politics
Official fired during Trump's first term appointed president of embattled US Institute of Peace
A senior State Department official who was fired as a speechwriter during President Donald Trump 's first term and has a history of incendiary statements has been appointed to lead the embattled U.S. Institute of Peace. The move to install Darren Beattie as the institute's new acting president is seen as the latest step in the administration's efforts to dismantle the embattled organization, which was founded as an independent, non-profit think tank. It is funded by Congress to promote peace and prevent and end conflicts across the globe. The battle is currently being played out in court. The State Department confirmed the appointment in a statement to the Associated Press on Saturday. Beattie, who currently serves as the under secretary for public diplomacy at the State Department and will continue on in that role, was fired during Trump's first term after CNN reported that he had spoken at a 2016 conference attended by white nationalists. He defended the speech he delivered as containing nothing objectionable. A former academic who taught at Duke University, Beattie also founded a right-wing website that shared conspiracies about the Jan. 6 attack on the U.S. Capitol, and has a long history of posting inflammatory statements on social media. 'Competent white men must be in charge if you want things to work,' he wrote on October 2024. 'Unfortunately, our entire national ideology is predicated on coddling the feelings of women and minorities, and demoralizing competent white men.' A State Department official confirmed Beattie's appointment by the USIP board of directors, which currently includes Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth. '(W)e look forward to seeing him advance President Trump's America First agenda in this new role,' they said. The USIP has been embroiled in turmoil since Trump moved to dismantle it shortly after taking office as part of his broader effort to shrink the size of the federal government and eliminate independent agencies. Trump issued an executive order in February that targeted the organization and three other agencies for closure. The first attempt by the Department of Government Efficiency, formerly under the command of tech billionaire Elon Musk, to take over its headquarters led to a dramatic standoff. Members of Musk's group returned days later with the FBI and Washington, D.C., Metropolitan Police to help them gain entry. The administration fired most of the institute's board, followed by the mass firing of nearly all of its 300 employees in what they called 'the Friday night massacre.' The institute and many of its board members sued the Trump administration in March, seeking to prevent their removal and to prevent DOGE from taking over the institute's operations. DOGE transferred administrative oversight of the organization's headquarters and assets to the General Services Administration that weekend. District Court Judge Beryl A. Howell overturned those actions in May, concluding that Trump was outside his authority in firing the board and its acting president and that, therefore, all subsequent actions were also moot. Her ruling allowed the institute to regain control of its headquarters in a rare victory for the agencies and organizations that have been caught up in the Trump administration's downsizing. The employees were rehired, although many did not return to work because of the complexity of restarting operations. They received termination orders — for the second time, however, — after an appeals court stayed Howell's order. Most recently, the U.S. Court of Appeals for the D.C. Circuit denied the U.S. Institute of Peace's request for a hearing of the full court to lift the stay of a three-judge panel in June. That stay led to the organization turning its headquarters back over to the Trump Administration. In a statement, George Foote, former counsel for the institute, said Beattie's appointment 'flies in the face of the values at the core of USIP's work and America's commitment to working respectfully with international partners' and also called it 'illegal under Judge Howell's May 19 decision.' 'We are committed to defending that decision against the government's appeal. We are confident that we will succeed on the merits of our case, and we look forward to USIP resuming its essential work in Washington, D.C. and in conflict zones around the world,' he said.
Time of India
2 days ago
- Business
- Time of India
Hongkong Land posts profit of $297 million in H1 2025
HONG KONG : High-end property developer Hongkong Land said the Hong Kong office market in the Central financial district was showing signs of stabilising and that its portfolio had posted steady valuations for the first time since 2018. The Hong Kong office market has been under pressure since 2019, with prices falling by more than 50% and vacancy rates reaching record highs at double digits. Some analysts said valuations could stay under pressure for the next couple years as new office spaces are expected to add to supply. But Hongkong Land CFO Craig Beattie said the higher end of the market was stabilising. "Potentially, this could be the point of turning for the Hong Kong office market in the prime space," Beattie said in an interview. He cited the company's stable portfolio value, "stabilised rents" in the second quarter, an increase in demand and "the huge uptick in capital markets activity". The developer's vacancies in Hong Kong's Central district declined to 6.9% at the end of June from 7.1% six months earlier. Rents are still under pressure from the high market vacancy rate in the area, and HongKong Land expects average rent per square foot to continue to fall after a 7.8% decline in the first half versus a year ago. HongKong Land on Tuesday reported an underlying profit of $297 million in the first six months, after an underlying loss of $7 million a year ago, saying it had made fewer provisions in mainland China and recorded better residential sales. It expected the profit contribution from the build-to-sell segment to be substantially lower in the second half, however, due to lower profit margins in mainland China, where the home market remains challenging. The developer, part of conglomerate Jardine Matheson , announced a strategy in October to refocus its activities exclusively on investment properties in major Asian cities and redirect capital out of its residential or build-to-sell division. In April, HongKong Land sold the top nine floors of a tower in a complex, together with some retail space, to Hong Kong's bourse operator as its headquarters for HK$6.3 billion ($812.06 million), but Beattie said the company has no plans to break up its Central portfolio and sell off more. However, Beattie said the company would like to invest more in Singapore, and it has also started studying new markets, including Tokyo, Seoul and Sydney.
Business Times
2 days ago
- Business
- Business Times
Hongkong Land sees recovery in office market with more demand
[HONG KONG] Hongkong Land, the biggest commercial landlord in Hong Kong's financial district, is seeing a recovery in the city's ailing office market. 'There has been an uptick in inquiries in the first half of this year, particularly in the second quarter. So I think that's a positive sign,' chief financial officer Craig Beattie said, referring to leasing interest in the company's office space. 'The market spot rents are stabilised.' The developer still anticipates negative rental reversions, leases signed at lower rates, but it expects the size of the reversion to narrow over time, Beattie added. Hong Kong's office market has been going through a challenging time in the past few years as demand shrinks amid an increase in supply. Office rents are at the lowest in more than 15 years, data from Colliers International show. Even a large landlord such as Hongkong Land is under pressure in the weak market. Average office rents in its portfolio decreased to HK$95 (S$15.57) per square foot at the end of June, compared with HK$103 the previous year, according to its interim results announced on Tuesday (Jul 29). Its underlying profit, excluding mainland Chinese non-cash provisions, rose 11 per cent in the six months ended in June from a year earlier. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The real estate firm's recent shift in strategy to focus on commercial property and share buybacks have boosted investor confidence. Hongkong Land's shares have gained more than 43 per cent since the beginning of the year, making it one of the best performers among its peers. In comparison, the Hang Seng Properties Index is up about 26 per cent this year. In its biggest pivot in years, Hongkong Land announced a strategy last October to forgo residential development. The firm will eventually set up real estate investment trusts to establish recurrent income with management fees. The firm set a target to generate US$4 billion in recycled capital by disposing of non-core assets by 2027. It has attained 33 per cent of this target, including selling part of an office tower in Hong Kong for US$810 million in April, with proceeds going to enhance its properties, debt payments and share buybacks. The company also reached 67 per cent of its US$200 million share buyback programme by December. Hongkong Land, a subsidiary of conglomerate Jardine Matheson Holdings, owns office buildings and shopping malls in Hong Kong, Singapore and mainland China. It is Central's biggest landlord with multiple walkway-connected towers housing the likes of JPMorgan Chase in the heart of the financial district. BLOOMBERG
New Straits Times
2 days ago
- Business
- New Straits Times
Hongkong Land says office property market is stabilising
HONG KONG: High-end property developer Hongkong Land said the Hong Kong office market in the Central financial district was showing signs of stabilising and that its portfolio had posted steady valuations for the first time since 2018. The Hong Kong office market has been under pressure since 2019, with prices falling by more than 50 per cent and vacancy rates reaching record highs at double digits. Some analysts said valuations could stay under pressure for the next couple years as new office spaces are expected to add to supply. But Hongkong Land CFO Craig Beattie said the higher end of the market was stabilising. "Potentially, this could be the point of turning for the Hong Kong office market in the prime space," Beattie said in an interview. He cited the company's stable portfolio value, "stabilised rents" in the second quarter, an increase in demand and "the huge uptick in capital markets activity." The developer's vacancies in Hong Kong's Central district declined to 6.9 per cent at the end of June from 7.1 per cent six months earlier. Rents are still under pressure from the high market vacancy rate in the area, and HongKong Land expects average rent per square foot to continue to fall after a 7.8 per cent decline in the first half versus a year ago. HongKong Land on Tuesday reported an underlying profit of US$297 million in the first six months, after an underlying loss of US$7 million a year ago, saying it had made fewer provisions in mainland China and recorded better residential sales. It expected the profit contribution from the build-to-sell segment to be substantially lower in the second half, however, due to lower profit margins in mainland China, where the home market remains challenging. The developer, part of conglomerate Jardine Matheson , announced a strategy in October to refocus its activities exclusively on investment properties in major Asian cities and redirect capital out of its residential or build-to-sell division. In April, HongKong Land sold the top nine floors of a tower in a complex, together with some retail space, to Hong Kong's bourse operator as its headquarters for HK$6.3 billion (US$812.06 million), but Beattie said the company has no plans to break up its Central portfolio and sell off more. However, Beattie said the company would like to invest more in Singapore, and it has also started studying new markets, including Tokyo, Seoul and Sydney.
Reuters
3 days ago
- Business
- Reuters
Hongkong Land says office property market is stabilising
HONG KONG, July 29 (Reuters) - High-end property developer Hongkong Land ( opens new tab said the Hong Kong office market in the Central financial district was showing signs of stabilising and that its portfolio had posted steady valuations for the first time since 2018. The Hong Kong office market has been under pressure since 2019, with prices falling by more than 50% and vacancy rates reaching record highs at double digits. Some analysts said valuations could stay under pressure for the next couple years as new office spaces are expected to add to supply. But Hongkong Land CFO Craig Beattie said the higher end of the market was stabilising. "Potentially, this could be the point of turning for the Hong Kong office market in the prime space," Beattie said in an interview. He cited the company's stable portfolio value, "stabilised rents" in the second quarter, an increase in demand and "the huge uptick in capital markets activity". The developer's vacancies in Hong Kong's Central district declined to 6.9% at the end of June from 7.1% six months earlier. Rents are still under pressure from the high market vacancy rate in the area, and HongKong Land expects average rent per square foot to continue to fall after a 7.8% decline in the first half versus a year ago. HongKong Land on Tuesday reported an underlying profit of $297 million in the first six months, after an underlying loss of $7 million a year ago, saying it had made fewer provisions in mainland China and recorded better residential sales. It expected the profit contribution from the build-to-sell segment to be substantially lower in the second half, however, due to lower profit margins in mainland China, where the home market remains challenging. The developer, part of conglomerate Jardine Matheson ( opens new tab, announced a strategy in October to refocus its activities exclusively on investment properties in major Asian cities and redirect capital out of its residential or build-to-sell division. In April, HongKong Land sold the top nine floors of a tower in a complex, together with some retail space, to Hong Kong's bourse operator as its headquarters for HK$6.3 billion ($812.06 million), but Beattie said the company has no plans to break up its Central portfolio and sell off more. However, Beattie said the company would like to invest more in Singapore, and it has also started studying new markets, including Tokyo, Seoul and Sydney.
