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Yannick LeJacq , NBC News contributor ? ? ? 3 hrs.
Bethesda Softworks, the studio behind popular open-world role playing games like "Fallout 3" and "The Elder Scrolls" series, announced this week that it was officially done producing additional downloadable content (DLC) for "Skryim" in order to make room for its "next adventure." And while fans and critics alike met the news of "Skyrim's" end with a tinge of melancholy, many gamers no doubt wanted to know what, exactly, this "next adventure" will be.
Bethesda answered the question in the form of a four-second Vine clip with no introduction.
"CONSIDER YOURSELF TEASED," Jason Bergman, a senior producer at Bethesda who worked on "Fallout: New Vegas," added a few minutes later on Twitter.
And with that single four-second clip, the game-friendly part of the Internet was sent scurrying for clues and radical interpretations.
The Vine video shows a rotating image of barbed wire followed by a rotating image of a vinyl LP, "Planned program service program no. 416" by The Moonbeam Trio and directed by George Shackley, called "Planned program service program no. 416." The video then ends with several rapid cuts showing a piece of sheet music for "Air on the G-String," a song by the German composer Johann Sebastian Bach. The only sound that plays throughout the entire four seconds is a slow grating noise that kind of sounds like a record needle scratching an LP.
This kind of musical and visual motif has been a mainstay of the "Fallout" franchise, which got many gamers wondering if Bethesda was hinting at another possible sequel to the post-apocalyptic RPG. But Pete Hines, Bethesda's vice president of public relations and marketing, quickly quashed any speculation about a new "Fallout" game when he told Polygon's Arthur Gies to "guess again."
Fans will no doubt continue to dissect the four-second video clip indefinitely, but Bethesda is waiting to give any more information about its next venture.
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Apr 15 (Reuters) - Leading money winners on the 2013 PGATour on Monday (U.S. unless stated): 1. Tiger Woods $4,139,600 2. Brandt Snedeker $3,137,920 3. Matt Kuchar $2,442,389 4. Adam Scott (Australia) $2,100,469 5. Steve Stricker $1,935,340 6. Phil Mickelson $1,764,680 7. Dustin Johnson $1,748,907 8. Jason Day $1,659,565 9. Hunter Mahan $1,553,965 10. Keegan Bradley $1,430,347 11. Charles Howell III $1,393,806 12. John Merrick $1,375,757 13. Russell Henley $1,331,434 14. Michael Thompson $1,310,709 15. Kevin Streelman $1,310,343 16. Bill Haas $1,271,553 17. Billy Horschel $1,254,224 18. ...
Source: http://news.yahoo.com/head-islamist-militia-survives-attack-eastern-libya-181849546.html
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WASHINGTON (AP) -- With the Senate set to begin debate on gun control legislation this week, a proposal to expand background checks for gun buyers picked up some key Republican support over the weekend. But it may not be enough to ensure the measure is adopted.
Republican Sen. Susan Collins of Maine issued a statement Sunday saying that she would vote for the compromise crafted by Sens. Patrick Toomey, R-Pa., and Joe Manchin, D-W.Va. The proposal requires background checks for people buying guns at gun shows and online, but exempts private gun sales.
The plan would "strengthen the background check system without in any way infringing on Second Amendment rights," Collins said. But Collins took a wait-and-see approach on the entire package, saying "it is impossible to predict at this point the final composition of the overall legislation."
Arizona Sen. John McCain, who has a B+ rating from the National Rifle Association, said he was "very favorably disposed" to the Manchin-Toomey compromise. It was in McCain's home state that a gunman with schizophrenia shot then-Rep. Gabrielle Giffords in the head during a 2011 rampage in Tucson that left six people killed.
Even with their support, the vote on the measure ? expected as early as Wednesday ? will be close.
"It's an open question as to whether or not we have the votes," Toomey said.
Asked how many votes he thought he had now, Manchin said, "Well, we're close. We need more."
Collins and Sen. Mark Kirk of Illinois are the only two Republicans besides Toomey who are expected to vote for the compromise as of now.
It will take 60 votes to pass, meaning that more Republicans will have to come on board because some Democrats from gun-friendly states are expected to oppose the measure.
The measure requires background checks for people buying guns at gun shows and online. Background checks currently apply only to transactions handled by the country's 55,000 licensed gun dealers. Private transactions, such as a sale of a gun between family members, would still be exempt.
Advocates say the measures would make it harder for criminals and the mentally ill to get weapons.
Opponents argue that the restrictions would violate the Constitution's right to bear arms and would be ignored by criminals.
Manchin urged lawmakers to read the 49-page proposal.
"If you are a law-abiding gun owner, you're going to like this bill," Manchin said. "Now, if you're a criminal or if you've been mentally adjudicated and you go to a gun show or try to buy a gun online, you might not like this bill because you can't do it."
Manchin later noted that one gun rights group, the Citizens Committee for the Right to Keep and Bear Arms, has announced support for his plan.
And later Sunday, the Manchin-Toomey compromise was endorsed by the Independent Firearms Owners Association, a pro-gun group that is smaller and more moderate than the NRA.
The bill is the right way to "stand firm in defense of our constitutional rights and the security of our fellow citizens," said the group's president, Richard Feldman, a former NRA official.
The senators' agreement actually includes language expanding firearms rights by easing some restrictions on transporting guns across state lines, protecting sellers from lawsuits if buyers passed a background check but later used a gun in a crime and letting gun dealers conduct business in states where they don't live.
The compromise, if successful, would be added to broader gun control legislation to strengthen laws against illegal gun trafficking and to slightly increase school security aid.
Other additions to the legislation also are expected to be debated this week, including a measure that would allow concealed hand gun permits issued by one state to be accepted nationwide as a de facto background check.
Sen. Marco Rubio, R-Fla., said on several news shows that concealed weapons permits should be applied nationally. He also called for more prosecution of people that are trying to buy guns and fail a background check.
The Senate is also expected to consider, and reject, Democratic amendments to ban assault weapons and ammunition magazines carrying more than 10 rounds.
Manchin and Toomey were on CNN's "State of the Union" and CBS' "Face the Nation." McCain was on CNN.
Source: http://news.yahoo.com/background-checks-gun-buyers-win-131619425.html
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With remembrances of the late prime minister dominating the press, it is easy to forget the economic woes and issues of identity that gripped Britain in the years preceding her rule.
By Ryan Lenora Brown,?Correspondent / April 9, 2013
Enlarge?BRITAIN AT THE CROSSROADS,? blared a Monitor headline in July 1978, less than a year before Margaret Thatcher became the country?s prime minister. ?Are law and order wilting??
Skip to next paragraph Ryan Lenora BrownCorrespondent
Ryan Brown edits the Africa Monitor blog and contributes to the national and international news desks of the Monitor. She is a former Fulbright fellow to South Africa and holds a degree in history from Duke University.?
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?Political, labor storms grow louder in Britain,? warned another, in January 1979.
?Britons? patience ? wears thin,? read a third.
As both tributes to Mrs. Thatcher and attacks on her leadership have poured in since her death, it is easy to forget the near-crisis that gripped Britain in the years preceding her rule, as the economy sagged under the weight of rampant inflation and broad unemployment. During the winter of 1978-79, just before the Tories swept to power, strikes rippled across the public sector ? the infamous British ?Winter of Discontent? ?? ?in response to a government wage cap.
Meanwhile, as nationalist rumblings rose in Scotland and parliament debated stricter limits on immigration, England seemed to be descending into a crisis of confidence about its very Englishness.
As a look through Monitor archives show, this was the deeply divided Britain that Thatcher and her Conservative Party took control of in May 1979 ? beleaguered and world-weary, its patience for government tanking and its economy on shaky ground. ?
As the Monitor?s Takashi Oka reported, ?
In London?s Golden Square, behind fashionable Regent Street, a gardener lovingly tends his neatly trimmed rosebushes surrounding an Everest-high pile of black plastic rubbish bags. A cleaner from one of the smart offices surrounding the square drags over a roll of carpeting to add to the base of the towering pyramid.
Two weeks? worth of uncollected garbage is the most visible sign of the labor discontent that grips strike-weary Britain this winter.? With hundreds of schools closed, more than a thousand hospitals reduced to emergency operations only, and wage demands spreading on numerous fronts, the hard-pressed Labour government, with traditionally close ties to the unions, is facing an increasingly embittered public.
What is the government doing about all this? Why must it mollycoddle the trade unions so? Why doesn?t it show some firmness for a change?
These questions, in essence, sum up the opposition Conservative Party?s challenge to Prime Minister James Callaghan and his Labour Cabinet.?(?Britons? patience with strikes wears thin,? Feb. 8, 1979)
The strikes were just the last spasm of the economic malaise of 1970s Britain, which featured high unemployment and double-digit inflation. In Sept. 1976, Mr. Oka noted that nearly 1.5 million Britons ? 6.2 percent of the working population ? were unemployed (?Soaring joblessness challenges Britain,? Sept. 22, 1976), a number that held roughly as national elections approached (?more than 1.5 million? in ?Sunny Jim and Iron Lady about to face off in Britain,? Sept. 7 1978). Inflation averaged around 13 percent throughout the ?70s, peaking at 25 percent.
Meanwhile, as the parties debated across the aisle in Parliament, Britain also revisited its own place in Europe.
Hamilton, Scotland ? The integrity of the United Kingdom is being challenged.
It is under attack from within by the Scottish and Welsh nationalists and, in a somewhat different context, by the Northern Ireland Unionists.
It is also under attack from without, as the sovereignty of the traditional nation-state is eroded in small ? but not insignificant ? chunks by membership in the nine-nation European Community (EC). ?
Is this old continent, where the modern nation-state was born and where it fought some of mankind?s most disastrous wars, to see its gradual transformation into something neither fish nor fowl, a kind of hybrid in which the trappings of sovereignty remain but much of the content is gone.
And if such a transformation does take place, what will this do to the Britishness of Britain, the Englishness of England??(?Britain at the Crossroads: Nationalist pressure,? July 10, 1978)
If those were the looming questions that faced Thatcher as she took office, however, she had also already earned some of the fierce loyalty that still characterizes her supporters. As Oka reported shortly after Thatcher became head of the Conservative Party in 1975,
The constituency chairman?s voice range out across the hall filled to bursting with Conservative Party faithful.
"Paraphrasing William Blake," as he put it, he began with familiar words, "I will not cease from mental fight, nor shall my sword sleep in my hand.? ?
Then, swelling to a climax, ?till Margaret Thatcher is in power,? he thundered, ?in England?s green and pleasant land.?
Cheers, laughter, and applause. All eyes were riveted on the blue-eyed, golden-haired woman in turquoise-blue dress standing beside the chairman.?
?It has been said that we are a middle-class party,? she said ? ?We?re not, you know ? We?re the party of all the people who believe in independence and freedom, who believe in living up to the best of Britain and not the worst.?
?More cheers and applause,? Oka went on. ?It was a rousing partisan speech, as it was meant to be.??
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WASHINGTON (AP) ? With the Senate set to begin debate on gun control legislation this week, a proposal to expand background checks for gun buyers picked up some key Republican support over the weekend.
But it may not be enough to ensure the measure is adopted.
Republican Sen. Susan Collins of Maine issued a statement Sunday saying that she'll vote for the compromise crafted by GOP Sen. Patrick Toomey and Democratic Sen. Joe Manchin.
The proposal requires background checks for people buying guns at gun shows and online, but exempts private gun sales.
Collins is taking a wait-and-see approach on the entire package.
The vote on the measure ? expected as early as Wednesday ? will be close.
Source: http://news.yahoo.com/background-checks-gun-buyers-more-backing-081023179--politics.html
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Many recipes for fluffy treats like souffl?, mousse, and angel food cake ask you to fold egg whites or whipped cream into a batter, but don't begin to tell you how. If your batter folding skills aren't up to snuff, Emma Christensen at The Kitchn put together a great tutorial.
Doing this properly will take some practice, but basically you need to use a large, flexible spatula to slice the egg whites or whipped cream down the middle, scoop and fold one half over the other and into the batter, turn the bowl 90 degrees, and repeat. The key is to go slow, and not to overdo it. It's time to stop once you no longer see liquid batter dripping off of the spatula. Fold too much, and you'll deflate the batter and ruin the fluffiness of the finished product.
For some photos, videos, and a full walkthrough of the process, be sure to check out the source link.
How to Fold Egg Whites or Whipped Cream Into a Batter | The Kitchn
Source: http://feeds.gawker.com/~r/lifehacker/full/~3/d_fATaLUZ1A/fold-egg-whites-into-batter-like-a-pro
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By Rohit Kachroo, Correspondent, NBC News
JOHANNESBURG, South Africa ? Discussing what will happen to the country once its iconic leader Nelson Mandela dies has long been a culturally and politically taboo subject in South Africa. Out of respect for the 94-year-old former president, government officials never publicly refer to plans for what happens after his death, and in private, they often use cryptic synonyms to discuss the inevitable.
View images of civil rights leader Nelson Mandela, who went from anti-apartheid activist to prisoner to South Africa's first black president.
But Mandela?s frequent trips to the hospital ? most recently to be treated for pneumonia ? have forced the question of ?what happens next?? further into the public domain.
Of course, no one knows what democratic South Africa will look like without Mandela.
Some believe the frail freedom fighter is somehow holding the disparate parts of the ?Rainbow Nation? together from his sick bed, and fear an outbreak of racial violence once he dies. Others disagree and think the young nation is still struggling ? but that it has moved beyond the apartheid-era issues.??
?It genuinely frightens me?
?I am not a racist, but?? -- It sounds like an ominous opener.
Elaine was about to outline her prediction ? an unpopular one ? of what will happen when South Africa loses Mandela. She feels the need to declare her belief in racial equality before setting out her fear that South Africa?s delicate social harmony might be torn apart when the ?Father of the Nation? is gone.
?I am really scared that the country will explode. There are a lot of people out there who are just holding themselves back until he dies. It genuinely frightens me,? said Elaine, who asked not to be identified because of the sensitivity of the topic. ?
?I will be mourning like everyone else, but I will be mourning at home. I won?t be leaving my house that day because I?m concerned about what will happen,? she said. ?I don?t know what they will do. But I feel that they have a right to be angry.?
?They? are South Africa?s 40 million black people who, a generation after the end of apartheid, are disproportionately enduring its economic legacy. Largely, they remain the ?have-nots? of what the World Bank has called the world?s most unequal society.
Rohit Kachroo/ NBC News
Georgina Sefara is a 20-year-old student in Johannesburg, South Africa.
Elaine, a 26-year-old white woman, is certainly one of the ?haves.? Born into a rich family, she now works as a well-paid financial advisor in Johannesburg?s northern suburbs. ?I may be paranoid,? Elaine admitted, ?but there are lots of people who think like me.?
A ?patronizing? view
Georgina Sefara is a 20-year-old student. A black woman, born after Mandela?s 1990 release from prison, she has never truly known racial segregation and resents the view that violence will erupt after Mandela?s death.
?Many white South Africans think that there will be apartheid in reverse. That?s what they?re afraid of. You hear many whites saying they will move to Australia when that happens.
?But [the violence] will never happen? It?s patronizing and outdated to think that it will.?
?Most of my parents? generation are still angry,? said Georgina's classmate Carol Phago, an English student from Johannesburg. ?Many still hold a grudge,? she said, referring to the former apartheid era.
?But maybe there are different enemies now. People are angry with the government, not with their fellow South Africans.?
Dissatisfaction with government
Rage is certainly building over the government?s inability to improve the lives of the millions of black South Africans who live in impoverished townships.
Nelson Mandela was discharged on Saturday from the hospital where he had been undergoing treatment for pneumonia, South Africa's presidency said in a statement. NBC's Ron Allen reports.
In addition, there is anger over the country?s inability to shake off the title as ?the rape capital of the world.??
According to a 2012 World Health Organization report, more than one in five men reported raping a woman who was not a partner and 14.3 percent of men reported having raped their current or former wife or girlfriend.
The issue of rampant domestic violence in South Africa gained international attention recently with the fatal shooting of Reeva Steenkamp by Olympic runner Oscar Pistorius.
Rohit Kachroo / NBC News
Geoffrey Manulake, is a 32-year-old security guard in Johannesburg, South Africa.
There is frustration with a police force that is faced with constant accusations of corruption and incompetence. The shooting death of 34 striking miners by police officers last August has amplified the recurring claim that the behavior of the state under democracy has become too similar to that of the apartheid government.
It is one reason why security guard Geoffrey Manulake, 32, has rejected a career in the police force. He feels disillusioned with the public institutions of his country and worries about how they will develop in the post-Mandela period.
?Politicians feel the need to satisfy themselves. They just want to line their own pockets,? said Manulake. ?I look around at our leaders and feel that we cannot lose this icon. Nelson Mandela is the one who united our country and united the world.?
?But we have come a long way since ?94,? he said, referring to the year Mandela was elected president in South Africa?s first multi-racial elections. "People who talk about violence are wrong.?
Related links:
Nelson Mandela is discharged from South Africa hospital
Mandela hospitalized again, South Africa leader asks world to pray for him
'Who is my Mandela?' South Africans consider icon's place in a changing world
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On Sunday?s broadcast of ABC?s ?This Week with George Stephanopoulos,? Alabama Republican Sen. Jeff Sessions and New York Democratic Sen. Chuck Schumer faced off over the so-called ?Gang of Eight? immigration proposal that is scheduled to be introduced in the Senate next week.
Earlier in the broadcast, ?Gang of Eight? member junior Florida Republican Sen. Marco Rubio appeared to make his case for the legislation. But Sessions explained why he was skeptical of those efforts.
?I know Sen. Rubio?s heart is exactly right,? Sessions said. ?And I really respect the work of the gang of eight. But they have produced legislation, it appears ? although it looks like now it may be another week before we see it, that will give amnesty now, legalize everyone that?s here effectively today and then there?s a promise of enforcement in the future. Even if you pass laws today that appear to be effective, it doesn?t mean they?re going to be enforced. And we have in this administration, a failure to enforce. So that?s a big deal right now.?
But Schumer disagreed with the ?amnesty? charge. He told fill-in host Jon Karl he was hopeful the differences would be ironed out and the process would be proceed.
?No, not at all,? Schumer said. ?This is a very balanced bill. The American people have told us to do two things. One, prevent future flows of illegal immigration and then, come up with a common sense solution for legal immigration. And that?s what our bill does. You know, we?ve worked long and hard on this so, we?re very, very close. Every major ? every significant disagreement among the eight of us is resolved. And I expect we will ? the eight of us will introduce a bill on Tuesday. Obviously, there have been problems.?
Later in the segment, the two had an exchange over the economic benefits, one which Sessions charged should have been revealed in hearings?on the Gang of Eight?s effort.
Transcript as follows:
KARL: So, let me ask you, Sen. Sessions, you have said there are just too many unanswered questions about what this does. You put out a bunch of them. You have got one of the principal architects of this compromise right here. Fire away. What?s your question?
SESSIONS: Well, I would ask Sen. Schumer this: If this legislation is established by reputable economists as pulling down the wages of already suffering low-wage American workers, will you continue to push for it?
SCHUMER: The bottom line, that?s not going to happen, Jeff.
SESSIONS: Well, you have to read the statistics. You didn?t have hearings with these top economists who studied this over the years publicly, to determine the impact. And they say it will have that impact, as do the civil rights commission members.
SCHUMER: First of all ? let me just answer. First of all, it?s very logical, right now, who?s pulling down wage rates? Illegal people who cross the border and will work, because they?re illegal and have no protections, for much less than Americans will work for.
Second, Douglas Holtz-Eakin, one of the most conservative true blue economists said this will raise wages and increase GDP. Cato Institute, people who you usually agree with, Jeff, say this is going to be a shot in the arm for our economy because we?ll take people in who will create jobs and prevent people who are coming in from lowering wages and taking away American jobs. It?s such a logical approach. It?s logical?
SESSIONS: Well, it?s logical that if you bring in a massive supply of low-wage workers, you?re going to pull the workers down.
SCHUMER: They?re already here, though, aren?t they?
SESSIONS: Well, you?re talking about almost doubling the?
SCHUMER: That?s the point, isn?t it?
SESSIONS: You?re bringing in huge more numbers of legal workers, Chuck. And the ag people that you?ve been listening to are getting what they want, others are getting what they want.
Follow Jeff on Twitter
Source: http://dailycaller.com/2013/04/14/sessions-schumer-debate-gang-of-8-immigration-efforts/
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Getting going initially in commercial real estate is actually a far simpler task than you might currently think. You need to make sure you know information about the property before you make a move on it. In the following paragraphs, you?ll find some suggestions that will help make the experience you have with commercial real estate a positive one.
Record problems by taking digital pictures of them. Be sure that the pictures show any current problems with or damage to the home.
It?s critical to have emergency maintenance contact information very accessible. Speak with the landlord about handling of emergency repairs just so you know who to call in that situation. It is important to keep these contact phone numbers handy and to have a good understanding of how long it will take for them to respond if needed. Develop an emergency plan for those times when disruption in your services occurs. This advance planning can save your business reputation if an emergency strikes.
Before making a real estate purchase, sit down and talk with your tax adviser. A tax adviser will be able to tell you how much the buildings are going to cost you and how much of your income is going to be taxable. The adviser can also assist you in finding areas with comparatively lower tax rates.
Just focus on one specific investment and narrow your time to that if you?re new to investing. The best way to learn is to choose one type of property and concentrate solely on it. You want to be an ace investor in one property type rather than just OK at many different types.
Consider all of the tax benefits when planning on commercial property investment. In addition to depreciation benefits, many investors enjoy tax deductions for interest expenses. But, an investor may also be liable for taxes on other income; income realized on paper, but not actually received in the form of cash. Before you begin investing, you should be knowledgeable about this particular category of income.
Locate a lender prior to putting in an offer for a commercial property. Local investors and small business owners are often willing to point you in the right direction for reputable lenders. Do some research, and select the one that can help you reach your goals prior to purchasing the property. If you take some time to organize your paperwork, then it will be much easier to get that loan approved.
In order to make sure that you are in prime position to grab that perfect location, gather multiple business partners who are capable of contributing. When you set up contracts with these partners, aim either to have a fixed rate of interest for your repayment or to simply make them co-owners of a certain percentage of the property.
As you have seen, it is important to do your research before jumping into investing in commercial real estate. Hopefully, this article equipped you with some knowledge to help you succeed as a commercial real estate investor.
Tagged as: commercial property, commercial real estate, tax adviser
Source: http://www.tripsforkidssa.org/considering-the-commercial-real-estate-market-follow-these-tips-2
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NEW YORK (AP) ? An investor who helped launch Anthony Bosch's Biogenesis of America has been trying to sell purported documents from the closed anti-aging clinic to Major League Baseball and players, several people familiar with the matter said Friday.
MLB has bought some of the documents, the people said, all speaking on condition of anonymity because they were not authorized to speak publicly about the situation. MLB has been investigating the clinic for allegedly distributing banned performance-enhancing drugs to players.
MLB's purchase was first reported Thursday by The New York Times, which said Friday that MLB investigators have "what they believe is evidence" that a representative of Yankees third baseman Alex Rodriguez purchased medical records.
An associate who works closely with Rodriguez denied that the player has ever tried to buy the documents, telling The Associated Press the Yankees slugger "doesn't even care" what's in the records. The person spoke on condition of anonymity because Rodriguez did not authorize the release of that information.
Those familiar with the situation also told the AP that the person selling the documents has called representatives of players and MLB officials in recent weeks offering the records for a price. Baseball could try to use the documents in disciplinary proceedings against players under the sport's drug agreement. The individual who provided the documents would be needed, presumably, to authenticate them in any grievance hearing.
MLB decided it was important to have the information, regardless of whether they ever are introduced in any disciplinary proceedings. MLB is not certain whether more documents will be offered.
Miami New Times reported in January that it obtained purported records detailing drug purchases by Rodriguez, 2012 All-Star game MVP Melky Cabrera, 2005 AL Cy Young Award winner Bartolo Colon and 2011 AL championship series MVP Nelson Cruz.
Other baseball players the newspaper said appeared in the records include Gio Gonzalez and Yasmani Grandal. Later, Yahoo Sports reported that 2011 NL MVP Ryan Braun was mentioned in the records.
Several players and their spokesmen have denied any improprieties.
MLB has sued Biogenesis and its operators in Miami-Dade Circuit Court, leading to the possibility it could attempt to obtain company documents in the civil suit. New Times turned down a request by MLB for material the paper obtained.
___
AP Sports Writer Tim Reynolds in Miami contributed to this report.
Source: http://news.yahoo.com/ap-sources-biogenesis-backer-selling-doping-001636711--mlb.html
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By Tom Bill
(Reuters) - Qatar is in talks to buy some or all of Milan's newly built Porta Nuova business district as Italy's economic crisis squeezes its U.S. developer, several sources have told Reuters.
Texas-based Hines declined comment on any move to cut its stake in the 34-acre project, planned during the last boom; no immediate comment was available from the Gulf emirate, which has made major investments in European real estate in recent years.
But three sources, one with direct knowledge of talks, spoke of discussions on selling Qatar at least part of a development that has so far cost some 1.8 billion euros ($2.4 billion) and has transformed the skyline of Italy's commercial capital with a series of towers a mile north of the historic centre.
A fourth property sector source said other investors had looked at Porta Nuova but that no formal sale process was under way for the estate of offices and high-end apartments, which has been likened to the larger Canary Wharf in London's docklands.
Work started in 2007, months before the global financial crunch, and office lettings and apartment sales are now behind projections as the Italian economy stagnates and lags even other European states, two sources with knowledge of the project said.
"The timing has been bad and Hines is keen to cut its exposure or get out at the right price," one of them added.
With the final stage due for completion next year, Hines has said about half the 370 apartments have been sold for an average of 1.5 million euros and 55 percent of the 130,000 square meters of offices are let - to Italian bank Unicredit
The bank is among lenders to the project and now occupies its eponymous Unicredit Tower, Italy's tallest building.
Milan's property market reflects Italy's economy, however; data from consultant CBRE
Luxury Milan home prices have fallen by about 8 percent in that time and, for all its glamour as an international hub for the fashion and design industries, the northern city of 1.4 million has not seen the non-European rich lining up to deposit their cash in its real estate in the way that London has.
As well as Italian money, investors in Porta Nuova include the U.S. teacher's pension fund TIAA-CREF. About two thirds of funding was from lenders including Commerzbank's
QATARI LOGIC
Qatar's major deals in Europe include Harrod's department store in London and the British capital's new Shard, the tallest building in western Europe; an investment in Milan could make sense for firms linked to its sovereign wealth fund, notably Qatar Holding and real estate specialist Qatari Diar.
Neither unit was immediately available for comment but Qatar and Hines have worked together before. Qatari Diar invested in a $700-million project that Hines developed in Washington in 2011.
The 3.5 billion euros which Qatar spent on European real estate in the 12 months to mid-August 2012 was the equivalent of six weeks' revenue from the country's liquefied natural gas exports, according to Reuters calculations.
Porta Nuova would fit with the Gulf state's track record of investing in well-appointed office blocks. According to Thomson Reuters data, it owns about 29 percent of Songbird Estates
One of the sources who said projections had been missed at Porta Nuova blamed Hines's effort to charge the same rents as in the fashionable heart of Milan - about 500 euros per square meter - and compared that to Canary Wharf's typical 35-percent discount on the City of London, about five km miles away.
"The Porta Nuova offices are the highest quality in Milan but companies are reluctant to move from the historic centre without an incentive," the source said. "It's like Canary Wharf charging the same rents as the City." ($1 = 0.7618 euros)
(Additional reporting by Claudia Cristoferi in Milan; Editing by Alastair Macdonald)
Source: http://news.yahoo.com/exclusive-qatar-eyes-stake-milans-skyscraper-city-150511223--sector.html
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