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Hoboken, New Jersey hasn’t had a traffic fatality in 7 years

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Street parking was already scarce in Hoboken, New Jersey, when the death of an elderly pedestrian spurred city leaders to remove even more spaces in a bid to end traffic fatalities.

For seven years now, the city of nearly 60,000 people has reported resounding success: Not a single automobile occupant, bicyclist or pedestrian has died in a traffic crash since January 2017, elevating Hoboken as a national model for roadway safety.

Mayor Ravi Bhalla was a City Council member in 2015 when a van struck 89-year-old Agnes Accera as she crossed Washington Street in the bustling downtown business district. Bhalla didn’t know Accera but attended her wake and said her death inspired him to push for better safety.

“I felt it wasn’t acceptable,” Bhalla said. “Our seniors, who we owe the greatest duty of safety to, should be able to pass that street as safely as possible. For her to actually be killed was a trigger that we needed to take action.”

Bhalla became mayor in 2018 and the city fully committed to Vision Zero: a set of guidelines adopted by numerous cities, states and nations seeking to eliminate traffic deaths. Proponents believe no accident is truly unavoidable and even want to do away with the word “accident” altogether when describing roadway fatalities.

Sweden originated the concept more than a quarter-century ago, and U.S. Transportation Secretary Pete Buttigieg touted Hoboken in 2022 when announcing his department would follow Vision Zero guidelines. Major U.S. cities including New York, Minneapolis, San Francisco, Baltimore and Portland, Oregon, have integrated aspects of the program into their safety plans, including at least some form of daylighting, the term for the removal of parking spaces near intersections to improve visibility.

Hoboken’s success has chipped away at the notion that reaching zero traffic deaths is more aspirational than achievable.

“That goal is obviously bold,” said Leah Shahum, founder and director of the Vision Zero Network, a nonprofit advocating for street safety. “It’s also meant to help us kind of shake off the complacency that we’ve had for too long that traffic deaths are inevitable, that what we’re experiencing today is just an unfortunate and unavailable byproduct of modern society. That’s not the case.”

While Hoboken’s plan has numerous components, including lower speed limits and staggered traffic lights, daylighting is often credited as one of the biggest reasons its fatalities have dropped to zero.

Ryan Sharp, the city’s transportation director, said when roads need to be repaved, Hoboken takes the additional step of cordoning off the street corners to widen curbs and shorten crosswalks. It’s already illegal to park at an intersection in Hoboken, but drivers often do anyway if there aren’t physical barriers.

Some of the new concrete structures are equipped with bike racks, benches and even rain garden planters that help absorb stormwater runoff. If there isn’t enough money for an infrastructure solution right away, the city puts up temporary bollards.

“There really isn’t a silver bullet or any magic, innovative thing where we’ve cracked a code,” Sharp said. “Our approach has been more about focusing on the fundamentals. We’ve created a program where we’re layering these things in year after year.”

But removing parking from a place where it’s in short supply has critics.

Joe Picolli, who opened Hoboken Barber Shop on Washington Street in 2018, said the curb extensions — or bumpouts — have made it difficult for downtown merchants to win back business lost during the pandemic.

“Before the bumpouts, there were a lot more buses, a lot more cars, a lot more parking,” said Picolli, who lives in Point Pleasant, New Jersey, and sometimes has to trail street sweepers to find parking. “It’s good as far as people walking on the street, but it’s bad because you’re not getting the flow from other towns.”

Although a bit larger than its Mile Square City nickname would imply, Hoboken ranks fourth nationwide in population density, trailing three other New Jersey cities and two spots ahead of New York, according to 2022 census data.

While the compact footprint means everyone is within range of public transit, cars still crowd the major streets and curbsides.

“We’re not New York City, but we’re not a suburb, either,” said Tammy Peng, who has lived in Hoboken for more than 15 years. “We’re kind of a weird in between. A lot of families keep a car because they want to run errands on the weekend, but Monday to Friday they’re commuting into the city.”

While daylighting slightly lengthens her trips to soccer practice or the grocery store, Peng said it’s much easier to spot pedestrians crossing the street.

Overall fatality numbers have remained largely unchanged since New York joined the Vision Zero movement in 2014 with a plan that included widening some curbs. Mayor Eric Adams boosted the city’s commitment in November by promising to daylight 1,000 intersections each year.

Some cities have even used the practice to beautify their downtowns. Baltimore hired artists to liven up curb extensions with geometric shapes and vibrant colors.

States are embracing daylighting as well. More than 40 had enacted some sort of daylighting law when California’s Legislature approved a new statewide rule in 2023 that prohibits parking within 20 feet (6 meters) of an intersection. Cities can set shorter distances with proof their plans are safe. Violators started receiving warnings in January and face fines beginning early next year.

Assemblymember Alex Lee, who authored California’s legislation, said he was troubled by the fact that his state’s traffic fatalities were even higher than the national average, with around 1,100 pedestrians killed in both 2021 and 2022. Deaths were recorded at a similar pace through the first six months of 2023.

Although cities in the nation’s most populous state range from behemoth metropolises to sparsely populated rural communities, Lee figured a statewide standard would eliminate any confusion. The only thing better, he contends, would be a national standard.

“Just as I assume in every state you can’t park in front of a fire hydrant or can’t park close to the train track, it should be the same whether you’re in California or Nebraska,” Lee said.

Stefanie Seskin, director of policy and practice at the National Association of City Transportation Officials, said signs are fine, but not nearly as effective as infrastructure changes.

“It certainly takes a next level of chutzpah for a driver to park on a curb extension than it does to park where a sign says ‘please don’t,’” Seskin said.

Jeff Speck, author of the book “Walkable City,” which makes the case for pedestrian-friendly downtowns, commends cities like Hoboken for improving visibility at intersections. However, he said some communities go too far by taking away too many parking spaces without adding physical barriers, creating broad “sight triangles” leading to increased speeding.

“What a number of cities have done is overreacted to the laudable goal of daylighting and placed oversized no-parking zones around every driveway and curb cut,” Speck said. “That’s counterproductive.”

In 2012, Seattle was one of the first major U.S. cities to pursue zero traffic deaths. Mike McGinn, the mayor at the time, said he wanted to recalibrate the public’s expectation of road safety to make it more akin to their thoughts on airplane safety, where no fatality is considered acceptable.

Why, he asks, should downtown areas where people work, shop, or attend entertainment events have to settle for a lower standard?

“This is literally the easiest real estate that should be given over to safety,” said McGinn, now executive director of the pedestrian advocacy group America Walks. “It’s low-hanging fruit.”



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Macron’s ‘irresponsible’ snap election casts shadow over Olympics

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Emmanuel Macron’s move to call snap elections has cast a shadow over the Paris Olympic Games, raising the possibility of political unrest and a far-right government in charge of the world’s biggest sporting event.

The far-right Rassemblement National (RN) is projected to become the biggest parliamentary party after the run-off vote on Sunday. While a hung parliament appears the most likely outcome, if the RN were to win a majority, its 28-year-old party chief Jordan Bardella could be prime minister when the Games open on July 26, with his team greeting top athletes and dignitaries from across the world.

The timing of Macron’s decision to dissolve parliament was “catastrophic for the Games”, said Pascal Boniface, head of Paris-based think-tank Iris and an expert on the politics of sport. “We are in the thickest of fog over the future.”

Pierre Rabadan, a senior official responsible for Olympics planning in the Paris mayoralty of Socialist Anne Hidalgo, told the Financial Times he was “stupefied” by Macron’s “irresponsible” decision.

While he said the main strategic decisions had already been made, the move had raised “pragmatic and operational questions”, including deploying mayoral staff and city police for both the elections and the Games.

“We had thought about all the possible scenarios, except for the dissolution of the Assembly,” added Rabadan, a former professional rugby player with Stade Français.

Security experts had already warned of big policing challenges for the opening ceremony, in which thousands of athletes will sail down the River Seine watched by around 300,000 spectators along the quays. Pressure on security services would further be aggravated if anti-RN protesters were to take to the streets, they said.

People gather at Republique to protest against the far-right which came out strongly ahead in first round legislative elections
Demonstrators in Paris protest against the far right after Rassemblement National came out ahead in a first-round vote © Louise Delmotte/AP

Rabadan said his main concern now was the image of France that a far-right government, with an anti-immigration and nativist policy platform, would present.

“The Games are about welcoming the entire world and showing that we are an open country,” Rabadan said. “That clearly goes completely against what the Rassemblement National wants.”

Hidalgo told France 2 on Tuesday that “the party would not be spoiled” by an RN government.

But dozens of athletes have voiced concerns about the elections. Prior to the first round, French football star and captain of the national team Kylian Mbappé called on the electorate to vote “against the extremists”, while almost 300 sportspeople, including Rabadan, signed a column in French sports publication L’Equipe opposing the RN.

“In my memory, I have never seen athletes engage to this extent in the political field,” said Boniface.

Macron’s sports minister Amélie Oudéa-Castera told journalists ahead of the first round that despite the extensive preparations for the Olympics, an RN majority would mean far-right politicians with no experience in national government would still have to make important decisions “in a geopolitical context that is difficult, delicate and tense”.

Bardella has said he would not change the officials running the Games.

Guy Drut, a former 110m hurdles Olympic champion and sports minister under President Jacques Chirac, and one of the few athletes to publicly back the RN campaign, told Le Monde: “There is no reason the Games would go badly under an RN government.”

Scattered protests were held against the RN after the first-round vote. Paris police commissioner Laurent Nuñez told France Inter that the authorities were ready for further unrest but that this would not interrupt the Games.

“We’re preparing for this type of protest and we will have an extremely large [presence] in the Greater Paris region of 45,000 officers to manage [disorder],” he said.

In a further potential risk to smooth running, four unions representing airport management staff have threatened to strike in pursuit of “a uniform and fair bonus” for working during the event. Police, air traffic controllers, rubbish collectors and train and bus staff have already been promised bonuses.

Despite his confidence that policing and organisation were well in hand, Rabadan lamented the impact of the elections on the build-up. “There is very, very strong enthusiasm and popular support,” he said. “But the president’s decision . . . has put a stop to that rise in excitement we were hoping for, so that’s really quite disappointing.”



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Hong Kong’s IPO market is set to improve over the next five years

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Hong Kong Exchanges and Clearing celebrates the 24th anniversary of its listing on June 21, 2024.

China News Service | China News Service | Getty Images

BEIJING — The market for initial public offerings in Hong Kong is set to improve significantly over the next five years, starting in the second half of this year, George Chan, global IPO leader at EY, told CNBC in an interview Wednesday.

“I think it will take a couple years to go back to the peak [in 2021] but the trend is there,” Chan said. “I can see the light at the end of the tunnel.”

High U.S. interest rates, regulatory scrutiny, slower economic growth and U.S.-China tensions have constrained Greater China IPOs in the last three years.

EY said in a report that while the volume of IPOs and proceeds in the U.S. increased significantly in the first half of 2024 compared to the same period a year ago, mainland China and Hong Kong saw a sharp decline in listings.

Many of the macro trends are now starting to turn around, which can support more IPOs in Hong Kong, said Chan, who is based in Shanghai.

“We are seeing a reversing trend,” he told CNBC. “We are seeing more of these [U.S. dollar] funds, they are moving back to Hong Kong. The main reason is that Hong Kong has already factored in these uncertainties.”

The Hang Seng Index is up more than 5% year-to-date after four straight years of decline — which was the worst such losing streak in the history of the index, according to Wind Information.

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“Our HK cap markets team is very busy and has a strong pipeline for H2.  We expect to see many HKSE listings,” Marcia Ellis, global co-chair of private equity practice at Morrison Foerster in Hong Kong, said in an email Wednesday.

Many companies that were waiting for a listing in mainland China’s A share market have decided to switch to one in Hong Kong, she said. “Previously [China Securities Regulatory Commission] approval was slowing things down but recently our team has gotten CSRC approvals pretty quickly.” 

In June, China issued new measures to promote venture capital, and authorities spoke publicly about supporting IPOs, especially in Hong Kong. Investors and analysts said they are now looking at the speed of IPO approvals for signs of a significant change.

Chan said another supportive factor for Hong Kong IPOs is that many of the companies listed in the market are based in mainland China, where economic growth is “quite satisfactory.”

He expects consumer companies could be among the near-term IPO beneficiaries.

“As the economy slowly recovers, a lot of people in China are willing to spend,” he said, noting that was especially the case in less developed parts of the country.

Official national-level data have showed that retail sales are growing more slowly in China — up by just 3.7% in May from a year ago versus growth of nearly 10% or more in prior years.

Also significant for global asset allocation, the U.S. Federal Reserve and other major central banks are pulling back from aggressive interest rate hikes. High rates have made Treasury bonds a more attractive investment for many institutions instead of IPOs.

“I would say if the interest rate can be further cut down, 1% maybe, that would have a significant effect on the IPO market,” Chan said.

Hong Kong IPOs raised $1.5 billion during the first half of the year, a 34% drop from a year ago, EY said in a report released late last month. Back in 2021 and 2020, the Hong Kong Stock Exchange saw nearly 100 or more IPOs a year raising tens of billions of dollars, according to the report.

In comparison, mainland China IPOs raised $4.6 billion in the first six months of 2024 — a drop of 85% from the year-ago period, according to EY.

HKEX CEO aims for more large-scale IPOs this year

Bonnie Chan, CEO of Hong Kong Exchanges and Clearing Limited, said during a conference last week that so far this year, the Hong Kong exchange has received 73 new listing applications — a 50% increase compared to the second half of last year. She is not related to EY’s George Chan.

“The pipeline is building up nicely,” she said, noting about 110 IPOs in total are in line for a Hong Kong listing. “All we need is a set of good market conditions so these things get to launch and price nicely,” she added.

Improving post-IPO performance

“What we need is a strong pipeline,” EY’s Chan said. “We need an interested investor with the money to invest, and we need a good aftermarket performance.”

Hong Kong IPO returns are improving. The average first-day return of new listings on the Hong Kong stock exchange in the first half of 2024 was 24%, far more than the average of 1% in the same period last year, according to EY.

“The aftermarket performance of Hong Kong IPOs has been doing quite good compared to the past five years,” Chan said. “These things added together are projecting an upward trend for the Hong Kong market [in the] next 5 years.”

Chan said he expects the number of deals to pick up in the second half of 2024.

Goldman Sachs says it remains positive on Hong Kong capital markets activity

He said those will likely be medium-sized — between 2 billion Hong Kong dollars to 5 billion Hong Kong dollars ($260 million to $640 million) — but added he expects better market momentum in 2025.

Slowing economic growth and geopolitical uncertainty have also weighed on early-stage investment into Chinese startups.

Total venture funding from foreign investors into Greater China deals plunged to $19 billion in 2023, down from $67 billion in 2021, according to Preqin, an alternative assets research firm.

U.S. investors have not participated in the largest deals in recent years, while investors from Greater China have remained involved, the firm said in a report last month.

U.S. IPO outlook

As for IPOs of China-based companies in the U.S., EY’s Chan said he expects current scrutiny on the listings to be “temporary,” although data security rules would remain a hurdle.

In early 2023, the China Securities Regulatory Commission formalized new rules that require domestic companies to comply with national security measures and the personal data protection law before going public overseas. A China-based company with more than 1 million users must pass Beijing’s cybersecurity review to list overseas.

“As time goes on, when people are more familiar with the Chinese [securities regulator] approval process and they are more become comfortable with geopolitical tensions, more of the large companies … would consider [the] U.S. market as their final destination,” Chan said.

“When the time comes I think the institutional investors would be interested in these sizeable Chinese companies, as they pretty much want to make money.”

He declined to comment on specific IPOs, and said certain high-profile listing plans are “isolated incidents.”

Chinese ride-hailing company Didi, which delisted from New York in 2021, has denied reports it plans to list in Hong Kong next year. Fast-fashion company Shein, which does most of its manufacturing in China, is trying to list in London following criticism in the U.S., according to a CNBC report.



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Microsoft hack affected Veterans Affairs and State Departments, government says

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The US Department of Veterans Affairs and an arm of the US State Department are among a growing list of Microsoft Corp. customers that have acknowledged they were impacted by a breach of the technology giant that was blamed on Russian state-sponsored hackers.

The US Agency for Global Media, part of the State Department that provides news and information in countries where the press is restricted, was notified “a couple months ago” by Microsoft that some of its data may have been stolen, a spokesperson said in an emailed statement. No security or personally identifiable sensitive data was compromised, the spokesperson said.

The agency is working closely with the Department of Homeland Security on the incident, the spokesperson said, declining to answer additional questions. A State Department spokesperson said, “We are aware that Microsoft is reaching out to agencies, both affected and unaffected, in the spirit of transparency.”

Microsoft disclosed in January that a Russian hacking group it calls Midnight Blizzard had accessed corporate email accounts and later warned that they were attempting to use secrets shared between the technology giant and its customers. The company has declined to identify the customers who were impacted.

“As our investigation continues, we have been reaching out to customers to notify them if they had corresponded with a Microsoft corporate email account that was accessed,” a Microsoft spokesperson said on Wednesday. “We will continue to coordinate, support and assist our customers in taking mitigating measures.”

In addition, the Department of Veterans Affairs was notified in March that it was impacted the Microsoft breach, officials for the agency said.

A one-second intrusion

The hackers used a single set of stolen credentials — found in the emails they accessed — to break into a test environment in the VA’s Microsoft Cloud account around January, the officials said, adding that the intrusion lasted for one second. Midnight Blizzard likely intended to check if the credentials were valid, presumably with the larger intention of breaching the VA’s network, the officials said. 

The agency changed the exposed credentials, along with log-in details across their Microsoft environments, once they were notified of the intrusion, they said. After reviewing the emails that the hackers accessed, the VA determined that no additional credentials or sensitive email was taken, the officials said.

Terrence Hayes, the VA’s press secretary, said an investigation is continuing to determine any additional impact.

The Peace Corps was also contacted by Microsoft and notified about the Midnight Blizzard breach, according to a statement from its press office. “Based on this notification, Peace Corps technical staff were able to mitigate the vulnerability,” according to the agency. The Peace Corps declined further comment.

Bloomberg News asked other federal agencies for comment, and none of the others disclosed that they were impacted by Midnight Blizzard’s attack on Microsoft. Bloomberg previously reported that more than a dozen Texas state agencies and public universities were exposed by the Russian hack.

Midnight Blizzard, also known in cybersecurity circles as “Cozy Bear” and “APT29,” is part of Russia’s foreign intelligence service, according to US and UK authorities. 

In April, US federal agencies were ordered to analyze emails, reset compromise passwords and work to secure Microsoft cloud accounts amid fears that Midnight Blizzard may have accessed correspondence. Microsoft has been notifying some customers in the months since then that their emails with the tech giant were accessed by the Russian hackers.

The Midnight Blizzard breach was one in a series of high-profile and damaging security failures at the Redmond, Washington-based technology company, which has drawn strong condemnation by the US government. Microsoft President Brad Smith appeared before Congress last month where he acknowledged security failures and vowed to improve the company’s operations. 



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