The Leader - January/February 2008 - (Page 10) real estate i N the NeWs los angeles approves ambitious Green Building plan The city of Los Angeles, Calif., plans to increase environmental compliance regulations for new, large buildings, a step that will require the hundreds of residential, commercial, and industrial buildings erected each year to be 15 percent more energy efficient, according to the Los Angeles Times. The rules are part of the mayor’s effort to slash the city’s greenhouse gas emissions to 35 percent below 1990 levels by 2030, and it will affect all new schools and many colleges built within the district. Because cities have no authority over vehicle emissions and power plants are regulated by state officials, building projects are the easiest way for mayors to limit the effects of global warming. To comply with Leadership in Energy and Environmental Design (LEED) regulations, penned by the U.S. Green Building Council in Washington, D.C., new buildings in Los Angeles will most likely have solar-energy systems, energy-efficient heating and cooling systems, water-saving shower heads and faucets, and ordinances about lawn irrigation, construction waste, and recycling. Nationwide, more than 25 cities already require LEED certification for such publicly funded buildings as schools, fire stations, and libraries. In Los Angeles, which embraced green building for municipal projects five years ago, a total of 48 buildings have been designed to LEED standards. City officials report further “green” recommendations are expected from its team of experts, including officials from the city’s Planning, Building, and Safety office and its Department of Water and Power. Other cities already have extended “green” building standards to the private sector, including Boston, San Francisco, and Washington, D.C. lease available to a foreign buyer or investor was 50 years. Vietnam officials are reporting a sprouting up of Western-style suburbs and apartment blocks, driven by a stock market that has given investors ready cash to spend and more than 8 percent annual economic growth. vietnam opens property market Further A new law is now on the books in Vietnam, allowing foreigners to lease space in the country for 70-plus years, according to a report by VietNamNet Bridge. Issued in 2007, Decree 84 stipulates that outside investors can now lease land for 70 years, extendable without additional payment, effectively creating a perpetual lease. As a result, overseas developers are now treated the same as Vietnamese developers. This has made Vietnam one of the most open markets in all of Asia. Before the change, the longest Why multiple headquarters multiply With more and more companies expanding globally, many of these firms feel the need to have multiple headquarters offices, reports the Wall Street Journal. Some are expanding because they have found their businesses and labor forces reshaped in the wake of cross-border mergers or acquisitions. Others expand to different sites to reduce their tax burden. Tyco International Ltd., for example, moved its legal headquarters to the island tax haven of Bermuda following its merger with ADT Ltd. a decade ago. Every firm has a home base where it was legally established, and that legal home is the jumping-off point in determining the corporate laws and taxes that apply. However, Ingersoll-Rand states that its headquarters remains in New Jersey, even though it is incorporated in Bermuda. Sometimes, such moves have a way of backfiring. Ten years ago, British Airways PLC replaced the signature British flags on the tailfins of its commuter aircraft with colorful ethnic designs from around the globe. The move proved to be so unpopular inside Great Britain that the airline restored the Union Jack in 1999. 2 0 0 8 the le ade r 10 Ja N Ua r Y / F e B rUa r Y
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