STS freeze during build workspace on startup - eclipse

Question

I am running Spring STS 3.4.0 on Mac OS 10.8 with Tomcat 7, maven 3.1.1 installed, but almost everytime I start STS, try to open any project it freezes while building workspace at exactly 42%. By checking the log file, I found the following:
Can someone please tell me what is wrong and how I can possibly fix this problem?
Note: I don't have any firewall
Thanks
!ENTRY org.eclipse.m2e.logback.appender 2 0 2014-02-09 16:04:41.657
!MESSAGE Failed to retrieve plugin descriptor for
org.apache.maven.plugins:maven-eclipse-plugin:2.9: Plugin
org.apache.maven.plugins:maven-eclipse-plugin:2.9 or one of its
dependencies could not be resolved: Failed to read artifact descriptor
for org.apache.maven.plugins:maven-eclipse-plugin:jar:2.9
!ENTRY org.eclipse.m2e.logback.appender 2 0 2014-02-09 16:04:41.695
!MESSAGE Failed to retrieve plugin descriptor for
org.codehaus.mojo:exec-maven-plugin:1.2.1: Plugin
org.codehaus.mojo:exec-maven-plugin:1.2.1 or one of its dependencies
could not be resolved: Failed to read artifact descriptor for
org.codehaus.mojo:exec-maven-plugin:jar:1.2.1
!ENTRY org.eclipse.m2e.logback.appender 2 0 2014-02-09 16:04:42.178
!MESSAGE Failed to retrieve plugin descriptor for
org.apache.maven.plugins:maven-eclipse-plugin:2.9: Plugin
org.apache.maven.plugins:maven-eclipse-plugin:2.9 or one of its
dependencies could not be resolved: Failed to read artifact descriptor
for org.apache.maven.plugins:maven-eclipse-plugin:jar:2.9
!ENTRY org.eclipse.m2e.logback.appender 2 0 2014-02-09 16:04:42.194
!MESSAGE Failed to retrieve plugin descriptor for
org.codehaus.mojo:exec-maven-plugin:1.2.1: Plugin
org.codehaus.mojo:exec-maven-plugin:1.2.1 or one of its dependencies
could not be resolved: Failed to read artifact descriptor for
org.codehaus.mojo:exec-maven-plugin:jar:1.2.1
!ENTRY org.eclipse.m2e.logback.appender 2 0 2014-02-09 16:04:44.447
!MESSAGE Using platform encoding (US-ASCII actually) to copy filtered
resources, i.e. build is platform dependent!
!ENTRY org.eclipse.m2e.logback.appender 2 0 2014-02-09 16:04:44.525
!MESSAGE Using platform encoding (US-ASCII actually) to copy filtered
resources, i.e. build is platform dependent! !SESSION 2014-02-09
16:21:47.448 -----------------------------------------------
eclipse.buildId=3.4.0.201310051614-RELEASE-e43 java.version=1.7.0_45
java.vendor=Oracle Corporation BootLoader constants: OS=macosx,
ARCH=x86_64, WS=cocoa, NL=en_US Framework arguments: -product
org.springsource.sts.ide -keyring /Users/mkm/.eclipse_keyring
-showlocation Command-line arguments: -os macosx -ws cocoa -arch x86_64 -product org.springsource.sts.ide -keyring
/Users/mkm/.eclipse_keyring -showlocation
!ENTRY org.eclipse.jface 2 0 2014-02-09 16:22:07.157 !MESSAGE
Keybinding conflicts occurred. They may interfere with normal
accelerator operation. !SUBENTRY 1 org.eclipse.jface 2 0 2014-02-09
16:22:07.157 !MESSAGE A conflict occurred for COMMAND+SHIFT+F10:
Binding(COMMAND+SHIFT+F10,
ParameterizedCommand(Command(org.jboss.tools.common.ui.RegisterAsService,Register
As Service, Adds class name to META-INF/services/%serviceType% file
after service type is selected in the dialog from types extended and
implemented by the class.,
Category(org.eclipse.ui.category.file,File,null,true),
org.eclipse.ui.internal.WorkbenchHandlerServiceHandler#241a8926,
,,true),null), org.eclipse.ui.defaultAcceleratorConfiguration,
org.eclipse.ui.contexts.window,,,system) Binding(COMMAND+SHIFT+F10,
ParameterizedCommand(Command(org.eclipse.ui.window.showSystemMenu,Show
System Menu, Show the system menu,
Category(org.eclipse.ui.category.window,Window,null,true),
org.eclipse.ui.internal.WorkbenchHandlerServiceHandler#4a22304e,
,,true),null), org.eclipse.ui.defaultAcceleratorConfiguration,
org.eclipse.ui.contexts.window,,cocoa,system)