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October 30, 2011

Contrast of misery, normalcy in flood-wary Bangkok

Filed under: business, term — Tags: , , , — Gladiator @ 2:04 pm

On one side of Bangkok, you’ll find the victims of Thailand’s worst flooding in half a century. They float down trash-strewn waterways, paddling washtubs with wicker brooms over submerged neighborhoods.

Just a few miles (kilometers) away, you’ll find something else entirely: well-heeled shoppers perusing bustling malls decorated with newly hung Halloween decorations, couples sipping espresso in the air-conditioned comfort of ultrachic cafes.

Although catastrophic flooding has devastated a third of this Southeast Asian nation and submerged some of the capital’s northernmost districts, the reality for the majority of this sprawling metropolis of 9 million people is that life goes on.

The desperate images of disaster contrast sharply with scenes of total normality _ from night-owls drinking cocktails in red light districts to tourists enjoying relaxing foot massages in faux-leather chairs downtown.

An exodus of thousands of Bangkok residents to nearby resorts and a government-ordered five-day holiday have left the notoriously congested city unusually easy to maneuver by taxi and three-wheeled tuk-tuk.

“It’s better, in a way,” Nicole Attwater of Sydney said Sunday, adding that she was happy to brave some flooding to see the Grand Palace, the gold-studded former seat of the Thai monarchy, with far lighter crowds than normal on a sunny morning.

“It’s a good time to come, because it’s quiet,” she said.

Most of Bangkok is dry, with little to indicate that anything is wrong _ except for the ominous walls of sandbags stacked around hotels and homes, and the apocalyptic predictions of everyone from expatriate bloggers to some members of the Thai government.

Yet, the threat of floodwaters sweeping through the city is still very real. Nationwide, 381 people have died over the last three months, and 110,000 more have been displaced _ 10,000 of them in Bangkok, according to government figures. The catastrophe has put hundreds of thousands of people out of work and cost billions of dollars in damage _ a bill that grows larger by the day.

Among items struck from tourists’ agendas: shopping for crafts at the popular Chatuchak weekend market and dinner cruises down the city’s Chao Phraya river _ all canceled due to the high waters. The river swelled to a record high level early Sunday, spilling into some neighborhoods and sparking fears it would flood the inner city.

Fears over worse-case scenarios and travel warnings issued by foreign governments have slashed visitors by half at sites like the Grand Palace and the giant gold-plated Reclining Buddha inside Bangkok’s Wat Pho temple complex.

But the biggest problem by far, said tour guide Keerati Atui, is the media, which he said has given the impression that most of Bangkok is under water.

“Look around,” he said, gesturing to lines of tourists streaming into the white-walled palace. “It’s dry. Everything here is normal.”

River water has lapped at the palace gates and even crept inside, but much of it has welled up through drains in the riverside neighborhood. One picture posted this week on Twitter showed a cameraman filming a television news anchor on a street beside the palace in ankle-high water. On both sides of the pair, the street was bone dry.

Heavy monsoon rains have pummeled a large swath of Asia since July. As floodwaters crept across Thailand, they first drowned neighboring provinces, then districts on the northern outskirts of Bangkok. Last week, advancing water forced the city’s Don Muang airport, which is used mainly for domestic flights, to shut down. However, the international Suwarnabhumi airport remains open, and the city’s skytrain and subway lines were functioning normally.

Nobody knows how far the water will go, but so far Bangkok’s defenses have mostly held.

Statements from government leaders have alternated from assurances the capital would be spared to dire warnings that nowhere is safe.

Panicked Bangkokians have stripped supermarkets and convenience stores of bottled water and dried noodle supplies in recent weeks as a result, but there is still plenty to drink. Both those items can be still found in street-side shops along the city’s temple-dotted riverside, where the mineral water is ice cold and the noodle soup is spicy and sprinkled with fish balls.

“A lot of people are overreacting, they’ve been hoarding too much stuff,” said Kwanpimol Pleegluay, a 48-year-old housewife. “They watch the news and see people in other flooded provinces and think that’s going to happen to them here.”

Kwanpimol was taking a casual stroll along the Chao Phraya with her husband over the weekend _ to see how high the river swelled. After peering into the water, she took his photo and chose one word to describe the scene: “Beautiful,” she said.

On the other side of the Chao Phraya, where the 200-year-old pagoda of the city’s famed Temple of the Dawn rises from the banks, 42-year-old monk Phramaha Abhin said he was not worried.

“The Lord Buddha taught us not to be negligent, we must always prepare,” said Phramaha, referring to newly laid protective layer of sandbags outside the temple, where he lives. “But he also taught us not to foolishly fear that which hasn’t happened yet.”

Many people in Bangkok and neighboring provinces see the flooding as something that should be accepted, not something to be angry about.

In Bangkok’s heavily flooded Thonburi district, a navy team evacuated a stranded pregnant woman whose water broke Sunday. Aorasa Wisetkoop looked anxious, but remained calm and held tightly onto her belly, while a rescue team lifted her into a boat.

“We had to get her to hospital,” rescuer Nitipat Mongolpradit said.

But along with every tragic and urgent incident in the inundation, there were images of Thais splashing in the floodwaters for fun.

When the river began flowing like a waterfall over a wall into Chantana Srisuwan’s wooden-shack kitchen, the 58-year-old pulled out a stack of aluminum pans, soaped them up and began washing them. “Why bother being troubled?” she asked.

“If we think we shouldn’t get wet, we’ll never have peace of mind,” she said, as a neighbor complained he could not sleep because his bed was submerged beneath encroaching waves. “If there’s no water, great. But if there is, we have to learn to live with it.”

Source

October 25, 2011

Thai floods shut down Bangkok’s second airport

Filed under: news, technology — Tags: , , , — Gladiator @ 5:16 pm

Advancing floodwaters in Thailand shut down commercial flights Tuesday at Bangkok’s second airport, spilling across a complex housing the country’s flood relief headquarters in one of the biggest blows yet to government attempts to prevent the sprawling capital from being swamped.

The effective closure of Don Muang airport, which is used primarily for domestic flights, was sure to further erode public confidence in the ability of Prime Minister Yingluck Shinawatra’s administration to defend the increasingly anxious metropolis of 9 million people.

Bangkok’s Suvarnabhumi Airport, the country’s main international gateway, has yet to be affected by flooding and flights there were operating normally. Most of the city has been spared inundation so far.

Don Muang has come to symbolize the gravity of the Southeast Asian nation’s deepening crisis, which has seen advancing waters drown a third of the country and kill 366 people over the last three months.

The airport houses the government’s recently established emergency Flood Relief Operations Center, and one of its terminals has been converted into an overcrowded shelter filled with tents for about 4,000 people who fled waterlogged homes.

Somboon Klinchanhom, a 43-year-old civil servant who took refuge there last week, was preparing to move after authorities said the terminal had become too overcrowded and thousands of displaced people would be relocated to other shelters.

“I thought it would be safe and well-protected,” Somboon said of the airport, as she packed her belongings again.

Outside, ankle-high water rushed over sandbagged barriers and swamped roads within the airport compound.

The two main carriers based at Don Muang announced they were suspending operations and diverting flights to Suvarnabhumi. They are Thai Orient Airlines and Nok Air, which said it was halting flights until Nov. 1.

Capt. Kantpat Mangalasiri, the airport’s director, said Don Muang’s runways _ though not currently flooded _ would be closed until Nov. 1 to ensure safe aircraft operations.

Thai air force flights carrying relief supplies were continuing on a military runway that is still open, air force spokesman Montol Suchukorn said. He said floodwaters had breached the military’s air base, but the runway remains protected by flood barriers.

Last week, the air force moved 20 planes from Don Muang as a precaution.

The flood relief command will remain at the airport for now since it is still accessible by road, spokesman Wim Rungwattanajinda said.

He said the government expects floodwaters will sweep through the main parts of Don Muang by Friday, but would not rise above 3.3 feet (one meter).

The scene at the domestic terminal was chaotic as throngs of confused passengers struggled to leave or pulled up to the departure hall with luggage, unaware their flights had been canceled.

With parts of the main road heading to downtown Bangkok flooded knee-deep, taxis were in scarce supply. Some travelers waited hours for a ride as airlines scrambled to arrange special buses.

Don Muang, located on Bangkok’s northern outskirts, is among seven of the capital’s 50 districts that the government has declared at risk. Those zones, in the north and northwest, are all experiencing some flooding.

The latest added to the list is the northwestern district of Bang Phlat. Late Monday, Gov. Suhumbhand Paribatra warned residents there to move their belongings to higher ground after water from the Chao Phraya River crept in through a subway construction site.

On Tuesday, Yingluck’s administration declared public holidays on Oct. 27-31 in affected areas, including Bangkok. The Education Ministry also ordered schools in 12 affected provinces and the capital to close until Nov. 7 due to the floods.

Last week, Yingluck ordered key floodgates opened to help drain runoff through urban canals to the sea, but there is great concern that rising tides in the Gulf of Thailand this weekend could slow critical outflows and flood the city.

Late Monday, the flood relief center said water levels in the worst-hit parts of the country _ the submerged provinces north of Bangkok _ were stable or subsiding. But the massive runoff was still bearing down on the capital as it flowed south toward the Gulf of Thailand.

While neighborhoods just across Bangkok’s boundaries are underwater, most of the city is dry and has not been directly affected by the deluge.

Anxious Bangkokians, though, have been raiding stores to stock up on emergency supplies, and many have been protecting their homes and businesses with sandbags. Some have even erected sealed cement barriers across shop fronts.

Source

October 22, 2011

UK borrowed less than forecast in September

Filed under: mortgage, uk — Tags: , , , — Gladiator @ 11:24 am

U.K. government borrowing in September fell by more than anticipated, official figures showed Friday, providing rare good news after a series of downbeat reports.

The Office for National Statistics said public sector net borrowing in September was 14.1 billion pounds ($22.2 billion), down on the 15.4 billion pound shortfall in the same month last year.

September’s figure was about a billion pounds better than the market consensus.

The agency also revised its August borrowing figure downward by 2 billion pounds.

The data leaves the government broadly on course to hit its full-year deficit target of 122 billion pounds, providing the economy doesn’t deteriorate further.

However, worries persist.

“We doubt that these figures fully reflect the recent slowdown in the pace of economic growth and therefore we continue to expect the trend in borrowing to deteriorate in the second half of the fiscal year,” said Samuel Tombs, U.K. economist at Capital Economics.

The statistics agency reported earlier this week that inflation had hit a three-year high of 5.2 percent. Unemployment was up to 8.1 percent in the latest report, while household incomes were growing at less than 2 percent a year; GDP rose just 0.1 percent in the second quarter.

Chris Williamson, chief economist at financial information company Markit, said the government may be forced to cut spending further to meet the borrowing target if the economy gets worse. However, he said this raises the risk that austerity measures “end up driving the deficit higher rather than reducing it.”

Concern about sagging growth has prompted the Bank of England to resume a program of buying up financial assets from the banks in the hope of increasing the money supply and getting them to lend more.

Earlier this month, the Bank’s Monetary Policy Committee unanimously voted to spend another 75 billion pounds ($118 billion) on the so-called program of quantitative easing. Between March 2009 and January 2010, it bought up 200 billion pounds ($315 billion) of assets.

Source

October 9, 2011

Four Roberts’ TV stations file for bankruptcy

Filed under: Uncategorized, real estate — Tags: , , , — Gladiator @ 11:56 am

Saddled with millions of dollars in recent judgments for failure to pay licensing fees, television station operator Roberts Broadcasting filed for bankruptcy Friday.

Roberts Broadcasting is one of the many businesses owned by brothers Michael and Steven Roberts, two high-profile St. Louis businessmen who also are former St. Louis aldermen. Their holdings also include real estate and hotels around the country. Neither returned calls for comment.

The four TV stations owned by Roberts Broadcasting are WRBU-Channel 46 in St. Louis, WZRB in Columbia, S.C.; WRBJ in Jackson, Miss.; and WAZE in Evansville, Ind.

In a statement released Friday, Steven Roberts, president of Roberts Broadcasting said the four stations will seek to create a reorganization plan within the next six months.

“It was difficult to make the decision to file these cases, but the provisions of Chapter 11 (bankruptcy) will allow us to deal with the old debts, preserve the jobs of about 50 employees, and continue to service these communities,” he said.

The bankruptcy, filed in St. Louis, lists Roberts Broadcasting’s assets as $50,000 or less and its debts ranging between $500,000 and $1 million.

Creditors include law firms Armstrong Teasdale and Stinson Morrison Hecker LLP, electric utility AmerenUE and the city of St. Louis.

The three television stations outside the St. Louis area also filed separately in St. Louis for Chapter 11. All showed debts ranging between $100,000 and $500,000 and assets of $50,000 or less.

In the statement released Friday, Steve Roberts blamed the bankruptcy on the downfall of the UPN television network, which shut down in 2006.

“All four of these stations were designed to be affiliates of the former UPN network, owned by the CBS Corp.,” he said in the statement. “UPN’s minority-oriented programming fit nicely with each station’s demographics, and with its potential advertisers. To our surprise, UPN folded shortly after these stations started broadcasting, which throw off all of our business plans.”

Roberts Broadcasting has faced multiple lawsuits for failure to pay syndication fees for programs it aired on its stations. In 2009, 20th Century Fox filed a lawsuit against Roberts Broadcasting over nonpayment of more than $1 million in fees. The two sides settled last year, and the case was dismissed.

Then in April 2010, CBS subsidiaries CBS Studios Inc. and King World Productions Inc. filed a lawsuit against Roberts Broadcasting, alleging their TV stations aired CBS shows without paying licensing fees. CBS won a $1 million judgment against Roberts Broadcasting in March in that case.

Last week, a Los Angeles Superior Court judge ordered Roberts Broadcasting to pay a $1.4 million judgment to Warner Bros. for airing “The Fresh Prince of Bel-Air,” “George Lopez” and other Warner Bros. shows on its stations without paying. The Roberts Bros. filed a notice of non-objection to the Warner Bros. judgment on Aug. 31. Linda Burrow, an attorney representing Warner Bros., declined to comment on the case.

FINANCIAL STRESS

Signs of financial stress have been seen at the Roberts’ other business entities, all owned by a parent company, Roberts Cos. Roberts Cos. sold its wireless communications tower business last year for $88.5 million, in part, to shore up its other business interests, Michael Roberts said at the time of the sale.

Other than its TV stations, Roberts Cos.’ remaining business interests - real estate and hotels - have suffered during the economic downturn. Ground was broken on their $70 million high-rise condo building in the heart of downtown St. Louis’ central business district just as the recession took hold. Originally slated to open to residents two years ago, the vacant 300-foot tall tower sits empty.

Several of the Roberts Cos.’ other real estate development plans in recent years have also soured. A planned $25 million Hotel Indigo slated for the 900 block of Locust Street in downtown St. Louis was scrapped.

Roberts Cos. has also faced lawsuits recently for its hotel operations. Several local contractors filed lawsuits totalling nearly $1 million against the brothers related to the $4.4 million renovation of a hotel in the Central West End. That hotel was originally flagged a Hotel Indigo but the name was changed to the Roberts Hotel Central West End this year.

Roberts Cos.’ is privately held and no financial records were available.

Source

October 7, 2011

TSX tumbles after two days of strong gains

Filed under: Audit, mortgage — Tags: , , , — Gladiator @ 9:00 pm

A three-day rally in the stock markets faded on Friday after a mixed jobs report and credit-rating cuts for Italy and Spain.

Indexes drifted between gains and losses in the morning, then turned lower after the Fitch agency cut Spain and Italy

October 3, 2011

Greece to miss deficit targets for 2011-2012

Filed under: news, usa — Tags: , , , — Gladiator @ 12:12 am

Greece won’t meet 2011-2012 deficit targets imposed by international lenders as part of the country’s bailout, the Finance Ministry said Sunday.

The country’s deficit this year is expected to reach 8.5 percent of gross domestic product, or euro18.69 billion ($25.2 billion) _ higher than the targeted euro17.1 billion ($23.1 billion), which would have been 7.8 percent of GDP, the ministry said.

Greece has been reliant since May 2010 on regular payouts of loans from a euro110 billion ($150 billion) bailout from other eurozone countries and the International Monetary Fund. It was granted a second euro109 billion package in July, but details of that deal remain to be worked out.

The Finance Ministry said the missed target was because of a deeper-than-expected recession, with the economy contracting by 5.5 percent instead of the 3.8 percent estimate made in May. It implied the deficit could even exceed this level by the end of the year unless all new austerity measures were implemented.

“The final estimate for a deficit equal to 8.5 percent of GDP can be achieved, if there is a proper response by the state authorities and the citizens themselves, on whose stance the country’s financial … and social future depends,” the announcement said.

The announcement reflects the government’s frustration with tax collection, which they blame on tax inspectors’ lax performance, and its fear that citizens, angry at seeing their wages shrink and, at the same time, having to pay an increasing amount of one-off taxes, would refuse to pay.

There are already widespread calls not to pay a property surcharge, to be included in the next batch of state electricity company bills, despite the fact that delinquent payers are threatened with having their houses disconnected from the grid. The government hopes that revenue from the property levy will raise about euro2 billion ($2.7 billion) in 2011 and a similar amount in 2012.

The 2012 budget is projected to reduce the deficit to euro14.68 billion ($19.82 billion), or 6.8 percent of GDP. Excluding serving Greece’s debt, the budget is projected to have a primary surplus of euro3.2 billion, or 1.5 percent of GDP, meaning that Greece’s debt will stop growing, as a percentage of GDP.

The Cabinet also was also expected to approve a plan to cut civil service staff by about 30,000 by the end of the year. It is still in session.

Source

October 1, 2011

Dow, others fall 12 pct. in quarter

Filed under: Uncategorized, loans — Tags: , , , — Gladiator @ 9:16 am

The stock market’s worst quarter since the end of the financial crisis closed Friday on another down note.

Stocks fell broadly on fresh signs that Europe’s debt problems and the U guaranteed payday loan.S. economy continue to languish. Makers of raw materials, industrial companies and banks

September 23, 2011

World stocks nosedive after Fed releases gloomy assessment of economy

Filed under: loans, term — Tags: , , , — Gladiator @ 1:44 am

PARIS

September 21, 2011

GM’s Wentzville assembly plant: a snapshot

Filed under: legal, real estate — Tags: , , , — Gladiator @ 10:48 am

Opened

September 14, 2011

Actors, crime victims participate in press inquiry

Filed under: Uncategorized, technology — Tags: , , , — Gladiator @ 11:04 pm

An electic mix of celebrities, crime victims and former police suspects will take part in a judge-led inquiry into the state of Britain’s scandal-tarred press.

Lord Justice Brian Leveson said Wednesday that Harry Potter creator JK Rowling, actors Hugh Grant and Sienna Miller, Formula One boss Max Mosley, the parents of missing girl Madeleine McCann and murdered schoolgirl Milly Dowler will participate.

Leveson has been asked to examine the ethics of the British media and to investigate improper conduct.

The group of around 46 people will give evidence on alleged media intrusion into their private lives.

The inquiry was set up in response to the phone hacking scandal in which journalists at News International are accused of hacking into voice mails.

Source

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