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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 24, 2011

Abu Dhabi firm backtracks on Guggenheim contract

Filed under: loans, online — Tags: , , , — Gladiator @ 2:20 am

The Abu Dhabi company building a branch of the Guggenheim museum in the Emirati capital said Sunday it has temporarily dropped plans to award a major construction contract, raising questions about the future of the high profile project.

The state-run Tourism Development and Investment Co. said it recalled the tender for concrete work on the Frank Gehry-designed museum because it is reviewing its strategy for handing out jobs to contractors. It didn’t say when it would again seek bids.

The Guggenheim is one of the showcase museums TDIC is building on Abu Dhabi’s Saadiyat Island, a planned cultural district overlooking the Persian Gulf. The island is also slated to contain a national museum, performing arts center and a branch of the Louvre.

A spokeswoman insisted Sunday that the Guggenheim project is still moving ahead, but didn’t provide details.

TDIC has previously said it would open the museum by 2013.

Some preliminary groundwork for the 450,000-square-foot museum has been completed. The construction contract now on hold would have involved major work on the museum’s base and other parts of the building.

TDIC has not released the value of that deal free credit score.

TDIC is one of several companies set up by Abu Dhabi to diversify the economy and drive development in the emirate, which borders Dubai to the south.

The money-losing company relies heavily on direct cash infusions from the oil-rich Abu Dhabi government, but it also has turned to banks to fund some of its operations.

TDIC executives traveled to Europe and Asia over the summer to meet with potential investors about the possibility of issuing new bonds, but then put off those fundraising plans.

The Guggenheim project has been a flashpoint for controversy.

In March, more than 130 international artists and writers promised to boycott the museum unless authorities do more to protect workers’ rights at the site. That followed an earlier report by Human Rights Watch that outlined alleged abuses against migrant workers on the project.

TDIC has said it is committed to protecting workers’ rights and has taken on board many of Human Rights Watch’s recommendations.

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 15, 2011

Libyan forces search Tripoli for Gadhafi loyalists

Filed under: Audit, mortgage — Tags: , , , — Gladiator @ 11:40 pm

Libyan fighters fanned out in Tripoli neighborhoods Saturday to search for armed supporters of fugitive leader Moammar Gadhafi a day after a major gunbattle rocked the capital for the first time in two months.

Dozens of men combed apartment buildings for suspects and weapons in the Abu Salim neighborhood, which is home to the prison of the same name that became notorious for the abuse and killing of Gadhafi opponents. A day earlier, a gunbattle broke out in the area when a group tried to raise the green flag that symbolizes the ousted regime.

Revealing serious divisions within the revolutionary ranks, Saturday’s sweep of Abu Salim was being conducted mainly by a breakaway militia that refuses to answer to the main Tripoli military council.

It is one of many factions that have refused to put themselves under the umbrella of official revolutionary authorities, raising fears of vigilante justice as the North African nation faces continued fighting by loyalists of the fugitive leader.

One anti-Gadhafi fighter stomped on a green flag as others searched vehicles. Another showed off a box stuffed with bullets he said was found in a second-floor apartment in one of the residential buildings.

Abdullah Naker, the head of the so-called revolutionary council, called on all anti-Gadhafi forces to join them in the search and warned his men will fight anybody who gets in their way.

“All of Tripoli will be searched and we will reorganize our checkpoints and our guards in public and private institutions inside of Tripoli and outside of Tripoli,” he told reporters.

He said eight wanted men and 12 other suspects were arrested. He also alleged that teachers have been telling students that Gadhafi will return and said teams had been sent to stop the practice.

“We gave the military council a chance to prove themselves and they failed, and we will not leave things to chance,” he said.

A senior Interior Ministry official, Ibrahim al-Bargathi, said Friday’s skirmish started when a group of some 30 people, including eight women and some armed men, started walking with green flags. Local opponents began fighting with them, then revolutionary forces swarmed into the area from across the city, he said payday loans.

He said six people were injured and 14 were captured _ nine men and five women.

It was the first major violence in Tripoli between Gadhafi supporters and revolutionary forces since the then-rebels swept into the capital in late August and forced the longtime leader into hiding. The tensions suggest Libyans face grave challenges in trying to reconcile after months of bitter civil war.

The flare-up in Tripoli and fierce resistance on two other fronts have set back the new rulers’ stated goals of declaring total victory and establishing democracy. It also raised fears of a protracted insurgency as Gadhafi, the ruler for nearly 42 years, remains on the run.

The capital has been relatively calm since then-rebels swept into the city two months ago. But Gadhafi’s loyalists have control of parts of his hometown of Sirte and the desert enclave of Bani Walid and have fought off NATO-backed revolutionary forces besieging them for weeks. Gadhafi has tried to rally his supporters with several audio recordings issued from hiding.

The firefight in Tripoli began after Friday prayers. Witnesses said dozens of loyalists carrying green flags appeared on a square in the Abu Salim neighborhood, which has long been a pro-Gadhafi stronghold. Residents also reported fighting in several other areas known to still hold loyalists of the former leader.

Interim leader Mustafa Abdul-Jalil, the head of the governing National Transitional Council, had hoped to declare liberation this week after what he expected would be the imminent fall of the holdout city of Sirte, Gadhafi’s hometown, 250 miles (400 kilometers) southeast of Tripoli on the Mediterranean coast. That could allow the council to name a new interim government and set a timeline for holding elections within eight months.

The revolutionary forces control much of Sirte after launching a major push a week ago but still face heavy resistance.

Source

October 14, 2011

For beer vendors, Cardinals playoff run means extra paydays

Filed under: term, uk — Tags: , , , — Gladiator @ 8:44 am

ST. LOUIS

October 12, 2011

Stock futures rise on hopes for European plan

Filed under: Uncategorized, finance — Tags: , , , — Gladiator @ 5:48 pm

Stock futures rose Wednesday on hopes that Europe will finally take the bold steps needed to stem its financial crisis.

The European Union is expected to present a new plan Wednesday to strengthen weak banks and lower Greece’s debt burden. The plan is considered the boldest yet to stem the debt crisis that threatens to push the global economy into another recession.

The plan comes a day after Slovakia rejected a bill that would have given more power to Europe’s financial rescue program. Sixteen other countries that use the euro have already approved the bill, but the measure requires unanimous support. Still, there are ways around Slovakia’s opposition, and investors predict the bill will ultimately pass.

Dow Jones industrial average futures rose 95 points, or 0.8 percent, to 11,425 about 45 minutes before the opening bell.

Standard & Poor’s 500 index futures rose 10, or 0.8 percent, to 1,199. Nasdaq 100 index futures rose 26, or 1.1 percent, to 2,314.

Earnings season is under way, and so far results are mixed. PepsiCo Inc. rose 1.4 percent in premarket trading after the company said its profit rose because of stronger sales of its snacks and beverages, particularly in overseas markets.

Yet Alcoa Inc. dropped 4.1 percent ahead of the opening after the aluminum maker reported earnings that were weaker than analysts expected. A 12 percent drop in aluminum prices in the third quarter dragged down results.

Host Hotels & Resorts Inc. fell 3.2 percent after the lodging real estate investment trust lowered its full-year forecast for funds from operations, a key measure of its financial performance.

Source

October 11, 2011

EU delays debt crisis summit

Filed under: marketing, news — Tags: , , , — Gladiator @ 2:52 am

BRUSSELS

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 6, 2011

Steve Jobs, Apple co-founder and Silicon Valley icon dead at 56

Filed under: business, news — Tags: , , , — Gladiator @ 6:04 am

Steve Jobs, founder of Apple Inc., and visionary whose enduring legacy is held firmly in the hands and hearts of millions of people around the world, died Wednesday evening.

The man who will be remembered as one of the most influential entrepreneurs of the 20th century was 56 years old.

Apple confirmed Jobs

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

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