Monday, May 3, 2010

The European Union and International Monetary Fund (IMF) have agreed to provide the ailing Greek economy with 110 billion euros (US$146 billion) worth of loans over three years. Finance ministers from the sixteen countries that use the euro – known as the eurozone – approved the plan yesterday.

According to the plan, the EU is to provide 80 billion euros of the loans, and the IMF the other 30 billion; it is aimed at preventing Greece from defaulting on debt.

Before being fully implemented, however, the proposal must be individually approved by all fifteen other countries in the eurozone. According to Luxembourgish prime minister Jean-Claude Junker, up to 30 billion euros would be given to Greece in the first year.

German chancellor Angela Merkel commented on the proposal yesterday, saying: “The programmme is without alternative to safeguard the stability of the euro.”

The Greek government yesterday predicted that the country’s gross domestic product would drop by four percent this year; it also forecast the national debt, currently at 115% of GDP, will increase to 149% in 2013, before going down.

Saturday, April 1, 2006At least 57 people are now known to have died when a boat designed similar to a traditional dhow capsized one mile of the coast of Bahrain in the Persian Gulf. Seventeen were Indian and a further 13 of the dead are British; people of another six nationalities are also known to have died. The passengers were mostly foreigners from the Nass-Murray and Roberts construction company, and were enjoying an evening dinner cruise in celebration of their completion of part of the Bahrain World Trade Centre towers. Most who died were dining on the lower deck, and were trapped below.

Over 130 people were onboard the boat at the time, although some say the boat was only licensed to carry 120. Others say the limit was 150. Eyewitnesses say the boat was overloaded. The boat capsized in calm seas soon after it left, trapping many below. Helicopters from the US Navy searched for 13 missing persons until Friday morning, when the search was called off. The dhow had been modified to have an extra, higher deck making the vessel less stable. The exact cause is unknown – suggestions from eyewitnesses include the boat suddenly turning left, being hit by a wave, and many of the passengers moving to one side of the boat together. The Bahrain Interior Ministry is to investigate the accident and establish if the boat was seaworthy.

Saturday, March 17, 2007

Vornado Realty Trust of Paramus NJ has completed a deal to take a majority interest in the 1.8 million sq ft building at 555 California St in San Francisco, (aka The Bank of America Center) and the 2 million sq. foot building located at 1290 Avenue of The Americas in New York City.

In an announced deal worth $1.8 billion, the new investors get a 70 percent interest in both towers, alleviating the current owners, Hudson Waterfront Associates of any possible liability in a lawsuit brought against them by Donald Trump.

Built in 1969, 555 California is SF’s largest office tower, and 2nd tallest building at 779 ft. just a few feet shy of the 48 story Transamerica Pyramid at 853 ft which was completed in 1972.

The SF structure, whose current deal estimates it’s value @ $575 per sq ft, had just sold last year for $1.05 Billion all by itself ($583 a sq ft), when property magnate Walter Shorenstein sold it to Henry Cheng and Vincent Lo’s Hong Kong based Hudson Waterfront Associates, a record for a city property.

Before 2005, 555 California had been Bank of America’s World HQ, but that status ended when North Carolina based NationsBank ate up A.P Giannini’s west coast banking legacy and kept the B of A name, but made the main HQ in Charlotte NC.

For lookee loos the 52nd floor of 555 California features the popular Carnelian Room, a hang for well to do bankers, brokers, lawyers and tourists checking out wide sweeping views from what was once the tallest structure west of the Mississippi, now only the 5th Tallest Bldg on the west coast, but still impressive. For those afraid of heights and the tab for “fine dining”, the ground floor also features a Starbucks.

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Sunday, August 3, 2008

At least seven mountaineers have died while climbing K2, the second highest mountain in the world. The accident was reportedly caused by a rock slide or an avalanche that severed all the ropes used for ascent and descent.

Initial reports state that seventeen climbers ascended the mountain in two groups, with both reaching the summit successfully. The reports also state that after the avalanche, some climbers attempted to return without ropes.

The summit was covered in clouds late yesterday afternoon and the conditions in the mountain continued to deteriorate. Some of the latest reports indicate that eight climbers were stuck at the summit, unable to descend. Four of these climbers are Norwegian nationals. The conditions at the summit during night are extreme and offer very limited chances for survival for people unable to descend.

In an unrelated incident, a Serbian climber and his sherpa fell down during the initial descent. This incident was, however, unrelated to the other deaths caused by the avalanche.

Friday, September 9, 2005

A look at some of the movies set to be released in North America, the week of 9 September, 2005.

Note, “fresh” or “rotten” refer to the movie’s Rotten Tomatoes rating, based on North American critical reviews. The higher the percentage, the greater the percentage of critics that liked the movie.