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Calgary : Global credit crunch could affect 'The Bow'
ErickMontreal posted a topic in Current events
H&R REIT hits a roadblock with The Bow LORI MCLEOD November 14, 2008 When H&R Real Estate Investment Trust signed on as the owner and developer of EnCana Corp.'s new head office in Calgary last year, the deal marked a milestone. At the peak of the real estate boom in February, 2007, the handshake between the natural gas producer and the real estate developer set in motion the creation of a unique, crescent-shaped skyscraper which is set to become the tallest office tower west of Toronto. At the time it was announced the project known as The Bow, became a symbol of Calgary's coming of age as a Canadian financial powerhouse in the midst of the commodities boom. Almost two years later, times have changed and the development that was to become H&R's crown jewel has hit a funding wall. "At present there are no financing arrangements in place on any of the REIT's development projects, and the current difficult economic conditions have impacted H&R's financing strategy," the trust said late yesterday in a release of its third-quarter financial results. The trust said it is considering selling assets, including The Bow, to address its funding challenges. So far, attempts to find an investor for the project have failed and are unlikely to succeed until H&R moves further along with its financing and construction efforts, said Neil Downey, analyst at RBC Dominion Securities Inc. H&R's biggest problem has been the seizure of the credit markets, which happened swiftly, unexpectedly, and before it secured a construction loan for The Bow, said Dennis Mitchell, portfolio manager at Sentry Select Capital. Labour and materials costs are rising, and the cost of the project has risen from $1.1-billion to $1.4-billion. Adding to the pain is the downturn in the financial and commodities markets, which is sending office vacancy rates up and real estate values down. While the large scale of The Bow was a bit concerning, in "heady" times it was an exciting project, Mr. Mitchell said. "In February of 2007 you were essentially in the peak of the market. You were talking about [real estate firm] Equity Office Properties being purchased in a bidding war. You had people talking about a wall of capital coming into the markets. It was a pretty heady time," said Mr. Mitchell, whose firm recently sold nearly all of the 55 million H&R shares it owned. His view in February, 2007, was that H&R would be able to sell a 50-per-cent stake in the project at a gain in about six months. As the project proceeds, over budget and in need of $1.1-billion in funding, H&R is facing some tough choices, Mr. Downey said. While it was not mentioned as an option by H&R, Mr. Downey has raised the possibility of a distribution cut of up to 50 per cent, starting in 2009 and continuing until the project is completed in 2011, he said. "This would be a Draconian move by REIT standards," he added. However, it would provide H&R with an additional $300-million in capital, which should be enough to make up the financial shortfall if it can secure a $500-million construction loan, he said. -
http://www.telegraph.co.uk/news/worldnews/europe/france/9133399/Paris-to-trump-Londons-Shard-with-Europes-tallest-buildings.html Paris to trump London's Shard with Europe's tallest buildings The two skyscrapers will 40ft taller than the Shard, which is currently under construction in the British capital. Planning permission for the French project called Hermitage Plaza - designed by British artchitects Foster and Partners - was granted by Paris officials this week. The two buildings - which will house offices, luxury apartments, a shopping complex and a hotel - will dominate the skyline in the western business district of La Defense. Work began on the Shard at London Bridge in February 2009 and it is already Europe's highest construction project at a cost so far of around £450 million. The 87-storey building is due for completion in May this year, when it will stand at 1,017 feet tall and offer uninterrupted 360-degree views of London for 40 miles in every direction.
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http://www.montrealgazette.com/news/Celine+Cooper+Montreal+city+state/9536579/story.html Montreal as its own city-state? BY CELINE COOPER, THE GAZETTE FEBRUARY 24, 2014STORY Quebec Finance Minister Nicolas Marceau, left, is applauded by Quebec Premier Pauline Marois, right, and members of the government after he presented his budget speech, Thursday, February 20, 2014 at the legislature in Quebec City. Photograph by: Jacques Boissinot , THE CANADIAN PRESS Greetings from Administrative Region 06. What’s that? Oh. You may know it by another name — Montreal, the second largest city in Canada. The economic hub of Quebec. The city that generates approximately 65 per cent of provincial tax revenues. One might assume that buoying a metropolis — investing in the human potential, entrepreneurship and global networking opportunities the city has to offer — would be a central plank in any provincial or federal budget. Then again, one might be wrong. Last Thursday, Finance Minister Nicolas Marceau tabled the 2014-15 provincial budget. In his budget speech in the National Assembly, Marceau stated that his government acknowledges Montreal’s unique status as the metropolitan economic engine of Quebec. His budget commits to the renewal of the province’s annual $25-million investment in the city. In anticipation of the 375th anniversary of Montreal in 2017, a total of $125 million is earmarked for four projects: Parc Jean Drapeau, Espace pour la vie, the Montreal Museum of Fine Arts and the Montreal Museum of Archaeology and History. But dig a little deeper and things start to ring hollow. For example, there is no detail regarding what Montreal will get back from these investments, or whether these projects may, in fact, increase the city’s operating expenses in terms of security, maintenance or infrastructure. On more pressing challenges facing Montreal, the budget doesn’t go far enough. There is $6 million set aside for fighting homelessness — an urgent concern for many residents of the city. But there is no new money allocated for social housing, public transit or immigrant integration, and no money earmarked for the retention of families on the island of Montreal. To be fair, it seems almost silly to take this budget seriously. No one expects it to be voted on in the National Assembly. Before Marceau had even completed his announcement, the Coalition Avenir Québec and the Liberals had roundly rejected it. Beyond the proposed increase in daycare user fees from $7 a day to $9 by 2015, it is non-controversial and lacking in detail. There are no general tax increases to irk voters. Detailed spending information is conveniently omitted. In short, this is less a budget than a financial framework for an election campaign. With the latest CROP poll putting the PQ into majority-government territory and MNAs headed for a two-week leave on Thursday, many expect an election to be called as early as this week. Either way, Marceau’s announcement gives voters an idea of how Montreal will be positioned symbolically (or not) in the coming electoral campaign. Why does this matter? With half of the province’s population concentrated here (close to 4 million people), our metropolitan area has some serious demographic heft. As Journal de Montréal columnist Benoît Aubin recently pointed out, if Montreal decided to go its own way and become the 11th province of Canada, it would be more populous than all the Atlantic provinces combined. Yet provincial governments across Canada — including Quebec’s — continue to take a relatively flat approach to budgeting. Despite our urbanizing world, cities are still seen as “creatures” of the provinces, just another administrative region on an electoral map — in Montreal’s case, Administrative Region 06. But in the imminent general election campaign, expect to see some pushback. Real acknowledgement of Montreal as Quebec’s metropolis means revising the fiscal arrangement between Quebec and Montreal and negotiating a meaningful devolution of powers from the province to the city. “It’s time a major economic engine of the province and the country is accorded more rights,” as Montreal Mayor Denis Coderre was quoted as saying in a Gazette article last week. Interestingly, François Cardinal, a columnist at La Presse, has emerged as one of the strongest, most coherent champions of giving Montreal more power. In an article titled Manifesto for a City State published recently in the journal Policy Options, he writes: “ … what Montreal needs is special treatment, more autonomy and more diverse sources of revenue. In short, it needs a premier who will stand on the balcony of City Hall and proclaim: “Vive Montréal! Vive Montréal libre!” On issues of both economy and identity, cleavages between Montreal and the rest of Quebec have been growing deeper. Although often dismissed as a pie-in-the-sky idea, I’m starting to see an increased momentum behind the idea of Montreal as its own city-state. As we head into an election, provincial parties would wise not to dismiss it out of hand. Twitter:@CooperCeline
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Vote for Montreal to be the sole Canadian city on the board! Only 20 cities will be included. We are currently 18th!
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Interesting series on PBS on Wednesdays at 22:00 http://www.pbs.org/program/super-skyscrapers/ About the Program As urban space shrinks, we build higher and faster than ever before, creating a new generation of skyscrapers. Super skyscrapers are pushing the limits of engineering, technology and design to become greener, stronger, smarter and more luxurious than their predecessors. This four-part series follows the creation of four extraordinary buildings, showcasing how they will revolutionize the way we live, work and protect ourselves from potential threats. Read more about each episode below. A Closer Look at Super Skyscrapers One World Trade Center Blink Films UK 1 / 12 About the Episodes One World Trade Center (Premiered February 5, 2014) One World Trade Center, the tallest building in the western hemisphere and a famous modern landmark, is engineered to be the safest and strongest skyscraper ever built. This episode follows the final year of exterior construction, culminating with the milestone of reaching the symbolic height of 1,776 feet. For head of construction Steve Plate, as well as scientists, engineers, ironworkers and curtain wall installers, this is a construction job suffused with the history of the site and a sense of duty to rebuild from the ashes of Ground Zero. Building the Future (Premiered February 12, 2014) Commonly known as “the cheese grater,” the Leadenhall Building is the pinnacle of London’s avant-garde architecture. Designed as a tapered tower with a steel exoskeleton, it’s the tallest skyscraper in the City of London and the most innovative. The teams behind the Leadenhall project had to radically rethink every aspect of the traditional building model. This program follows the monumental challenges that come with erecting this super skyscraper: it will be constructed off-site, delivered to location, and stacked and bolted together like a giant Lego set. The Vertical City (Premiered February 19, 2014) Shanghai Tower isn’t just a skyscraper — it’s a vertical city, a collection of businesses, services and hotels all in one place, fitting a population the size of Monaco into a footprint the size of a football field. Within its walls, residents can literally work, rest, play and relax in public parks, looking up through 12 stories of clear space. Not just one, however, but eight of them, stacked on top of each other, all the way to the 120th floor. When complete, the structure will dominate Shanghai’s skyline, towering over its neighbors as a testament to China’s economic success and the ambitions of the city’s wealthy elite. The Billionaire Building (Premiered February 26, 2014) Upon completion, One57, on Manhattan’s 57th Street, will rise more than 1,000 feet, making it the tallest residential tower in the western hemisphere and boasting spectacular views of Central Park. “One57” follows the teams tasked with creating New York’s most luxurious residential skyscraper and their ambition to redefine luxury living the big city. Condominiums at One57 showcase state-of-the-art interiors — double-height ceilings, full-floor apartments, bathrooms clad in the finest Italian marble and the finest material finishes. Super Skyscrapers was produced by Blink Films. sent via Tapatalk
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Almost 80,000 jobs lost in February: StatsCan By The Canadian Press OTTAWA - Non-farm payrolls lost 79,600 jobs in February, with manufacturing taking the worst hit, Statistics Canada reported Wednesday. The agency said those losses continue a slump that began last October and which has cost 296,000 jobs. The agency's survey of non-farm, payroll employment found the biggest February drop was in manufacturing, where 19,300 jobs were lost. Since October, 99,700 manufacturing jobs have disappeared, a loss of 6.1 per cent. That figure is three times the rate of decline of total payroll employment. Nearly a quarter of the manufacturing job losses came in the auto industry. The survey said the number of employees working in motor vehicle parts manufacturing has fallen by 13,300 since October, while motor vehicle and motor vehicle body manufacturing has dropped by 10,200. As of February, there were 111,500 employees in motor vehicle assembly and parts, down 65,000 or 37 per cent from the peak recorded in 2001. The auto slump has echoes in related industries. Payrolls in auto repair shops are down by 5,000 since October. Auto dealers have cut 4,200 jobs in the period, while parts dealers have 2,300 fewer workers. The construction sector lost 11,100 jobs in February. There were more modest declines other sectors, including non-Internet publishing (4,800), credit intermediaries and related activities (4,300) and truck transportation (4,200). But there were some job gains in health and education, including elementary and secondary schools, and community colleges and CEGEPs in Quebec. The February losses came in all provinces, but Quebec, Ontario, Alberta and British Columbia took the worst hits. Quebec lost 30,300 jobs in February, a 0.9 per cent drop. Ontario and Alberta each experienced a decline of 0.6 per cent, while British Columbia employment fell by 0.4 per cent. While Quebec experienced the largest monthly decline, both Ontario and British Columbia had the biggest drop between February 2008 and February 2009. Over the year, Ontario payrolls declined by 1.7 per cent or 97,800 jobs. The losses were mostly in manufacturing, with a 12.1 per cent drop of 94,000. In British Columbia, payroll employment was down 28,400 or 1.5 per cent in February compared with a year earlier. Much of this decline was linked to forestry and its related industries. Major communities in southwestern Ontario have all shown sharp losses and in March, Windsor had the highest unemployment rate of any large community in the country - 13.7 per cent. Average weekly earnings, including overtime, of payroll employees in February was $820.95, up 1.8 per from February 2008. This was slower than January's year-over-year increase of 2.4 per cent. From Yahoo news: http://ca.news.yahoo.com/s/capress/0...ness/jobs_lost
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http://www.theverge.com/2014/1/2/5266704/street-lamps-transform-montreal-into-a-living-comic-book]The Verge This is something I did not expect to see on that site. Plus I am surprised that no one posted this yet, or someone already did and I did not see. -
Montréal welcomes PaperWeek International 2008 from February 5 to 7 MONTREAL, Jan. 24 /CNW Telbec/ - From February 5 to 7, Montréal will host the 94th annual meeting of the Canadian Pulp and Paper Technical Association of Canada. This year also marks the 50th anniversary of Exfor, the world's principal annual exhibition of the pulp and paper industry. These two events, both to be held at the Palais des Congrès, will bring together over 2 000 delegates and 250 exhibitors to interact, share ideas and discuss, among other things, new technological advances, marketing trends and environmental challenges faced by the pulp and paper industry. '"We are extremely pleased to once again host this prestigious conference this year," comments Charles Lapointe, President and CEO of Tourisme Montréal, "We are particularly proud that PAPTAC members chose our city for the 50th anniversary celebration of Exfor. This choice confirms Montréal's excellent reputation as a host city for large-scale, professional events. In addition to the delegates having the opportunity to discover our wonderful city, this major event will result in an economic fall-out of $4.1 million for Montréal's tourism sector" concludes Mr. Lapointe. The three-day programme includes approximately 200 technical presentations to be given by industry specialists through the course of thirty sessions. Topics will include research and development, quality control, manufacturing processes, recycling and energy sources. New to the programme this year is the Business section, which will discuss the actual state of the industry, globalization and supporting innovation. PAPTAC is a Canadian-based, non-profit organization, dedicated to improving the technical and professional capabilities of its members worldwide, and to the advancement of the pulp and paper industry. Tourisme Montréal is responsible for providing leadership in the concerted efforts of hospitality and promotion in order to position the destination on leisure and business travel markets. It is also responsible for developing Montréal's tourism product in accordance with the ever-changing conditions of the market. For further information: Pierre Bellerose, Vice President, Public Relations, Product Research and Development, Tourisme Montréal, (514) 844-2404, [email protected] -
Is China About to Let the Yuan Rise Versus the Dollar?
jesseps posted a topic in General discussions
I am no economist, so can someone explain to me why China would keep their currency down and now have it slowly rise against the USD? Not sure if what I am thinking is a negative thing or positive thing. If things start getting more expensive to be manufactured in China, wouldn't that mean more jobs coming back here? When I am mean here back to North America. -
CNS) Media Advisory - WestJet announcement in Montreal +------------------------------------------------------------------------------+ Media Advisory - WestJet announcement in Montreal 2017-02-10 12:00:08.545 GMT Media Advisory - WestJet announcement in Montreal Canada NewsWire CALGARY, Feb. 10, 2017 CALGARY, Feb. 10, 2017 /CNW/ - WestJet, Canada's most trusted airline, is committing to serve its eastern guests more than ever before. On Monday, February 13, the airline, along with the Honourable Minister of Transportation, Marc Garneau, will welcome a new chapter in Montreal. We hope to see you on board at the unveiling of this new adventure. When: Monday, February 13, 2017 Where: InterContinental Montreal, 360 Saint-Antoine Street West Who: WestJet Executive Vice-President, Commercial Bob CummingsThe Honourable Minister of Transportation, Marc Garneau Program: * 9:30 a.m. – Guest registration * 10:00 a.m. – Formal program to commence * Media interviews to follow RSVP: Media are asked to RSVP to [email protected]
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J'y suis déjà allé, et c'est pas mal bon. Ça pourrait faire du super street food! http://www.montrealgazette.com/business/Authentic+taste+Venezuela+alive+Catherine/8889481/story.html
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http://forum.skyscraperpage.com/newreply.php?do=newreply&p=4734159
