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A view of the Leonard Zakim bridge from the construction site. The warehouses at right will be replaced by a five-acre park within two years. The elevated roadway in the foreground is the John F. Gilmore Bridge.

Wednesday, March 23, 2005

Cambridge, Massachusetts —Construction of two condominium buildings and a five-acre park began on March 21, in East Cambridge, Massachusetts. The buildings and park are part of the 45-acre Northpoint development, which will take 15 years and more than $2bn to complete, according to the Boston Globe. The buildings, designated as “Building S” and “Building T” by the planners of the project, Spaulding & Slye Colliers, have been designed by local architectural firm Childs Bertman Tseckares and Architects Alliance from Toronto. Buildings S and T are the first of an eventual 20 buildings planned at the site.

The development will fill what used to be a railroad yard for the Guilford Rail System, a subsidiary of Guilford Transportation Industries. According to Hoovers.com, Guilford is controlled by Timothy Mellon, heir to the Mellon banking fortune. Guilford Rail Systems has its headquarters in North Billerica and owns 1600 miles of railroad throughout New England. The tracks in the Northpoint plot have been removed, though Boston subway’s Lechmere station remains within walking distance of the site, along with parts of Boston and Cambridge. The site is bordered by Route 93 on its eastern side, Monsignor O’Brien Highway to the west, and the Gilmore Bridge to the south.

The landscape architecture of the park is provided by Michael Van Valkenburgh Associates, a landscape architecture firm on Concord Avenue in Cambridge. The firm’s principal teaches in Harvard’s Graduate School of Design. MVVA is also completing the landscape for Harvard’s Northwest Science Building.

Friday, January 23, 2009

Timothy F. Geithner, Barack Obama’s nominee for Secretary of the Treasury, had his confirmation hearing on Thursday in the United States Senate. If confirmed he will succeed Henry Paulson in this position, which is analogous to the finance minister in other nations.

During Geithner’s testimony in the Senate, he said that the Obama administration believes China is “manipulating” its currency. The New York Times says this suggests a confrontational stance toward China on trade issues.

“President Obama backed by the conclusions of a broad range of economists believes that China is manipulating its currency,” Geithner said in his written responses to the Senate.

In his spoken response, Geithner said he would “use aggressively all diplomatic avenues open to him to seek change in China’s currency practices.”

“The signal this sends is not good [for China-US relations]”, said Charles W. Freeman, a fellow at the Center for Strategic and International Studies and former head trade negotiator for China at the Office of the United States Trade Representative. “It opens a Pandora’s box. We need the Chinese to hold onto their Treasury and agency debt.”

China “will be more than annoyed — they don’t like being singled out, and they don’t like countries explicitly criticizing them for the way they run their economy,” said Nicholas Lardy of the Peterson Institute for International Economics.

Bloomberg L.P. said that US treasury securities dropped in value following Geithner’s statements.

“It has to be done very carefully,” said Frank Vargo, VP at the National Association of Manufacturers. “You know the world has changed a lot with the financial crisis and China has a lot in U.S. Treasuries. This needs to be done in a cooperative, not a confrontational, way.”

“But…we all know the Chinese currency is deliberately undervalued,” Vargo added.

Geithner was also questioned about taxes he failed to pay on income earned while working for the International Monetary Fund. However, this issue was largely forgiven by the senators.

Senator Orrin Hatch said he was certain Geithner was “a person of great integrity, even though he’s made these mistakes.”

Senator John Cornyn said he was “willing to give Mr. Geithner the benefit of the doubt” on his tax mistakes.

Senator Jon Kyl was not as forgiving on the tax issue. “He [Geithner] has not been as candid with me or the committee as I think he should have been,” Kyl said.

US law requires the Treasury to list countries that manipulate their currency. Former Secretary Paulson cited the 21% appreciation of the yuan since July 2005 as evidence that China was not manipulating the exchange rate, and kept China off the list.

Monday, January 9, 2012

British shareholders will be able to veto executive pay packages according to statements yesterday by British Prime Minister David Cameron.

Mr Cameron said he wanted to allow shareholders to make a “straight shareholder vote on executive pay packages”. Shareholders can only submit a non-binding advisory vote on executive remunerations under current law. The move comes amid growing political pressure and public criticism over excessive pay for chief executives even when a business has failed.

Details of such a scheme may be revealed with an anticipated package of reforms under the portfolio of Business Secretary Vince Cable.

Ed Miliband, leader of the opposition, said the public would not accept the government’s policy. “Does anyone really believe that David Cameron came into politics to create more responsible capitalism?” he asked rhetorically.

The Labour Party has also called for measures to monitor and reel in exorbitant executive salaries. On Saturday, shadow business secretary Chuka Umunna said a “better capitalism” needs greater transparency. Mr Umanna said this could take the form of publishing pay ratios of chief executives compared to their employees.

The Liberal Democrats have pledged support for reeling in executive pay.

Saturday, January 30, 2010

The automobile manufacturer Toyota has said that it will recall up to 1.8 million cars across Europe, after a problem with the accelerator pedal was discovered.

According to the firm, eight models were affected by the problem — AYGO, iQ, Yaris, Auris, Corolla, Verso, Avensis, and RAV4 — after it was discovered that the accelerator may become stuck in a depressed position, resulting in uncontrollable speeding.

On Thursday, Toyota said it would recall 1.1 million cars in the US; a day previous, it had suspended eight models from sales. Last week, 2.3 million cars in the US were recalled due to the pedal issues.

The chief executive of Toyota Motor Europe commented on the recall. “We understand that the current situation is creating concerns and we deeply regret it,” said Tadashi Arashima. The firm, however, noted that it wasn’t aware of any accidents resulted by the malfunctioning accelerator pedals, and not many pedal problem incidents were reported in Europe. “The potential accelerator pedal issue only occurs in very rare circumstances,” Arashima added.

The National Automobile Dealers Association, meanwhile, commented that Toyota showrooms could lose as much as US$2.47 billion worth of revenue due to the incident.

“Toyota veterans will likely hear the news with disbelief and keep faith in the brand, but new customers could definitely be scared off,” remarked Robert Rademacher, who is the president of the trade group ZDK, as quoted by Business Week. “This recall has a dimension which we’ve never seen before.”

There are concerns that the problem may result in reduced consumer trust in Toyota. Hans-Peter Wodniok, an analyst for Fairesearch GmbH & Co. in Germany, noted: “If this is a one-time event, huge as it is, Toyota may be forgiven. But if something happens again in the next months and years, they will have gambled away customer trust in Europe as well.”

Analysts for Morgan Stanley, however, said they believed Toyota would not suffer much from the incident. “The company’s actions to correct the situation are timely enough to avoid major brand damage,” they remarked in a note to investors.

Saturday, January 19, 2013

Zaragoza, Spain — On Thursday, Wikinews traveled to Zaragoza, Spain to interview the nation’s most decorated Paralympian and IPC Athlete Council representative Teresa Perales. A wide range of topics about the Paralympics and sport in Spain were discussed including the evolution of Paralympic sport, disability sport classification, funding support across all levels of elite sport including the Paralympics and Olympics, the role of sportspeople in politics, sponsorship issues, and issues of gender in Spanish sport.

Thursday, July 13, 2006

Buffalo, New York —According to the developer Savarino Construction Services Corporation, the proposed Elmwood Village Hotel which would be placed on the corner of Elmwood and Forest Avenues in Buffalo, New York has been withdrawn from the city’s Planning Board and Common Council and will undergo a “do over”; however, Eva Hassett, Vice President of Savarino says that the proposal will be resubmitted, from scratch by the end of next week.

The hotel would require the demolition of at least five properties, 1109-1121 Elmwood and would cause the closure of several businesses. Already, two businesses, Skunk Tail Glass and Six Nations Native American Gift Shop have relocated, outside the Elmwood Strip. Don apparel, H.O.D. Tattoo and Mondo Video still remain on Elmwood; however, Mondo Video is planning on moving to a new location. The hotel will be 72 rooms and will cost at least 7 million dollars to build.

“We’re lovers, not fighters. Our energies should be spent on developing a really wonderful project, not wasted in court. We’ll start over with a clean slate and take as much time as necessary to hear people out and end up with a very positive project for the neighborhood,” said President of Savarino Construction, Sam Savarino.

The hotel will not undergo any major changes in its design says Savarino. “We would anticipate little if any physical change to the plans.” He also alleges that the issues with the hotel were not with the design or the proposal and also says that the hotel is still right for the intersection.

“The perceived problem was with the process, not the proposal itself. We believe this is the right thing to do on that corner,” added Savarino.

According to the Buffalo News, the projects resubmission is aimed to “shed the lawsuits” against the proposal. The Buffalo News also claims that the Common Council members are all still “in favor of the project.” The proposal was unanimously passed by the council on March 21, 2006.

Attorney Arthur J. Giacalone who represents the plaintiffs, Nancy Pollina and Patricia Morris, who operate Don Apparel (a vintage clothing and collectibles shop at 1119 Elmwood Avenue), Angeline Genovese and Evelyn Bencinich, owners of residences on Granger Place which abut the rear of the proposed site, Nina Freudenheim, a resident of nearby Penhurst Park, and Sandra Girage, the owner of a two-family residence on Forest Avenue less than a hundred feet from the proposed hotel’s sole entrance and exit driveway, says that the hotel proposal was “inappropriately rushed,” but some council members disagree. Defendants in the lawsuit against the hotel are, Buffalo’s Common Council and Planning Board, Mayor of Buffalo, Byron W. Brown, Savarino Construction Services Corporation, Hans J. Mobius and his son Hans S. Mobius owners of the properties at stake, Pano Georgiadis, owner of Pano’s Restaurant on Elmwood, and Cendant Corporation, the parent company of Wyndham Hotels, which will be, according to Savarino, the hotel operator. Attorney David State is representing the city, Planning Board, Mayor Byron Brown and the Common Council.

“I don’t think it was a rush job,” said Dominic J. Bonifacio Jr., the council’s Majority Leader.He also alleges that the only way to make “it [the hotel] a better project and ease the concerns of some neighbors would be to find a way to provide more parking.”

In an exclusive phone interview with Wikinews, Giacalone states that the lawsuit against the hotel and the city “will not be moved [withdrawn] unless the Common Council resins their [prior] decisions in passing the proposal.” Giacalone also says that Savarino has yet to submit any new plans for the proposal to the city. He also says that he “still plans to represent all plaintiffs” if they wish to continue with the suit and the use of his services.

Giacalone rescheduled the preliminary hearing which is “still in place” for July 27, 2006. When asked if the properties are still owned by Mobius, Giacalone replied “yes” and that according to attorney Bob Knoer, the Lawyer representing Hans Mobius, the owner of the properties that could be demolished, there is “no contract between Savarino” and that Mobius “plans to put the properties back on the market.” Mobius has not returned phone calls or e-mails and has not yet commented on the situation or the proposal itself. The city denies these claims.

In an exclusive phone interview by Wikinews, area councilman Joseph Golombek states that the reason for the resubmission of the proposal was due to “a mistake in the Planning process” and that none of the council members have “indicated that they have changed their opinions on the hotel” and still remain in favor of the project.

“I still think the Hotel is a good idea for that part of Elmwood. For Elmwood to stay strong and vibrant it must continue to grow and adapt to change. It is a different community than it was twenty years ago and will be different in another twenty years. The opponents of the Hotel have the opportunity to challenge it and are doing that. Even though I disagree with them I am glad there is a safety mechanism for people who disagree with government. We need to keep moving forward,” added Golombek.

Supporters of the hotel proposal are planning on holding a rally to support the new development. WNYmedia.net claims that the first rally will be held to support the hotel proposal on July 17, 2006 at 5:00 p.m. on Elmwood and Forest, on the site of the proposed location. According to WNYmedia.net they “are tired of the anti development crowd in Western New York.” They also blast opponents of the hotel proposal calling them “bananas” and “nimbys.” People opposed to the hotel proposal are planning on “counter attacking” with their own protest on the same day and time.

==Sources==

• Sharon Linstedt. “Elmwood hotel proposal to start over” — Buffalo News, July 12, 2006

• BuffaloWatchdog. “The Great BANANA Blackout Rally Monday on Elmwood and Forest” — WNY Media Network, July 12, 2006