World’s Tallest Building Rising in Dubai October 31, 2006
Posted by Tim Raines in: business, construction, real estate, finance, architecture , add a commentConstruction on what will be the world’s tallest building is moving along. Slated for completion at the end of 2008 with a cost of $1 billion, “Burj Dubai”, or Dubai Tower, already has 79 stories, with two stories being added every week.
The tower is to be the centerpiece of a new district, “Downtown Burj Dubai”, at a cost of $20 billion, which will have 30,000 apartments and the world’s largest shopping mall.
At the moment, 2,500 workers are laboring on the tower site alone, and the entire project is expected to employ some 20,000 workers when the downtown area construction begins.
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Homeowners Want Green October 30, 2006
Posted by Tim Raines in: business, construction, government, real estate, finance, architecture , add a commentNope…not money. More and more homeowners are looking at the environmental impact of their homes and choosing to do something about it.
According to a survey released today by Wells Fargo, environmentally friendly changes are the top choice among homeowners thinking of making home improvement. From Reuters:
Given $50,000, some 24 percent of those surveyed “dream green” and would purchase insulation, double-paned windows, solar panels and energy-efficient appliances, according to the bank’s third annual U.S. homeowners study.
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South Korea Accepts U.S. Beef Shipment
Posted by Tim Raines in: wholesale, business, agriculture, government , add a commentSeoul, South Korea accepted its first shipment of U.S. beef in nearly three years today, after fears of mad cow disease began a nearly three-year ban.
Some nine tons were shipped from a Kansas slaughterhouse and arrived on a flight this morning. It will undergo quarantine inspections and will be available for sale in a little over two weeks.
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California Fire Continues to Rage October 27, 2006
Posted by Tim Raines in: business, agriculture, government, insurance, real estate, forestry , add a commentFirefighters continue to struggle against a wildfire that has already claimed the lives of four of their brethren as it races across Southern California.
The fire, which authorities claim was arson, has already claimed 38 square miles and was only 5 percent contained early Friday. Over 1,000 firefighters are battling the blaze to protect homes and build fire lines.
According to the Associated Press:
Forecasters were calling for strong Santa Ana winds that could reach up to 60 mph. A “red flag warning” was in effect through Saturday night because of a mix of strong winds, low humidity and warm temperatures.
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Trump and Wynn in Talks October 25, 2006
Posted by Tim Raines in: business, construction, real estate, finance , add a commentCasino leviathon Steve Wynn and celebrity developer Donald Trump are talking about a deal for property in Atlantic City, NJ. According to the Newark, NJ Star Ledger, Wynn is interested in a 12-acre site on the city’s boardwalk where Trump Plaza is currently located.
Trump is interested in building a residential tower in front of the Trump Taj Mahal and investors in his Atlantic City properties have urged him to move beyond his casino holdings in New Jersey. Of course, that might be easier if he sells the property to Wynn—and it could be even easier if the deal includes a swap for land held in Las Vegas by Wynn.
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Wal-Mart to Slow New Store Growth October 24, 2006
Posted by Tim Raines in: wholesale, business, construction, real estate, retail , add a commentIn a bid to focus on shaky sales and earnings growth at its 6,700 existing stores worldwide, Wal-Mart announced it will slow the pace of new store openings in 2007.
While saying it remains committed to expansion, Wal-Mart acknowledged it’s time to capitalize on what’s already been built instead of spending on construction of new stores.
From the Associated Press,
Fund manager Patricia Edwards said even a small move was a welcome step in the right direction.
“They need to focus on building the business they have instead of starting new ones,” said Edwards, a portfolio manager and retail analyst at Wentworth, Hauser & Violich in Seattle, which manages $8.2 billion in assets and holds 51,000 Wal-Mart shares.
The company, headquartered in Bentonville, Arkansas, has been expanding its retail space at 8% year, but expects to lower that to 7.5% next fiscal year.
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The New Math in Government Accounting
Posted by Tim Raines in: business, government, finance , add a commentAccording to American Public Media, an advisory board has proposed radical changes to the way the U.S. government accounts for so-called entitlements such as Social Security and Medicare, which would result in the budget deficit appearing to be even larger.
The new rule proposes that as Americans build up entitlements to future benefits year by year, the government makes an accounting of those accruing benefits.
If the rule went into effect, it would make the U.S. budget deficit look a lot larger than it does now.
But Krishna Guha of the Financial Times says that’s not the administration’s only concern. They’re also worried, “…that if you actually make financial provisions for these benefits today, you in effect suggest that these schemes are set in stone, and that the government will be obliged many years from now to make payouts based on the current rules of the system.”
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The Marketing Process October 23, 2006
Posted by Tim Raines in: business , add a commentSeth Godin makes a great point today about how marketing is much more a process than a science. He then goes on to outline the steps necessary to use that process to be a successful marketer:
- Don’t run out of money.
- You won’t get it right the first time.
- Convenient choices are not often the best choices.
- Irrational, strongly held beliefs of close advisors should be ignored.
- If it makes you nervous, it’s probably a good idea.
- Focusing obsessively on one niche, one feature and one market is almost always a better idea than trying to satisfy everyone.
- At some point, you’re either going to have to stick to your convictions or do what the market tells you. It’s hard to do both.
- Compromise in marketing is almost always a bad idea.
- Test, measure and optimize.
- Read and learn.
And finally….repeat.
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Worlds Oldest Company Closing Its Doors
Posted by Tim Raines in: business, construction, real estate, finance, management, architecture , add a commentFounded in 578 in Japan by Koreans from the ancient kingdom of Baekje, the oldest company in the world, Kongo Gumi, will go into liquidation in January. The company dates its foundation from the year when carpenter Shigemitsu Kongo built Shitennoji (the temple pictured at right).
The firm’s 40th president, Masakazu Kongo, will end 1,400 years of history as a family-run compan when the operation is handed over to a subsidiary of the Takamatsu Corporation.
Kongo Gumi had purchased land in the 1980s whose price nosedived. The firm chose to liquidate due to heavy debt.
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Bush Picks Mine Agency Head
Posted by Tim Raines in: business, government, mining , add a commentPresident Bush appointed Richard Stickler as head of the Mine Safety and Health Administration in spite of opposition from the United Mine Workers of America and Senate Democrats. Congress is currently in recess, which means the appointment does not require Senate approval.
According to the Associated Press,
The lawmakers and the UMW said Stickler spent too many years as a mining executive and failed to demonstrate adequate concern for safety problems in the mining industry. In addition to working in the mining industry, Stickler headed Pennsylvania’s mine safety office from 1997-2003.
“I think my track record in Pennsylvania proves that I did not go easy on mine operators,” Stickler said in a conference call to reporters.
The agency has been without a head for two years and the new appointment is expected to last until the end of the next session of Congress.
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