Realstar Opens G2 Prototype Days Inn
Hotelier Magazine.com
Tuesday, 24 August 2010 08:35
TORONTO — Realstar Hospitality has announced the opening of its first G2 Days Inn prototype in Regina, the new-build 99-room Days Inn - Regina Airport West.
The smoke-free hotel features rooms equipped with a microwave, mini-fridge and a 42” flat-screen LCD TV. Hotel facilities include a fitness centre, a free Daybreak Café breakfast, an indoor pool with waterslide and free parking.
“Days Inn - Regina Airport West is a perfect addition to our existing portfolio of hotels,” said Don Rosten, CEO of d3h Hotels Inc., and part owner of this and five other Days Inn locations.
“The G2 prototype is designed to meet the needs of today’s travellers, providing them with a new standard in affordable lodging. We couldn’t be more pleased to welcome this new hotel to the brand,” added Irwin Prince, president and COO, Realstar Hospitality.
Tuesday, 24 August 2010 08:35
TORONTO — Realstar Hospitality has announced the opening of its first G2 Days Inn prototype in Regina, the new-build 99-room Days Inn - Regina Airport West.
The smoke-free hotel features rooms equipped with a microwave, mini-fridge and a 42” flat-screen LCD TV. Hotel facilities include a fitness centre, a free Daybreak Café breakfast, an indoor pool with waterslide and free parking.
“Days Inn - Regina Airport West is a perfect addition to our existing portfolio of hotels,” said Don Rosten, CEO of d3h Hotels Inc., and part owner of this and five other Days Inn locations.
“The G2 prototype is designed to meet the needs of today’s travellers, providing them with a new standard in affordable lodging. We couldn’t be more pleased to welcome this new hotel to the brand,” added Irwin Prince, president and COO, Realstar Hospitality.
Construction has begun on a new $150-million boutique hotel - Toronto
Hoteliermagazine.com NEWS
Tuesday, 17 August 2010 09:46
TORONTO — Construction has begun on a new $150-million boutique hotel and condominium project in the heart of downtown Toronto, at 56 Blue Jays Way.
The project, named Bisha, is led by Charles Khabouth, Canada’s largest nightclub operator, and his INK Entertainment, in partnership with Lifetime Developments and its principals, Mel Pearl and Sam Herzog. “We want to be able to have the hip factor of a boutique hotel but with the attention to detail of a Four Seasons,” Khabouth told the Toronto Star. “It all starts with the doors. That’s the first thing people see. Impressions count.”
The new hotel will have two themed floors: a black and red themed Rock and Roll floor and a Hollywood Floor with a Beverley Hills theme. “Like his clubs, there will be a huge amount of space — 30,000 square feet — devoted to amenities, including food and beverage and a fitness centre,” said the Toronto Star’s Tony Wong.
The 41-storey development will include 332 condo units, selling from $300,000 to $1,500,000.
Tuesday, 17 August 2010 09:46
TORONTO — Construction has begun on a new $150-million boutique hotel and condominium project in the heart of downtown Toronto, at 56 Blue Jays Way.
The project, named Bisha, is led by Charles Khabouth, Canada’s largest nightclub operator, and his INK Entertainment, in partnership with Lifetime Developments and its principals, Mel Pearl and Sam Herzog. “We want to be able to have the hip factor of a boutique hotel but with the attention to detail of a Four Seasons,” Khabouth told the Toronto Star. “It all starts with the doors. That’s the first thing people see. Impressions count.”
The new hotel will have two themed floors: a black and red themed Rock and Roll floor and a Hollywood Floor with a Beverley Hills theme. “Like his clubs, there will be a huge amount of space — 30,000 square feet — devoted to amenities, including food and beverage and a fitness centre,” said the Toronto Star’s Tony Wong.
The 41-storey development will include 332 condo units, selling from $300,000 to $1,500,000.
Realstar Introduces Motel 6 to Atlantic Canada
From Hotelier Magazine .com
Wednesday, 04 August 2010 09:44
TORONTO — The Toronto-based Realstar Hospitality has opened a 74-room Motel 6 in Moncton, N.B. — the first for the brand in Atlantic Canada.
The property is owned by Iqbal Ladhani and features the brand’s Phoenix-prototype design guestrooms, including 32-inch flat-screen televisions, granite bathroom countertops, wood-effect flooring and a contemporary colour scheme. Other features include free wireless Internet access, an indoor heated swimming pool, gym and an on-site laundry. Guests can also enjoy complimentary morning coffee and an expanded vending area in the lobby.
According to Irwin Prince, president and COO, Realstar Hospitality, “This will be the first of many Motel 6 properties to open in Atlantic Canada. We look forward to successfully growing the brand in the years to come.”
Wednesday, 04 August 2010 09:44
TORONTO — The Toronto-based Realstar Hospitality has opened a 74-room Motel 6 in Moncton, N.B. — the first for the brand in Atlantic Canada.
The property is owned by Iqbal Ladhani and features the brand’s Phoenix-prototype design guestrooms, including 32-inch flat-screen televisions, granite bathroom countertops, wood-effect flooring and a contemporary colour scheme. Other features include free wireless Internet access, an indoor heated swimming pool, gym and an on-site laundry. Guests can also enjoy complimentary morning coffee and an expanded vending area in the lobby.
According to Irwin Prince, president and COO, Realstar Hospitality, “This will be the first of many Motel 6 properties to open in Atlantic Canada. We look forward to successfully growing the brand in the years to come.”
Crawford and Feenie to Appear at Eat! Food Fest
Hoteliermagazine.com NEWS
Crawford and Feenie to Appear at Eat! Food Fest
Friday, 06 August 2010 10:22
ABBOTSFORlynncrawford2D, B.C. — The 3rd annual Eat! Fraser Valley Food + Cooking Festival is set to return to Abbotsford this year with a rooster of great celebrity talent.
The three-day celebration of food, cooking, live demonstrations and more, will be held from Sept. 17 to 19 at Abbotsford’s Tradex Exhibition Centre, where Canadian chef Lynn Crawford, the star of the Food Network’s Pitchin’ In is scheduled to grace the Food Network Celebrity Stage. Joining her will be Vancouver chef, Food Network star and Iron Chef winner Rob Feenie.
The festival will also feature the Bite of the Valley Pavilion, where visitors can indulge in menu foods from various local Fraser Valley restaurants with appetizer-size items ranging from $1 to $3.
Crawford and Feenie to Appear at Eat! Food Fest
Friday, 06 August 2010 10:22
ABBOTSFORlynncrawford2D, B.C. — The 3rd annual Eat! Fraser Valley Food + Cooking Festival is set to return to Abbotsford this year with a rooster of great celebrity talent.
The three-day celebration of food, cooking, live demonstrations and more, will be held from Sept. 17 to 19 at Abbotsford’s Tradex Exhibition Centre, where Canadian chef Lynn Crawford, the star of the Food Network’s Pitchin’ In is scheduled to grace the Food Network Celebrity Stage. Joining her will be Vancouver chef, Food Network star and Iron Chef winner Rob Feenie.
The festival will also feature the Bite of the Valley Pavilion, where visitors can indulge in menu foods from various local Fraser Valley restaurants with appetizer-size items ranging from $1 to $3.
Fairmont Vancouver Airport Introduces Beekeeping Initiative
Hoteliermagazine.com NEWS
Fairmont Vancouver Airport Introduces Beekeeping Initiative
Tuesday, 10 August 2010 08:53
VANCOUVER — It’s been a busy couple of weeks at Fairmont Hotels & Resorts, first in China with the reopening of Fairmont Peace Hotel, and most recently at The Fairmont Vancouver Airport, where a beekeeping project has been announced.
The harvest, which is expected to double next year, will be supplied by 24 colonies of honeybees situated at McDonald Beach Park, just five minutes from the hotel.
“Our hives are now installed and are a first for any airport and hotel partnership,” Kamal Silva, the property’s executive chef, who is already planning a signature line of honey offerings, said in a press release. “We’re already seeing the fruits of our bees’ hard work as they forage and produce some of Richmond’s best local honey. In just the first couple of weeks, I’ve tasted raspberry and blueberry notes in our honey that will continue to be infused with flowers and herbs throughout the season.”
Fairmont Vancouver Airport Introduces Beekeeping Initiative
Tuesday, 10 August 2010 08:53
VANCOUVER — It’s been a busy couple of weeks at Fairmont Hotels & Resorts, first in China with the reopening of Fairmont Peace Hotel, and most recently at The Fairmont Vancouver Airport, where a beekeeping project has been announced.
The harvest, which is expected to double next year, will be supplied by 24 colonies of honeybees situated at McDonald Beach Park, just five minutes from the hotel.
“Our hives are now installed and are a first for any airport and hotel partnership,” Kamal Silva, the property’s executive chef, who is already planning a signature line of honey offerings, said in a press release. “We’re already seeing the fruits of our bees’ hard work as they forage and produce some of Richmond’s best local honey. In just the first couple of weeks, I’ve tasted raspberry and blueberry notes in our honey that will continue to be infused with flowers and herbs throughout the season.”
Explore China
Documentaries
I have been watching lots of documentaries on many topics.
I share with you this documentary on Explore China recorded in 2007.
Enjoy and click on the link.
Ron
I have been watching lots of documentaries on many topics.
I share with you this documentary on Explore China recorded in 2007.
Enjoy and click on the link.
Ron
Imports changing our purchasing policies.
This is a great article by Ryan Kelly, Westmont Hospitality
A recommended read.
Thank you Ryan.
A recommended read.
Thank you Ryan.
An Awakening Message - The Poem by Duo-Liang Lin, Ph.D
A Poem
'An Awakening Message'
Published by the Washington Post
When we were the Sick Man of Asia , We were called The Yellow Peril.
When we are billed to be the next Superpower, we are called The Threat.
When we closed our doors, you smuggled opium to open markets.
When we embrace Free Trade, You blame us for taking away your jobs.
When we were falling apart, You marched in your troops and wanted your
fair share.
When we tried to put the broken pieces back together again, Free Tibet
you screamed, It Was an Invasion!
When we tried Communism, you hated us for being Communist.
When we embrace Capitalism, you hate us for being Capitalist.
When we have a billion people, you said we were destroying the planet.
When we tried limiting our numbers, you said we abused human rights.
When we were poor, you thought we were dogs.
When we loan you cash, you blame us for your national debts.
When we build our industries, you call us Polluters.
When we sell you goods, you blame us for global warming.
When we buy oil, you call it exploitation and genocide.
But when you go to war for oil, you call it liberation.
When we were lost in chaos and rampage, you demanded rules of law.
When we uphold law and order against violence, you call it violating
human rights.
When we were silent, you said you wanted us to have free speech.
When we are silent no more, you say we are brainwashed-xenophobics.
Why do you hate us so much, we asked.
No, you answered, we don't hate you.
We don't hate you either,
But, do you understand us?
Of course we do, you said,
We have AFP, CNN and BBC's...
What do you really want from us?
Think hard first, then answer...
Because you only get so many chances.
Enough is Enough, Enough Hypocrisy for This One World.
We want One World, One Dream, and Peace on Earth.
This Big Blue Earth is Big Enough for all of Us.
************************************
Duo-Liang Lin, Ph. D.
Professor Emeritus of Physics
University at Buffalo
State University of New York
Buffalo, New York 14260-1500
Email: DLLIN@buffalo.ed
'An Awakening Message'
Published by the Washington Post
When we were the Sick Man of Asia , We were called The Yellow Peril.
When we are billed to be the next Superpower, we are called The Threat.
When we closed our doors, you smuggled opium to open markets.
When we embrace Free Trade, You blame us for taking away your jobs.
When we were falling apart, You marched in your troops and wanted your
fair share.
When we tried to put the broken pieces back together again, Free Tibet
you screamed, It Was an Invasion!
When we tried Communism, you hated us for being Communist.
When we embrace Capitalism, you hate us for being Capitalist.
When we have a billion people, you said we were destroying the planet.
When we tried limiting our numbers, you said we abused human rights.
When we were poor, you thought we were dogs.
When we loan you cash, you blame us for your national debts.
When we build our industries, you call us Polluters.
When we sell you goods, you blame us for global warming.
When we buy oil, you call it exploitation and genocide.
But when you go to war for oil, you call it liberation.
When we were lost in chaos and rampage, you demanded rules of law.
When we uphold law and order against violence, you call it violating
human rights.
When we were silent, you said you wanted us to have free speech.
When we are silent no more, you say we are brainwashed-xenophobics.
Why do you hate us so much, we asked.
No, you answered, we don't hate you.
We don't hate you either,
But, do you understand us?
Of course we do, you said,
We have AFP, CNN and BBC's...
What do you really want from us?
Think hard first, then answer...
Because you only get so many chances.
Enough is Enough, Enough Hypocrisy for This One World.
We want One World, One Dream, and Peace on Earth.
This Big Blue Earth is Big Enough for all of Us.
************************************
Duo-Liang Lin, Ph. D.
Professor Emeritus of Physics
University at Buffalo
State University of New York
Buffalo, New York 14260-1500
Email: DLLIN@buffalo.ed
Fears of China overheating are back
NEW YORK (CNNMoney.com) -- Forget the worries about China's economy cooling off. Overheating might be the greater concern.
China reported Thursday that its exports grew nearly 50%. Property prices in the biggest cities shot up 12% compared to a year earlier, the second biggest jump on record. Industrial production is up nearly 19% so far this year.
Read more.....
China reported Thursday that its exports grew nearly 50%. Property prices in the biggest cities shot up 12% compared to a year earlier, the second biggest jump on record. Industrial production is up nearly 19% so far this year.
Read more.....
China export surge stirs U.S. anger
China export surge stirs U.S. anger
By Alan Beattie and Geoff Dyer, FT.com
June 10, 2010 8:47 p.m. EDT
U.S. Treasury Secretary Tim Geithner taking heat Thursday from U.S. Senators on China's currency.
(FT) -- A surge in Chinese exports and rising anger in the US Congress will put renewed pressure on China to allow its currency to rise against the US dollar.
Chinese trade figures showed exports leaping by 48.5 per cent in May over the year before, way ahead of analysts' forecasts. Data released in the US showed America's trade deficit widening slightly in April, with some economists arguing that the improvement in net trade and its contribution to US growth appeared to have stalled.
The data gave more ammunition to China's critics in the US Congress, who have said they will proceed with legislation to restrict Chinese imports to correct the perceived misalignment of the country's currency. The US Treasury has been pursuing quiet diplomacy with Beijing to allow the renminbi to rise, but lawmakers said they were losing patience.
Charles Schumer, New York senator and the third most senior Democrat in the Senate, said he would seek to have his bill made into law within two weeks unless he saw signs of action from Beijing. "We need to take stronger action than this back-and-forth," he told Tim Geithner, Treasury secretary, who was testifying to the Senate finance committee.
Mr Geithner said it was important for China to understand that the legislative move in the US had very broad support. "I think the strength of the sentiment in Congress is overwhelmingly strong, it's bipartisan and it reflects how important this is to the United States," he said.
However, Mr Geithner argued that China's trade surplus had fallen by around half as a share of its gross domestic product over the past two years, and said that US exports to China had been rising sharply. "As we emerge from the global financial crisis, US exports to China have rebounded much more rapidly than overall US exports, and are now running 20 per cent above their pre-crisis levels," he said.
Earlier in the year, many investors expected that the renminbi might be allowed to resume its upward movement against the dollar as early as mid-June. But that predicted date has been pushed back as the Greek crisis and fall in the euro have left Beijing unwilling to see an appreciation against the currencies of both its major export markets.
The strong increase in Chinese exports announced on Thursday meant that China recorded a trade surplus in May of $19.5bn, significantly larger than the $1.7bn surplus reported in April and March's modest trade deficit. With house prices still rising in China, the trade data will also renew discussion about whether the economy is overheating.
Coming after Taiwan also announced strong export figures for May, Ben Simpfendorfer, an economist at RBS in Hong Kong, said the case for an appreciation in the Chinese currency was becoming stronger again. The numbers "suggest that global imbalances are worsening again, after earlier improvement," he said. "The trade data argues for an early move on the currency."
The US data showed a trade deficit of $40bn, similar to the two previous months. Steven Ricchiuto, chief economist at Mizuho Securities, said: "The trade deficit data also shows that the improvement in trade flows has stalled."
Some analysts believe China's May export numbers could give Beijing the domestic political cover it needs to begin changing currency policy.
Qu Hongbin at HSBC in Hong Kong said that the export figures are "likely to spur more talk about a renminbi appreciation". But he added: "We do not think this
© The Financial Times Limited 2010
By Alan Beattie and Geoff Dyer, FT.com
June 10, 2010 8:47 p.m. EDT
U.S. Treasury Secretary Tim Geithner taking heat Thursday from U.S. Senators on China's currency.
(FT) -- A surge in Chinese exports and rising anger in the US Congress will put renewed pressure on China to allow its currency to rise against the US dollar.
Chinese trade figures showed exports leaping by 48.5 per cent in May over the year before, way ahead of analysts' forecasts. Data released in the US showed America's trade deficit widening slightly in April, with some economists arguing that the improvement in net trade and its contribution to US growth appeared to have stalled.
The data gave more ammunition to China's critics in the US Congress, who have said they will proceed with legislation to restrict Chinese imports to correct the perceived misalignment of the country's currency. The US Treasury has been pursuing quiet diplomacy with Beijing to allow the renminbi to rise, but lawmakers said they were losing patience.
Charles Schumer, New York senator and the third most senior Democrat in the Senate, said he would seek to have his bill made into law within two weeks unless he saw signs of action from Beijing. "We need to take stronger action than this back-and-forth," he told Tim Geithner, Treasury secretary, who was testifying to the Senate finance committee.
Mr Geithner said it was important for China to understand that the legislative move in the US had very broad support. "I think the strength of the sentiment in Congress is overwhelmingly strong, it's bipartisan and it reflects how important this is to the United States," he said.
However, Mr Geithner argued that China's trade surplus had fallen by around half as a share of its gross domestic product over the past two years, and said that US exports to China had been rising sharply. "As we emerge from the global financial crisis, US exports to China have rebounded much more rapidly than overall US exports, and are now running 20 per cent above their pre-crisis levels," he said.
Earlier in the year, many investors expected that the renminbi might be allowed to resume its upward movement against the dollar as early as mid-June. But that predicted date has been pushed back as the Greek crisis and fall in the euro have left Beijing unwilling to see an appreciation against the currencies of both its major export markets.
The strong increase in Chinese exports announced on Thursday meant that China recorded a trade surplus in May of $19.5bn, significantly larger than the $1.7bn surplus reported in April and March's modest trade deficit. With house prices still rising in China, the trade data will also renew discussion about whether the economy is overheating.
Coming after Taiwan also announced strong export figures for May, Ben Simpfendorfer, an economist at RBS in Hong Kong, said the case for an appreciation in the Chinese currency was becoming stronger again. The numbers "suggest that global imbalances are worsening again, after earlier improvement," he said. "The trade data argues for an early move on the currency."
The US data showed a trade deficit of $40bn, similar to the two previous months. Steven Ricchiuto, chief economist at Mizuho Securities, said: "The trade deficit data also shows that the improvement in trade flows has stalled."
Some analysts believe China's May export numbers could give Beijing the domestic political cover it needs to begin changing currency policy.
Qu Hongbin at HSBC in Hong Kong said that the export figures are "likely to spur more talk about a renminbi appreciation". But he added: "We do not think this
© The Financial Times Limited 2010
Paragon Gaming, Owned by Diana Bennett, the Daughter of Las Vegas Pioneer William Bennett, Wins Rights to Build $450 million hotel-casino Complex in Vancouver, British Columbia
By Howard Stutz, Las Vegas Review-JournalMcClatchy-Tribune Regional News
May 16, 2010 --Diana Bennett watched her father create a Las Vegas tourism segment while building a billion-dollar casino business.
The daughter of gaming pioneer William Bennett has quietly taken that same entrepreneurial spirit to Canada with Paragon Gaming.
Paragon, a privately held company based in Las Vegas, built and operates casinos in the provinces of Alberta and British Columbia.
In March, the company won the rights to construct an estimated $450 million hotel-casino complex in Vancouver, British Columbia, which will become Western Canada's largest gaming and entertainment resort.
The development calls for two hotels and a casino attached to BC Palace, the 60,000-seat downtown Vancouver stadium and site of the opening and closing ceremonies for the recent Winter Olympic Games. The development is also within walking distance of the 18,000-seat General Motors Place, the sports arena where the National Hockey League's Vancouver Canucks play.
The project, which is expected to break ground next year and be completed in 2013, is final piece in creating an entertainment destination in downtown Vancouver to help increase tourism. A convention center was also built for the Olympic Games.
"A lot of infrastructure was created in Vancouver because of the Olympics," Bennett said. "You have the stadium and the project is close to a large retail center. It's in a great location."
Canada recently loosened visa policies with China in order to help tourism. Vancouver expects to increase its Chinese visitation by 50 percent next year, which could create a customer market for Paragon's casino.
The new development will be the only legalized gambling venue in downtown Vancouver. Paragon operates the midsized Edgewater Casino across from BC Palace, which will close once the project opens.
The casino-only Edgewater has 493 slot machines and 75 gaming tables, including a 15-table poker room. The new casino is expected to house 1,500 slot machines and 150 table games and 620 hotel rooms.
"(The Edgewater) was always viewed as temporary," Bennett said. "There were other bidders (for the Vancouver project) but we had the casino license. Others could build a hotel, but no one could offer the economic impact that we could with our plans."
Bennett learned casino operations and development as an executive with her father's Circus Circus Enterprises in 1980s and 1990s. The Vancouver project is the most ambitious venture in her company's 10-year history.
"We have a very good reputation while we've stayed under the radar," Bennett said. "Business seems to find us."
Bennett's father and a partner bought Circus Circus Las Vegas in the 1970s and began marketing the property toward families, offering reasonably priced amenities and attractions. William Bennett built the Excalibur and Luxor, creating the foundation of what would become the Mandalay Resort Group. For her father, Diana Bennett oversaw the company's casinos in Laughlin.
After operating the Sahara for her family's Gordon Gaming division, Bennett branched out her own along with long-time Circus Circus executive Scott Menke to explore casino management and development opportunities outside Southern Nevada. Larger gaming companies were consolidating smaller operations, which made competition a challenge for independent operators.
Bennett and Menke found a management deal with the Augustine Band of Cahuilla Indians in Southern California to operate a casino for the tribe in Palm Springs area. That contract led to additional leads with Indian tribes in Canada, known as the First Nations. Menke began to investigate those opportunities.
"There had been some regulatory changes in Canada that afforded the First Nations a different split of the business model," Menke said. "They wanted to build larger destination casinos, but first they had to increase their infrastructure."
The company's first development, the River Cree, is on the western edge of Edmonton, Alberta, and includes a 255-room hotel, a 62,200-square-foot casino with 600 slot machines and 40 table games, along with dining and other entertainment attractions, including two hockey rinks.
A second casino, in Whitecourt, Alberta, has 250 slot machines, 11 table games and a full service truck stop.
In Canada, Paragon employs just fewer than 2,000 workers.
Gaming revenues are shared with the provinces and First Nations.
Vancouver presents Paragon with an opportunity for a showcase resort.
British Columbia Premier Gordon Campbell was hopeful Paragon's plans for Vancouver will help recapture some of the excitement brought about by the visitation that came with the Olympics.
"This project will create literally thousands of jobs and be an important generator of tourism and economic activity for Vancouver and the entire province," Campbell said.
Some Vancouver city leaders were unhappy with the plans because the project is considered a "Las Vegas-style" resort and they were worried about the location and area density. However, BC Palace is on land owned by the province and not the city.
"I think the city holds fewer cards this time," Vancouver Councilor Geoff Meggs told The Globe and Mail newspaper.
Menke said the province is expected to share some of the gaming revenue taxes with the city.
Under the 70-year lease agreement with British Columbia, Paragon will build 620 hotel rooms, the casino, dining and other entertainment options. Menke said the company would seek financial backing for the development over the next year while obtaining building and site approval.
As part of the development, the province will remodel BC Palace at a cost of $458 million. The stadium's air-supported roof will be removed and a cable-supported retractable roof will be installed.
The stadium is home to the British Columbia Lions of the Canadian Football League and will host the Grey Cup, the CFL's version of the Super Bowl, in 2011. The stadium has also hosted concerts for U2 and other well-known performers.
The casino Paragon constructs will connect with the concourse area of BC Palace. The casino's high-limit gaming area will connect to a separate concourse for the stadium's planned luxury boxes.
"At the same time, you can enter the hotels, or restaurants or the casino and not have to face the crowds going to the stadium," Bennett said.
Menke said two other Canadian cities, Edmonton and Regina, Saskatchewan, are exploring combining a stadium and casino.
"It comes down to having the right win per unit in order to give the city and province their money," Bennett said. "Vancouver has high urban residential density."
Whether Vancouver leads to Paragon finding a project in Las Vegas remains to be seen. The company isn't actively looking. Paragon owns a small tavern in Las Vegas to keep its Nevada gaming license alive.
"There might be some sell-off here someday, and that might give us an opportunity," Bennett said. "We just don't know."
May 16, 2010 --Diana Bennett watched her father create a Las Vegas tourism segment while building a billion-dollar casino business.
The daughter of gaming pioneer William Bennett has quietly taken that same entrepreneurial spirit to Canada with Paragon Gaming.
Paragon, a privately held company based in Las Vegas, built and operates casinos in the provinces of Alberta and British Columbia.
In March, the company won the rights to construct an estimated $450 million hotel-casino complex in Vancouver, British Columbia, which will become Western Canada's largest gaming and entertainment resort.
The development calls for two hotels and a casino attached to BC Palace, the 60,000-seat downtown Vancouver stadium and site of the opening and closing ceremonies for the recent Winter Olympic Games. The development is also within walking distance of the 18,000-seat General Motors Place, the sports arena where the National Hockey League's Vancouver Canucks play.
The project, which is expected to break ground next year and be completed in 2013, is final piece in creating an entertainment destination in downtown Vancouver to help increase tourism. A convention center was also built for the Olympic Games.
"A lot of infrastructure was created in Vancouver because of the Olympics," Bennett said. "You have the stadium and the project is close to a large retail center. It's in a great location."
Canada recently loosened visa policies with China in order to help tourism. Vancouver expects to increase its Chinese visitation by 50 percent next year, which could create a customer market for Paragon's casino.
The new development will be the only legalized gambling venue in downtown Vancouver. Paragon operates the midsized Edgewater Casino across from BC Palace, which will close once the project opens.
The casino-only Edgewater has 493 slot machines and 75 gaming tables, including a 15-table poker room. The new casino is expected to house 1,500 slot machines and 150 table games and 620 hotel rooms.
"(The Edgewater) was always viewed as temporary," Bennett said. "There were other bidders (for the Vancouver project) but we had the casino license. Others could build a hotel, but no one could offer the economic impact that we could with our plans."
Bennett learned casino operations and development as an executive with her father's Circus Circus Enterprises in 1980s and 1990s. The Vancouver project is the most ambitious venture in her company's 10-year history.
"We have a very good reputation while we've stayed under the radar," Bennett said. "Business seems to find us."
Bennett's father and a partner bought Circus Circus Las Vegas in the 1970s and began marketing the property toward families, offering reasonably priced amenities and attractions. William Bennett built the Excalibur and Luxor, creating the foundation of what would become the Mandalay Resort Group. For her father, Diana Bennett oversaw the company's casinos in Laughlin.
After operating the Sahara for her family's Gordon Gaming division, Bennett branched out her own along with long-time Circus Circus executive Scott Menke to explore casino management and development opportunities outside Southern Nevada. Larger gaming companies were consolidating smaller operations, which made competition a challenge for independent operators.
Bennett and Menke found a management deal with the Augustine Band of Cahuilla Indians in Southern California to operate a casino for the tribe in Palm Springs area. That contract led to additional leads with Indian tribes in Canada, known as the First Nations. Menke began to investigate those opportunities.
"There had been some regulatory changes in Canada that afforded the First Nations a different split of the business model," Menke said. "They wanted to build larger destination casinos, but first they had to increase their infrastructure."
The company's first development, the River Cree, is on the western edge of Edmonton, Alberta, and includes a 255-room hotel, a 62,200-square-foot casino with 600 slot machines and 40 table games, along with dining and other entertainment attractions, including two hockey rinks.
A second casino, in Whitecourt, Alberta, has 250 slot machines, 11 table games and a full service truck stop.
In Canada, Paragon employs just fewer than 2,000 workers.
Gaming revenues are shared with the provinces and First Nations.
Vancouver presents Paragon with an opportunity for a showcase resort.
British Columbia Premier Gordon Campbell was hopeful Paragon's plans for Vancouver will help recapture some of the excitement brought about by the visitation that came with the Olympics.
"This project will create literally thousands of jobs and be an important generator of tourism and economic activity for Vancouver and the entire province," Campbell said.
Some Vancouver city leaders were unhappy with the plans because the project is considered a "Las Vegas-style" resort and they were worried about the location and area density. However, BC Palace is on land owned by the province and not the city.
"I think the city holds fewer cards this time," Vancouver Councilor Geoff Meggs told The Globe and Mail newspaper.
Menke said the province is expected to share some of the gaming revenue taxes with the city.
Under the 70-year lease agreement with British Columbia, Paragon will build 620 hotel rooms, the casino, dining and other entertainment options. Menke said the company would seek financial backing for the development over the next year while obtaining building and site approval.
As part of the development, the province will remodel BC Palace at a cost of $458 million. The stadium's air-supported roof will be removed and a cable-supported retractable roof will be installed.
The stadium is home to the British Columbia Lions of the Canadian Football League and will host the Grey Cup, the CFL's version of the Super Bowl, in 2011. The stadium has also hosted concerts for U2 and other well-known performers.
The casino Paragon constructs will connect with the concourse area of BC Palace. The casino's high-limit gaming area will connect to a separate concourse for the stadium's planned luxury boxes.
"At the same time, you can enter the hotels, or restaurants or the casino and not have to face the crowds going to the stadium," Bennett said.
Menke said two other Canadian cities, Edmonton and Regina, Saskatchewan, are exploring combining a stadium and casino.
"It comes down to having the right win per unit in order to give the city and province their money," Bennett said. "Vancouver has high urban residential density."
Whether Vancouver leads to Paragon finding a project in Las Vegas remains to be seen. The company isn't actively looking. Paragon owns a small tavern in Las Vegas to keep its Nevada gaming license alive.
"There might be some sell-off here someday, and that might give us an opportunity," Bennett said. "We just don't know."
Expo 2010 Shanghai
President Hu Jintao declared the opening of an extravaganza with performances and fireworks that highlighted China's growing confidence from rising economic clout and its increasing openness in the international community.
Read more....go to...link
Read more....go to...link
Opus Hotels Sells Unique Staff Shoe to Public
Hoteliermagazine.com NEWS
Opus Hotels Sells Unique Staff Shoe to Public
Tuesday, 27 April 2010 09:25
VANCOUVER — Opus Hotels has partnered with Montreal-based Fluevog Shoes to create the unique Opus Hotels Porter Shoes now being worn exclusively by valets and male guest-service agents in its Vancouver and Montreal hotels.
The shoes are also featured on the hotels’ mini bar menus for sale to guests and will be available in all 10 North American Fluevog retail stores.
Described as “echoing the Opus brand’s reputation for personality, flair, individuality and for always being on the cutting edge of cool,” the two-tone shoes boast colours of pink and black.
Vancouver-born John Fluevog describes his product as “shoes to vie for, shoes to die for” on his website, and as “a favourite among fashion-conscious hipsters everywhere.”
Opus Hotels Sells Unique Staff Shoe to Public
Tuesday, 27 April 2010 09:25
VANCOUVER — Opus Hotels has partnered with Montreal-based Fluevog Shoes to create the unique Opus Hotels Porter Shoes now being worn exclusively by valets and male guest-service agents in its Vancouver and Montreal hotels.
The shoes are also featured on the hotels’ mini bar menus for sale to guests and will be available in all 10 North American Fluevog retail stores.
Described as “echoing the Opus brand’s reputation for personality, flair, individuality and for always being on the cutting edge of cool,” the two-tone shoes boast colours of pink and black.
Vancouver-born John Fluevog describes his product as “shoes to vie for, shoes to die for” on his website, and as “a favourite among fashion-conscious hipsters everywhere.”
Labeling China a currency manipulator would hurt US more
Labeling China a currency manipulator would hurt US more
(chinadaily.com.cn)
Updated: 2010-04-06 16:47
As the number of manufacturing and goods-producing jobs lost in America over the past decade grows, many in Washington and on Main Street are clamoring for a trade and currency war with China. However, Michael Pento, columnist for Forbes.com. argues that "the answer for the US can't be found in simply forcing the Chinese to appreciate their currency, or by devaluing the US dollar". Labeling China a currency manipulator would hurt the US more.
Read more....Click link
(chinadaily.com.cn)
Updated: 2010-04-06 16:47
As the number of manufacturing and goods-producing jobs lost in America over the past decade grows, many in Washington and on Main Street are clamoring for a trade and currency war with China. However, Michael Pento, columnist for Forbes.com. argues that "the answer for the US can't be found in simply forcing the Chinese to appreciate their currency, or by devaluing the US dollar". Labeling China a currency manipulator would hurt the US more.
Read more....Click link
Stronger yuan no gift for US firms
Stronger yuan no gift for US firms
(chinadaily.com.cn)
Updated: 2010-04-22 17:19
Economists have gradually reached a consensus that the yuan's appreciation would neither rescue the American manufacturing sector nor destroy the Chinese one, said an article published in the Wall Street Journal on April 19.
According to the article, in theory, a stronger Chinese currency would make Chinese exports less attractive to American buyers, and make US exports more competitive, but "how it plays out in practice could be less straightforward."
Read more...click link.
(chinadaily.com.cn)
Updated: 2010-04-22 17:19
Economists have gradually reached a consensus that the yuan's appreciation would neither rescue the American manufacturing sector nor destroy the Chinese one, said an article published in the Wall Street Journal on April 19.
According to the article, in theory, a stronger Chinese currency would make Chinese exports less attractive to American buyers, and make US exports more competitive, but "how it plays out in practice could be less straightforward."
Read more...click link.
US firms still keen on China
US firms still keen on China
By Lan Lan (China Daily)
Updated: 2010-04-27 10:37
BEIJING - China remains a highly desirable destination for investment and a major global priority for US companies despite some concerns, the American Chamber of Commerce said in a report published on Monday.
Read more....click the link
By Lan Lan (China Daily)
Updated: 2010-04-27 10:37
BEIJING - China remains a highly desirable destination for investment and a major global priority for US companies despite some concerns, the American Chamber of Commerce said in a report published on Monday.
Read more....click the link
Nova Scotia to boost HST
Nova Scotia to boost HST
HALIFAX—Starting this summer, dinner out at the province’s restaurants are going to cost more.
The ruling NDP, in their 2010 budget, have raised the Harmonized Sales Tax back to a Canada-wide high of 15 per cent, a two per cent increase, which takes effect July 1.
Finance Minister Graham Steele said the extra two per cent is expected to generate an additional $215 million in 2010 revenue.
“Through these targeted and strategic measures, we will make life more affordable for Nova Scotian families, while still maintaining the government’s focus on getting back to balance and living with its means,” Steele said, in a media statement.
Nova Scotia currently runs a deficit nearing $500 million, but that is predicted to drop to $222 million in 2010-2011. Its debt load will hit $14 billion this year.
Changes to taxation rates will reduce corporate income tax rates for small business from five per cent to 4.5 per cent on the first $400,000 of taxable income, starting on Jan. 1, 2011.
Diapers, children’s clothing and footwear and feminine hygiene products are exempt from the 10 per cent provincial sales tax, but the federal Goods and Services Tax still applies. The government said the exemption would save residents $8 million in 2010-2011.
Conservative finance critic Allan MacMaster said imposing taxes on Nova Scotians makes the province less competitive in the long run.
“Tax increases do not stimulate the economy, rather they put less disposable income in the hands of Nova Scotians and they negatively impact the competitive edge we have in Atlantic Canada,” MacMaster said, in a statement.
HALIFAX—Starting this summer, dinner out at the province’s restaurants are going to cost more.
The ruling NDP, in their 2010 budget, have raised the Harmonized Sales Tax back to a Canada-wide high of 15 per cent, a two per cent increase, which takes effect July 1.
Finance Minister Graham Steele said the extra two per cent is expected to generate an additional $215 million in 2010 revenue.
“Through these targeted and strategic measures, we will make life more affordable for Nova Scotian families, while still maintaining the government’s focus on getting back to balance and living with its means,” Steele said, in a media statement.
Nova Scotia currently runs a deficit nearing $500 million, but that is predicted to drop to $222 million in 2010-2011. Its debt load will hit $14 billion this year.
Changes to taxation rates will reduce corporate income tax rates for small business from five per cent to 4.5 per cent on the first $400,000 of taxable income, starting on Jan. 1, 2011.
Diapers, children’s clothing and footwear and feminine hygiene products are exempt from the 10 per cent provincial sales tax, but the federal Goods and Services Tax still applies. The government said the exemption would save residents $8 million in 2010-2011.
Conservative finance critic Allan MacMaster said imposing taxes on Nova Scotians makes the province less competitive in the long run.
“Tax increases do not stimulate the economy, rather they put less disposable income in the hands of Nova Scotians and they negatively impact the competitive edge we have in Atlantic Canada,” MacMaster said, in a statement.
Canadian Dollar
Globe and Mail Update Published on Thursday, Apr. 22, 2010 11:42AM EDT Last updated on Thursday, Apr. 22, 2010 1:05PM EDT
The Bank of Canada is now assuming the Canadian dollar(CAD/USD-I1.000.0010.13%) will stick near the parity mark.
The central bank has updated its projections about economic growth with the assumption the average value of the currency will be around 99 cents (U.S.). It previously thought the loonie would trade at about 96 cents.
The bank’s base-case projection, released Thursday in its monetary policy report, sees a “Canada/U.S. exchange rate averaging 99 cents U.S.” This is not a prediction, but rather an assumption the central bank makes in calculating its projections.
The revised assumption suggests the central bank believes the loonie’s strength is here to stay, rather than a short-term blip. On Thursday, the Canadian dollar traded around 99.88 cents. It has risen 5.1 per cent against the U.S. dollar this year and 13.3 per cent against the euro.
The Bank of Canada is now assuming the Canadian dollar(CAD/USD-I1.000.0010.13%) will stick near the parity mark.
The central bank has updated its projections about economic growth with the assumption the average value of the currency will be around 99 cents (U.S.). It previously thought the loonie would trade at about 96 cents.
The bank’s base-case projection, released Thursday in its monetary policy report, sees a “Canada/U.S. exchange rate averaging 99 cents U.S.” This is not a prediction, but rather an assumption the central bank makes in calculating its projections.
The revised assumption suggests the central bank believes the loonie’s strength is here to stay, rather than a short-term blip. On Thursday, the Canadian dollar traded around 99.88 cents. It has risen 5.1 per cent against the U.S. dollar this year and 13.3 per cent against the euro.
World’s 5 tallest hotels
World’s 5 tallest hotels
Whether by climbing mountains, building flying machines or even traveling to outer space, mankind has always sought to the sky. Things aren’t much different when looking for traveling accommodations, so it’s no surprise that some of the world’s most luxurious hotels are also the highest. Here are the world’s 5 tallest hotels:
5. Baiyoke Tower II
Location: Bangkok, Thailand
Baiyoke Tower
Opened in 1998, Baiyoke Tower II became the tallest building in Thailand and the tallest hotel in Southeast Asia. It has a height of 304 meters and it reaches 328 meters if the antenna on top of it is included in the calculations. It has 85 floors and 2060 steps from the ground to the very top which takes more than an hour to climb.
The piling of Baiyoke Tower II runs an extra 60 meters into the ground, the height of a 22 story building. The hotel itself begins at the 22nd floor and ends at the 74th, containing 673 rooms. Also worth a visit are: the observatory on the 77th floor, the Roof Top Bar & Music Lounge on the 83rd floor and the revolving roof deck on the 84th floor.
4. Jumeirah Emirates Towers
Location: Dubai, United Arab Emirates
Jumeirah Emirates Tower
Located on Sheikh Zayed Road, right in the center of Dubai’s business district, Jumeirah Emirates Tower has often been referred to as the best business hotel in the world. Ranked as the 33rd highest building on Earth, this steel and glass masterpiece has 56 stories and a height of 309 meters.
Jumeirah Emirates Towers Hotel opened for business in the year 2000 and was remodeled in 2005. It has 400 rooms, 40 luxury suites and over 15 restaurants, bars and lounges. The starting price for a room at Jumeirah Emirates Towers Hotel is 1,100 dollars.
3. Burj al Arab
Location: Dubai, United Arab Emirates
Burj al Arab
The world’s only 7-star hotel is definitely the most luxurious, combining traditional elements with the latest technology available. Burj al arab was constructed in 1999, on an artificial island, 280 meters off shore, offering a great view of the sea and the city of Dubai.
Burj al arab is literally luxury taken to the extreme, over 8,000 square meters of the hotel’s interior is covered in 22-carat gold leaf, while 24,000 square meters are covered with 30 different types of marble.
This jewel of the Arab World has a height of 321 meters and 56 stories. Burj al Arab also has the tallest atrium in the world, which is 180 meters high.
2. Ryugyong
Location: Pyongyang, North Korea
Ryugyong Hotel
Ryugyong Hotel was supposed to become the tallest man-made structure in the world, when construction began in 1987, but due to low quality materials used and the government’s financial problems, construction ceased in 1992. This 330-meters-high, 105 storey-building, dominates the city of Pyongyang and is easily the tallest building in all of North Korea.
With over 3000 available rooms, Ryugyong Hotel is an enormous financial loss, especially if it isn’t ready for business. Realizing this, the North-Koreans resumed work on it in April 2008, after a 16 year break. The future still looks grim for Ryugyong Hotel with tourism in North Korea being virtually non-existent.
1. Rose Tower
Location: Dubai, United Arab Emirates
Rose Tower Hotel
Standing at 333 meters into the sky, Rose Tower became the tallest hotel in Dubai and the world. Construction began in 2004 and by 2006 it reached its current height with the addition of spire. It was supposed to be 380 meters high but some modifications to the structure’s design forced the architects to reduce it to 333 meters.
Located on Sheikh Zayed Road, in Dubai’s financial district, Rose Tower Hotel has 72 stories and it was supposed to open in April 2008, but, to present day, it remains closed. When it opens, it will welcome guests with luxury accommodations, restaurants, shopping and leisure facilities.
Five of the World’s Strangest Hotel Designs
Five of the World’s Strangest Hotel Designs
Some hotels count on their irreproachable services to attract visitors, while others rely on the beauty of their surroundings, but there are also hotels that pull in customers through their outrageous design. Here are five of the most bizarre-looking hotels you’ve ever seen:Ryugyong Hotel
Photo by Timur
It may be the tallest structure in North Korea, and one of the tallest hotels in the world, but Ryugyong still looks like one of those cheap hotels only communists know how to build. Its construction started in 1987, but it was halted, in 1992, due to serious financial difficulties. Ryugyong Hotel remained deserted for 16 years, until 2008, when, under the supervision of an Egyptian company, construction of the building was resumed.
Photo by Misha
The existence of Rygyong Hotel was denied for several years, after construction had begun, and the North Korean government went to great lengths to manipulate photos and keep it off printed maps of Pyongyang. Even now, it’s hard to obtain much information about the giant structure.
Marques de Riscal
Designed by renowned architect, Frank O. Gehry, the man behind Bilbao’s Guggenheim Museum, Marques de Riscal has become one of the most recognized structures in Spain. Located on the edge of Elciego, in the middle of the Spanish “City of Wine”, Marques de Riscal was commissioned by a local winery, to promote the international interest in Spanish wine.
This unique structure is covered with sheets of mirror-finish stainless steel and golden-pink titanium. The hues were obtained by passing the titanium through an electric current in an acid bath, and it’s said they were inspired by the colors used for the wine bottles, by the company that commissioned Marques de Riscal Hotel
Hotel Spirit
Photo by look-closer
According to the official site of this establishment, the uniqueness of Hotel Spirit comes from the complex services it offers, but I’d say it has a lot more to do with its crazy design. Located in the broad center of Bratislava, Hotel Spirit features an abstract architecture complemented by a wide range of colors.
A true rarity in a city like Bratislava, Hotel Spirit has become much more than just a place of temporary residence, it’s now one of the local tourist attractions.
Hotel Unique
Photo by richardsummers
One look at these photos and you can see the name of this bizarre hotel states the obvious. Designed by Ruy Ohtake, one of the most famous architects in Brazil, Hotel Unique resembles a half a coin, placed on its edge. It looks strange, but it was a great way to make the most of the 85-meter-height restriction.
Photo by seier
If you’re looking for a nice view over the incredible Sao Paolo, Hotel Unique is the place to go. Thanks to its crazy design, this place has 30 rooms on the top floor, compared to just 4, on its narrow second floor.
Crazy House
Photo by 43391993@N03
One of the weirdest hotels in the world, Vietnam’s Crazy House was built to look like a tree house, when it was really made with common construction materials. The credit for this bizarre hotel goes to Hang Nga, the woman who designed it. She is the daughter of a former Vietnamese dictator, so she was allowed to let her imagination run wild, without having to consider architectural rules and regulations.
Photo by upyernoz
The end result of Hang Nga’s design efforts was named Crazy House, by locals, and that’s name that gained it international fame. Unfortunately for its designer, who lives in her masterpiece, most of the tourists choose to take a few photos and look for a more conventional hotel, to spend the night.
C$ 450 million new hotel-casino complex attached to BC Place
Ian Bailey
Vancouver, BC — Globe and Mail update Published on Friday, Mar. 26, 2010 1:07PM EDT Last updated on Wednesday, Apr. 07, 2010 9:56PM EDT
The B.C government has announced the construction of a $450-million new hotel-casino complex attached to BC Place.
“I am pleased to confirm what many people have been discussing,” Premier Gordon Campbell told a news conference in the domed stadium.
Edgewater Casino on False Creek is to be moved as part of the project and the new 100,000-square-foot casino operation, also operated by Paragon Development Ltd., is expected to generate $130-million in annual gambling revenues to be distributed to the province.
PavCo, the Crown corporation that manages BC Place, has struck a deal for a 70-year lease with Paragon.
“We are going to build a destination anchored by two hotels,” said Scott Menke, Paragon president.
The project is expected to create 8,500 direct and indirect jobs during construction and operation.
Assuming the city of Vancouver approves a rezoning application for the project, construction is supposed to begin early next year and be completed in mid-2013.
But events are to be held at BC Place during construction around the replacement of the stadium's roof, which begins in May and is to be done in 2011.
“I am pleased to confirm what many people have been discussing,” Premier Gordon Campbell told a news conference in the domed stadium.
Edgewater Casino on False Creek is to be moved as part of the project and the new 100,000-square-foot casino operation, also operated by Paragon Development Ltd., is expected to generate $130-million in annual gambling revenues to be distributed to the province.
PavCo, the Crown corporation that manages BC Place, has struck a deal for a 70-year lease with Paragon.
“We are going to build a destination anchored by two hotels,” said Scott Menke, Paragon president.
The project is expected to create 8,500 direct and indirect jobs during construction and operation.
Assuming the city of Vancouver approves a rezoning application for the project, construction is supposed to begin early next year and be completed in mid-2013.
But events are to be held at BC Place during construction around the replacement of the stadium's roof, which begins in May and is to be done in 2011.
Chinese and U.S. officials are reportedly close to a deal on boosting the value of China's currency, the yuan
U.S. Treasury Secretary Timothy Geithner was in China for a surprise meeting last week, and Chinese President Hu Jintao is in Washington this week to attend a global conference on nuclear security.
"It's basically seems like it's a done deal," said foreign exchange expert Ashraf Laidi, chief market strategist for CMC Markets.
The agreement is widely expected to result in an immediate 2% to 3% rise in the yuan -- a fairly modest step. What could make the agreement significant, however, is if China agrees to future increases as the currency moves toward being freely traded for the first time.
Laidi thinks the yuan is undervalued by 15% to 20% undervalued, and said a rise of 6% to 7% a year will be needed to start to make a significant dent in the undervaluation.
That's possible, Laidi said, given that China allowed the yuan to rise more than 15% from mid-2005 to mid-2008.
Some economists think the yuan is undervalued by as much as 40%. But many said there is good reason for both China and the United States to pursue a slow adjustment.
A rapid change, they say, would risk of inflating an asset bubble in China, followed by a bust that could cause problems throughout the global financial system.
"The movement from managed currency to freely floating currency is not easy to pull off," said Mark Vitner, senior economist with Wells Fargo Securities. "If we have a boom and then a bust in China, that could lead to another global recession."
But critics of the value of the Chinese yuan today dismiss those worries. The artificially low value of the yuan is causing problems of its own, they say, including an overheating Chinese economy and a big trade gap between the United States and China.
"There's going to be a hangover from years of having the yuan grossly undervalued," said University of Maryland Professor Peter Morici. "The more the patient drinks, the worse the hangover will be unless the patient eventually passes out and dies."
Morici is a harsh critic of both the Bush and Obama administrations for not pushing the Chinese more. He advocates threatening China with steep tax penalties to force the issue.
"Unemployment would be falling rapidly and the U.S. economy recovering more rapidly but for the trade deficit with China and Beijing's currency policies," Morici said.
Risks of a stronger yuan
While a stronger yuan -- and a weaker dollar -- is widely considered to be a good thing for U.S. manufacturers, some experts say it won't be accomplished without some problems for Americans.
Much of the nearly $300 billion in Chinese exports annually are not going to suddenly start being produced at U.S. factories simply because of a rise in the value of the yuan. Labor costs are still going to be lower in China, and environmental and safety regulations will not be as strict.
"The labor-intensive parts of the manufacturing base that have been lost here are never coming back," said Vitner.
Instead, the higher yuan will mean Chinese products will become more expensive for U.S. consumers.
In addition, China has been keeping the yuan cheap by buying massive amounts of U.S. dollars and Treasurys.
Let the yuan float free and China won't need to buy as much. And that could mean higher interest rates on U.S. Treasurys, and thus higher borrowing costs for many U.S. homeowners and businesses.
It also could lead to a slide in the value of the dollar, which in turn could raise the price of imports from elsewhere in the globe, such as oil.
What do you think?
Forcing China to revalue currency may boomerang
(Agencies)
Updated: 2010-03-18 15:12
In addition, Newman said, a large proportion of goods imported from China are not end-state products, but components ready for assembly.
A US auto manufacturer that uses Chinese car seats, for instance, pays more for the seats under a strengthened yuan and then either cuts into its profits or charges higher prices on the finished vehicle, he explained.
Citing the iPhone as an example, Newman said the "real" cost was almost 300 dollars -- but very little of that money goes to China, whose workers assemble the device.
That final step, he said, added just four dollars of value to the phone, whose components come from other countries.
"We must be careful what we wish for when it comes to a yuan revaluation," cautioned Robert Salomon, an associate professor at the Stern School of Business, New York University.
He said a revaluation of the yuan not only would make Chinese exports relatively more expensive but also would decrease foreign demand for Chinese-made goods, negatively impacting local production and creating "a feedback loop through to domestic employment and wages.
"In the extreme, this threatens social stability, he warned.
"Given the foreign interests and investments in China, it is not entirely clear to me that a yuan revaluation that catapults China into recession would not result in a global contagion effect," he said.
Salomon agreed that it was in the long-term interests of the US for China to address its "imbalances" via some kind of yuan remediation but cautioned that "the near-term economic adjustments associated with a significant rise in the value of the yuan could be painful, not just for China, but for the rest of the world as well."
Do you believe this ?
U.S. delays report on alleged China currency manipulation
April 4, 2010 3:27 a.m. EDT
U.S. Treasury Secretary Tim Geithner says China needs to move to a more market-oriented exchange rate.
STORY HIGHLIGHTS
- U.S. Treasury Secretary Tim Geithner holds off on China currency report
- Critics argue China keeps currency low, hurting American businesses
- Geithner admits China has maintained an "inflexible exchange rate"
Geithner, explaining the delay in a statement Saturday, said a series of upcoming meetings, including among officials of the Group of 20 financially influential countries, and with China -- are "the best avenue for advancing U.S. interests at this time."
Lawmakers from both parties have called on the Obama administration to speak out against China's refusal to let its currency appreciate.
China has kept its yuan about 6.83 to the dollar for almost two years. Many U.S. economists say the currency is undervalued by as much as 40 percent.
Keeping its currency low makes China's goods cheaper on the world market and more likely to be purchased by other countries. But, analysts say, it hurts American businesses, which cannot then compete.
Video: China a currency manipulator? RELATED TOPICS
"Everyone knows China is manipulating the value of its currency to gain an unfair advantage in international trade," said Iowa Sen. Chuck Grassley, adding he was disappointed in the Treasury secretary's decision.
"If we want the Chinese to take us seriously, we need to be willing to say so in public," said Grassley, the ranking Republican member of the Senate Finance Committee. "The past few years have proven that denying the problem doesn't solve anything."
Chinese officials have insisted the United States is using Beijing as a scapegoat for its own economic problems.
"The Chinese government will not succumb to foreign pressure to adjust our exchange rates," said Zhong Shan, vice minister of commerce, late last month.
Premier Wen Jiabao has been equally stern in his response.
"We oppose the practice of finger-pointing among countries or strong-arm measures to force other countries to appreciate currencies," he told reporters last month.
In his statement, Geithner acknowledged China has maintained an "inflexible exchange rate."
"A move by China to a more market-oriented exchange rate will make an essential contribution to global rebalancing," he said.
Sander Levin, chairman of the House Ways and Means Committee, said the delay was meant to see if the international community can address the issue in the coming months.
"If the multilateral effort does not result in China's making significant changes, the administration and Congress will have no choice but to take appropriate action," said Levin, a Democratic lawmaker from Michigan.
China’s 2010 container rates to increase
China’s 2010 container rates to increase
China’s 2010 container shipping rates will surpass last year because demand for transporting goods has exceeded current capacity, said the chairman of the country’s second-largest sea freight company.
“The rates will probably be higher in the first six months of 2010 before tapering off in the second half,” China Shipping Container Lines Co.’s Chairman Li Shaode said today during China’s legislative meetings in Beijing.
Container volume shipped in the first two months of 2010 rose 30 percent from the same period last year, Li said without giving a figure.
Still, the Shanghai-based company won’t be adding any container shipping capacity, he said. The company will operate twelve 300,000-ton oil tankers this year, three more than last year. It also has 16 dry-bulk carriers on order, Li said.
Source: businessweek.com
Publication date: 3/10/2010
China’s 2010 container shipping rates will surpass last year because demand for transporting goods has exceeded current capacity, said the chairman of the country’s second-largest sea freight company.
“The rates will probably be higher in the first six months of 2010 before tapering off in the second half,” China Shipping Container Lines Co.’s Chairman Li Shaode said today during China’s legislative meetings in Beijing.
Container volume shipped in the first two months of 2010 rose 30 percent from the same period last year, Li said without giving a figure.
Still, the Shanghai-based company won’t be adding any container shipping capacity, he said. The company will operate twelve 300,000-ton oil tankers this year, three more than last year. It also has 16 dry-bulk carriers on order, Li said.
Source: businessweek.com
Publication date: 3/10/2010
Forest Ecology from Value + Created Resources
To evaluate what constitutes "sustainable" timber, corporate, environment and government organizations have established competing standards of "certification". VCR supports the standards developed by Forest Stewardship Council (FSC). These standards are the most rigorous and are developed with the participation of local communities.
In a report for the Ecoforestry Institute, Cam Brewer states, "Meaningful certification is about supporting a diversity of human and non-human uses of the forest, about providing a broad range of economic benefits, and about fostering strong human communities . . . Local manufacturers that create high-value wood products are able to reduce the pressure for unsustainable levels of timber extraction. By carefully valuing each log, by developing markets for under-utilized species, and by incorporating 'character' wood (with knots, bug stain, or other 'flaws'), higher value can be extracted from a lower volume of cut. This will help create employment, diversity, and stability in local communities, and break the dependency on single-product commodity mills."
Unfortunately, purchasing lumber with the FSC logo does not guarantee that the timber is suitable for manufacturing. FSC does not evaluate kilning quality, toxicity, moisture content levels, dimensional tolerance, etc. For example, a plywood/mdf panel produced with a toxic adhesive can still receive FSC approval. Designer/makers need to make their "quality" concerns heard so that environmental standards apply to all stages of the production cycle from log to finished product.
$450-million hotel-casino complex announced for False Creek
Ian Bailey
Vancouver, BC — Globe and Mail update Published on Friday, Mar. 26, 2010 1:07PM EDT Last updated on Friday, Mar. 26, 2010 8:49PM EDT
The B.C government has announced the construction of a $450-million new hotel-casino complex attached to BC Place.
“I am pleased to confirm what many people have been discussing,” Premier Gordon Campbell told a news conference in the domed stadium.
Edgewater Casino on False Creek is to be moved as part of the project and the new 100,000-square-foot casino operation, also operated by Paragon Development Ltd., is expected to generate $130-million in annual gambling revenues to be distributed to the province.
PavCo, the Crown corporation that manages BC Place, has struck a deal for a 70-year lease with Paragon.
“We are going to build a destination anchored by two hotels,” said Scott Menke, Paragon president.
The project is expected to create 8,500 direct and indirect jobs during construction and operation.
Assuming the city of Vancouver approves a rezoning application for the project, construction is supposed to begin early next year and be completed in mid-2013.
But events are to be held at BC Place during construction around the replacement of the stadium's roof, which begins in May and is to be done in 2011.
“I am pleased to confirm what many people have been discussing,” Premier Gordon Campbell told a news conference in the domed stadium.
Edgewater Casino on False Creek is to be moved as part of the project and the new 100,000-square-foot casino operation, also operated by Paragon Development Ltd., is expected to generate $130-million in annual gambling revenues to be distributed to the province.
PavCo, the Crown corporation that manages BC Place, has struck a deal for a 70-year lease with Paragon.
“We are going to build a destination anchored by two hotels,” said Scott Menke, Paragon president.
The project is expected to create 8,500 direct and indirect jobs during construction and operation.
Assuming the city of Vancouver approves a rezoning application for the project, construction is supposed to begin early next year and be completed in mid-2013.
But events are to be held at BC Place during construction around the replacement of the stadium's roof, which begins in May and is to be done in 2011.
Four Seasons Vancouver B C completes premier suites renovation.
News - 27th Mar 2010
Four Seasons Hotel Vancouver completes premier suites renovation
The Four Seasons Hotel Vancouver has completely renovated their Royal and Prime Minister suites.
Spacious at 1,660 and 1,725 square feet respectively, both suites feature stunning two-storey, floor-to-ceiling views, elegant and inviting décor, giant master suites, high-tech master bathrooms featuring televisions embedded within the vanity mirror and dazzling chandeliers.
The split level suites provide entrances on both the 27th and 28th floors lending a sense of grandeur and opulence while offering additional privacy.
The suites feature a dining area which seats up to 12 guests beneath an impressive chandelier.
With a three-bedroom configuration means there is room to spare should one need to accommodate any extra family members, personal assistants or security.
The split level suites provide entrances on both the 27th and 28th floors lending a sense of grandeur and opulence while offering additional privacy.
The suites feature a dining area which seats up to 12 guests beneath an impressive chandelier.
With a three-bedroom configuration means there is room to spare should one need to accommodate any extra family members, personal assistants or security.
More hotels are catering to women
Suites on the new Orchid Floor of Vancouver's Georgian Court Hotel are reserved for women only.
They come with Aveda bath products, yoga mats and fresh orchids.
Photograph by: Handout photo, Georgian Court Hotel)
Pranav Mistry: The thrilling potential of 'SixthSense' technology
At TEDIndia, Pranav Mistry demos several tools that help the physical world interact with the world of data -- including a deep look at his SixthSense device and a new, paradigm-shifting paper "laptop".
In an onstage Q&A, Mistry says he'll open-source the software behind SixthSense, to open its possibilities to all.
You have to see this ! Amazing !
Click to see the video.
In an onstage Q&A, Mistry says he'll open-source the software behind SixthSense, to open its possibilities to all.
You have to see this ! Amazing !
Click to see the video.
Accor U.S. adopts “made in Canada” Green Key
DALLAS, TX, HORSHAM, PA, OTTAWA–Canada’s Green Key program has gone international, with the latest development a decision by Accor North America to pilot the Green Key Eco-Rating Program within its portfolio in the United States in 2010.
The Accor North America pilot will involve 20 properties, including representatives from the Motel 6, Sofitel and Studio 6 brands. In the course of the pilot, ANA corporate leadership will evaluate the program and decide whether to move forward with a larger rollout throughout the United States.
“Accor is widely recognized within the global hospitality industry as being a leader in sustainability initiatives,” he added in a release. “We are confident that Green Key will become an important part of Accor North America’s efforts to protect and preserve the environment.”
Irwin Prince has ties to both Accor and the HAC, since his company, Realstar Hospitality, franchises Motel 6 and Studio 6 in Canada, and he chaired the HAC for two years.
“Realstar has been a supporter and advocate of the Hotel Association of Canada’s Green Key initiative from the outset,” said Prince.
Read the article ......
The Accor North America pilot will involve 20 properties, including representatives from the Motel 6, Sofitel and Studio 6 brands. In the course of the pilot, ANA corporate leadership will evaluate the program and decide whether to move forward with a larger rollout throughout the United States.
“Accor is widely recognized within the global hospitality industry as being a leader in sustainability initiatives,” he added in a release. “We are confident that Green Key will become an important part of Accor North America’s efforts to protect and preserve the environment.”
Irwin Prince has ties to both Accor and the HAC, since his company, Realstar Hospitality, franchises Motel 6 and Studio 6 in Canada, and he chaired the HAC for two years.
“Realstar has been a supporter and advocate of the Hotel Association of Canada’s Green Key initiative from the outset,” said Prince.
Read the article ......
HST: Boost or bust for tourism industry?
In March 2009 the Government of Ontario announced the introduction of a harmonized sales tax (HST) followed by the Government of British Columbia in September. The current provincial sales tax in BC and Ontario is 7 per cent and 8 per cent respectively. On July 1st, these rates will be combined with the 5 per cent Goods and Services Tax resulting in a 12 per cent and 13 per cent tax in each province.
The announcement of HST took the tourism industry by surprise in both jurisdictions.
Read more ....
The announcement of HST took the tourism industry by surprise in both jurisdictions.
Read more ....
Hotel Indigo to dock in Shanghai
Hotel Indigo will open its first property in Asia Pacific in May 2010 at Shiliupu at the Southern end of The Bund in Shanghai. The only hotel to sit directly on the Huangpu River front, Hotel Indigo Shanghai on the Bund assures not only spectacular views of both the historic Bund and dramatic Pudong skylines, but an upscale boutique hotel experience where the focus is on informal yet personal service, individual design reflecting the local neighborhood, and providing guests with an authentic taste of today’s Shanghai, where old and new converge.
Holiday Inn hotel unveils multi-million dollar renovation
Holiday Inn Barrie Hotel & Conference Centre in ONtario, Canada
announced today the culmination of a multi-million hotel renovation project.
Read more......
announced today the culmination of a multi-million hotel renovation project.
Read more......
Pinnacle Hotel at the Pier opens in North Van
I was on the North Shore yesterday and I discovered this new beautiful hotel.
Just opened on January 15th 2010 - The Pinnacle Hotel At the Pier.
First let me just congratulate the owners of the hotel on a wonderful property.
Definitely one of the best !
Also let me congratulate the Interior Designer CHIL.
Wonderful selection of fabrics used and elegant choice of colors.
Read more:
Just opened on January 15th 2010 - The Pinnacle Hotel At the Pier.
First let me just congratulate the owners of the hotel on a wonderful property.
Definitely one of the best !
Also let me congratulate the Interior Designer CHIL.
Wonderful selection of fabrics used and elegant choice of colors.
Read more:
Rosewood to manage legendary Vancouver Hotel
Rosewood Hotels & Resorts is pleased to announce that it has been chosen by Delta Group to manage the legendary Hotel Georgia in Vancouver, Canada. Now known as Rosewood Hotel Georgia, the property is currently undergoing a full restoration and is scheduled to reopen early 2011.
Read more -
Read more -
Chinese Premier's speech at University of Cambridge
This is a beautiful speech from Wen Jiabao.
It covers many subjects ranging from morality, philosophy to science and economics.
It also embodies China 's visions for the future.
In discussing economics, Wen Jiabao shows a level of pragmatism drawn from a critical analysis of the financial situation that confronts the world. At no time does he stray into the mindless dogma of communism.
In discussing economics, Wen Jiabao shows a level of pragmatism drawn from a critical analysis of the financial situation that confronts the world. At no time does he stray into the mindless dogma of communism.
He offers a realistic solution to the world, whilst cautioning it of the shortcomings of current economic philosophy.
We are reminded that the Chinese were the first to invent paper money, the abuse of which is causing problems.
I am glad that enlightened leadership exists to take the world out of the financial darkness that now pervades the world.
I am glad that enlightened leadership exists to take the world out of the financial darkness that now pervades the world.
The following is the full text of Chinese Speech at the University of Cambridge
Wen Jiabao , Premier of the State Council of the People's Republic of China - 2 February 2009
Vice Chancellor Alison Richard, Ladies and Gentlemen,
It gives me great pleasure to come to Cambridge, a world-renowned university that I have long wanted to visit. Cambridge has produced many great scientists and thinkers Isaac Newton, Charles Darwin and Francis Bacon, to name but a few, and made important contribution to the progress of human civilization. This year marks the 800th anniversary of the university. Please accept my warm congratulations.
This is my fourth visit to your country. Despite the great distance between China and Britain , the friendly exchanges between our peoples have been on the rise. The successful resolution of the question of Hong Kong and fruitful cooperation between our two countries in areas such as economy, trade, culture, education, science and technology have cemented the foundation of our comprehensive strategic partnership. Here, I wish to pay high tribute to all those who have been working tirelessly to promote friendly ties between our two countries.
The title of my speech today is "See China in the Light of Her Development".
My beloved motherland is a country both old and young.
She is old, because she is a big Oriental country with a civilization stretching back several thousand years. With diligence and wisdom, the Chinese nation created a splendid civilization and made significant contributions to the progress of humanity.
She is young, because the People's Republic is just 60 years old, and the country began reform and opening-up only 30 years ago. The Chinese people established the New China after unremitting struggles and ultimately found a development path suited to China 's national conditions through painstaking efforts. This is the path of socialism with Chinese characteristics. Following this path, our ancient civilization has been rejuvenated.
The key element of China 's reform and opening-up is to free people's mind and the most fundamental and significant component is institutional innovation. Through economic reform, we have built a socialist market economy, where the market plays a primary role in allocating resources under government macro-regulation. We have carried out political reform, promoted democracy and improved the legal system. People are the masters of the country. We run the country according to law and endeavor to build a socialist country under the rule of law.
The essence of China 's reform and opening-up is to put people first and meet their ever growing material and cultural needs through releasing and developing productive forces. It aims to give everyone equal opportunities for all-round development. It aims to protect the democratic rights of the people and promote stability, harmony and prosperity across the land. And it aims to safeguard the dignity and freedom of everyone so that he or she may pursue happiness with ingenuity and hard work.
Over the past three decades, more than 200 million Chinese have been lifted out of poverty, the average life expectancy has increased by 5 years, and the 83 million people with disabilities in China have received special care from the government and the society. All this points to the tremendous efforts China has made to protect human rights. We have introduced free nine-year compulsory education throughout the country, established the cooperative medical system in the rural areas and improved the social safety net. The age-old dream of the Chinese nation is being turned into reality a dream to see the young educated, the sick treated and the old cared for.
I want to quote from a Tang Dynasty poem to describe what is happening in China , "From shore to shore it is wide at high tide, and before fair wind a sail is lifting." The Chinese people are working hard to modernize their country. This is a great practice in a large developing country both ancient and new. The Chinese people, with destiny in their own hands, are full of confidence in their future.
My beloved motherland is a country that stood numerous vicissitudes but never gave up. Earlier in my career, I worked in northwest China for many years. There, in the boundless desert, grows a rare variety of tree called euphrates poplar. Rooted over 50 meters down the ground, they thrive in hostile environments, defying droughts, sandstorms and salinization. They are known as the "hero tree", because a euphrates poplar can live for a thousand years. Even after it dies, it stands upright for a thousand years, and even after it falls, it stays intact for another thousand years. I like euphrates poplar because they symbolize the resilience of the Chinese nation.
Over the millennia, the Chinese nation has weathered numerous disasters, both natural and man-made, surmounted all kinds of difficulties and challenges, and made her way to where she proudly stands today. The long sufferings have only made her a nation of fortitude and perseverance. The experience of the Chinese nation attests to a truth: what a nation loses in times of disaster will be made up for by her progress.
I am reminded of the experience that I had in Wenchuan , Sichuan Province after the devastating earthquake there last May. That earthquake shocked the whole world. It flattened Beichuan Middle School and claimed many young lives. But only 10 days after the earthquake, when I went there for the second time, I had before my eyes new classrooms built on debris by local villagers with planks. Once again, the campus echoed with the sound of students reading aloud. I wrote down 4 Chinese characters on the blackboard, meaning "A country will emerge stronger from adversities." I have been to Wenchuan seven times since the earthquake and witnessed countless touching scenes like this. I am deeply moved by the unyielding spirit of my people. This great national spirit is the source of strength which has enabled the Chinese nation to emerge from all the hardships stronger than before.
With hard work over the past half century and more, China has achieved great progress. Its total economic output is now one of the largest in the world. However, we remain a developing country and we are keenly aware of the big gap that we have with the developed countries. There has been no fundamental change in our basic national condition: a big population, weak economic foundation and uneven development. China 's per capita GDP ranks behind 100 countries in the world and is only about 1/18 that of Britain .
To basically achieve modernization by the middle of this century, we must accomplish three major tasks: first, achieve industrialization, which Europe has long completed, while keeping abreast of the latest trends of the scientific and technological revolution; second, promote economic growth while ensuring social equity and justice; and third, pursue sustainable development at home while accepting our share of international responsibilities. The journey ahead will be long and arduous, but no amount of difficulty will stop the Chinese people from marching forward. Through persistent efforts, we will reach our goal.
My beloved motherland is a country that values her traditions while opening her arms to the outside world.
The traditional Chinese culture is rich, extensive and profound. Harmony, the supreme value cherished in ancient China , lies at the heart of the Chinese culture. The Book of History, an ancient classic in China for example, advocates amity among people and friendly exchanges among nations.
The Chinese cultural tradition values peace as the most precious. This has nurtured the broad mind of the Chinese nation. The Chinese nation is generous and tolerant, just as Mother Earth cares for all living things. She is in constant pursuit of justice, just as the eternal movement of the Universe.
In the 15th century, the famous Chinese navigator Zheng He led seven maritime expeditions to the Western Seas and reached over 30 countries. He took with him Chinese tea, silk and porcelain and helped local people fight pirates as he sailed along. He was truly a messenger of love and friendship.
The argument that a big power is bound to seek hegemony does not apply to China . Seeking hegemony goes against China 's cultural tradition as well as the will of the Chinese people. China 's development harms no one and threatens no one. We shall be a peace-loving country, a country that is eager to learn from and cooperate with others. We are committed to building a harmonious world.
Different countries and nations need to respect, tolerate and learn from each other's culture. Today, 300 million Chinese are learning English and over one million of our young people are studying abroad. The cultures and arts of various parts of the world are featured daily on China 's television, radio and print media. Had we not learned from others through exchanges and enriched ourselves by drawing on others' experience, we would not have enjoyed today's prosperity and progress.
In the 21st century, economic globalization and the information network have linked us all together. Different cultures live together and influence each other. No culture can flourish in isolation. How much a country or a nation contributes to the culture of humanity is increasingly determined by her ability to absorb foreign cultures and renew herself. That is why China will remain open and receptive, value her own traditions while drawing on others' successful experience, and achieve economic prosperity and social progress in a civilized and harmonious way.
I stress the importance of seeing China in the light of her development, because the world is changing and China is changing. China is no longer the closed and backward society it was 100 years ago, or the poor and ossified society 30 years ago. Thanks to reform and opening-up, China has taken on a new look. What the Beijing Olympic Games showcased is a colorful China , both ancient and modern. I therefore encourage you to visit China more often and see more places there. This way, you will better understand what the Chinese people are thinking and doing, and what they are interested in. You will get to know the true China , a country constantly developing and changing. You will also better appreciate how China has been tackling the ongoing global financial crisis.
This unprecedented financial crisis has inflicted a severe impact on both China and Britain as well as other European countries. The crisis has not yet hit the bottom, and it is hard to predict what further damage it may cause. To work together and tide over the difficulties has become our top priority.
I believe that closer cooperation is needed to meet the global crisis, and the level of cooperation hinges upon the level of mutual trust. The Chinese Government maintains that countries should: first and foremost, run their own affairs well and refrain from shifting troubles onto others; second, carry out cooperation with full sincerity and avoid pursuing one's own interests at the expense of others; and third, address both the symptoms and the root cause of the problem. A palliative approach will not work. We should not treat only the head when the head aches, and the foot when the foot hurts. As I reiterated at the World Economic Forum Annual Meeting in Davos, necessary reform of the international monetary and financial systems should be carried out to establish a new international financial order that is fair, equitable, inclusive and well-managed. We should create an institutional environment conducive to global economic growth.
Let me talk briefly about how China has been responding to the crisis.
The fallout of the financial crisis on China 's real economy is becoming more evident. Since the third quarter of last year, our exports have declined sharply, economic growth has slowed down, and the pressure on employment has been rising. In the face of the grim situation, we have acted decisively. We have made timely adjustment to the direction of our macroeconomic policy, promptly introduced ten measures to expand domestic demand, and formulated a series of related policies. Together, they make up a systematic and comprehensive package plan aimed at promoting steady and relatively fast economic growth. Its main contents are:
First, substantially increase government spending to boost domestic demand. The Chinese Government has announced a two-year investment program that will generate, through fiscal spending, a total investment of RMB 4 trillion nationwide, equivalent to 16% of China's GDP in 2007. The money will mainly go into government-subsidized housing, projects related to the well-being of rural residents, the construction of railway and other infrastructural projects, social development programs, environmental protection and post-earthquake recovery and reconstruction. The Chinese Government has introduced a massive tax-cut program, which will reduce the tax burdens on businesses and individuals by about RMB 500 billion each year. We have also cut interest rates by a large margin, increased liquidity in the banking system and adopted a range of financial measures.
Second, implement a large-scale industrial restructuring and rejuvenation program. We are pushing forward industrial restructuring and upgrading across the board and formulating plans for the restructuring and revitalization of ten key industries, including automobiles and iron and steel. We will take economic and technological measures to boost energy conservation and reduce emissions, and promote merger and reorganization of enterprises to raise the level of industry concentration and the efficiency of resource allocation. We encourage and support the extensive application of new technologies, techniques, equipment and materials and the development of marketable products by enterprises.
Third, make energetic efforts for progress and innovation in science and technology. Science and technology are of fundamental importance in overcoming the financial crisis. A major crisis is usually followed by a revolution in science and technology, and no economic recovery is possible without technological innovation. We are stepping up the implementation of the National Program for Medium- and Long-Term Scientific and Technological Development, with special emphasis on 16 major projects including core electronic devices, development and use of nuclear energy and advanced numerically controlled machine tools. We will strive to make breakthroughs in a host of core technologies and key generic technologies to support sustainable economic growth at a higher level. We will promote the development of high-tech industrial clusters and cultivate new economic growth areas. All in all, we will rely on major breakthroughs in science and technology to foster new social demand and bring about a new round of economic boom.
Fourth, significantly raise the level of social security. We will continue to increase basic pension for enterprise retirees and upgrade the standard of unemployment insurance and workers' compensation. We will raise the level of basic cost of living allowances in both urban and rural areas and welfare allowances for those rural residents without family support. We are advancing the reform of the medical and health system and working to put in place a nationwide basic medical and health system covering both urban and rural areas within three years and achieve the goal of everyone having access to basic medical and health service. We give priority to education and are now working on the Guidelines of the National Program for Medium- and Long-Term Educational Reform and Development. We are following a more active employment policy with special emphasis on helping college graduates and migrant workers find jobs. We are endeavoring to create more jobs and lessen the impact of the financial crisis on employment. The aforementioned measures will help us boost domestic demand, readjust and reinvigorate industries, enhance the support of science and technology and strengthen social security all at the same time. They will stimulate consumption through increased investment, drive economic growth while improving people's livelihood and creating more jobs, and see us through current difficulties while also improving the long-term prospect of the Chinese economy. They will not only benefit China 's development, but also bring enormous business opportunities to other countries, Britain included.
This once-in-a-century financial crisis is truly thought-provoking. It reminds us of the need to have serious reflections on the existing economic systems and theories.
For many years in the past, China practiced a highly centralized planned economy and regarded planning as being absolute. This hampered the development of productivity. The ongoing financial crisis has made it clear to us, however, that the market is not a cure-all, either. A totally laissez-faire approach will inevitably lead to economic disorder and unfair social distribution, and will eventually take its toll. A credible market-oriented reform should never set the market against government macro-regulation. The invisible hand of the market and the visible hand of government and social supervision should both act, and act vigorously. Only in this way can resources be distributed according to market rules and distributed in a reasonable, coordinated, balanced and sustainable manner.
The international financial crisis once again shows how dangerous a market economy without regulation can be. Since the 1990s, some profit-driven financial institutions in economies lacking effective regulation have raised massive capital with a leverage of dozens of times. While they reaped huge profits, the world was exposed to enormous risks. This fully demonstrates that a totally unregulated market economy cannot work. We must strike a balance between financial innovation and regulation, between the financial sector and real economy, and between savings and consumption.
To effectively meet the crisis, we must fully recognize the role of morality. Nothing is greater than morality. It shines even more brightly than the sun. True economic theories will never come into conflict with the highest moral and ethical standards. Instead, they should stand for justice and integrity, and contribute in an equal way to the well-being of all people, including the most vulnerable ones. Adam Smith, known as the father of modern economics, held the view in The Theory of Moral Sentiments that if the fruits of a society's economic development cannot be shared by all, it is morally unsound and risky, as it is bound to jeopardize social stability. The loss of morality is an underlying cause for the current crisis. Some people have sacrificed principle and sought profits at the expense of public interests. They have crossed the moral baseline. We should call on all enterprises to take up their social responsibilities. Within the body of every businessman should flow the blood of morality.
Ladies and Gentlemen,
Britain is the last leg of my European trip. I have gained a deeper understanding of Europe through this visit. China-EU cooperation is now standing at a new historical starting point and I am all the more confident about the China-EU comprehensive strategic partnership. There are no outstanding issues left over from history or conflict of fundamental interests between the two sides. What we have is a solid foundation and a bright future for cooperation. As the first industrialized country, Britain has accumulated rich experience in economic development and environmental protection. We hope to learn from your experience and strengthen exchanges and cooperation with you.
The future belongs to the younger generation. It is incumbent upon you to build an even more splendid future of China-Britain relations. Here and now, I cannot but mention Dr. Joseph Needham, a Cambridge alumnus who made important contribution to cultural exchanges between China and Britain . With his monumental masterpiece, Science and Civilization in China , he built a bridge between the two great civilizations of East and West. To honor tradition and innovation is the outstanding character of Cambridge . I hope more of you will turn your eyes to China , see my country in the light of her development, and act as ambassadors of China-Britain friendship. I believe that as long as you, the young people of China and Britain learn from each other and strive for progress hand in hand, you will add a brilliant new chapter to the annals of our relations.
Subscribe to:
Posts (Atom)
