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.”
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
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