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Saturday, September 24, 2005

Oil, natural gas, and gasoline futures prices are all rising in anticipation of the Hurricane Rita landfall on Friday. The market price for crude oil is rising about 1% a day, while gasoline futures rose 5% both Wednesday and Thursday. Natural gas prices are also rising, with NYMEX Henry Hub price index showing an increase of over 3.5% on Thursday. Oil refineries in the path of the storm, despite the pressure exerted by rising oil prices, are expected to increase their prices which in turn will be reflected at the pump.

The price for crude oil is expected to reach US$68 a barrel after reaching the all-time high in the U.S. at $70.85 on Aug 30, in fear of the landing of Rita along the U.S. Gulf Coast. Along the Texas gulf coastline, whose key U.S. oil production facilities were largely untouched by the catastrophic Hurricane Katrina onslaught three weeks ago, production and distribution facilities have been battened down.

Rita was downgraded to a Category 3 storm Friday as it neared the coast. The storm, packing sustained winds of 125 mph, appears headed for the border between Texas and Louisiana. Hurricane force winds extend up to 60 miles from the center, according to the National Hurricane Center. The storm, currently, is the third-most intense hurricane ever recorded in the Atlantic, just behind Gilbert in 1988 and the 1935 Labor Day hurricane.

Regions of Texas near where the storm is expected to land is home to the biggest concentration of U.S. oil refineries, accounting for 26 percent of the nation’s total capacity. After Katrina made its landfall in Louisiana last month, four damaged refineries in Mississippi and Louisiana were shut down, crippling 5 percent of the US capacity. Eighteen of the 26 refineries in Texas are located on the Gulf of Mexico with a combined distillation capacity of 4 million barrels daily.

The National Weather Service has issued a flood watch for the Texas coastline, including Galveston, where the nation’s largest oil refinery belonging to Exxon Mobil Corp. is located.

“Some of those refineries in Texas, they’re at sea level. It’s a table top, it floods very easily, said Ed Silliere, vice president of risk management at Energy Merchant LLC in New York.

Plants have shut down as Rita advances. Shell Oil shut down its seventh-largest refinery in Deer Park, Texas. There is no date set for resuming production. Conoco Philips is shutting its Old Ocean, Texas, refinery. BP is pulling some workers from its Texas refinery and shutting parts of the fourth largest plants in US. Valero, the largest U.S. refiner, said it is closing its plants in Texas City and Houston, with the shutdown to be completed by midday Thursday.

The Organization of Petroleum Exporting Countries (OPEC) agreed at its meeting in Vienna on Tuesday to effectively suspend its quota system for the first time since 1991 Gulf War to relieve the rising oil price by pumping an estimated additional 2 million barrels of oil a day, which will begin at Oct 1 and last for 3 months.

The head of the U.S. Energy Information Administration (the statistical and analytical wing of the U.S. Department of Energy), Guy Caruso, criticized OPEC for constraining production to keep prices high after the 11-member oil cartel pledged to make available the additional 2 million barrels daily.

“Without question,” Caruso said Wednesday when asked during a Senate Commerce Committee hearing whether OPEC has contributed to soaring oil prices, “OPEC policy has been to constrain production and collude… Under the FTC definition of collusion and price-fixing, yes.”

According to OPEC, 62 percent in U.K., and 24 percent of fuel prices in the U.S. consist of taxes. Consuming nations have a responsibility to invest in refineries and to lower taxes if they want lower fuel prices, OPEC President Sheikh Ahmad Fahd al-Sabah said. He is the oil minister of Kuwait.

Saturday, November 14, 2009

Pakistani police said today that a suicide car bombing has killed at least eleven people and wounded more than twenty others, in the latest attack in the northwestern city of Peshawar.

Officials reported that the bomber set off the explosives at a police checkpoint, and added that two police officers are among the dead.

“At least eleven people have been killed and 26 others wounded,” said Sahibzada Anis, the Peshawar district administration chief, to the Agence France-Presse news agency.

According to the man in charge of the checkpoint, Malik Jehangir, he noticed a black car across the barrier and asked security officers to check it. “I saw that there was some argument between the driver and the policeman and suddenly a blast downed me with shrapnel piercing my shoulder,” he said, as quoted by Al Jazeera.

The bombing came a day after a suicide bomber struck the Peshawar office of Pakistan’s Inter-Services Intelligence (ISI) agency, killing ten people. That blast caused a large portion of the three-story ISI building to collapse.

Monday, July 4, 2011

Officials announced that a treasure containing sacks of diamonds and gold coins as well as golden idols, jewelry and other riches has been discovered in the secret subterranean vaults of Sree Padmanabhaswamy temple, in the southwestern state of Kerala, India. Estimates of its worth have been rising and it is now thought to be worth US$20 billion.

The Hindu temple was built in the 16th century by the kings of the then Kingdom of Travancore to serve as a royal chapel for the rulers of Travancore. The six vaults containing the treasure have been undisturbed for over a century. Assessment of the treasure began on June 27 after a lawyer concerned about the security of the treasure petitioned India’s Supreme Court, which then appointed a seven-member panel of experts to inventory the treasure. The panel does not have the power to determine to whom the treasure will belong. Estimates of the treasure’s worth are rising, provoking a heated debate as to how the treasure will be used in a country that has 450 million poverty-stricken people.

The chief minister of Kerala, Oommen Chandy, announced on Sunday the treasure would remain with the temple, and security matters would be decided in consultation with the Travancore Royal Family, the temple management, and the temple priest.

“The gold was offered to the lord. It is the property of the temple. The government will protect the wealth at the temple,” Oommen Chandy said. Meanwhile, hundreds of armed police have been deployed around the temple to protect the treasure.

However, the view that the treasure should remain at the temple has been disputed. Among the dissenters is eminent jurist V R Krishna Iyer, who said the treasure should be put in a national trust for the peoples’ benefit. “God’s wealth belongs to the people, not to the king. It’s meaningless to say that it belongs to Hindus or any particular religious community,” said Iyer. “A mechanism should be devised to ensure that the benefits of it reach the poor and the needy and not the rich.”

Five of the six vaults of the Sree Padmanabhaswamy Temple have been inventoried.

On Saturday, reports leaked to the press revealed that the treasure, including a golden idol of Mahavishnu and a golden ‘anki’, were found in one of the vaults, estimated to weigh 30 kilograms, along with precious stones, silver, two coconut shells of pure gold and another golden idol as well as other jewels and valuable coins. The panel hopes to find more treasure when the sixth and final vault is opened, but the attempt was suspended on Monday because the iron door inside presented “technical problems” requiring further consultation before opening. This vault is thought to contain the bulk of the wealth.

Keralan officials in a preliminary estimate said that the treasure was worth over US$11.2 billion; those estimates have now risen to US$20 billion. Historians say that the temple’s location on a site through which passed lucrative trade routes support the higher evaluations.

“Traders, who used to come from other parts of the country and abroad for buying spices and other commodities, used to make handsome offerings to the deity for not only his blessings but also to please the then rulers,” said P.J. Cherian, the director of Kerala Council for Historic Research

Some suggest that the profit from the sale of the treasure would be enough to wipe out the entire public debt of Kerala and fund future Kerala projects such as seaports, airports and highways.

Friday, March 10, 2006

Buffalo, New York —The Common Council of Buffalo voted on Tuesday to send the Elmwood Village Hotel proposal “to committee for further discussion”, after citing the need for more public involvement.

The Elmwood Village Hotel is a development proposal by the Savarino Construction Services Corporation, a project designed by the architect Karl Frizlen of The Frizlen Group. The hotel would be placed on the southeast corner of Elmwood and Forest Avenues in Buffalo.

To make way for the project, at least five buildings located at 1109 to 1121 Elmwood Ave would be demolished. At least two properties on Forest Avenue could also be demolished. The Elmwood properties, according to Eva Hassett, Vice President of Savarion Construction, are “under contract”, but it is unclear if Savarino Construction actually owns the Elmwood properties. Hans Mobius, a former mayorial candidate, is still believed to be the current owner the properties. Mobius also owns 607 Forest Avenue.

The properties 605 and 607 Forest Avenue could also be included in the proposal according to Hassett.

“We would use a Special Development Plan to rezone 1119-1121 Elmwood and 605 Forest to a C-2 zoning category,” stated Hassett. It is possible that Savarino Construction may try to obtain a variance for 605 Forest, which would allow them to enforce eminent domain, should the hotel be allowed to go forward.

The building at 607 Forest was also discussed to be rezoned, but it is unclear what the plans would be for that property. During the February 28 Common Council meeting, Hassett stated that the properties 605 and 607 were “now off the agenda”.

Pano Georgiadis, owner of Pano’s Restaurant at 1081 Elmwood, owns the property at 605 Forest and attended Tuesday’s Common Council meeting.

“Having a hotel is a bright idea. We all love the idea of a hotel, but the way that it is presented, is wishful thinking. This hotel does not fit. It’s like putting two gallons of water in a gallon jug, it does not fit. At the last meeting, the architect admitted that they are planning to put the undergound parking lot and the hotel, right at the property line. If I open my window, I will be able to touch the wall, that goes fifty feet high”, said Georgiadis.

“There is a problem having a seventy-two room hotel and fifty-five parking spaces. That means that all the other cars will spill all over the neighborhood. The footprint is simply too small. If you have a bigger [parking] lot, and a smaller hotel, I will welcome a hotel. I have a parking lot at my own business, and I am chasing people all day long. Remember, the city says it has ‘zero tolerance [for illegal parking]’. Try telling that to the guy from Albany who came to see his kids, that are going to Buffalo State, who would get tickets totaling over a hundred dollars”, added Georgiadis.

The city’s Planning Board is scheduled to meet on March 14, 2006 at 9:00 a.m. about the proposal. Although a discussion will take place, no vote is expected to be taken.

At the moment, none of the properties are zoned for a hotel. Savarino Construction plans on asking for a C2 zoning permit. If that does not work, they plan to implement a new zoning plan called a “special development plan” which would allow for only a hotel on the site. That zone would not be able to be changed.

“This [project] justifies Mobius’s refusal to invest in any maitenance^[sic] or improvements”, on the properties said Clarence Carnahan, a local resident. “Where were the Council persons over the years? Where were the city inspectors over the years, to make sure that he maintained and improved his properties? The government was supposed to be protecting, not being preditorial. I see a predatorial issue here when it comes to this hotel. Over the years: Why has the local government been disfunctional when it came to Mobius’s properties? Refusal to invest in improvements, doesn’t that sound like a slumlord? Maybe I am missing a point here, but what kind of messages does this send to other slumlords that havn’t^[sic] been jailed or fined? It’s [the hotel] trying to be pushed through.”

Carnahan also presented signs for residents and or business owners who are opposed to the hotel, that could be placed in windows or on stakes in the yard. Some of the signs said, ‘No tell hotel’, ‘Hans off, no hotel’, ‘It takes more than a hotel to make a village’. and ‘Keep Elmwood free, no hotel’. Carnahan plans on making more signs for a protest to be held on Saturday March 18, at 2:00 p.m. (EST) on Elmwood and Forest. Some signs were given to individuals after the meeting.

“First things first, Hans is the problem, and I don’t think it has been addressed. Let’s roll back the clock on this project. What can we do with Hans? There is such thing as eminent domain, which could be of greater interest to the community, to seize the property at its lowest assessed value”, said Nancy Pollina, co-owner of Don Apparel with Patty Morris at 1119 Elmwood. “There are so many ideas that have not been explored and we are about to give this parcel away, to a big developer.”

Mobius has not returned any calls by Wikinews regarding the situation.

A freelance journalist writing for Wikinews has obtained a letter, exclusively, addressed to one of the five business owners from Hans Mobius stating:

There is a proposal to develop my property which you are currently renting. Because of opposition to this development, it does not look like it will happen. I will let you know if there any changes.

Despite the letter, there have been no plans or decisions made to end the proposal.

To date, none of the business owners or residents of 1119-1121 Elmwood have received an eviction notice.

Business owners and residents gave an indication of what they would like to see happen at the corner; a project similar to one done locally last year. There, developers renovated two buildings on Auburn and Elmwood Avenues, merging the buildings into one thus allowing for more shop space. Among some of the shops to move in after the development were Cone Five Pottery, The Ruby Slipper, and Abraham’s Jewelers. Prior to the renovation work, the left building in the picture was boarded up for several years. Many of the concerned locals would like to see a similar development on Forest and Elmwood.

Rocco Termini, a developer in Buffalo, proposed a similar design at the February 28 community meeting

In an interview after the February 28 meeting, Termini stated, “I will be willing to take a look at this myself, or I would be more than happy to be partners with Sam, Sam Savarino”, who is President and Chief Executive Officer of Savarino Construction Services Corp.

So far Savarino Construction has no plans to team up with Termini.

Friday, November 25, 2005

Venezuela will provide heating oil at a 40% discount to low income families in Massachusetts this winter. According to an agreement signed on Tuesday Citgo, the Houston-based subsidiary of Venezuela’s state-owned oil company, will provide 12 million gallons of discounted home heating oil. The oil will be distributed through two nonprofit organizations, Citizens Energy Corp. and the Mass Energy Consumer Alliance.

In August William Delahunt (D-Mass) met President Hugo Chávez in Caracas. The meeting between a member of Congress and a head of state so critical of the White House, sparked negotiations that led to the deal. Mr Delahunt said he was simply trying to smooth strained US-Venezuelan relations while helping low-income people in his home state.

Hugo Chávez says he is leading a Bolivarian Revolution and calls his program an act of justice for poor Americans, whom he says have been neglected by their government. Mr Chávez is one of Latin America’s harshest critics of U.S.-style capitalism, which he calls a major cause of poverty.Venezuela has been selling fuel on preferential terms to countries across Latin America and the Caribbean, extending low-interest loans and accepting partial payment in goods ranging from bananas to sugar.

Critics said Delahunt should not be working so closely with Chávez, an outspoken leftist. Steve Johnson, a Latin American specialist at the conservative oriented Heritage Foundation, said “Meeting with the leader who calls himself a revolutionary populist is not something I’d like my congressman to be doing.”

Representative Delahunt said “This is a humanitarian gesture,” and that his constituents’ needs for heating assistance trump any political points the Chavez administration can score. Asked if he was subverting State Department policy toward Chávez, Mr Delahunt said, “I don’t work for Condoleezza Rice. I don’t report to the State Department. I report to the people who elected me in the state of Massachusetts. I belong to an independent branch of government.”

Over 10 percent of US oil imports come from Venezuela, and while Mr Chávez seeks to diversify his markets, the US remains his leading trade partner.

When the discounted oil arrives early December Citizens Energy will determine suitable recipients with the help of local organizations that serve the poor. 350 local dealers will then distribute three-fourths of the oil to local families.

The remaining quarter will be distributed or sold to homeless shelters, food banks, and low-income housing groups by MassEnergyConsumer Alliance. Larry Chretien, the nonprofit group’s executive director says home heating oil prices are expected to increase by 30 percent to 50 percent this winter because of rising oil prices. The CITGO agreement could help ease the crunch on some families.

Friday, February 21, 2014

Monday, February 26, 2007

Canadian Astral Media Inc. will buy out Standard Radio Inc., which runs many radio stations in Canada. Standard Radio Inc. is the largest privately owned multimedia company in Canada.

Montreal based Astral Media Inc. will buy all of the assets from Standard Radio Inc. for about CAN$1.2-billion. Standard Radio Inc.’s 52 radio stations, and Astral’s 29, will be brought together by Astral Media Inc. This will give Astral 81 radio stations in total. This makes Astral the largest radio operator in Canada of FM and AM radio.

“With the acquisition of Standard Radio, Astral Media will not only be acquiring the best performing radio stations in the country, we will at the same time acquire a company with similar values and culture. said Ian Greenberg, President and CEO of Astral Media.

“Over the past four decades the Slaight family has built a remarkable collection of strong radio brands and has contributed meaningfully in shaping the Canadian radio industry as we know it today. We are delighted with the prospect of welcoming Standard Radio’s employees into our team.”

Gary Slaight, President and CEO of Standard Radio also commented on the deal.

“We are looking forward to becoming a part of the Astral Media family,” said Gary Slaight, President and CEO of Standard Radio. “We are pleased to see our legacy live on with a company such as Astral that has such a strong track record and commitment to its employees and to the Canadian radio and television industries.”

All of Astral’s radio stations are run in Quebec and Atlantic Canada and it also runs various television stations across Canada. Astral also has two french channels that broadcast on Sirius satellite radio Canada.

The company hopes to finalize the deal in or before April.