Showing posts with label Construction. Show all posts
Showing posts with label Construction. Show all posts

Friday, March 20, 2020

Wilcon Depot allocates funds for employees during COVID-19 crisis


In the face of the COVID-19 pandemic, Wilcon Depot, the Philippines’ leading home improvement and construction supply retailer, guarantees its affected workforce to receive financial assistance during the month-long enhanced community quarantine in Luzon.

Considering its employees as the company’s top asset, Wilcon will release funds to support its employees in spite of the discontinuation of work in corporate offices and stores amidst the crisis. 


As the company responds to make provisions for their employees to cope with the situation, Wilcon employees will receive their salaries in full during the duration of the Enhanced Community Quarantine. Wilcon believes that during this challenging time, prioritizing its employees’ safety and well-being is essential.

Wilcon Depot announced temporary closure of its stores located in Metro Manila and the rest of Luzon, and suspended its retail operations in support of the government’s effort to fight against the spread of COVID-19.

source: news.abs-cbn.com

Tuesday, September 3, 2019

Dubai in push to rebalance bloated property market


The committee charged with rebalancing the industry will be headed by Sheikh Mohammed bin Rashid Al-Maktoum's son and deputy, Maktoum bin Mohammed, and include representatives of top property developers in Dubai.

"Today, we formed in Dubai a higher committee for real estate planning... with the aim to achieve a balance between supply and demand," Sheikh Mohammed, who is also prime minister of the United Arab Emirates, said on Twitter.

Dubai's property market has been in a downturn since mid-2014, with sale prices and rents shedding around a third of their value.

Economic outlooks indicate that the sector, which contributes some seven percent to Dubai's gross domestic product, will slump further due to the extent of oversupply and an economic slowdown caused by low oil prices.

In an emirate where glitzy apartments line the coastline,and gated communities stretch back into the desert, Sheikh Mohammed called on the committee to ensure that property projects add value to the economy and do not duplicate each other.

He also said the panel should guarantee that giant semi-state real estate companies do not compete with private sector developers, and to draw up a 10-year strategic plan for the sector.

Standard and Poor's ratings agency said earlier this year that property prices in Dubai, where full foreign ownership is allowed, have slumped to levels close to those seen in the 2009-2010 crash.

It said prices will continue to fall until they stabiliZe either next year or in 2021.

Property prices in Dubai plummeted in the aftermath of the 2008 global financial crisis which hit the emirate’s economy hard, triggering a 2.6 percent contraction the following year.

The main drive behind the current glut of new housing projects in the market is excitement over Dubai's hosting of the global trade fair Expo 2020, which experts project will generate some 300,000 new jobs and attract over 20 million visitors.

source: news.abs-cbn.com

Friday, May 3, 2019

Caterpillar gives details on services push, hikes dividend


CLAYTON, North Carolina - Caterpillar Inc on Thursday provided investors with details on its push to grow its services business while also laying out dividend increases and more consistent share repurchases in the coming years.

The heavy machinery maker is looking to smooth volatility in its earnings by selling more parts and services, and said it intends to grow services revenue to $28 billion by 2026, up from $18 billion in 2018 and double what it was in 2016.

Deerfield, Illinois-based Caterpillar's main customers are in businesses like mining and construction, which are prone to wide swings with the business cycle.

"Services will help dampen the impact of cycles, but we will never be immune from the cycle,” Chief Executive Jim Umpleby said at an investor meeting at a Caterpillar equipment factory in Clayton, North Carolina.

Last week the company said about 850,000 of its machines are connected to the cloud, which it sees as a way to sell services to customers. That should grow to 1 million machines by year end, Bob De Lange, group president of services, distribution and digital, said on Thursday.

New Caterpillar machines are dotted with sensors that allow close monitoring and can warn when parts are about to fail.

Caterpillar makes most of its service income from selling spare parts, according to industry analysts. New digital offerings, such as monitoring services that help track the health of machines, are a small but growing revenue source.

Umpleby said the company's network of dealers, which it relies on to deliver and service machines, are participating in the services push and will also see added profits, though he declined to elaborate on that split. He emphasized, however, that the added revenue target for 2026 is for Caterpillar only.

The services business, spread across the company's construction, resource and energy & transportation units, contributed about 33 percent to Caterpillar's $54.7 billion revenue in 2018.

The company said it would pay a dividend of $1.03 per share, up 20 percent from its previous payout, on Aug. 20 to shareholders at the close of business on July 22. It is targeting at least high single-digit dividend increases in each of the next four years and plans to buy back shares more consistently.

Last week, Caterpillar had spooked investors when it reported first-quarter results that showed rising costs hitting margins in its construction equipment business and weak sales in the Asia-Pacific region linked to slow growth in China.

Chief Financial Officer Andrew Bonfield said on Thursday that tariffs would cost the company $250 million to $350 million in 2019 if there was no relief.

Still, he said Caterpillar was "cautiously optimistic" that there would be a resolution of the trade dispute with China.

Caterpillar has raised prices to offset some of the higher costs and pushed efficiency moves at its far-flung network of factories.

The company now has a target for adjusted operating margins of 3 to 6 percentage points above historical performance from 2010 to 2016.

Caterpillar shares ended down 2.2 percent on Thursday. 

source: news.abs-cbn.com

Thursday, February 7, 2019

WATCH: This tractor can be linked to your phone


With the continuous and unstoppable evolution of smart homes, it would only be a matter of time for connectivity to reach other spaces and environments. This is especially true for industries that demand accuracy and real-time updates to flourish.

With this, Japanese firm Yanmar asks “why not smart fields?” In a huge event in Bangkok, the company introduced its YM351A and YM357A, which form the backbone of their tractor lineup in the region in the coming years. “With the entry of the YM into the burgeoning Southeast Asia tractor market, Yanmar is poised to deliver 21st century agriculture toward improving lifestyles and delivering value to the region’s farmers,” says Yanmar Agri Corporation president Hiroaki Kitaoka.

Design pedigree

Kitaoka and the company qualify “21st agriculture” as technology that can streamline operations and create new value for farmers.

For example, Yanmar knows that farming in the region cultivates rice in wet paddies and a range of dry field crops such as corn, sugar can and the like. To lower costs and maximize income, field contractors often demand highly-efficient lightweight and reliable 50 to 60 horsepower tractors. Both YM models can work both rice paddies and dry fields, and can haul loads, and features advanced geolocation functions toward improving work efficiency and profitability.

They achieved this by focusing on great ground clearance, which is the key to powering on in muddy conditions or passing over crops without damaging them. Meanwhile, the models also have a maximum turning angle of 55ยบ. The YM can perform a wide range of work and has a specially mated newly-designed rotary tiller that limits soil traveling into the rotary for reduced power loss.

With a flat deck and deluxe suspension seating, the YM is comfortable and easy to operate. Operators can stop or start PTO operation with one touch of a button. Unsurprisingly, we have Ken Okuyama to thank for this ease. The Yanmar Holdings director and renowned industrial designer—known for such projects as the Enzo Ferrari, the Ferrari P4/5, the Maserati Quattroporte V, and several Shinkansen trains—is responsible for the YM tractor’s design.

Smart farming today

Perhaps its most interesting feature is its connectivity. SMARTASSIST-Remote allows users to access vital operational information about their tractors through an intuitive user interface which can even be accessed from a smartphone. Its geolocation features allow the operator to see exactly where their equipment is and how it is working. The technology can also issue warnings when machinery is operating outside preset parameters or if the equipment moves beyond designated boundaries. This means reduced downtime, greater earnings, and peace of mind for farmers.

The models also come with a powerful and efficient Yanmar direct-injection TNV diesel engine that realizes high power with low fuel consumption and superb durability.

The engine incorporates a Monoplunger fuel injection pump atomizes fuel at high pressure as well as a unique and improved combustion chamber shape. Gear ratios are matched to work speed for best performance with 8 forward and 8 reverse gears. Gear ratios widely overlap all speed ranges to deliver the best torque for the work speed, using less fuel. A full-synchromesh gearbox ensures smooth changes, even while working.

Founded in Osaka in 1912, Yanmar was the first to succeed in making a compact diesel engine of a practical size in 1933. Then, with industrial diesel engines as the cornerstone of its enterprise, Yanmar has continued to expand its product range, services, and expertise to deliver total solutions as an industrial equipment manufacturer. As a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine equipment, machine tools, and components, Yanmar’s global business operations span seven domains.

The YM Tractor will go on sale in Southeast Asia from early 2019 and is expected to be progressively deployed globally in coming years.

For more information, visit yanmar.com.

source: news.abs-cbn.com

Sunday, April 1, 2018

10 dead as building struck by car collapses in India


NEW DELHI - Ten people have died after a car crashed into a dilapidated building in central India and brought down the near century-old structure, burying them beneath rubble, police said Sunday.

The freak accident in Indore on Saturday evening is the latest building disaster in a country infamous for poor construction and safety standards.

The driver lost control of his vehicle and struck a pillar holding up the near 100-year-old structure, said police deputy inspector general Harinarayanchari Mishra.

"The impact was such that the entire building collapsed," he told AFP.

"Rescue workers pulled out 12 people from the rubble, 10 of them were already dead. The other 2 are being treated in hospital."

Images from the scene showed battered and bloodied corpses being pulled from twisted piles of brick and concrete. The rubble was being cleared with cranes and industrial equipment.

Building disasters are common in Indian cities where millions are forced to live in cramped, run-down properties due to spiraling real estate prices and a lack of proper housing.

Activists say owners often cut corners on construction to save costs with little regard to safety.

Some 30 people perished in September last year when a 117-year-old apartment building collapsed in India's financial hub of Mumbai.

And in 2013, 60 people were killed when a residential block came crashing down in one of the country's worst housing disasters.

source: news.abs-cbn.com

Tuesday, October 11, 2016

Dubai begins building 'world's tallest' tower


DUBAI - Dubai began construction work Monday on a tower that will stand higher than its Burj Khalifa, which is currently the world's tallest skyscraper.

The Gulf emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum, marked the groundbreaking of The Tower at Dubai Creek Harbor as construction workers laid foundations for the skyscraper at a vast patch of sand.

The structure "will be the world's tallest tower when completed in 2020," said a statement issued at the ceremony.

Dubai's developer giant Emaar Properties announced plans to build the viewing tower in April, saying it will be "a notch" higher than Burj Khalifa, which stands 828 meters (2,700 feet) high.

Emaar has not revealed the exact final height of the tower.

It said in April that the structure will cost around $1 billion (900 million euros).

Designed by Spanish-Swiss architect Santiago Calatrava Valls, the tower will have observation decks providing 360-degree views of the coastal city.

Emaar Chairman Mohamed Alabbar said the tower will completed before the Expo 2020 trade fair which Dubai is preparing to host.

In April, Emaar said the tower will be slender, evoking the image of a minaret, and will be anchored to the ground with sturdy cables.

Dubai has established a reputation for building dozens of futuristic skyscrapers, which have transformed its skyline.

Saudi Arabia's Kingdom Holding is building a tower in Jeddah that is planned to surpass the Burj Khalifa, rising more than a kilometer.

source: www.abs-cbnnews.com

Tuesday, July 5, 2016

Stock picks: MPIC, Cemex, Crown Asia Chemicals


MANILA – Construction-related companies will likely benefit from President Rodrigo Duterte’s pledge to increase infrastructure spending to five percent of gross domestic product, a fund manager said Tuesday.

These include Metro Pacific Investments Corp. (MPIC), Mexican cement giant Cemex’s Philippine unit, and Crown Asia Chemicals, First Metro Investment Corp. vice president Bede Gomez told ANC’s “Market Edge with Cathy Yang.”

“Execution is the key. I believe they will be good at what they have mentioned to execute what was planned,” Gomez said of President Rodrigo Duterte, who assumed office last week promising decisive leadership.

Optimism in the market “will remain high” in the next 12 months, with the economy expected to be largely unaffected by the fallout from Britain’s decision to leave the European Union.

Duterte’s predecessor, Benigno Aquino, had planned a similar infrastructure overhaul but only the four-kilometer Daang Hari-SLEX toll road was operational by the time he stepped down.

“I hope it will not be a repeat of the previous administration… There was a lack of actual execution and implementation,” he said.

source: www.abs-cbnnews.com

Thursday, March 31, 2016

India flyover collapse kills 10 with 150 feared trapped


KOLKATA, India - At least 10 people were killed in the Indian city of Kolkata on Thursday and 150 were feared trapped when a flyover under construction collapsed onto traffic moving along the street below, police said.

Firefighters and residents were trying with their bare hands to rescue those trapped under the wreckage of the metal-and-cement structure that came down near Girish Park in a teeming commercial district.

Television footage from the scene showed a bloody hand reaching out from under what appeared to be a massive girder. People were trying to hand bottles of water to survivors pinned underneath.

"The condition is pathetic. At this moment no one has any clue how many people are trapped," said Raichand Mohta, a police officer at the scene.

A Reuters witness said paramedics had worked to free people from a minibus taxi that was crushed in the collapse.

There was little sign of a coordinated rescue operation, with access for heavy lifting equipment restricted by the proximity of buildings on either side of the flyover and heavy traffic.

The flyover has been under construction since 2009 and has missed several deadlines for completion.

Construction projects in India have long been plagued by lax safety standards.

source: www.abs-cbnnews.com

Saturday, February 6, 2016

At least 1 dead after construction crane collapses in Manhattan


A construction crane collapsed in downtown Manhattan on Friday morning, killing at least one person and seriously injuring two others.

A massive construction crane collapsed in downtown Manhattan on Friday morning, killing at least one person and seriously injuring two others, a spokesman for the New York City Fire Department said.

There were preliminary reports of additional injuries by some local media, but Reuters could not immediately confirm the reports.

A New York Police Department spokesman said the crane collapse was reported at 8:24 a.m. EST at the intersection of Worth Street and Broadway.

Photographs showed the crane lying on top of several crushed vehicles. It stretched out for more than one city block, according to the New York Department of Transportation.

The two injured persons were transported to a hospital, the fire official said.

Local media reported that several people were trapped inside cars.

The streets around the collapse were shut to vehicular traffic, and a major subway line running the length of Manhattan bypassed a station near the accident.

The fire department said on Twitter that the collapse occurred near 40 Worth St. Pictures released by the department showed the crane flipped upside down.

source: www.abs-cbnnews.com

Thursday, November 12, 2015

BPO, OFWs raise demand for real estate


Many residential and commercial projects are being built across the country. Real estate experts say the construction boom is far from over. - The World Tonight, ANC, November 11, 2015

source: www.abs-cbnnews.com

Monday, May 11, 2015

DMCI bags Skyway Stage 3 contract


MANILA, Philippines - Construction giant DMCI has bagged the engineering, procurement and construction contract for a portion of the Metro Manila Skyway Stage 3 by a unit of San Miguel Corp. (SMC).

DMCI Holdings told the stock exchange that Citra Central Expressway Corp. awarded the 32-month contract for the Skyway Stage 3 - Sections 1 and 2 to DMCI.

The elevated expressway project covers 14.82 kilometers from Buendia to Balintawak. It will link the South and North Luzon Expressways through eight strategic interchanges located in Buendia, Pres. Quirino Avenue, Plaza Dilao and Nagtahan, Aurora Boulevard, E. Rodriguez Avenue, Quezon Avenue, Sgt. Rivera and Balintawak.

Section 1 involves the construction of a 3.7-kilometer highway from Buendia to Nagtahan in Manila. Section 2 covers the 3.5-kilometer stretch from Nagtahan to Ramon Magsaysay Boulevard in Manila.

Earlier, EEI Corp. was awarded by Citra Central the EPC contract for sections 3 and 4 of the Skyway Stage 3.

Section 3 covers a 2.7-kilometer section from Aurora Blvd. to Quezon Ave, while Section 4 covers a 4.8-kilometer section from Quezon Ave. to Balintawak.

source: www.abs-cbnnews.com

Sunday, May 10, 2015

Micro-apartments, anyone?


NEW YORK - New York, a city of exorbitant rents with more and more single residents, is about to get a brand new type of apartment: micro-units, for decades prohibited under zoning regulations.

A first building of 55 prefabricated studios spanning nine stories is due to welcome its first tenants in Manhattan in the fall.

Between 260 and 370 square feet (24 and 34 square meters), they come equipped with kitchenettes, shower rooms, storage, large windows, nine foot six (2.9 meter) ceilings and a Juliet balcony.

In New York, 31 percent of the population lives alone, both young and older people, according to the statistics office.

"We don't have the stereotypical nuclear family as we used to with two parents and two children," said Tobias Oriwol, project developer at Monadnock Development which is building the pilot.

"People are marrying later, people are divorcing, people are living longer, deciding to cohabitate," he said.

"But the housing industry keeps delivering two bedroom apartments, one bedroom apartments, three bedroom apartments, and these don't fit the needs of these new households in the city," Oriwol added.

At the Brooklyn Navy Yard, dozens of workers are building the micro-units, which will be transported by truck to the building site, which is owned by the city, at 27th Street in east Manhattan.

They will be assembled in two weeks in June. Then the roof will be put on, the brick facades added and the finishing touches added to the exterior and the layout before the first tenants arrive.

Inside each unit, everything has been meticulously thought out: in the kitchen there is a mini dishwasher, mini fridge, two hobs and a microwave but no traditional oven.

Common areas


"We did a lot of research on what people wanted. We had to make choices," said Oriwol. "Our apartments are 100 percent usable, and meant to be lived in by today's people."

The tenants, who are expected to be of all ages and backgrounds, can rent additional storage space, and have access to a large communal kitchen, a TV room, a laundry, a bike shed and a gym.

"You may not need to host 15 people in your very own apartment, but you have the ability to do so in the rest of building," Oriwol explained.

Twenty-two of the studios will be classified as affordable housing while the other 33 will be offered at market price.

Studios in the neighborhood cost around $3,200 but "because these are smaller, it makes sense they will be cheaper," said Oriwol.

Developers and housing advocates are closely following.

In New York, regulations designed to help families have prohibited the construction of housing units smaller than 37 square meters in much of the city since 1987.

Under this pilot program, then mayor Michael Bloomberg waived the zoning regulations for the site to test the market for this new housing model.

If the project is deemed a success, many hope that the regulation can be lifted altogether.

The regulation does not correspond to the needs of people today, says Sarah Watson, deputy director of the Citizens Housing Planning Council, a non-profit research organization devoted to housing problems in New York.

Supply mismatches demand


"Actually only 18 percent of the households in New York City are nuclear family with all children under 25," she said.

"A third of all of the households are a single person living alone, and on the other side, about a quarter is people sharing in some way, to fit themselves into the city," she said.

Current legislation also prohibits the cohabitation of more than three people who are not related. Watson says there is a "big mismatch" between need and supply that often inflates rent.

"There are so many single people and such a small amount of well-designed studios for them that actually the price of studios are inflated," she said.

"If you artificially add five single people to share a unit then the landlord can get an lot more money for that unit."

If supply better matched demand, prices could also come down, she said.

Watson says that out of necessity, New York should offer more choice particularly with the city projected to absorb hundreds of thousands of new arrivals in the coming years.

The city that never sleeps, which is frequently a trend setter, is lagging behind other American cities on micro-units.

Boston, San Francisco, Seattle and Washington have already jumped on the micro-apartment bandwagon.

If the pilot is deemed a success in New York, then others will follow. And developers, never short of ideas, are already planning other micro-concepts, such as two or three bedroom 46-square-meter apartments, suitable for two or three roommates.

source: www.abs-cbnnews.com

Tuesday, February 24, 2015

Holcim seen stronger than Lafarge in merger run-up


ZURICH/FRANKFURT - Swiss cement maker Holcim said its merger with Lafarge was on track to complete in the first half of the year as it reported a 6 percent rise in fourth-quarter core operating profit on Monday, outpacing growth at its French peer.

Holcim's fourth-quarter operating profit (EBITDA) rose to 1.01 billion Swiss francs ($1.06 billion), helped by faster-than-expected cost-cutting and strong cement sales in North America, slightly above analysts' estimates.

Lafarge last week reported a 1 percent like-for-like decline in fourth-quarter operating EBITDA (earnings before interest, tax, depreciation and amortisation).

The merger, if approved, will create the world's biggest cement maker with $44 billion in sales. The companies hope it will help them cope better with overcapacity and sluggish demand that have dogged the construction industry since the 2008 economic crisis.

Analysts have seen a potential divergence in earnings outlooks between the two companies as opening the possibility of a renegotiation of the terms of the deal, which foresees each Lafarge share being swapped for one Holcim share.

"Holcim's results were broadly in line with consensus expectations and once again confirm the better shape of the Swiss company versus its designated merger partner Lafarge, questioning the exchange ratio for the merger," said Baader-Helvea analyst Patrick Appenzeller, who rates the stock "hold".

Holcim shares closed up 1.1 percent at 73.15 francs, while Lafarge shares closed up 1 percent at 66.44 euros - about 2 percent below the Holcim price.

Asked whether Holcim's strong results versus Lafarge could affect the exchange ratio, Chief Executive Bernard Fontana told Reuters: "There is no automatic adjustment."

A Swiss-based Lafarge spokesman said a change to the merger terms was not on the agenda.

The all-share deal still needs anti-trust clearance in five jurisdictions including India - Holcim's biggest single market - the United States and Canada.

A capital increase needed for the merger to go through also needs to be approved by two-thirds of Holcim shareholders at a meeting expected to take place in late May or early June.

Holcim will shortly go on a road show to persuade investors of the value of the deal.

Harris Associates, Holcim's third-biggest institutional shareholder, declined to comment. Another top 10 investor who asked not to be named said it still backed the deal and was "fully supportive" of the share exchange.

Holcim reported a 2 percent increase in fourth-quarter net sales to 4.87 billion francs driven by stronger prices in North America, Europe and Asia-Pacific that outweighed lower volume sales in Europe, Latin America, Africa and the Middle East.

It said the franc's appreciation against the Indian rupee, the Indonesian rupee, the Canadian dollar and a number of Latin American currencies cost it 1.03 billion francs in net sales and 147 million francs in operating profit in 2014.

Holcim said cement volumes should rise in all regions except Europe this year, helping operating profit to rise to between 2.7 and 2.9 billion francs from 2.47 billion in 2014, with operating margins rising thanks to higher pricing and cost cuts.

It said it would pay a flat dividend of 1.30 francs per share, below expectations but in line with its policy of distributing one-third of net income.

Free cash flow fell 15 percent to 1.76 billion francs in 2014, Holcim said.

source: www.abs-cbnnews.com

Sunday, December 21, 2014

This subway extension may transform Manhattan neighborhood



NEW YORK - Work crews are scrambling underneath New York City to finish the city's first major new subway stop in 25 years, a fast-track project intended to revitalize a long-neglected slice of Manhattan.

The city's transit authority has been working for seven years on the $2.4 billion extension of the Number 7 subway line, once known mainly for transporting fans to New York Mets baseball games and the U.S. Open tennis tournament. Now the line will extend far west to 11th Avenue in Manhattan, a run-down neighborhood long known as Hell's Kitchen that is home to a major bus station and tunnel entrances to New Jersey.

Like most big infrastructure projects in U.S. cities, the extension has suffered some delays, but it has moved along far faster than a Second Avenue subway that is still under construction after more than 80 years of planning.

The project was sped along by former Mayor Michael Bloomberg, who came up with a novel financing structure that allowed the project to avoid the time-consuming process of seeking federal funding but has drawn some critics who contend it leaves local taxpayers on the hook for decades.

Problems with a fire alarm and security system have pushed completion until April 2015, said Kevin Ortiz, a spokesman for the Metropolitan Transit Authority, which runs the city's subways, buses and some commuter rail. Previous delays were blamed on mechanical failures of two inclined elevators to carry passengers to street level.

"It's a very, very important subway extension. It's going to be huge," said Kenneth T. Jackson, who teaches history and social sciences at Columbia University and editor of The Encyclopedia of New York City.

The new station is intended to be the linchpin of the Hudson Yards development, with more than a dozen skyscrapers, a cultural center and parks replacing a neighborhood once dominated by rundown industrial buildings.

Key to the project's success is its route, through the city's busiest transit hubs of Grand Central and Times Square, opening up the far west side to the entire mass transit system, said Mitchell Moss, professor of urban planning at New York University. It will also serve as an entry point to the popular High Line elevated park.

The Hudson Yards station is expected to see 200,000 daily riders by 2025, according to MTA projections, on a system that sees 5.8 million riders each day. By way of comparison, the busiest station, Times Square, today sees 197,696 daily riders.

SPEED AT A PRICE

The speed comes at a cost to the city. Bloomberg pushed through an innovative financing scheme that leap-frogged federal rules that can slow the development of transit projects, but means it has no financial support from Washington.

"The only way this was done is that the City of New York had the vision and took the initiative to finance it rather than to wait for the U.S. Department of Transportation processes, which would mean a terminal death," NYU's Moss said.

Critics said bypassing those federal hurdles also meant missing federal aid. The city's offer of steep property tax breaks to Hudson Yards real estate developers left a greater burden for taxpayers, they said.

"For city taxpayers, it's a horrendous deal," said James Parrott, chief economist of the Fiscal Policy Institute, a non-profit research organization that opposed the financing plan. "It's costing city taxpayers money now, and will cost them for the next two or three decades."

Charles Brecher of the Citizens Budget Commission, a civic organization that has not taken a stand on the financing, said it will be long time before the Hudson Yards buildings are valuable enough to pay off the city-backed bonds.

"In the short run, the city has had to subsidize it," said Brecher, CBC's consulting director of research.

To extend the line, the MTA bored a 1.5 mile (2.4 kilometer) tunnel from West 26th Street and 11th Avenue to Times Square, said Michael Horodniceanu, the MTA's head of capital construction. The station itself will occupy a 1,212-foot (369 meter) cavern.

"If you take the Empire State Building and put it on its side, it would probably fill that," Horodniceanu said.

The new station could transform its neighborhood by drawing in new residents and businesses in the way a decision a century ago to bury a surface rail line that left a sooty trail north from Grand Central Terminal changed that stretch of Manhattan, observers said.

That street, Park Avenue, is now synonymous with luxury.

"This is the equivalent," NYU's Moss said. "We're taking an area that people avoided, and making it an area that people want to go to."

source: www.abs-cbnnews.com

Saturday, January 18, 2014

Seoul to unveil futuristic design hub in March


MANILA, Philippines - Seoul will soon unveil a new futuristic-looking landmark building.

The Dongdaemun Design Plaza & Park (DDP), designed by world-renowned architect Zaha Hadid, will officially be opened on March 21.

Envisioned as a mecca for the design and creative industry, the DDP is said to be the first and largest building in the world that used three-dimensional digital construction.

Seoul city officials expect the DDP, which cost 484 billion Korean won (around P20 billion), to become a hub for global design trends and innovations.

The 85,000-square-meter structure with 62,692m2 plottage, has three underground floors and four floors. It consists of five spaces (Exhibition and Convention Halls, Information center, Training Center, Design Experience Hall, and Dongdaemun History & Culture Park) and 15 related facilities.

The Prtizker Prize winning Hadid laid out a concept of "Metonymic Landscape" for the DDP, which set out to create a new landscape for the historic Dongdaemun district.

For its opening in March, the DDP will host the "Korea Design Origin Exhibition" showing 80 national treasures including the Explanation Script for Hunminjeonge, the Joseon dynasty-era document explaining the meaning of Hangeul.

Other exhibitions scheduled for 2014 include ‘Sports and Design Exhibition’, ‘Exhibition for Zaha Hadid Works’ ‘Enzo Mari: Art of Design Exhibition’ and ‘Hochschule Fur Gestaltung Exhibition’.

The DDP will also host the 28th Seoul Fashion Week on March 21. The Seoul Fashion Week showcases young Korean designers, as well as rising Asian designers.

source: www.abs-cbnnews.com

Thursday, August 23, 2012

DMCI eyes more acquisitions

MANILA, Philippines - Consunji-led DMCI Holdings Inc. is eyeing more acquisitions, particularly nickel mines in Palawan, Davao and Zamboanga, according to a top company official.

DMCI president Isidro Consunji said the company remains bullish on the nickel mining sector as global commodities are expected to stage a strong rebound next year. “We remain optimistic despite weakening metal prices abroad. We’re looking at nickel,” he said.

Consunji said the company is looking at a number of possible acquisitions but refused to give more details.

DMCI expects the nickel mining business to grow significantly and become a major contributor to consolidated operations.

Subsidiary DMCI Mining Corp. reported a 64 percent jump in earnings last year to P917 million due to increased sales volume despite a drop in average selling price

DMCI, together with UK-based D&A Income Ltd., had offered to acquire ENK Plc., a mid-tier nickel developer with resources and assets in Turkey, Philippines and Albania.

ENK is currently finalizing a feasibility study for its flagship project, Acoje mine, which covers an area of 3,765 hectares located in Zambales. The review is targeted for completion this quarter.

It also owns a 540-hectare chromite deposit, situated five kilometers north of the Acoje project, The deposit is 40 percent owned by ENK and 60 percent by local Philippine partner, Montemina Resources Corp.

DMCI, the holding company of the Consunji family with a market capitalization of approximately $3.6 billion, has interests in construction services, coal and ore exploration, mining and development, power generation, water and other infrastructure development.

source: abs-cbnnews.com

Sunday, March 11, 2012

Roxas, Honrado in crucial talks with NAIA-3 contractor Takenaka


MANILA, Philippines - Department of Transportation and Communication Secretary Mar Roxas and MIAA General Manager Jose Angel Honrado flew to Tokyo Sunday to meet officials of Takenaka Corp, the original general contractor of the NAIA Terminal 3, in hopes of sealing the deal to complete the 182,500- square-meter airport facility.

Roxas described the Tokyo negotiations as ‘make-or-break’ talks for completion of NAIA T3.

Construction of the NAIA T3 began in 1997 and it was originally planned to be inaugurated in 2002. However, a series of controversies hounded its completion and full operation.

Last year, the Philippine government, as ordered by the Pasay Regional Trial Court, put in funds in an escrow account as just compensation for the expropriation of NAIA Terminal 3. The escrow money was meant for the Philippine International Air Terminals Co. Inc., (PIATCO), the main contractor of T3.

The Singapore-based International Chamber of Commerce (ICC) earlier ruled in November 2011 that the Philippine government has control of NAIA 3, clearing the way for the full operation of the facility.

The settlement of the PIATCO case paved the way for the Philippine government to start talks with the builder of the terminal, Takenaka of Japan, to complete T3.

Roxas said the goal of the DOTC contingent is to ink the Memorandum of Understanding with Takenaka so they can proceed with the next step of drafting the Construction Works Agreement (CWA) estimate of 23 Systems.

The delivery of 23 airport systems is critical to make T3 fully operational.

These systems include the Baggage Handling and Reconciliation System, Flight Information Display System, Building Management System, Local Area Network, Fire Alarm and Protection System, and Passenger Loading Bridges.

“The country has waited for nearly a decade to complete the T3. We are hoping that this stage of talks will finally pave the way to making T3 fully operational,” Roxas said.

Terminal 3 is used by CEB, AirPhil Express, Hong Kong Air and All Nippon Airways.

Cathay Pacific and Delta Air are expected to transfer to Terminal 3 by next year, according to the Manila International Airport Authority.

Cathay Pacific operates five daily flights while Delta Air operates two flights.

source: interaksyon.com