Showing posts with label News. Show all posts
Showing posts with label News. Show all posts

Nov 19, 2008

Coral Ridge, Imperial Point won't let economy dampen their holiday festivals

Despite a weak economy, two Fort Lauderdale neighborhoods in the spirit of "to heck with the bad news" are going all out this year with holiday festivals that may make residents a bit more merry.

Coral Ridge Association Inc. President Betsy Dow said the association isn't concerned about finances right now. Its upcoming children's Holiday Festival will be paid for with association money assessed from members over the past year.

"We're not toning anything down," Dow said.

Residents will get their annual party from 11 a.m. to 4 p.m. Dec. 6 at George English Park, 1101 Bayview Drive. Dow said the festival will feature its usual style, and should go off without a hitch.

Coral Ridge Association Social Director Pam Coleman, said the party will feature a rock climbing wall, bounce house, and maybe a special appearance by the Fort Lauderdale Police Department's Mounted Patrol.

Elsewhere, the Imperial Point neighborhood is putting the final touches on its annual holiday party known as the "Winter in the Park Festival," organized by its homeowners association. In the past, the neighborhood has seen a few celebrities drop in including news anchor Jim Lehrer and his camera crew. However, this year's stars will likely be the children.

The main feature now will be the hayride, said Association President Betty Shelley, with little horses pulling the hay wagon.

"[We] have a large slide with snowflakes falling over it, and a little train," Shelley said.

The "Winter in the Park Festival," complete with food, live music and countless holiday lights, is set for 6 p.m. Dec. 12 at Dottie Mancini Park, 6400 NE 22nd Ave., just behind Imperial Point Hospital. The park was formerly known as Imperial Point Park, but was rededicated earlier this year.

For information on the Coral Ridge Festival call 954-564-4784. For "Winter in the Park Festival" information call 954-938-9230.

source: sun-sentinel.com

link to the original post:
Coral Ridge, Imperial Point won't let economy dampen their holiday festivals


Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
RoryVanucchi@gmail.com

http://waterfrontlife.blogspot.com
www.FortLauderdaleLiving.net



2008 Festival of Trees - 21st Annual Festival Of Trees An Artful Celebration.

This year marks the 50th anniversary of the Museum of Art Fort Lauderdale and as you may be aware community support and donations are essential to the Museum's ability to present extraordinary exhibitions, build outstanding educational programs and expand their permanent collection. As a community, we have watched our Museum grow into a highly successful institution, presenting exhibitions of exceptional caliber, international importance and broad public appeal such as Tutankhamun and the Golden Age of the Pharaohs, Cradle of Christianity, Requiem - Photographs of Auschwitz, Diana - A Celebration, Highwayman, Ansel Adams - Celebration of Genius and currently on display The Great Age of American Automobiles to name just a few. These exhibits have brought more than a million visitors to our Museum and generated in excess of $200 million in economic impact to Broward County.

Since Beaux Arts inception in 1959, we have functioned as the fundraising arm of the Museum of Art Fort Lauderdale and have raised over $5 million dollars on their behalf. Last year our signature fundraiser, Festival of Trees, enjoyed record participation raising nearly $125,000. It is only with your help that we can exceed that figure this year. Beaux Arts members are already busy preparing for:

A preview of this year's trees
Festival Of Trees

Festival of Trees ~ November 21 - 30, 2008
VIP Pre-Sale Reception - November 21, 2008
Opening Night Gala - November 21, 2008
Teddy Bear Tea - November 22, 2008



For 10 magical days The Galleria at Fort Lauderdale will display our glittering holiday wonderland of magnificently decorated trees, wreaths and gingerbread houses designed, created and donated by individuals, families, artists, and local businesses of Broward County all available for purchase.

Teddy Bear Tea
Beaux Arts "Teddy Bear Tea" is the darling of holiday social events for young families. Hosted by The Capital Grille this charming children's brunch also heralds the arrival of Santa Claus and has quickly become a "must attend" for young ladies of all ages.

*Beaux Arts is a non-profit charitable organization comprised solely of volunteers

Please join us in supporting the Museum of Art Fort Lauderdale by participating in this wonderful community event. Your sponsorship commitment at any level is greatly appreciated and will make an enormous impact on the success of the 21st Annual Festival of Trees. The various levels of sponsorship and the benefits associated with each level are enclosed for your consideration along with a Sponsorship Commitment form that indicates the level and amount you have designated for sponsorship. If your interest in making a gift does not fall into one of our stated levels, please do not hesitate to discuss this further with me. I am happy to answer any questions that you may have and can be contacted directly at 954-296-1473. Beaux Arts is a non-profit organization and all donations are deductible to the extent permitted by law.

On behalf of Beaux Arts and the Museum of Art Fort Lauderdale, we gratefully and most sincerely thank you for your support!!

source: beauxartsfll.com

link to the original post:
http://www.beauxartsfll.com/cfiles/events_fot.cfm



Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
RoryVanucchi@gmail.com

http://waterfrontlife.blogspot.com
www.FortLauderdaleLiving.net

Nov 15, 2008

Public safety column: Thieves go high tech

By Sallie James SunSentinel.com
November 14, 2008

Thieves can be imaginative when it comes to stealing your money, with some of the most popular schemes involving automatic teller machines or phony land deals.

High-tech crooks have found ways to install removeable card readers in the machines, enabling them to steal personal information from the card you slip it into the slot, said Broward Sheriff's Sgt. Jay Leiner.

They've also figured out ways to hook up tiny cameras that record your personal identification numbers.

When you complete your transaction, the thieves remove the equpment, hook it up to a computer, and download your personal information, Leiner said.

Related links

*
Stay Safe columns Stay Safe columns
*
South Florida Crime & Safety

Everything they need to know is contained in the magnetic strip on your card.

"They run the numbers and make up cards," Leiner said.

For thieves, it's a lucrative business. For the victims, it means untold headaches.

"It's becoming quite commonplace, especially at gas stations," Leiner said. "We might not see it for months at a time, and then we see it happen several times -- a couple times a month and then it disappears," he said.

To avoid becoming a victim:

Pull on the spot in the ATM or gas pump where the card goes in. If anything comes off, don't use the machine.

Be watchful of your surroundings. The thieves are usually watching because they don't like to leave their equipment unattended.

In another twist, thieves have also used hand-held card readers to steal credit card information from restaurant customers, said Palm Beach County Sheriff's Sgt. Keith Conley.

The waiter skims the cards of his customers, and gets paid for every card he skims, Conley said.

The thief who owns the skimmer downloads the credit card information to a computer, without the victim ever knowing, Conley said.

Real-estate rip-offs are another type of burgeoning crime, police said.

One of the most common involves fake real estate sales.

An alleged landowner tries to sell land that he doesn't own or that doesn't even exist, Leiner said.

In October, the Broward Sheriff's Office charged a North Lauderdale man with grand theft for selling an imaginary six-acre stretch to a buyer for $100,000.

The victim made two payments a year apart without ever seeing the property or obtaining a legal description of the tract, Leiner said.

"If you are going to be buying land, you might want to go look at it, check the county records and see who owns it, see if it's up for sale," Leiner said.

Stay Safe appears every Saturday in the Local section. Send questions or column suggestions to StaySafe@Sun-Sentinel.com, or to Stay Safe, Sun-Sentinel, 200 E. Las Olas Blvd., Fort Lauderdale, FL 33301

Sallie James can be reached at Sjames@sun-sentinel.com or 954-572-2019.


source: sun sentinal


link to the original post:
http://www.sun-sentinel.com/news/local/crime/sfl-1114publicsafetycol,0,1821664.story


Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
RoryVanucchi@gmail.com

www.LasOlasLifestyles.com
www.FortLauderdaleLiving.net

Nov 12, 2008

Bruce Springsteen spends $4.6M in Wellington

by Christine Scott, published Tuesday, November 11 1:39 PM ·
Mr. Springsteen
Mr. Springsteen
Bruce Springsteen bought a five-bedroom, six-bath home at 3561 Ambassador Road in Wellington from William Farish, Jr., and his wife, Kelley, for $4.6 million on Sept. 26.

According to the Daily Business Review, Springsteen purchased the property through an entity titled Stone Hill Trust.

The 5,946-square-foot home is in the Equestrian Club Estates subdivision, which is home to the the annual Winter Equestrian Festival. Springsteen's 15-year-old daughter, Jessica, is an equestrian.

Springsteen is largely considered one of the greatest American popular recording artists in history. Known for penning songs that reflected the working class roots of his New Jersey upbringing, "The Boss," has won eighteen Grammy Awards, an Academy Award, and sold over 65 million albums in the U.S and 120 million worldwide.

Springsteen first started playing small clubs in the 1960s, but it wasn't until 1973 that he released his first major label album, Greetings from Asbury Park, N.J. The album, along with second release, The Wild, the Innocent & the E Street Shuffle, were critical successes.

His third album, Born to Run, made Springsteen a household name name. The album included hits "Born to Run" and "Thunder Road."

He would go on to make a handful of other acclaimed albums before 1984's Born in the U.S.A., arguably his most popular album. It contained timeless classics "Born in the U.S.A.," "Dancing in the Dark" and "I'm on Fire."

Springsteen has continued to tour and record original material, most recently The Magic, which was released in Oct. 2007.

He married his second wife, Patti Scialfa, in 1981. The couple resides primarily in the affluent community of Rumson, N.J.

Springsteen paid $3.1 million for the nearby property at 3561 Ambassador Road on June 20.

Mr. Farish has been the principal overseer of Lane's End Farm, a breeding establishment for thoroughbred race-horses owned by his parents. He has served as an executive vice president and director of W.S. Farish & Co., an investment management company. He also founded Woodford Racing, LLC, a racing stable with over 50 horses.

The University of Virginia graduate was as a personal aide to former President George H.W. Bush and worked with Texas Commerce and Merrill Lynch.

Mrs. Farish has worked at the American Horse Council in Washington as a research associate. She graduated from Rollins College.

There have been 849 sales in Wellington in 2008, with a median price of $312,000.

link to the original post:
http://southflorida.blockshopper.com/news/story/204968

Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
RoryVanucchi@gmail.com

www.LasOlasLifestyles.com
www.FortLauderdaleLiving.net

Nov 11, 2008

Citigroup includes South Florida in risk-prevention program

Citigroup will reach out to 500,000 borrowers with help to avoid foreclosure in markets experiencing especially tough times. Even borrowers who have not fallen behind are eligible for help in key locales, including South Florida.


mhatcher@MiamiHerald.com

Saying it will target borrowers in markets likely to face extreme economic distress and further declines in home prices, Citigroup, one of the nation's largest banks, will expand its foreclosure prevention efforts to include borrowers who are still current on mortgages, the company announced Tuesday.

Up to 500,000 Citi customers are expected to qualify for the new mortgage assistance program. The company estimates about 130,000 homeowners will receive help over the next six months, affecting $20 billion in mortgages. These include homeowners in South Florida.

Citi's plan will be extended to customers regardless of the type of loan they have, unlike other foreclosure prevention efforts that have sought to stem losses among borrowers with high-risk subprime, adjustable-rate, and negative amortization loans.

Last month, JP Morgan Chase said it was launching a new effort to help more than 300,000 customers avoid foreclosure on $70 billion worth of mortgages and would hold off on filing new foreclosures for 90 days. Citi is indefinitely suspending new and existing foreclosures while it attempts to contact eligible borrowers.

Loan modification plans will include a combination of interest-rate reductions, principal forgiveness or term extensions. The company said it also was working with investors to extend mortgage assistance to loans not owned but serviced by Citi. So far, the bank says it has averted foreclosure for 370,000 customers since the start of 2007.

Citi's loss mitigation program builds on renewed efforts within the lending industry to more aggressively reach out to at-risk customers amid mounting losses. There also has been increased pressure from congressional leaders resulting from the passage of a $700 billion financial rescue package. Last month, Citi reported a $2.8 billion loss for the third quarter. Reports published Monday said that Citi was likely interested in tapping rescue funds for the purchase of a regional bank.

Sanjiv Das, chief executive of CitiMortgage, said the bank was charting a new path by focusing on customers who are still current.

Rather than responding to the region's vast number of borrowers who owe more on loans than their homes are worth, Das said the bank would look at the broader economic indicators to target at-risk customers, particularly living in areas hit by job losses and falling home values that exceed the national average. South Florida made that list, Das said.

''This is in response to a lot of borrowers who are current with us, but are likely to default because of some significant change in their economic circumstances,'' Das said. ''Rather than having them go through the pain of missing a payment or missing several payments and getting into deep delinquency and foreclosure, why don't we reach out before? That way it doesn't damage their credit score. It's the same loan modification at the back end, so why wouldn't we offer it to them on the front end?'' Citi will open several new Borrower Relief Centers with additional staff. The company said its modification model will be patterned after efforts by the FDIC to restructure the loans of IndyMac customers after the bank failed in July.

The IndyMac plan uses a simplified formula that determines payment affordability as 40 percent of a borrower's income and can include a reduction of the interest rate and principal as well as an extension of the time period over which a loan must be repaid.

Das said some customers would see interest rates reduced to as low as 1 percent for periods up to two years, or enough time to see them through their difficulties.

Citi said eligible customers are those who live in the mortgaged property as their primary residence, work with the company in good faith, and have sufficient income for affordable mortgage payments.

Customers will be contacted directly by the lender, although they may visit http://www.mortgagehelp.citi.com/ for more information.


source: miami herald



Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
RoryVanucchi@gmail.com

www.LasOlasLifestyles.com
www.FortLauderdaleLiving.net

FP&L to revise fuel charge request

Lower fuel prices could mean lower electricity costs next year.

Florida Power & Light Co. said Monday it plans to reduce the amount of its pass-through fuel charge on next year’s bills, based on market prices for fuel for 2009.

Fuel charges are a pass-through cost based on customer usage, and Juno Beach-based FP&L makes no profit on them.

Last week, the Florida Public Service Commission began hearings on next year’s 2009 fuel charges based on market projections in FP&L’s September filing. But, the company has since updated its forecast.

As a result, in a filing Monday, FP&L asked the PSC to delay its pending vote on its previous request so that it can provide an updated filing that takes the fuel charge reduction into consideration. The company expects to file by Nov. 20.

Shares of parents company FPL Group (NYSE: FPL) closed down $1.43 to $45.49. The 52-week high was $73.75 on Jan. 7. The 52-week low was $33.81 on Oct. 10.

source: south florida business journal

link to original post:

http://southflorida.bizjournals.com/southflorida/stories/2008/11/10/daily9.html

Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
RoryVanucchi@gmail.com

www.LasOlasLifestyles.com
www.FortLauderdaleLiving.net



Nov 9, 2008

Recipe for rescuing our reefs

The colourful world supported by coral reefs is under threat as oceans absorb greater quantities of carbon dioxide, says Rod Salm. In this week's Green Room, he says we must accept that we are going to lose many of these valuable ecosystems, but adds that not all hope is lost.

Great Barrier Reef coral (Image: James Cook University)
Imagine all the colour and vibrancy of coral reefs fading away into fuzzy, crumbling greys and browns, and you're left with a coral graveyard that could become the norm
I've been privileged to see many of the world's finest and least disturbed reefs.

Mine were the first human eyes to see many of the remotest reefs at a time when we really could describe them as pristine.

I would never have dreamed that they were at risk from people, far less than from something as remote then as climate change.

Today, despite the doom and gloom one reads so much about, one can still find reefs that are vibrant, thriving ecosystems.

But sadly, too, there are more and more that look like something from the dark side of the Moon.

These degraded reefs have been ravaged by destructive fishing, bad land use practices that smother them with silt, and pollutants that foster disease and overgrowth by seaweeds.

More alarmingly, there are large areas that are killed off and degraded by warming seas linked to climate change.

We've all read that global warming poses a tremendous threat to our planet, and that coral reefs will face an uphill battle to survive in warmer waters.

Yet the greatest threat to our oceans and to all of its wonders is little known, nearly impossible to see, and potentially devastating. This is not climate change, but does stem from the excess carbon dioxide emissions that contribute to climate change.

Changing chemistry

The ocean absorbs about one-third of the CO2 entering the atmosphere - a natural process that for millennia has maintained the carbon balance of our planet.

In recent times we have upset this balance; global CO2 emissions are at an all-time high, and our oceans are absorbing more CO2 and at faster rates than ever before, causing a shift toward greater acidity.

This removes carbonate from the water; and carbonate is an essential building block for calcifying organisms, like corals, molluscs, sea urchins and many other important creatures that live on reefs or help to build them.

Too much carbonic acid lowers the natural pH balance of the oceans, causing acidification, which wreaks havoc on marine habitats and species.

Just imagine all the colour and vibrancy of coral reefs fading away into fuzzy, crumbling greys and browns, and you're left with a coral graveyard that could become the norm if we don't address the threats to our oceans.

Bleached coral (Image: AP)
The high visibility of coral bleaching makes this relatively easy to see and study, but ocean acidification is difficult to detect by sight alone

We need to find ways to convince people to take action, but that is a major challenge.

Given the difficulties that many coral reef managers around the world have in controlling such pressing direct threats as destructive fishing, overfishing and pollution, they are understandably hesitant about taking on an issue that they feel is beyond their ability and mandate to tackle.

Climate change is often seen as too daunting and too global for them to address, and too abstract for them to communicate.

Fortunately, in some respects, the sudden and startling onset of mass coral bleaching linked to warming seas has changed that a little.

We have developed and are applying some straightforward, practical actions to design marine protected networks and zone the individual sites to protect areas that are naturally resistant to bleaching

These areas are key, as they provide larvae that are transported to more vulnerable reefs where they settle and enhance recovery.

The high visibility of coral bleaching makes this relatively easy to see and study, but ocean acidification is difficult to detect by sight alone.

It is creeping, progressive, and insidious - likened by some scientists to osteoporosis of the reef - a weakening of the reef structure that makes corals more vulnerable to breakage from waves and human use.

We simply do not know yet whether we have reached or surpassed the point of no return for some coral species.

If current emission trends continue, we could see a doubling of atmospheric CO2 in as little as 50 years.

This would lead to an unprecedented acidification of our oceans that coral reefs would be unlikely to survive, a scenario that should spur us into action to try and find solutions.

A significant lowering of ocean pH would mean potentially massive coral loss. That would lead to the death of countless marine species as well as the devastation of economies dependent on ocean health and productivity.

'Meeting of minds'

It would also mean the end of an era for coral reef and scuba diving aficionados around the world.

But, more importantly, it would remove the livelihoods of hundreds of millions of people around the globe who depend on reefs for food, income, coastal protection and stability.

Current estimates predict that we could lose all coral reefs by the end of the century - or, in the worst case scenario, possibly decades sooner, if we don't take action now to prevent ocean acidification.

Diseased coral


We have to maintain hope and optimism and keep trying to find solutions.

The Nature Conservancy recently convened leading climate change experts, top marine scientists, and prominent coral reef managers from around the globe for a "meeting of the minds" session to chart a course of action for addressing ocean acidification.

The key findings and recommendations from this gathering were compiled into the Honolulu Declaration on Ocean Acidification and Reef Management.

The most logical, long-term solution to ocean acidification impacts is to stabilise atmospheric CO2 by reducing emissions around the globe.

Yet the Honolulu Declaration also outlines tangible steps that can be taken now to increase the survival of coral reefs in an acidifying ocean, while also working to limit CO2 emissions.

For example, we need to identify and protect reefs that are less vulnerable to ocean acidification, either because of good flushing by oceanic water or biogeochemical processes that alter the water chemistry, making it more alkaline and better able to buffer acidification.

We can achieve this protection by designating additional "marine protected areas" and revising marine zoning plans.

We also need to integrate the management of these areas with reform of land uses that generate organic wastes and effluents that contribute to acidification.

At the local level, we may need to restrict access to more fragile coral communities or limit it to designated trails, much as we do with trails through sensitive environments on land.

We should consider designating "sacrificial" reefs or parts of reefs for diver training and heavy visitor use.

Another intriguing option is the prospect of farming local corals that prove more resistant to acidification, and "planting" them in place of those that weaken and break apart.

The consequences of inaction are too depressing to contemplate.

Global leaders, reef managers, and citizens around the globe should give all the support they can to the Honolulu Declaration to ensure the survival of the beauty and benefits of our marine treasure trove for future generations.

Dr Rod Salm is director of The Nature Conservancy's Tropical Marine Conservation Program in the Asia-Pacific region

The Green Room is a series of opinion articles on environmental topics running weekly on the BBC News website


Do you agree with Rod Salm? Is too little being done to halt human activities harming fragile marine ecosystems? Are efforts to save coral reefs being overshadowed by problems on land? Or are you optimistic that scientists, conservationists and politicians will find a way to save the colourful underwater worlds?

The oceans sustain all life on earth. There are phytoplankton which regulate the bio chemical balance in the oceans.

If the ph drops too much, then the phytoplankton may die. If they die, evrything dies. Nothing makes it.
MR SPIRIT, GLASTONBURY, UK

I agree that coral reefs faces long term problem of acidification. What about short term problems in the mean time so that reefs will survive to face the acidification issue. Also looking at all issues of global warming effect, by the time that CO2 level reaches the concentration twice as the present or even at 450 ppm, would coral reef fate still be the issue to worry about. After all Homo sapiens disappear, coral reefs can still have time to adapt to the environment.
Hansa Chansang, Phuket, Thailand

It is only logical that if two-thirds of the Earth's surface is oceans, what happens to those oceans will affect the entire world, including the creatures that live on the land.
Donna Metreger, Be'er Sheva, Israel

I wouldn't worry too much about ocean acidification - the current levels of CO2 in the atmosphere are approximately one tenth of those when the corals first evolved and are near the lowest they have ever been.

Corals will not notice a lowering of pH in the slightest.

Bleaching occurs when the algae that the coral lives in symbiosis with are expelled by the coral. This often occurs as waters warm or cool and is quickly reversed when new algae that are more suited to the new temperatures take the place of the old ones.

So global temperatures warming from the current lows also won't kill off the corals.

I do, however, agree with fact that coral reefs should be protected from over-fishing, boating and pollution as these do have the potential to destroy the marine and reef environments.
James S, Auckland, NZ

If you would like to DO SOMETHING to help coral reef decline, please support organizations that are actively working to save them including ReefCheck.org. Reef Check has volunteer teams in over 90 countries carrying out citizen science, student education and expeditions. You are welcome to participate and help save reefs.
Gregor Hodgson, Pacific Palisades, California, USA

I've recently moved to Kaua'i feeling a desire and need toward working to preserve one of the most beautiful places in the United States. I am agast at the destruction the near shore reefs have endured from excessive developement, bad strom water runoff management, and lack of nutrient reduduction via sound waste management. What will become this place, and others? Time will tell, I have confidence in the ability of the natural world to rebound from the destructive forces of our species. However lets do all we can to correct this problem, be aware and get involved. Now is the time to re- investigate our role on this planet, and a time to give back.
keith l conant, princeville, Kaua'i, Hawaii

A very well written and well structured article. Not only giving us the facts but also ideas to pursue. In business jargon "We need answers, not problems" and the article gives some which added to the quality of the piece.

I live on Bonaire, a divers paradise. I have been diving here for 20 years and the degradation of the island's reef is not in question.

Our Marine Park is very active in trying to prevent further reef damage at local level, but like all Marine Parks, it needs helps from governments to slow down coastal construction, provide infrastructure to deal with run off and to create legislation to prevent damaging fishing techniques.

Congratulations to the writer and all those people that are doing whatever they can to protect the reefs whatever the cause of their decay.
Ron Sewell, Bonaire, Netherlands Antilles.

Mark, Coventry / UK and all other people who speak of Global Warming saying it's all utter rubbish... (this includes my parents)

I believe we could be in real trouble, one way or another. However I always say one thing to those who are in total doubt or denial; It might be a natural cycle that is warming the planet, or nature might find a way to regulate any damage we may cause to the earths eco system. But for the sake of our children's children are you prepaired to take that risk??
Paul M, Wellington, NZ.

Acidifcation may be a threat but we should not rule out more hefty pollutants. Corals especially appear vulnerable to urine and sun protection oils produced and spread in the sea by visitors such as tourists. The very divers and snorklers that 'inspect' the coral bleaching may very well be causing it. We should compare for once the pristine coral reefs that are never visited by tourist to the man-trodden beaches of the big tourist resorts. You want to preserve coral? Then start diving clean. Or stay out of the water.
Peter Ambagtsheer, Apeldoorn The Netherlands

Mark from Coventry, UK wants a break.. I feel like breaking something but I'm not sure he would like it. The facts are we are losing these ancient creatures and habitat by slow death and there is nothing 'cloudy' or 'funny' about that. For some 400 million or so years they have contributed to life's diversity and to quibble over weather it is CO2 emissions, over fishing or agricultural run off, seems petty to the extreme and just for good measure, you, Mark from Coventry seem to be the one 'clouding the issue' with your arrogance.
Keith Cook, Auckland, New Zealand

We continue to look for the 'technological fix' to take care of our biosphere inbalances. The root of all this is that we are a species in overshoot, consuming far too many resources and creating too much waste (including the favourite villain, CO2).

The only solution is, and will be, a natural one. All species that go into overshoot, inevitably crash in numbers. When this happens, the die-off of the human species will reduce to population to a level that is in balance with the biosphere life processes. It is very simple ecology. Everything else is fantasy.

Thank you for taking time to read this.
Mr Rpnald Brown, Phuket, Thailand

Definitely too little is being done. Why isn't Coral an Endangered Species? Surely that would make the legislation easier to pass. What about Artificial Reefs? It would be good to see some more purpose-sunk wrecks. The Coral farming is an interesting idea too.
Jane, Playa del Carmen, Mexico

Sounds simple and foolish, but could over harvesting of the Ocean's sea shells be making the Ocean more acidic? In a fish tank, just one shell added can have profound effects on the acidity.
Elizabeth Parrish, Seattle

I agree that much of a damage is man made through a thorough fish pouching for aquarium use. In order to capture a life fish from the reef a poison is spread through out the area to numb the targeted biome of fish, unfortunately the side effect is catastrophic for the coral. Just a note.
Tomasz Stanek, San Bernardino, California USA

I think its awesome wat they are doing because its leting the world knw that all though this is an issue no one really knws about it is an issue that is real and its now.! If these great people and scientist did not pick up on this problem who knows wat devestating consequence could have cme out of the distruction of this beautiful live'n coaral.
Tamara, Auckland New Zealand

This gentleman talks of "hope", but when you end the article you discover that the only thing he can muster to support the hope is a "Mind meeting", that is to say, another gathering of talking people. I lost my hope on those meetings many many years ago...
Fernando Villegas, Santiago de Chile

Ocean acidification is the forgotten problem. It is so overlooked that the climate change denialists don't have any of their usual pre-prepared responses (it's entirely natural event etc.. ). It is also worrying that some of the proposed geo-engineering solutions to climate change (for example the rather fanciful mirrors in space solution) will do nothing to curb the increasing concentration of CO2 in the atmosphere that is responsible for the acidification of oceans. We have to raise the profile of this issue. Firstly, so that the public is aware that our CO2 emissions are causing more than one problem. Secondly, to emphasize that we can only get ourselves out of this mess by curbing our emissions.
Paul A, London, UK

Certainly not enough care has been taken of the marine environment for decades. Although the marine environment is arguably the most important in terms of global weather and also atmospheric composition it has largely treated as an open sewer. The sad fact is for most people it is 'out of sight, out of mind'. For example Broward, and Miami Dade councils of South Florida... have denied the mounting scientific evidence that effluent being pumped over coral reefs causes damage and favour the "It does no harm" opinion. Such dangerous opinions in the legislature of so called 'developed nations' will ultimately end in the ruin of some of the more accessiable reefs in Southern Florida. And sadly by the time that people believe it to be true - it's often far too late. As a marine biologist I am constantly saddened by the attitudes of people that could make a difference in terms of environmental protection legislation and frustrated that there is little funding or help for early career marine biologists who desparately want to "make a difference" and show the importance of protecting fragile habitats such as coarl reefs and mangroves in a global context. Once it's gone it's gone. That's the sad thing about it - but it doesn't have to be this way.
Claire Phillips, Oxford

I feel very strong empathy for Dr Salm. I walked away from this 14 years ago. He is still watching it face to face. There is only one answer; we had to stop - and we had to stop about 40 years ago, when Kennedy was committing us to flying to the moon, he should have been committing us to living on the planet we had. We have to stop, and make a balance with the levels of human activity that the planet will tolerate. Until that message sinks in to the minds of 6 billion people; there is nothing that can be done for now. At present course; that understanding will not register till the World's ecosystem has collapsed; taking our human society and economics crashing down with it. The governments of the world cannot pump enough money to keep this "more more more" expectation ramping up an ever steepening curve for much longer. At least 4 billion people, of the 6 billion people presently on the planet, go into free fall, and that will be that. In a couple of million years, the oceans will cool, the ph values will settle, the coral will flourish again . . and it will be as if we were never here, even in the blink of an evolutionary eye. The only question left is . . if any of us survive the die back - will the humans that remain evolve to be smart enough to learn our lessson, make peace with our home, and not mess it up all over again ? How long will it take you to explain it to 6 billion people Dr Salm ? Will the reefs last that long ? No ? - then I'm afraid the learning process will be one of cold hard practical experience. I am deeply sorry.
steven walker, Penzance

Fishing practices are devastating "links in the chain" that enable the life cycle of the marine ecosystem to support itself. If all "net fishing" were banned there would be little damage to and destruction of the species not being fished and their habitats. Commercial net fishing is very destructive. Just watch "blue planet" until the message gets through.
Shaun M White, Edmonton, Canada

Although I am not in any way an expert that could agree or disagree with Mr. Salm, I strongly believe we are doing far too little to stop damaging our environment and start to repair what has been damaged. I am optimistic that ways can be found to begin those repairs, and I find the idea of "farming" coral reefs very interesting, but I fear we have become too self-absorbed to recognize our responsibility to the planet we live on. I sincerely hope I am wrong - and I applaud Rod Salm and his colleagues for all of their efforts.
Yolanda, Greenfield USA

Much is said about save the planet and its many ecospheres ,but is anybody really going to make the sacrifices needed to make a difference? 90+ percent of the population want to be what they see on the TV,shameless ,ignorant consumers that adhere to the motto "more is better"..Even the education we recieve in schools directs us to become a well oiled part in the mechanism of consumer domination. Wise and educated men such as leaders of state know of all these problems,yet chose not to adress them because they fear the solutions would alienate them from the voter.Green seems to be good only as far as ti suits the consumer and his supplier.Shame on us all.Rod Salm has it right in his article.How right do you have it in your life?? Lets see if we can spend and save the coral reefs.Real education is what is needed to see consumerism exposed as the terrifying monster that it is. Consume less= sustained life forms.We all make a difference,even you. Best wishes.
Martin Jackson, Tavira ,Portugal.

good article but ideas for solutions exist mainly in the realm of pie-in-the-sky, particularly for the developing countries within whose waters the majority of the coral reefs lie. as such, without specific programming and funding (akin to those that might equally be dreamt up for tropical forests) from donor or developed countries, little will be achieved. the consequences of inaction are indeed too depressing to contemplate, but a small, sand wall will not hold back the tsunami.
sdw, maputo. mozambique

Lets not forget that ours is the Water Planet, if the Oceans are in peril the entire planet faces extinction, everything humanly possible should be done at all levels to stop polluting our Oceans and bring back eco systems where ever possible, set up ocean preserves and stop over fishing.
gert glende, Vancouver, BC , Canada

There are those that may argue that the effects are not as bad as predicted, but the reefs here in Pohnpei definitely seem to follow the trend. I have yet to find a part of the reef here that does not show the effects of an acidifying ocean. I'm sure that foreign fishing boats, harbored inside the reef boundaries, who recklessly dispose of their used oil directly into the water don't help the situation any!
Lemuel Recinos, Kolonia, Pohnpei, Federated States of Micronesia

This is an excellent summary of a major issue that even most marine scientists have been unaware of up until recently. ...and if you're one of those who doubt the predictions of future climate models, then you can suspend doubt now: the acidification of the oceans isn't a matter of debate, or models, or future projections, it's already happening and it will continue to happen so long as atmospheric CO2 keeps going up. That much is well understood chemistry. Yes, it's true that atmospheric CO2 level have been much higher in the past, and yes the oceans can buffer these changes, but we'll have to wait about 1000 years for that to happen. The problem is that the CO2 levels are rising SO RAPIDLY. If ever there was a good reason for reducing CO2 emissions as fast as possible, this is it.
Prof. Jon Havenhand, Strömstad, Sweden

Simple speechless. What utter rubbish. They've given up on 'Global warming' and called it 'Climate Change' as the world has stopped warming. Now we need a new 'you're all doomed Captain' scenario to keep the waning interest up. Coral reefs are suffering because of over fishing for aquarium fish, physical damage and agricultural run off, you are merely clouding the issue with CO2. You can find coral fossils dating back hundreds of millions of year, from times when CO2 levels were much might (x17 or more) than they are now. Funny how they seem to have thrived. Give us a break.
Mark , Coventry / UK

We should use bicycle power more, and the bus!
Marion Johansson, Denmark

source: bbc

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Rory Vanucchi
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Rents for the lowly parking space stay high in the world's cities

In Paris, the 15-square-meter parking space on the left is for sale for 20,000 euros; the empty one on the right is listed at 25,000 euros. (Guillaume Desjardins for the IHT)


PARIS: While real estate in much of the world's developed countries is struggling, the sale or long-term rental of residential parking spaces is generally doing just fine.

"New properties constructed in central city areas can come with limited parking spaces - there is, therefore, plenty of demand," said Thomas Postilio, vice president of Core Group Marketing in New York.

For developers in New York, parking is the best use of extra space because in some areas it actually can command about the same price per square meter as living space, which costs much more to develop.

With the boom in development during the past few years, parking spaces in the city have often been destroyed in the construction process, Postilio added. "Parking spaces are now an endangered species," and waiting lists for are growing.

Postilio said he had parking spaces in New York on the market for $275,000, a 22 percent increase in last year's prices. That's about $12,900 per square meter, or $1,205 per square foot.

In New York, the average price for an apartment was $13,600 per square meter in the second quarter of 2008, according to data from the brokerage company Prudential Douglas Elliman.

Natalie Kammer, who bought a parking space in her building in Manhattan for $150,000 last year now says the value of her space has doubled to nearly $300,000.

"I thought my husband would divorce me when I told him how much it was," she said. "I think it was a good investment though. In New York the convenience of having a space is worth the premium that I paid. Other people clearly still feel the same."

She says that now there is a waiting list for available spaces in the building, with five or six people on it.

"Owning a parking space in New York city is like owning an oil well," said Robert Hoffmann, president of the New York State Parking Association, an organization for those in the parking industry. "Many homeowners look to sell their parking spaces to make a return on their property."

Some buyers in the world's capital cities, where parking is limited, do not even own cars - but grab the spaces as investments, renting them out to produce additional income.

In Paris, one garage owner in the 17th arrondissement, who said he did not want to be identified for personal reasons, invested €30,000, or nearly $43,000, in an enclosed parking space earlier this year.

It took him less than 48 hours to find a suitable tenant to rent the 10-meter-square, or 108-square-foot, area, which he said required no maintenance.

The rental fee will allow him to make a 7.5 percent annual return on his investment, he said.

In Paris, the average purchase price of garage space in the 15th arrondissement, an area of the French capital with significant levels of construction and renovation, is €15,000, according to Century 21, the international real estate agency.

But a company spokesman said that some parking spaces in commercialized areas of the French capital can soar to as much as €40,000 for a 10-square-meter space.

Prices are similar in parts of London. According to Benham and Reeves Residential Lettings, the cost of renting a garage space in the affluent Hampstead area is approximately £150 per week, or $270. That adds up to £7,800 a year, a rate which has been stable over the past three years.

Brokers and sellers of garages in urban centers worldwide are confident that prices will avoid the same kind of volatility that has hit the housing market, because finding parking has become extremely difficult and the pitfalls of parking on the street are numerous.

In the Westminster area of London, which has a residential population of 230,000, the local authorities clamped the wheels of 15,416 cars in the financial year of 2007-2008.

More than 807,960 parking tickets were distributed in the same period, according to data from the City of Westminster council.

Fines associated with such tickets vary, but generally start at £100 to £50.

Hammed Hussain, the owner of LondonGarages, who acts as an agent for the rental or purchase of individual parking spaces, said that in an affluent area of town like Kensington, where the need for parking is great, spaces can sell for £70,000.

Despite the cost, he said, such spaces are sold quickly whenever they become available.

But spaces in areas on the city's periphery have not kept pace since the economic downturn began late last year. There, he said, prices for spaces have dropped by 15 to 20 percent, although these areas tend to be more middle class and residential so often there is less demand than in wealthier and more commercial neighborhoods.


Those involved in the parking business in Paris and London note the prices and rental fees of parking spaces have not been affected much, if at all, by efforts to reduce the number of cars in central areas.

Paris now has a citywide bike rental system and, in London, drivers must pay a congestion charge of £8 every time they enter the city center - but neither project seems to have decreased parking demand



source: iht

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Rory Vanucchi
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Can Home Builder Be Trusted?

A reader is tempted to enter a model lease-back deal, but wonders about the builders' financial volatility.

Q: I keep seeing model lease-back offers from builders. Most of them pay enough rent to more than cover the monthly cost, but my biggest concern is about the builder's financial viability, since so many of them have gone bankrupt. Are there any particular things one should watch out for?

A: Builder lease-backs, in which the buyer rents a home to the builder who uses it as a model home, are generally great deals for all concerned. Builders get an early sale. Buyers get an upgraded home at a discount price, and a tenant who won't be calling in the middle of the night to complain about a clogged toilet.

But in these uncertain times, I can understand your caution. Since last year, an .estimated 20% of builders went out of business, according to Gopal Ahluwalia, director of research for the National Association of Home Builders. Most were small or mid-sized builders who didn't have enough cash in reserve to cushion them through a downturn.

[builder] Associated Press

You can analyze the earnings, debt and cash flow of a public company to determine its long-term financial health, but you can't do that with a small, privately-held one. You can talk to suppliers and subcontractors to see if they're being paid promptly, to recent buyers to see if they are satisfied and to local regulatory and consumer agencies to see if any complaints have been filed against the company. If you're still concerned, you can try to negotiate a lump-sum rather than a month-to-month lease payment, payable at closing.

Keep in mind that when the lease is up, you won't be getting a brand-new home. Although builders usually make an effort to keep models looking fresh, as they cut back on expenses they may cut down on the number of times carpets are shampooed and paint scuffs are touched up. In downturns, builders also sometimes make one model home complex serve several different communities, which means more wear and tear on each unit. I recently visited a model home in Prince William County, Virginia that was being used this way. It was only one year old, but felt much older. Visitors had slammed a kitchen drawer so often that the front was coming loose and had broken a closet light switch. The gray, opaque stain on the deck had worn through in spots.

A builder will often promise to repair and repaint a model at the end of the lease, to convert the sales office to a garage and to re-route sidewalks and fences running through the model-home complex. If you're worried that the builder will go belly-up before all this happens, get an estimate from an independent contractor of what it could cost to perform these necessary fixes. Have the builder deposit the funds to cover them in an escrow account. It's smart to hire an experienced real estate attorney to represent you during all these discussions.

Finally, don't just consider the builder's financial staying power -- think about your own. If home prices fall while the project is being built out, are you prepared to hold on until the market recovers? What if there's a delay in building planned community amenities like pools and clubhouses, a situation that's sure to hurt your ability to attract buyers or renters? As scary as it may be to think about these possibilities, planning for worst-case scenarios is the best way to avoid being overcome by them.

Write to June Fletcher at fletcher.june@gmail.com


source: wsj


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Nov 7, 2008

Switch to volunteer fire department a hot topic in Lauderdale-by-the-Sea

By switching to a volunteer fire department, Lauderdale-by-the-Sea officials hoped to save millions of tax dollars while keeping service on par with what the Broward Sheriff's Office provided over the past four years.

But some residents and commissioners are concerned the move, which took effect Oct. 1, could jeopardize safety because the VFD's contract allows nine minutes to respond to a blaze. In its final year, the sheriff reported average response times of 3 minutes, 56 seconds for 18 fire calls.

"Nine minutes is totally unacceptable," said John Toohey, a retired assistant chief of the New York Fire Department and vice president of the 15-story Ocean Colony condominium. For example, he said, if someone had a few cocktails and fell asleep holding a lit cigarette, "if the fire department arrives nine minutes later from then, forget that person."

Fire Chief Robert Perkins said he isn't worried. He said in its first two weeks, the VFD responded "within between four and seven minutes" to 14 minor fire calls and 30 practice runs with new EMS vendor American Medical Response.

"We've had 15 to 17 firefighters responding per call," he said, adding that the VFD has drilled twice weekly for seven months, held classes and visited condo towers to map water supplies and climb stairs in full tanks and gear.

"These guys have worked very hard. At least give them an opportunity to show you," said Vice Mayor Jerome McIntee, who is also a VFD member.

Fire protection is a combustible issue for this two-mile-long barrier island town's 6,300 residents, a number that grows to 11,350 in winter. The 2000 U.S. Census said 23.9 percent of the population had disability status, a statistic captured before the town's 2001 annexation of a northern mile of A1A.

"I know what a wonderful job BSO did and the training they had as firefighters and paramedics," homeowner Virginia Holder said. "I live in a house, and would be a whole lot more concerned if I lived in a [condo] tower."

The National Fire Protection Association sets different response times for professionals and volunteers: Six minutes is the career force standard; for volunteers it's nine minutes. Fire departments report their own response times to their communities.

The town averages five fires that require use of water to be extinguished per year. McIntee said the town's 68 buildings that are higher than two stories are not a concern. "The buildings are 99 percent fire-resistant," he said.

But Toohey said, "Apartment contents are flammable. Fire could spread along a public hallway, from a basement Dumpster through trash chutes, along wiring paths or through exploded windows. That's how you could have a high-rise fire."

The town expects to save $1.3 million a year by hiring the VFD through 2013. In the final year of the sheriff's fire and EMS contract, the town paid $3.3 million, $2.3 million of it for fire alone.

But since March, the town has spent $2 million for fire service. That money covered fire and beach patrol vehicles, the EMS vendor's agreement, and VFD contracts that cost at least $850,000 annually.

"There are obviously startup costs," said Commissioner Stuart Dodd.

To ensure public safety, Mayor Roseann Minnet and Commissioners Birute Clottey and Dodd have discussed setting up a citizens' committeeto review the VFD's training and performance.

"If an oversight committee prevents one incident, then it will achieve its purpose," Dodd said.

Perkins said it's unnecessary, and Commissioners McIntee and James Silverstone, also a firefighter, have resisted.

"I feel that there is a movement on this dais by a couple of people to attack the volunteer fire department," said McIntee, who added he would support oversight, if it's also applied to police and ambulance performance.

The VFD reported to the state fire marshal that of its 76 firefighters, 57 have firefighter II certification, or 360 hours of training. The rest, including the chief, deputy chief and three captains, have firefighter I status with 160 hours' instruction, or are trainees. Most have not yet passed medical exams, something Perkins said will happen within the year. Some live in town and many are new fire academy graduates who train with the VFD while awaiting permanent jobs elsewhere.

Clottey said she received "numerous complaints" from residents about the Sheriff's Office's firefighting abilities and the VFD deserved the contract. "Unless you are from here, you don't understand what the volunteers mean to the community," she said.

source: sun sentinal

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Rory Vanucchi
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FPL receives OK to pass along $1 billion in costs

Total increase in bills unclear

The state will allow Florida Power & Light Co. to pass at least $1 billion in costs to customers starting in January.

After a three-day hearing, the state Public Service Commission Thursday postponed a decision on whether to also allow FPL to charge customers for $220 million in nuclear costs and part of its proposed $7 billion in fuel and purchased power costs.

After giving groups representing FPL customers more time to give input on FPL's request, the commission will reconvene Wednesday.

Among other things, some groups representing customers want FPL to postpone certain nuclear costs, rethink projected fuel costs because of steadily declining oil and natural gas prices and refund customers some charges related to a power outage in 2006.

State regulators and FPL officials said it would be difficult to estimate the effect of the $621 million approved for purchased power capacity costs and the $296 million approved for additional 2008 fuel costs on customers' monthly bills until the hearing ends next week.

What's clear is the $205 million for the utility's energy conservation programs and the $94 million for environmental costs will increase monthly customer bills by $1.12 for a residential customer using 1,000 kilowatt-hours of electricity per month.

The average homeowner uses slightly more power than that each month.

source: sun sentinal

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Rory Vanucchi
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In Mayor’s Plan, the Plastic Bag Will Carry a Fee

In its struggle to make New York more green, the Bloomberg administration has tried discouraging people from using plastic bags. It has taken out ads beseeching residents to use cloth bags and set up recycling bins for plastic bags at supermarkets.

Skip to next paragraph
Librado Romero/The New York Times

Bags at a Fairway store in Manhattan.

But now the carrots have been put away, and the stick is out: Mayor Michael R. Bloomberg has called for charging shoppers 6 cents for every plastic bag needed at the register.

If the proposal passes, New York City would follow the lead of many European countries and become one of the first places in the United States to assess a so-called plastic bag tax.

Seattle voters will weigh in on a similar measure next year, and other places, like Los Angeles and Dallas, have studied the idea.

City officials estimate that the fee could generate $16 million a year, a figure that Mr. Bloomberg would no doubt appreciate, given the lingering and concussive effects of the global economic crisis on the city’s economy.

But while the fee would burnish Mr. Bloomberg’s environmental record, it might not be a lasting source of revenue. Just a few weeks after Ireland adopted a similar, though much heftier tax in 2002 — charging shoppers 33 cents a bag — plastic bag use dropped 94 percent, and within a year, nearly everyone in that country had purchased reusable cloth bags. Still, the mayor believes that the 6-cent fee would have a major impact on consumers’ behavior.

Environmentalists like the sound of Mr. Bloomberg’s idea. But from the corner deli to the high-end grocery store, other New Yorkers are not so sure.

At the 2000 N.Y. Deli on Second Avenue at 103rd Street in East Harlem, the owner, Sammy Ali, 30, said his customers would balk at paying for plastic. “No way,” Mr. Ali said on Thursday. “They ask us for plastic bags for free as it is. When we say no, they curse us out. They demand a bag for a 25-cent bag of chips.”

At Citarella on the Upper West Side, a customer, Anita Ramautar, said she would begrudgingly change her behavior, if only to deny the city the pleasure of collecting the money. “I’ll bring my own bag,” she said. “Why would I give them 5 cents?”

Ah, but remembering to bring that bag is another matter altogether. After all, New York is a place where people are almost programmed to do things impulsively, because it is so easy to just hop into a bodega or a deli or a 99-cent store to buy anything, anytime, no forethought required.

“You have to get used to using these,” said Lauren Robertson, 54, an occupational therapist who lives in Washington Heights, who was loading groceries in canvas bags into her car in the Fairway parking lot on 130th Street near the Hudson River on Thursday morning. “So many times I’d get into the store and realize I forgot my bags in the car.”

Bloomberg officials say the proposal remains a work in progress. But for now, the plan is to charge customers 6 cents a bag at the point of sale, with 1 cent going to the store owner as an incentive to comply, said Marc La Vorgna, a Bloomberg spokesman. The officials did not elaborate on the mechanics of how the money would be remitted to the city, or how the law would be enforced.

It sounds like a tax, but officials call it a fee. The distinction is important: A fee requires approval only from the City Council, while a tax requires approval from the State Legislature.

Unlike a number of ideas that seem to have been inspired by experiments in other countries (such as exploring wind power, based on windmills which Mr. Bloomberg saw off the coast of England, or temporarily closing off streets to cars, based on a program in Bogotá, Colombia, that the mayor had heard about), this one, city officials say, was hatched in the mayor’s Office of Long-Term Planning and Sustainability.

The idea is not totally foreign to the metropolitan area. The Ikea furniture chain, which opened its first New York City store in June, on the Brooklyn waterfront in Red Hook, began charging customers 5 cents for each plastic bag in 2007; since then, the store says, plastic bag use has been cut in half. Several large supermarket chains in the region, like Whole Foods Markets, offer refunds when customers bring reusable bags.

Eric A. Goldstein, a senior lawyer with the Natural Resources Defense Council, said that he was encouraged by the idea.

“It’s simple, it’s streamlined, it advances environmental objectives and it generates some funds,” he said.

And one environmentally conscious resident who applauded the idea was Richard Marshall, a retired opera director, who was shopping outside a Key Food supermarket in Astoria, Queens, on Thursday.

“I think Bloomberg should start charging a dollar a bag,” he said, clutching two reusable bags. “All this waste. All these millions and millions of bags. They don’t decompose, and they use all this oil to make them.”

Several City Council members said they were intrigued, but needed to see more details. Several did note, however, that it was only a few months ago that the Council passed — with the help of environmentalists and plastic bag manufacturers — a law requiring all stores that provide plastic bags to accept plastic bags for recycling, with some exceptions. And during the lengthy public debate over that bill, council members heard speakers testify that fees of at least 25 cents a bag needed to be imposed to get consumers to change their behavior.

Another concern is whether the tax would hurt poor residents, as well as small businesses, disproportionately — a concern mentioned by council members, environmentalists and manufacturers alike.

“A tax on plastic shopping bags would be regressive, with the most severe impacts on those who are least able to absorb them,” said Keith Christman, senior director of packaging for the American Chemistry Council, a manufacturers’ lobby. “There are better ways to protect the environment, to encourage sustainable choices and to support recycling without making it harder for those who are already struggling to make ends meet in a difficult economy.”

Some residents, meanwhile, complained that the timing of the plan could not have been any worse, given that the mayor recently announced plans to raise property taxes earlier than expected, cut financing for a host of programs and possibly raise the sales or income tax.

“We’re paying taxes on everything else; why not bags, right?” Juana Perez, 25, of East Harlem, said with a sigh. “How many other taxes is he going to raise?”

“These people,” she continued, indicating the neighborhood at large, “they already pay so much for rent and food.”

“New York City,” she said, shaking her head.

source: ny times

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RoryVanucchi
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Christmas coming early to Las Olas Boulevard

Even with a reputation for nightlife and gourmet dining, one of Fort Lauderdale's most popular events is still the annual Christmas on Las Olas, plans for which are already well under way.

About 50,000 people — if last year is any gauge — will turn up to stroll the four blocks to listen to choirs, snack at the food stalls, take children to see Santa, shop, or even look at the snow.

"It's the snow that does it," said Milton Wolfe, co-owner of Objets d'Art, 813 E. Las Olas Blvd.

Wolfe and his wife, Brigitte, will take part in this year's Christmas on Las Olas event on Dec. 2, when the city closes off Southeast Sixth Avenue to Southeast 10th Avenue.

"A lot of these kids have never seen snow," Wolfe said. "They're fascinated."

Of course, those adults who came to South Florida to escape the snow can also have their memories refreshed via the event's "Snow Mountain," featuring 16 tons of shaved ice trucked in from Royal Palm City Ice in Miami.

"It's big," said Laura Mogilewski, executive director of the Las Olas Association. "You'll have to go upstairs to reach the top, then sit on a saucer-shaped sled to slide to the bottom."

Visitors can also listen to the myriad school and church choirs performing on three stages placed among the olive and palm trees strung with holiday lights.

"The groups who performed last year have first right of refusal for this year's event," entertainment director Stephen Schuster said.

All groups wishing to perform go through Schuster, who uses a lottery system to narrow the field.

"Our stages fill up early every year," he said.

Pride of place belongs to the Riverside Hotel's Ice Bar, sculpted by a real sculptor out of a 1,200-pound block of ice. For the casual stroller, pleasant surprises abound.

Luke Moorman of Carroll's Jewelers, 915 E. Las Olas Blvd., said his shop will be offering free family photographs, while Peter Glenn Ski & Sports in Oakland Park will truck in a ski-instruction machine, which looks sort of like a carpet on rollers.

"You can warm up your moves before you head to Vail [Colorado]," Moorman said with a smile.

If that's not enough, organizers have planned an ice-skating rink, live models and various raffles.

Wolfe also said he will be discounting his biggest seller: Items by the French artist Rosario will be marked down 10 percent.

Christmas on Las Olas will take place from 6 to 10 p.m. Dec. 2 along Las Olas Boulevard in Fort Lauderdale. Any donated unwrapped toys will be delivered to the Children's Home Society of Florida.

For information call 954-937-7386 or visit http://www.lasolasboulevard.com/.

source: sun sentinal

Rory Vanucchi
Fort Lauderdale Blog & Real Estate News
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www.FortLauderdaleLiving.net
RoryVanucchi@gmail.com

Dubai prices rising as fast as buildings


Published: October 16, 2008

Richard Waryn has lived in Dubai for only two months but he already is certain that the glitz capital of the Mideast lives up to its go-go reputation. What he is not so sure about is whether to sink his money into the sleek apartment towers springing up everywhere.

With property prices up 40 percent this year - and critics warning that a slide is coming - other potential buyers are asking themselves the same question.

"There are just too many developments under construction that are coming online in the next two or three years," said Waryn, an American executive who moved to Dubai from London. "The supply and demand balance are going to be out of whack and the prices will come down."

A Morgan Stanley report predicted a 10 percent decline in prices by 2010 as the supply of new properties outstrips demand. But that view is disputed by other analysts and high-end developers, who say Dubai still is not building enough housing to accommodate a population that is growing by 7 percent a year. Of the emirate's population of 1.5 million, about 75 percent are expatriates like Waryn.

A key question facing the property market is whether the still-booming regional economy can withstand the economic turmoil gripping other parts of the globe. Those worries have sent Middle East stocks tumbling in the past two weeks to multiyear lows.

With oil prices falling, further concerns were raised late last month when the Central Bank of the United Arab Emirates made $13.6 billion available to the country's banks. "There appears to be a bit of a liquidity crunch going on with the central bank moving to put money in the market," said Sean Gardiner, head of regional research for Morgan Stanley. "It may make some of the smaller developers struggle to find financing."

Still, most analysts say Dubai is well positioned to ride out the global downturn. Investors expressed confidence that Middle East real estate markets would outperform others in the world over the next two years, according to a survey released Oct. 7 by the real estate agency Jones Lang LaSalle.

At Cityscape, Dubai's splashy annual property fair held last week, several plans for large-scale projects were announced, including a $39 billion tower that developers said will be the world's tallest. Dubai already is building a $20 billion tower, Burj Dubai, that has been expected to take the world's tallest title when it is finished next year.

Some analysts warn that a drop in real estate prices is inevitable if Dubai does not curb speculators who, seeking a quick return, buy and flip their interest in so-called "off-plan" units - projects that are still on the drawing board.

Developers sensitive to the criticism are taking steps to reassure investors and some even have stopped selling off-plan units. Others are targeting long-term buyers not only with promises of higher returns than can be obtained in Western capitals these days, but also with glossy promotions touting the lifestyle benefits of tax-free Dubai.

One project being heavily marketed is Culture Village, a 110,000-square-meter, or 1.2 million-square-foot, complex set to open in 2010 hugging the picturesque Dubai Creek. Along with the usual apartments and restaurants there also are schools planned for the arts as well as the 25,000-square-meter Museum of the Middle East, or Momena.

"Today we realize in Dubai that we should expose our past, our culture, our rituals, our dance. That's what was missing," said Yaqoob Al Zarooni, vice president of the government-owned Dubai Properties, which is building Culture Village. He was speaking at an event last month at the Ritz Hotel in Paris to introduce Babil, one of the complex's four midrise residences. The 51 studio to two-bedroom apartments, all of which have been sold, started at $414,100 and were aimed at European, American and Japanese buyers.

A 145-square-meter, two-bedroom apartment selling for $1.25 million at Babil would cost twice as much in prime areas of New York. In London, where housing prices are down 4.3 percent this year and expected to fall further, it still would cost six times as much.

"There is still no place else where buyers can continue to make these returns," said Shirley Humphrey of Harrods Estates, which is marketing the Babil project.

For now, despite concerns about the global economy, it appears the questions most Dubai residents are asking is when and where to buy.

Trends include developments pushing far into the desert and projects with themes like Dubai Properties' Mudon, a sprawling complex of five minicities, including a mock Marrakesh and Cairo.

Everyone, it seems, is in on the game. Waryn and a friend said they were stunned when, over dinner at the Dubai Marina, their waiter tried to sell them his option in a two-bedroom apartment in the Burj Dubai tower.

"It's like Las Vegas on steroids, without the gambling," said Waryn, 45, managing director for a private equity investment group.

In the end, Waryn and his wife, Liz, a lawyer, opted to rent a 550-square-meter duplex penthouse with private pool and terraces overlooking the sea. The $100,000 annual rent seemed a better deal than buying an equivalent property for about $4 million, although he said they still may buy an investment property.

So far, they are thrilled with life in sunny Dubai, where Jumeirah Beach is steps away and there are things to do with their 21-month-old daughter, Alexandra. "It's kind of the antithesis of where London and New York are right now," Waryn said. "The Gulf is a very attractive place while the rest of the world is doom and gloom."

source: iht


Rory Vanucchi

Fort Lauderdale Blog & Real Estate News

www.LasOlaslifestyles.com

www.FortLauderdaleLiving.net

RoryVanucchi@gmail.com



ECB Watch: Benchmark rate expected to fall to at least 2% by mid-2009

By Finfacts Team
Nov 7, 2008 - 7:56:12 AM

ECB Watch: Following the decision of the European Central Bank to cut its benchmark rate to 3.25% on Thursday, the rate is expected to fall to at least 2% by mid-2009.

If the rate falls to 2%, borrowers on trackers, will in particular gain.

As banks charge their customers about 1.25% above the ECB rate, depending on the type of mortgage.

Borrowers could gain a €400 reduction in monthly payments from the cuts that began in October.

A homeowner on a €300,000 tracker mortgage will benefit from a monthly repayment fall by €90 from Thursday's cut, in addition to the October cut, which also reduced the repayments by another €90.

The IMF expects the advanced economies to have their first full-year contraction in 2009 since 1945.

The reduction in mortgage costs should give the Government some courage to tackle the issue of public sector pay as private sector workers will in general get no rises and be at risk of unemployment.

The following is analyses on the rate outlook from 3 bank economists.

AIB economists led by Chief Economist John Beggs:

The ECB finally sees the light:

The European Central Bank cut rates by 0.5% today, bringing the total reduction in official rates in the eurozone to 1% in the past month.

It is hard to believe that the ECB hiked rates as recently as July. There has been a sea-change in its thinking on monetary policy since then, brought about by an abatement in inflationary pressures as oil prices collapsed and the eurozone economy hit recession, as well as worries about the deepening financial crisis.

It is clear that the ECB was not forward looking enough in terms of its monetary policy decisions in the earlier part of the year.

The summer rate hike stunned markets, given the worsening economic backdrop and fragility of the financial system. It contrasted with the policy easing of the Fed and BoE in H1 2008. The ECB, though, has been forced into a policy reversal and is now cutting interest rates rapidly to bring monetary policy more into line with economic realities.

The ECB did not attach much weight until recently to the turmoil in financial markets and its implication for the real economy.

While the ECB tried to distinguish between the operation of monetary policy for price stability purposes and money market operations, the lines became increasingly blurred. The rise in interbank rates and seizure in credit and money markets resulted in a sharp tightening of financial conditions that was completely inappropriate in an already weakening economy, increasing the risk of a deep and prolonged recession.

Neither did the ECB pay enough attention to leading indicators showing a sharp weakening in economic activity.

The latest readings from these indicators, in particular the PMI surveys and EC’s economic sentiment index, are truly awful. GDP contracted by 0.2% in Q2 and a decline of around 0.1% may have occurred in Q3. Leading indicators point to a marked fall in GDP in Q4. The eurozone economy, then, has been in decline for most of this year and the recession is likely to last until the middle of next year, judging by the continued downtrend in leading indicators.

With interbank rates still very high relative to official interest rates, it is quite clear that rapid and significant policy easing is required.

Three month interbank rates are still around 4.5% after today’s cut. Official rates need to be cut to very low levels to help bring down interbank rates, as has happened in the US. The ECB did consider cutting rates by 0.75% today. It was a missed opportunity for a bigger ECB rate cut as the BoE slashed rates by a whopping 1.5% today.

With inflation set to fall well below 2% next year, ECB President Mr Trichet hinted at his press conference today that further policy easing is on the cards, and another 0.5% rate cut seems likely in December.In the last cycle, ECB rates were eventually cut to a low of 2%. On that occasion, the economy managed to avoid recession. With the economy now in recession, inflation on the wane and interbank rates still elevated, ECB rates hould be cut to at least 2% in 2009.

Eurozone Economy In Recession

Eurozone GDP contracted by 0.2% in Q2 and data published since mid-year point to a continued deceleration in the pace of activity, indicating that the economy is in recession. The most recent data have been very weak, pointing to a marked contraction in GDP in Q4 and suggesting that the downturn in activity could last well into the middle of next year.

The EC’s economic sentiment index, a good lead indicator of economic growth, collapsed in October to 80.4 from 87.5 in September. This was the sharpest monthly fall on record and leaves the index at a 15 year low. The index has been in decline since mid-2007, when it stood at 111.6.

Meanwhile, the composite eurozone PMI fell to a record low of 43.6 in Octoberfrom 45.3 in September, well below its peak of 57.8 in June 2007. The October readings for both these indices, if sustained, point to a fall in GDP of around 0.3% in Q4. The contraction in GDP could be even greater if the indices continue to decline in the final two months of the year.

A marked fall is also evident in national surveys of business and consumer confidence, notably the Ifo index in Germany, INSEE surveys in France and ISAE index in Italy. The continuing sharp decline in these leading indicators in recent months is another sign that GDP growth is weakening further in the second half of 2008.

This is borne out by trends in manufacturing output and retail sales, which declined on an annual basis in July and August, and the marked slowdown in export growth over the summer.

The eurozone labour market has also weakened this year. The unemployment rate picked up to 7.5% in Q3 from 7.2% in the first quarter of the year. Employment rose by 0.2% in Q2 2008 compared to 0.5% a year earlier in Q2 2007. Survey data point to a continued weakening in labour market conditions. Meanwhile, inflation has started to ease, having picked up sharply earlier this year on the back of soaring food and energy prices. The CPI rate hit a historic high of 4% in July but had fallen to 3.2% by October following declines in commodity prices, especially oil. The CPI rate is set to continue on its downward path in the months ahead given the further fall in oil prices over the past month. The recession and rising unemployment will put downward pressure on core inflation. The CPI rate should decline to 2% next spring and 1% by next summer if the fall in oil prices in recent months proves sustained.

The growth in monetary aggregates is also decelerating. M3 grew by 8.6% y-o-y in September, down from 12.3% a year ago.

Growth in private sector credit slowed to 10% in September from close to 13% at end 2007.

Although declining, these growth rates are still elevated, but this may be because the current malfunctioning of credit markets puts greater reliance on banking finance, especially for corporates. Loan growth to households for example has slowed sharply to less than 4% y-o-y at this stage.

Overall, looking at the trend in the real economy, inflation and monetary aggregates, there seems little to stop the ECB from slashing interest rates to very low levels. Rates were cut to 2% in the last cycle. There is no reason why rates cannot be cut to this level again with inflation headed below 2% in 2009.

Simon Barry, Ulster Bank Capitals Markets:

ECB cuts by (only!) 0.50% as rates now headed to 2% or lower

ECB cut rates by another 0.50% today…
…this follows the 0.50% reduction in early October…
…so rates now stand at a two-year low of 3.25%, down from the recent peak of 4.25%...
…the ECB has never before cut rates by this much this quickly…
…though there was some disappointment that the cut wasn’t even bigger following the extraordinarily radical 1.5% cut from the Bank of England earlier today…
…a still highly fragile financial system and a rapidly deteriorating economic outlook provide the context for today’s move…
…while sharply lower oil prices also greatly help the outlook for inflation…
…further rate reductions are virtually certain in the period ahead including another 0.50% cut next month…
…rates now headed for previous low of 2%, maybe even lower


The ECB cut official interest rates in the euro zone by 0.5% today. Today’s move follows the 0.50% reduction announced as part of the co-ordinated global easing of interest rate policy on October 8th. ECB rates now stand at 3.25% - the lowest level in nearly two years – and down from the cycle peak of 4.25% reached in July.

The decision to cut rates was based on what Trichet referred to as the “alleviation of upside risks to price stability” – in other words an improved outlook for inflation. The improvement in the inflation picture has two clear drivers. First, the 60% drop in oil prices since July (from $147pb to $60 at present) will help produce a sharp decline in headline rates of inflation in the quarters ahead. Indeed, it looks as if HICP inflation (the ECB’s measure) could be as low as around 1.6% by next Summer, as the effect of lower oil and other commodity prices kicks in.

Second, incoming economic news, both from the euro area and the wider global economy, has been nothing short of horrendous of late. This week’s PMIs were a case in point. The October readings of both the manufacturing and services surveys hit new all-time record lows in the euro area, underlining how severe the loss in momentum has been in activity in recent months. Numbers out of Germany earlier today confirm the extreme weakness which is gripping the zone’s largest economy, with factory orders plummeting by a staggering 8% in the month of September alone – the biggest one-month fall since at least 1991. News from other major economies has also been exceptionally weak. Service and manufacturing PMIs from both the US and UK – two of the euro zone’s most important trading partners - have also collapsed in the past couple of months.

The weakness in domestic and external demand prospects featured prominently in Trichet’s statement. Notably, Trichet observed that the intensification and broadening of the financial market turmoil is likely to dampen global and euro area demand for “a rather protracted period of time”.

The global financial system has clearly been going through a period of unprecedented stress in recent weeks and months. But we can take at least some encouragement from the fact that the extreme distress in the capital markets, and the related pronounced weakness now affecting the major economies, continues to be met by an unprecedented response from policy-makers globally.

Today’s ECB move is another example of the determination of the authorities to prevent a catastrophic economic scenario. Since the ECB was formed in 1999, it has never cut rates by so much so quickly. At the beginning of the last interest rate cutting cycle in 2001, for example, it took the ECB four months to get rates down by 1%. This time they have done so in four weeks!

Today’s 0.50% move was in line with the prior expectations of most financial analysts. However, there was a palpable sense of disappointment in the markets at 12.45 when the ECB decision was announced following the extraordinarily radical 1.5% cut from the Bank of England earlier. The BoE’s decision was as laudable as it was audacious.

The ECB today missed an opportunity to deliver an even bolder move itself. But the sharp ongoing deterioration in the economic environment means that we shouldn’t have to wait much longer for the next instalment of policy easing. We expect another 0.50% cut at the December meeting, and rates look destined to get to the 2% low of the last cycle, if not even lower.

Austin Hughes, KBC Ireland - formerly IIB Bank:

  • ECB cuts for the second time in less than a month.

  • Rates likely to fall again in December as new forecasts will emphasise worrying scale of economic slowdown.

  • Changed reality of much poorer global growth and continuing credit market turmoil argue for aggressive ECB easing.

  • We think interest rates can fall to 2% in 2009 and possibly lower.

  • Lower rates will offer some much needed support to the Irish economy.

As the European Central Bank had effectively pre-announced today’s rate cut, most market interest focussed on (1) the size of the rate reduction and (2) any pointers as to future policy easing.

On a day when the Bank of England delivered a dramatic 150 basis point reduction and the Swiss National Bank also surprised by announcing an intermeeting cut of 50 basis points, today’s ECB rate cut of 50 basis points may seem disappointing. Mr. Trichet did indicate that the ECB Governing Council had considered a 75 basis point reduction and also hinted that rates would fall again in December by saying that he ‘didn’t exclude that rates could fall again’. By emphasising that the December policy meeting was ‘an important rendezvous’ because of the availability of new ECB staff Economic projections, Mr. Trichet is clearly holding out the prospect of a further rate cut next month.

Why not cut by more?

We think there are at least three reasons why the ECB did not implement a bolder rate cut today. First of all, it appears at least some at the ECB still harbour residual concerns about the inflation outlook. In our comment on the co-ordinated rate cut of October 8, we highlighted the ECB’s continuing and seemingly misplaced concern about ‘second round effects in price and wage setting’. While Mr. Trichet acknowledged today that there has been ‘a further alleviation of upside risks to price stability’, the opening paragraph of the press statement also suggests the ECB believes ‘they have not disappeared completely’. This may reflect some differences of thinking within the Governing Council. It could also be that the ECB might be excessively concerned about the looming high profile pay deal in the German engineering sector. Some at the ECB may even feel that the global response to the current downturn threatens an eventual if distant rebound in price pressures. However, it is very difficult to square the ECB’s lingering worries about inflation with the relevant evidence emerging on the economic outlook of late.

A second argument for cutting less today and easing again in December is that it can be delivered next month against the backdrop of new ECB staff projections that will show notably poorer growth prospects and a weaker inflation trajectory. If the ECB had cut more aggressively today, the presentation of dismal forecasts next month without an appropriate policy response might have put the ECB in an uncomfortable situation Mr. Trichet is now in a position to deliver a further Christmas present in the shape of another easing on December 4th.

Finally, it remains the case that the ECB has been very slow to recognise the scale of emerging downside risks to the Eurozone economy as well as the spill-over effect of the credit market turmoil on activity in the ‘real’ economy. Mr. Trichet emphasised today that circumstances had changed dramatically of late. However, the sharp slowdown evident in a broad range of Eurozone indicators since the middle of the year suggests a marked worsening of economic conditions that predates by some distance any impact from the failure of Lehman’s in September. Naively, the ECB seems to have believed that the Eurozone would be insulated from poorer economic conditions outside the single currency area. In addition, the judgement that ECB monetary policy and liquidity policy could be operated in entirely different directions for a prolonged period of time now looks fanciful. The implication of these errors is a slower policy response that may imply poorer Eurozone economic performance in 2009 than might have been the case as well as the possibility that ECB rates may need to fall further than if rates had been reduced earlier and not increased in July.

The ECB has fallen behind

Today’s decision by the ECB to cut policy rates by 50 basis points on the same day that the Bank of England cut rates by a massive 150 basis points underlines the relatively conservative nature of monetary policy in the Eurozone. Since the turmoil in markets began in August 2007, the US Federal Reserve has reduced it’s policy rates by 425 basis points, the Bank of England by 275 basis points and the ECB by just 75 basis points(two recent 50 basis point cuts preceded by July’s 25 basis point increase). Admittedly, Euro area rates were not initially as high as in these other economic zones but US policy rates are now far lower while UK rates are below their German counterparts for the first time since the middle of 1994. (Higher inflation, stronger growth and the greater importance of borrowing to the UK economy mean that UK policy rates have traditionally been higher than their continental European counterparts).

Of course it can be argued that the financial blow to the Eurozone economy is not nearly as severe as that to either the US and UK but we are now looking at the prospect of a severe global economic downturn that requires a forceful and speedy response.

History suggests an aggressive easing is likely

Faced with a sharp slowdown in growth and attendant downward pressure on inflation in 2001-2003, the ECB cut rates aggressively. That easing cycle lasted two years, encompassed 7 rate cuts and a fall in official rates of 275 basis points. Importantly, however, the ECB began it’s easing process a good deal quicker in the economic downswing. It is also the case that the current slowdown is likely to be a good deal more severe than it’s predecessor. Indeed, we now expect Euro area GDP to shrink by around 0.5% in 2009, the first full year decline in GDP since 1993 when activity shrank to 0.8%. Although the starting point for interest rates was notably higher in 1992, the German Bundesbank, effectively the Central Bank that ruled Europe at that time, reduced it’s key policy rates by 275 basis points in 1993. These comparisons argue the case for further sharp and speedy rate cuts even after today’s move.

Because (i) the global economy has been set on a sharply weakening path for some time (ii) evidence of a marked worsening of Eurozone economic conditions has been accumulating since the middle of the year and (iii) the financial market turmoil intensified sharply in September/October, we don’t think incremental changes to policy can be justified.

The ECB has now cut rates by 100 basis points in less than a month but we think further near term easing is likely. The current episode is more worrisome than the period surrounding the 9/11 terrorist attacks when the ECB reduced rates by 125 basis points in a little over a two month timeframe. As a result, we look for another 50 basis point cut in December and further easing through early 2009 that takes the main ECB refinancing rate down to 2 per cent by the middle of next year. The current economic downturn looks like being a good deal more severe than the slowdown that triggered the drop in ECB rates to 2.00% in 2003. We think the speed and extent to which money markets return to normality and the extent to which governments use fiscal policy to boost activity will determine whether a new all-time low will be seen in ECB rates in 2009.

What about Ireland?

The evidence of the KBC/ESRI Irish Consumer Sentiment Survey suggests that changes in interest rates are of critical importance to consumer confidence in Ireland. This is scarcely surprising. We estimate that every 1% drop in interest rates will boost the spending power of Irish personal borrowers by about €1.5 bio. Of course, there is some offset as personal savers will suffer a hit of about half this amount. However, as borrowers tend to have a higher propensity to spend then consumers, the prospective drop in interest rates alongside cheaper energy and food should provide some support to consumer spending in the coming year.

While it might appear that the Irish economy’s close relationship with interest rates is a relatively new one, history suggests otherwise. Periods of significant reduction in borrowing costs tend to be followed by stronger economic growth. Clearly, the sharp drop in interest rates that occurred in the late ‘80s contributed significantly to the subsequent economic upturn.

Similarly, lower rates coincided with an improvement in Irish economic fortunes in the aftermath of the currency crisis. The approach of EMU also saw growth accelerate as did the drop in borrowing costs between 2001 and 2003. This is not to say that interest rates are the key determinant of the performance of the Irish economy. However, a more favourable interest rate climate in 2009 may leave the outlook for growth a little less threatening than is now feared.


source: irish financial news


Rory Vanucchi

Fort Lauderdale Blog & Real Estate News

LasOlasLifestyles.com

FortLauderdaleLiving.net

RoryVanucchi@gmail.com