Caribbean suffers crippling impact of the global recession
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Aug 21, 2009
The Caribbean region continues to suffer from the crippling impact of the global recession.
That information was contained in the Central Bank of Barbados Economic Review, June 2009. The challenges were faced with particular respect to the critical tourism sector.
It said: “Long stay arrivals declined in all countries except for Cuba, Jamaica and Cancun, Mexico, as arrivals to these territories rose by two per cent, 0.2 per cent and 4.7 per cent respectively. Long stay arrivals for Grenada, Antigua and Barbuda and St. Lucia fell by 4.6 per cent, 14.3 per cent and 13.7 per cent, respectively. Similarly, tourist arrivals for Anguilla, Belize and St. Vincent and the Grenadines declined by 21.4 per cent, 7.7 per cent and 12.9 per cent, respectively, for the first two months of 2009. The downturn in long stay arrivals throughout the Caribbean region was driven by a fall-off in visitors from major source markets, namely, Europe and the United States.”
It was also revealed that the performance of the productive sectors in the region was mixed: “Construction value added in Jamaica and the Bahamas remained moderate during the last quarter of 2008. However, in Trinidad and Tobago the sector continued to benefit from ongoing work on a number of private and governmental projects. With respect to agricultural output, value-added in the sector declined in Jamaica, the OECS and Trinidad and Tobago, while marginal growth was recorded in Guyana.”
Some of the larger economies suffered major contraction: “The level of inflation in Jamaica and Trinidad and Tobago eased during the first quarter of 2009. At February 2009, the rate of inflation in Jamaica was 0.8 per cent, compared to 1.8 per cent in the corresponding period of 2008 and zero percent in December 2008. Increases in all sub-categories fluctuated between 0.1 per cent and 1.1 per cent except for housing, water, electricity, gas and other fuels. Similarly, the rate of inflation in Trinidad and Tobago slowed from 14.5 per cent at the end of December 2008 to 11.7 per cent in January 2009. This outturn was mainly driven by a reduction in food prices. However, inflationary pressures strengthened in the Bahamas, as a rate of inflation moved to 4.28 per cent at March 2009, compared to 2.63 per cent, one year earlier.” (DB)
Discover the world of animation at Animadrid 2009 - LateRooms.com
Posted , add a comment) LateRooms.co reveals that Brits heading to sunny Spain later this month will have the chance to attend one of Madrid’s most colourful and entertaining festivals.
Animadrid takes place from September 24th to October 2nd and is a celebration of cartoons and animated film for adults.
The event is held in the area of Pozuelo de Alarcon, which is situated in the north-west of the city. It is easily accessible by public transport and within easy reach of most Madrid hotels.
Organised by the ministry of culture and tourism for the community of Madrid, the festival showcases the very best in present day animated film and features productions from around the world.
Visitors can “enjoy innumerable films of great beauty and originality, learn new film languages, [discover] the contrast between hand-crafted animation techniques and techniques using high technology, and [be submerged] in the creative process”, according to the event organisers.
Films spanning all genres will be on show, with comedy, horror, suspense, drama, action, science fiction and children’s cartoon films all included in the festival line-up.
US feature film Idiots and Angels by Bill Plympton scooped last year’s top award, while the prize for best international short animation film went to Australian Dennis Tupicoff for Chainsaw.
You can also visit our Spanish hoteles Madrid page.
Terrania on Shaky Terrain
Posted , add a commentIt’s not a good time to open a new luxury hotel, but the 582 room Terranea in Rancho Palos Verdes, just outside Los Angeles, lasted all of 2 months before the ground caved in - the Terranea has gone into default with one of it’s lenders, and missed a chance to get a very essential tax rebate agreement from the City.
Terranea, Rancho Palos Verdes
The oceanfront luxury hotel and accompanying resort facilities - built on the former site of Marineland of the Pacific - opened it’s doors on June 12, 2009, built over a 10 year period by the Lowe Hospitality Group with a massive price tag of $480 million.
Terranea’s primary lender is Chicago based Corus Bankshares, a bank which is itself in serious danger of being taken into recievership by the FDIC. Corus has invested $180m in Terranea, but is now unable to offer any more financial support to the Terranea.
This financial muddle led to Terranea missing a deadline for enrolling into a tax rebate agreement with the City of Rancho Palos Verdes, for which it needed $12.5m. The agreement was apparently a very critical element of Terranea’s ability to remain financially viable, and it’s entire future is now at stake.
With $322 million in loans, struggling to keep it’s doors open due to lack of funds and support from it’s primary lender, the Terranea could quite possibly go into foreclosure, or be taken over by another entity.
The management says they’re talking to their remaining lenders - which includes Cascade Investment Co. which is controlled by Microsoft founder Bill Gates. Cascade has filed a notice of default because Terranea has not been meeting it’s payments.
Photo courtesy Destination Hotels & Resorts.
Iceland becomes “touristsland”
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By
Stefan Helgi Valsson, eTN Ambassador |
Aug 21, 2009
Iceland’s tourism performs well in spite of local economic troubles and a global recession. Fewer groups but more individuals are coming to Iceland this year than last year. Hoteliers, car-rental companies, tour operators and tourist guides vouch for this trend.
The historically strong tour group market seems to have stagnated, while more and more people opt for the freedom of using a rental car.
Package tour sales, marred by the long negotiation and sales process, have declined. Tour group package prices for summer 2009 are higher than consumers expect to pay considering near 50 percent devaluation of the local currency (ISK) in October last year.
Individuals take advantage of the current discounted prices on meals and accommodation and make up for the absence of groups. Also, they are keen shoppers. Shopkeepers and tax refund companies have reported up to 50 percent increase in sales since the devaluation of the local currency.
This year 1.2 percent more tourists visited Iceland in July than last year according to the Icelandic Tourism Board. Although statistics for the first seven months of the year reflect a 1.7 percent decline in terms of numbers the result is very positive, especially when compared to competing destinations in Europe.
Last year a record 500,000 tourists visited Iceland – a record likely to be repeated this year.
Completing Luxor project sites And Giza Pyramid
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By
Hazel Heyer, eTN Staff Writer |
Aug 21, 2009
On August 17, Egypt’s Secretary General of the Supreme Council of Antiquities (SCA) Dr. Zahi Hawass and Dr. Samir Farag, head of the Luxor Supreme Council (LSC), marked the completion of several development projects at different archaeological sites on Luxor’s western and eastern banks.
Other ongoing projects they both oversee total a budget of Egyptian Pounds 127 million. These include the restoration of Abul Hagag El-Loxori Mosque, moving the entrance of Luxor temple, the development of the area around Deir el-Baheri Temple (Hatchepsut’s Temple), the restoration of Howard Carter’s rest house with a view to turning it into a museum, and the installation of a new lighting system in the Valley of the Kings.
The Abul Hagag Mosque was built in 1286 to commemorate the Sunni Sheikh Abul Hagag. The passage of time had taken its toll on the mosque’s walls and foundations. Cracks had spread all over its walls and water from the Mayda’a water fountain had leaked into its foundations. Restoration work, which lasted for 14 months and cost LE 13.4 million has now been carried out. It was to return the mosque to its original glory. The cracks have now been removed; the foundations consolidated, and the water fountain renovated. The mosque’s open court has been developed, and a fire alarm system has been installed. The mosque’s dome has been renovated as well, along with the Pharaonic columns re-used in 1286 to construct the mosque.
The entrance to Luxor Temple has been altered. This project cost LE 7.260 million and lasted 18 months. Furthermore, the area around Deir el-Baheri has been improved over the past 15 months at a cost of LE 9.850 million. The enhancement entailed the removal of all unlicensed vendors from around the temple who would encroach on the safe zone protecting the monument. The government also opened an official visitor’s center, a cafeteria, a bookstore and 52 bazaars as well as repaved all roads leading to the temple.
The Carter Rest-House, used as the residence of Howard Carter during his excavations at the Valley of the Kings in the early 1990’s, has been restored and developed into a museum displaying the tools and instruments used by Carter during his excavations. The project costs LE 1.121 million and lasted for four months. This will open in the future.
Finally, work has concluded with the installation of a new lighting system in the Valley of the Kings. This new system will be tested.
In a separate development, Hawass announced forming an archaeological committee composed of archaeologists from the Supreme Council of Antiquities (SCA) and Egyptian universities. They are to meet next week to discuss the accuracy of a recent study claiming to pinpoint the exact date of construction of the Great Pyramid of Giza. The committee will discuss with Dr. Abdel Halim Noureddin, Professor of Ancient Egyptian Language at Cairo University, member of the committee previously formed by the Giza Governor, General Sayed Abdel Aziz, whose claim to fame was specifically dating the construction of the Great Pyramid - thus marking the date as national holiday.
Hawass said the committee will release a scientific report which will be submitted to the Permanent Committee of the SCA for approval. “Determining the exact day of building the Great Pyramid is of national pride and a very important scientific matter which must be accurately studied and discussed in order to reach the exact day,” said Hawass. He later sent a letter to the Giza governor asking him not to declare the 23rd of August as the National Giza Governorate Day, but the day the Great Pyramid was completed in ancient history.
(1.00 EGP = 0.180359 USD)