New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ, which independently announced a definitive agreement to purchase Instinet Group.
Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.
Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.
These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.
The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.
Joseph Cerniglia, a chef who had appeared on Gordon Ramsay’s television show Kitchen Nightmares, has commited suicide. Cerniglia was the owner of Italian restaurant Campania. He jumped off a bridge into the Hudson river on the New York–New Jersey border. At the time of filming in 2007, Cerniglia owed suppliers $80,000.
Officials reported that 39-year-old Cerniglia had jumped off of the George Washington Bridge into the Hudson. His death has officially been ruled as suicide. His body was retrieved from the river after reports of a man jumping off of the bridge.
Ramsay released a statement to the Press Association saying “I was fortunate to spend time with Joe during the first season of Kitchen Nightmares. Joe was a brilliant chef, and our thoughts go out to his family, friends and staff.”
Cerniglia told Ramsay about his personal debt when he came to the restaurant in 2007. He said “I am financially in trouble. The debt of the restaurant alone is overwhelming. My personal debt — wife, kids, mortgage — that’s a lot of debt”.
“Old deeds threaten Buffalo, NY hotel development” — Wikinews, November 21, 2006
“Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
“Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
“Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
“Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
“Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
“Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
“Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006
Friday, March 10, 2006
Buffalo, New York —The Common Council of Buffalo voted on Tuesday to send the Elmwood Village Hotel proposal “to committee for further discussion”, after citing the need for more public involvement.
The Elmwood Village Hotel is a development proposal by the Savarino Construction Services Corporation, a project designed by the architect Karl Frizlen of The Frizlen Group. The hotel would be placed on the southeast corner of Elmwood and Forest Avenues in Buffalo.
To make way for the project, at least five buildings located at 1109 to 1121 Elmwood Ave would be demolished. At least two properties on Forest Avenue could also be demolished. The Elmwood properties, according to Eva Hassett, Vice President of Savarion Construction, are “under contract”, but it is unclear if Savarino Construction actually owns the Elmwood properties. Hans Mobius, a former mayorial candidate, is still believed to be the current owner the properties. Mobius also owns 607 Forest Avenue.
The properties 605 and 607 Forest Avenue could also be included in the proposal according to Hassett.
“We would use a Special Development Plan to rezone 1119-1121 Elmwood and 605 Forest to a C-2 zoning category,” stated Hassett. It is possible that Savarino Construction may try to obtain a variance for 605 Forest, which would allow them to enforce eminent domain, should the hotel be allowed to go forward.
The building at 607 Forest was also discussed to be rezoned, but it is unclear what the plans would be for that property. During the February 28 Common Council meeting, Hassett stated that the properties 605 and 607 were “now off the agenda”.
Pano Georgiadis, owner of Pano’s Restaurant at 1081 Elmwood, owns the property at 605 Forest and attended Tuesday’s Common Council meeting.
“Having a hotel is a bright idea. We all love the idea of a hotel, but the way that it is presented, is wishful thinking. This hotel does not fit. It’s like putting two gallons of water in a gallon jug, it does not fit. At the last meeting, the architect admitted that they are planning to put the undergound parking lot and the hotel, right at the property line. If I open my window, I will be able to touch the wall, that goes fifty feet high”, said Georgiadis.
“There is a problem having a seventy-two room hotel and fifty-five parking spaces. That means that all the other cars will spill all over the neighborhood. The footprint is simply too small. If you have a bigger [parking] lot, and a smaller hotel, I will welcome a hotel. I have a parking lot at my own business, and I am chasing people all day long. Remember, the city says it has ‘zero tolerance [for illegal parking]’. Try telling that to the guy from Albany who came to see his kids, that are going to Buffalo State, who would get tickets totaling over a hundred dollars”, added Georgiadis.
The city’s Planning Board is scheduled to meet on March 14, 2006 at 9:00 a.m. about the proposal. Although a discussion will take place, no vote is expected to be taken.
At the moment, none of the properties are zoned for a hotel. Savarino Construction plans on asking for a C2 zoning permit. If that does not work, they plan to implement a new zoning plan called a “special development plan” which would allow for only a hotel on the site. That zone would not be able to be changed.
“This [project] justifies Mobius’s refusal to invest in any maitenance[sic] or improvements”, on the properties said Clarence Carnahan, a local resident. “Where were the Council persons over the years? Where were the city inspectors over the years, to make sure that he maintained and improved his properties? The government was supposed to be protecting, not being preditorial. I see a predatorial issue here when it comes to this hotel. Over the years: Why has the local government been disfunctional when it came to Mobius’s properties? Refusal to invest in improvements, doesn’t that sound like a slumlord? Maybe I am missing a point here, but what kind of messages does this send to other slumlords that havn’t[sic] been jailed or fined? It’s [the hotel] trying to be pushed through.”
Carnahan also presented signs for residents and or business owners who are opposed to the hotel, that could be placed in windows or on stakes in the yard. Some of the signs said, ‘No tell hotel’, ‘Hans off, no hotel’, ‘It takes more than a hotel to make a village’. and ‘Keep Elmwood free, no hotel’. Carnahan plans on making more signs for a protest to be held on Saturday March 18, at 2:00 p.m. (EST) on Elmwood and Forest. Some signs were given to individuals after the meeting.
“First things first, Hans is the problem, and I don’t think it has been addressed. Let’s roll back the clock on this project. What can we do with Hans? There is such thing as eminent domain, which could be of greater interest to the community, to seize the property at its lowest assessed value”, said Nancy Pollina, co-owner of Don Apparel with Patty Morris at 1119 Elmwood. “There are so many ideas that have not been explored and we are about to give this parcel away, to a big developer.”
Mobius has not returned any calls by Wikinews regarding the situation.
Letter to one of the business owners that could be displaced. Click to enlarge. Image: Jason Safoutin.
A freelance journalist writing for Wikinews has obtained a letter, exclusively, addressed to one of the five business owners from Hans Mobius stating:
There is a proposal to develop my property which you are currently renting. Because of opposition to this development, it does not look like it will happen. I will let you know if there any changes.
Despite the letter, there have been no plans or decisions made to end the proposal.
To date, none of the business owners or residents of 1119-1121 Elmwood have received an eviction notice.
These two buildings on Auburn and Elmwood, were newly renovated last year. The building on the left was boarded up for several years before the renovation took place. Image: Jason Safoutin.
Business owners and residents gave an indication of what they would like to see happen at the corner; a project similar to one done locally last year. There, developers renovated two buildings on Auburn and Elmwood Avenues, merging the buildings into one thus allowing for more shop space. Among some of the shops to move in after the development were Cone Five Pottery, The Ruby Slipper, and Abraham’s Jewelers. Prior to the renovation work, the left building in the picture was boarded up for several years. Many of the concerned locals would like to see a similar development on Forest and Elmwood.
Rocco Termini, a developer in Buffalo, proposed a similar design at the February 28 community meeting
In an interview after the February 28 meeting, Termini stated, “I will be willing to take a look at this myself, or I would be more than happy to be partners with Sam, Sam Savarino”, who is President and Chief Executive Officer of Savarino Construction Services Corp.
So far Savarino Construction has no plans to team up with Termini.
Investigators in Ireland have found wiring problems in several Virgin AtlanticAirbus A340s as part of their investigation into a fire on board one such aircraft that was forced to divert to Shannon Airport.
The Virgin jet was headed from London Heathrow Airport to Chicago with 143 passengers and thirteen crew on January 11 this year. A small fire was noticed in a waste bin storage area in the first class section’s bar unit.
A damaged wiring loom could be seen sticking out of a hole in the compartments floor, and there was visible electrical arcing in the area. An attempt was made to control the situation by switching off electrical circuits, but both the fire and the arcing continued unchecked.
The aircraft’s captain declared an emergency and diverted to Shannon, which the airliner reached thirty minutes later. During that time, the crew used five 1kg fire extinguishers upon the fire, but each time the arcing continued and after about five minutes the fire reignited. Witnesses described the fire as consisting of “licks of flame”.
After performing a safe emergency landing the airport’s Aircraft Rescue and Firefighting department tackled the fire with a 5kg extinguisher but met with similar results. After consulting with the crew the jet’s power was completely shut down, after which the fire was finally put out. Virgin initially claimed the fire had never occurred.
Investigators with Ireland’s Air Accident Investigation Unit (AAIU) inspected the loom and found it to be “completely severed” and exhibiting “strong evidence of burning/arcing” according to a preliminary report released on Friday. The loom was identified as providing power and dimming circuits for mood lighting in the bar.
The AAIU says that it seems the loom had contacted the metal waste bin in the compartment above. There should have been rails to hold up the bin and a protective metal cover, but “no evidence” of these was found and the report notes that “Initial inspection indicated the possibility that they were never fitted.”
The bar unit is a modification exclusive to Virgin. The AAIU ordered all 36 of the airline’s A340s worldwide inspected, with both France and the United Kingdom assisting with this. The UK has identified four other aircraft with faulty wiring, it has now been revealed. Virgin says that “A few minor issues were found and were immediately rectified,” and adds that “The installation of the bar was carried out in accordance with all relevant regulations. Virgin Atlantic continues to assist the AAIU in their investigation and looks forward to the full report with interest.”
The AAIU says that “significant other issues are being examined by the investigation” in addition to the wiring defects. “These include the difficulties faced by the crew in isolating the damaged circuits, the emergency checklist, the design of the modification and the standards relating to such modifications,” said the report.
Virgin’s Boeing 747-400 fleet also has a similar bar installed on it, but there was not considered to be a risk to the aircraft’s wiring on that model. The fire involved a bar added three years ago, with the aircraft manufactured in 1998.
Buffalo, New York —A woman in Buffalo, New York in the United States is in critical condition tonight at Sisters Of Charity Hospital after she accidentally set herself on fire.
The unnamed elderly woman was receiving oxygen for medical problems in her home and lit a cigarette, and the oxygen coming from her mask facilitated the ignition of her clothing, setting her on fire.
Despite her “severe” burns as described by firefighters on radio communications, she was still able to dial the emergency line in the U.S., 911.
In the U.S. only 4% of all residential fires were reportedly caused by smoking materials in 2002. These fires, however, were responsible for 19% of residential fire fatalities and 9% of injuries. The fatality rate due to smoking is nearly four times higher than the overall residential fire rate; injuries are more than twice as likely. Forty percent of all smoking fires start in the bedroom or living room/family room; in 35% of these fires, bedding or upholstered furniture are the items first ignited.
Our homes will warmly welcome guests but burglars? Of course not! We would do as much to avoid them considering the gravity of distress burglars could bring to our home not just in terms of lost stolen articles but also emotional disturbance after the unfortunate event. Most victims of burglary are often imprisoned living a life of fear.
Out of all crimes committed by man, the most common is burglary. The global crisis has been seen to affect the incidence of this particular crime as it has been more challenging nowadays to get a day’s worth of wages. No moral teaching can deter a strong-willed man bent on a plan to steal. In an effort to turn burglars off your lawn, the best way is to be proactive in securing your property.
You will find that nearly 80% of all burglaries are accessed through a property’s window. Aside from the very practical tip of remembering to always keep your windows and doors closed and locked, there are still several ways to avert an opportunistic burglar’s evil plans. One of them is to have security windows.
A simple form of security windows are window screen barriers. These window barriers are made of steel material in mesh form and cover the area of a whole window through a frame (in front or behind it), providing much-needed security not only against burglars but also against vandals and other attackers. Since the material is durable, any accidental rocks thrown to your windows will not go through, and cause further damage inside the house. If you are imagining security windows that look more like prison bars, think again. These security windows will not be an eyesore to your home. It will only appear as a tinted glass surface from afar. Furthermore, it allows enough light to pass through it as well as ventilation. So much for your prison bar imagery, right? What you get is peace of mind.
Security windows may be used in many kinds of properties such as homes, offices, groceries, apartments, shops, buildings, and more! Since these are relatively affordable, it is a wise investment for any property owner. Although a burglar can still access your window even with this added layer of security defense, it will take him quite some time and more noise which will in turn attract attention.
Security windows are available from several companies in the Internet and one should take considerable time in browsing the different kinds that are offered. There may be ones that suit homes better and others that look ‘heavier’ and are better off used in bigger properties. Trust only a brand that has had a good track record in installing security windows for homes. For those who live in urban neighborhoods where the rate of crime is much higher, investment in security windows becomes indispensable. As much as we would like our homes to be open to the public, providing warmth and love to many a guest, we need to live wisely for our own benefit.
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The owner of a New Jersey real estate investment firm has been charged with using $2 million of his company’s money for construction at his home and other projects not related to work.
The charges were the result of a three-year investigation into his practices. Klein, 45, of Colts Neck Township, faces up to 10 years in state prison if convicted. Klein was released Friday after posting $75,000 bail.
Klein attracted clients by telling them he would invest their money in projects that would result in returns of 12 and 85 percent. Prosecutors said the actions mirrored those of a Ponzi scheme.
Robert Weir, Klein’s attorney, said the operation was not a Ponzi scheme, but legitimate business investments that went bad as the economy declined. Weir also said Klein hired a receiver to try and return the investors’ money once the investments started to go sour.
“It’s a shame that a business that experienced a turn in the real estate market is now being treated as a criminal problem. That was not Mr. Klein’s intent,” Weir said to The Star-Ledger.
Weir said the investments were used for building rehabilitation projects in Asbury Park and the construction of Florida condominium complexes, but authorities said Klein used the money to repay earlier investors who were cashing out, as well to help build his own home.
The Marussia F1 team’s test driver, Spaniard María de Villota, was taken to hospital by air ambulance today after a collision in testing at Duxford Aerodrome.
At the end of her first installation run, the car she was driving had a low-speed collision with the loading ramp of the team’s support truck. According to BBC Cambridgeshire presenter Chris Mann, the car “suddenly accelerated” into the rear of the vehicle. The Marussia team released a statement an hour and a half after the accident, stating that she had been transferred to hospital, and a further statement would be issued once her condition had been assessed.
A spokesman for the East of England ambulance service, Gary Sanderson, said de Villota had “[…] sustained life-threatening injuries and following treatment at the scene by paramedics, she has been taken to Addenbrooke’s Hospital for further care.” According to witnesses, she was motionless for about fifteen minutes as medical teams attended to her, but did move her hands before being taken away from the test track. Medical charity Magpas, whose volunteer paramedics attended the accident, reported she had sustained injuries to her head and face, and was in a ‘stable condition’ when she reached the hospital.
Marussia reported her as conscious later in the afternoon: “Since Maria’s arrival at the hospital at approximately 10.45am this morning, she has been receiving the best medical attention possible at the hospital, which is the region’s major trauma centre. Maria is conscious and medical assessments are ongoing. The team will await the outcome of these assessments before providing further comment. The team’s first priority at this time is Maria and her family.”
De Villota was announced as Marussia’s test driver in March, having prior experience driving for Alan Docking Racing in Superleague Formula in Spain.
Apple may introduce a new iPod Touch (first generation pictured) next week.Image: Nsy.
Apple Inc. will hold a music-centered event in San Francisco, California on September 1. It has been widely speculated that the company will introduce an updated line of iPod portable music players and a new Apple TV.
The company e-mailed invitations for the event to various media organizations on Wednesday. The message included a picture of a guitar and the time of the event. Apple did not release any information about what products would be involved.
Apple has released new iPods through previous similar events in September in anticipation of the holiday shopping season. This year, Apple may unveil a new iPod Touch with two cameras, similar to their recent iPhone 4 design. It will likely also update the iTunes music store and software.
Speculation about a new Apple TV is mixed. While many blogs are reporting that a refresh of the device will be announced, analysts say that it is unlikely to happen during next Wednesday’s event. According to Reuters, sources are saying that Apple is negotiating with major television networks, including ABC and NBC, in order to provide shows for purchase on iTunes. However, they also reported that the deal has not been completed, and none of the companies involved have commented on the rumors.
It has also been rumored that Apple will introduce a new online music service. In 2009, Apple took over a company that allowed users to stream music online rather than download individual songs. Apple has not confirmed the rumors.
Last September’s media event saw the return of Apple CEO Steve Jobs after he took a break to undergo a liver transplant. This year, the event will be held in San Francisco’s Yerba Buena Center for the Arts, previously used by Apple in April for the unveiling of the iPad.
