Construction projects are grinding to a halt as financing runs dry elsewhere in the world, but in China’s biggest city, they are still going strong.
Yesterday, Shanghai officially began work on what will become its tallest skyscraper — a 632m tower in the city’s Lujiazui financial center that will tower over the current highest building, the recently completed 490m Shanghai World Financial Center.
While China’s economy is slowing and exporters are feeling the pinch, the sinuous glass building — to be called the Shanghai Tower — is one of a slew of government-funded construction projects to stimulate growth and create jobs.
“Launching construction at this time will help boost Shanghai’s confidence in fighting the financial crisis,” Gu Jianping (顧建平), manager of city-owned Shanghai Tower Construction and Development Co, told reporters in Shanghai.
“This is a wonderful time for this project to start,” says Arthur Gensler, chairman of San Francisco-based Gensler Architecture, Design and Planning Worldwide, which designed the 120-plus floor structure that is due to be completed in 2014.
Slumping demand has pulled prices for materials such as steel down by some 30 percent, he said in an interview on Friday.
Former Nicaraguan president Violeta Chamorro, who brought peace to Nicaragua after years of war and was the first woman elected president in the Americas, died on Saturday at the age of 95, her family said. Chamorro, who ruled the poor Central American country from 1990 to 1997, “died in peace, surrounded by the affection and love of her children,” said a statement issued by her four children. As president, Chamorro ended a civil war that had raged for much of the 1980s as US-backed rebels known as the “Contras” fought the leftist Sandinista government. That conflict made Nicaragua one of
COMPETITION: The US and Russia make up about 90 percent of the world stockpile and are adding new versions, while China’s nuclear force is steadily rising, SIPRI said Most of the world’s nuclear-armed states continued to modernize their arsenals last year, setting the stage for a new nuclear arms race, the Stockholm International Peace Research Institute (SIPRI) said yesterday. Nuclear powers including the US and Russia — which account for about 90 percent of the world’s stockpile — had spent time last year “upgrading existing weapons and adding newer versions,” researchers said. Since the end of the Cold War, old warheads have generally been dismantled quicker than new ones have been deployed, resulting in a decrease in the overall number of warheads. However, SIPRI said that the trend was likely
BOMBARDMENT: Moscow sent more than 440 drones and 32 missiles, Volodymyr Zelenskiy said, in ‘one of the most terrifying strikes’ on the capital in recent months A nighttime Russian missile and drone bombardment of Ukraine killed at least 15 people and injured 116 while they slept in their homes, local officials said yesterday, with the main barrage centering on the capital, Kyiv. Kyiv City Military Administration head Tymur Tkachenko said 14 people were killed and 99 were injured as explosions echoed across the city for hours during the night. The bombardment demolished a nine-story residential building, destroying dozens of apartments. Emergency workers were at the scene to rescue people from under the rubble. Russia flung more than 440 drones and 32 missiles at Ukraine, Ukrainian President Volodymyr Zelenskiy
Indian Prime Minister Narendra Modi is to visit Canada next week, his first since relations plummeted after the assassination of a Canadian Sikh separatist in Vancouver, triggering diplomatic expulsions and hitting trade. Analysts hope it is a step toward repairing ties that soured in 2023, after then-Canadian prime minister Justin Trudeau pointed the finger at New Delhi’s involvement in murdering Hardeep Singh Nijjar, claims India furiously denied. An invitation extended by new Canadian Prime Minister Mark Carney to Modi to attend the G7 leaders summit in Canada offers a chance to “reset” relations, former Indian diplomat Harsh Vardhan Shringla said. “This is a
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