Friday, December 31, 2010
Snow-paralysed east coast limps back to normalcy
From The Hindu
It began on Sunday morning as a gentle flurry: tiny white flakes dancing on a merry breeze. Apart from ominous-sounding forecasts of a snowstorm from meteorological offices in the greater New York area, there was no hint of menace, no inkling, that such a benign snowfall could metastasize into a savage blizzard that would bring vast swathes of the East Coast to its knees.
But to those watching its progress from Manhattan, New York, which was to become the very epicentre of the snow's fury, its sheer acceleration was an unmistakable sign of its potency. And sure enough by 10 a.m. local time the snow was already dropping down in sheets and the gusting wind had acquired a violent edge, whipping the snow against island's resolute skyscrapers.
From that point on the transformation was dramatic — by 6 p.m. the city was barely recognisable for the post-destructive air that it had acquired. With the snow piling rapidly on the dangerously slippery sidewalks, cars skidded about helplessly, wheels churning the powdery snow in futility.
The city's denizens wandered zombie-like in their hooded snow gear, desperately seeking refuge in the nearest warm cafe.
As visibility dropped to zero and the blizzard attained a gale-force magnitude by Sunday night, it became clear that New York City was but one of the worst affected areas along the United States' eastern seaboard. With Maryland, Virginia and North Carolina pre-emptively declaring states of emergency some of the blizzard's worst consequences were mitigated through sheer preparedness.
Yet by Monday morning, when the snow and wind had abated and New Yorkers were greeted with a crisp blue sky and a fairytale-white landscape, news of travel chaos was already pouring in. Thousands of air, rail and road passengers were stranded, many unable to return to their homes or work after leaving for the Christmas weekend.
With reports citing wind speeds of 128 kmh, literally thousands of flights had to be cancelled at major airports such as New York's JFK. Power outages crippled everything from Amtrak trains to ordinary households on one of the coldest nights of the year.
Media also reported that “hundreds of cold, hungry and tired air passengers” spent the night at various airports with only some provided blankets and cots and none having access to their checked baggage.
Other eastern states fared no better. In coastal Massachusetts seaside homes were said to have been flooded by storm-driven waves, some of them even catching fire. In New England commuters were reported to have stayed off the roads with most highways and normally busy city centres eerily empty. Despite warnings by Governor Bob McDonnell of Virginia, conditions in the state were said to be “frustratingly bad across the region well into Monday”.
Along with Virginia, Maryland and Delaware were paralysed by train cancellations even as the storm was reported to have “meandered into the Northeast”.
While flights slowly resumed on Monday evening and Tuesday morning, there was little clarity when the backlog of cancelled flights and delayed trains would be cleared.
Even in New York — a city that has weathered all kinds of disasters — it was clear that this was one storm that would not be soon forgotten.
As one cabbie said to this correspondent, “I have been here 18 years and never once have I seen a storm this bad."
Labels: blizzard, John F. Kennedy airport, natural disaster, New York, snow, weather forecast
Friday, September 24, 2010
Microfinance deployed in developed world too
From The Hindu
Microfinance, widely acknowledged as an innovative tool to supply entrepreneurs of the developing world with access to credit, is now breaking new ground in the developed world too – in New York City.
Grameen America, a microfinance organisation headquartered in NYC, and Citi Microfinance, part of Citigroup, on Monday announced that their joint project to provide low-income entrepreneurs in the U.S. with savings accounts from Citi to complement microloans from Grameen America had led to the creation of more than 2,500 savings accounts in Upper Manhattan and Queens areas.
Under this scheme the borrower-clients of Grameen America may use their Citi savings accounts to “build their assets as well as access mainstream financial services, such as ATM networks,” a spokesperson for Citi said.
Shah Newaz, CEO of Operations at Grameen America, said his organisation provided “micro-loans to our low-income clients so that they can start or invest in an income generating activity. Citibank has developed a system to extend their savings service to our clients in Queens and Manhattan.” He added that Grameen America clients were able to increase their income through such micro-loans and the savings service from Citi enabled them to form create assets and thereby escape poverty.
In a statement Bob Annibale, Global Director of Citi Microfinance, said, “The Citi-Grameen partnership is an important one at a time when the economic slowdown has shown how critical it is to build savings where possible... This partnership reflects Citi’s commitment to encouraging underserved individuals save and build assets.”
According to Grameen America a majority of borrowers lacked access to mainstream financial services and frequently turned to wealth depleting, high-cost financial service alternatives such as payday lenders.
Yet using the Grameen group lending model, developed and refined over 30 years by the Grameen Bank in Bangladesh, residents of NYC are now enrolled in the peer group system wherein members encouraged, supported and learned from each other.
Since January 2008, Grameen America – also established by Grameen Bank founder Muhammad Yunus – has disbursed over $9 million in microloans to over 4,000 micro-entrepreneurs. Mr. Yunus serves as Chairman of the Board of Directors of Grameen America. Citi Microfinance provides more than 100 microfinance institutions and networks in over 40 countries with products and services such as financing, access to capital markets, transaction services, to credit, savings, remittances and insurance.
Labels: company information, developed world, Grameen America, Microfinance, Muhammad Yunus, New York
Thursday, August 19, 2010
Indian Mission wins tax relief
From The Hindu
The Permanent Mission of India to the United Nations has won a key legal battle against the City of New York, and as a result has obtained an exemption from a federal appeals court from paying millions of dollars in property taxes to the City.
In the judgment on Tuesday, the Second U.S. Circuit Court of Appeals in Manhattan Appeal said it had reversed an earlier judgment by a District Court that had ruled in favour of the plaintiff, the City of New York. The ruling will exempt the Mission from paying $45.7 million in back taxes and interest accrued since 2008.
As per the latest ruling, the Appeals Court found that a State Department notice was a lawful exercise of the Department's authority under the Foreign Missions Act. Thus, the Court ruled, the notice operated in this case to exempt the Appellants from the property taxes imposed by the City, and so “nullifies the City's existing tax liens against Appellants.”
Media reports quoted Aaron Stiefel, a lawyer representing India and Mongolia in the litigation as saying, “Certainly, we're thrilled with the result... It is a complete victory, we got everything we wanted.”
Opposing counsel city attorney Michael Cardozo said, “We are extremely disappointed... This provides a free ride for foreign countries owning certain properties in New York City while unnecessarily burdening local taxpayers.”
The State Department notice that the Court alluded to was issued during the appeals process, in June 2009, and held that pursuant to the Foreign Missions Act, it was designating as a “benefit” an exemption from property taxes on property owned by foreign governments and used to house the staff of permanent missions to the U.N.
That notice, the Court said, pre-empted “all inconsistent state and local laws,” and also applied to all property taxes that have been or will be assessed on such property.
The latter ruling would save the Indian Mission from having to pay past taxes as well. It was unclear whether New York City's had the right to tax other countries' U.N. mission properties,
With the argument principally turning on the jurisdiction of the State Department to provide such exemptions under the Foreign Missions Act, the Appeals Court added, “Under the circumstances of this case, the State Department acted within its power in designating this benefit as effective retroactively.”
The Permanent Mission of India to the United Nations has won a key legal battle against the City of New York, and as a result has obtained an exemption from a federal appeals court from paying millions of dollars in property taxes to the City.
In the judgment on Tuesday, the Second U.S. Circuit Court of Appeals in Manhattan Appeal said it had reversed an earlier judgment by a District Court that had ruled in favour of the plaintiff, the City of New York. The ruling will exempt the Mission from paying $45.7 million in back taxes and interest accrued since 2008.
As per the latest ruling, the Appeals Court found that a State Department notice was a lawful exercise of the Department's authority under the Foreign Missions Act. Thus, the Court ruled, the notice operated in this case to exempt the Appellants from the property taxes imposed by the City, and so “nullifies the City's existing tax liens against Appellants.”
Media reports quoted Aaron Stiefel, a lawyer representing India and Mongolia in the litigation as saying, “Certainly, we're thrilled with the result... It is a complete victory, we got everything we wanted.”
Opposing counsel city attorney Michael Cardozo said, “We are extremely disappointed... This provides a free ride for foreign countries owning certain properties in New York City while unnecessarily burdening local taxpayers.”
The State Department notice that the Court alluded to was issued during the appeals process, in June 2009, and held that pursuant to the Foreign Missions Act, it was designating as a “benefit” an exemption from property taxes on property owned by foreign governments and used to house the staff of permanent missions to the U.N.
That notice, the Court said, pre-empted “all inconsistent state and local laws,” and also applied to all property taxes that have been or will be assessed on such property.
The latter ruling would save the Indian Mission from having to pay past taxes as well. It was unclear whether New York City's had the right to tax other countries' U.N. mission properties,
With the argument principally turning on the jurisdiction of the State Department to provide such exemptions under the Foreign Missions Act, the Appeals Court added, “Under the circumstances of this case, the State Department acted within its power in designating this benefit as effective retroactively.”
Labels: Indian Mission, New York, tax exemption, United Nations
Wednesday, May 05, 2010
New York police pore over leads
From The Hindu
Following a major bomb scare in New York’s bustling Times Square on Saturday, police were reported to be examining a surveillance video showing a man removing his shirt and glancing back in the direction of the vehicle that contained the bomb.
The video, released by the New York Police Department, shows an unidentified white man walking down an alley and stopping briefly to remove his shirt. The man, who was wearing a red shirt underneath, is then seen looking backwards in the direction of the Nissan Pathfinder vehicle which was giving out smoke. He is then seen placing his first shirt in a bag and walking away.
New York Mayor Michael Bloomberg, in a television interview cautioned that “the person on the tape may not become a suspect”. He said there were virtually millions of people that come through Times Square and “this person happened to be in a position in which a camera got a good shot of him”. He added it was possible this individual had something to do with the bomb but there was “a very good chance that he did not”.
No evidence to support Taliban claim
Police also addressed reports of videos posted to the Internet over the weekend, apparently suggesting that the Tehrik-i-Taliban Pakistan (TTP) claimed responsibility for the planned attack. At a press conference Police Commissioner Raymond Kelly said, “Although a Taliban bomb-maker has claimed on the internet that the car bomb was placed in Times Square to avenge the deaths of Mujahideen fighters, we have no evidence to support this claim.”
Mr. Kelly added that though they had not yet determined whether the car bomb was linked to “any specific terrorist organisation,” they were working closely with the Federal Bureau of Investigation through the Joint Terrorism Task force. He noted, “Our investigators have developed leads that may assist us in identifying the individual responsible for the attempted car bombing in Times Square last night.”
Mr. Bloomberg similarly reiterated there was “no legitimate evidence” of a link to al-Qaeda, the Taliban or any other militant group. Homeland Security Secretary Janet Napolitano mentioned in a media interview that nothing had been ruled out yet, and “Right now, every lead has to be pursued… I caution against premature decisions one way or another.”
Providing a few more details regarding the explosive device itself Mr. Kelly said, “In essence our initial take is that it is incendiary in nature… Of course if this had detonated, in my judgement, would have caused casualties with a significant fireball. I am told that the vehicle itself would have been cut in half. You have large numbers of pedestrians in that area so yes, we were lucky that it did not detonate.”
Labels: New York, Taliban, Times Square
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