Ryugyong Hotel – The Ugliest Building on Earth

Ryugyong Hotel in Pyongyang – The Hotel of Doom

First Published Date: June 14, 2015

The Republic of North Korea is simultaneously one of the most interesting and most impenetrable nations in the world. There are many places on this earth that provide major talking points with their seeming lack of openness, but as time has gone by there has continually been a temptation for each to accept the benefits of capitalism (or at least commercialism, which may not be the same thing but has many of the same effects) and open their doors, slowly at first but eventually deciding that they have more to gain from opening up to let the world in than from staying isolated. China was once seen in the way North Korea is today, but a move to free market capitalism is all but complete there and a real estate economy is developing. In North Korea, the same cannot be said – but whispers are emerging that it is beginning to dip its toe in the water.

The winds of change do not blow visibly in North Korea, due to the capricious nature of its President Kim Jong-Il, whose idiosyncratic style of leadership can best be described as “individual”. North Korea is a highly militarized state, and resists any effort to involve it in globalization. However, in Pyongyang there is a building which stands half-completed more than 20 years after ground was broken on its construction. Claims are that it will finally be completed in 2012, a quarter of a century after it began, and marking the 100th anniversary of the birth of the former leader, and Kim Jong-Il’s father, Kim Il-Sung. Extensive information on the hotel is hard to come by, however, so we are left with second-guessing and often cynical predictions on what shape the construction activity might take.

North Korea has a total foreign media blackout, and limits overseas visitors quite sternly, so it is not possible for international organizations to get a close look at what is taking place on the site of the Ryugong Hotel. Five years after construction began, it is known that it had to be stalled due to a lack of funds to complete the project, so what exists of the hotel is a concrete skeleton. Lately, one side of the pyramid-structured hotel has been seen to be covered in glass (although even that has been attributed in some circles to Photoshop), and the upper floors (due to house restaurants) seem to have been completed. A lot more, however, remains to be done. Even the Egyptian construction group Orascom – involved in the recent building – has admitted that the extent of the confirmed work is more to give the facade a more attractive look.

Whether the 2012 completion date for the Ryugong hotel is mere fancy or not, the fact that construction has recommenced after all this time does make for interesting speculation. Will the Pyongyang authorities see work completed on the building, and permit the promised “Western” freedom within the walls of the hotel? Will we know if it happens or not, given the silence from North Korea on almost all issues? We could yet be surprised – and those who call the building the “Worst Construction In the World” may yet have cause to eat their words. And, of course, maybe not.

Canadian Banking – World’s Soundest Banking System

Canadian Banking System Gets A+

First Published Date: January 4, 2009

Good news if you do your banking in Canada – you are storing your money in what is accepted to be the safest banking system in the world, ahead, even of banking paradise Switzerland. This means that even in the current global financial crisis, there is no cause to worry about the safety of your banking deposits, and that putting your money into a Canadian bank is as close as you can get to a guarantee that it will be handled in the most efficient way imaginable. After the annual study by the World Economic Forum polled bankers worldwide, Canada came out on top – well ahead of near neighbours the United States, which came in 40th.

The World Economic Forum polls its members every year, asking them to award marks out of seven for the soundness of a countries banking system. Canada polled a remarkable 6.8 out of seven, ahead of the previous leader as well as other notables such as Sweden, Luxembourg and Denmark, all of which are known for unshakeable fiscal probity.

This is news worth shouting about, as banks in many other countries have had to rely on government bailouts while others have gone to the wall. Canadian Finance Minister Jim Flaherty is a man with plenty of reasons to smile. As his counterparts in supposedly more prestigious economies flounder against a seemingly unstoppable wave of financial doom, Flaherty is presiding over a competitive economy with a lessening level of debt. As other governments borrow to escape the meltdown, Canada’s surefootedness is likely to reassure banking customers.

Canada has a progressive banking system too. It is a lot less stressful to try and get hold of your money here, with more Automated Bank Telling Machines per capita than any country in the world. Anybody who has ever spent time in a city or town with a dearth of ABMs can tell you that it’s a frustrating experience trying to withdraw money that you know you have. Sometimes it’s like they don’t WANT you to spend your money.

Electronic banking plays its own part in this most efficient bank system. Canada has the highest penetration levels worldwide of debit cards (enabling you to make use of your account even if you can’t find one of the country’s many branches or cash points), Internet banking (so if your bank doesn’t have one of the many branches nearby you can still conduct any transaction you care to name) and telephone banking. It’s a quite impressive story overall, to be honest. Knowing that your money is safe and that you face the fewest restrictions imaginable should you wish to make use of it means Canada should be in a position to ride out the crisis and come out the other side ready to compete.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Jan 4, 2009.

Canadian Financial Blog And US Jobless Claims

US Jobless Claims Fall And Canadian Finance Blog

First Published Date: May 10, 2009

Yes, this is a Canadian personal finance blog, and yes, the headline is about unemployment in the US. So yes, there may appear to be a contradiction in writing about that issue in this blog. But as we have all become more aware than we ever needed to be, the influence that one country can have on another is all the more when it comes to financial issues. Therefore, even though the figures may be coming from south of the border, it should be cause for reassurance and satisfaction to hear that the US Labour department has reported that jobless benefit claims fell to their lowest point in three months this week.

The news is, as ever, not all good. The number of people living on unemployment benefit has reached its highest level yet, but the number of new claims falling is a sign that the wave of layoffs has possibly reached its peak. The motto of the last few months where money issues are concerned is again relevant – “This is an encouraging sign, but we’re not out of the woods yet”. But living as we do in an age where perception is almost as important as hard reality, it is important to look at encouraging news as a potential springboard to a sustained improvement. Figures will not improve the situation by themselves, but investors, employers and job hunters can all play a part by showing optimism and helping to drive the economy forward.

OK, so no doubt some will be saying “this is all very well and good for America, but how does it really affect Canada?”. It is a good question, but there is an answer to it. The fact is that the US and Canada are linked not only geographically, but in business terms too. From simple matters like Canadian and US citizens in border regions crossing over the border to commute to work – then spending their wages in their home country while paying taxes in the other – to things like trade tariffs, the two countries have a mutual interest in seeing that things run smoothly with their neighbours. The worst case scenario would be protectionism in times of financial stricture, where either country moves to shore up its own interests. The likelihood of this increases in parlous economies, and decreases when news improves.

Canada, as we have discussed previously, has a lot to be proud of where handling of the recent financial crises has been concerned. Panicking will help no-one, and Canada has certainly avoided panic. Taking great care to ensure that the way we move out of the crisis is not just the quickest, but the most secure, is the only way forward. The potential for things to go badly wrong is never far away, and an increase in serenity south of the border will mean that Canadian economists can continue to steer the best path forward without the worrying distraction of things getting worse down South. And that affects everything in Canada – housing, employment, lifestyle, it all adds up.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on May 10, 2009.

Overnight Bus to Aswan | Egypt Travel Blog: Day 3 (Part 21) 01D19

16 Hours Overnight Bus Continues | Cairo to Aswan

Egypt Travel Blog: 10 DAYS Egypt Explorer - Felucca Cruise & Red Sea

Once the bus started to move, I settled in on the top level near the window. Everyone sat far from each other, so I had all the seats in my row to myself. There was traffic, so it took more than an hour to pass Giza and reach Cairo.

It was already dark and the vistas from Cairo’s nightlife started to unfold in front of my eyes. The intense, chaotic, noisy, and crowded streets were mind-blowing. I was mesmerized by Cairo at night and fell deeply in love with the city.

There were bazaars and roadside shops all over the place. Places were so crowded that I couldn’t grasp the extent of it. Tea stalls and cheap restaurants were all over and really crowded. There were fish markets and fruit & vegetable markets on the streets everywhere.

Cairo seemed to be getting crowded as the night was maturing. The ancient, sprawling mega-metropolis has another face at night. The city streets were flooded with too much bright lights and the streets were vibrant, colorful, and full of life.

One of our tour mates wanted to stop by a confectionary to grab water and snacks. Two armed officers followed her to the store while the bus was stopped. I doubt tourists anywhere else get this type of royal treatment.

The tour coach operators took a break too. I saw them smoking and drinking tea from a tea stall. There were two operators to give one another break; the journey was too long for one operator to make it. They were well dressed in a suit and tie.

As we crossed the city perimeter, darkness took over. We would continue through the night and will stop at 3 service stations before reaching Aswan.

America's Best Places for Retirement

Top American Cities to Retire

First Published Date: June 17, 2015

If you are thinking beach paradise California or mega metropolis New York City are on the best places to retire list, think again. Financial website Bankrate recently published its first ranking on America’s best and worst cities to retire and many famous cities are not on the list.

Bankrate looked at various factors such as cost of living, walkability, weather, crime rate, health care quality, tax rates, a specialized wellness score for seniors, etc. among 172 American cities and came with its lists of best and worst places to retire in America.

Here are the ten best cities:

1. Metro Phoenix, AZ
2. Arlington, VA
3. Prescott, AZ
4. Tucson, AZ
5. Des Moines, IA
6. Denver, CO
7. Austin, TX
8. Cape Coral, FL
9. Colorado Springs, CO
10. Franklin, TN

And here are the worst 10 cities:

1. New York, NY
2. Little Rock, AR
3. New Haven, CT (and surrounding area)
4. Buffalo, NY (and surrounding area)
5. Newark, NJ
6. Albany, NY (and surrounding area)
7. Hartford, CT (and surrounding area)
8. Oakland, CA
9. Indianapolis, IN
10. Cleveland, OH

Some highlights from this report:

– Only one city in Florida made it to the best list
– Cities in Arizona, including the 1st, 2nd, and 3rd, swept through the list. No wonder so many Canadians are flocking to Arizona and buying properties.
– The Big Apple is not so big on the list and made it to the worst city to retire, due to its high cost of living.
– No city in California is on the list.
– Las Vegas was not represented.

If you are interested in finding out Canada’s best places or the world’s best places to retire, visit the A Dawn Journal Retirement Section.