real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.
Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.
The move takes the property developer, which had 3.6 billion euros ($4.8 billion) of debt at the end of September, closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted on 7 billion euros of debt in 2008.
Dozens of property companies have collapsed in Spain, where house prices have fallen around 40 percent since their 2007 peak. With the country locked in a deep recession, analysts expect prices to fall further still.
Spain's banks were crippled by the property market bust, eventually requiring the state to agree a European bailout for its lenders of almost 40 billion euros last year. Indebted property firms have asked banks for debt relief but patience is wearing thin among lenders saddled with soured property assets.
Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria and its creditors include Santander, BBVA, Bankia and Banco Popular.
The company, which valued its property portfolio at 4.2 billion euros in June 2012, said it would continue to operate as permitted by Spanish insolvency laws.
Its insolvency petition now goes to court and its fate will be in the hands of a judge.
Reyal Urbis said Santamaria would remain at the helm of the company and he still hoped Reyal Urbis could reach a deal with its creditors, given "the good will of all negotiating parties".
The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for insolvency. Sources close to the matter told Reuters on Friday that creditors had rejected the company's 3.6-billion-euro proposal.
Trading in the company's shares was suspended on Tuesday, Spain's stock market regulator said. The stock had plunged 99 percent since June 2007 to close at 0.124 euros on Monday.
At the end of 2011, Reyal Urbis owned some 888 finished homes in a country where over a million homes lie empty. The company also had 8 million square metres of land for development and 237,000 square metres of commercial property, including offices, shopping centres, industrial property and hotels.
Police have several leads in the investigation of the large forest fire that started a week ago.
Police have several leads in the investigation of the large forest fire that started a week ago.
Suspicions that it was started malicously has possibly strengthened. Sources claim that the fire spread quickly because there was more than one fire. Witnesses stated inter alia, have seen an unidentified jeep coming from a farm between Ojén and Marbella exactly where the fire then got an awesome course. In Marbella, it was announced yesterday that it is now able to restore electricity, water and telephone networks in all affected areas. It is now under the companies just the kind of disruption that is "normal". In areas Elviria Ricmar has repaired water pipes, power lines and 3000 meters telephone and fiber optic cable. It has also been launched several campaigns to restore nature and conduct tree plantings. Biologists say that tree planting may be necessary until next year. The hotel chain Fuerte Hoteles has among other things promised to donate a tree for every hotel guest you have in Marbella. The hotels have also started a fundraiser where guests can help by buying a tree, which will then be planted in the affected area.
experts believe we can actually become "addicted" to stress.
Stress can be physical,And then there’s the kind that’s in our heads — that OMG I’m so overwhelmed right now feeling. While psychological stress has some definite downsides (chronic freak-outs may increase our risk for cancer and other diseases), take a moment to exhale. In moderate amounts, stress can boost our focus, energy, and even our powers of intuition.
Still, in some cases, stress does more than light a productivity-boosting fire under our butts. Both emotional and physical stress activate our central nervous system, causing a “natural high,” says Concordia University neuroscientist and addiction specialist Jim Pfaus. “By activating our arousal and attention systems,” Pfaus says, “stressors can also wake up the neural circuitry underlying wanting and craving — just like drugs do.”
This may be why, experts believe, some of us come to like stress a little too much.
Type A and Type D personalities — or people prone to competitiveness, anxiety, and depression — may be most likely to get a high from stressful situations, says stress management specialist Debbie Mandel. Stress “addicts,” Mandel says, “may also be using endless to-do lists to avoid less-easy-to-itemize problems — feelings of inadequacy, family conflicts, or other unresolved personal issues.”
Some stress junkies have difficulty listening to others, concentrating, and even sleeping because they can’t put tomorrow’s agenda out of their minds, explains Mandel. Others tend to use exaggerated vocabulary — craaazy busy right now, workload’s insane!! And some begin to feel anxious at the mere thought of slowing down their schedule.
But psychologist and addiction researcher Stanton Peele cautions against labeling anyone a stress addict. “Only when that pursuit of stress has a significant negative impact on your life could it qualify as addiction,” he said, adding that many people are able to effectively manage — and in fact thrive under — high stress conditions. (Think: Olympic athletes or President Obama.)
Study: Stress Shrinks the Brain and Lowers Our Ability to Cope with Adversity
For budding stress “addicts” or for those who just, well, feel overwhelmed, here are some tips to dial down that anxiety:
- Seek professional help if you’re verging on burnout. (Not only can hashing it out with a therapist take a load off your mind. Some studies suggest it also boosts physical fitness.)
- Do something creative. Mandel recommends carving out a once-weekly time not to think about tomorrow’s agenda by painting, cooking, writing, dancing, or anything else that’ll take you off the clock temporarily.
- Take it outside. Numerous studies show spending time in nature improves general well-being, lowers anxiety, stress and depression, and even boosts self-confidence. Especially for women. (As it turns out, most addiction recovery centers offer outdoor-immersion programs.)
- Calm down quickly. If you really don’t have time for any of the above, these 40 tricks to chill take five minutes or less.
Some of us may seek out stress a bit more excessively than others and struggle to just relax. It takes skill to handle hectic agendas and long lists of responsibilities — without losing sleep or feeling frazzled. So try these tips and try not to freak out.
Worried that you or someone you know seeks out stress a little too much? Think stress addiction is a myth? Tell us about it in the comments section below.
alcohol in red wine actually weakens its ability to lower blood pressure.
For those red wine drinkers who’ve been feeling morally superior about all the health benefits of the relaxing glass or two sipped during dinner, there’s some bad news on the horizon.
Turns out, those glasses of wine would be a lot healthier if they were non-alcoholic, a new study shows. Spanish researchers led by Gemma Chiva-Blanch of the University of Barcelona found that non-alcoholic red wine reduced blood pressure in men at high risk for heart disease better than standard red wine or gin, according to the study published in the American Heart Association journal Circulation Research. Although the reduction in both systolic and diastolic blood pressure was modest, decreases of just 4 and 2 mm Hg have been associated with a 14 to 20 percent reduction in heart disease and stroke, the researchers pointed out. “The daily consumption of dealcoholized red wine could be useful for the prevention of low to moderate hypertension,” they concluded. Although there have been many studies on the impact of moderate drinking on health, the findings have been mixed, with some studies showing a benefit and others suggesting none. The new study found that 3 ounces of gin a day had no impact on blood pressure, while consumption of regular red wine led to a small, but not statistically significant, improvement. The new study suggests that if you’re going to have a drink, red wine would be the healthiest choice, said Dr. Kelly Anne Spratt, a heart disease prevention specialist and a clinical associate professor of medicine at the University of Pennsylvania. Still, Spratt said, “while there are those of us in cardiology who believe in the benefits of red wine, we want to be wary. We’re not going like gangbusters recommending people go out and start drinking. There are a lot of problems associated with drinking, like weight gain, cardiomyopathy, alcoholism, an increased breast cancer risk in women who consume two or more drinks a day.” Chiva-Blanch and her colleagues suspect that blood pressure improvements were due to the impact of polyphenols, a red wine component, on nitric oxide. The theory is that nitric oxide molecules help blood vessels relax, which allows better flow and more blood to reach the heart and other organs. For the new study, Chiva-Blanch and her colleagues followed 67 men with diabetes or three or more cardiovascular risk factors. During the study, the men were all required to consume the same foods along with one of three drinks: 10 ounces of red wine, 10 ounces of non-alcoholic red wine or 3 ounces of gin. During the 12 week study, the men tried each diet/beverage combination for four weeks at a time. The researchers determined that the standard red wine and its nonalcoholic counterpart contained equal amounts of polyphenols, an antioxidant which has been shown to decrease blood pressure. Men who drank regular red wine saw minor reductions in blood pressure – too small, in fact, to be statistically significant. Those who drank gin with their meals saw no change in blood pressure. But men who drank non-alcoholic red wine saw a blood pressure decrease of about 6 mm Hg in systolic and 2 mm Hg in diastolic blood pressure. Chiva-Blanch and her colleagues concluded that their findings show that the alcohol in red wine actually weakens its ability to lower blood pressure.
OwnFone: A Custom-Printed Phone Perfect for Seniors and Kids
OwnFone: A Custom-Printed Phone Perfect for Seniors and Kids
Some people need all the latest apps and features available on their smartphone so they can be connected 24/7, while others just want to make a phone call. For the connected crowd, read all the latest reviews onMashable. For the others, check out the OwnFone.
It’s designed to call only the people you want to reach most frequently. In fact, it can only hold 12 contacts. There are no keys or buttons to program. Instead you let OwnFone know who you want to add, and they program and send you a custom-printed phone, about the size of a credit card.
If you lose it, they just print you a new one. You do need to call OwnFone support if you need to change someone’s number, or add a contact.
OwnFone says it plans to come out with a phone that can be customized in braille in the near future. Right now OwnFone is only available in the UK.
Check out the video above for more details and let us know what you think of a printed, pre-programmed cell phone.
Estepona Wild Fires rage on a 2km front
Estepona Wild Fires rage on a 2km front
Police and Ambulances hurried to evacuate as wild fires quickly spread our reporter on the scene photographer the devastation
Estepona on Fire
We had a tiny little fire today, which they put out.
Then an hour later, it restarted, and spread along 2 Klm of the coast.
It was horrible seeing old people being run out of their homes, and carried through the smoke by police and ambulances.
The pictures really doesn,t do show bad it really was.many houses have gone
During experiments on the axons of the Woods Hole squid (loligo pealei) / we tested our cockroach leg stimulus protocol on the squid's chromatophores.
During experiments on the axons of the Woods Hole squid (loligo pealei), we tested our cockroach leg stimulus protocol on the squid's chromatophores.
The results were both interesting and beautiful. The video is a view through an 8x microscope zoomed in on the dorsal side of the caudal fin of the squid. We used a suction electrode to stimulate the fin nerve. Chromatophores are pigmeted cells that come in 3 colors: Brown, Red, and Yellow. Each chromatophore is lined with up to 16 muscles that contract to reveal their color.
Paloma T. Gonzalez-Bellido of Roger Hanlon's Lab in the Marine Resource Center of the Marine Biological Labs helped us with the preparation. You can read their latest paper at:http://rspb.royalsocietypublishing.org/content/early/2012/08/13/rspb.2012.1374
London's secret music venue and their livestream act
London's secret music venue and their livestream act
With an invite-only door policy and super secret location, Boiler Room is London's most exclusive music venue. But elitism isn't the premise for its clandestine nature—in fact, anyone with an Internet connection can easily join in the fun. Using a simple webcam, the crew behind Boiler Room livestreams each set for the world to see free of charge, and each month more than a million viewers tune in to see performances by artists like James Blake, The xx, Roots Manuva, Neon Indian, Juan Maclean and more.
We recently chilled out to the smooth sounds of Brooklyn's How To Dress Well before rocking out to revered musician Matthew Dear, who brought down the house with an intense 40-minute DJ set. Keep an eye out for our interview with Dear, but for now you can get a little more insight into the underground music scene's most talked about livestream show by checking out our interview with assistant musical programmer and Boiler Room host Nic Tasker.
How important is it for Boiler Room to remain secret, at least in its location?
That is quite an important aspect of it, purely because it means when you do shows you don't get a lot of groupies, pretty much everyone in the room is either a friend of ours or one of the artist's. It helps to create a more relaxed atmosphere for the artist and I think they feel less pressure. They're also just able to chill out and be themselves more rather than having people being like, "Hi can I get your autograph?" If the artists are relaxed usually you get the best music.
It seems like there is more interaction among the crowd than at a typical venue, is that intentional?
It's definitely a social place. All the people that come down, most of them we know and they're all our friends. So they come down, hang, have a drink and just chill out, basically. From our very set-up, we do it with a webcam, we're not a highly professional organization but I think that's kind of the charm of it. The main thing is people come down with the right attitude.
How much of the show is prescribed?
I guess that depends on the artist. We never say anything. Literally, whatever they want to do—we're kind of the platform for them to do whatever they want, so if Matthew Dear wants to come and play an hour of noise with no beats, he can do that. That's fine with us, and I think that's why artists like coming to play for us. We're not like a club where you have to make people dance, we don't give a shit if people dance. It's nice if they do and it makes it more fun, but some nights you just get people appreciating the music, which is equally fun.
Is there a particular kind of artist you guys look for and ask to come perform?
No, not particularly, it's just whatever we're feeling. Thristian [Boiler Room's co-founder] has the main say on musical direction, but it's a massive team effort. In London there's five of us, New York there's two, LA there's one and Berlin there's two.
Tonight you had different set-ups for each artist, do you tailor their positioning in the room to their style?
It definitely depends on the act and what kind of music they do. With live bands we found what works nicely is having them opposite each other because it's like they're in rehearsal, like they're just jamming. Which is again trying to give them that chilled out feel that they're just at home jamming and there happens to be a camera there. For some of our shows we've had over 100,000 viewers. When you think of those numbers it's quite scary, but when you're in the room and it's all friends it creates that vibe that people don't mind. You can imagine if you had all those people in front of you it would be a very different situation.
Have you ever thought of Boiler Room as an East London version of Soul Train?
It's never crossed my mind like that, but I can see why you think that. I like to think of us as the new music broadcaster, kind of the new MTV, but obviously we operate in the underground scene mainly. But I like to think that what we do is as revolutionary as what they were doing. We're always growing into something new.
What's up next for Boiler Room?
We have had visual people in doing 3D mapping, and that's something we're looking forward to progressing—doing more with the visuals. We've got the upstairs as well, we're starting to do breakfast shows with some high profile DJs, we're going to be doing that regularly. Each will have an individual format. The next step is progressing the US shows, we're alternating weekly between New York and LA, so the next step is to take Boiler Room to America
Breaking Free of the Co-dependency Trap
Breaking Free of the Co-dependency Trap presents a groundbreaking developmental road map to guide readers away from their co-dependent behaviors and toward a life of wholeness and fulfillment.
Breaking Free of the Co-dependency Trap presents a groundbreaking developmental road map to guide readers away from their co-dependent behaviors and toward a life of wholeness and fulfillment.UK Citizens
This is the book that offers a different perspective on codependency and is strongly recommended by Dream Warrior Recovery as part of a solution based recovery. This bestselling book, now in a revised edition, radically challenges the prevailing medical definition of co-dependency as a permanent, progressive, and incurable addiction. Rather, the authors identify it as the result of developmental traumas that interfered with the infant-parent bonding relationship during the first year of life.US Citizens
Drawing on decades of clinical experience, Barry and Janae Weinhold correlate the developmental causes of co-dependency with relationship problems later in life, such as establishing and maintaining boundaries, clinging and dependent behaviors, people pleasing, and difficulty achieving success in the world. Then they focus on healing co-dependency, providing compelling case histories and practical activities to help readers heal early trauma and transform themselves and their primary relationships.
Vintage Ads Most Disturbing Household Products
Vintage Ads Most Disturbing Household Products
Maybe. But it's really hard to see how even our parents and grandparents didn't get nightmares from ...
#13. Three-Legged Dingo Boots
The Message:
Here are some boots that you should buy, because famous people wear them. Three of them.
The Horror:
Wait, what?
Yes, amazingly, the fact that this ad stars a pre-murder O.J. Simpson is the second-creepiest thing about it. And you can squint and try to read the text all you want -- it makes no reference whatsoever to the fact that their spokesperson has three legs. There's no cute slogan like "Boots so comfortable, you'll wish you had another foot!" Nope. It's like some guy in the art department just said, "Eh, I don't like how you can't really see the chair, let's just add another leg to fill that space."
We know what you're thinking: "Cracked, this is obviously a subtle 'big dick' joke. 'Third leg?' Get it?" But, no, it turns out this was a whole campaign they did with various celebrities, some of whom are women:
eBay
Like, uh ... this famous lady right here.
But O.J. seems to be the most frequent star of the "Third Leg" campaign, which apparently lasted for years. Note how his afro shrinks as he gets more comfortable with his new appendage:
The picture in that third ad would have been perfect for the cover of his book.
Please don't blame us for the inevitable nightmare in which O.J. is running after you, in the dark, those three boots pounding down the pavement after you with a noise like a wounded horse.
#12. Lord West Suits Will Impress Your 7-Year-Old Date
vintageadbrowser.com
"I like my women like I like my code names: 007."
The Message:
Women of all ages dig men in tuxedos!
The Horror:
According to the text, this dinner suit is for "sophisticated traditionalists," a euphemism we weren't previously aware of for "child molesters." Because there's no other way to interpret this picture. That's not tenderness on their faces. That's hunger. If you told us that they're a father and daughter, that would only make it creepier.
And it turns out that this is only the worst example in a whole series of ads associating little girls with selling tuxedos.
eBay
The style is best described as Godfather meets Lolita.
Can you imagine the pitch meeting that led to this campaign? Picture Don Draper from Mad Men standing before his clients, selling them on this idea:
"Class. Elegance. Making out with little girls. These are the values your company represents."
"Did ... did you say 'making out with little girls,' Don?"
"Yes," replied Don with perfect confidence.
"OK, just making sure."
Sitting at the end of the table, Peggy looks at Don and smiles. He did it again.
#11. Man in Tuxedo Carefully Considers Naked Child
library.duke.edu
"Told you it was bigger. Now pay up."
The Message:
Regular soap sinks in the bathtub, causing children to take longer in washing themselves and their fathers to get angry and spank them. Prevent child abuse by buying Ivory Soap -- it floats.
The Horror:
OK, they're clearly just fucking with us at this point. Remove the text and the message becomes clear: "In the old days, child predators used to dress way better than they do now." But let's put the pedophilia overtones aside for the moment and examine the text.
Was the elaborate scenario described under the picture (involving childhoods ruined by non-floating soap) really such a common problem in the '20s, or was this based on the painful personal experiences of whoever commissioned this ad? We're betting on the latter option. Note that the father's body language doesn't say "I'm going to spank you" -- he's clearly pondering which part of the kid's body to break first.
"Maybe the 28th trimester isn't too late for an abortion."
#10. "Are You Sure I'll Still Be a Virgin?"
thesocietypages.org
"If you didn't think band camp counted, I don't see why you'd think this would."
The Message:
Don't worry, teens, you can use Tampax tampons without losing your virginity.
The Horror:
Be honest: How many of you looked at this picture and immediately recognized it as a Tampax ad? And how many looked at it and thought it depicted a teenage girl being sexually propositioned? It's not just us, is it?
This ad would have looked 90 percent less sordid if both people involved were clearly visible. Instead, the second teenager is for some reason sitting on the floor of the porch with her back to us, so we can't see how young, or scared, she is. But, of course, all of that is purely from our own depraved imagination. The real ad is simply about two teenagers debating whether or not inserting a tampon counts as sex.
#9. Escaped Convicts Love Revell Authentic Model Kits
vintageadbrowser.com
"Is this the new plan, boss?"
"I've spent all day plotting against Superman; this is 'Lex Time'."
The Message:
Hey kids! Check out these sweet model kits!
The Horror:
There's only one possible scenario in which this picture could have come to exist: The photographers were getting ready to shoot this ad when they realized that the boy who was supposed to be holding up the models in the picture never showed up for work. Panicking, the man from the ad agency looked around the studio.
"Dmitri, can you come here for a second?" he said to the guy who fixes the lighting. "Stand here and hold this model. Yes, that's great. You'll play the boy in this ad."
"But sir," said the photographer, "Dmitri was just released from jail. In fact, he's still wearing the prison jumpsuit."
"No, no, he's perfect. Look at him. Look at that childlike innocence in his face."
"Could you open the top button maybe, show a little chest hair?"
"Perfect."
#8. Our Competitors = Surgical Ass Torture
vintageadbrowser.com
"Don't worry, sir, the gloves are just to establish atmosphere."
The Message:
Using cheap toilet paper can lead to medical complications.
The Horror:
... which in turn can lead to rubber-gloved hands inserting clamps in your anus. Better play it safe and go with Scott Tissues.
This attempt to traumatize customers into buying their product with threats of anal torture was part of a whole marketing campaign created during the Great Depression in which Scott Tissues' slogan went from "Wipe your butt with us" to "Wipe your butt with us, or die in a world of asshole pain."
Of course, it was all bullshit: There's no such thing as "toilet tissue illness," it was just a thing they made up to convince people to keep buying tissues at a time when they were lucky enough if they had a toilet.
#7. "Before You Scold Me, Mom ... Maybe You'd Better Light Up a Marlboro"
The Message:
Before you beat your baby for stealing your favorite hat, have a cigarette and relax yourself. Then beat the baby.
The Horror:
How many times did this months-old child have to be punched before it learned to pick up the Marlboros and offer them to mommy to calm her down? If that's not the saddest thing you've imagined all week, you're dead inside. This is actually one in a series of ads from the '50s, back when Marlboro was targeting mommies instead of rugged cowboys. Sometimes the babies actually seem to be guilting their moms into smoking more.
tobacco.stanford.edu
"You turned me into an addict when I was a fetus, now deal with it."
Oddly enough, the version of this ad aimed at fathers doesn't involve scolding, but a pompous baby in a basket defending daddy's rather feminine cigarette tastes (note the reference to "beauty tips" at the bottom).
tobacco.stanford.edu
This is the kind of debate babies have all the time.
Brad Pitt is reportedly utilising his free time to plan his wedding with Angelina Jolie.
Brad Pitt is reportedly utilising his free time to plan his wedding with Angelina Jolie.
The 48-year-old has taken charge of preparations for the wedding that is expected to take place end of September. He has flown in a team of builders to renovate the home he shares with Jolie in southern France.
"Angelina isn`t so bothered about when they tie the knot, it`s Brad who is piling on the pressure," a website has quoted a source as saying.
"He wants the main house to be finished when the event takes place, even though the close friends and relatives who are invited aren`t the types to care. He wants everything to be absolutely perfect," the source added.
yellow jacket stun gun case for iphone
yellow jacket stun gun case for iphone
yellow jacket is a case that transforms the iPhone 4 & 4S into that 650,000-volt stun gun you've always needed.
scheduled to hit the US market in fall 2012 the case is advertised as being able to
easily stop an aggressive male attacker, and ready for use in less than two seconds.
its designer seth froom, a former military policeman came up with the product after
being robbed in his home at gunpoint.
what is the demand for such a hostile product you might ask? well, yellow jacket
has managed to receive over 100,000 USD worth of backing on the crowd-funding
website indiegogo which means that there must be quite a few people out there
who feel the need to transform their phone into a weapon.
detail of the stun gun nodes
the iPhone's designers could never have conceived half of the the weird and wonderful accessories
that have been designed for use with the iPhone since its launch, but even in the name of self defense
a stun gun seems a bit much, doesn't it?
000 Nail Polish / Now You Can Buy a $250
Now You Can Buy a $250,000 Nail Polish
Remember that time when everyone got all freaked out about thatsnakeskin pedicure that cost $300? Well, get ready to completely lose it, because we just got a press release for the “most expensive nail polish in the world.”
That title was previously held by Models Own, which produced a $130,000 bottle (featuring a 24-carat gold, diamond-encrusted lid) back in 2010. However, the self-professed “king of black diamonds,” Azature, has doubled that figure. A bottle of black nail polish containing a whopping 267 carats of black diamonds in the actual polish will go for $250,000. Yikes. You won’t be able to just walk into Duane Reade and buy this sucker, however–only one bottle of the stuff will be produced.
For those of us who can’t afford a quarter of a million dollars for a manicure, Azature is offering a $25 version (see, now doesn’t $25 nail polish sound downright cheap in comparison?) containing one measly black diamond. You’ll be able to pick it up in LA at Fred Segal starting this month.
Estepona Town Hall sacks 176 municipal workers
The news was given on Wednesday by the Councillor for Personnel, Pilar Fernández-Figares Estepona Town Hall has sacked 176 municipal workers. The PP Councillor for Personnel, Pilar Fernández-Figares, announced on Wednesday that the 176 workers are victims of the ERE Employment Regulation which the Town Hall put forward in June. The workers will be compensated with 2.5 million € and they will be given their ‘finiquito payments of 408,000 € between them. Pilar Fernández-Figares said one they were sacked the Town Hall will start to work on a new ‘training program for the reinsertion of the sacked workers’.
BMW to sell luxury cars for less online
BMW to sell luxury cars for less online
The BMW i3 concept car at the 2012 Detroit Auto Show in January. (John T. Greilick / Detroit News)
BMW will sell cars over the Web for the first time as the world's largest maker of luxury vehicles seeks an inexpensive way to reach more buyers to recoup spending on its electric models.
A direct online sales platform for BMW's new I sub-brand will be unique in an industry where, outside of small-scale experiments, competitors leave Internet orders for cars to dealers. BMW's range of strategies for the models, including a roaming sales force backing a limited showroom network, reflects the challenge carmakers face as low-emission vehicles trickle into dealerships to sluggish demand after years of development.
"There is considerable risk in BMW's approach of promoting the I brand so prominently," said Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Science in Bergisch Gladbach, Germany. "There is the image risk, if they don't succeed as quickly as expected, and then there's the main risk of costs, which can only be countered with high deliveries."
BMW opened the I models' first showroom Tuesday in London, although only prototype cars and informational materials will be displayed at first because the vehicles themselves won't go on sale before next year. BMW is spending about $3 billion developing the i3 battery-powered city car and i8 plug-in hybrid supercar, according to an estimate by Frost & Sullivan. Industry sales of electric cars last year, at 43,000 vehicles, were only 57 percent of the 75,000 deliveries predicted by Sarwant Singh, a London-based automotive partner at the consulting company.
Starting prices posted
The four-seat i3, scheduled to reach the market in late 2013, will be priced at about 40,000 euros ($48,500), Bratzel estimated. That compares with a 23,850-euro starting price ($29,388) in Germany for the 1-Series, the cheapest BMW-brand car. The i8, targeted for sale in 2014, will cost more than 100,000 euros ($123,221), according to Ian Robertson, BMW's sales chief.
Details of how I-model buyers, the website and dealerships will interact are "still in the planning process" and will be communicated later, Linda Croissant, a spokeswoman at Munich- based BMW, said last week. Sales will be focused on the world's major urban areas, she said.
The online sales option is aimed at a generation of drivers used to making daily purchases over the Internet, and will be an extension of the car configuration that most automakers offer customers to view models with desired options such as interior colors, seat materials and roof styles.
Test drives not an option
The Internet platform may take a while to catch on because "many customers will still want to go somewhere to look at and drive the vehicle before buying," said Ian Fletcher, an auto analyst in London at research company IHS Global Insight.
"With new technologies, there may be even greater skepticism about buying a car over the Internet, as in many cases you'll have to win the confidence of customers that it works and there is support for them," Fletcher said in an email.
The setup may help BMW reduce expenses: Internet sales require less than half the cost of distributing through a dealership, according to Ferdinand Dudenhoeffer of the Center Automotive Research at the University of Duisburg-Essen in Germany. That allows online car prices to be 5 percent to 7 percent less than showroom tags.
Still, BMW sees standard dealerships as "the backbone of what we are doing in the interface with the customer" for the I models, Robertson said in June at a press presentation at the sub-brand's Park Lane showroom in London.
Dealer selection criteria
Outlets will be restricted to dealers with high BMW-brand sales volume who have floor space as well as capacity to work with I models' powering technology and carbon-fiber body material, Robertson said. The carmaker has chosen 45 of its approximately 200 dealers in Germany to sell the i3 and i8, a ratio that will probably be similar elsewhere, he said.
Dealers will be designated as agents for the I models, which provides an "advantage" by keeping the vehicles on the carmaker's books, the association of BMW distributors in Germany said in an email.
Electric vehicles' disadvantages versus conventional cars include costly battery packs, limited ranges and the time needed to recharge. Consumer reception to models like the Nissan Motor Co.'s Leaf and General Motors Co.'s Chevrolet Volt has been tepid.
"Currently available electric cars have a limited market success because they are a big compromise," said Arndt Ellinghorst, a London-based analyst at Credit Suisse AG. "Customers are not willing to compromise and spend a lot of money."
Carbon fiber bodies lighter
BMW Chief Executive Officer Norbert Reithofer started Project I at the end of 2007 as tighter emissions regulations threatened the viability of sporty sedans. BMW chose to create all-new vehicles that use expensive carbon fiber for a lighter body to make up for the weight of the battery system.
The approach contrasts with a decision by Daimler AG's Mercedes-Benz Cars division to convert existing models, such as the van-like B-Class or two-seat Smart, to electric power.
To make its electric vehicles more attractive, Stuttgart, Germany-based Daimler's Smart brand offers to lease the battery separately from the car. The automaker has a target of selling more than 10,000 of the models next year, with a starting price of 18,910 euros plus monthly battery rental at 65 euros.
The I models' new technology poses risks for BMW, "but they have no choice if they want to keep their premium and image as an innovation leader," Ellinghorst said.
The i3 and i8 will probably be among BMW's lowest-selling models through 2024, alongside the existing Z4 roadster, according to IHS estimates. In 2014, the first full year of production, BMW will probably deliver 31,380 i3s, compared with 564,760 of the best-selling 3-Series model and 18,101 Z4s, a study by the research company shows.
BMW's stance is that the models should produce earnings from the start, sales chief Robertson said.
"We clearly, as a company, go into any product launch with the view of making profit, which is no different with the I brand," Robertson said. "This is a car line just as every other car line, and we intend to make profit from Day 1."
a scent from Geza Schoen for Wallpaper magazine / makes its wearers smell like freshly printed books / Paper Passion
Paper Passion, a scent from Geza Schoen for Wallpaper magazine, makes its wearers smell like freshly printed books
Paper Passion, a scent from Geza Schoen for Wallpaper* magazine, makes its wearers smell like freshly printed books. I suppose it can be alternated with "In the Library," a perfume that smells like old books.
Paper Passion fragrance by Geza Schoen, Gerhard Steidl, and Wallpaper* magazine, with packaging by Karl Lagerfeld and Steidl.
“The smell of a freshly printed book is the best smell in the world.” Karl Lagerfeld.
It comes packaged with inside a hollow carved out of a book with "texts" by "Karl Lagerfeld, Günter Grass, Geza Schoen and Tony Chambers."
and nobody wants to pay.The empty Guadalhorce Hosptial in Cártama / It will cost two million € to connect the electricity
It will cost two million € to connect the electricity, and nobody wants to pay.The empty Guadalhorce Hosptial in Cártama
The Guadalhorce Hospital has been completed in Cártama on the Costa del Sol, but it has been empty for several months with no opening date planned.
To continue installing the equipment in the hospital it has to be accepted as meeting requirement, and to show that hospital is as planned, but for that to take place it must be connected to the electricity supply.
The problem is that will cost two million €, although the originally quoted price was 300,000 €, to install the electrical connection required. Endesa say the problem is that to supply the hospital an electrical substation at Villafranca del Guadalhorce will have to be expanded.
Cártama Town Hall has said they cannot meet the extra cost, which has put the budget up five fold. Mayor Jorge Gallardo says he thinks the electricity company is ‘making the most of the circumstances’.
However the Junta say they think the 2 million bill should be met by the Town Hall. They say the electricity contract was undertaken by Cártama Town Hall.
The Guadalhorce Hospital has been built thanks to an agreement between the Málaga Diputación, the Junta de Andalucía and the Cártama Town Hall, to give the district its long-wanted hospital. Many foreigners live in the inland area and have complained about the time to get to a hospital in Málaga.
