World Cup overpass project collapses in Brazil - (www.cnbc.com) An
overpass collapsed in the Brazilian World Cup host city of Belo Horizonte
on Thursday, killing at least one person and injuring 10 more, an emergency
official said. Television images showed part of a passenger bus crushed under the
overpass and news website G1 said another two trucks and a vehicle were also
smashed. The accident site is around 3 km (2 miles) from the Mineirao stadium, where
a World Cup semi-final match will be held next Tuesday. The stadium has already
hosted five games.
2004
Athens Olympic Venues Abandoned [Photos] - (www.businessinsider.com) What
has happened to the Olympic venues from the 2004 Athens Olympics is the
nightmare scenario for Sochi.
Unlike the 1984 Sarajevo Olympic venues, which were destroyed during the Bosnian War,
there was no catastrophic event that led to the abandonment of the Athens
arenas. Greece simply has no use for world-class, expensive-to-maintain venues
for niche sports like softball, beach volleyball, or even swimming. They became
useless immediately after the Olympics left town. As a result, a decade after
Greece spent ~$15 billion to stage the games, some of these once-gleaming
venues are crumbling.
Puerto
Rico electric authority in deal with lenders - (www.cnbc.com) Puerto Rico Electric Power Authority, or PREPA, on Monday
said the lenders providing it revolving lines of credit have agreed not to
exercise their rights to seek certain remedies following a series of
ratings downgrades and other recent events that have raised concern about
PREPA's financial condition. Under the agreement with the creditors, PREPA is
permitted to delay certain payments currently due until July 31. PREPA
said it will use that period to continue talks with creditors andevaluate
alternatives to improve its financial condition. During that period, all
payments owed to employees and suppliers will continue as normal. Prices
on PREPA's 5.25 percent bonds due July 2040 weakened to less than 37 cents
on the dollar from Thursday's closing price of 40 cents on the dollar.
Gowex Files
for Bankruptcy Protection After Chairman Quits - (online.wsj.com) Jenaro
García Steps Down After Acknowledging Falsifying Accounts. Spanish technology
firm Gowex
said on Sunday it had filed for bankruptcy protection after the company's
chairman acknowledged falsifying accounts and resigned. The collapse of Gowex,
which until last week was widely touted as one of Spain's entrepreneurial
success stories, followed a scathing report by an investment firm on July 1
that alleged that 90% of the company's revenue was nonexistent. In a statement
filed with Spain's Alternative Stock Market on Sunday, Gowex said that Chairman
and Chief Executive Jenaro García met with some directors on Saturday and
acknowledged that accounting statements for at least the past four years didn't
reflect a "faithful image" of the company's performance. The
statement said the board revoked Mr. García's management authority and then accepted
his resignation. The statement said the company started bankruptcy proceedings,
"under the expectation that the company can't meet its current
liabilities."
Corinthian's
Collapse Shows How U.S. Can Force For-Profit Colleges Out of Business - (www.bloomberg.com) For
four years, the U.S. Education Department has threatened to rein in for-profit
colleges and their soaring student debt. Now it has found a way. The department
has taken its toughest regulatory action ever against a for-profit college:
putting Corinthian Colleges Inc., with more than 70,000 students, on the path
to going out of business. At least two other large players ITT Educational Services Inc. and Education Management Corp., are also at some risk of stricter
enforcement, analysts said. “It’s a big deal, and people who want to isolate it
and say that it only applies to Corinthian are kidding themselves,” said Trace Urdan, an analyst with Wells Fargo Securities Inc.
in San Francisco who follows the education industry. “Everyone has to be more
careful with their cash and take their interactions with the department more
seriously.”
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