U2 Tower shelved as credit crisis spooks
DUBLIN (Reuters) - A dramatic 120-metre tower planned for Dublin's docklands to house U2's rock studio has become the latest Irish casualty of the global financial crisis.
The Dublin Docklands Development Authority (DDDA) said on Friday it had suspended negotiations over the tower for up to 12 months due to uncertainty in the property and financial markets.
A consortium including architect Norman Foster and the U2 band was selected a year ago to build the tower at the mouth of Dublin's River Liffey, with a U2 recording studio to be suspended at the top in an egg-shaped pod.
The development -- which would have been Ireland's tallest building -- was also meant to include a public viewing platform at 100 metres, a hotel, retail and residential accommodation.
"The objective is to see this landmark project completed," the DDDA said in a statement. "However, given the current unfavourable economic environment, more time is needed at this juncture."
After a decade-long property boom when prices quadrupled, a sharp construction downturn at time of global financial meltdown made Ireland the first euro zone country to enter recession this year.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.