Neil Craig, head of operations for HSE in the Midlands said: “We welcome the guilty plea entered by Merlin Attractions Operations Ltd. Merlin has acknowledged that it failed in its legal duty to protect people on the Smiler ride. “Those injured on 2 June last year had every right to expect a carefree and fun day out. “The incident was profoundly distressing for everyone involved, both physically and mentally. It left some with life changing injuries. “We hope this first milestone will help those affected to continue their recovery from this tragic incident.” Please find below a selection of visual material for use in media reporting: Download .zip file of available materials (79mb) Source link

©Reuters New World Development, the property developer controlled by one of Hong Kong’s most powerful families, said it had received the shareholder votes needed to push through a $2.8bn offer on the listed shares in its China subsidiary after a failed attempt two years earlier. The company said it had overcome a headcount test requiring at least 75 per cent of shareholders to accept the offer. The test is based not just on shareholder value but the number of shareholders as well. More On this topic IN Property In 2014, that stopped NWD from taking the subsidiary private for $2.4bn, forcing the controlling family of Cheng Yu-tung, who is 90 years old, to wait at least 12 months to make another offer. The latest bid for New World China Land had received approval from about 97 per cent of shareholders, NWD said in a statement on the Hong Kong Stock Exchange. As of Friday, the company said in a filing that it had not secured the needed headcount to complete the deal. The Cheng family controls both NWD and the Chinese group and has worldwide interests including the jeweller Chow Tai Fook as well as hotels such as The Carlyle in New York and a 150-acre property redevelopment on London’s Greenwich peninsula. The eventual success of the deal could pave the way for similar offers in which tycoons and their families seek to take private listed companies in which they already hold a controlling stake, bankers have said. The original deal had been considered part of a routine empire reshuffle by the billionaire Cheng family and its failure was seen as a serious loss of face. Shares in New World China jumped to an eight-year high in January when NWD made a second offer of HK$7.80, a 26 per cent premium to its undisturbed price. On Monday, shares in the company closed at HK$7.68 before announcing it had received the necessary support from shareholders. Although Hong Kong dropped the headcount rule two years ago, the test, which originated in Victorian times, is still required by the Cayman Islands and Bermuda — two jurisdictions in which three-quarters of Hong Kong-listed groups, including NWCL, are domiciled. Minority shareholders late last year foiled a $13.7bn merger of two companies controlled by Li Ka-shing, one of Asia’s richest businessmen. Investors vote against a proposed merger of Cheung Kong Infrastructure and Power Assets Holdings — the latest stage in a reorganisation of sprawling business empire that started in January last year — even after Mr. Li sweetened the deal. HSBC advised New World Development on the deal. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link

Industry supports call for new domestic heat policy Published:  15 September, 2016 Industry has welcomed a new report that calls for reform of the government’s heat strategy, which it describes as extremely expensive and difficult to achieve. The damming report described the government’s current stance, and the role that electric heat pumps play in the domestic decarbonisation landscape, as a ‘colossal waste of money’, while simultaneously calling for policies to make better use of gas for domestic heat. Neil Schofield, head of government and external affairs at Worcester, Bosch Group, commented: “The report’s description of domestic heat as a ‘Cinderella’ of energy and climate policy is an accurate reflection of the lack of understanding among our leaders about how we actually heat our homes and the potential impact that the replacement of old non-condensing boilers could have on greenhouse gas emissions.” Mr Schofield noted how the report echoes heating industry concerns regarding the government’s original policy to replace gas fired boilers and with electric heat pumps in four out of five homes. “As the report suggests, a reliance on electric heat pumps is not only futile but incredibly costly. The physical size of heat pumps also makes the concept unsuitable for the majority of UK homes meaning the policy is simply not feasible,” he said. “If we also consider that the country would need approximately 100 extra power stations, each the size of Hinckley Point, to support the amount of electricity required to replace gas heating systems, it is shocking that this idealistic strategy has held prominence for so long. Previous administrations have been hell-bent on pursuing this course of action and we hope that this new report will open up the possibility of combined approach to carbon reduction.” Mr Schofield holds that replacing old, non-condensing boilers by installing condensing boilers will go a long way towards meeting carbon emissions targets, and supports the Policy Exchange’s suggested measure of making better use of gas. In addition, a tightening up of control requirements, in order that a boiler’s temperature and firing can be accurately regulated is key to maintaining a sustainable, low carbon future. Mr. Schofield also supports the additional solution laid out by the report relating to the greening of the gas grid itself. “Injecting biogas, or on a more radical scale replacing the gas grid with hydrogen, is indeed an option and is already being trialled at sites in Leeds and Sutton Coldfield,” he said. “Policy makers must accept that we have an enviable gas infrastructure here in the UK, and that gas fired central heating is the norm. We simply need to make the best of it rather than attempt the costly wholesale replacement of the gas infrastructure with electric.” He concluded: “This report is a welcome sense-check and I look forward to the ideas outlined in the report now gaining traction in order to deliver a new, more malleable carbon reduction policy.” The Energy & Utilities Alliance (EUA) agreed that decarbonising heat must be affordable and a new heat policy must recognise this. Mike Foster, chief executive of the EUA said: “The vast majority of UK households are connected to the gas grid. Rather than rip out heating systems and make the grid obsolete, it makes sense to decarbonise the gas we use. This report by Policy Exchange suggests this is the most cost effective option for the UK to follow. The government now needs to do all it can to facilitate this. “Green gas is now being recognised as the preferred solution to meet UK heat demand, which is seasonal and demands a flexible supply. Our members are poised to deliver; we now need that green light from the government for green gas. “There is no easy option for the UK, all means to decarbonise will cost consumers, but it is imperative to keep these costs to a minimum. Previous policy direction did not do this. I hope this report helps the new government set a new direction.” Source link

Franco-Swiss cement group hails $1.4bn deal as ‘important step’ in divestment plan ©EPA LafargeHolcim, the Franco-Swiss cement group created by a €41bn merger last year, is to sell off some of its Indian operations in a deal worth $1.4bn. The Zürich-headquartered company said it had “entered into a letter agreement” with Indian conglomerate Nirma for the divestment of Lafarge India, which includes three cement plants and two processing facilities. More On this topic IN Construction Eric Olsen, chief executive of LafargeHolcim, said the $1.4bn deal, which includes debt, was “an important step” in the divestment programme on which the company had embarked in an effort to streamline its business in the face of difficult market conditions. “With this deal, two-thirds of the programme has been secured and the remainder of the programme is well on track. We are confident that we will meet our target by the end of this year,” said Mr Olsen. “With the proposed buyer we have found the right partner who will be able to develop the business further in the interest of all our stakeholders.” Shares in LafargeHolcim, which have fallen more than 40 per cent over the past year, were up 3.04 per cent on Monday afternoon, making the cement group the biggest climber in Switzerland’s blue-chip index. Since the economic slowdown that followed the financial crisis, the cement industry has been suffering from a global supply glut, which has put pressure on prices. In response, Mr Olsen — who believes LafargeHolcim over-invested in the past — is shifting the group’s business model towards lower capital spending and stronger cash flow generation. The cement group has promised shareholders SFr3.5bn of disposals in 2016, but said last month that a portfolio review had identified a further nine countries “where we will seek opportunities to divest if we can achieve favourable valuations”. LafargeHolcim, which operates in about 90 countries, had already made other divestments this year, offloading assets in South Korea and Saudi Arabia, and merging operations in Morocco. The group said on Monday that it would use the proceeds of the India deal — which is subject to approval by India’s competition commission — to pay down debt. However, the transaction does not mean that the cement group is exiting the Asian country, which is now the world’s fastest-growing big economy. LafargeHolcim still operates through two subsidiaries there, ACC and Ambuja Cements, whose combined annual capacity is more than 60m tonnes of cement. Lafarge India can produce 11m tonnes of cement each year. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link

£6.5m biomass energy project at The University of Northampton’s Waterside Campus is officially opened to mark the completion of the project. On August 1st 2017 members from The University of Northampton and sustainable energy specialists, Vital Energi took the opportunity to celebrate the opening by officially switching the 27 sqm LED screen on, which was performed by Professor Nick Petford, Vice Chancellor at The University of Northampton. The £6.5m project has seen Vital Energi work closely with the University’s Project Management team at Mace to deliver a 1MW Biomass-powered energy centre following the completion of the 1.6km district heating network which will distribute the heat and hot water to 16 buildings around the campus. The energy centre uniquely features an LED screen on the flue shaft which has been incorporated to enhance the visual architecture of the building. The biomass scheme has been designed to produce less emissions than traditional systems and will lower carbon emissions by over 1,000 tonnes initially. When the Combined Heat & Power Engine is scheduled to be added, this will increase to 2,200 tonnes per year which is the equivalent of taking 431 cars off the road annually. Mike Cooke, Regional Director at Vital Energi commented, “Creating a renewable energy solution for a new city centre campus is an ambitious objective however the University have achieved this while demonstrating their commitment to sustainability. From the energy centres unique architecture and cladding, through to the LED screen on the flue shaft; creating a great example for industry.” In addition to the biomass boiler, the energy centre contains three 4MW gas fired boilers and a 120m3 thermal store. Bob Griggs, Project Director at the University of Northampton said, “We are delighted to have the opportunity to develop the University’s commitment to its sustainability agenda and environmental infrastructure has been a key factor in the planning and construction of the Waterside Campus. By working with Vital Energi we have a sustainable, future proof heating network which will service the campus well.” This exciting development has seen the re-generation of a brown field site, transforming it into a vibrant, environmentally friendly campus, bringing the 58 acre site back to life and kick starting development in Northampton’s Enterprise Zone.