BKK Nett AS, the Norwegian power company based in Bergen, will soon be the operator of a recording breaking subsea power link as Nexans just completed a project to install the world’s longest and deepest 420 kV XLPE (cross-linked polyethylene) insulated submarine cable system. In a turnkey project worth around 75 million euros to reinforce the grid in western Norway, Nexans has delivered 90 km of 420 kV AC XLPE cable. This contract fulfils Nexans’ vision of helping to meet the growing global demand for electricity.   The new power link, comprising three single core cables in parallel, runs between Mongstad and Kollsnes, crossing two fjords: Hjeltefjorden and Lurefjorden. At its deepest point, the cables were installed at 390 m, making this both the world’s deepest 420 kV XLPE system, and longest at this depth, with a length of 22 km. The cable system for the two fjords are manufactured, delivered and installed by Nexans. The cables were laid by Nexans’ cable laying vessel, C/S Nexans Skagerrak. In the near-shore areas, the cables were mainly protected with HDPE pipes, outer shells or trenched by water jetting. Tom Skattum, project manager at Nexans Norway, said, “Achieving these new world records was a great challenge for Nexans and this contract for BKK represents the height of Nexans’ expertise in submarine power cables.” The submarine cables have been manufactured at Nexans’ facility in Halden, Norway, and laying was completed in May 2016. This will be followed by termination work on shore, ready for the handover testing in autumn 2016.   Source link

©Bloomberg Japan is planning to invest huge sums in coal technology to replace the winding down of nuclear power Caterpillar cut its full-year sales and profits forecast for a second straight quarter on Tuesday, highlighting the struggle to call a bottom to an emerging market downturn amid fresh risks created by Brexit and geopolitical turmoil. Weak demand for equipment used in the mining and energy sector continued to weigh on its business while the strong dollar and weaker capital spending in Europe ate into its overseas sales. More On this topic IN Construction Brad Halverson, chief financial officer, said in an interview that the slump in demand was not only a reflection of the broader economic environment but the fact that miners had until a couple of years ago bought more heavy equipment than they needed, which was weighing on replacement demand. On a more positive note, he said dealers had started to see demand for spare parts to rebuild 50 tonne mining trucks, although this year it was expecting to sell only 100 new trucks compared with previous years when it sold between 600-700. “If you go back historically, we’ve not had more than two years down [in sales] since the late 20s, 30s, before it has started to recover,” Mr Halverson said. “For us to be in our fourth year . . . is something we’ve not experienced.” Although the US heavy machinery maker, best known for its yellow excavators, said commodity prices appeared to have stabilised, they remained at low levels and the group warned that the fallout from the Brexit vote in the UK and turmoil in Turkey added to the lack of predictability. Mr Halverson said that the company had contingency plans in place in case the various difficulties in Europe were exacerbated. It is reducing costs by $2bn this year and is prepared to take out further costs if necessary, while spending on areas such as adding digital equipment to its machinery which it sees as a key growth opportunity. If you go back historically, we’ve not had more than two years down [in sales] since the late 20s, 30s, before it has started to recover. For us to be in our fourth year . . . is something we’ve not experienced – Brad Halverson, chief financial officer The company warned that more lay-offs were expected in the second half as it tried to adapt to the tough trading environment. “World economic growth remains subdued and is not sufficient to drive improvement in most of the industries and markets we serve,” the company said in a statement. Caterpillar said it expected sales and revenues to be in a range of $40bn to $40.5bn in 2016. This compares with its previous outlook of $40bn to $42bn issued in April, the $40bn to $44bn guidance in January, and the $47bn recorded in 2015. It expects profits to come in at a midpoint of $2.75 a share this year, or about $3.55 excluding restructuring costs. This is down from the guidance given in April for $3 a share (or $3.70 a share excluding restructuring costs) and the forecast of $3.50 a share (or $4 a share excluding restructuring costs) issued in January. The cut in forecast comes as second-quarter revenue tumbled 16 per cent to $10.3bn. Sales fell in all categories and drove profit down to 93 cents a share, compared with $1.31 per share last year. Adjusted earnings — which exclude restructuring costs — came in at $1.09 a share, ahead of forecasts of 96 cents a share. The recent recovery in commodity prices has yet to translate into increased mining activity or a rise in equipment purchases. Mining companies are trying to adjust their balance sheets and cost structures, and may continue to delay equipment purchases. Analysts at Jefferies also noted that Caterpillar has 20 “key facilities” in the UK and said potential trade restrictions stemming from the country’s decision to leave the EU could impact businesses. 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

Browser does not support script. Contact us The Royal Institute of British Architects’ (RIBA) President, Stephen Hodder, has given the Institute’s initial reaction to today’s Queen’s Speech.  Of particular interest to the RIBA were:  Housing Bill – including measures to increase the supply of Starter Homes and simplify the neighbourhood planning system Cities and Local Government Devolution Bill – to give greater powers to councils and local communities RIBA President Stephen Hodder said: ‘We welcome the Government’s commitment to housebuilding, but it is vital that the pressure to quickly alleviate the housing crisis doesn’t lead to sub-standard homes and communities. The RIBA supports the building of more low-cost homes on brownfield sites but high quality design and infrastructure are essential to create desirable homes that meet the needs of current and future generations. ‘Whilst we are pleased to see the Government’s commitment to neighbourhood planning, we remain deeply concerned by the loss of expertise and capacity from local authority planning teams and are cautious that the pressure to speed up the process could put the design quality of developments at risk. ‘Decentralising power from Central Government to English cities is essential to support a growing and balanced UK economy. We welcome the Government’s commitment to give cities the freedom to make big decisions on local transport, housing and skills. Cities must also be able to raise finance and retain income to invest in local priorities, including high quality housing and innovative infrastructure.’ RIBA set out a vision for the new Government in the Building a Better Britain report. ENDS Notes to editors: 1. For further press information contact Melanie Mayfield, RIBA Press Office melanie.mayfield@riba.org 020 7307 3662 2. The Royal Institute of British Architects (RIBA) champions better buildings, communities and the environment through architecture and our members www.architecture.com  3. Follow us on Twitter for regular RIBA updates www.twitter.com/RIBA   Posted on Wednesday 27th May 2015 Search architecture.com just start typing and hit enter again × Browser does not support script. Browser does not support script. Source link

Some £8.2 million of housing wealth was withdrawn in the UK every working day in the second quarter of 2016 as equity release lending passed £0.5 billion for the first quarter on record. Overall there was £514.4 million of lending in quarter two, up 34% year on year and 58% higher than in the second quarter of 2014, according to the latest figures from the Equity Release Council. The council report points out that the three busiest quarters for equity release lending have all come within the last 12 months and the annual rise in the number of new plans agreed is the fastest seen in 13 years. Common uses for equity release include paying off existing mortgages and loans, providing extra retirement income, funding home improvements or care related adaptations, paying for travel or other one off expenses, and gifting money to family members as a ‘living inheritance’. The council also says that over 55s increased appetite to use housing wealthy has been supported by market developments which include new providers and increasing choice of products and features emerging. In addition, the market received support from the regulator in April when they amended the legislation to allow optional interest repayments to be exempt from mortgage affordability rules. Year on year, the council’s figures show the biggest percentage growth in the value of lending in the second quarter of the year was for lump sum lifetime mortgages, typically involving a larger release of housing wealth in a single payment, up 37% or £56.8 million  compared to the second quarter of 2015. However, lending via drawdown lifetime mortgages, allowing consumers to make multiple withdrawals of equity as and when needed, continued to account for the larger share of the market, growing 31% or £72.4 million to £304 million compared to the second quarter of 2015. Home reversion plans also experienced a rise in the second quarter of 2016 with the total value of activity more than doubling year on year from £623,647 in the second quarter of 2015 to £1.5 million. Looking at new customers’ product choices, some 67% opted for drawdown products in the second quarter, up from 65% a year earlier, while the share of lump sum products dipped slightly from 35% to 33%. With market activity having grown significantly during that time, the number of new drawdown plans agreed was up 27% year on year compared with 16% for lump sum plans. Overall, it meant the total volume of new plans agreed across the whole market was up 23% year on year, the highest annual growth rate in nearly 13 years since the third quarter of 2003. The 6,671 new plans agreed was the largest quarterly total since the fourth quarter of 2008. ‘These figures are the latest sign that UK home owners increasingly see housing wealth as a fundamental part of their retirement funding plans. The long term rise of house prices has allowed many older homeowners to build up considerable reserves of housing equity, which have the potential to solve many of the financial challenges facing the UK’s ageing population,’ said Nigel Waterson, chairman of the Equity Release Council. ‘Growing demand from consumers since the recession has been met by a concerted effort from the sector to grow the range of available products and the reach of specialist advice. Looking ahead, this work will continue with an increasing focus on building relationships within the sector and with related markets such as residential mortgages and later life planning, so consumers can be referred for advice on equity release when it can help their circumstances,’ he pointed out. ‘There is also an important role for government and regulators when it comes to financial education. As well as helping savers to understand the choices offered by the ‘pension freedoms’, it is just as important to help homeowners understand the options they have to put themselves on a stronger financial footing in later life,’ he added. According to Steve Wilkie, managing director of Responsible Equity Release, drawdown continues to provide a lifeline for those seeking to top up day to day finances, particularly in the current low interest rate environment.  ‘The flexibility of drawing money as and when required, without being charged interest until it’s drawn, makes it an appealing option for those looking for an additional income stream. And drawdown is only likely to grow in popularity in this new world of greater pension freedom,’ he said. ‘With more flexibility in how we invest our pensions, many are choosing to keep their pensions invested rather than buying an annuity. The downside is that they are more exposed to fluctuating stock markets. That’s fine when markets are going up, but when shares are tumbling, people are faced with dipping into their pensions at a time when they should be leaving well alone. Drawdown provides an income tap that can be turned on in these uncertain periods, riding out the bad times until markets recover,’ he explained. ‘Customers taking out lump sums are tending to have larger shopping lists as equity release becomes far more of a family decision. Paying off mortgages still accounts for more than a quarter of the larger lump sum releases we handle. But 45% of those taking lump sums have at least three beneficiaries of the cash being released, and this is pushing customers, who choose the lump sum route, to release larger amounts from their properties,’ he added. Alice Watson, product and communications manager at Retirement Advantage Equity Release, believes that equity release is now firmly establishing itself in the retirement finance mainstream. She pointed out that over the past three months there have been new entrants to the market, fresh partnerships and a welcome change to the Financial Conduct Authority’s affordability assessments. ‘These developments have contributed to equity release’s already surging popularity. This huge increase in lending has come despite unprecedented political and economic uncertainty ahead of the European Union referendum,’ she pointed out. ‘That speaks volumes about the resilience of the sector. It’s too early to