Yesterday, hundreds of thousands of teenagers collected their GCSE results. Not so long ago, I was in their position. Many of them are probably still unsure of what they want to do next. However, I was always adamant I wanted to pursue a career in construction. After collecting my GCSE’s,
Rising house prices in Scottish cities has led to a further deterioration in affordability with average values up 3% from £176,009 in 2015 to £181,077 in 2016. This has resulted in average affordability in Scotland’s cities worsening in the last 12 months from 5.25 to 5.36 times gross average
September 19, 2016 by: Alex Barker in Brussels and Rochelle Toplensky in London Brussels has opened an investigation into Luxembourg’s tax arrangements with Engie, the French utility, as it expands its state-aid clampdown on “sweetheart” tax deals. The European Commission probe comes shortly after it hit Apple with a €13bn
When KazMunaiGas Exploration Production listed in London in 2006, Kazakhstan was so keen to make it attractive to international investors that it rewrote some laws. A decade later, the shine has worn off for investors in KMG EP, who are locked in an increasingly bitter stand-off with its parent, the
The UK, according to Nesta, only spends half of the amount that Japan spends on innovation, which gives the construction industry a poor reputation. To tackle this matter, TowerEight questions what more can be done for the future of this sector and how it can increase in innovation and productivity.
A new way to purchase a new home, which gives purchasers very real choices, is now available in Chapelton, Aberdeenshire. Purchasers are able to buy a plot, make a large number of choices about living spaces, room layouts, and the fitting and finishing and then leave the building work up
Now that finding solutions to the UK housing crisis is a top government priority, property consultants Bidwells take a look at the new targets and ask if a standardised approach to house building can work in each region of the Golden Triangle. The corridor connecting Cambridge, Milton Keynes, and Oxford
London based Zaha Hadid Architects has joined the Open Source Wood initiative organised by Metsä Wood. This pioneering open innovation projects aims to facilitate knowledge sharing and growth in modular wood construction. The collaboration includes a design proposal for a multi-storey residential structure using wood elements from the Open Source
According to the Franklin Furniture Institute, consumers use the internet, catalogues, and home décor television programming to gain knowledge on brand availability, styles, and pricing. The only thing missing from this equation is your needs which can significantly alter any of the inspiring ideas you learn along the way. Here
Yesterday, hundreds of thousands of teenagers collected their GCSE results. Not so long ago, I was in their position. Many of them are probably still unsure of what they want to do next. However, I was always adamant I wanted to pursue a career in construction. After collecting my GCSE’s, I went on to study engineering at college three days a week, while working part time in mechanics. Then, before I knew it, came my lucky break. CITB offered me a two-week work experience placement at M.B. Roche & Sons. Following a thoroughly successful and enjoyable two weeks, I was offered a full apprenticeship in General Construction and Highways Maintenance. Even though I’ve only been in the role for eight weeks, it’s been the best eight weeks of my life. What I love about construction is that there are so many different aspects to learn. I’m not one to sit around and I like getting my hands dirty, so it’s perfect for me. On my first day, my boss took me through the Go Construct website and I was amazed to see that there were even more job roles and opportunities I wasn’t aware of. Go Construct is a fantastic tool for anyone looking to join the construction industry – I would highly recommend it. At the moment I am working five days a week on site and have already worked on some great projects in my home town of Hull. From September, I will start at Hull College one day a week to work on the theory side of my apprenticeship. I hope to pass and then eventually the ideal scenario would be to start my own business. The opportunities in construction are endless. I was lucky enough to know exactly what I wanted to do from a young age. But if you collected your GCSE results yesterday and still don’t know, I suggest you consider a career in construction! To learn about all the careers construction has to offer – visit Go Construct. Source link
Rising house prices in Scottish cities has led to a further deterioration in affordability with average values up 3% from £176,009 in 2015 to £181,077 in 2016. This has resulted in average affordability in Scotland’s cities worsening in the last 12 months from 5.25 to 5.36 times gross average annual earnings, the third successive annual decline in affordability. The data from the Bank of Scotland Affordable Cities Review also shows that on average, affordability in Scottish cities is now at its lowest level since 2009 but is still 12% lower than the peak of 6.12 times earnings in 2008 at the height of the last housing market boom. The overall improvement in affordability across Scottish cities as a whole over the past eight years has been driven by a combination of an increase of 10% in the gross average annual earnings and an average house price decline 3%. Edinburgh is Scotland’s least affordable city where the average house price is 6.12 times the gross average earnings in the city. With an average price of £220,099, houses in Edinburgh are more expensive compared with average earnings than in any other Scottish city. Inverness at 6.03, Aberdeen at 5.72, Dundee at 5.38 and Perth at 5.24 make up the top five least affordable cities in Scotland while Stirling is the most affordable city and the second most affordable in the UK with an average property price of £165,658 which is 4.11 times the gross average annual earnings. Glasgow is the second most affordable city in Scotland and 10th in the UK, with an average house price of £159,580, which is 5.07 times the gross average annual earnings in the city. House price growth has been highest in Aberdeen over the past decade and since 2011 Aberdeen has recorded the biggest price rise of any Scottish city over the past decade and with a gain of 58%, is the only Scottish city to appear in the top 10 UK cities with highest house price growth in fifth place. The report explains that this is as a result of rising housing demand due to the strong performance of the oil and gas sector over most of the period. More recently, Aberdeen has seen a 22% rise since 2011 but prices are not declining due to a decline in the resources sector. ‘The rising house prices over the past three years have resulted in a deterioration in home affordability in Scotland’s cities. Although affordability is at the lowest level since 2009, it is still much lower than the height of the last housing market boom in 2008,’ said Nicola Noble, mortgages director at Bank of Scotland. ‘Aberdeen has recorded Scotland’s highest house price growth over the past decade and more recently during the economic recovery, due to strong performance in the oil and gas sector,’ she added. BOOKMARK THIS PAGE (What is this?) Source link
September 19, 2016 by: Alex Barker in Brussels and Rochelle Toplensky in London Brussels has opened an investigation into Luxembourg’s tax arrangements with Engie, the French utility, as it expands its state-aid clampdown on “sweetheart” tax deals. The European Commission probe comes shortly after it hit Apple with a €13bn bill for back taxes in Ireland, a record-breaking penalty that has enraged Washington and corporate America. The Engie case opens up a new front by targeting the treatment of intra-group financial transactions, which accounts show ran to more than €1bn. The commission alleges that Engie, formerly known as GDF Suez, enjoyed “double non-taxation” because the loans were treated as both debt and equity for tax purposes. Margrethe Vestager, the EU’s competition commissioner, said: “Financial transactions can be taxed differently depending on the type of transaction, equity or debt — but a single company cannot have the best of two worlds for one and the same transaction. “Therefore, we will look carefully at tax rulings issued by Luxembourg to GDF Suez. They seem to contradict national taxation rules and allow GDF Suez to pay less tax than other companies.” The decision to confront a big European champion over its tax dealings in Europe is symbolically important for Ms Vestager as she begins a three-day tour of the US. Apart from showing that she is determined to press on with more investigations, the Engie probe will be used to counter claims that the commission is targeting American multinationals. Engie, which is 33 per cent owned by the French state, said it was co-operating with the probe. Engie has had operations in Luxembourg since 1933 and employs about 300 people in the country, said a spokesperson. Ms Vestager’s drive against tax avoidance has triggered an angry response from Apple, the US administration and corporate America. Some 185 US chief executives described the decision last week as a “grievous self-inflicted wound” for Europe’s economy. As well as ordering Ireland to recover €13bn from Apple, the commission has hit Fiat in Luxembourg, Starbucks in the Netherlands and a number of companies in Belgium. There are also investigations into Luxembourg’s tax arrangements with Amazon and McDonald’s. Jean-Claude Juncker, the European Commission president who was Luxembourg’s premier when the tax deals were struck, has strongly backed the probes into “illegal backroom deals”. “Very often, bank robbers and poachers are among the very best police forces,” he said last week. Margrethe Vestager: © Reuters Brussels’ Luxembourg-Engie investigation turns on several tax rulings — letters confirming the interpretation of tax laws — regarding financial transactions in 2009 and 2011 between four companies in the Engie group. The loans can be converted to equity and bear zero interest for the lender. An FT review of company accounts shows the first 2009 loan to be worth around €1.3bn at the end of 2014. The size of the second 2011 loan is not disclosed in public records. By allowing the loans to be treated as both debt and equity, the investigators argue ”a significant proportion” of profits on the arrangements recorded by Engie in Luxembourg “are not taxed at all”. “This is because the borrowers can significantly reduce their taxable profits in Luxembourg by deducting the (provisioned) interest payments of the transaction as expenses,” the commission said. “At the same time, the lenders avoid paying any tax on the profits the transactions generate for them, because Luxembourg tax rules exempt income from equity investments from taxation.” Sample the FT’s top stories for a week You select the topic, we deliver the news. Source link
When KazMunaiGas Exploration Production listed in London in 2006, Kazakhstan was so keen to make it attractive to international investors that it rewrote some laws. A decade later, the shine has worn off for investors in KMG EP, who are locked in an increasingly bitter stand-off with its parent, the Kazakh state oil company NC KMG, which owns a controlling stake. This week, minority shareholders will vote on a plan by NC KMG to tighten its control over the KMG EP by rewriting the “relationship agreement” between it and its subsidiary that, if approved, could lead to a buyout worth up to $1.3bn. Independent directors have decried the proposals as an attempt to “severely undermine” corporate governance, and a growing number of investors look likely to vote against them. However, the story of how KMG EP went from a flagship for Kazakhstan’s state oil company to a thorn in its side shines a light on the inefficiencies that plague the Kazakh company and the challenges of reforming the oil industry in the former Soviet Union. It is also a tale of a power struggle between two warring units of the same company — and, in particular, between two sets of independent directors, the westerners hired to burnish corporate governance credentials who are sometimes written off as uncritical “Noddies”. “It’s a very promising asset. To say that it has been underutilised is a gross understatement,” says Ivan Mazalov, director at Prosperity Capital. When KMG EP listed in 2006, the Kazakh government’s intention was “to create a blue-chip oil company,” says a long-time adviser to the company who worked on the initial public offering. “The level of transparency and corporate governance is unparalleled for the country.” The oil boom lifted the global depositary receipts from an IPO price of $14.64 to a high of more than $34. But as prices fell, the inefficiency of KMG EP’s Soviet-era fields became more apparent. In 2015, the company reported a $288m operating loss. “At the moment there is no value in the assets: it’s going to be a major struggle to get our auditors not to write off all our assets,” says Chris Hopkinson, a former Royal Dutch Shell executive hired by NC KMG to lead a turnround of its and KMG EP’s assets. KMG EP says it is returning to profitability. But efficiency remains poor. For example, KMG EP employs 2.5 people in its production division per well, more than twice the level of comparable Russian companies, according to an analysis last year by Sberbank CIB. Mr Hopkinson and people close to KMG EP say that resistance from local contractors and politically connected businesspeople in the regions of western Kazakhstan where the company operates has made it hard to push through change. The company has exclusive relationships with some contractors, whose share of KMG EP’s operating costs has risen from 12 per cent in 2014 to 23 per cent this year, according to a company circular. Replacing KMG EP’s old-fashioned “nodding donkey” wells with electrical submersible pumps could improve efficiency and lift production by as much as 60 per cent, Mr Hopkinson says. “EP is very close to the communities, who naturally have a huge apprehension with regards to changing away from a system which their whole societies and towns are based on supporting, to something which is unknown,” he says. Mr Hopkinson casts the drive for efficiency as the main reason NC KMG is proposing to rewrite the relationship agreement with KMG EP. The changes would give KMG EP’s board, of which he is the NC KMG-appointed chairman, greater power, he says. But many shareholders and people close to KMG EP question whether these changes are necessary or sufficient to push through the efficiency plan. “It will only be implemented if the Kazakhs want it to be implemented. Unless you bring vested interests on side, you won’t succeed,” says one person close to the company. What’s more, the proposals are the latest in a longstanding tussle for control between the parent company and its subsidiary. They also come as NC KMG prepares for its own listing — something that bankers and investors say would be difficult to achieve while KMG EP is still listed. It did not take long following KMG EP’s 2006 IPO for the new company’s independence to chafe with its parent. The tensions were exacerbated by the companies’ differing financial positions. KMG EP built up several billion dollars its balance sheet while NC KMG has been weighed down by hefty debts and the need to finance its stakes in Kazakhstan’s major projects. In 2010, NC KMG went to its subsidiary to borrow $1.5bn, a humiliation that “enraged” the parent company, according to a person who advised on the deal. In 2014, NC KMG attempted to end its troubled relationship with its subsidiary, offering to buy out minorities at a price of $18.50 per global depository receipt. But after six months of discussions between the independent directors of the parent company and its subsidiary, the offer was withdrawn amid tumbling global oil prices. Since then, NC KMG has placed growing financial and operational pressure on its subsidiary, shareholders and people close to KMG EP say. For much of 2015, NC KMG’s trading unit, the sole buyer of KMG EP’s oil on the Kazakh market, refused to pay the rates set out in the relationship agreement between the two companies — only agreeing to a settlement after protracted negotiations. Then this year, when that provision of the agreement expired, NC KMG unilaterally slashed the price it paid KMG EP to just $7 a barrel. The deterioration in relations between the two companies has been exacerbated by personal animosity between the three western independent directors of NC KMG and their three counterparts at EP KMG, say people close to both companies. NC KMG has overruled the independent directors of KMG EP for two years now over the company’s dividend payments, which were slashed to zero this year. Ivan Mazalov, director of Prosperity
The UK, according to Nesta, only spends half of the amount that Japan spends on innovation, which gives the construction industry a poor reputation. To tackle this matter, TowerEight questions what more can be done for the future of this sector and how it can increase in innovation and productivity. The root cause of this inefficiency “is the cyclical nature of the property market that penalises capital investment but rewards lean firms, and those that can retrench rapidly in terms of both staff numbers but also training and technology costs,” said James Morris, Managing Director at TowerEight. Other sectors have made use of the benefits of technology, while the construction industry “has collectively failed to embrace BIM with any great enthusiasm”. Even though modular technology could be the answer to the innovation problem, the response to it has not been great. According to an article from the Economist, the change could come from the public sector by spending more on infrastructure projects. If the government decided to step in when the private sector becomes unwilling to release funds, then the market will see a boost. Another issue lays within the embedded contract forms and sequential processes that have resulted in a lack of teamwork and a consequential adversarial approach to construction. Teams are disbanded and knowledge is rarely shared across project groups, which makes innovation an inhibiting process. Moreover, the biggest issue seems to be the lack of investment, both in terms of technology and staff training. The failure to attract more women to the industry also impacts on the possibilities that this industry could have. A hope could come from the public sector that is thought to impose the blanket use of BIM across public sector projects to create the efficiencies it has promised for so long. The nature of the construction industry, its fear of making mistake, its lack of effective knowledge management, its irregular demand and fragmentation, stand in the way of innovation. However, this issue appears to be improving. There is hope for the future, but there must be far greater collaboration across all the disparate elements of the construction sector and a more collegiate response to industry-wide issues.
A new way to purchase a new home, which gives purchasers very real choices, is now available in Chapelton, Aberdeenshire. Purchasers are able to buy a plot, make a large number of choices about living spaces, room layouts, and the fitting and finishing and then leave the building work up to the experts. Called custom build, this is a form of development that lies between self-build and buying a new house from a developer. Custom build gives buyers the ability to select the house that best suits their needs and budget, and takes away issues that can arise in getting the building work done. It is brought to Chapelton by designyourhome.com, a part of the Places for People group of companies. Kim Slowe, managing director of designyourhome.com said, “We expect custom build will revolutionise new house building in the UK. Customers like choice and that is what we are giving them. After a customer buys a plot in Chapelton, and has made their choices, we can build it to their specification and have it ready to move into 6 months later.” Fully serviced plots are available in Chapelton through designyourhome.com from £165,000. NOTES Chapelton is a new settlement lying some 8 miles south of Aberdeen close to the A90. The settlement is being built as a series of villages, each comprising houses, flats, commercial properties and leisure/open spaces. Construction of the first of the villages (called Cairnhill) started in 2014 and so far there is a café, nursery school, beauty salon, allotments and a variety of houses and flats including retirement properties. The construction of Chapelton will take a number of years to complete, and once done, Chapelton will include all of the ingredients that make up a town. Ultimately it will comprise some 8,000 dwellings and be a town larger than Stonehaven. Custom build is relatively new to the UK housing market. At present it is more prevalent in England than Scotland due to legal obligations that exist for the Local Authority to allocate a part of any new development site to include self-build plots. There is no equivalent legal obligation on councils in place in Scotland at present. Custom Build as offered by designyourhome.com is a simplified form of self-build. designyourhome.com has already done much of the early planning work for the plot, agreeing what is and is not possible to build at Chapelton with the Local Authority and master planning architects. As a result, as soon as the customer finalises choices, it is possible to clear them quickly for planning and building warrant and then to start to build. In this way it is possible to ensure that the customer will move into their new property six months after they buy the plot and enter into a build contract with designyourhome.com. The customer is able to choose from a variety of pre-agreed layouts for each floor of their house, a number of options for extensions, and some external modifications such as additional windows. There is wide range of choices for internal fittings and finishings from the type of doors and ironmongery, the design of skirting and coving, the layout of bathrooms and en-suites, the type of kitchen fittings and equipment and many more. designyourhome.com is being offered by ZeroC Holdings Ltd, a part of the Places for People Group of companies. ZeroC Holdings has many years of experience as a housebuilder and is one of a limited number of builders at the Prince of Wales Poundbury development in Dorset. ZeroC Holdings is experienced in delivering mixed use properties on design-led schemes such as at Chapelton. Benefits of the designyourhome.com custom build model arise to both the purchaser and the developer. The customer is able to own a new home, built to their own specification and cost. Unusually for a self-build project, the customer has certainty on cost and time. Interest payments for the developer are reduced and this saving is shared with the purchaser. Purchasers of designyourhome.com properties at Chapelton are able to do some of the work themselves (for example carry out decoration) as long as any work done complies with the Chapelton Design Guide. This would obviously lead to a lower build cost. designyourhome.com is selling eight plots at Chapelton for custom build. The first two fully serviced plots, with the ground floor slab already in place, are released for sale, each at a price of £165,000. The house options available are for either 2 or 3 bedroom properties with a garage. A separate build contract will be entered into with designyourhome.com for any building work at the same time as buying the plot.
Now that finding solutions to the UK housing crisis is a top government priority, property consultants Bidwells take a look at the new targets and ask if a standardised approach to house building can work in each region of the Golden Triangle. The corridor connecting Cambridge, Milton Keynes, and Oxford has the potential to become the UK’s very own Silicon Valley, according to a National Infrastructure Commission (NIC) report. What stands in the way of this achievement is the lack of sufficient and suitable housing. To solve this issue, the government outlined the ambitious plan to build one million homes in the corridor by 2050. However, the housing markets and the approaches to housing delivery by each local authority along the corridor vary greatly. Cambridge and Oxford have two of the most in demand but least affordable housing markets in the UK, while Milton Keynes has become the fastest growing city in the UK, but it has very little land designated as green belt land. On the other hand, Cambridge and Oxford are surrounded by a green belt, which means that more creative, sustainable ways of meeting the housing need in these cities must be explored. The corridor, which stretches north and west of the Golden Triangle, incorporates around 3.3 million people, but the housing shortage is a national issue that government is trying to solve with its proposed approach to standardise the methodology used for calculating housing targets. “The standard approach is too simple and ignores fundamental variables that influence local housing markets, including geographical factors. The proposed approach might actually worsen regional disparities and slow down delivery,” said Divisional Managing Partner of Planning, David Bainbridge. If not addressed and planned for adequately, the need for investment in infrastructure, both for housing and transport, risks restricting the growth of Milton Keynes, Oxford, and Cambridge. The large pool of talent and businesses that stem from, and flock to, the Golden Triangle may also begin to reconsider the attractiveness of these locations compared to other competitive areas in the UK.
London based Zaha Hadid Architects has joined the Open Source Wood initiative organised by Metsä Wood. This pioneering open innovation projects aims to facilitate knowledge sharing and growth in modular wood construction. The collaboration includes a design proposal for a multi-storey residential structure using wood elements from the Open Source Wood web library as the primary building material. “We’ve been engaged in our own research projects on prefabrication and modularity in building design and specifically around the use of timber. We believe in a collective, multi-disciplinary approach to problem-solving and welcome the collaborative possibilities of the Open Source Wood initiative,” said Henry Louth of Zaha Hadid Architects. Open Source Wood is a continuation of Metsä Wood’s 2015 project Plan B, an ambitious blueprint that explored the possibilities of using wood in urban construction. Open Source Wood has attracted the attention of professionals and media around the globe since its inception in 2017. ‘We’re excited to have a world renowned architectural firm such as Zaha Hadid Architects participating in Open Source Wood. They bring unprecedented design excellence and knowledge to the project and we value the inspired point of view they bring regarding the possibilities of modular wood construction. We look forward to the outcome of their design work,” commented on the collaboration Mikko Saavalainen, SVP Business Development Metsä Wood. Zaha Hadid Architects (ZHA) has redefined architecture for the 21st century with a repertoire of projects that have captured imaginations across the globe. Receiving the highest honours from civic, professional and academic institutions worldwide, ZHA is one of the world’s most consistently inventive architectural studios, collaborating with visionary clients, communities and industry experts to deliver transformational projects on six continents. If you would like to know more information about Open Source Wood and how you could be part of it, visit: http://www.opensourcewood.com.
According to the Franklin Furniture Institute, consumers use the internet, catalogues, and home décor television programming to gain knowledge on brand availability, styles, and pricing. The only thing missing from this equation is your needs which can significantly alter any of the inspiring ideas you learn along the way. Here are five ways to pick out stylish furniture when making a new purchase. Aesthetics: Today’s furniture designers are creative, trendy, and stylish which is why elegant furniture is available in any color or pattern. The color palette is a crucial element to decision making as the furniture you choose must blend in with your current décor. Do you plan on using the furniture to accentuate a room or do you want to select a neutral tone that easily blends? Lighter colored furniture makes rooms appear more massive while darker hues absorb light and seem smaller. The color also sets the mood in your home. Determining aesthetics will assist in narrowing down the product availability. The good news with picking the right pieces and colors is that modern technology enables you to try all sort of new furniture without long term commitments. Websites like http://www.rentfeather.com give the option of renting furniture. Take advantage of rentals before buying and committing to a certain theme. Design: When you walk into a home, it is the furniture design that can tell a lot about its occupants which is why you need to have the same mindset when choosing your own. A lover of history may opt for decor from the Renaissance period, but a family of four may decide on something more contemporary. If you are not sure which design suits you best, do a bit of research to determine the factors you need to consider before deciding on a style. Functionality: You should always consider function while deciding on the aesthetics of furniture. Some pieces are built to last while modern brands may use materials less suited for endurance. Perhaps you find the perfect table-for-two that matches aesthetically. It is an ideal fit, but what if you plan on growing your family in the next few years? To avoid having to discard gently used furniture, you must consider its function to decide on the right type that fits your needs now and in the future. Size: A beautiful piece of furniture does not help if it overshadows the remaining space in a room which is why size and shape help determine your choices. Did you know that there are standard measurement recommendations that make selections easier? A coffee table should be no longer than 2/3rd the length of the couch, and it should be level with your cushions. Round dining tables are preferable to square ones when considering accessibility and style fusions. If you plan to do any writing, you need a table that is around 29 inches tall. Evaluate your room’s measurements so that you know the limits of available furniture. A bit of research will prepare you for any shopping excursion. Budget: Price tags make a difference in selections. Some consumers opt for a less expensive brand because they intend to pay cash. Others want top-of-the-line furniture but lack the means to purchase it, so they choose a rental option for accessibility or usability. Style typically comes at a higher price, so do not exclude it until you compare rent-to-own availability. For some budgets, it provides an ideal way to maintain a stylish home without having to spend extravagantly to achieve it. The ideal piece of furniture will blend personal style, aesthetics, and functionality. In today’s market, you do not have to cut corners because designers incorporate a variety of techniques with the modern family in mind. It is always best to take a few minutes to decide on what you need so that you navigate the furniture market meticulously. Even if you only know color, size, or budget, sales departments employ knowledgeable professionals who know about furniture quality and price comparisons. In the end, it all comes down to personal choice, and there are plenty of stylish pieces to highlight the interior of your home.
