Real estate has been among the sectors that have made people wealthy over the years. As such, you have every reason to invest in property. However, you should be well-informed about some important issues if you’ll get the best deal. Besides being well versed with the market, you need to
WORK to redevelop the historic Grade II listed Newcastle City Pool and Turkish Baths in Newcastle upon Tyne has started. The Pool and Turkish Baths – which holds fond memories for many locals – first opened in 1928 and closed to the public in April 2013. Now developer Fusion Lifestyle,
Since Rothgen Capital UK announced the launch of the latest funding round for The Tyram Lakes Hotel, Spa and Resort in Hatfield, near Doncaster in Yorkshire UK, Doncaster as an area has been attracting a significant amount of new attention, both domestic and internationally. As well as Doncaster’s undeniable horse
Covers Timber and Builders Merchants is delighted to have agreed to sponsor Chichester Rugby Club for another season. The club, which has its home ground at Oaklands Park, runs four senior teams, and a full range of junior teams. Covers’ sponsorship deal will include having the company’s logo appear on
This April, the Fire Industry Manufacturer’s Expo (FIM Expo) is coming to Ashton Gate Stadium in Bristol. The event is organised by the Fire Industry Association and helps to build the bridge between manufacturers of fire detection and alarm products and those in the services world. The expo is a
Achilles Information today announces that the Achilles BuildingConfidence community is now a member of Safety Schemes in Procurement (SSiP) Achilles and SSiP share a dedication to promoting health and safety for construction workers, as well as reducing unnecessary cost and confusion in supply chain assurance. Alongside PAS91, the SSiP accreditation
A Bolton based scrapyard that featured in a recent BBC documentary series has been sentenced after an employee suffered facial injuries at work. Vehicle breakers firm, The Scrappers Ltd and Terry Walker, a consultant for the company, appeared at Minshull Street Crown Court, Manchester where they denied breaches of health
Residential rents in Australia fell in all cities except for Melbourne and Hobart in July taking the combined capital city median weekly rent to $483 a week, the lowest since December 2015. Combined capital city rental rates are $485 a week for houses and $467 a week for units,
©AFP Saudi Arabia has taken steps to slow Iran’s efforts at increasing oil exports, banning vessels that transport Iranian crude from entering their waters, according to traders and shipbrokers. Iran already faces insurance, financing and legal obstacles despite the lifting of sanctions linked to its oil industry in January. More
The Royal Institute of British Architects (RIBA) has today (Thursday 30 June) published its strategic plan for the next five years, prioritising the significant reinvention and reinvigoration of its engagement with and support for members. ‘Advancing Architecture: RIBA’s Strategic Plan for 2016-2020’ is built around three pillars – ‘a strong
Real estate has been among the sectors that have made people wealthy over the years. As such, you have every reason to invest in property. However, you should be well-informed about some important issues if you’ll get the best deal. Besides being well versed with the market, you need to understand the neighborhood where you intend to purchase your property. In this article, you’ll learn some tips for getting more value from a property deal. Consider a foreclosed property Normally, banks will repossess a property if the owner stops servicing the mortgage. The bank will also go ahead to list it with a local real estate agent. It’s obvious that a foreclosure is frustrating to the affected persons but it can be a luxurious deal for an investor. In most cases, lenders want to dispose of the property as quickly as possible and it’s easy to get generous discounts. However, foreclosures can take a few years and you might need to do some repairs before you can sell it. When that is the case, you can be offered some additional discounts to take care of the repairs. As soon as you are ready to purchase the property, you should talk to an agent around your area and see if there are any good foreclosures. Approach owners privately When there are too many people looking for property, it can be quite hard to get a good deal. In popular areas, a house might attract multiple offers from interested buyers. To deal with this hurdle, you should go beyond relying on listing services and find owners who are interested in selling a property. The trick here is to get in touch with the owner before they’ve listed the property. This not only gives you an opportunity to negotiate a better deal but it will also help deal with competition. One of the most rewarding ways to handle this is targeting absentee property owners. You’ll be surprised to find out that some people have inherited property but aren’t ready to manage it and therefore they can sell easily. Make sure it’s the right property for you While some people are good at doing repairs around their home, others have no idea how to work with basic tools. At the same time, you can easily find someone to make the repairs needed but that also means that your profits are dwindling. If you are not very good with repairs and you don’t have some spare cash, buying a property that needs some repairs may not be a good idea. When you understand the property, it’s easy to know if the deal is good for you or not. The only way you can do this is talking with the owner as well as the real estate agent. You should also try to find out why the property is being sold and if there are any problems. You can also speak to professionals who have a good understanding of property you intend to buy. Whenever possible, you should look for something that can be easily upgraded to add more value. Consider multiple deals The earlier you understand that you need multiple deals the more you raise the chances of getting an attractive offer. Don’t be afraid of looking at several properties in your area and examine them carefully for features that are important to you. You can consider hundreds of offers but you will only settle on just a single deal depending on availability and pricing. Deal with your debt While it’s common to find investors have some mild level of debt as part of the portfolio, debt can become a burden to an average investor. If you haven’t paid your student loans or other loans, it’s good to do a clear assessment to determine if acquiring property is a good move. If you want to use realistic loans to finance the purchase, the first thing you should do is to determine if you can handle the new debt without hurting your financial profile. Not all properties are treated the same and sometimes commercial property requires a slightly higher down payment. When you want to flip the property quickly, it may not be appropriate to use a mortgage to finance the purchase. Today, you can utilize different non-conventional loan products that are tailored to certain needs. With options like hard money loans and lines of credit, you can get a good deal. Act quickly In the real estate business, the first person to check out a property has higher chances of buying it. You’ll be surprised to find out that the deal doesn’t always go to the highest bidder but the persons who act promptly. If you want a great deal, it’s important that you be ready to seal the deal before others start giving offers. You might need a bank pre-approval as well as staying updated about new property deals around you. However, you can also get great discounts if you target a property that has been on the market for an extended length of time. Conclusion While you should definitely be smart with your investments, it’s good to have realistic and achievable expectations with a real estate investment. Getting a good return on your property investment is the dream of every investor and that’s why you should work with a professional when looking for a great deal. Before investing into your first property knowing which architect has built your specific property is important to a lot of people, Newtecnic have worked on a range of different properties, check them out.
WORK to redevelop the historic Grade II listed Newcastle City Pool and Turkish Baths in Newcastle upon Tyne has started. The Pool and Turkish Baths – which holds fond memories for many locals – first opened in 1928 and closed to the public in April 2013. Now developer Fusion Lifestyle, in partnership with a group of specialist companies including leisure, design and build expert Createability, will begin the £5m renovation of the city centre building. An expert team will begin work immediately on the project, which has faced unforeseen delays often associated with buildings of this age. Fusion, a registered charity, has developed exciting plans to bring the pool, Turkish baths and spa back to life, and add a fitness suite and café bistro to the site. The plans include restoration of the Turkish baths and swimming pool, the creation of a new state-of-the-art fitness suite, glass fronted conditioning studios on the first and ground floor and contemporary changing areas. Works will also deliver a new spa which will offer a range of treatments and improved access for disabled people. It is estimated the works will be completed by the summer of 2019. Anthony Cawley, operations director at Fusion Lifestyle, said: “We’re delighted to start the exciting work to bring the Newcastle City Pool and Turkish Baths back to life for a new generation. “The reinvigorated venue will bring between 100 to 150 jobs to the city once re-opened.” Fusion Lifestyle secured planning permission and listed building consent from Newcastle City Council in 2016 after spotting the historic venue thanks to the community campaign to save the building by Re-open Newcastle Turkish Baths and City Pool Group. The charity – which runs leisure venues across the UK – reinvests profits back into its operations to provide affordable health and fitness facilities for communities. Leader of Newcastle City Council, Councillor Nick Forbes, said: “It’s great to see redevelopment work starting on this historic city treasure. This is a beautiful building that we were determined would not be lost to the city. “Newcastle has been through a lot of difficult changes as a result of Government austerity, and we have had to search for new ways of providing the services residents want and depend on. “The investment about to go in to the City Pool is a great example of that. Newcastle City Council said we would not turn our back on leisure facilities and keep all options open, and by working with Fusion we see this building saved for people to enjoy. “This time next year we’ll be getting ready for a renewed City Pool bringing with it at least 100 jobs to our city centre. I look forward to that next step.” Ian Cotgrave, managing director of Createability, said: “The restoration plans will turn this historic 1920s building into a stunning leisure destination fit for 21st Century use. “We have more than 20 years’ experience working alongside leisure trusts, including Fusion, sensitively redeveloping and refurbishing old leisure venues and this has to be one of the most exciting projects we have worked on to date. We cannot wait to reveal the beautiful facilities to the local community once more.” The works will include careful restoration of many of the building’s original features, such as the original 1920s pool tiles, wood-panelled changing rooms and terrazzo flooring in the Turkish baths. Cait Read of the Re-open Newcastle Turkish Baths and City Pool Group said: “We are delighted that work will finally start to restore and re-open Newcastle City Pool and Turkish Baths. “What great news, in this year that is the 90th anniversary of the building first opening its doors to the public, that it will be restored, renewed and will re-open serving the people of Newcastle and visitors to the city as was originally intended. “We will continue to be involved alongside Fusion to ensure that the building re-opens as an affordable and accessible facility for all. “We are also planning to explore the unique heritage of the City Pool and City Hall building and to mark the 90th anniversary of its original opening in 1928.” For more information and to register for updates, please visit www.citypool.co.uk.
Since Rothgen Capital UK announced the launch of the latest funding round for The Tyram Lakes Hotel, Spa and Resort in Hatfield, near Doncaster in Yorkshire UK, Doncaster as an area has been attracting a significant amount of new attention, both domestic and internationally. As well as Doncaster’s undeniable horse racing heritage, it has a surprising amount to offer in other areas. This has recently been demonstrated by Amazon, IKEA, Tesco, Lidl, BMW, Asda et al who are all utilising the convenient geographical location for their large distribution centres, plus Doncaster’s obvious proximity to significant transport and travel capabilities, including Doncaster Sheffield (formerly Robin Hood) airport. Amongst other news of note, the Yorkshire Wildlife Park has recently announced its £50M expansion which will potentially make it a top UK destination. With so much international attention now focussing on the Doncaster area in general, can it be much wonder that property developers have started exploring possibilities in the region? With infrastructure improving weekly, and demonstrable confidence from some of the world’s best known companies, the luxury property sector is finally also taking notice. One of these sector members is Rothgen Capital’s Tyram Lakes project, which uses cutting edge ecological and eco-friendly innovations as its basis, and is leading the field in this kind of development, thus of particular interest to energy focussed investors and the media alike. In the centre of the Humberside Peatlands, Hatfield Moor and the National Nature Reserve in South Yorkshire, plans are already approved for 325 luxury eco-lodges set on and around 65 acres of lakes adjacent to 100 acres of natural woodlands, plus the hotel and spa, constituting The Tyram Lakes Hotel, Spa and Resort. There are two types of eco-lodges. About a third of the lodges (125) will be floating structures, and a further 200 will be set amid the vast woodlands. Available from two to four bedrooms versions, all lodges will blend into the landscape providing private hideaways with natural spaces all around. Lodge features include rooftop gardens fitted with solar panels, decking areas with sunken spa bath and a choice of classic or contemporary interiors. In the centre of the resort will sit the planned boutique hotel by Den Architecture in association with Baca Architects, who are specialists in eco-friendly and amphibious projects. This unique hotel will offer 104 rooms, conference facilities, a fine dining restaurant with lakeside views, an indoor pool, leisure club, spa, gymnasium, and a picturesque wedding and party venue. How did this happen? Doncaster Metropolitan Borough Council approved the application to build the green resort in December 2016, commencing with the first phase of 50 eco-lodges. The scheme comprises four phases of development: Phase1 – 50 Lakeside and floating lodges Phase2 – 104 Bedroom Hotel, Spa, and Leisure Centre Phase3 – 75 Lakeside and floating lodges Phase4 – 200 Woodland retreat lodges …. and embraces the very latest science and technology to create a resort which is designed to function through environmentally accredited solutions that are energy efficient, all of which engage and sustain the local ecosystems. “The scale and ambitious nature of the plans will ensure the resort is one the most luxurious, fun and relaxing holiday destinations in Europe. This green development will be as sustainable as it’s currently possible to build, and be exemplary case study for other developers,” says Baca Associate, Andrew Scrace. Ecological solutions Geyser Thermal Energy (GTE) has designed from scratch the heating and hot water system for the resort without a significant negative impact on the local ecology. Using the main lake as a heat source for the lodges, coupled with various (non-chemical) water filtration processes, energy consumption and the need for chemicals is vastly reduced. This innovative renewable heating system coupled with highly efficient and ecologically sound water solutions leads also to minimal running costs and environmental impact for the development. The Laws of Attraction Funding rounds by property developers are executed in a number of ways ranging from loans, finance and bridging through to private capital, usually with ease for potential investors in mind. In its hallmark innovative fashion, Rothgen/Tyram Lakes have engaged the Accounting Worx Group, based in Reading UK (along with international presence), who have designed and implemented specific financial instruments for the project to enable investors to participate quickly and easily. These range from bonds through to larger private capital arrangements – all being very attractive for new participants. The investment interest attracted by Tyram Lakes is not just from the Green and Eco sectors. The inherent design and sustainability factors have led to the world famous ARMANI fashion house /brand becoming involved with the design of a selection of exclusive lodges on the site. This means that The Tyram Lakes Resort & Spa is the first holiday resort inside the UK to have Armani participating in this way. Natural England too have partnered with Tyram, who have a sizeable park neighbouring Tyram Lakes, and who also have given complimentary access for Tyram Lakes visitors, enabling yet more acres for hiking, trails, and exploration. With all this happening then, it’s no surprise that Hoseasons, the UK’s largest park operator, are on board. They believe that Tyram could become a flagship park to sit within the Hoseasons Portfolio and have provided projected rental incomes and occupancy levels to back this up showing strong returns, thus providing evidential balance sheet background for those wishing to invest. Finishing off this latest update, Rothgen and Tyram Lakes are pleased to announce the arrival of Royal patronage in the form of Princess Alexandra Cantacuzène-Spéransky who will also be delighted to welcome new participants and investors to the project. So, Doncaster, Yorkshire, UK is ALIVE, and The Tyram Lakes Resort & Hotel is inviting investors to play along……
Covers Timber and Builders Merchants is delighted to have agreed to sponsor Chichester Rugby Club for another season. The club, which has its home ground at Oaklands Park, runs four senior teams, and a full range of junior teams. Covers’ sponsorship deal will include having the company’s logo appear on the club’s pavilion, website and match day programmes. Ron Migliorini, from Chichester Rugby Club, said: “Our relationship with Covers stretches back many years and we are delighted that they will be continuing to back us this season and would like to thank them for their ongoing support. Their sponsorship is invaluable in ensuring we can continue to maintain the club’s facilities and training for all our teams.” Henry Green, Managing Director at Covers, added: “With our company’s head office based in Chichester, and our great love and affection for all things sport at Covers, it is an absolute pleasure to be supporting the club. We wish them the very best of luck for a successful season.”
This April, the Fire Industry Manufacturer’s Expo (FIM Expo) is coming to Ashton Gate Stadium in Bristol. The event is organised by the Fire Industry Association and helps to build the bridge between manufacturers of fire detection and alarm products and those in the services world. The expo is a fantastic place to meet manufacturers and network with other service professionals if you’re working in this niche but still buoyant area of business. The expo’s light and informal atmosphere is renowned for making those close connections and business partnerships due to its small size. Here, instead of wandering aimlessly between stands for hours, you can easily make all the connections you need within a relatively short period of time. A major advantage is that you can see all the products and get answers on how they all work, which is helpful if you’re unfamiliar with a particular area. There is still plenty at the expo even for a seasoned fire detection and alarm pro. The 17 confirmed exhibitors (and more on the way) will be showing a range of their products and with new ranges being developed, so it’s a good time to find out if there are any new products, or explore other manufacturer’s products that you might not have known much about previously. Aside from the exhibitors themselves, there is the added bonus of two free seminars. The first seminar, ‘BS 5839-1: 2017 – What’s changed?’ is presented by the FIA’s Technical Manager, Will Lloyd is known for his encyclopaedic knowledge of British Standards, and can provide expert advice on a wide range of fire detection and alarm issues. The seminar covers the latest major revision of the standard, BS 5839-1, and the differences between this version and the old 2013 version. Despite it being 2018, there may still be some aspects of the 2017 revision of this standard that you (or colleagues) may be unaware of. The update seminar covers a long list of areas including: Differences between the old version of BS5839-1: 2013 and the 2017 update Unwanted fire alarm signals Multi-sensor detectors in escape routes L3 and L2 systems The use of manual call point covers Places of ‘ultimate safety’ Manual call point locations Communications with the fire and rescue service Staff alarms Video fire detection Types of fire detectors and their selection Spacing and siting of automatic fire detectors Detector spacing and siting on honeycomb ceilings Siting of optical beam smoke detectors Ceiling height limits Cables, wiring, and other interconnections Inspection and servicing This is not a full and complete list but does give an indication of the level of depth that will be presented. The FIA is committed to improving professional levels throughout the industry and this seminar will provide plenty of insight into this complex subject area. The second seminar running at FIM Expo will be discussing the future of the fire industry. What levels of competency will be expected or needed in 2018 and beyond? In our current climate, where pressures on responsible persons/duty holders are rising, what will those potential clients be looking for in a fire detection and alarm service company? Entitled, ‘The future of qualifications in fire detection and alarm’, this is a good opportunity to hear from industry experts and ask questions about the movement of the industry over the next few years. This presentation will be presented by the FIA’s General Manager, Martin Duggan. Both seminars are fully CPD accredited and certificates will be available to pick up from the registration desk at the end. Details: 25th April 2018 Open 9.30 – 3.30pm Ashton Gate Stadium, Ashton Rd, Bristol BS3 2EJ Complimentary tea, coffee, and buffet lunch Free parking Free entry Seminar times 11am – ‘BS 5839:1 – what’s changed?’, presented by Will Lloyd, FIA Technical Manager 2pm – ‘The future of qualifications in the fire industry’, presented by Martin Duggan, FIA General Manager. Although the event is free to attend, spaces are limited and it’s best to register in advance to secure your space. Go to www.fim-expo.com to register.
Achilles Information today announces that the Achilles BuildingConfidence community is now a member of Safety Schemes in Procurement (SSiP) Achilles and SSiP share a dedication to promoting health and safety for construction workers, as well as reducing unnecessary cost and confusion in supply chain assurance. Alongside PAS91, the SSiP accreditation puts Achilles’ supply chain solutions at the forefront of standards in the UK construction industry. To meet SSiP standards, approved suppliers must demonstrate their capability to manage health and safety for the activities they carry out. The addition of the SSiP accreditation to Achilles’ BuildingConfidence community strengthens the focus on health and safety, giving certainty to buyers while simplifying the supply chain compliance process. SSiP questions will be added to all levels of the pre-qualification questionnaire (PQQ), so suppliers no longer need to sign up to multiple assurance platforms, saving time and cost. BuildingConfidence suppliers can upload their existing SSiP ‘deem to satisfy’ certificate for free or add SSiP to their PQQ for a fee of £75. Meanwhile, buyers can be assured that all suppliers in Achilles’ BuildingConfidence community have demonstrated SSiP compliance. Dedicated Achilles teams, located across seven geographic hubs, check and validate the information provided by suppliers while qualified assessors visit supplier sites and record the level of compliance. Jay Katzen, CEO, Achilles Information commented; “SSiP and Achilles share a mission to reduce cost and complexity in supply chain compliance. With the addition of SSiP to our BuildingConfidence community, we are proud to offer the UK construction market an end-to-end service that strives to improve compliance with health and safety along with other supply chain issues.” Eleanor Eaton, Chair of SSiP added “we are delighted to welcome Achilles as a member of the SSiP family. Achilles shares our vision and that of all our members – to help businesses achieve more by reducing duplication in health and safety pre-qualification. We look forward to making this happen for even more buyers and suppliers in the months to come.” Achilles’ BuildingConfidence community launched in 2007. Within four years of launching, there was a 90% improvement in the compliance levels of registered suppliers, including a 75% reduction in the number of major environmental non-compliances. For further information, please contact: Rebecca Bantoft | Global Head of Corporate Communications & Events
A Bolton based scrapyard that featured in a recent BBC documentary series has been sentenced after an employee suffered facial injuries at work. Vehicle breakers firm, The Scrappers Ltd and Terry Walker, a consultant for the company, appeared at Minshull Street Crown Court, Manchester where they denied breaches of health and safety law. Both defendants pleaded not guilty to health and safety charges in relation to the incident. Terry Walker was acquitted by jury after trial while The Scrappers Ltd was convicted. The court heard that Mr Aaron Sparrow, an employee at the firm’s Waterloo Road site was working as a ‘spanner man’ which involved taking batteries, wheels, petrol and catalytic convertors (cats) out of the cars in order to be sold on by the company. On 10 September 2014, employees were instructed to start taking the ‘cats’ and batteries off the cars. Giving evidence in the Health and Safety Executive (HSE) prosecution, Mr Sparrow told the court he and his colleague raised cars off the ground slightly using a fork lift truck (FLT) where they would remove the wheels and the battery. The FLT forks were then raised above head height so they could place fuel retrieval equipment under the car to take the fuel out. They would then cut the ‘cat’ off the exhaust using a petrol saw with a metal cutting blade. A number of separate cuts would be made into the exhaust depending on the type of car. The court was told on that morning they had done this to around 10 cars. However, while taking a catalytic convertor off a car exhaust with the petrol saw above his head, the saw flicked back of the exhaust and spun 180 degrees in his hands before the saw hit him in the face. He was taken by ambulance to hospital and received over 40 stitches and underwent plastic surgery on his brow and eye lid. He was later told that the saw blade missed his brain by 3mm. The HSE investigation found there was no record of formal training, and a tool specifically designed for the job was not generally used. There did not appear to be any formal supervision arrangements at the time, and there was no safe system of work in place for operating the petrol saw at the time of the incident. HSE said the system of work described by workers demonstrated that using the petrol saw in this manner was custom and practice in the company. However the company denied this and told the court this system of work was not allowed and not carried out. The Scrappers Ltd, of Watling Street Road, Fulwood, Preston was found guilty of breaching Section 2(1) the Health and Safety at Work Act 1974. It was fined £30,000 and ordered to pay costs of £26,687,88. After the case, HSE inspector Mike Lisle said: “It is essential that companies devise, implement and monitor suitable safe systems of work for hazardous activities. “This incident was entirely avoidable and had a safe system of work been in place then it would likely have been avoided. As it is a young man is scarred for life and could easily have been killed.” Notes to editors: The Health and Safety Executive (HSE) is Britain’s national regulator for workplace health and safety. It aims to reduce work-related death, injury and ill health. It does so through research, information and advice, promoting training; new or revised regulations and codes of practice, and working with local authority partners by inspection, investigation and enforcement. www.hse.gov.uk More about the legislation referred to in this case can be found at: http://www.legislation.gov.uk/ HSE news releases are available at http://press.hse.gov.uk Journalists should approach HSE press office with any queries on regional press releases. Source link
Residential rents in Australia fell in all cities except for Melbourne and Hobart in July taking the combined capital city median weekly rent to $483 a week, the lowest since December 2015. Combined capital city rental rates are $485 a week for houses and $467 a week for units, according to the latest rent index from real estate firm CoreLogic. Overall the index fell by 0.3% over the month and is 0.6% lower than it was in July 2015 and it is anticipated that the rental market weakness will persist and that on an annual basis rents will continue to fall over the coming months. A breakdown of the figures shows that over the past 12 months rental rates have increased in Sydney by 0.4%, in Melbourne by 2%, in Hobart by 6.2% and in Canberra by 1.9%. Rents fell by 1% in Brisbane, by 0.5% in Adelaide, by 9.2% in Perth and by 15.7% in Darwin. CoreLogic research analyst Cameron Kusher pointed out that Hobart and Canberra are the only capital cities to have recorded stronger rental growth over the past year compared to the previous year. He explained that the market is currently seeing the softest wages growth on record and the declines are being cause by relatively high levels of housing investment following record highs recently and well as historically high levels of new dwelling construction as most of them are units which are more than twice as likely to be rented. He also pointed out that slowing population growth creates less overall demand for housing at a time when home commencements and the number of dwellings under construction were at historic high levels in March 2016. ‘The combination of all these factors means that landlords have little scope to increase rental rates in this current market. Potentially, the changing rental market conditions will have a flow on effect for older stock, particularly units given we’re seeing so much new unit supply being added to the rental market, much of which is located in inner city locations,’ he explained. He also said that while rental rates are falling and values continue to rise, gross rental yields remain at record low levels. ‘As a result of record low rental yields and the weakest rental market on record, those investors currently active are clearly focusing on capital growth potential,’ he added. Source link
©AFP Saudi Arabia has taken steps to slow Iran’s efforts at increasing oil exports, banning vessels that transport Iranian crude from entering their waters, according to traders and shipbrokers. Iran already faces insurance, financing and legal obstacles despite the lifting of sanctions linked to its oil industry in January. More On this topic IN Oil & Gas Under a nuclear deal with world powers, Iran was allowed to resume crude exports to Europe and other destinations. Since the lifting of sanctions, Iran has managed to sell only small volumes of crude to Europe, including barrels to Spain’s Cepsa, Total of France and Russia’s Litasco. By mid-April, only about eight tankers will have sailed from Iran’s Kharg Island for Europe, said shipbrokers, with only 12m barrels booked to sail. Iranian vessels carrying the country’s crude are restricted from entering ports in Saudi Arabia and Bahrain, according to a circular sent by a shipping insurance company to its members in February. The notice said ships that have called to Iran as one of its last three ports of entry will also require approval from the Saudi and Bahraini authorities before entering their waters. Shipbrokers and traders have relayed the same messages since. Iranian oil executives have expressed their concern about the message circulating in the market, saying it is only adding to problems they face in selling their crude. Saudi Aramco, the state oil company, and The National Shipping Company of Saudi Arabia (Bahri) did not respond to requests for comment. Iran is also yet to regain access to storage tanks at a key oil transit hub on Egypt’s Mediterranean coast, which is part-owned by Saudi Arabia. Oil tanker association Intertanko and other industry participants say no formal notice has been given by Saudi Arabia but uncertainty is making some charterers less willing to lift Iranian crude. ”It’s seen as an unknown risk,” said one shipbroker. “No one wants to disrupt their relationship with the Saudis.” The amount of oil being stored at sea off the coast of Iran has risen by 10 per cent since the start of the year, data from maritime data and analytics company Windward show, and now stands at more than 50m barrels. Diplomatic tensions between Saudi and Iran, which have worsened during the bloody conflict in Syria, are seen influencing the commercial sphere with both countries battling for market share amid the collapse in oil prices. Major oil producers are set discuss plans to freeze output on April 17 — the first concerted action to halt an oil price rout that has shredded producer country budgets. But last week Deputy Crown Prince Mohammed bin Salman said Saudi Arabia would not hold output steady unless joined by Iran, which has said it plans to regain its post-sanctions output level before agreeing to any freeze. Part of the slow increase in exports to Europe has been the lack of access for Iran to facilities operated by the Arab Petroleum Pipeline Company, known as SUMED. Before the imposition of sanctions Iran used to send crude from the Red Sea to the Mediterranean on the company’s lines. The facility is 50 per cent owned by Egypt, with Gulf Arab allies Saudi Arabia, Kuwait and the UAE together owning 45 per cent. Some traders believe Saudi is blocking Iran’s access to SUMED, though others have said it is possible a pre-sanctions contract could be resumed in time. SUMED did not return calls seeking comment. Once the second-largest oil producer in Opec, Iran’s exports dropped to about 1.1m b/d last year, half their pre-sanctions level. Iran’s oil minister Bijan Zangaeh said Sunday exports of crude and condensate have reached 2m b/d, though this is higher than many estimates. Some of Tehran’s problems have been self-imposed, traders said, with the country reluctant to discount its crude and attaching stringent destination clauses and other stipulations to its sales. Insurance and US banking restrictions also remain. Charterers of vessels for moving Iranian barrels have at times paid premiums of almost a third. “Shipowners are charging above market rates given the problems with insurance, in particular,” said another shipbroker. Additional reporting by David Sheppard 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
The Royal Institute of British Architects (RIBA) has today (Thursday 30 June) published its strategic plan for the next five years, prioritising the significant reinvention and reinvigoration of its engagement with and support for members. ‘Advancing Architecture: RIBA’s Strategic Plan for 2016-2020’ is built around three pillars – ‘a strong profession’, ‘a strong voice’ and ‘a strong organisation’ – underpinned by clear, focused actions: A strong profession: We will help our members engage with the challenges and opportunities of a changing world, lead and support the highest professional and ethical standards and facilitate collaboration, research and innovation. We will ensure that our profession thrives by attracting the best and most diverse talent with access to the education, knowledge and skills to succeed. A strong voice: We will ensure that architecture and architects are better understood and valued by clients, policy-makers, the media, the public and a growing network of supporters. We will do this through advocacy and engagement based on our collections, cultural programmes, evidence-base and the expertise of architects. A strong organisation: We will grow our membership base and ensure that our business model supports our vision, purpose and strategy. We will do this by engaging talented and committed staff, enhancing the value of our offer to members and others, generating diverse and sustainable sources of income and striving for operational excellence. Speaking today, RIBA President Jane Duncan said: “Our previous five year strategy guided us well at a time when the construction industry was struggling to recover from the recession. Our strategic priorities then were focused on inspiring the broadest audience to engage with architecture, whilst supporting our members to grasp the opportunities emerging from the economic changes. Over the period, the RIBA and our members achieved greater influence, nationally and locally, than ever before. “In this next five year phase our members will be firmly at centre stage. The role of the architect is in huge transition, facing an ever-shifting regulatory environment and increasingly global and competitive marketplace. Our new strategy will help our members to engage with this changing world and have access to the knowledge, skills and networks to thrive.” ‘Advancing Architecture: RIBA’s Strategic Plan 2016-2020’ can be viewed at https://www.architecture.com/RIBA/Aboutus/Whoweare/Corporateinformation.aspx ENDS Notes: 1. For further press information contact Melanie Mayfield RIBA Press Office melanie.mayfield@riba.org 2. The Royal Institute of British Architects (RIBA) is a global professional membership body that serves its members and society in order to deliver better buildings and places, stronger communities and a sustainable environment. www.architecture.com 3. Follow us on Twitter for regular RIBA updates www.twitter.com/RIBA Posted on Thursday 30th June 2016 Source link