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
Another plumber has been given a suspended prison sentence for carrying out gas fitting work while not on the Gas Safe Register. With two such cases in the past two weeks, it is clear the courts are offering no leniency to those who ignore the gas safety regulations. The latest
The ECA, Voltimum and the Electrical Distributors Association (EDA) have released a short survey for electrotechnical manufacturers on their use of BIM objects. The survey coincides with the government’s BIM Level 2 commitment coming into force this week, which mandates its use in all Whitehall procurement, worth billions of
The Brick Development Association (BDA) has reported that UK production is continuing to increase in line with demand. According to figures released by the Office for National Statistics, brick deliveries in August 2016 were 8.9% higher than they were in August 2015. The seasonally adjusted figures also show a month-on-month
A £40 million co-living building will provide Glasgow city centre with a gateway to the Merchant City and a focal point for regeneration of the East End. The Merchant Point, which is located at the corner of the High Street and George Street, will include shops, restaurants, offices, and 401
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.
Another plumber has been given a suspended prison sentence for carrying out gas fitting work while not on the Gas Safe Register. With two such cases in the past two weeks, it is clear the courts are offering no leniency to those who ignore the gas safety regulations. The latest case concerns Christopher Dignam, trading as Blue Flame Plumbing & Heating Services in the Manchester area. He advertised in local publications showing a Gas Safe Register logo and a fake registration number. He is not, and has never been, registered. Work carried out by him was also found to be faulty. Dignam, who lives in Middleton, pleaded guilty to two breaches of Regulations 3(3), and for breaching 3(7) and 26(1) of the Gas Safety (Installation and Use) Regulations 1998. He was sentenced to 12 months custody, suspended for two years. He was ordered to pay £460 and £400 compensation to two homeowners as well as £3,000 costs. His case comes a week after Walsall plumber Alan Nicholas Price was sentenced to nine months in prison, suspended for two years, for carrying out work without being registered. And last month a Darlington man was jailed for 18 months for pretending to be a Gas Safe engineer and signing official records in the name of a legitimate gas engineer. This article was published on 23 Jun 2016 (last updated on 23 Jun 2016). Source link
The ECA, Voltimum and the Electrical Distributors Association (EDA) have released a short survey for electrotechnical manufacturers on their use of BIM objects. The survey coincides with the government’s BIM Level 2 commitment coming into force this week, which mandates its use in all Whitehall procurement, worth billions of pounds each year. The survey, which takes just a couple of minutes to complete, is entirely confidential. Please complete the survey here. Source link
The Brick Development Association (BDA) has reported that UK production is continuing to increase in line with demand. According to figures released by the Office for National Statistics, brick deliveries in August 2016 were 8.9% higher than they were in August 2015. The seasonally adjusted figures also show a month-on-month increase of 5.5% and a year-to-date increase of 1.3% on the same period last year. Similarly, figures released by the National House Building Council a year-on-year increased of 20% in new home registrations in August. BDA chief executive Keith Aldis, who started in this job only last week, said: “Following the government’s announcement that a £3bn Home Building Fund will be introduced, these distribution figures reinforce confidence across our membership. The industry is geared up to respond to changing market dynamics and is equipped to meet immediate demand.” This article was published on 10 Oct 2016 (last updated on 10 Oct 2016). Source link
A £40 million co-living building will provide Glasgow city centre with a gateway to the Merchant City and a focal point for regeneration of the East End. The Merchant Point, which is located at the corner of the High Street and George Street, will include shops, restaurants, offices, and 401 private rent bedrooms for young professionals and students. Structured House Group (SHG) is behind the plans of the new development that will provide a boost to the local economy, as well as much needed accommodation. The 12 storey building on the site still awaits approval by the members of the Glasgow City Council’s planning applications committee, which will meet and discuss in May. “Merchant Point will be a visible manifestation of the great work that is going on in the East End to help it reach its full potential. It will be a community in itself, with retail, leisure and business functions, all generating additional income for the area,” said Craig Inglis, Chief Executive of SHG. The plans include a commitment to retain a refurbished version of the Old College Bar and to reproduce its current interior in an identical form. The complex will feature eateries and retail outlets, as well as co-working offices where local businesses and university start-ups can utilise the space and raise startup capital. “There has been a lot of publicity around this proposal because of the bar but that has overlooked what a fantastic addition this will be to the city centre and to the local economy,” explained Craig. “As a Glasgow-based company, we have enormous respect for the city’s built heritage and the important place The Old College Bar holds in its history. Additionally, new businesses will benefit from a £250,000 social entrepreneur fund and free use of office space and other facilities, which will help them become established.