Vedanta Resources, the Indian mining group controlled by billionaire Anil Agarwal, has offered improved terms for a proposed deal to take greater control of its main oil and gas business. Vedanta wants to tighten its grip on Cairn India to get better access to the cash on the oil group’s
©AFP In a corner of southern Peru the land is so barren that Nasa uses it as a stand-in for Mars to see if potatoes can be grown on that lifeless planet. But the desert of red dirt gives way to the green Tambo river valley, where farmers live off
Apartment rent growth in the United States has slowed nationwide over the past year, with the higher end of the market most affected, new research shows. After growing at a blistering pace for much of 2015, apartment rents across the county are growing at a slower pace thus far in
Consulting engineer WSP Parsons Brinckerhoff has been appointed by the University of Glasgow to work on the development of a new Learning and Teaching Hub on its Gilmorehill Campus in the West End. Above: The planned Learning and Teaching Hub The 13,400 m2 building will have two large lecture theatres
Transport Scotland has released time-lapse footage showing the construction of the largest single span bridge being built as part of the £500m M8 M73 M74 motorway improvements project. The video, below, shows nine pairs of three-metre high steel beams, approximately 77 metres long and each weighing almost 2,000 tonnes, being
18 August 2016 | Herpreet Kaur Grewal A significant fall in migration in the medium term will have little effect on native earnings, according to a think tank report. But researchers from the Resolution Foundation say it will bring new labour market challenges that businesses must address. The study states
Network Rail has submitted proposals to redevelop Ilford station as part of the improvements being delivered for the Crossrail project. Above: The new Ilford station building has been designed by Atkins Plans for a new larger station building and long platforms have been submitted to the London Borough of Redbridge
Harry Bartle of Chris Bowker Ltd wins coveted industry prize Source link
Average house prices in cities in the UK have reached their highest since 2008 and are more than six times annual earnings, new research shows. The affordable cities review report from Lloyds Bank shows that the average UK city house price has risen by 8% from £196,229 in 2015 to
Following extensive research, the team at Knauf AMF have come up with a new range of high performance acoustic ceiling solutions which enable architects to achieve their vision.AMF TOPIQ is an innovative range of ceiling tiles and rafts which strengthen Knauf AMF’s position as a leading complete systems provider for
Vedanta Resources, the Indian mining group controlled by billionaire Anil Agarwal, has offered improved terms for a proposed deal to take greater control of its main oil and gas business. Vedanta wants to tighten its grip on Cairn India to get better access to the cash on the oil group’s balance sheet and simplify its convoluted corporate structure but the plans have stalled for more than a year. The deal would merge Vedanta Limited, the Indian-listed subsidiary of Mr Agarwal’s UK-listed group, with Cairn India. Vedanta Limited already owns almost 60 per cent of Cairn India, while Vedanta Limited is in turn 63 per cent owned by Vedanta Resources. Vedanta has suggested the deal as a way for Cairn India shareholders to access a more diversified resources group, but it has only won lukewarm support for the terms offered when the plan was announced more than a year ago. Cairn Energy, the UK-listed group that sold its Indian operations to Vedanta and remains one of Cairn India’s two large minority investors, had particular doubts about the proposed deal. Cairn Energy could not be reached for comment on Friday. Vedanta Limited is now offering one of its own shares and four redeemable preference shares for each share in Cairn India, as opposed to the single share and one preference share that was offered last year. The enhanced terms, including a 7.5 per cent interest bearing coupon on the preference shares, mean the offer is worth a fifth more than the average price at which Cairn India shares have traded over the past month, Vedanta said. The original deal offered a 7 per cent premium on a comparable basis. Tom Albanese, chief executive at Vedanta, said a merger was “highly compelling”. “Diversified resources companies have delivered superior returns for shareholders historically. The transaction consolidates our portfolio … and simplifies the group structure,” he said. Vedanta’s other operations include zinc, aluminium, copper and iron ore mining. The deal would also help Vedanta, which has more than $7bn of net debt, make use of more than $3bn of cash within Cairn India. A majority of independent investors in both Cairn India and Vedanta Limited have to vote in favour of the deal. Like Cairn Energy, India’s state-run Life Insurance Company also owns about 10 per cent of Cairn India. If the deal proceeds then Vedanta Resources would own just over half of an enlarged group. Cairn India shareholders would hold 20 per cent of the shares in Vedanta Limited. Source link
©AFP In a corner of southern Peru the land is so barren that Nasa uses it as a stand-in for Mars to see if potatoes can be grown on that lifeless planet. But the desert of red dirt gives way to the green Tambo river valley, where farmers live off an abundance of onions, rice and sugar cane. Some locals are taking up arms to protect this oasis. Last year, three were killed and hundreds wounded in violent clashes over the $1.4bn Tía María copper and gold mine, owned by Southern Copper, which is perched by the valley. Black-clad anti-riot police are now stationed there. More On this topic IN Mining “Whoever is the next president will have to deal with mining conflicts because neither companies nor governments respect communities,” says Jesús Cornejo, head of the water users’ association in the nearby town of Cocachacra, which is peppered with green flags reading: “Yes to farming, no to the mine.” Mining is the backbone of Peru’s economy. With the commodities downturn, that will represent a dilemma for Keiko Fujimori or Pedro Pablo Kuczynski after June 5, when they face each other in a runoff after failing to secure a presidential majority this month. Work on the planned Tía María mine was first halted in April 2011 after protests. It is one of 208 hotspots for social conflict in the country, mainly land and water resource disputes over mining, according to data from Peru’s ombudsman office. Industry insiders estimate that more than $30bn of mining investment is stalled because of conflicts or economic constraints on companies due to lower mineral prices. The $5bn gold and copper Minas Conga in Cajamarca, spearheaded by US miner Newmont, has been on hold since December 2011 over a water use conflict, in which several people have been killed. Between July 2011, when Ollanta Humala took the president’s office, and September last year, 51 people have been killed during protests, says Human Rights Watch. As a candidate Mr Humala pledged to support the poor in the country’s many simmering mining disputes, vowing to put water before gold. But activists accuse him of turning his back on them. “You cannot impose mining activity with blood and fire. While the existing problems aren’t solved, more mining means playing with more fire,” says Marco Arana, running mate of leftist candidate Verónika Mendoza, who lost the second round place to Mr Kuczynski, but still secured almost 19 per cent of the vote. Mr Arana was at the forefront of protests against Minas Conga. As was Gregorio Santos, the jailed anti-mining former regional governor of the mineral-rich Cajamarca, who bagged 4 per cent of the vote. Both candidates demonstrate a well of support in Peru for the anti-mining movement. You cannot impose mining activity with blood and fire. While the existing problems aren’t solved, more mining means playing with more fire – Marco Arana, the running mate of leftist candidate Verónika Mendoza “Part of the conflict stems from a state that over almost two decades has slanted interests . . . in favour of investors, rather than the populations where the investments were going to sit,” Mr Arana adds. “This has delegitimised investments and the state’s authority.” José de Echave of CooperAcción, a non-governmental organisation, says: “Mining unrest rocketed along with high mineral prices, and has been very much present in recent years. With Keiko that may worsen, with Kuczynski it may remain about the same.” Ms Fujimori says she wants a system to prevent and monitor social conflicts, and mechanisms for communities to become shareholders in mining projects. Mr Kuczynski proposes guaranteeing communities advance benefits from mining projects. “Tensions come before the money arrives,” Mr Kuczynski says. “[So] the money has to be put in beforehand.” The money could be used to improve environmental outcomes and improve community relations. Oscar González Rocha, Southern Copper’s executive president, hopes whoever wins the election “will devise new strategies to resume the investments that will drive the country’s growth”. In an area of roughly 30,000 people, the company says it will create 3,000 jobs during construction and 650 permanent ones once Tía María is completed. But Cocachacra is divided. “I fear the conflict will come back if they try to restart it,” says Helar Valencia, mayor of Cocachacra. “There is rejection of national authorities and mistrust towards the company.” Mr Kuczynski, an Oxford-educated former prime minister and former mining minister, says he picked Martín Vizcarra, a former regional president, as vice-president because he helped solve a dispute over Anglo-American’s Quellaveco mine by building a dam to benefit the communities. But he warns: “Without a doubt, we are going to have social agitation.” That sentiment is echoed in the valley of the river Tambo. “Problems like the one here with Tía María are flames waiting to burn,” Mr Cornejo says. Additional reporting by Lucien Chauvin in Lima 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
Apartment rent growth in the United States has slowed nationwide over the past year, with the higher end of the market most affected, new research shows. After growing at a blistering pace for much of 2015, apartment rents across the county are growing at a slower pace thus far in 2016, according to the data from real estate firm Zillow. Overall, apartment rents nationwide grew by 3.6% for the year ending in April 2016, almost 2% points slower than the 5.4% pace reported for the year ending in April 2015. And in 23 of the nation’s 35 largest housing markets, the slowdown in rent appreciation has been more acute in luxury ZIP codes area than metro-wide. In four additional markets of Washington D.C., Sacramento, Miami-Fort Lauderdale, and Kansas City broader apartment rent growth has accelerated from 2015, but it has accelerated less in luxury ZIP codes than in the metro as a whole. Aaron Terrazas, a senior economist at Zillow, said that substantial investment in new construction, particularly at the high end of the market, has contributed to some of this pattern, although in some areas weak labour markets may also be a contributing factor. The research also shows that in the Houston metro, essentially all ZIP codes where the median rent per square foot is above $1.10 have experienced a deceleration in apartment rents. In the New York metro, the natural cut off appears to be closer to $2.30 per square foot and in the San Francisco metro, it appears to be around $3.80. The exception is the Seattle metro, where higher apartment rent growth continues to accelerate in luxury ZIP codes, although the acceleration has perhaps not been as dramatic as lower priced ZIP codes. Terrazas explained that part of this is due to rapidly rising rents in neighbourhoods north of Seattle’s Lake Washington Ship Canal. Meanwhile, the latest national index produced by Florida Atlantic University and Florida International University shows that housing market as a whole is moving deeper into buy territory, suggesting that, on average, residential housing markets around the country are sound. The Beracha, Hardin & Johnson Buy versus Rent (BH&J) Index measures the relationship between purchasing property and building wealth through a build-up in equity compared renting a comparable property and investing in a portfolio of stocks and bonds. It says that in terms of wealth creation the US housing market, when considered as a whole, has swung marginally more in favour of home ownership over renting a comparable property and investing monthly rent savings in a portfolio of stocks and bonds. Overall, 16 of the 23 metropolitan markets investigated moved in the direction of buy territory. The metro areas of Boston, Chicago, Cincinnati, Cleveland, Detroit, Milwaukee, Minneapolis, New York, Philadelphia and St. Louis remain solidly in buy territory. ‘These cities should have room for price growth without much worry of overheating,’ said Eli Beracha, co-author of the index and assistant professor in the T&S Hollo School of Real Estate at FIU. He pointed out that this is especially true for Chicago, Cincinnati, Cleveland and Detroit while cities such as Honolulu, Kansas City, Los Angeles, Miami, Pittsburgh, Portland, San Diego, San Francisco and Seattle are hovering around the indifference point between buying versus renting. In almost all of these metro markets, the BH&J Index score for the quarter moved in the direction of ownership. ‘This movement suggests that most consumers in these markets appear to have learned from the real estate crash and now understand that residential property prices can get too high,. This is a good sign for future housing price stability in these markets,’ Beracha explained. Meanwhile, two hot housing markets, Dallas and Denver, continued to move deeper into rent territory but at a slower rate than earlier quarters, said Ken Johnson, a real estate economist who is one of the index’s authors and an associate dean of graduate programmes and professor in FAU’s College of Business. ‘Strong economic support within these two markets should make for a soft landing in terms of slowing property price growth, increased marketing time for properties and lower probabilities that sellers will actually transact and close during a given marketing effort of their property,’ he added. One particular market, Houston, continues to cause concern. Houston was already deep into rent territory, and its recent BH&J score plummeted significantly toward buy territory, a scenario that has foreshadowed noticeable property price declines in the past. BOOKMARK THIS PAGE (What is this?) Source link
Consulting engineer WSP Parsons Brinckerhoff has been appointed by the University of Glasgow to work on the development of a new Learning and Teaching Hub on its Gilmorehill Campus in the West End. Above: The planned Learning and Teaching Hub The 13,400 m2 building will have two large lecture theatres that can be configured together as one 800-seater auditorium. Construction is expected to start next year and architect HLM is the lead consultant on the project. WSP Parsons Brinckerhoff was also awarded a contract to develop the university’s planned Research Hub on the adjacent 14 acres Western Campus Site. John Cox, WSP’s building structures lead in Scotland, said: “Being successful in the bid to deliver multidisciplinary services to two major, world class projects for the University of Glasgow is phenomenal. It’s a major win for our business and reflects our growth and capabilities within the industry.” This article was published on 29 Mar 2016 (last updated on 29 Mar 2016). Source link
Transport Scotland has released time-lapse footage showing the construction of the largest single span bridge being built as part of the £500m M8 M73 M74 motorway improvements project. The video, below, shows nine pairs of three-metre high steel beams, approximately 77 metres long and each weighing almost 2,000 tonnes, being lowered into position over the North Calder Water, near Bellshill in North Lanarkshire. Crane hire firm Weldex deployed the biggest crawler crane in the country for the job, its 1350-tonne capacity Liebherr LR1350. The construction of North Calder Water Bridge is part of major works to upgrade Shawhead Junction. The new bridge will carry traffic on the new M8 over the North Calder Water to the south of the existing A8. As one of the widest structures of the project at 77.25 metres, the new bridge will carry three lanes of traffic in each direction, alongside new on and off-slip roads, linking the M8 to the A725 both north and southbound. The project is being carried out for Transport Scotland by Scottish Roads Partnership (SRP) and its construction joint venture, Ferrovial Lagan. Articulated lorries brought the beams to site in three sections to comply with transport restrictions. Once on site, the sections were welded together before the beams were paired for lifting. Weldex’s crane delivered to site by a fleet of 33 HGVs and took five days to assemble on site, using a 750-tonne and a 200-tonne crane to assist. Once assembled, the crane stood 90 metres high. Dario Saavedra, construction manager for Ferrovial Lagan Joint Venture, said: “This is a significant milestone for the project and a successful operation which we are very proud of. The beam installation took nine days to complete, lifting the giant beams onto the two new bridge abutments, each of which contain over 6000 tonnes of reinforced concrete. “The beam lift was a complex piece of engineering and an important step towards completion of this impressive project.” Lyle Cairns, section site engineer, has overseen the progress of the new structure. He said: “The first excavation for the bridge began in summer 2015 and it is scheduled for completion in September of this year. The beam lift was very exciting to be part of as this was a challenging engineering operation, however, from a personal point of view; it’s pleasing to see the entire construction from start to finish. The most challenging aspect of this structure was the sheer scale and size involved.” This article was published on 3 Jun 2016 (last updated on 3 Jun 2016). Source link
18 August 2016 | Herpreet Kaur Grewal A significant fall in migration in the medium term will have little effect on native earnings, according to a think tank report. But researchers from the Resolution Foundation say it will bring new labour market challenges that businesses must address. The study states that the effect of reduced migration on specific industries and parts of the country could be significant – and facilities management could be one of the most affected sectors. “Elementary professions” such as cleaning, security and food manufacturing could be the most hard hit the report suggests. The report authors suggest that “it is wrong to say that migration has had no effect on specific groups of natives’ wages and employment, [but] this effect has generally been small”. So, even a significant fall in migration in the medium term “will have little effect on native earnings”. But the longer-term effects on industries like FM require more thought, they add. Under a new immigration regime, it is possible that highly skilled or highly educated migrants would be prioritised. This might “significantly curtail low-skilled immigration, creating serious problems for sectors that rely on such labour” says the report. It adds: “It is unlikely that native workers will totally fill the gap at current wage rates. Pay in these sectors averages £9.32 an hour, significantly below average native wages of £11.09. We know that lots of workers in these sectors are migrants from the EU ‘accession’ countries, whose average earnings are £8.33, £2.76 below that of natives. With employment at an all-time, high it is unlikely that there are large numbers of natives either looking for work that will be attracted to these sectors given the low-wages on offer. Similarly these kind of wage rates are currently not sufficient to bring those not in the labour market into participation. It seems unlikely that the simple absence of migrants would be enough to change that situation.” The report says industries would have to look into “significantly” changing their business models. In some sectors government should work with industry to encourage the “take-up of labour-saving technologies while in others better skill utilisation will be required”, says the report. This could have the “wider benefit of stimulating productivity and wage rises, which in turn could attract more native workers who at present are unlikely to wish to work in these low-paying sectors”. It adds that other studies suggest that some migrant-reliant sectors, such as food manufacturing, accommodation, and textile manufacturing, could see greater automation in the near future. Source link
Network Rail has submitted proposals to redevelop Ilford station as part of the improvements being delivered for the Crossrail project. Above: The new Ilford station building has been designed by Atkins Plans for a new larger station building and long platforms have been submitted to the London Borough of Redbridge in preparation for the start of Elizabeth line services. From May 2017, the first new trains will be progressively introduced between Shenfield in Essex and Liverpool Street main line station in London. From May 2019, up to 12 Elizabeth line trains an hour will allow passengers from Ilford to travel through central London. Crossrail surface director Matthew White said: “These major improvements will make travelling through Ilford station a vastly better experience for the many thousands of people who use it every day. The proposals for the striking façade and new, spacious ticket hall are designed to underline the importance of the station and of the Elizabeth line to the local area.” Mark Woodcock, associate architect at Atkins, which has designed the new station building, said: “The new station design seeks to become the starting point for a wider regeneration plan for the London Borough of Redbridge. It is designed to be a significant presence, not only visible from Cranbrook Road, but also from Balfour Road and Ilford Hill, from where the station with its sloping and projecting curved roofline and glazed lift tower is intended to act as a common converging point from these routes.” This article was published on 18 Oct 2016 (last updated on 18 Oct 2016). Source link
Harry Bartle of Chris Bowker Ltd wins coveted industry prize Source link
Average house prices in cities in the UK have reached their highest since 2008 and are more than six times annual earnings, new research shows. The affordable cities review report from Lloyds Bank shows that the average UK city house price has risen by 8% from £196,229 in 2015 to its highest ever level of £211,880 in 2016. This has resulted in average affordability in the nation’s cities worsening in the last 12 months from 6.2 to 6.6 times gross average annual earnings, the third successive annual decline in affordability. The latest figures from Lloyds Bank also reveal a significant North/South divide, with 17 of the 20 least affordable cities located in southern England and only Lichfield, Leicester and York appearing in the top 20 outside of the South. Winchester has recorded the biggest gains over the past decade, whilst London, not surprisingly, has seen the largest growth during the economic recovery of the last five years. By contrast, all of the 20 most affordable cities for home buyers are outside of southern England. Affordability in UK cities is, on average, now at its worst level since the average house price to earnings rose to 7.2 at the height of the last housing market boom in 2008. ‘House price rises in the past three years have risen more steeply than average wage growth, making it more expensive to buy a home in the majority of UK cities. This has also widened the North/South divide, as house prices in the South have generally seen stronger growth than in the North,’ said Andrew Mason, Lloyds Bank mortgage products director. Oxford is the UK’s least affordable city with the average house price 10.68 the gross average earnings in the city. At an average price of £364,429, houses in Oxford are more expensive compared with average earnings in the city than in any other UK city. This is partly due to Oxford’s attractiveness to commuters working in London. Winchester at 10.54, London at 10.06, Cambridge at 9.9 and Bath at 9.77 make up the top five least affordable cities. The London average figure disguises considerable variations across the capital with central boroughs being significantly less affordable than the Greater London average. Lichfield at 7.53 and York at 7.5 are the least affordable cities outside southern England. Londonderry in Northern Ireland is now both the UK’s most affordable and least expensive city. The average property price in the Northern Ireland city of £113,302 is 3.8 times the gross average annual earnings. Elsewhere in Northern Ireland Belfast at 4.42 and Lisburn at 4.64 are the fourth and sixth most affordable cities respectively, due primarily to the relatively low house prices in the country. Northern English and Scottish cities make up the remainder of the top 10 most affordable cities with Bradford at 4.31, Hereford at 4.55, Durham at 4.73, Lancaster at 4.89, Carlisle at 5.03, Glasgow at 5.07 and Stirling at 4.11. Winchester has recorded the biggest price rise of any UK city over the past decade with a gain of 79%. Aberdeen is the only city outside the southern counties of England in the top 10 of cities to see large house price growth, with a gain of 58%. More recently, London has recorded the highest house price growth with a rise of 53% during the past five years followed by Salford at 48% and Cambridge at 46%. Eight of the 10 top performers since 2011 are in southern England with the exception being Salford at 48%, which has seen significant investment for regeneration, and Newcastle Upon Tyne at 33%. BOOKMARK THIS PAGE (What is this?) Source link
Following extensive research, the team at Knauf AMF have come up with a new range of high performance acoustic ceiling solutions which enable architects to achieve their vision.AMF TOPIQ is an innovative range of ceiling tiles and rafts which strengthen Knauf AMF’s position as a leading complete systems provider for acoustic ceiling and wall solutions. AMF TOPIQ provide superior sound absorption, the highest rating for fire safety – A1 reaction to fire and 100% RH moisture resistance. The tiles offer aesthetic appeal too, with a clean, streamlined and elegant appearance. AMF TOPIQ is available in four different styles offering a perfect solution for any interior. Following extensive research, the team at Knauf AMF have come up with a new range of high performance acoustic ceiling solutions which enable architects to achieve their vision. AMF TOPIQ is an innovative range of ceiling tiles and rafts which strengthen Knauf AMF’s position as a leading complete systems provider for acoustic ceiling and wall solutions. AMF TOPIQ provide superior sound absorption, the highest rating for fire safety – A1 reaction to fire and 100% RH moisture resistance. The tiles offer aesthetic appeal too, with a clean, streamlined and elegant appearance. AMF TOPIQ is available in four different styles offering a perfect solution for any interior. TOPIQ Prime ceiling tiles have a maximum sound absorption coefficient (aw) of 0.95, making them particularly effective at absorbing sound in the speech-related frequency range of between 250 and 4000 Hz. TOPIQ Prime is the ideal choice for areas where sound intelligibility is important. TOPIQ Efficient Pro makes rooms even quieter. The tiles achieve the highest sound absorption coefficient of 1.0. TOPIQ Efficient Pro ceilings also offer excellent sound insulation, helping prevent sound spreading into adjoining rooms. This is perfect for meeting rooms, offices and other areas where private conversations take place. The tiles are available in different coating options. TOPIQ Efficient Pro Hygena ceiling tiles are specially developed for areas with stringent moisture resistance requirements and strict hygiene standards. The ceiling surface has an anti-microbial coating which is resistant to the growth of bacteria and mould. TOPIQ Efficient Pro Hygena is ideal for healthcare and kitchen environments.All AMF TOPIQ ceiling tiles are available in 600x600mm, 600x1200mm and 625x1250mm sizes. The tiles are easy to install using AMF Ventatec and DONN grid systems.TOPIQ Sonic Element are frameless and seamless ceiling rafts creating a monolithic finish. They are available in a choice of shapes and colours – each raft is fully colour coated on all sides. The edges are reinforced using AMF TOPIQ Strong Edge Technology to make them resilient.The rafts are quick and easy to install. The fixing wires are attached to anchor points on the rafts and look as if they’re hidden, giving the impression that the ceiling rafts are floating. Like all products in the TOPIQ range, the rafts offer outstanding sound absorption. TOPIQ Sonic Element rafts are perfect for thermal mass buildings, or where a traditional suspended ceiling is not viable. Information about AMF TOPIQ is available to download on a new app, AMF InfoCentre, which is designed to make specifying even easier. AMF InfoCentre is free from Google Play Store and Apple App Store and is compatible with all smart phones and tables. To make an appointment with an area manager, who would be happy to provide advice to ensure your project has a healthy acoustic environment and meets any regulations email info@knaufamf.co.uk to request samples. Source link