London’s skyline is set to change as AXA Investment Managers – Real Assets, acting on behalf of its clients, commence the main build of the Twentytwo development on Bishopsgate, scheduled for completion in 2019. Otis, whose founder invented the safety elevator, is the world’s leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways.  Otis is a unit of United Technologies Corp. (NYSE: UTX). With Lipton Rogers as developer and designed by PLP Architecture, the 59-storey building will use 67 state-of-the-art Otis elevators and escalators, including the fastest SkyRise double-deck elevators in Europe, traveling up to 8 metres per second. Twentytwo is being built by Multiplex on a prime site just minutes from the new Liverpool Street Crossrail station. At 255 metres (840 feet) tall, it will fill a gap at the center of the City’s eastern cluster of tall buildings.  Once complete, this 1.4 million square foot office will be home to a workforce of approximately 12,000 people. Otis Limited, the local Otis entity, will install 57 elevators and 10 escalators, including 18 Gen2 elevators, 13 SkyRise single-deck, and 26 SkyRise double-deck elevators combined with the CompassPlus® destination management system. Lipton Rogers and Multiplex Construction will use three Otis SkyBuild™ self-climbing construction elevators to move people and goods faster and safely allow them to better manage the construction programme for the project. “With pressure on London’s infrastructure, combined with population growth, this new building is an intelligent response to the city’s evolving needs,” said Hemant Jolly, vice president and general manager, Otis UK & Ireland. “Otis is proud to support this evolution with our industry-leading technology, products and service.” The SkyBuild construction elevator is now a standard option in the company’s line of global, fully integrated suite of high-rise solutions – the SkyRise elevator system. Installed at the beginning of a building’s construction, the SkyBuild elevator allows movement of crews and tools quickly and safely – without an external lift or exposure to weather. Its unique hydraulic piston system enables it to quickly climb one floor at a time as the building rises. Once construction is complete, the SkyBuild elevator transitions for service as a SkyRise elevator, Otis’ premier elevator for the world’s tallest buildings. The Otis Gen2 elevator redefined the elevator industry with breakthrough technology that replaced conventional ropes with flat belts, leading to a more comfortable ride, greater reliability, more efficient operation and increased energy efficiency compared to conventional roped elevators. Since its introduction, Otis has sold more than a half million units making the Gen2 elevator one of the company’s best-selling elevators in its 163-year history.  

Severn Trent has resolved an issue which saw thousands of customers in Derbyshire and Leicestershire told not to use their water because of unusually high levels of chlorine. Around 3,700 households around Swadlincote and Ashby-de-la-Zouch were told not to use the water from their taps on Friday after abnormal levels of chlorine were found at Castle Donington reservoir. The company issued the ‘do not use’ notice – which advises customers not to use the water for any purpose, including bathing or flushing the toilet – after being alerted to the problem by a monitoring system. It distributed free bottled water to customers at two supermarkets in the affected areas, while working through the weekend to resolve the problem by flushing the network. Customers were later advised to run their cold taps for a minimum of five minutes and to empty their hot water tanks before being told that it was safe to use the water again. Severn Trent said it was still investigating the cause of the problem, but that over-chlorination from a dosing system was suspected. “We’re pleased to say that all of our customers in the Derbyshire and Leicestershire area can now use their water supply as normal,” said Severn Trent in a statement. “We’re really sorry for the inconvenience we know this has caused.  We want to reassure you that the health of our customers is our absolute priority, and this was a precautionary measure due to the levels of chlorine in the water supply. Some customers would experience discoloured water while the system was restored to normal but they were advised to run their taps for 20 minutes and the water would clear, the statement continued. “While we appreciate that you may be concerned about water you have already consumed, we’d like to reassure you that if you didn’t notice a strong chlorine taste or smell, or detect anything unusual when drinking it, then it’s unlikely to have caused you any harm.  If you have any further health concerns then we recommend you contact your local health professional. “We’re investigating what caused the problem and identifying how we will compensate all 3,700 customers, both domestic and business, who were directly affected for an extended period of time.” This article first appeared in Utility Week’s sister title WWTonline Source link

©Bloomberg In business, a near-debt experience can easily turn into a near-death one. A year ago, shareholders were slapping the pallid cheeks of commodities-and-mining group Glencore and beseeching: “Don’t go towards the light!” On the evidence of interim results, Glencore has meandered back from the other side with only the odd angel feather clinging to its collar as evidence. The Swiss group has made about $4bn in divestments, including a deal to sell gold output from an Aussie mine for more than A$880m. Net debt, which once stood at $29bn, should fall to $17bn by the year’s end. That will take the ratio of borrowings to earnings to below a 2:1 target. Dividends should resume next year. Critics say Glencore flatters its debt numbers by excluding inventory that may not be as readily saleable as it imagines. Even so, the business never risked bankruptcy in normal market conditions. The left-field peril was a panic. Last September the shares crashed 30 per cent intraday after an analyst suggested they could expire worthless. If banks and insurers had taken fright too, a liquidity problem could have become a solvency crisis. When investors first tackled chief executive Ivan Glasenberg about Glencore’s artery-clogging $29bn debt pile, he replied as complacently as a 20-stone junk-food addict proud of cutting down to one pack of cigarettes a day. Since then, the hard-nosed billionaire has embraced his balance sheet diet as evangelically as a clean-eating guru. It has been a quiet success for public market stewardship. Glencore was demonised as a commodities titan run by shady traders when it floated via an overpriced IPO in 2011. Some of its African mining deals have raised eyebrows. So has Mr Glasenberg’s tendency to slam “overproduction” by larger miners. But Glencore has been a more punctilious quoted business than pessimists expected. As for Mr Glasenberg, there was little crowing from him about Glencore’s recovery, despite a 170 per cent rebound in the shares. A net loss of $370m reflected the $400m cost of a failed coal-price hedge. Besides, a near-death experience tends to sober a man. Auld Creakie It is Nicola Sturgeon’s tragedy to be the most effective politician in the UK while lumbered with one of the least tenable economic prospectuses. As leader of the Scottish National party, she insists Scotland could be both independent and prosperous. Yet National Statistics is killing her vibe by demonstrating the exact opposite. The latest communiqué from the abacus rattlers pegs Scotland’s 2015-16 budget deficit at a steep £12.6bn. The SNP’s prediction that an independent Scotland could balance its books (before interest) by 2016-17 now sounds like the ranting of one of the Royal Mile’s tartan-clad eccentrics. A collapse in oil revenues is to blame. The SNP wants to break away from the UK while remaining in the European Union. Alba has successively reinvented itself as Silicon Glen and the Saudi Arabia of Wind. Might it now promote itself as the Singapore of the North, luring City businesses keen to retain a pan-European passport? Edinburgh has a decent financial cluster and boasts better fishing and shooting on its doorstep than such niche rivals as Malta. However, the output the UK might lose through financial industry emigration has been estimated at just £8bn a year. A share of taxation on that sum would do little to close the gap in Scotland’s accounts. Southward migration by Scottish-registered banks too large to depend on a Scottish government guarantee could even transform gains to losses. Ms Sturgeon is a bird in a gilded cage delineated by large subsidies from the taxpayers of Southern England. She cannot admit independence, at current oil prices, would mean cutting spending while raising taxes and debts. An old Highlander of Lombard’s acquaintance had a phrase that describes her consequent evasions: “Och, blethers!” Faculty of hard knocks Next month many universities will put on open days for prospective students. So there is a chance some parents could end up misguidedly dragging teenagers to an “open day” Sports Direct is mounting on September 7. ©PA The sportswear retailer has been criticised for its employment practices. Founder Mike Ashley has accordingly invited the public to visit his controversial Shirebrook warehouse “to engage in an open discussion”. Shirebrook has been described as a “gulag” where inmates are bullied for wearing the wrong clothing brands. It therefore has much in common with a university during freshers’ week. Parents will note tuition fees are very reasonable (zero). Immersive courses in pick and pack are on offer. Young Quentin will probably still insist he’d rather study archaeology at Durham. His parents should take him to Shirebrook anyway. He’ll see the kind of place where he could easily end up if he fluffs his A-levels. jonathan.guthrie@ft.com 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