Daily Postcard: A sunflower grows tall and blooms in the crack of a turning lane along N.M. 4 Thursday in White Rock. Photo by Jenn Bartram/ladailypost.com
According to the firm’s latest research, investment in Europe declined by 25% to E100bn (£74bn) in the second half of 2007. This was the main reason for a final estimated total figure for the year of E220bn (£163bn). Slump According to Tony Horrell, CEO of European Capital Markets at JLL, this slump is set to continue while a wide-scale price correction, that began towards the end of 2007 moves on through the first half of this year, spreading from the UK across to Europe’s more mature markets. This will result in investment volumes dropping a further 20% on 2007’s figure in 2008. ‘The sub prime market induced credit crunch of early August came at a time when commercial real estate markets were riding high,’ he said. ‘That said, background concerns about the diminishing risk premia for all property types and the sustainability of yields at record lows were evident.’ Key issueHe said: ‘The key issue going forward is the health of the overall financial markets and the availability of debt; at the moment there is a discord between the financial and the real estate markets. Real estate fundamentals remain healthy and we think that the economic backdrop in 2008 will be strong enough to generate positive demand in Europe’s occupier markets.’ ‘So it really is a case of waiting to see how quickly lenders will come back into the market. Although the equity players, such as sovereign funds and institutions, are still looking to buy real estate, once some of the debt backed investors come back into the market we should see a greater momentum of activity.’
Market Art + Design, the East End’s contemporary art fair, was held at the Bridgehampton Museum from July 5 to 8. The event showcased presentations by 65 galleries. Share
A long-term frame agreement has been signed between SSAB and ESL Shipping under which the latter will order two LNG-fueled large bulk carriers for a total investment value of approximately EUR 60 million. The agreement will cover SSAB’s, the Stockholm-based steel company, inbound raw material sea transports within the Baltic Sea and from the North Sea, the two companies informed in a statement on Thursday.According to the Finnish dry bulk cargoes carrier ESL Shipping, the new, ice-class 1A ships with a 25.600 dwt capacity, will be the first LNG-fueled large bulk carriers in the world.Vessels will be built at Sinotrans & CSC Qingshan Shipyard in China and will start operating in the Baltic Sea in early 2018.The construction work is made together with the Finnish designer Deltamarin. LNG World News Staff; Image: ESL Shipping
Get your free guest access SIGN UP TODAY Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Subscribe now for unlimited access To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN
Manchester law firms are refusing to ask staff to attend magistrates’ courts at weekends because they say to do so would require a unilateral change to contracts of employment and invite claims of unfair dismissal. The firms say that some staff could claim constructive dismissal on the grounds of religion and belief discrimination if forced to work on Saturdays and Sundays. Such a move would also have a disproportionate impact on women, who often have caring responsibilities at weekends, the firms say. The government last month announced plans to pilot magistrates’ court sittings at weekends. Law Society president Lucy Scott-Moncrieff wrote to the justice secretary to protest that the plans had been introduced without consultation and that he could expect few volunteers because no extra payments were being offered. Allan Maidment of Manchester firm Maidments Solicitors said: ‘Every criminal defence practice in Greater Manchester is of the same view: the government cannot expect us to impose seven-days-a-week terms on staff who signed contracts to work a five-day week.’ Describing the proposals as ‘madness’, Maidment added that there was no proven business case for magistrates’ courts sitting at weekends. ‘There will simply be an additional cost to the public purse of overtime payments to court officials and crown prosecutors. Meanwhile, solicitors are expected to work for nothing.’ Gordon Turner of London firm Gordon Turner Employment Lawyers, who is advising the Manchester firms, said that it is possible to dismiss an employee where they unreasonably refuse to sign up to a change in terms. But he added: ‘This is not a step that most law firms could reasonably consider. ‘They need employees and would face problems recruiting new ones. It would also be very disruptive to business to lay off good solicitors due to conditions imposed by third parties, in this instance the government.’
Algeria: A consortium of Condotte d’Acqua and Rizzani de Eccher has awarded Ansaldo STS a €40m contract to supply ETCS Level 1 and 2 and conventional lineside signalling for the 130 km line under construction between Oued Tlélat and Tlemcen, along with a traffic control centre in Oran. Belgium: Nexans has signed a €36m two-year contract to supply Infrabel with 5300 km of 1 kV power cables. Brazil: The VLT RMBS consortium has selected Thales to supply signalling and communications for the future SIM light rail network in Santos. Egypt: ENR has awarded Thales a €109m contract to supply and maintain signalling, telecoms and control systems for the 208 km Cairo – Alexandria route. This should enable speeds to be increased from 140 km/h to 160 km/h and headways to be cut from 10 min to 5 min. France: Ansaldo STS has been awarded a €13m contract to supply an ETCS Level 2 overlay for the 343 km LGV Sud-Europe Atlantique project. A €47m contract signed in 2011 covered TVM430 cab signalling. La Farga has a €20m contract to provide copper cables for overhead electrification. India: L&T has won a Rs4·5bn contract to supply 25 kV AC electrification and Scada for Delhi Metro Phase 3, and a contract covering fire detection and suppression systems. Poland: ZIKiT has awarded Mott MacDonald a 736000 złoty contract to design a 4·6 km tram extension from Krowoodrza Górka to Górka Narodowa in Kraków. Tendering is planned for 2014. PKP SA has awarded Budrem-Rybak a 4·7 m contract to modernise Rumia station, with improved accessibility, passenger information and the development of a public library and cultural centre in the station building. Following an appeal, PKP SA has rejected a previously selected bid by Rysy Architekci, Ingenieurburo and Voessing Polska for the modernisation Bydgoszcz station, in favour of a 6·2m złoty deal with Allplan. PKP SA has awarded Porr a 70m złoty contract to complete building work at Kraków Gówny station left unfinished with the bankruptcy of the previous contractor. Saudi Arabia: Indra and SRO have selected Kapsch CarrierCom for a 12-year contract to supply and support GSM-R for the Haramain High Speed Rail project. ArRiyadh Development Authority has selected Gerber Architekten to design Olaya metro station in Riyadh, in partnership with structural engineers Bollinger & Grohmann and specialist companies BW-Engineers, Thurm & Dinges, DS-ABT, Karajan, Design Fire Consultants and Sweett Group. The station will feature elevated public gardens and a roof inspired by sand dunes. Snøhetta is to design Qasr Al Hokm station. South Africa: Prasa has awarded Thales and partner Maziya a €136m contract to renew signalling and telecoms on 250 km of railway in Western Cape. Electric interlockings will replace obsolete systems, while a Traffic Control Centre is to be built in Cape Town and optic fibres installed. Spain: ADIF has awarded a joint venture of Dimetronic and Bombardier a €73·4m contract to resignal the 97 km between Castellbisbal, Tarragona and Vila-seca, including the installation of five electronic interlockings. This will have provision for dual-gauging under the Mediterranean Corridor project. Alstom Transport and Isolux Ingeniería have been awarded a €25·6m contract to electrify the 70 km Medina del Campo – Salamanca route, including signalling and telecoms work. Sweden: Euromaint’s contract to maintain SL’s on-track plant has been extended to November 2015. Taiwan: Taiwan High Speed Rail Corp has awarded Mitsubishi Heavy Industries, Toshiba and Mitsui a ¥20bn turnkey contract to provide track and E&M systems for 5 km of the Nangang extension. UK: Network Rail has appointed Atkins and Parson Brinckerhoff as lead design organisation and system integrator for the Great Western electrification project.
A 15 000-strong workforce completed more than 400 Network Rail projects over the Easter period from March 30 to April 2. Major schemes included the closure of Manchester Victoria to allow track to be replaced and to lower track under Cheetham Hill Road bridge as part of Manchester to Stalybridge line speed improvement upgrade; works continued on the Preston – Blackpool North line; sleepers were put in place at Kensal Green; on the Great Eastern Main Line turnouts were installed at Gidea Park, new overhead wires at Ilford and overhead line equipment structures at Forest Gate. There were improvements to Sevenoaks tunnel, new signalling brought into use through Mitcham Junction and Sutton, and track was relaid between New Cross Gate and Norwood Junction. At Bristol, Network Rail undertook one of its largest signal testing and renewal schemes.Transport for the North will formally take up its powers as England’s first Sub-national Transport Body for the first time at its inaugural board meeting in Liverpool on April 5. ‘This initial meeting will see the adoption of Transport for the North’s constitution and formal appointment of statutory officers, as well as the approval of a business plan and budget for 2018-19‘, according to Chief Executive Barry White.Network Rail has appointed Story Contracting to undertake works at Edinburgh Waverley including the construction of platform extensions, refurbishment of buildings and the installation of walkways and escalators. Former Carillion staff working on the scheme will join Story as direct employees.Eurostar Siemens Velaro e320 trainsets began calling at Ashford International station on April 3, following the completion of a £10m programme to modify the infrastructure for use by the Continental-profile high speed trains. This included the installation of new signalling and train protection equipment and modification of the international platforms. The project was undertaken by Network Rail, backed by Kent County Council and Ashford Borough Council with funding from the South East Local Enterprise Partnership through the Local Growth Fund.RSSB has issued an updated standard designed to help operators who wish to introduce tilting trains onto their routes, to help them calculate the permissible speeds on their routes.DMA is to supply a track geometry and rail profile monitoring system for Crossrail’s infrastructure monitoring vehicle.The Office of Rail & Road published working paper 8 of the 2018 periodic review on March 28, setting out its proposed approach to balance the benefits of Network Rail being able to respond flexibly to changing circumstances against the benefits of PR18 settlements for routes in England & Wales and Scotland, the Freight & National Passenger Operator route and the System Operator. Responses and engagement are invited by April 27.RSSB has conducted modelling and analysis to predict the behaviour of the pantograph and overhead line interactions during an incident or failure. A formal analysis of the impact of changing from ceramic to polymeric insulators has been published for RSSB members.Solo Rail is to supply Hitachi with lightweight honeycomb ceiling panels between mid-2018 and 2020. ‘This follow-on project to the highly successful lightweight cubicle assemblies being provided for IEP is a further example of our intent to capitalise on our growing presence in the lightweight interiors market’, said Managing Director Dave Hunt. The company is also supplying cab back wall assemblies to Bombardier for the Crossrail, London Overground and Greater Anglia Aventra fleets.
BROWARD COUNTY, FL – County Administrator Bertha Henry issued Emergency Order 20-04 today, which clearly states that certain businesses should be closed. The Order also restates some provisions of Emergency Order 20-01 regarding essential businesses, effective as of 12:01am Tuesday, March 31, 2020.Broward County Golf Courses – All golf courses and movie theaters, including drive-in, indoor and outdoor theaters, should close immediately.Marinas and Boat Launches – All marinas and boat launches, docking, fueling, marine supply, and other marina services (not including piers) should close, until further notice with the following limited additional exception:• To perform marine supply services, or to allow any boat, ferry, or other vessel to enter a marina for the purpose of fueling such boat, ferry or vessel.Real Estate Sales and Real Property Title Services – Executive Order 20-04 clarifies in person appraisals, inspections, surveys, or other in per-required activities (but, for such other in-person required activities, only those expressly required as part of a written agreement) solely to the extent necessary in connection with real estate purchases and sale agreements entered into prior to March 22, 2020 are permitted while observing all CDC guidelines regarding social distancing and sanitation.All other provisions of Emergency Orders 20-01, 20-02, and 20-03 remain in effect.
Election officials in the Democratic Republic of Congo say they are ready to resume voter registration exercises in the troubled Kasai region.According to the head of the the DRC’s election commission, Corneille Nangaa, improved security in the region has helped accelerate preparation for the delayed elections. Although local authorities there claim that recent incidents of violence have ebbed out, tensions persist and over 1.4 million residents who fled the violence in Kasai are yet to return.Over 3,000 people have been killed in clashes since August.The commission says its has has so far registered 37 million voters across the country but remains non committal on when it will announce election dates.