Hammerson in talks to sell top City site

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Continue reading


Sporting chance

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Continue reading


China’s factories reopen, only to fire workers as virus shreds global trade

first_imgShi said his fabric supplier in hard-hit Italy suspended operations on Sunday, meaning no fresh raw materials from May. His stockpile of fabric will last until the end of April.Shi said he would slow production and might suspend all output soon if business does not improve.He also told the 50-odd workers who have yet to return from Hubei province, the epicenter of the outbreak in China, to find jobs elsewhere.”We know this year is bad and next year would be better, but the question is how many factories can make it to next year?” Shi said.Slumping exportsEconomists had initially anticipated a V-shaped recovery for China’s economy, similar to that seen after SARS epidemic in 2003. But analysts have since slashed their forecasts to levels not seen since the Cultural Revolution ended in 1976.China’s net exports accounted for 11% of economic growth last year.”The last overseas orders we received were for April,” said Zhu Hongping, chairman of Hangzhou Hongli Food, a supplier of precooked food to restaurants in Japan, South Korea, Australia and New Zealand.Normally, at this time of the year, orders can stretch to June and July, Zhu said, adding he may have to suspend production in three months.Even when they do have orders, exporters are worried about constantly changing restrictions countries have adopted to curb the spread of the virus.”Even if we finish the products, we don’t know if the countries we are shipping to will be locked down,” said Yi-Cheng Sung, who helps manage a factory that produces makeup brushes and accessories in Shenzhen.On Tuesday, state-owned Securities Times reported Good Will Watch Case Manufacturing, a supplier to the US watch brand Fossil, would put its more than 600 workers on leave for at least three months.UnemploymentChina’s manufacturing sector, accounting for about 40% of gross domestic product and over 20% of jobs, was already suffering from the US-China trade war.More big layoffs would be a concern for the ruling Communist Party and its focus on social cohesion and economic stability, particularly in a year when Beijing aims to double GDP and disposable incomes from a decade ago.China’s urban jobless rate hit 6.2% in February, up one percentage point from the end of 2019, and a record since the statistics bureau started publishing the data in early 2018.Dan Wang, an analyst with the Economist Intelligence Unit (EIU), said the jobless rate could go up by another 5 percentage points this year, which corresponds to an additional 22 million in urban unemployment, on top of an estimated 5 million jobs lost in January-February.Another 103 million workers could be affected by salary cuts of 30%-50%, Wang said.A 23-year-old salesman at a mirror factory in Yiwu in Zhejiang province said US clients cancelled over $500,000 of orders on Saturday alone.Some of the factory’s more than 1,000 workers have since been suspended while others are given more days off per week, the salesman said, declining to be named.”I think the company will start to lay off people soon,” he said. Shi Xiaomin, who used to export suits and blazers by the thousands to South Korea, the Netherlands and the United States, was luckier than many other Chinese factory owners.When his factory in the eastern city of Wenzhou reopened last month after an extended shutdown due to the coronavirus outbreak, the local government sent a bus to a nearby province to ferry back more than 20 of his stranded workers. Staff with cars volunteered to fetch colleagues.Shi’s optimism was short-lived. In the past week, requests to cancel orders or delay shipments from his European and US clients have flooded in.Early in the outbreak, China imposed tough travel restrictions and factory suspensions to curb the spread of the virus, squeezing labor supplies and sending exporters scrambling to fulfil orders.Now the reverse is now happening – overseas orders are being scrapped as the pandemic ravages the economies of China’s trading partners.”The unprecedented shutdown of normal economic activity across Europe, the US and a growing number of emerging markets is certain to cause a dramatic contraction in Chinese exports, probably in the range of a 20-45% year-on-year drop in the second quarter,” said Thomas Gatley, senior analyst at research firm Gavekal Dragonomics.center_img Topics :last_img read more

Continue reading


ERI Scientific Beta drops flat fee for index, predicts industry-wide change

first_imgERI Scientific Beta is to stop charging clients a fixed fee for use of its smart beta indices in a move the provider hopes will reshape the market.Noël Amenc, chief executive at ERI Scientific Beta, argued there was no business risk associated with its decision to move away from a flat fee to a single performance-based charge from the beginning of June.But he said he did expect a pushback from the industry.Amenc predicted that rivals would seek to discredit the approach, by claiming ERI’s indices would achieve greater outperformance by taking on greater investment risk, or call on regulators to “block” its new fee structure. “We are basing this pricing scheme on a [reference] index that has a lower volatility than the cap-weighted [index],” he said, stressing the not-for-profit entity owned by the EDHEC Business School would not be changing the methodology behind the reference portfolio.“Yes, we are putting pressure [on the market],” Amenc added, although he did not anticipate an immediate change in charges levied by other providers.“If we maintain the ideas, and if we survive, in five years’ time, pricing will change.”Amenc, also associate dean of the EDHEC Business School, said ERI Scientific Beta did not perceive the move as a business risk but rather a risk to its revenue – a lesser priority due to its not-for-profit status.The provider’s indices have attracted $10bn (€8.9bn) in assets under replication over the last three years. ESMA criticismAmenc also criticised the level of regulation imposed on indices by the European Securities and Markets Authority (ESMA) as “completely inadequate”.Emphasising that he was speaking in a personal capacity rather than his role as head of ERI, Amenc said: “It’s not the fault of ESMA – ESMA pushed for transparency. I consider ESMA as a nice [regulatory] body, but, in fact, it doesn’t have the power – the enforcement power is with the [European] Parliament.”He said his dissatisfaction had led to his resignation from ESMA’s securities and markets stakeholder group.last_img read more

Continue reading


Gold Coast real estate: Rundown fisherman’s hut on the chopping block

first_imgThe outlook to Currumbin Creek.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“He was an avid car enthusiastic and the house was always known to have two old cars sitting in his carports,” Ms Pannekoek said.“They have recently been sold following his passing.“He also used to drive a WWII four-wheel-drive jeep and would attach his wooden boat he built and back into the water.”While it needs work, the main residence has two bedrooms, a bathroom and a kitchen.There are also two granny flats with kitchenettes and bathrooms. 16 Michel Drive, Currumbin Waters is in original condition.The property is going to auction on Saturday and Ms Pannekoek is expecting a big crowd.“It’s is in a street that has rapidly become known as one of Currumbin’s premier, most sought after locations with development and rebuilding of some amazing homes popping up in years,” she said. GET FULL DIGITAL ACCESS FOR 50C A DAY 16 Michel Drive, Currumbin Waters is expected to attract plenty of interest when it goes under the hammer this weekend.Agent Renee Pannekoek, of Coast Creek & Country Realty, is marketing the 809sq m property and said she had not taken on a listing with so much history before.“I think it was quite amazing that he lived there all that time,” she said.“He knew all the secret fishing spots in the area and we were told he would catch mackerel.“He used to rent granny flats out to fishermen at the back of his main residence which are still there today.She said he also owned the two neighbouring blocks when the land was used as farmland but they have since been sold.As well as fishing, Mr Buchanan also had an interest in cars. A rundown Gold Coast fisherman’s hut at 16 Michel Drive, Currumbin Waters is on the market for the first time since it was in 1956.A RUNDOWN Gold Coast fisherman’s hut with an extensive history is on the market for the first time since it was built more than 60 years ago.The property at 16 Michel Drive, Currumbin Waters belonged to the late Bruce Buchanan, who built the house in 1956 and lived in it until earlier this year.The builder, who never married, was an avid fisherman who took advantage of the underdeveloped riverside land overlooking Currumbin Creek. “In the short one-month marketing period we have attracted an extremely strong buyer interest, with parties wanting to redevelop and a number wanting to renovate and keep the structure as Bruce had built it,” she said.“We are expecting a great turn out with locals and potential new owners alike on Saturday.”Property records reveal Michel Drive is tightly held with just one sale in 2018 and two sales in 2017.The highest sale on the street is $1.25 million in 2017 for a new Hamptons-inspired four-bedroom house.last_img read more

Continue reading


Italy: Snam discussing purchase of Edison’s stake in Adriatic LNG

first_imgLNG World News Staff Image courtesy of Adriatic LNGThe Italian natural gas transmission system operator, Snam, has reportedly kicked off talks with Edison, EDF’s Italian unit, to purchase a share in Adriatic LNG. Adriatic LNG, the operator of the liquefied natural gas regasification terminal offshore Italy, is owned by Qatar Petroleum, ExxonMobil and Edison.Edison has a 7.3 percent stake in the facility capable of handling 8 billion cubic meters per year and has earlier this month confirmed reports it is looking to sell its share.The transaction is planned to be completed during the first half of July, Reuters reports, citing sources that added the deal would be closed above the current local media’s evaluation of Edison’s stake which is around €190 million ($211.5 million).In March, Snam unveiled plans to invest about €4.7 billion into developing the Italian gas network and its interconnection with the European infrastructure system, with initiatives including small-scale LNG1 EUR = 1.11295 USDlast_img read more

Continue reading


MOL Looking to Develop Zero Emission Pure Car Carrier

first_imgJapanese shipping major Mitsui O.S.K. Lines has teamed up with compatriot shipping solutions provider e5 Lab. Inc. to conduct a joint study of a hybrid pure car carrier equipped with a hydrogen fuel cell system and large-capacity batteries.Under the Memorandum of Understanding (MoU), the companies aim to develop a zero-emission hydrogen hybrid PCC, which doesn’t emit carbon dioxide (CO2), sulfur oxides (SOx), nitrogen oxides (NOx), or particulate matter (PM) while underway in coastal waters or in ports.When navigating in the open sea, the hydrogen hybrid PCC’s motor would be powered by an LNG-fueled generator and the large-capacity batteries, resulting in significantly lower emissions than current vessels equipped with diesel engines that run on heavy oil.The duo will first conduct technological and business feasibility studies of the hydrogen hybrid PCC, and when they gain positive results, they will move on to the next phase of joint development for a practical of hydrogen hybrid PCC based on the results.MOL has been working on eliminating emissions of vessels while in ports over the past ten years. Namely, in 2009 the company announced its future vision for the next-generation series “ISHIN-I” car carrier.  In 2012, it launched the world’s first hybrid car carrier, the Emerald Ace, which is equipped with the world’s largest-scale solar power generation system and batteries.“The hydrogen hybrid PCC concept marks a further step ahead from these past projects, and the company is pursuing the possibility of introducing more extensive and more advanced technologies with the goal of zero emissions,” MOL said.last_img read more

Continue reading


Bundesliga: Neuer ends contract talks with Bayern Munich

first_img Promoted Content10 Risky Jobs Some Women DoJapanese Inventions That Make You Wish You Lived In Japan11 Most Immersive Game To Play On Your Table Top7 Universities Where Getting An Education Costs A Hefty PennyThe Most Stunning Wedding Looks From Around The WorldThese Films Were Sued For The Weirdest ReasonsCouples Who Celebrated Their Union In A Unique, Unforgettable WayPortuguese Street Artist Creates Hyper-Realistic 3D GraffitiThe Models Of Paintings Whom The Artists Were Madly In Love With7 Ways To Understand Your Girlfriend BetterTop 10 Most Iconic Characters On TVBest & Worst Celebrity Endorsed Games Ever Made Neuer, who has a contract with Bayern until 2021, appears to be edging ever nearer to the exit door with the latest round of negotiations between club and player bearing no fruit.According Kicker, the 34-year-old himself ended the discussions upon learning that Bayern had leaked his wage demands to the press.Neuer is said to have wanted 20 million euros per season and a new deal that would last until the summer of 2025.Manuel NeuerRead Also: Real Madrid consider Chelsea star as Casemiro alternativeThe Bavarians, on the other hand, do not want to extend his deal beyond 2023.This leaves negotiations at a standstill and casts in further doubt the German icon’s future at the club.FacebookTwitterWhatsAppEmail分享 Loading… center_img Discussions between Manuel Neuer and Bayern Munich over a new contract for the long-serving German goalkeeper have broken down.Advertisementlast_img read more

Continue reading


Indiana passes 1,000 COVID-19 cases

first_imgSTATEWIDE —  The Indiana State Department of Health (ISDH) today announced that 290 additional Hoosiers have been diagnosed with COVID-19 which brings the statewide total to 1,232 on Saturday. Thirty-one Hoosiers have died.To date, 8,407 tests have been reported to ISDH, up from 6,936 on Friday.Marion County had the most new cases, at 136, while Lake County had 23 and Johnson County had 10. The complete list of counties with cases is included in the ISDH COVID-19 dashboard at coronavirus.in.gov.last_img read more

Continue reading