Joseph Mariathasan: The trouble with Chinese shopping malls

first_imgEven in the malls catering to families, there may be longer-term issues. Shopping malls provide a pleasant excursion for many families, but, as one Chinese acquaintance admitted himself, they rarely go to the mall to purchase anything. Most purchases my friend makes are done online via his smart phone.Indeed, the ubiquity of smart phones across all levels of the population is replacing physical markets with access to electronic markets across the social spectrum. Flowers in Beijing and elsewhere, for example, are invariably grown in Hunan province in the south, where there is good sunshine, the right soil and water. In the past, the small-scale village growers would have taken their wares to a central physical market in Beijing, to be bought by flower shops. Today, the physical market no longer exists because small-scale growers can connect with the small shops selling flowers directly via an electronic market available through a smart-phone app.For tourists looking to spend some time in Beijing, choosing a hotel next to a shopping mall is an excellent idea. The ability to have a choice of restaurants of all types to take the family, before staggering a short distance back to the hotel room, is a better option than having to eat in the same hotel after a day’s excursions. Actual shopping in Chinese malls may be under threat from online shopping, but the mall as an entertainment complex is unlikely to face challenges. They offer a safe, warm environment that can provide restaurants, cinemas and entertainment ranging from ice-rinks to archery ranges. The only issue may be how to subsidise the shops they were originally designed to host. For investors in Chinese property, that may be a deal breaker.Joseph Mariathasan is a contributing editor at IPE Long-term investors in Chinese shopping malls should think twice, says Joseph MariathasanWandering around shopping malls and eating with friends in restaurants in Shanghai and Beijing can provide good insight into the developing trends in China. The contrast between a shopping mall in the business district of Pudong, Shanghai, and one in a predominantly residential part of Beijing, was stark. Sunday afternoon in Beijing saw extended families en masse, strolling around the mall.Many of the shops – including one branch of a hair salon found in the English market town where I live – would be familiar to Europeans and Americans. Large shopping malls with cinemas and plenty of space for kids to run around, plus a wide range of shops, are very popular with families in Beijing, particularly during what can be harsh winters. Given the bitter wind outside, I did not envy the fathers trying gamely to ice-skate with young children on a skating ring in the open. Sunday lunch at one of the many restaurants is clearly one of the main reasons many families are there, with Grandma often looking after the toddler – China’s one-child policy has been discarded, but it may take many years before there are many families with more than one child running around, accompanied in some cases by two doting parents and four more doting grandparents.In contrast, Shanghai’s shopping mall in the centre of the business district was almost exclusively high-end shops, ranging from Baby Armani to Japanese designer wear. I walked through it many times, to get to and from my hotel, but there was always one thing that surprised me. Despite the very pleasant staff – with some boutiques having five or more I could see, happily chatting to one another – something essential seemed missing. That was customers. Most shops invariably seemed empty of anyone actually determined to make a purchase. It suggests that such malls may face a challenging long-term future.last_img read more

Singapore’s GIC braces for ‘two decades’ of lower returns

first_imgOne of the world’s largest sovereign wealth funds has warned that investment returns over the next two decades will be “significantly lower” than in the past 30 years.Singapore’s GIC, which manages more than $100bn (€90.2bn) in assets, said it expected a difficult investment environment, with modest growth prospects, greater uncertainty and more volatility in the global economy and markets.The bleak outlook was laid out in GIC’s latest annual report as the fund celebrates its 35th anniversary.The fund has delivered an average return of 4% per year above the global inflation rate over the 20 years to March 2016 from a global portfolio of investments in six asset classes, including real estate and infrastructure. Lim Chow Kiat, GIC’s deputy group president and group CIO, warned that the returns achieved since 1996 would be challenged by uncertainties brought on by the low-yield environment investors now face.“These difficult investment conditions can stretch for the next 10 years,” he said.GIC outlined three scenarios it feels will have an impact on returns in future years – “back to normal” global growth, stagnation and stagflation.“We expect that, over 20 years, taking into account both starting valuations and the fundamentals in this ‘back to normal’ world, real annualised returns on global bonds would be 0.1%, and those of global equities around 3%,” its report states. “The global economy could be plunged into stagnation for a long period of time, either by a US recession, the euro-zone break-up or a China hard landing.”The report adds: “Political and social forces will also push for deglobalisation, resulting in trade and investment restrictions.”GIC said high debt, easy monetary policy and populism could lead to stagflation in the global economy.Lim said GIC was prepared for this protracted period of all-time low interest rates, modest global growth prospects and high valuations of financial assets.“Even as we expect the real returns for the GIC portfolio to be lower going forward, we aim to take advantage of our long-term horizon, skills and global reach to find attractive investment opportunities,” he said.He said the fund’s long-term strategy also meant its portfolio had to be significantly different from one comprising global equities and global fixed income market indices.“This implies our investment performance cannot be expected to surpass the global market indices every year or every five or 10 years,” he said.“What is critical is that the GIC portfolio will produce positive real returns and surpass the global indices over the longer term.”last_img read more

Mercer creates German pension fund outsourcing vehicle

first_imgInvestment consultancy Mercer has established a Pensionsfonds vehicle in Germany aimed at allowing companies to offload pension liabilities.The Pensionfonds structure is the newest of five permissible methods or vehicles for financing occupational pensions in the country.Mercer’s offering was authorised by the BaFin, the country’s financial services supervisory authority, last month. It is the 31st such pension institution in Germany, a spokesperson for BaFin confirmed.Germany’s answer to the Anglo-Saxon pension fund, the Pensionsfonds vehicle was introduced in 2002 and designed to be attractive to companies financing direct promise (Direktzusage) pensions via book reserves. This on-balance sheet funding is still the prevalent method of financing corporate pensions in Germany.According to the latest statistics, in 2015 Direktzusage pensions accounted for 50.5% of occupational pension commitments in the country. Pensionskassen, an external pension financing vehicle that predated the Pensionsfonds, had the next largest share of the pie, with 26.5%, followed by direct insurance with 10.7%, support funds with 6.7% and only then Pensionsfonds, with 5.7%.As per the characteristics of Pensionsfonds in general, Mercer’s new vehicle would allow corporates to outsource their pension liabilities and reduce or eliminate related accounting or tax burdens as a result.They can also protect companies from the impact of falling discount rates as they can lock in current rates. German companies reporting locally under the German commercial code (Handelsgesetzbuch or HGB) have to value liabilities using a discount rate determined as the average of corporate bond yields over a 10-year period.Another benefit is that Pensionsfonds pay a lower contribution to the PSV, the insurance fund, than companies have to do for book reserve-financed pensions.Pensionsfonds face fewer investment restrictions than the other German pension financing methods and can invest more in equities.Mercer said its Pensionsfonds differentiates itself from other such pension funds by way of its multi-manager and multi-asset approach.This allowed it to offer flexible and tailored investment solutions and cost-efficient implementation to companies with a range of investable asset volumes, according to the consultant.Stefan Oecking, partner at Mercer and managing director of the Mercer Pensionsfonds, said interest had grown for this route to funding pensions.The launch of the pension fund comes amid intense discussion about changes being introduced by major occupational pension reform legislation – the Betriebsrentenstärkungsgesetz (BRSG) – which comes into effect in January.Oecking said the consultancy was mindful of the BRSG in everything it did at the moment, but maintained that it had not set up the Pensionsfonds in this context.“Our purpose is rather to offer clients optimal financing solutions for already existing pension commitments,” he said.One of the main pillars of the BRSG is the introduction of defined contribution schemes in Germany for the first time, if they are agreed to and run with the involvement of the trade unions.Mercer is not the first investment consultancy to set up an external pension fund. Willis Towers Watson did so in 2013 and Longial recently started running a pension plan within a pre-existing pension fund, the ERGO Pensionsfonds.The Pensionsfonds is Mercer’s third external pension financing vehicle. It already ran a support fund and a contractual trust agreement.last_img read more

Boondall couple divided on whether to love or list their property

first_imgNeale Whitaker, Michelle & Paul Bertinato, Andrew Winter at the reveal of the Bertinato’s home (AAP Image/Steve Pohlner).TO love it, or to list it? That was the question for Michelle and Paul Bertinato on last night’s premiere of Foxtel’s Love It Or List It. The living space before the renovation… Source: Foxtel … and their new bedroom, created by transforming the house’s garage. Source: FoxtelBut in the end, it was Whitaker who won over the duo, who decided to “Love It” and stay, after a renovation of the home.Whitaker’s team built in the garage, turning it into a luxury parents’ retreat.This allowed for more room in the house’s living space, knocking out walls from one of the bedrooms. Photos show huge scale of Chris Hemsworth’s $9m Byron Bay mega-mansion …and after a quick facelift. Source: FoxtelWinter managed to get Michelle to sway slightly, with her admitting she “really liked” two of the three houses he showed them.“I was on team love it (but) in the houses Andrew showed us, one in particular caught our eye so that made me rethink our situation,” Michelle said.“It does make you question, do you love it or do you list it?“You think you’re always on the one team and then the next moment you’re thinking you’re on the other team.” How to own 20 homes before you turn 30 More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThe Boondall home before a spruce up… Source: Foxtel Andrew Winter trying to talk Michelle and Paul Bertinato into listing their house. Source: FoxtelThe Boondall couple told The Courier-Mail they decided the show would be the right fit for them after watching the show’s previous season.“We have been considering for a good couple years, do we renovate, do we knock down, or do we buy somewhere else,” Michelle said.“This helped us decide.”From the start, Michelle was keen on staying in their lowset, three bedroom home, but her husband believed they had outgrown it.“I was definitely open to leaving,” Paul said. Paul and Michelle Bertinato main bedroom before the renovation…. Source: Foxtel …and after. Source: FoxtelThey also changed the orientation of the kitchen island bench, and created an office for Paul, who works from home.Michelle and Paul said their master suite was now their favourite room in the house.“It’s what I wanted and what I love,” Michelle said.“It sounds a little silly, but I feel like an adult now we’re separated from the kids.”Tune in to Lifestyle Wednesday at 8.30pm, as a Victorian couple decide whether to love or list their Brighton cottage.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:53Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:53 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p288p288p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenThe top 5 Love It or List It makeovers from season 100:54 Neale Whitaker showing Paul and Michelle Bertinato the progress on their brand new ensuite. Source: FoxtelCelebrity hosts Andrew Winter and Neale Whitaker had their work cut out for them, with the couple keen to stick in the same area to be near to their adopted “Nonna”, who lived across the road.last_img read more

World of Style opens in Fortitude Valley

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:34Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:34 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen5 interior design trends00:35A new design centre has opened in Fortitude Valley that will help you decide exactly what finishes you want in your new home.The Porter Davis, World of Style centre aims to significantly change the time consuming and sometimes bewildering process of choosing a style for your home by providing the most up-to-date trends and looks all under one roof.Instead of visiting dozens of retailers and trying to visualise a cohesive and stylish finish, World of Style interior designers have done the work for you, compiling the best looks for you to peruse. These design styles are on display as they would appear in a home, so that buyers can get a real feel for what the inside of their home will look like upon completion.Porter Davis’ World of Style has opened at 358 Wickham Street, Fortitude Valley. Picture: Resort-style kitchenThe aim, according to World of Style senior designer, Randall Pye, is to make the whole home decorating process faster, easier and drama free.Pye said while it sounded simple in theory, once home buyers had to start making choices about paint colour, finishes and appliances it could quickly become an overwhelming task.“The process is a really difficult process for clients,” he said.“We ask people who are not experts in interior design to pick their house from top to bottom, from colours and stone to tiles and carpet, and they don’t always have those skills.”The qualified interior designers at World of Style will help you choose colour schemes, fittings and finishes for your new home. Picture: World of Style, Fortitude ValleyAll of the World of Style staff at 358 Wickham Street, Fortitude Valley, are qualified interior designers.A lot of thought was put into exactly what needed to go into the centre, as well as where it would be.“The building has a nice feeling, a bit of history, a bit of architecture about it. It is on a really visible corner and close to public transport, the train station is out the back and it is close to James Street,” Pye said.“It is a bustling area and a growing design hub,” he said. “We are hoping that we will form part of the space emerging as a bit of a go-to place for design.”There was a a lot of consideration when it came to choosing what would be displayed at World of Style. Picture: Walk-in pantry from one of Porter Davis’ Resort kitchensThe World of Style concept started in Melbourne about 15 years ago at a time when many display homes had a fairly similar look and were, at times, poorly furnished..“We started trying to individualise our display homes and make them feel a bit different and unique so that as clients went through them they had a different experience in every display,” Pye said.World of Style has evolved as a separate entity that home buyers can visit to see what finishes and fittings they want in their homes. This includes having actual kitchens on display rather than just rows of appliances and tapware on shelving.“It became more of an experience centre than a showroom,” Pye said.At World of Style you can explore entire kitchens and bathrooms, rather than individual tiles and tapware. Picture: Contemporary bathroom“The biggest benefit of the space is that people can see what their house could be. Instead of walking into a major retailer and seeing a rack of ovens lined up side by side, we actually put a series of ovens in situ.“We are just trying to demonstrate different looks and feels and excite people. I think World of Style gives people an opportunity to refine what they want and makes the process a lot simpler.”Pye said home buyers could look at one of the Porter Davis themes and then receive advice from their interior designers about what colours schemes and appliances went best with them.“What we are trying to do is show people what we know works and what we know is popular.World of Style is about creating an immersive design experience for customers before building their dream home. Picture: Classic kitchen on display“It is a happy blend of getting what’s on trend and making sure you are showing people what’s fresh and new; we try to change out the space every couple of years and update the product.”Pye said his advice to homebuyers was to get into World of Style as soon as a Porter Davis home was on their radar.The World of Style centre will be open seven days a week, from 9am-5pm weekdays and 10am-3pm on weekends.last_img read more

My Reno: Labour of love for “beautiful old lady” of Ascot

first_img Time taken: 14 months The front of the house at 137 Yabby St, Ascot, after the renovation. SHE was still a “beautiful old lady”, but she was on her last legs.The stairs to her front door were crumbling, her paint was peeling and her gutters had rusted off.But Sarah Woodside and Nick Fanning saw the 1920s home at 137 Yabba St, Ascot, had good bones and strong character.“We couldn’t even walk up the front steps, she was completely rotten through,” Ms Woodside said.“But she was very pretty and those triple gables are hard to come by, We were really lucky we got it offmarket.” BEFORE: The kitchen at the house at 137 Yabby St, Ascot, before the renovation. AFTER: The kitchen after the renovation.The first thing the couple tackled was the overgrown garden.“It was just palm trees everywhere — and not the nice type,” Ms Woodside said.“We pulled out nearly every plant. It was actually one of the first things we did before we moved in. “There was that moment of; ‘What have we done?’” BEFORE: Installing the swimming pool at the house at 137 Yabby St, Ascot, as part of the renovation. AFTER: The finished result of the swimming pool and backyard after the renovation.Being the young couple’s first major renovation, Ms Woodside said they didn’t realise what they had taken on.“It was pretty testing living through it,” she said.“There were definitely a lot of moments of ‘Oh my God, what did we do?‘”The plan was to flip the home layout — putting the bedrooms upstairs and the kitchen and living areas downstairs leading to the backyard and pool — while keeping the original features of the home.“We only moved out for 12 weeks when there was 100 years of wiring in the house that had to be stripped out so we had no electricity and a huge hole in the middle of the house,” Ms Woodside said. BEFORE: The living and dining area of the house at 137 Yabby St, Ascot, before the renovation. AFTER: The upstairs living are of the house after the renovation.“There was a lot of restoration work that had to be done because the house had just hadn’t been cared for or looked after,” Ms Woodside said.“Living in it (during the renovation) made us make some changes we probably wouldn’t have made if we didn’t live in it, like knowing where the breeze is coming from or the light.” Restoring the front veranda was a big job.The ceilings were fully lined, new timber decking added, shiplap cladding put over the single skin walls, new lighting installed, the ballustrades lifted to legal height and a fresh coat of paint applied.“This area was a complete labour of love,” Ms Whitewood said.“Probably one of my favourite parts of the house.” BEFORE: The laundry in the house at 137 Yabby St, Ascot, before the renovation. AFTER: The laundry after the renovation.A void overlooking the dining area is the ‘centrepiece’ of the home, according to Ms Whitewood.The idea for cutting out a 3.5m x 4m hole into the middle of the home came from needing to create a higher ceiling downstairs, without having to raise the house as that would be too costly.“Raising the ceiling height was going to cost about $80,000 so Nick said; “I wonder if we cut a void in, if it will just open the house up. And it completely transformed the house.”“Although simple on the floor plans, this was a huge engineering undertaking with a lot of structural steel.“The result is beautiful and has created such a great feeling of height and space.” BEFORE: The front veranda of the house at 137 Yabby St, Ascot, before the renovation. AFTER: The front veranda of the house after the renovation.Renovating the main bathroom was challenging as the couple decided to work within the existing boundaries of the original room because of the plumbing.“The goal of this room was for it to be calm and super functional as a bathroom that would likely be for many (little) people,” Ms Whitewood said. “This space was a really tricky one to work with as it was long and narrow with a window at the end, which meant trying to fit a bath, shower, vanity and toilet felt like playing Tetris.“We had some concerns about the combined bath and shower wet area, but it actually has been completely fine and was the best use of space.“The original window is the main feature of the room and all the tiles and elements were kept fairly subtle as to not compete.” BEFORE: One of the bedrooms in the house at 137 Yabby St, Ascot, before the renovation. AFTER: One of the bedrooms after the renovation.When the pair purchased the house, the kitchen was upstairs tucked away in a room and had not been touched since the early 1980s. “In summer, it would get to a balmy 40 degrees and none of the appliances worked so I was cooking every meal on a $25 Kmart electric pan,” Ms Whitewood said.“Even before we purchased the house, we had been looking for a home with the kitchen flowing onto the backyard, so when we first sat down to design the floor plans for the renovation, we knew the ground floor had to work around this.More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago“For the kitchen design we knew we definitely wanted to include a large island bench as a central hub for preparing, cooking, socialising and eating in the space.“It’s always much easier on paper than in real life and it certainly took a lot of structural steel and engingeering to make this a reality.” BEFORE: The bathroom in the house at 137 Yabby St, Ascot, before the renovation. AFTER: One of the bathrooms after the renovation.Ms Woodside said creating a standout front entrance was important to her.“When we first bought the house, you couldn’t even get to the front entrance as the stairs to the front door were rotted and unsafe to walk on,” she said.“The brief was to create a statement front entrance that took cues from the original front door and combined new and old world.“The result is a custom designed front door that alone is 2.4m high and 1.2m wide, plus frosted side lights that allow for privacy, but let the light filter in.” BEFORE: The back of the house at 137 Yabby St, Ascot, before the renovation. AFTER: The back of the house after the renovation.They restored the floorboards using a combination of hoop pine recovered from the original house and sourced from demolition yards from old Queenslander homes to ensure that they all matched.And a century of paint was sanded back — at lease seven different layers.“Our poor painter!” Ms Whitewood said.The patchy apricot cream coloured interior was replaced with a fresh coat of Dulux Whisper White. BEFORE: The bathroom in the house at 137 Yabby St, Ascot, before the renovation. AFTER: One of the bathrooms after the renovation.The result is a “beautiful old lady” nurtured back to life.“We definitely thought the renovation would happen a lot quicker than it has, and we definitely had our fair share of challenges along the way, but knowing we aren’t the only ones who go through the same thing certainly helps,” Ms Whitewood said.“It is definitely a journey that is fun and exhausting all at the same time.” RENO FACT CHECK:center_img Total spend: Over $1mlast_img read more

USACE: Horner Park Restoration Moves Ahead

first_imgThe U.S. Army Corps of Engineers, Chicago District, in partnership with the Chicago Park District is currently implementing an ecosystem restoration project at Horner Park. The goal of this project is to restore the natural features of the North Branch Chicago River at Horner Park and its riparian zone within the constraints of the current system.USACE said that all riverbank regrading activities are now complete and that the establishment of vegetation and invasive species control activities will continue through 2018.The objectives of this project include:restoring stream hydraulics and morphology;restoring riparian zone habitat and vegetation;restoring oak savanna habitat;prevention and/or removal of invasive species.Both the design effort, and the construction contract are being funded by the Great Lakes Restoration Initiative (GLRI).BackgroundEcosystem restoration is a high-priority budgetable mission for the Corps of Engineers.The Chicago District currently has 19 ecosystem restoration projects either recently completed or in construction for a total of 2600 acres restored, nearly 60 miles of free flowing rivers .In partnership with the Chicago Park District, Horner Park will be yet another significant contribution to the USACE mission to restore and reconnect sustainable habitat along the Chicago River, USACE said.last_img read more

Repsol presents revised plan for Yme development

first_imgSpanish oil company Repsol has submitted a revised plan for development and operation (PDO) of the Yme field off Norway to the Norwegian Ministry of Petroleum and Energy.The revised PDO is based on re-use of existing facilities that were installed on the field during the development in 2007 to the extent possible, a new wellhead module on top of the existing caisson and the lease of a mobile offshore drilling and production unit, Repsol said in a statement on Tuesday.The company added that the existing storage tank, caisson, pipelines, subsea templates and offloading system will be reused. In addition, all existing wells will be used and further wells will be drilled.Repsol is acting as operator of and on behalf of the partners in the Production Licence 316/316B on the Norwegian Continental Shelf. The developing consortium is made up of Repsol (55%), Lotos Exploration and Production Norge (20%), OKEA (15%), KUFPEC Norway (10%)Overall, the total investment in the Yme New Development project is estimated at approximately NOK 8 billion ($956.1M), and Norwegian suppliers will account for 70% of the total.Total Norwegian employment in the development phase is estimated to just below 12,000 man-years. Annual national employment in the operational phase is estimated to about 1,000 man-years.The recoverable oil reserves for the Yme field are estimated at approximately 65 million barrels at 10 year’s total production. First oil from Yme is planned for the first half of 2020.Earlier in December, Maersk Drilling hired Aker Solutions to modify the production module on the Maersk Inspirer jack-up rig for the Yme oilfield. The work scope covers engineering, procurement, construction, installation and commissioning services.The North Sea Yme field was a producing field from 1996 to 2001, after which the field was shut down and the facilities removed. It was no longer profitable to operate the field. Talisman then tried to bring it back online using an SBM-supplied production platform, however this plan was abandoned due to structural integrity issues with the platform, which was then decommissioned without having produced a single barrel of oil.Talisman was then acquired by Repsol which is now redeveloping the Yme field using the Maersk Inspirer jack-up unit.Also in December, Repsol hired Atkins to provide structural front end engineering design (FEED) for the remediation of the Yme asset in the North Sea.last_img read more

WFW advises Höegh LNG on Avenir investment

first_imgImage courtesy of WFWThe London-based law firm, Watson Farley & Williams advised Höegh LNG on an investment forming part of a combined commitment of up to $182m from in Avenir LNG.The investment was sanctioned by Höegh LNG and Golar that will each take an initial 25 percent stake in Avenir, which was formed in 2017 by Stolt-Neilsen, who will control the remaining 50 percent.Avenir will pursue opportunities in small-scale LNG, including the delivery of LNG to areas of stranded demand, the development of LNG bunkering services and supply to the transportation sector.The company currently has four new vessels on order at the Keppel Nantong shipyard in Jiangsu province, China, with an LNG terminal and distribution facility to be constructed at the port of Oristano, Sardinia, Italy.The WFW team that advised Höegh LNG was led by corporate partner Mark Tooke, working closely with partner and global maritime sector head Lindsey Keeble.last_img read more

Spain: Cruise Ship Passenger Dies after Falling Overboard

first_imgSpanish authorities recovered a body of a cruise ship passenger in the Gulf of Cadiz today, NATO said.The person was reported missing from an Italian cruise ship sailing off the coast of Spain.Although the cruise ship has not been identified, German cruise ship website Schiffe und Kreuzfahrten reported that the vessel in question is Costa Pacifica operated by Italian Costa Cruises.The passenger reportedly fell from the ship’s deck 8 in the evening hours of October 10.After receiving a “man overboard” mayday call, NATO Maritime Forces ships rerouted to assist the search and rescue operations. NATO units included the US, Norwegian, Belgian and Dutch naval vessels.Additional units assisting in the search were the Spanish search and rescue tug Maria Zambrano, a French maritime patrol aircraft, and a Spanish search and rescue helicopter.Further details on the incident are yet to be provided.Pasajera de un crucero caída de la cubierta 8 ayer (22.43h).Se ha buscado de forma ininterrumpida.Helimer 207 localiza el cuerpo esta mañana 45mn SW Trafalgar.El buque MªZambrano lo ha recuperado;se dirige a Algeciras;llegará a media tarde.Han participado medios de la OTAN pic.twitter.com/4ywqIuPikm— SALVAMENTO MARÍTIMO (@salvamentogob) October 11, 2019last_img read more