Rule change leaves residential developers facing higher bank funding costs

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RWE Dea to drill more in Egypt

first_imgGermany’s oil and gas exploration and production company RWE Dea has said it will increase exploration efforts in the Gulf of Suez, offshore Egypt. The company has been producing oil and gas in Egypt for three decades.“North Africa is one of our strategic core regions,” said Maximilian Fellner, General Manager of RWE Dea Egypt.“In Egypt, Dea can look back upon three decades of oil production and we recently doubled our overall production in the country through getting our onshore gas project Disouq on stream. We are delighted about these success stories and will continue on this track, as we see further potential in the region,” Fellner added.Since 1984, Dea has produced over 640 million barrels of crude as operator in the Gulf of Suez.According to a statement on the company’s website RWE Dea has plans for additional exploration in the Gulf of Suez. At the East Ras Budran Offshore concession, the company plans to acquire seismic and drill an exploration well. The work program for the recently awarded two offshore concessions will include seismic reprocessing and two exploration wells at the East Ras Fanar Offshore and one well at the Northwest El Amal concessions.The company has also highlighted importance of the Disouq onshore gas development in the Nile Delta. RWE Dea achieved first gas last year and added the own built Central Treatment Plant to production this summer. For 2015, the company expects further production increases from Disouq up to the capacity of approximately 200 million standard cubic feet gas per day.[mappress mapid=”838″]last_img read more

Quiz your broker on fees, Society urges firms

first_imgThe Law Society will today publish insurance guidance urging solicitors to exercise their rights and find out exactly what their broker is being paid. The 2012 PII Buyers’ Guide will help solicitors find out from their brokers all the fees and commissions they receive – as they must reveal under Financial Services Authority rules. There is also advice on choosing the right insurance partner and guidance on the level of service solicitors should expect. The professional indemnity insurance renewal season is about to get into full swing as firms seek cover in advance of the 1 October deadline. Law Society chief executive Desmond Hudson said the guide forms part of a longstanding campaign to encourage greater transparency in the renewal process. ‘The FSA created the requirement for brokers to reveal, if asked by their client, commissions and fees that they receive to promote transparency,’ he said. ‘We are eager to help in that aim and will be providing all of our members with the tools required to do this. ‘We consider that by requesting this information, it will give solicitors a better understanding of the relationships between insurers and intermediaries, as different brokers provide different types of services which will necessarily be reflected in their remuneration.’ He added that while it may seem to solicitors that their broker is dealing directly with qualifying insurers, in some cases the broker forms part of a chain of sub-brokers who access insurers via other brokers. As part of the Law Society’s member support initiative, in addition to the Buyers’ Guide, a template letter for solicitors to send to their broker will be made available on the PII website from today.last_img read more

Law Society condemns SRA’s central exam plan

first_imgThe Solicitors Regulation Authority’s proposal to introduce a central exam to be taken by all would-be solicitors could promote nepotism and favour the wealthy, the president of the Law Society warned today.Introducing its proposals for a solicitors qualifying exam this week, the SRA said it would ensure all trainee solicitors reach the same high standards and would help widen access to the profession.But the Law Society said that the exam could have the opposite effect, acting as a barrier to some of the best talent and damaging social mobility. Law Society president Jonathan Smithers (pictured) said that the removal of approved routes would create ‘uncertainty’ for those wishing to enter the profession and would most negatively affect those without access to good advice or sources of information.He said: ‘This could promote nepotism and result in wealthier students being favoured especially as there may be no restrictions on the number of times an assessment could be retaken and no time restrictions on the completion of all elements.‘It is likely that these proposed changes would disproportionately affect less-advantaged students because they would find it harder to gain funding for non-compulsory courses and will still need to prepare for the assessments in some way.‘It is also likely that “crammer” courses or other such provisions will arise, which will intensify the cost.’The Law Society has also warned that the move could damage the global competitiveness of the UK legal sector by removing the current approved routes to qualifying as a solicitor.Smithers said that while the Law Society welcomed setting a standard for entry into the profession, quality indicators such as degree qualifications need to be maintained.Smithers also stressed the importance of keeping a period of on-the-job training. In its consultation the SRA said it is likely that some form of work-based training will still be required before qualification. But it will continue to consider whether this approach remains appropriate as this can act as a ‘significant barrier’ for some.He said: ‘The suggested changes, if they are seen to devalue the current qualification, could damage the global competitiveness of UK law especially if the standards achieved at the point of qualification are diminished.‘English and Welsh solicitors play a significant role in the export of UK plc. The legal industry is worth more than £30bn to the UK economy.’Smithers also challenged the SRA’s claim that the plans would help to lower the cost of entry in to the profession.He said: ‘The SRA suggest that their proposals will increase access to the profession, but they admit that this will only be the case if legal education and training providers develop training courses that are cheaper and more flexible. ‘However, there is no guarantee that this will be the case as the SRA has not yet appointed a provider for their proposed assessments and therefore cannot be assured of the cost.’He added: ‘Overall, the consultation contains disappointingly little detail on the proposed assessments.’last_img read more

A marriage is arranged

first_imgON FEBRUARY 24 the Hong Kong government instructed Hong Kong Mass Transit Railway Corp and Kowloon-Canton Railway Corp to start negotiations for a merger. The government said that the talks should be completed by August 31 and specified a number of key objectives.’To ensure that the public can benefit from the merger exercise’, the government called for a comprehensive review of the fare structure ’with the objective of reducing fares’; in particular, common ticketing is needed for travel on MTR and KCR services. Job security for frontline staff is another requirement. The government cited streamlining of the management structure as one way to reduce costs, and it is clear that savings could be achieved in administration and support. But as KCRC pointed out, ’there is little scope in the foreseeable future to combine the KCR and MTR systems … as the power supply system, the signalling and rolling stock of the two networks are different’.There are several significant issues to be tackled. MTRC is essentially a metro operator that has been partly privatised, with 24% of shares held by private investors and much of its income until now derived from property development. KCRC remains a public corporation, operating two suburban railways, a light rail network in Tuen Mun, plus freight and inter-city passenger services between Kowloon and Guangzhou. Reconciling the different interests will be tricky, but perhaps most difficult of all will be agreeing arrangements for funding new projects.These include MTRC’s proposed South Island and West Island lines, where a study was commissioned last year to ascertain what benefits would arise from linking the two. Another contentious issue is the Sha Tin – Central line, where the alignment and the arrangements for interchange between the two operators remain unsettled – the government is looking for an ’early resolution of the interchange arrangements’.last_img read more

TCDD to order more high speed trains

first_imgTURKEY: National railway TCDD has issued a tender notice requesting offers by May 9 for the supply of a further 10 high speed trainsets. Respondents are requested to include in their bids three years of maintenance and the supply of 47 kits of spare parts.Last July TCDD placed an order for seven Siemens Velaro TR trainsets capable of operation at up to 300 km/h. These would complement the 12 six-car CAF trains already in service at 250 km/h on the high speed routes linking Ankara, Konya and Eskişehir.TCDD needs to expand its fleet ahead of the phased opening of the fast corridor between Eskişehir and Gebze, the first sections of which are now open for trial running. Once this route is completed, TCDD hopes to be able to offer a 3 h timing between Istanbul and Ankara.Three other fast passenger lines are also under construction at present. These would link Ankara with Sivas, Bursa with Vezirhan on the Eskişehir – Gebze line, and Izmir with Polatlı. TCDD is expected to require a fleet of at least 90 trains to support this expansion, although some of these may be provided as part of the ‘National Train’ programme to develop a locally-designed EMU for 250 km/h operation. This project is being led by vehicle manufacturer Tülomsaş with support from technical universities in Istanbul and Ankara and several local sub-suppliers.last_img read more

Morocco high speed train to be completed by mid-2018

first_imgThe construction of Morocco’s new high speed train will be complete by the summer of 2018, a period between June and September, according to according to Rabie Khlie, the Head of the National Office of Railroads (ONCF), reports Morocco World News.The high speed train is believed to be the first one to operate in Africa links Tangier to Casablanca also known as TGV is currently 86 percent completed according to Khlie who was speaking at the opening of the Sixth Annual International Conference on Security and Safety of Rail Activity.At a speed of 320KM/H the train will cut the five hour journey to a two hours and 10 minutes journey, still with two stops at Rabat and Kenitra.The Islamic Development Bank (IDB) granted a loan of MAD 1.23 billion to the ONCF in march this year, an amount that will be used in the construction of stations for TGV.Morocco, France, Saudi Arabia, Kuwait, and the UAE, are funding the TGV’s $2 billion investment for new trains and tracks.According to CNN, the train is double the speed of South Africa’s Gautrain, launched in 2012, which falls short of the criteria for high-speed rail.With the fast train the Tangiers-Casablanca route is expected to generate a sharp increase in passenger numbers that will boost tourism, support wider economic growth in the cities, and recoup the investment on it.last_img read more

Dominica/Cuban friendship held in high repute

first_img Ambassador Felix Gregoire and Mr. Lloyd PascalMembers of the Dominica- Cuban Friendship association continue to express solidarity with the Socialist state of Cuba.At a panel discussion hosted on Friday December 14th, to mark the celebration of CARICOM Cuba Day, the quality of friendship which exists between Cuba and Dominica was highlighted.In 1972, CARICOM member states defied the wishes of the United States by forming diplomatic relations with Cuba, a move later considered to be commendable. Director of the Environmental Coordinating Unit, Lloyd Pascal who studied in Cuba recalled as early as 1979 Cuba had extended a helping hand to Dominica, through its provision of scholarships to the Government of Dominica. It was through such humanitarian gestures that a long term relationship had begun.“We have seen the establishment of the Association of the Caribbean states where CARICOM leaders ensured that Cuba became a member, also the establishment of the CARIFORM group where CARICOM ensured that Cuba participated,” Pascal noted. Ambassador to the OECS, Felix Gregoire also emphasized the quality of friendship which exists between Dominica and Cuba.“When I think of friendship I think of the strong ties between our leaders; that is Prime Minister Skerrit and President Fidel Castro.”According to Gregoire, these ties were manifested when the Prime Minister Roosevelt Skerrit approached former Cuban President Fidel Castro to assist some Dominican students who had found themselves in trouble with the laws of Cuba. “I am sure that was successful because of friendship, that he could approach comrade Fidel Castro and talk to him about those matters.”The association was further commended for their continued efforts in maintaining a good relationship with Cuba, and for their efforts in ensuring that other Dominicans benefited from the cooperation that exist between the two countries. Dominica Vibes News 32 Views   no discussions LocalNews Dominica/Cuban friendship held in high repute by: – December 17, 2012last_img read more

Brownlee, Jones lead PBA Best Import race

first_imgBrownlee, however, admitted that his chancesof retaining the Commissioner’s Cup Best Import trophy dimmed with the exit ofthe Kings in the semifinals to Jones’ KaTropa. “He makes it to the finals, so he gets (theBest Import),” Brownlee said on Jones. “He got guard skills and he’s 6-foot-9or 6-foot-10. He’s pretty heavy as well so defending him, whether he’s insideor outside, you know, he can give you problems.” Completing the top five candidates are ChrisMcCullough of the San Miguel Beermen, Lester Prosper of Columbian Dyip, andDiamon Simpson of the Alaska Aces. Jones, on the other hand, is at close secondplace with 60.2 SPs. He posted averages of 32.8 points, 15.8 rebounds, aleague-leading 7.4 assists, 1.3 steals, and 2.9 blocks. The league is set to award the winner of theBest Import of the Conference during Game 4 of the best-of-seven finals seriesbetween TNT KaTropa and San Miguel Beermen on Aug. 11./PNcenter_img Terrence Jones averages 32.8 points and 15.8 rebounds, a league-leading 7.4 assists, 1.3 steals and 2.9 blocks in the ongoing 2019 PBA Commissioner’s Cup. TIEBREAKER TIMES PHOTO Brownlee is on track to his second consecutiveBest Import award with 61.8 statistical points (SPs). He averaged a league-high34.2 points, 13.5 rebounds, 5.7 assists, 2.6 steals, and 1.9 blocks. MANILA – Barangay Ginebra San Miguel Kings’Justin Brownlee and TNT KaTropa’s Terrence Jones were in a tight race for theBest Import of the Conference award in the 2019 PBA Commissioner’s Cup.last_img read more

No. 10 West Florida Hosts Georgia Southern for Senior Day

first_imgPENSACOLA, Fla. – The 10th-ranked University of West Florida swimming and diving team will host Georgia Southern on Saturday for the final meet of the regular season, and the Argonauts will also celebrate Senior Day prior to the action. Seniors Danica Burnett, Madison Gilbert, Sophia Oliva, Madeline Pitt and Grace Sommerville will be honored in a pre-meet ceremony. The group has combined for 17 All-America honors in their careers, six All-New South Intercollegiate Swim Conference nods, and six NSISC Scholar Athlete awards. Georgia Southern, like UWF, took a win against North Florida earlier in the year, and the Eagles edged out the Argonauts by just 21.5 points at the Panther Invitational in November. The meet is scheduled to begin at 11 a.m. at the UWF Aquatic Center on Saturday. #ARGOS#Print Friendly Versioncenter_img LIVE VIDEO LINK Pitt recently picked up two wins in Saturday’s double-dual meet against Delta State and Emory. She went 10:28.08 in the 1,000 Free and 4:33.31 in the 400 IM, before taking second place in the 200 Fly, at 2:09.33. Freshman Morgan Ayers also had a stellar Saturday, as she won the 100 Breast (1:06.18) and the 200 Breast (2:23.58). Her time in the 100 Breast was two seconds faster than the next-closest swimmer, and each of her four legs in the 200 Breast was the fastest in the pool.last_img read more