The chairman of the Local Authority Pension Fund Forum (LAPFF) has called on the government to conduct a swift clear out of the UK audit regulator’s senior ranks and shut it down as quickly as possible.Councillor Paul Doughty, who also chairs the £8.6bn (€10bn) Merseyside Pension Fund, told IPE: “The position of most of the Financial Reporting Council [FRC] board is untenable, and staff will need to replaced at senior levels as well.”Conflicts of interest “run deep”, he added, as shown by the recent independent review of the FRC by Sir John Kingman.Following the Kingman review, on 12 March the government announced plans to replace the FRC with a new body, the Audit, Reporting and Governance Authority (ARGA). Sir Win Bischoff, chairman of the Financial Reporting CouncilFRC chairman Sir Win Bischoff said in December that the watchdog welcomed the Kingman findings, adding that the council was looking forward to “playing our part to ensure his review is implemented speedily”.Doughty’s call follows an accusation from Baroness Sharon Bowles – a long-standing critic of the FRC and International Financial Reporting Standards (IFRS) – that the FRC had “converted” UK generally agreed accounting principles “into IFRS-like rules”, to the detriment of long-term investors.Bowles, a former chair of the European Parliament’s Economic Affairs Committee, said the FRC’s actions had potentially breached the capital maintenance requirements of the UK Companies Act 2006.Referencing a March 2013 FRC impact assessment of the policy, she said it read like “a business plan for the big four [audit firms]”.She said the Kingman review had revealed that the FRC was “a captured regulator that was designed to take account of the companies and professions that it regulated”. Doughty said: “The new regulator ARGA must start functioning properly and as soon as possible.”The LAPFF, which represents 80 local government pension schemes across the UK, has been campaigning for change at the FRC for several years.
Or stare at the water when there is nothing on TV“We’ve got the amazing transformation of the Star Casino and now the emergence of what will be one of the world’s most unique and definable residential projects in Spirit,” Mr Sutherland said.“Projects such as these demonstrate that the Gold Coast has arrived as a world-leading tourism and lifestyle destination in the midst of some $30 billion in public and private development.”Prices are yet to be released, but Mr Sutherland said the apartments would be “comparable to the average beachfront prices in Broadbeach” but with more luxury inclusions and facilities.He said the project would target international buyers as well as local and interstate investors and downsizers.“Given the competitive price points and the over-sized nature of the apartments we are creating, we see these apartments also suiting people looking to downsize from homes to move into Australia’s premier beachfront address and enjoy all the luxury and facilities Spirit will have to offer,” he said. Residents will be able to look at the water while in the waterThe project is being marketed by Ray White Surfers Paradise Group, and the company’s projects arm, Ray White Projects, which is headed by Julian Sutherland. The $1.2 billion, 89-storeySpirit will consist of 479 luxury residences, and will be built on the iconic former Iluka site in central Surfers Paradise.“We’re all systems go to create what we believe will be one of the world’s iconic residential towers for many years to come,” Jixiao Xiao, of Chinese-based conglomerate Forise Holdings, said. “We have completed a major civil program to establish the foundations of Spirit and we are looking forward to delivering an iconic, globally recognised apartment tower of distinction to Australia’s premier beachfront address.“We will be launching Spirit to the market in July and there is great anticipation from within Australia and internationally.” The battle for the title of Queensland’s tallest residential tower is about to heat up, with Spirit set to rise on the Gold Coast.The $1.2 billion, 89-storey Spirit will consist of 479 luxury residences, and will be built on the iconic former Iluka site in central Surfers Paradise.It will rise 303m into the sky, and while technically shy of the 322.5m Q1 tower, a height which includes its huge spire, Spirit will boast the highest residential living spaces.Q1 has an occupied height of 235m. It will rise 303m into the sky, and while technically shy of the 322.5m Q1 tower, a height which includes its huge spire,Spirit will boast the highest residential living spaces.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoThe building has been designed by DBI Design, which has offices in Abu Dhabi, the Gold Coast, Brisbane, Sydney and Melbourne.The firm has described the building’s design as “bringing a new level of luxury that is yet to be seen in Australia.” Spirit will include 2700sq m of residents’ facilities over three floors, including pools, bars, a cocktail lounge, banquet room and an extravagant wine and champagne cellar. Panoramic views from the rooftop will stretch some 52kms. Retail services will be located on levels one to three. Additional luxury pay-per-use services will be available to residents, including car washing and detailing, babysitting, newspaper deliveries, pet vacation care and grooming. Butlers will also be available to individual apartments upon request, as well as personal grocery shopping and flower arrangement deliveries.A display centre is now open next to the Surfers Paradise Surf Life Saving Club.
52 brodie St, Hughenden is on the market for $24,900.QUEENSLAND’S cheapest house has been sold for less than the price of a new hatchback.The property at 19 Hardwicke St in Hughenden was listed for sale in “as is” condition for $18,000.Ray White Richmond agent Alison Vohland said the property was now under contract, and had sold “for less than $18,000”.19 Hardwicke St, Hughenden, sold for $18,000.19 Hardwicke St Hughenden“The buyers are from down south and are escaping the cold,” she said. “They really wanted a good block in a nice residential area and the land is probably what sold it.“I don’t think they are going to fix the house — it’s probably too far gone.“It is probably 1920s-era and has the old-style roof where you look up at the corrugated iron, and just a single interior wall.”Inside 52 Brodie St, Hughenden.Ms Vohland said she was seeing more and more older people making the shift north, lured by the warmer climate and affordable housing.She said potential buyers from the more expensive southern capital cities were keen to unlock some equity and secure a house they could lock up and leave to go travel in their golden years.“That’s good news for us,” she said.The most recent Price Predictor Index report from Hotspotting by Ryder noted “an improvement in Queensland regional areas damaged by trends in the resources sector”.“The number of regional Queensland locations classified as Danger markets has dropped from a record high of 31 late in 2016 to 19 now,” the report found.The report tracks sales volumes rather than rises in the median house price to chart growth.Another property on Ms Vohland’s books is 52 Brodie Street, also in Hughenden.The three bedroom cottage is on the market for $24,900 and sits on a 1012sq m block.To put that in perspective — that amount of land alone could set you back over $20 million in some of Sydney’s most expensive suburbs.The kitchen at 52 Brodie St, Hughenden.Ms Vohland said that house was in better condition, and there had already been some interest in the property.“Mostly from tenants down south wanting to get their own home,” she said.Another house at 38 Brodie St in Hughenden is on the market for $40,000.The latest property data from CoreLogic shows the median sales price in Hughenden is $95,000, up 18.8 per cent in the last 12 months. At its peak, Hughenden house prices reached $126,250 in 2012.QUEENSLAND HOUSES UNDER $75,0004 Roper Court, Dysart – $70,00052 Brodie Street, Hughenden – $24,90016 Annandale St, Injune – $49,0002 Menzies Street, Dysart – Offers from $65,00088 James St, Mount Morgan – $50,00013 Connors St, Dysart – $55,00031 Rose Street, Blackall – $50,00028 Walton St, Meandarra – $58,0004 Myrtle Street, Blackall – $70,000More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago(Source: realestate.com.au )Ms Vohland said the construction of a new solar and wind farm, the creation of a recreational lake and the works of the Hann Highway had created some positivity in the region.In the mining regions, a search for jobs yielded 1430 mining-specific listings on employment website, seek.com.auOf those, 550 job ads were listed for Dysart, where the median house sales price has fallen from a whopping $330,000 at the height of the mining boom to just $71,000.Raine and Horne Moranbah agent Emmarina Watene has 4 Roper Court, which is on the market for $70,000.The lowset three bedroom house is ‘in need of TLC’ but features open plan living, dining and kitchen areas, airconditioning and ceiling fans in every bedroom, an undercover, drive-through carport and side access to the large backyard.“I have had some interest, mostly from investors down south,” she said. “I feel like we have hit rock bottom now and we should hopefully start seeing some improvement.“Buyers are already trying to secure rental properties so the cheaper ones get snapped up quickly.”52 Brodie St, Hughenden sits on a 1012sq m block, a size that could set you back over $20 million in some of Sydney’s most expensive suburbs.Ms Watene said interstate retirees and grey nomads were helping to plug the gap left behind by workers after the downturn, with many using outback towns like Dysart as a base for travelling.Both agents agreed there was plenty of reasons to make the move to the outback.Property data shows that many small mining towns are showing green shoots, with house prices in Clermont up 42.1 per cent in 12 months, reaching $270,000 after a peak of $350,000 in 2012.It is a similar story in Moranbah, where prices have risen 14.6 per cent in the past 12 months to $185,000 after falling from a high of $352,000 in 2007.In Blackwater, 60 houses have sold in the past 12 months with the median sales price now $105,000, which is still $45,000 less than the peak in 2014.Over 170 houses have sold in Emerald during the same period, with median sales prices up 12.1 per cent to $269,000 after a high of $455,000.CoreLogic senior research analyst Cameron Kusher said it would take a long time to get back up to the inflated prices seen during the mining boom.But he said many struggling mining towns were finally showing signs of growth.“It is a slow and subtle rise. I doubt they will boom like they did but after a big decline we are seeing commodity prices lift and more demand for workers in some of these areas,” he said.Mr Kusher said while values were down, many of the towns could still achieve decent rental yields — a positive for investors.“Clearly there is some increasing demand from buyers and renters,” he said.The cheapest house-style accommodation in the Brisbane Greater Region is a one bedroom, one bathroom, relocatable home at Durack, which is on the market for $93,000.And in Sydney, even the most rundown fixer-upper will set you back upwards of $1 million.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:41Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:41 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. 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“Our kitchen is a good open space and great for gathering with friends and family,” she said.“You can cook and chat at the same time.“It has a large granite bench, double Miele ovens, induction cooktop with large walk-in pantry.“It makes Christmas Day cooking a breeze.” The auction is the first of more than 50 scheduled for Saturday, March 23, being held onsite from 9am. With winter around the corner, the kids will love toasting marshmallows at the firepit. With winter just around the corner, there’s even a firepit, perfect for toasting marshmallows with your children. >>FOLLOW EMILY BLACK ON FACEBOOK FOR MORE<< More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoSince living at the Camp Hill home, Ms Lamb has fallen in love with the location and the open feel. “The living and dining area leads out to our outdoor entertaining, heated pool, fire pit and garden,” she said,“It’s private and a little oasis. “The gardens are thriving and it has a nice relaxing feel about it.” RELATED: Family affair at modern build This five-bedroom at 48 Brisbane Ave, Camp Hill is going to auction on Saturday, March 23 at 9am.Going to auction this weekend, this Camp Hill home is what memories are made of.Impeccably designed and styled, the home at 48 Brisbane Avenue, comes with all the luxuries you would find at a five-star resort, including a heated pool, garden and extensive decking for outdoor entertaining. Is ‘Flintstone House’ yabba dabba doomed According to the owner entertaining from the state-of-the-art kitchen is easy, breezy. Many memories were made from the kitchen, especially at Christmas time, Ms Lamb said. A ‘TV star’ home lands seven figure sum The floorplan was the deciding factor when owner Kendell Lamb purchased the home in 2016, she loved the open plan layout, yet that it still had privacy for a large family.“Inside flows through to outside and the bedrooms and second living upstairs,” Ms Lamb said. “Everyone has their own space. “With the fifth bedroom and full bathroom downstairs as well, it really suited our extended family when visiting from interstate.“The pool location was another plus for us and we love that it is a main feature out the window, there is something nice about looking at water.” MORE:
Cairns and the nation’s real estate market is doing better than what is being perceived.A CAIRNS real estate agent says the latest CoreLogic house price data shows the “devil is in the detail” when it comes to housing market statistics and national trends did not reflect the local market accurately. While the key take-out has been that house prices fell 0.7 per cent nationally last month, the statistic is heavily skewed by larger falls happening in Sydney and Melbourne’s luxury suburbs.First National Real Estate principal David Forrest said prices declined marginally across five capital cities but actually increased in three. First National Real Estate Cairns Central Director David Forrest. PICTURE: ANNA ROGERS“Sydney, Melbourne, Brisbane, Adelaide and Perth saw minor value falls, whereas Hobart, Canberra and Darwin each rose subtly,” he said. “By any measure, the movements were small and, when considering the 12-month change in home values, they in fact reflect double-digit growth.”He said the fall in prices was only a small hit to the national market with the nation’s “barometers” Sydney and Melbourne finishing the financial year up by 13.3 and 10.2 per cent respectively.Mr Forest said there had been very little change in Cairns’ real estate market in the past 12 months. “The 12-month figures to June show that house prices rose between 0.4 -1.5 per cent and units showed no gain or loss,” he said. Aerial view of Bentley Park. First National Real Estate director David Forrest said there had been very little change in Cairns house prices in the last 12 months. PICTURE: BRENDAN RADKE“Other statistics show that there was a 5.8 per cent reduction in listings on the market for the financial year ending June 2020 and that the days on market fell by seven, and vendor discount reduced marginally.”More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoHe said by comparing this with the upper quartile in Sydney and Melbourne, it was evident where the real market shifts were occurring.“In Sydney, Mosman house prices fell 2.5 per cent. Melbourne’s Malvern fell 4.8 per cent. “So when you calculate a national average for house prices, the result is skewed in a way that makes it look worse than it really is. “For Australians looking to buy homes in low to middle price ranges, there’s been very little change as a result of the coronavirus pandemic.”Mr Forest said while some homeowners had shown concerns about what would happen when government assistance packages were wound back in September, he said it was good news that the banks had extended their assistance.“Based on levels of pre-listing activity across the First National Real Estate network, housing stocks look set to increase in spring but job security and overall economic confidence will be the deciding factor in what happens with home values in the final months of 2020.”
Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:37Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:37 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenSpring selling predictions for 202002:37A LUXURY Gold Coast penthouse bigger than most houses in the city has hit the market for the spring selling season.The three-level 914 sqm sky home in Southport’s Rivage Royale is for sale through an expressions of interest campaign targeting buyers with more than $5 million to spend.B27-2/75 Brighton Pde, Southport is on the market through expressions of interest.What a pool!MORE NEWS: Gold Coast real estate: Custodian CEO John Fitzgerald urges Australians to buy more property nowHouse Rules architect raises the renovation bar“The sheer size of this penthouse puts it into a category on its very own,” marketing agent Tolemy Stevens of Harcourts Coastal said.“There aren’t many penthouses that are approaching 1000sq m.“It’s bigger than 90 per cent of homes on the Coast.”The rooftop entertaining area.B27-2/75 Brighton Parade Southport. Rivage Royale penthouse.What a view!As well as ocean, city, Broadwater and mountain views, the four-bedroom apartment has a long list of features including a rooftop pool and entertaining area, glass lift, wet bar, opulent master bedroom and two marina births.“This is for someone who wants the very best of everything – the luxurious lifestyle ticks all the boxes,” Mr Stevens said.The listing follows a run of multimillion-dollar penthouse deals in recent months.The Rivage Royale penthouse has its own glass lift.More from news02:37International architect Desmond Brooks selling luxury beach villa6 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoStyle at every turn in the Rivage Royale penthouse.Last month, a penthouse in the Oracle building sold sight unseen for $4 million while another penthouse at 19 Broadbeach Blvd changed hands for $5.05 million in July.Mr Stevens marketed both properties.“There is absolutely no doubt the penthouse market seems to be one of the hottest markets at the moment,” Mr Stevens said.“The continuing demand from interstate buyers to secure opulent holiday homes hasn’t wavered.Rivage Royale at Southport“We are also seeing an increase of couples and families who are looking to move to the Gold Coast permanently and pack up from Sydney and Melbourne.”In an off-the-plan sale, entertainment entrepreneur Billy Cross is understood to have splashed between $6 and $7 million on the White penthouse, to be built in Main Beach.
A group of six tugs managed to refloat the 40,600 dwt tanker Seatrout during high tide on September 20, according to Zeeland Veilig.The ship, which ran into trouble off Antwerp earlier the same day, came loose just before 4 pm. Dutch towage and salvage companies Multraship and Kotug Smit were called to conduct the operation.The 188-meter-long Seatrout was then escorted to Vlissingen, the Netherlands, where it is scheduled to undergo further inspections.Seatrout ran aground in the early morning hours of September 20 after colliding with the bulk carrier Usolie. At the time, both vessels were sailing in the same direction on the Scheldt river.The tanker, which was sailing from Antwerp to Russia’s Ust-Luga port, was not loaded with cargo at the time.Zeeland Veilig earlier informed that the bulk carrier does not have any visible damages. The extent of damage on the tanker is currently unknown.Relevant authorities launched an investigation into the matter.World Maritime News Staff; Image Courtesy: Rijkswaterstaat
The University of Hull presented its findings on the impact of Green Port Hull One at an event yesterday, 4 December, a year after Siemens Gamesa opened the blade manufacturing facility at Alexandra Dock.Image source: University of Hull (GIA)As of March 2017, approximately 850 directly employed staff had been recruited by Siemens Gamesa. The total number of jobs created by the turbine manufacturer at the Green Port Hull in May was at 1,063, with 90% of them located in the 30-mile radius of the Hull city centre, according to the Green Port Hull Impact Assessment (GIA) project.The Green Port Hull (GPH) facilitated creation/ safeguarding of a total of 1,282 jobs by assisting people with employment and training support and upskilling training. GPH also supported 421 businesses with wage subsidies, upskilling funding, financial assistance, etc.The Green Port Hull project was officially launched in December 2010, three weeks prior to Siemens signing the agreement with Associated British Ports (ABP) to invest in the Alexandra Dock site.In 2012, Hull City Council and East Riding of Yorkshire Council secured a GBP 25.7 million Regional Growth Fund (RGF) funding leading to the formation of the Green Port Growth Programme (GPGP), whose overall objectives are to, among other things, assist up to 650 local businesses to diversify and enter the supply chains of major renewables investors and their suppliers, upskill and train approximately 900 local people, and create 3,500 renewables sector jobs.The GPGP aims to achieve these by March 2019.
The announced reimposition of sanctions against Iran by the Trump administration creates an unnecessary extra uncertainty into a market which is under extreme pressure already, as explained by BIMCO’s Chief Analyst, Peter Sand.The tanker market has been faced with severe headwinds amid tonnage overcapacity coupled with weak trading demand and weak OPEC output. Overordering of very large crude carriers (VLCC) since the beginning of this year has put additional strain on the market, with a total of 24 VLCCs booked so far this year.“Adding sanctions on top of a bad market normally doesn’t bring around much good to an industry,” Sand told World Maritime News commenting on the U.S. decision to pull back from JCPOA.National Iranian Oil Company (NIOC), Naftiran Intertrade Company (NICO), and National Iranian Tanker Company (NITC) will be directly impacted by the sanctions together with the Islamic Republic of Iran Shipping Lines (IRISL), South Shipping Line Iran, or their affiliates.Iranian energy and financial sectors are also being targeted by the sanctions.“For an international tanker company, being unable to trade in the US – that’s a big issue,” Sand said.The new wave of sanctions could prompt European buyers to refrain from buying Iranian crude, resulting in the country’s export cuts. However, exports to China, India, Korea and Japan are likely to be resumed, as they did when previous sanctions were in place.“On the commercial side, we may see Iranian exports cut, as European buyers shy away. Basically a reversal of what has happened this the JCPOA came into force,” Sand said.“Essentially, no one wants to be in breach of any sanctions, so as long as uncertainty around sanctions that may or may not be ‘snapped back’ exist, owners and operators prefer to stay on safe ground – i.e. avoiding doing business with Iran – if that would prevent them from doing tanker business with the US.”Consequently, a question arises on where European buyers will go for the oil they need.According to Sand, it is likely they will stay in the Middle East, with Iraqi oil being an alternative that would limit the impact on tankers.As explained earlier by Gibson, what really matters for the tanker market in general, are total volumes out of the Middle East, as opposed to Iran alone. In particular, the impact from Iranian’s export cuts could be offset if other Gulf states were to make up for any Iranian shortfall.Nevertheless, it is still early to determine clearly what will be the overall impact of the sanctions on the market. Namely, JCPOA provisions on dispute resolution need to be scrutinized closely, which could take weeks or even months. Furthermore, there is a question whether the U.S. can, in fact, withdraw from the agreement, as the EU insists, this is not a bilateral deal.“But a bit of patience and wait-and-see, while preparing contingency plans is a good strategy for a starter,” Sand concluded.World Maritime News Staff; Image Courtesy: Illustration/ Pixabay
DeltaTek Global has been awarded a contract by Energean Oil and Gas to supply its proprietary SeaCure cementing technology to support the Karish deepwater project in Israel.DeltaTek will provide optimization services using its SeaCure technology for all 20-inch surface casings, which will be drilled from the Stena DrillMAX in approximately 1750m of water. DeltaTek will initially deploy SeaCure in four wells in Q1 2019.SeaCure delivers stabbed-in, inner string cementing for subsea wells.DeltaTek CEO, Tristam Horn, said: “We are delighted to have been awarded our first large scale international contract, supporting Energean Oil and Gas in Israel on a high profile, deepwater, exploration and development campaign, opening up the deployment envelope for our game changing well construction technology. 2018 was an incredible year for DeltaTek and we plan to continue building on those successes as we move into 2019.“SeaCure has been brought to market quickly, thanks to the support of our industry partners and the technology’s proven rig time saving ability. Adoption from major operators and successful field deployment results continue to demonstrate the efficiencies SeaCure can deliver and as is a genuine time and cost saving solution for offshore cementing. We are delighted Energean has chosen SeaCure for their Karish deepwater exploration and development campaign and we look forward to working with them into the future.”Simon French, well delivery manager at Energean Oil & Gas said: “The deployment of the SeaCure technology on our deep-water surface casing string cement jobs helps us to efficiently verify the integrity the surface casing through eliminating the operational risk of a failed shoe track. Elimination of the shoe track drastically cuts down drill out times and saving money. The application offers a very elegant solution to our technical challenges and it is our pleasure to work with DeltaTek who are committed to helping us achieve success.”