Month: September 2020

German insurer buys €1.8bn Pensionskasse in ‘run-off’ deal

first_img“We are aware of the importance of occupational pensions for employees of the Cofra group, especially those of C&A and we will take on this responsibility unreservedly,” said Bernd Neumann, the insurer’s chief financial officer.No statement was made by C&A or Prudentia on the deal, which is still subject to approval by German supervisor BaFin.The sale of the Pensionskasse could be connected to rumours about a possible sale of C&A by Cofra, which has been reported in the German press.Frankfurt Leben is owned by Chinese finance group Fosun and is one of several run-off platforms to have started operating in the German market over the past two years.Life insurance companies and German Pensionskassen alike are struggling with the current low-interest rate scenario, which has challenged their ability to keep promises made in different market environments.By selling businesses to run-off platforms, companies can take some liabilities off their balance sheet. Experts have also argued that pension plans with falling memberships can benefit from pooling together on such platforms.Read more about run-off deals in Germany in the April issue of IPE. The Cofra Group, owner of fashion company C&A, has sold its German Pensionskasse to Frankfurter Leben-Gruppe (Frankfurt Leben).In total, €1.8bn in assets run for C&A’s 50,000 current and former employees in Germany were transferred to the run-off platform.The sale of Prudentia PK follows Frankfurt Leben’s purchase of AXA’s €3bn multi-employer Pensionskasse Pro bAV in February. The insurer now runs roughly €10bn of pensions and insurance assets.Frankfurt Leben, which specialises in running closed asset pools, said it would continue to run C&A’s pension plan and make payouts.last_img read more

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Artists’ eccentric Sunnybank house has walls of bookshelves and a pink bathroom

first_imgThe kitchen has secret cabinets.An update of the kitchen also saw secret storage space.“I have a secret cupboard. It doesn’t look like a cupboard but it has a power point so I can charge devices without cords hanging out everywhere,” Ms Fietcher said.She said they had also enjoyed time playing with their children and dogs at a reserve that backs onto their property and that they would miss living there. The house at 45 Coolinda St, Sunnybank, is for sale.WHAT happens when a bibliophile and a potter buy a house together?Bright coloured walls of different textures and extreme bookshelves are the result of Corinne Fietcher and Clement Joseph’s artistic desires. This is a booklover’s paradise!More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoMs Fietcher is a librarian and also has a degree in Fine Arts, and her husband a nurse by trade, but an amateur potter at home.So naturally, when they renovated the 45 Coolinda St home, they would turn it into their creative sanctuary.They built bookshelves that spanned entire walls, landscaped the property, replaced the roof and added solar. Their niece said they should paint the walls pink — so they did!They even painted the bathroom pink, to the excitement of Ms Fietcher’s niece.“My niece said we should paint it pink, so I did,” she said.“When you’ve got an older place, you can indulge yourself in that kind of thing (and) we thought she would get a kick out of it for a few years.”center_img Outdoors is landscaped, and under the house is Mr Joseph’s pottery area.Video 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 Levels720p720pHD540p540p360p360p180p180pAutoA, 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 Rate1xFullscreenWhy The Block has been such a success00:35 The walls in the lounge have a variety of colours and textures.This eccentric yet delightful Sunnybank residence has been home to the couple for the past seven years, who bought it for the convenience of the location.“We saw a lot of potential in it and as we had two teenage children at the time … we liked there were buses, trains and the ability for them to ride bikes,” Ms Fietcher said.“It meant they could be independent and get themselves from point A to B.”last_img read more

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Outdoor play helps steer kids away from being couch potatoes

first_imgProvidence Parklands at South RipleyA residential masterplanned community at South Ripley is the first in Queensland aiming to get more children off the couch and involved in outdoor activities.The partnership between Providence South Ripley and Nature Play Queensland will help shape the community into a place for children to play freely outdoors.A community Playbourhood Day was held last month where local children enjoyed outdoor games and cubby house building.Providence is the largest masterplanned community in the Ripley Valley with nearly 700 families now calling the estate home.Nature Play Queensland’s mission is to increase the time children spend in unstructured play outdoors and in nature. It is founded on the understanding that unstructured play outdoors – nature play – is fundamental to a full and healthy childhood.Nature play promotes a range of health benefits, including cognitive, social and emotional development, and builds resilience and creativity. More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoProvidence project director Michael Khan said: “Providence has always been about families and one of the things we hear from our community is around the challenges of getting kids out of the house to enjoy the outdoors”.“We have amazing parks, paths and playgrounds but need to do more to teach children about the value of unstructured, outdoor play,” he said.Meanwhile Stockland’s Pallara community has started two new activity groups for kids as well as parents and babies.The nationwide Ready Steady Go Kids program at Pallara’s Central Park teaches children the fundamentals of 10 sports and has been designed to develop motor skills in a fun, non-competitive environment.Stockland residential communities Queensland general manager David Laner said the new groups offered wonderful opportunities for residents and children to get to know each other and improve their fitness. Nature Play Queensland program manager Hyahno Moser said the partnership was an important step toward prioritising the health and wellbeing of children in their neighbourhoods.“Encouraging outdoor play is aided by maximising open and community places and spaces for playing and connecting, and designing streets that are safer for children by reducing speeding,” Mr Moser said.Ensuring residential areas are connected to community facilities such as parks, schools and shops encourages walking.last_img read more

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The Gold Coast’s best suburbs to buy an investment property

first_imgLeading the top 100 list was country town Blackwater in the Central Highlands Region, which had a gross rental return of 11.7 per cent. “Median house values ranged from $89,483 to $521,597 and for units between $133,205 and $395,577,” the report read. “(It) featured 63 suburbs where houses represent good rental opportunities and 37 suburbs where units offer the highest yields, while also demonstrating positive rental growth.” The other states lagged behind Queensland’s impressive rental performance, with only 17 suburbs making it to the list in New South Wales, 15 in South Australia and Victoria, eight in Tasmania and one in Western Australia, Northern Territory and Australian Capital Territory. MORE NEWS: Mansion listed with eye-watering price A total of 42 Queensland ’burbs graced the CoreLogic list.CoreLogic research analyst Cameron Kusher said to make the cut, the suburb had to have delivered “solid rental yields, consistent rental growth and vacancy rates of less than 3 per cent”.He added finding a positively geared investment was more likely in the top 100 areas. All seven Gold Coast suburbs featured on the list for their unit’s performance, with Reedy Creek leading the pack for the city at No. 51. The suburb’s units had a gross rental yield of 6.8 per cent per annum, a median rent of $430 per week and a median sales price of $350,000. Southport units followed at No. 79 thanks to a gross yield of 6.5 per cent, median rent of $390 per week and median sales price of $375,000. Labrador was ranked 80 followed by Upper Coomera (83), Mudgeeraba (92), Currumbin Waters (95) and Helensvale (97). Reedy Creek was home to the Gold Coast’s best performing investment units.Harcourts Coastal agent Katrina Keegan said the Gold Coast’s expansion of public transport was shinning the spotlight on suburbs further out of the CBD. “Main Beach would usually take the accolade but the public transport expansion is sharing it around,” she said. “The apartment sector has gone up because the light rail and extensions of the train stations are pushing people further out.”Ms Keegan said interstate investors and buyers looking for a sea-change were also bolstering the unit market. More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“In 2019, we have definitely seen an increase in interstate investors across the board,” she said.“The biggest numbers have come out of New South Wales.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:46Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:46 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, 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 Rate1xFullscreenChoosing an apartment to invest in01:47 Seven Gold Coast suburbs made the list of Australia’s best 100 areas for rental performance.QUEENSLAND has dominated a list of 100 best places in the country for rental performance, with seven Gold Coast suburbs taking out top honours. The latest CoreLogic report, which ranks rental yield figures, saw Reedy Creek, Southport, Labrador, Upper Coomera, Mudgeeraba, Currumbin Waters and Helensvale as investor hot spots. The Glitter Strip ’burbs joined 35 other areas in the Sunshine State in the nationwide list that was made up of suburbs with an estimated gross rental yield of 5 per cent or more a year for either houses or units. MORE NEWS: House with theme park backyard sells in million-dollar deal mikaela.day@news.com.aulast_img read more

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Dated Gold Coast homes fetching big bucks because of their location

first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:19Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:19 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, 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 6 best coastal homes that have sold01:19 “The real attraction was the position and the uninterrupted skyline views,” he said.“A local buyer looking to build a family home down the track bought it.“They’ll hold onto it and then look at rebuilding. It was an outstanding price for the river considering it was a knockdown.”Mr Harrison said it sold within 35 days of hitting the market in a cash unconditional offer. “We had multiple offers on the property as well throughout the campaign,” he said. Property in central suburbs had always been popular, but Mr Harrison said these days people were more than happy to settle for a tired and old residence to get a foot into an area. “I think people are looking at things with a long-term view,” he said. MORE NEWS: Cartoon king selling retro residence This Burleigh Heads house fetched more than $5 million at auction.More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“At the end of the day, people can buy an old home and keep tenants in there.“They’re securing the land now in preparation for future growth.”A dated Burleigh Heads house with ocean views was snapped up at auction for $5.375 million — almost $2 million above reserve — by a couple who planned to knock it down and rebuild.Kollosche director Michael Kollosche, who handled the sale, said most of those interested in the property had plans to demolish the house and build a new one.Another couple splashed $4.8 million on one of the last remaining beach shacks on Millionaires’ Row to bulldoze it and rebuild. This Mermaid Beach house is one of the last remaining shacks on Hedges Ave. MORE NEWS: Penthouse revamped by The Block twins up for grabs The Broadbeach Waters house at 25 Conifer Cres sold for $1.79 million.BUYERS are investing in premium Gold Coast land with several dated properties fetching eye-watering prices in recent weeks because of their location and position.A Broadbeach Waters residence was one of them, changing hands for $1.79 million.Kollosche agent Jamie Harrison, who marketed the house with Ryan Ward, said multiple prospective buyers were eyeing off the Conifer Cres home.last_img read more

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Awilco finds another job for WilPhoenix as Alpha deal falls through

first_imgTalks between UK-based offshore driller Awilco Drilling and oil company Alpha Petroleum related to the hire of the WilPhoenix rig have come to naught but Awilco has found another operator interested in hiring the rig. Awilco received a letter of award from Alpha Petroleum Resources for the WillPhoenix rig back in September 2017. The rig was supposed to drill 18 development wells on the Cheviot field in the northern part of the UK North Sea, starting in the second quarter of 2018.The minimum contract value for the firm term of 1080 days was valued at around $126 million.In November, the start date was pushed to the third quarter of 2018 prompting Awilco to seek infill work for the period between this program and the end of the Apache contract, which expires in April.On Thursday, February 15 Awilco said that, following revisions to the project schedule, the letter of award from Alpha Petroleum Resources did not result in an agreed contract for WilPhoenix.However, Awilco Drilling has signed a letter of intent with an undisclosed operator for the provision of WilPhoenix. The program is expected to start around September 1, 2018, with an estimated duration of 450 days for an undisclosed dayrate.WilPhoenix is one of Awilco Drilling’s two enhanced pacesetter semi-submersibles and is equipped for drilling in water depths up to 1,200 ft. The rig is currently under contract with Apache.The company’s other rig, the WilHunter, has been cold stacked in Invergordon for a while now with no near-term employment prospects.Offshore Energy Today Stafflast_img read more

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Euroseas Sells Its Final Bulker to Focus on Feeders

first_imgGreek shipowner Euroseas handed over its final drybulk vessel, the M/V Monica P, to the ship’s new owner on June 28.The 1998-built ship was put up for sale on March 31, 2018, and was finally sold at a price of USD 6.45 million.With the delivery of the 46,667 dwt ship, Euroseas’ fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 TEU making the company the sole US-listed feeder containership company.“We are pleased to announce the delivery of our last drybulk vessel to its buyers. This sale marks the completion of the separation of our containership and drybulk fleets following the spin-off of our other six drybulk vessels in a separate US-listed public company, EuroDry Ltd, on May 30, 2018,” Aristides Pittas, Chairman and CEO of Euroseas, said.“We can now pursue growing Euroseas as a pure container company focused on feeder containerships, a sector with very strong fundamentals as the orderbook to fleet ratio is near the lowest levels of the last 20 years and demand growth prospects appear strong,” Pittas added.Furthermore, based on recent filings made with the Securities and Exchange Commission, the company informed that its shareholder Friends Investments Inc (FIC) has purchased 275,309 common shares of the company in the open market for a total of 4,033,004 common shares, or approximately 35.8% of Euroseas’ outstanding common shares.last_img read more

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Norrkoping Expansion Plans Get OK, Dredging Set for 2019

first_imgThe Swedish Port of Norrkoping said in its latest release that the Environmental Court has given its necessary approval for the port expansion program, aimed to boost the region’s business and improve the possibilities for efficient and sustainable transport.The project now enters next phase, with the aim of beginning dredging work in 2019, the port stated.Commenting the news, Henrik Åkerstom, the port’s CEO, said: “We now have the environmental ruling we need to expand the ports capacity. We can now start with the expansion which is needed to cope with increased freight volumes, larger vessels and more efficient production at the port.”“I am glad we have got a good start to start such a big and important venture for Norrkoping and the region. The port is of great importance for our businesses and the upcoming expansion strengthens Norrkoping as one of the country’s leading logistics areas,” added Pontus Lindblom, Business director, Municipality of Norrkoping.On behalf of the municipality, Port of Norrkoping operates the expansion of Pampushamnen at Handelo. It is a part of the transformation of the inner harbor to the residential and inner city area.last_img read more

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Petrobras to ditch Camarão Norte discovery off Brazil

first_imgBrazilian oil company Petrobras is abandoning the Camarão Norte discovery located south of the Manati field offshore Brazil. The Manati field is operated by Petrobras and QGEP is one of its partners.QGEP informed on Thursday that the Consortium of Block BCAM-40 has begun the relinquishment process with the National Agency of Petroleum, Natural Gas and Biofuels (ANP) of the Camarão Norte discovery.QGEP holds a 45% interest in the Camarão Norte discovery, which was declared commercial in 2009. After evaluating several development plans and potential unitization to the adjacent area, the consortium concluded that the area is not economically viable and opted for its relinquishment, QGEp said.The carrying value of the Camarão Norte discovery is R$2 million ($528,700)net to QGEP and will be written-off as a charge to the company’s third quarter’s results.The Manati field is located in the Camamu Almada Basin and covers approximately 76 km² in a water depth of 35 m. Discovered in 2000 and actively producing since 2007, the field has become one of the largest producing non-associated gas fields in Brazil. The wells are connected by subsea lines attached to platform PMNT-1, a fixed production unit installed at a depth of 35 m and 10 km away from the coast.The Camarão Norte field, like the Manati field, originates from the BCAM-40 Block and the gas production of Camarão Norte would have to be accessed using the Manati field’s operating infrastructure.last_img read more

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Environment Minister Officially Opens Morecambe Flood Defense Scheme

first_imgEnvironment Minister Thérèse Coffey visited Morecambe today (19 October) to officially open the town’s new flood defenses.Funded by £10.8m central government grant-in-aid funding, the wave reflection wall defense will reduce flood risk to 11,400 homes and has a design life of 100 years, taking into consideration climate change and sea level rise.Led by Lancaster City Council in partnership with the Environment Agency, the wall consists of 4km of reinforced concrete defenses that will provide protection against a major flood event.Floods Minister Thérèse Coffey said: “Morecambe’s new Wave Reflection Wall, which has been entirely funded by the government, is absolutely fabulous and I want to thank the Council and other partners in their support in achieving this.”“I also want to thank local MP David Morris who worked tirelessly to make the case for nearly £11m of investment into this flood defense, better protecting more than 13,000 homes and businesses as well as the local tourism industry from the risk of flooding.”Environment Agency Area Director for Cumbria and Lancashire, Keith Ashcroft, said: “The Morecambe Wave Reflection Wall is a great example of partnership: by working together the Environment Agency, Lancaster City Council, engineers VBAJV Ltd have created an exceptionally value-for-money sea defense.”Richard Walsh, project manager at VBA, a joint venture comprising VolkerStevin, Boskalis Westminster and SNC-Lavalin’s Atkins business said: “As the main contractor, VBA is extremely proud to be involved in a scheme that brings a wide range of benefits to the local community, not only protecting homes and businesses from flooding, but providing a lasting legacy to residents and visitors to enjoy for many years to come.”last_img read more

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