Business

Looming US port strikes threaten supply chain

Published

4 hours ago

September 23, 2024

This is an audio transcript of the FT News Briefing podcast episode: ‘Looming US port strikes threaten supply chain’

Kasia Broussalian
Good morning from the Financial Times. Today is Monday, September 23rd, and this is your FT News Briefing.

[MUSIC PLAYING]

Germany’s centre left squeaked out a win yesterday and businesses are bracing for a major strike across US ports next week. Plus, one of the fastest growing AI companies wants to bump Google up its advertising perch. I’m Kasia Broussalian, and here’s the news you need to start your day.

[MUSIC PLAYING]

Germany’s Social Democrats were breathing a huge sigh of relief on Sunday night. In Brandenburg state elections, the party won a very narrow lead over its biggest rival, the far-right Alternative for Deutschland. This win is a big deal because Brandenburg is a social democratic stronghold. The party has ruled the state for more than 30 years. It’s also where German Chancellor Olaf Scholz lives, and Scholz is having a tough time these days. His approval ratings are rock bottom. Some Social Democrats have even privately said that he should step aside rather than run for a second term as chancellor. That way, someone more popular could step in for elections next year. But yesterday’s results might just be enough to silence some of his critics — at least for now.

[MUSIC PLAYING]

Workers at dozens of ports on the east coast of the US could be going on strike next week. Negotiations between the ports and the union representing the longshoremen have completely stalled. And if workers walk off the job, the effect could be devastating for supply chains. I’m joined now by the FT’s Taylor Nicole Rogers to talk about what a strike might mean for the US economy. Hey, Taylor.

Taylor Nicole Rogers
Hi. It’s so great to be back.

Kasia Broussalian
Great to have you. So what are the main sticking points when it comes to negotiations?

Taylor Nicole Rogers
This is all coming down to two big things. One, of course, is pay. And the other big thing is automation. There are not a lot of automated tools on the east coast and gulf coast ports compared to the west coast ports. And the union really wants to keep it that way. Of course, the port operators would like to do something different. And that is where negotiations broke down over the summer. And that’s the big reason why they haven’t gone back to the table since.

Kasia Broussalian
So these workers, they essentially don’t want robots taking over their jobs?

Taylor Nicole Rogers
Basically, yes.

Kasia Broussalian
And how close are we to a strike?

Taylor Nicole Rogers
The port operators in the union last met in June, and there’s been some talk about coming back to the table. But pretty much things are at a complete standstill. And US President Joe Biden said last week that he would not intercede if the workers decide to strike. So that really brought the level of fear of the business community to a fever pitch this past week. So unless something major changes, the dockworkers will be walking out on October 1st. And that means that every US port from Maine to Texas would shut down. And together those ports account for the overwhelming majority of all of the cargo that comes into and out of the United States.

Kasia Broussalian
Wow. And now, obviously, a work stoppage at the level that you’re describing here, it can’t go unnoticed. So just how disruptive could these strikes get?

Taylor Nicole Rogers
Well, a lot of retailers and manufacturers actually saw this coming. So they worked really hard to bring in a lot of the things that we need for Christmas earlier in the year. So Christmas will not be ruined. But what could happen is that businesses will have to start paying more to ship their cargo. And that will push prices up. And, you know, I was talking to some economists earlier and they were saying that supply chain issues were one of the big, big causes of the inflation that we’ve been dealing with over the past couple of years. And the fact that the supply chain has really been freed up has really helped bring inflation down. And so they’re worried that if shipping prices keep going up because people are freaking out about a strike or because there actually is a strike, consumer prices will go back up.

Kasia Broussalian
Taylor Nicole Rogers is a labour correspondent for the FT. Thanks, Taylor.

Taylor Nicole Rogers
Thanks, Kasia.

[MUSIC PLAYING]

Kasia Broussalian
US chipmaker Qualcomm has reached out to its competitor, Intel, about a possible takeover. Now, no formal offer has actually been made, but it would be the biggest tech deal in history. Intel’s problems are no secret in Silicon Valley. In August, the company lost $30bn in market value after a disastrous earnings report. And it also announced painful job cuts — 15,000 workers. So the possibility of a buyout isn’t exactly out of the question, but there are a lot of hurdles. For starters, regulators would likely make a big fuss over antitrust concerns. Any deal would have to be pitched as a bid to strengthen the US in its chip race with China. And secondly, it’s not even clear how Qualcomm could pay for a full takeover. So a deal is definitely not a sure bet at this time.

[MUSIC PLAYING]

All right, Cristina. So I have the app Perplexity up right in front of me. What do you think I should ask it?

Cristina Criddle
Maybe you should ask if Perplexity is going to take over Google in the search ads business.

Kasia Broussalian
All right. Perplexity is an AI powered search engine that, let’s be honest, you’ve probably never heard of.

Perplexity audio clip
Perplexity AI is gaining traction as a potential alternative to Google due to its ad-free and precise search capabilities, but it is not currently positioned to overtake Google in the ad search business.

Kasia Broussalian
All right. It’s hedging a little bit. But the San Francisco start-up has big ambitions. So, Cristina, there’s actually something interesting going on here. I’m just looking at my answer. And then there’s this list of sort of related questions that follows just below. And that’s something that I’ve actually never seen before in a search engine.

Cristina Criddle
Yeah. These are called follow-up questions. Perplexity uses them as additional prompts. Things that you might want to find out that are related to your question. And this is where Perplexity wants to put ads in.

Kasia Broussalian
And Perplexity is attracting a lot of attention. Here to tell us about just how much of a threat it is to Google is the FT’s Cristina Criddle. Hey, Cristina.

Cristina Criddle
Hi.

Kasia Broussalian
So how is Perplexity trying to shake up the digital ad market?

Cristina Criddle
Well, Perplexity is trying to introduce advertising into its search AI product. We have a lot of AI products and search engines out there, but not many of them have ads in them yet. So I think Perplexity wants to redesign what the search ads business looks like. It’s a very different format. And they want to really challenge what Google has created on the traditional Google search. So the way that Perplexity wants to do it is to have these ads feature in the follow-up questions.

So, for example, if I wanted to promote a sparkling water brand, one of the questions I could ask is: Is sparkling water better than still water? And it would have a logo next to it of a suitable brand. It would generate just as the AI would normally respond. But the difference here is that the brand gets to sign off on the answer to make sure that it’s safe, that it doesn’t say anything that doesn’t align with its brand values. And they also pay for it, obviously.

Kasia Broussalian
Are brands showing any interest in partnering with Perplexity on this?

Cristina Criddle
Perplexity has been trying to target quite premium brands. Its user base is from quite high-GDP countries. And some of the brands that they’re in discussions with are people like Nike and Marriott. But as far as I know, no deals have been officially made yet.

Kasia Broussalian
And, you know, the goal here is for Perplexity to eventually take a pretty big bite out of Google. But Google kind of holds the keys to the kingdom when it comes to the digital ad space. So what sort of weaknesses does Perplexity see here?

Cristina Criddle
Since ChatGPT came out, there’s obviously been a huge amount of hype and excitement for generative AI, and that’s the type of AI that you see in perplexity and that you see in AI search engines. A few companies have launched AI search. Microsoft has done this with Bing, and they’ve started trying to monetise it a little bit. Google has launched AI search now, but they’ve not monetised it yet either, and they also won’t release figures on how widely it’s used. I think as the incumbent it has the most to lose here, and it’s trying to tread very carefully. A start-up like complexity can be more flexible, more nimble and make those business decisions a bit faster. But when Google does decide to jump, I think that’s really when we have to sit up and take notice.

Kasia Broussalian
Yeah. So then in the end, do you think that Perplexity can break through and challenge Google in the digital ad space?

Cristina Criddle
It’s still unclear. Perplexity does have quite a strong user base and it is growing very quickly, but so far we’ve yet to see it really take over. We’ve yet to see it really monetise either. By and large, Google is the biggest player in the search business. Its search business has grown 14 per cent in the last three months to June compared to the same period the year before. And the consumer behaviour of going to AI for search is still very nascent and we don’t know if that’s going to take off yet. But upstarts like Perplexity, they’ve still got a lot to prove.

Kasia Broussalian
Cristina Criddle writes about technology for the FT. Thanks, Cristina.

Cristina Criddle
Thank you.

[MUSIC PLAYING]

Kasia Broussalian
You can read more on all of these stories for free when you click the links in our shownotes. This has been your daily FT News Briefing. Make sure you check back tomorrow for the latest business news.

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Travel

Nobu Hotel Ibiza Bay Where Luxury Meets Paradise

Published

25 seconds ago

September 23, 2024

NewsAdmin

As the glistening sun rises over the pristine shores of Ibiza on this mystical Spanish Island in the Mediterranean, the iconic Nobu Hotel Ibiza Bay begins its annual invitation to guests every spring. This inspired 5-star luxury hotel on the white island in the Balearic Islands offers an unmatched blend of luxury, relaxation, and indulgence in one of the world’s most coveted locations.

Nestled along the tranquil shores of Talamanca Bay, this exclusive beachfront property has become synonymous with sophistication, catering to the discerning tastes of global travelers who seek more than just a getaway—they seek an experience.

Nobu Hotels

An Island Escape Like No Other

Every year, as late March or early April approaches, Nobu Hotel Ibiza Bay opens its doors to a season that promises new adventures, luxurious stays, and unforgettable memories. The resort’s season stretches through late October, a period where Ibiza transforms into a vibrant hub for the elite, the creative, and those in pursuit of the extraordinary.

Nobu Hotel Ibiza Bay is referred to as the “ultimate playground for the grown-up Ibiza set.” The hotel provides the essence of Ibiza, seamlessly blending the island’s free-spirited charm with an opulent lifestyle, creating an atmosphere where every detail is designed to elevate the guest experience.

Nobu Hotels

Traditions of Excellence

Nobu Hotel Ibiza Bay continues its tradition of excellence each year with a new season of Ibizan Discovery and is in an idyllic seaside location slightly away from the island’s busy hotel row. Guests returning to this luxurious haven and first-time visitors find themselves immersed in a world of unparalleled comfort. The resort’s offerings have been carefully curated to ensure that every moment spent on the property is infused with luxury, relaxation, and a touch of Ibiza’s unique energy. Whether it’s the breathtaking views from the suites, the world-class wellness facilities, or the innovative dining experiences, each element of Nobu Hotel Ibiza Bay is designed to cater to the desires of its discerning guests.

Rejuvenation and Indulgence at Nobu Hotel Ibiza Bay

The experience at Nobu Hotel Ibiza Bay is more than just a stay; it is an opportunity to indulge in the finer things in life. Guests are welcomed into stunningly designed accommodations with open terraces that blend contemporary aesthetics with traditional Ibicenco architecture and Ibizan artwork.

Junior Suite with Plunge Pool

Each of the 152 designer Ibizan-style rooms and grand suites is a sanctuary of comfort and tasteful details, offering modern amenities, luxurious bedding, and floor-to-ceiling windows with expansive views of the bay and the Mediterranean Sea beyond. The sense of tranquility that pervades the rooms is complemented by state-of-the-art wellness facilities that promise to rejuvenate both body and mind.

Nobu Hotels

Six Senses Spa

For those seeking to unwind, the Six Senses Spa offers a haven of relaxation, featuring a range of treatments that cater to every need. From island-exclusive CBD rituals to personalized skincare consultations, the spa is a sanctuary where guests can escape the stresses of everyday life. Enjoy sunset yoga on the panoramic roof terrace.

Yoga By Ibiza Bay – Nobu Hotels

The wellness offerings at Nobu Hotel Ibiza Bay extend beyond the spa. Fitness facilities include an expanded gym and serene yoga sessions on the rooftop. Here, guests can practice yoga or indulge in sound baths while overlooking the azure waters of Talamanca Bay, a perfect blend of physical and spiritual well-being.

Views From The Holistic Hike – Photo by Dana Sanderson

Holistic Hikes Retreats: Connecting with Nature and Self

For those who prefer a more active and immersive spiritual experience, the Holistic Hiking Retreats offer a unique way to explore the natural beauty of Ibiza while engaging in wellness practices. These retreats, which are highly anticipated each season, combine the luxury of a three-night stay at Nobu Hotel Ibiza Bay with invigorating hikes through some of the island’s most stunning landscapes.

Manuel Ehrensperger – Founder Ibiza Hike Station

Participants are guided through dramatic gorges, hidden caves, crystal-clear hot springs, and lush greenery, with each hike designed to connect them with the natural world and their inner selves.

Chambao by the Beach

Culinary Delights and Cultural Experiences

At the heart of Nobu Hotel Ibiza Bay lies a passion for gastronomy, with three restaurants offering an array of culinary delights. The iconic Nobu Restaurant, renowned for its innovative Japanese fusion cuisine, invites guests on a gastronomic journey like no other. At the same time, Chambao by the Beach showcases the flavors of Ibiza with its fresh seafood and Mediterranean-inspired dishes.

Breakfast Buffet – Dynie Sanderson

For those seeking a more casual dining experience, The Bay Café offers light bites and refreshing cocktails throughout the day. Every day before hitting the lounge chairs by the pool and bay, guests can casually indulge in the delicious breakfast buffet offerings while seated at their beachside tables in the sand.

Chef Nobu at Nobu Hotel Ibiza Bay

Culinary Excellence at Nobu Hotel Ibiza Bay

At the heart of the Nobu Hotel Ibiza Bay experience is a dedication to culinary excellence, a quality that the renowned Nobu restaurant embodies. Founded by world-famous Chef Nobu Matsuhisa, the Nobu brand has become synonymous with innovative cuisine that masterfully blends traditional Japanese dishes with Peruvian influences.

Nobu Restaurant

The Nobu Restaurant at Ibiza Bay is the pinnacle of Nobu Hotels’ global brand’s commitment to exceptional dining experiences. Guests are invited to embark on a gastronomic journey that combines the finest ingredients with the artistry of Japanese culinary techniques.

From the moment you step into the restaurant, you are enveloped in an atmosphere of understated elegance, where every detail, from the décor to the service, reflects the high standards set by Chef Nobu himself.

Black Cod Miso – Photo by Dynie Sanderson

The Nobu Menu: A Symphony of Flavors

The menu at Nobu Ibiza Bay offers a tempting array of dishes that showcase Chef Nobu’s innovative spirit. Signature dishes such as Black Cod Miso – “the star of the show,” Yellowtail Jalapeño, Tiradito Nobu, and their Omakase menu are celebrated for their exquisite balance of flavors and textures. The Black Cod Miso, in particular, has become a signature dish across all Nobu restaurants, with its delicate, buttery texture and rich, savory glaze leaving a lasting impression on all who taste it.

Nobu Hotel Ibiza Bay Lobby

The Nobu Experience at Ibiza Bay

Nobu Hotel Ibiza Bay’s ambiance is enhanced by attentive service that anticipates every need, ensuring that each guest feels like a VIP. The staff at Nobu Ibiza Bay is not only knowledgeable about the menus and the hotel’s many amenities but is also passionate about sharing the story behind Nobu, making the guest experience both educational and enjoyable. You are welcomed like a rock star from the moment you embrace the lobby area upon arrival and are warmly greeted at the entrance of this spectacular hotel.

Sun Lounges by the Pool Overlooking The Bay

The Beachside Experience at Hotel Nobu Ibiza

After being satiated by a remarkable breakfast feast, it’s time to claim your spot on your spacious sun lounger by the freshwater pool area with breathtaking sea views. Imagine a perfectly created refreshing drink, mixed cocktails, and freshly prepared sushi or other yummy delights delivered to your beachside enclave by your on-call waiter.

Immerse yourself in the sheer magic of the experience with enchanting mornings of relaxed nirvana. You are easily lured into bliss by the enchanting, intoxicating melodies orchestrated by the hotel’s talented musical DJ masters. The afternoon perks up with a more lively party mix of tunes as the energy by the pool takes off. Just a minute’s walk from the hotel along the soft sands, you will find many beach shacks that offer refreshing libations and fresh seafood bites.

Many early evenings, by the pool area, Nobu Hotel Ibiza will entertain guests with live music. What a great atmosphere at one of the best hotels in authentic Ibiza.

Celebrating Ibiza’s Cultural Heritage

Beyond its luxurious accommodations and exceptional dining, Nobu Hotel Ibiza Bay is deeply connected to the rich cultural heritage of Ibiza town. The hotel regularly hosts exclusive events celebrating the island’s vibrant arts scene. As a sponsor of the Ibicine Film Festival, the resort offers guests the opportunity to mingle with stars from Spain’s film industry and experience the glamour of the silver screen up close.

The hotel collaborates with local artisans and craftsmen, showcasing the island’s artistic traditions through bespoke souvenirs, artisan ceramics, and gifts available at the El Almacen boutique. These partnerships reflect Nobu Hotel Ibiza Bay’s commitment to preserving and promoting the cultural richness of Ibiza, offering guests a deeper connection to the island.

Old Town Ibiza

Exploring the Magic of Ibiza

While Nobu Hotel Ibiza Bay offers an oasis of luxury and tranquility, the island of Ibiza itself is a destination with a rich history, vibrant local culture, natural beauty, and adventure. From the ancient fortress of Dalt Vila, a UNESCO World Heritage Site, to the stunning beaches and hidden coves that dot the coastline, Ibiza is a place where history and nature converge.

Travelers can explore the island’s diverse landscapes on foot, by bike, on horseback, or on private guided tours discovering secluded spots and breathtaking views along the way. For those seeking adventure on the water, Ibiza’s crystal-clear waters are perfect for sailing, snorkeling, scuba diving, and paddleboarding.

Ibiza Nightlife

The island’s natural beauty is complemented by Ibiza’s legendary nightlife, making it a destination that offers something for everyone. In old town, you will discover an array of trendy boutiques and hand-crafted ceramics, a perfect place to spend an afternoon exploring.

Conclusion: A Luxurious Retreat Awaits

Nobu Hotel Ibiza Bay, a member of Small Luxury Hotels of the World, offers exemplary luxury and relaxation on the White Isle, delivering guests an unparalleled escape amidst the stunning beauty of Talamanca Bay. Experience the good life with its luxurious accommodations, world-class amenities, innovative Nobu cuisine, and commitment to holistic wellness; the resort promises a rejuvenating experience like no other.

As travelers immerse themselves in the tranquility of the resort and explore the enchantment of Ibiza, you are invited to discover the true essence of paradise on this idyllic Mediterranean island off the coast of Spain.

Chef Nobu Overlooking Ibiza Bay

To book your stay or learn more, visit nobuhotelibizabay.com or email infonobuhotelibizabay@nobuhotels.com.

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Money

The Morning Briefing: Advisers see AI as the best investment opportunity; why do black and ethnic minorities feel excluded from advice?

Published

3 mins ago

September 23, 2024

NewsAdmin

The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Monday 23 September 2024. To get this in your inbox every morning click here.

Advisers see AI as the best investment opportunity

The majority of financial advisers (71%) see Artificial intelligence (AI) as the best investment opportunity for the next 12 to 24 months.

This is according to Capital Group research, which also found 13% believe the energy transition, 9% healthcare innovation and 6% evolving globalisation to be the best investment opportunity.

Why do black and ethnic minorities feel excluded from advice?

For those in a minority, it can be difficult for your voice to be heard and your views to carry weight. Even if the majority group listens, it is not easy for its members to stop seeing the world as they do and start seeing it through your eyes.

This is always the problem when the predominantly white financial advice profession tries to tackle the lack of ethnic diversity within its ranks and client base.

Quote Of The Day

It’s been a lacklustre start to the week for the internationally focused FTSE 100, despite extra stimulus for China’s economy.

– Hargreaves Lansdown head of money and markets Susannah Streeter

Stat Attack

A new study from New Horizon Aircraft has revealed what small and micro-cap fund managers in the US, Canada, Europe, the Middle East and Asia predict the Federal Reserve will do in the remainder of the year in relation to rate cuts.

75%

are predicting further rate cuts from the Federal Reserve this year after it cut interest rates on 18 September for the first time in four years.

99%

expect the US economy during 2024 and 2025 to provide a more favourable foundation for micro and small cap valuations.

89%

believe the Fed will achieve its target of 2% by Q2 2025 with current inflation in the US at 2.5%.

99%

of fund managers expect micro and small-caps to deliver strong returns over the next 12 months.

Source: New Horizon Aircraft

In Other News

Legal & General Home Finance has launched a Video Support Hub on its website, offering financial advisers “informative and easy-to-access” video guides on Legal & General’s lending criteria to help them support their clients.

The hub provides advisers with short clips on a range of topics associated with Legal & General’s lifetime mortgage products.

Video guides on the hub cover various topics including estimating property values, help with legal process requirements, and lending criteria around a property’s construction and its proximity to commercial buildings. Videos on additional topics will be added to the hub following its launch.

Legal & General Home Finance distribution director David G Jones said: “We’re always listening to adviser feedback to improve their experience. That is why we are delighted to launch the Video Support Hub; a platform that signifies our commitment to empowering financial advisers with the tools they need for success. The informative guides on our lending criteria are designed to help streamline their client application processes and support customer needs.”

Bitcoin jumps to one-month high and yen grinds even lower (Reuters)

Rachel Reeves to rule out return to austerity after gloomy rhetoric draws criticism (Financial Times)

Fifty pubs a month shut in first half of year in England and Wales, figures show (Guardian)

Did You See?

The investment sector has welcomed the news that that cost disclosure requirements for investment trusts will be temporarily banned.

The announcement, by the Treasury and the Financial Conduct Authority on 20 September, comes following years of investment companies calling for change.

These rules were inherited by the European Union (EU) and made it appear that investment trusts were more costly to put money into than they were.

This is because the disclosure rule requires trusts to publish the costs of financing, operating and maintaining real assets.

However, many of these costs are already published in regular company updates and reflected in the value of the share price for all investment companies.

This created a “double counting of costs”, which investment trusts have long been saying has put investors off.

Although £15bn of new money went into investment trusts in 2021 alone, it is estimated the double counting rule was seeing £7bn a year in income being lost.

The Treasury said it will lay out legislation to provide the FCA with the appropriate powers to deliver reform – the new Consumer Composite Investments (CCI) regime.

It said the new CCI regime will deliver more tailored and flexible rules to “address concerns across industry with current disclosure requirements, including for costs”.

Darius McQuaid has the full story.

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Business

Private equity roll-ups of accounting firms could run into trouble

Published

7 mins ago

September 23, 2024

NewsAdmin

Unlock the Editor’s Digest for free

Spurned by job seekers, the accountancy profession has an image problem. But it has never been so fashionable with investors. Private equity is tipped to own as many as 10 of the 30 largest US accounting firms and might soon be funding their international expansion. Grant Thornton’s private equity-backed US business is one of the potential bidders for its UK and Irish affiliates.

It is not hard to see the logic. Accounting firms provide a flow of resilient, stable audit revenues, along with scope to consolidate a fragmented market. If private equity can find cross-border deals, it could accelerate growth by making it easier to serve high-paying international clients.

Firms have traditionally relied on a club of international networks for global reach, a structure that makes it easier to distance themselves from any member firm that runs into trouble.

But advocates of cross-border mergers emphasise the advantages of simplified decision-making, less bureaucracy and fewer arguments over how to allocate profits on international projects. Deloitte began merging its European businesses in 2016.

Bar chart of Fee income of accounting firm networks excluding Big Four, 2023 ($bn) showing Mid-tier accounting firms have a global reach

Reaching agreement can be tricky. A 2006 push by KPMG to merge its national partnerships in Europe failed, though its UK and Swiss firms recently agreed to merge again. Internal disagreements forced EY to abandon its ambitious attempt to break up its auditing and consulting businesses in 2023.

Another worry, noted by regulators, is that private equity ownership could damage audit quality. Maria Nykyforovych, an assistant professor at George Mason University, says the short-term investment objectives of private equity investors could create damaging incentives. Even though regulators require audit businesses to be controlled by auditors, there might be scope for private equity investors to influence the audit practice through interlocked boards or management service fees.

There is also uncertainty over investors’ end game given the difficulties of initial public offerings and trade sales. Private equity, which mostly began investing in 2021, has barely tested the exit routes. Ownership could end up with pension funds, family offices or even return to the partners.

For now, the most likely outcome seems to be a sale to other private equity firms. London-based Hg passed on half its stake in Azets to PAI Partners in June 2023. But the scale and complexity of international roll-ups could ultimately limit the pool of potential buyers.

There is potential for private equity to be a force for good in the accountancy profession. It can fund investment in artificial intelligence and other technologies or help revamp incentive structures to enhance the appeal of an accountancy career.

But there will also be unintended consequences. The speed and scale of investment in the sector risks amplifying the impact of any mis-steps.

vanessa.houlder@ft.com

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Money

PHP joins key South African stock exchange

Published

24 mins ago

September 23, 2024

NewsAdmin

The group has been included in the FTSE/JSE All Share index and All Property index.

The post PHP joins key South African stock exchange appeared first on Property Week.

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Business

ISG collapse ‘devastating’ for construction industry

Published

39 mins ago

September 23, 2024

NewsAdmin

ISG collapse 'devastating' for construction industry

The collapse of construction giant ISG is “devastating” for the sector and could lead to other firms going under, the boss of the industry trade body has said.

The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.

ISG, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect.

Liam Byrne, chair of the Business Committee, said he was “deeply concerned” at what had happened.

ISG, owned by the US firm Cathexis, had been struggling financially for some time but attempts to secure a rescue deal failed.

In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to “legacy issues” relating to “large loss-making contracts” secured between 2018 and 2020.

The company is involved in 69 government projects including work on prison refurbishment for the Ministry of Justice, according to data analysts Barbour ABI.

Last week, a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure.

ISG’s collapse is the most high-profile in the UK’s construction sector since Carillion fell into adminstration in 2018.

Speaking to the Today programme, Ms Nichol said: “Construction remains undervalued, and people underestimate the cost of construction.

“Whilst there have been changes since Carillion six years ago, there clearly has not been enough change.

“We know construction runs on very thin margins. You only need one project to go wrong and get delayed and you start to have cashflow issues,” she added.

“ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction.”

Liam Byrne voiced his concern at the news, which he said could now “imperil thousands of jobs”.

“It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve.”

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Travel

New Zealand Hotel In Cambridge Embraces Lake And Forest

Published

1 hour ago

September 23, 2024

NewsAdmin

Columbia Hillen

About to leave for our scheduled tour of Hobbiton, the charming film location of the Shire, home to Frodo and company, disaster struck.

Approaching our car, I noticed the rear tire was completely flat, the result of a nail puncture. And the spare was too thin to get us there.

Columbia Hillen

To make matters worse, it was our last day in New Zealand’s Waikato region so we couldn’t re-schedule. Seeing my wife’s downcast face, Hobbiton being the holiday highlight she’d been most looking forward to, I felt helpless.

That’s when staff at our hotel, Hidden Lake in Cambridge on the North Island, went into action.

Rajwinder Kaur, hotel manager. Photo by Columbia Hillen

Within minutes, not one but four members of staff were hard at work to save the day, two working the phones, one to find a garage, the other to see what time Hobbiton closed and if we could change our scheduled tour time, while two others rushed to the car to replace the flat tire with the reserve to get us to whatever nearby garage might be open.

Unfortunately, the first two garages contacted were too busy to help and as the minutes ticked by, all seemed lost. But aside from being a patient and kind host, hotel manager, Rajwinder Kaur, a native of Uttar Pradesh in northern India, is also a very persistent woman. Finally, looking up at our forlorn faces, she smiled. “I found one.”

Glenda Turner, hotel owner. Photo by Columbia Hillen

This incident encapsulates the pedigree of people my wife and I were fortunate to meet on a two-night stay at this attractive family-run hotel.

Owned and operated by Chris Turner, an agricultural machine specialist, and his wife, Glenda, a former teacher, the 37-room hotel sits beside a lake partially hidden by a forest of maple, oak and Japanese cherry, a relaxing place where Glenda and her family would enjoy weekend getaways, thus the inspiration for the hotel’s name.

Columbia Hillen

After leasing the building, the couple opened the hotel three years ago offering their services to both tourists and corporate clients from the nearby horse stud farms, glass manufacturing and agricultural sectors.

Columbia Hillen

Our room was a comfortable one featuring a small balcony overlooking the forest with furnishings that included a large wall TV, an armchair, tea and coffee-making facilities, a mini-bar and a glass-enclosed shower.

Being environmentally conscious, pillows and duvets were made from recycled plastic, any solar energy the hotel doesn’t use is donated to the township of Cambridge, dispensers are used instead of single soaps and guests have options in their rooms to separate recyclable material from waste.

Columbia Hillen

Food at the Hidden Lake Hotel is of the highest quality, with much of the produce used either coming from her uncle’s farm or the local farmer’s market.

Columbia Hillen

Both dinner and breakfast are served in D’Arcy’s restaurant with views over the forest from the second floor. The latter featured a tasty whipped avocado dish comprising local goat cheese, poached eggs with focaccia and za’atar, a mix of Levantine herbs such as sesame, sumac and other spices.

Columbia Hillen

The menu also featured classic eggs Benedict, Chinese bolognese, brioche French toast with mascarpone, poached pear, bacon and honey, as well as the full breakfast of bacon, chipolata, hash browns, toast and cherry tomato or Poppa’s porridge with caramelized banana, brown sugar and cream and Bircher muesli with coconut and plum. The hot chocolate I tasted, offered with or without marshmallows, was deliciously smooth and creamy.

Columbia Hillen

Dinner was similarly diverse with my wife choosing starters of seared scallops and I green lipped mussels in a creamy turmeric sauce followed by mains of tagliatelle and salmon.

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Kudos also go to Chris and Glenda for their innovative cocktail menu, many created by them, often reflecting real-life situations. The Lockdown Delta Variant, for example, emerged out of Covid, and comprises gin, blood orange, Bergamot, lemon juice, Aquafaba and orange bitters, all topped with tonic water. Another cocktail, Smoky Linen, emerged from an incident when a tea towel caught fire. It consists of Bailey’s, Kahlua, white and dark chocolate and creme de cacao and milk, topped, of course, with a smoky charred marshmallow.

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Within easy walking distance of charming downtown Cambridge, the Hidden Lake Hotel is also a convenient stopover for tourists visiting Hobbiton, a 30-minute drive away through rolling countryside, as well as to Hamilton with its stunning, 54-hectare public garden and the geothermal park with its dramatic geysers, bubbling mud and Maori cultural experiences at Te Puia Rotorua.