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Tag: Construction

Interserve may hand construction arm to lenders

Interserve may hand construction arm to lenders

Business
Interserve, the struggling outsourcing group, is drawing up plans to hand its £250m building materials unit to its lenders as part of an ambitious plan to secure the company's future. Sky News has learnt that Interserve and its advisers are examining the option of spinning off RMD Kwikform, one of its most profitable businesses, to the holders of hundreds of millions of pounds of its debt.If it pursued the proposal, it would leave the remainder of ‎Interserve as a more focused support services business.The plan is at an early stage and may not get formal approval from Interserve's board, although it is said to have indicative support from some of the company's lenders."It would make the rest of the company - if it stayed listed - a much cleaner story for stock m...
World's longest sea bridge opens after 9 years of construction

World's longest sea bridge opens after 9 years of construction

World
Chinese President Xi Jinping inaugurated China’s latest mega-infrastructure project on Tuesday: The world’s longest sea crossing. The 34.2-mile bridge and tunnel that have been almost a decade in the making for the first time connect the semi-autonomous cities of Hong Kong and Macau to the mainland Chinese city of Zhuhai by road. The Hong Kong-Zhuhai-Macau Bridge spans the mouth of the Pearl River and significantly cuts the commuting time between the three cities. The previously four-hour drive between Zhuhai and Hong Kong will now take 45 minutes. One section of the crossing dives underwater into a 4.2 mile tunnel that creates a channel above for large cargo ship containers to pass through. The project came in over budget -- with Hong Kong alone investing $ 15 billion in ...
Saudi Aramco IPO due by 2021 after construction of downstream assets

Saudi Aramco IPO due by 2021 after construction of downstream assets

Business
Oct. 22 (UPI) -- Saudi Arabia would likely carry out an initial public offering for Saudi Aramco in 2021 after it builds up some downstream assets including petrochemical production, Khalid Al-Falih, the country's energy minister, said. "If you look at the downstream of Aramco it is significant, but is not at the same level as upstream. Our petrochemical portfolio also is not so large, and is not so strong in terms of technology and global reach. So the decision was made that Aramco needs to balance its portfolio," Al-Falih told Russian state news agency Tass. While Aramco is the world's largest company in the upstream, with production of about 14 million barrels of oil equivalent per day and 260 billion barrels of oil, as well as 300 trillion cubic feet of gas as reserves, the downstream...
U.K., Australian ministers review BAE ship construction at Glasgow shipyard

U.K., Australian ministers review BAE ship construction at Glasgow shipyard

Business
July 19 (UPI) -- British Secretary of State for Defense MP Gavin Williamson was joined by Australian Minister of Defense Marise Payne on a tour of BAE Systems Glasgow shipyard on Thursday. The visit concerned a discussion of the Australian SEA 5000 Future Frigates Program, and included a viewing of the new Type 26 Global Combat Ship Glasgow. Construction of the Glasgow started about a year ago, and the visit was only days after an announcement by the Australian Government that its nine anti-submarine Hunter-class frigates will be based on the U.K.'s new Type 26 design. The Hunter-class will be built by BAE in Australia for the Royal Australian Navy. "Australia's selection of the Type 26 Combat Ship for its Future Frigates program reflects the world-leading anti-submarine warfare capabili...
Carillion bosses drove construction firm off a cliff, say MPs

Carillion bosses drove construction firm off a cliff, say MPs

Business
Media playback is unsupported on your device Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.They also called for a potential break-up of the big four audit firms, after they "waved through" the indebted construction firm's accounts. And they attacked the government for lacking "decisiveness and bravery" to tackle corporate regulation failures.The MPs said regulators should consider disqualifying the directors.Carillion collapsed under a £1.5bn debt pile in January. It employed 43,000 people, about 20,000 of them in the UK, thousands of whom have lost their jobs.It also held numerous public contracts, such as the maintenance of schools and priso...