Regulators in the UK and Australia have agreed two memoranda of understanding (MoUs) to ensure the two countries’ finance sectors can continue to interact regardless of the outcome of the Brexit negotiations.In an announcement yesterday, the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) said they had agreed MoUs covering trade repositories and investment funds.“These agreements will provide reassurance by ensuring arrangements are in place for cross-border co-operation between the FCA and ASIC,” the two regulators said in a joint statement. “The FCA and ASIC also support the continuity of existing equivalence decisions to provide certainty to businesses post-Brexit.”The agreements will come into force when the UK ceases to be a member of the European Union – whether exiting without a deal or at the end of a proposed transition period. The MoU regarding investment funds allows managers based in Australia to continue to run money for UK clients, and vice versa.The trade repositories agreement relates to the FCA taking on supervisory responsibilities for this sector from the European Securities and Markets Authority. The MoU will allow ASIC to “continue to access data on derivatives contracts held in UK trade repositories”, the joint statement said.The UK will also adopt existing EU rules relating to Australia’s regulation of trading venues, over-the-counter derivatives markets and credit rating agencies, while ASIC said it “remains committed” to providing similar treatment for UK financial services groups.The FCA has previously signed a series of MoUs with EU regulators and the US Securities and Exchange Commission to ensure continuity of market operations regardless of the outcome of negotiations between the EU and the UK.As a result, credit rating agency Moody’s has declared that even a no-deal Brexit would be manageable for most asset managers. EU Council president Donald Tusk (centre) and Dutch prime minister Mark Rutte (right) arrive ahead of an emergency meeting of the Council todayEU leaders are meeting today to discuss another extension to the Article 50 process of exiting the EU, which would allow UK prime minister Theresa May more time to garner support for the withdrawal agreement she reached with EU negotiators in November.May wrote to European Council president Donald Tusk last week requesting an extension to 30 June 2019, which could force the UK to take part in EU elections on 23 May.In an open letter to the Council yesterday, Tusk advocated a longer extension period, stating: “Our experience so far, as well as the deep divisions within the House of Commons, give us little reason to believe that the ratification process can be completed by the end of June.“In reality, granting such an extension would increase the risk of a rolling series of short extensions and emergency summits, creating new cliff-edge dates. This, in turn, would almost certainly overshadow the business of the EU in the months ahead.“The continued uncertainty would also be bad for our businesses and citizens. Finally, if we failed to agree on any next extension, there would be a risk of an accidental no-deal Brexit.”
London-based Norwegian Tangen is the founder and CEO of AKO Capital, whose flagship vehicle is a hedge fund, but has said he will separate himself from the company before taking up the reins at the GPFG in Oslo in September 2020.In the letter published yesterday afternoon and signed by the council’s leader Julie Brodtkorb, and Jan Frode Jakobsen, director of the office of the supervisory council, the panel asked “which specific provisions in Norges Bank’s ethical regulations are relevant to the assessment of whether the CEO of NBIM may have acted in contravention of the rules, in connection with participation in the said seminar.” Overseers at Norway’s central bank have revealed a host of concerns they have around last month’s appointment of a hedge fund magnate to lead the country’s NOK10.5tn (€916bn) oil fund in a letter to the bank’s executive – and questioned whether the current chief executive officer broke rules by accepting a private flight from him.In the letter containing four pages of questions, the supervisory council of Norges Bank has demanded written answers by Wednesday from the executive board on a range of aspects of the controversial hiring and the ethics of staff accepting gifts.The 15-strong panel composed the letter following an extraordinary meeting on Wednesday convened amid a scandal centring on the relationship between Yngve Slyngstad, CEO of the Government Pension Fund Global’s (GPFG) manager Norges Bank Investment Management (NBIM), and Nicolai Tangen – the man picked to replace him.Slyngstad admitted in an internal message to NBIM staff on Wednesday that he “screwed up” by getting on a chartered flight back from the “Back to University” seminar hosted by Tangen at Wharton Business School in Philadelphia last November, instead of a commercial flight from New York. Nicolai Tangen, NBIM’s newly-hired CEOThe council asked the bank’s executive board – whose chair, Norges Bank Governor Øystein Olsen, gave a statement on the furore at the supervisors’ meeting on Wednesday – to explain what assessments had been made against the current regulations in this context.“To what degree is it in line with current ethical regulations that some of the expenses related to participation in seminars – which include accommodation, entertainment and travel etc. – were covered by Nicolai Tangen?” the council asked.The supervisors began their letter by asking for an explanation about how Tangen’s personal circumstances through ownership of funds, management companies, etc., would be organised so as not to conflict with his duties and position as NBIM CEO.They also queried Olsen’s board about the extent to which it had been able to verify information on Tangen’s business activities in tax havens – an issue which has prompted some public criticism in Norway of the decision to appoint him.“Does the executive board have full access to the AKO companies’ activities in the Cayman Islands or Jersey and how will the executive board continuously monitor these activities?” the letter reads.Other questions include whether AKO firms had business relationships with the GPFG; how the Ministry of Finance was informed about the recruitment process, and why the list of applicants for the CEO role list published in February had not been updated with Tangen’s name – or as an anonymous applicant – before his appointment was announced.The executive board has been given a deadline of 29 April to reply to the letter.In Slyngstad’s internal memo, the text of which was confirmed to IPE by an NBIM spokeswoman, he began and ended with apologies to staff, described the US seminar as “extremely high quality”, and said he and Tangen had “a professional, colloquial tone, but not a personal relationship”.“I am truly sorry for letting you down, for letting the reputation of Norges Bank Investment Management down”Yngve Slyngstad, departing CEO of NBIMHowever, Slyngstad – who has led the oil fund for 12 years – condemned his decision to take the private flight as a “lack of good judgement and a classic example of how not to be professional.”“I am truly sorry for letting you down, for letting the reputation of Norges Bank Investment Management down, and for letting our organisational culture down,” he told employees.
Denmark’s financial watchdog has handed Velliv a series of official rectification orders following an inspection a year ago, instructing the pension fund to tighten up its management of risks around illiquid credit investments.The probe was part of a sector-wide investigation, the Danish FSA (Finanstilysnet) said, in which it was looking into the illiquid credit investments of several of the Nordic country’s life insurance companies and lateral pension funds.Among the shortcomings mentioned by the FSA in its published response to the inspection, which took place in April 2019, was Velliv’s failure to take enough account in its asset allocation of the structural shifts that have happened in the global loan market.The Danish mutual pension provider responded on its website by simply saying – next to a link to the communication from the FSA – that it had taken note of the notice. The FSA said Velliv had adopted a level of risk within its asset allocation for illiquid credit investments that “does not ensure the best possible protection of the interests of policyholders and beneficiaries.”The majority of the DKK255bn (€34bn) pension fund’s investments in illiquid credit were made indirectly, through external funds, according to the regulator, which said the asset type accounted for 6.4% of Velliv’s total investment assets at the time of inspection.It ordered Velliv to ensure that a sufficient level of risk had been identified in its future investments, carrying out ongoing assessments, instructing it to document this information and include a return to risk ratio measurement.Back in February, the FSA landed the pension fund for doctors, Lægernes Pension, with six official orders to put issues concerning its illiquid credit investments right.The investigation leading to that reprimand had identified issues with the fund’s organisation and processes regarding these investments, including its investment decisions and compliance with the prudent person principle.At the beginning of this month, the FSA also announced it would be launching an investigation into the pension sector’s ongoing valuation of alternative investments, due to increased losses incurred by funds amidst the coronavirus pandemic.The authority ordered pension funds to submit statements explaining their valuation process for investments in real estate, private equity, infrastructure and illiquid credit investments, due to recent large fluctuations in the financial markets.Looking for IPE’s latest magazine? Read the digital edition here.
The house was designed for the Taverner family. The Brady Bunch became a household name in the late 1960s.Mr Taverner said they had a lot in common with the blended American family at the centre of the popular TV sitcom that became a household name in the late 1960s and early 1970s.“We’ve got the whole Brady Bunch thing going on,” Mr Taverner said.The couple bought the original property in Birigun St in 2009, not long after they started dating.MORE: Coast’s median house price hits new high MORE: Property prince hits rick list top 3 The Gold Coast’s very own “Brady Bunch” family are selling their house.HERE’S the story of a lovely lady and a man named Davey, whose love brought their families together to become the Taverner Bunch.Meet the Gold Coast’s very own “Brady Bunch” family, who are selling the home that united them. Lea and Dave Taverner had their six children at the forefront of their minds when designing their Mermaid Waters house, which is going to auction next month. It has six bedrooms and multiple living spaces so the family can spend time together or spread out.The two-storey, six-bedroom house that stands on the block today has served the family well over the past few years.“The brief with the building design was ‘give us as many rooms we can change the function of if required’,” Mr Taverner said.The home has multiple living spaces, an outdoor entertainment area as well as a Bali hut and pool.Mr Taverner said it gave them plenty of space to spend time together as a family and spread out when they needed time to themselves. It has a fresh and modern style.“The back deck and the kitchen looking out onto the pool – they would be the two favourite areas,” he said.As most of the children have moved out, the couple have decided it is time to say goodbye to the family home.“The Brady Bunch are all going their separate ways so it’s time for us to downsize,” Mr Taverner said.“We will be sad to see it go.”Ray White Broadbeach/Broadbeach Waters/Mermaid Waters agents Gema Jackson and Mitch Palmer are marketing the property. Dave and Lea Taverner with their six children Courtney, Nikolas, Lochlan, Kieran, Jasmine and Amber are affectionately known as the Brady Bunch. It has serious street appeal. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, 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 Rate1xFullscreenHow to bid at auction for your dream home? 01:45 But as Mrs Taverner’s three daughters and Mr Taverner’s three sons grew older, they realised they desperately needed more space. For years the boys lived in a makeshift bedroom to ensure everyone had enough space.“We took what used to be the garage … and we turned it into a little bunk house at one end and a rumpus room at the other,” Mr Taverner said.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“It worked for five years until they started getting a bit older and a bit bigger.”So they replaced the old home with a new building.
The new owner — a professor who was made a Member of the Order of Australia “for significant service to tertiary mathematics” — has benefited off Harburg’s determination to tie up loose ends in his property portfolio. Just last year Harburg listed two commercial buildings in the heart of Brisbane’s CBD for sale after selling two other buildings in the years earlier — 50 Ann Street for over $131m and 348 Edward Street for about $50m. He sold 95 North Quay in August last year for $46.2m and also put Westpac’s state headquarters at 260 Queen Street on the market in 2018.For his luxury pad in the CBD, Harburg steadily drop his price expectations over the past eight years, going from $7m in 2011 to $6m in early 2015, then $4.34m in mid-2015, before jacking it back up to the $5-6m mark again in the past two years. $11m mansion is nation’s hottest Residents have a pool that stretches from indoors to outdoors. The view looking towards New Farm and Fortitude Valley. One of two living rooms. The owner of Sydney to Hobart yacht Black Jack, Peter Harburg. Picture: Bob Barker. MORE: Million-dollar winners and losers Harburg’s 647sq m apartment in the Riparian building was created by joining two units together.A yacht racing and property millionaire has sold an inner-city sky home at a multimillion-dollar discount, as he clears his $250m-plus property portfolio.Renowned Sydney-Hobart yacht Black Jack owner and commercial property richlister Peter Harburg had created a mega-apartment after merging two luxury units in the iconic Riparian building built in 2005 in Brisbane’s CBD.When he decided to offload the 647sq m sky home in the heyday of the mining boom, he slapped a whopping $7m price tag on it, according to CoreLogic records, but when a deal was finally reached at the end of November last year Harburg settled for a significantly tamer price of $4m. More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago First sell-off since Seebohm-Larkin split The residents’ spa area. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, 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 Rate1xFullscreenStarting your hunt for a dream home00:51 Large marble slab in one of the bathrooms.The mega-apartment has views across the Brisbane River, Story Bridge and the city from every room. Barriers between two apartments were removed so the property now has two living rooms, a library, a boardroom and an office. It was listed as having a top of the range Nuvo home audio system, Liebherr and Gaggenau appliances, American walnut cabinetry, light up Onyx benchtop and features plus retractable panelling to divide the large dual living zones.The Riparian residences, located in the heart of Eagle Street at the top third of the renowned Harry Seidler-designed building, have 24/7 security, a 25m lap pool, a gym, steam room, sauna, spa and group entertainment space. FOLLOW SOPHIE FOSTER ON FACEBOOK Performing arts doyen sells house The residents’ private entrance to the Harry Seidler- designed Riparian building. The kitchen in the amalgamated apartment is huge.
The parents of V8 supercar driver Scott McLaughlin are selling their Hope Island house.THE parents of New Zealand V8 supercar driver Scott McLaughlin are revving their engines for another lap of the market in a bid to sell their Gold Coast home.Wayne and Diane McLaughlin have listed their tri-level waterfront property, which is full of racing memorabilia, without a price tag. The entertainment area has an outdoor kitchen with built-in barbecue. A games room with wet bar and billiards table is one of the home’s best features.More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoProperty records show the Hope Island house has been on the market for almost two years, but two additional agencies have taken it on in the past month in a renewed sales push.The trophy home is on a 1104sq m block of land that has the Coomera River lapping at its edge.An open kitchen, dining and living area takes centre stage on the ground floor with sliding glass doors offering a seamless flow onto an entertainment deck with outdoor kitchen and built-in barbecue.There are three bedrooms upstairs, all of which have walk-in wardrobes and ensuites, while two have balconies overlooking the water. MORE NEWS: Holiday home of celebrities, including Sting, on the market Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, 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 Rate1xFullscreenStarting your hunt for a dream home00:51 The tri-level home is listed without a price tag. MORE NEWS: Footy star’s beach house dreams Another ensuited guest bedroom is on the ground floor.Among the home’s standout features are a fully-equipped games room with wet bar and billiards table, swimming pool, 12m pontoon and basement garage that can fit up to 12 cars.According to CoreLogic, it was briefly listed with a $4.95 million asking price in November 2017.
Offshore drilling contractor Seadrill has appointed a new chief executive officer of the company, effective July 1, 2017.Seadrill said on Wednesday that the company appointed Anton Dibowitz as the new chief executive office. Dibowitz, the current chief commercial officer and executive VP, will succeed Per Wullf who will remain a director of the company.Dibowitz has almost 20 years’ experience in the drilling industry and has served as CCO and senior VP since January 2013. He took on the role of executive VP in June 2016. Taking on the CEO role is in line with the company’s succession planning process implemented during 2016.Anton Dibowitz, CEO designate, said: “I am deeply honored that the board has appointed me to succeed Per as CEO of Seadrill. We have a world class business with high quality people, a young and modern fleet and strong client relationships. There are short term challenges to overcome in Seadrill and the industry, but I look forward to playing my part in returning Seadrill to growth, together with the great team we have working here.”The current CEO, Per Wullf, will remain at the position until the end of June and continue as a director of the company.He was appointed a director of the company in February 2016 and held the CEO and president role of Seadrill since July 2013. Before that, he served as the company’s COO. He has over 30 years of experience in the drilling industry and has also held several senior positions in Maersk, including managing director of Maersk Contractors in Norway.Wullf said: “After 37 years in this fascinating industry, I want to reduce my day to day work commitments and spend more time at home in Denmark. As Seadrill is approaching key milestones for the company’s restructuring, the time is right to inform all stakeholders that I will not lead Seadrill in the company’s next era and hand over to Anton, who will make an excellent CEO.”John Fredriksen, chairman of the board, added: “Anton has a strong industry track record and has taken roles of increasing responsibility during his ten years at Seadrill, including the day to day business administration at Seadrill since 2016.“We are confident that this succession plan provides Seadrill with the right combination of continuity and stability as the company works to complete its financial restructuring aimed at building a bridge to a recovery and achieving a sustainable capital structure.”
Image courtesy of Lloyds EnergyLloyds Energy, the company focusing on near-shore floating LNG projects, joined forces with Gazprom avtomatizatsiya to develop near-shore FLNG barges in the Russian far eastern federal district.The collaboration agreement provides the ‘green light’ for the beginning of the necessary actions involved in the construction of the near shore FLNG.The parties seek to organise joint activities to search for investors and customers to deliver the projects for design, construction, commissioning and start‐up of nearshore floating liquefied natural gas production barges and associated onshore facilities in the Russian far eastern federal district.Lloyds Energy, with its headquarters in Dubai, was established in 2013 and has since created a gas supply and midstream connection for 24 bcm of natural gas, equivalent to exports of 15 mtpa.
Image Courtesy: Port of RotterdamNiche carriers have both outperformed and vastly underperformed the top 16 carriers, with a high degree of volatility in schedule reliability, according to SeaIntel Maritime Analysis.“If on-time performance is a priority, niche carriers offer better rewards, but with higher risks.”The top 16 carriers have both a lower degree of volatility than the niche carriers, and are grouped much closer together. This consistency in the top 16 carriers can, to a large degree, be explained by their high level of interconnectedness, through alliances, VSAs, and slot charters.The niche carriers, however, are a completely different story. SeaIntel said that they in general have greater schedule reliability volatility, and “we can see the trend go upward as we move down the rankings, meaning that the smaller niche carrier are more volatile.”The Transatlantic Westbound trade lane is a perfect example of this. The niche carriers may offer better reliability on the higher end of the spectrum, but then there is the risk of choosing the wrong niche carrier and ending up facing consistent delays. ICL has consistently scored better in on-time performance than the top 16 carriers, with an average reliability of 95.5% from the first quarter of 2012 to the second quarter of 2017. ARRC, on the other hand, has recorded an average schedule reliability of 78.1 percentage points below ICL in this period.“This volatility makes choosing a niche carrier over a top 16 carrier potentially risky. There is the obvious reward of getting higher on-time performance if the right niche carrier is chosen, but there is also the obvious pitfall of extremely poor schedule reliability if the wrong niche carrier is chosen,” Alan Murphy, SeaIntel CEO, said.
Image source: APTThe APT Global group today announced the opening of a new office in the Netherlands.The new office, located at Westerduinweg 3 in IJmuiden, is an addition to the production facilities, offices and yards in Dubai, Qatar and India and extends the presence of the group in Europe.“The addition of the Dutch team is a big and exciting step forward for the group. It significantly broadens our capabilities to cater to the needs of our customers, especially in the offshore and dredging industry,” said Anil Abraham, CEO of APT Global Marine Services.The new team in the Netherlands will focus on the development, engineering and delivery of complete dredgers, dredge systems and dredge components, APT said in its release.[mappress mapid=”24570″]