Infrastructure Europe

Macquarie NexGen Global Infrastructure Corporation

Wed, 19 Jan 2011 16:40:00 +0000

NexGen Financial Limited Partnership ("NexGen") announced today that it is proposing separate meetings of the Class A and Class B shareholders of Macquarie NexGen Global Infrastructure Corporation (TSX Stock Symbol "MNF") to consider the merger of MNF into NexGen Canadian Balanced Growth Tax Managed Fund (the "NexGen Fund"), an open-end mutual fund managed by NexGen.

The merger is being proposed to address the economic inefficiencies of operating MNF which has significantly decreased in size primarily due to redemptions since its initial public offering. The proposed merger is expected to provide shareholders of MNF with the following benefits:

* Lower Costs - As a result of the size of the NexGen Fund (approximately $118 million) and the corporate structure of MNF, the management expense ratio (being the total costs divided by the average net asset value) of the NexGen Fund is substantially less than that of MNF. Accordingly, shareholders of MNF are anticipated to realize significant cost savings.

* Enhanced Liquidity - An investor in the NexGen Fund is entitled to redeem all or any portion of his shares daily at the applicable net asset value (with no discount). Accordingly, shareholders of MNF will experience enhanced liquidity in respect of their investment and no discount to the net asset value per share will be applied on redemption.

* Continued Distributions - Shareholders of MNF will receive shares of the Return of Capital Class of the NexGen Fund in exchange for their shares of MNF. Currently, such NexGen Fund shares receive a fixed monthly dividend at a rate of $0.75 annually ($0.0625 per security monthly or 7.5% annually) per security (based upon a $10 net asset value per share) compared to a fixed monthly dividend at a rate of $0.36 annually ($0.03 per security monthly or 3.6% annually) for MNF. The distribution is comprised of return of capital for tax purposes. At December 31, 2010, the net asset value per share of the NexGen Fund was $9.45.

Additional details respecting the differences between MNF and the NexGen Fund are contained in the management information circular.

The board of directors of MNF has approved the proposed merger. Details regarding the proposed merger will be contained in a management information circular which is expected to be mailed to MNF shareholders in early February. The circular will be available on www.sedar.com and posted on NexGen's website.

In addition to the approval of the MNF's shareholders, the merger is also subject to the receipt of all applicable regulatory approvals. Under the merger proposal, shareholders of MNF will receive shares of the NexGen Fund, the number to be based upon the relative net asset values of the MNF and NexGen Fund shares.

The proposed merger is expected to be a deferred taxable transaction for shareholders of MNF. Shareholders of MNF are encouraged to read the circular in its entirety and consult with their advisors regarding the proposed merger. The meeting date is on March 28, 2011 with an effective share exchange date of April 15, 2011.

"Given MNF assets have dropped to $23 million, it is no long cost effective to maintain MNF as a TSX listed security. We believe the proposed merger is the best way to provide existing investors with a similar investment which provides tax efficient monthly income and liquidity" said Laurie Munro, President and Chief Executive Officer of NexGen Financial Limited Partnership.

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Spain Opens New High-Speed Rail, Now Best in Europe

Wed, 05 Jan 2011 15:29:00 +0000

Spain is joining the ranks of several other countries by laying more high-speed capable track, paving the way for reduced travel time and improved infrastructure.

Last week in Madrid, Prime Minister José Luis Rodríguez Zapatero and King Juan Carlos opened a high-speed railroad linking Madrid, the Spanish capital and largest city, and Valencia, the country's third-largest city after Barcelona. The new track means Spain holds the crown of Europe's biggest high-speed rail network, underlining the extent to which infrastructure spending has been at the heart of the country's boom-and-bust economy.

The 242-mile link between Madrid and Valencia extended Spain's high-speed rail lines to slightly more than 1,240 miles. France has 1,178 miles and Germany has about 800 miles.

To achieve Europe's current high-speed rail gold standard hasn't been cheap, with the projecting currently surpassing $15.7 billion, including the construction of a handful of new railway stations - adding to Spain's acute budgetary difficulties, which have recently unsettled investors and sent its borrowing costs soaring.

Spain is also in cahoots with France over a new rail line that will split the Pyrenees mountains, a move that will eventually lead to a cross-border, high-speed rail link connecting Paris, Barcelona and Madrid.

China currently possesses the most significant investment in high-speed rail which will increase further when it plans to cover 8,125 miles by 2012 and 10,000 miles by 2020. Overall China will have 42 high-speed routes. In comparison, across the Atlantic President Obama has insisted the US will improve on its ailing rail infrastructure. However despite planned high-speed rail networks in California, the US will still lag well behind China and Europe.

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UK Government Driving Forward with Electric Car Incentives

Wed, 15 Dec 2010 09:24:00 +0000

Nine electric vehicles will be eligible for grants up to the figure of £5000 according to the UK government.

The grant means that from January 1 motorists will be able to claim 25 percent off the cost of the Mitsubishi iMiEV, smart fortwo electric drive, Peugeot iON, Citroen CZero, Nissan LEAF, Tata Vista EV, Toyota Prius Plug-in, Vauxhall Ampera and Chevrolet Volt. Although, only the Mitsubishi iMiEV, smart fortwo electric drive and Peugeot iON will actually be available to purchase in January, followed by the Nissan LEAF and Tata Vista in March and the Citroen CZero sometime early in the year.

Those wanting a Toyota Prius Plug-in, Vauxhall Ampera or a Chevrolet Volt will have to wait another year until early 2012 for the first UK deliveries.

To facilitate the influx of electric vehicles on Britain's roads, Plugged-In Places schemes will include charge points installed on streets and in car parks, retail and leisure centres.
The scheme promised to install over 4000 charging points and work has already started in the first three locations, London, Milton Keynes and the North East.

"A few years ago, ultra-low emission cars with mass market appeal appeared just a pipe dream. [Now] we are on the threshold of an exciting green revolution - 2011 could be remembered as the year the electric car took off," says Transport Secretary Philip Hammond.

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EU Fund Renewable Energy Infrastructure Project

Tue, 07 Dec 2010 10:33:00 +0000

The EU has agreed on three ambitious pan-European alternative energy research infrastructure projects that will cost €1.2 billion as part of the roadmap of the European Strategy Forum on Research Infrastructures (ESFRI).

The new energy infrastructure projects will also see further investments within a 20 year time frame. The projects include funding to include a wind research facility in Denmark, a concentrated solar power installation in Spain, a nuclear reactor in Belgium and North Sea supergrid initiatives.

The North Sea project aims to develop transnational grid infrastructure in the North and North West Seas and to facilitate delivery of large-scale offshore wind projects to vastly increase the amount of renewable electricity generated from North Seas wind and waves. The North Seas Countries Offshore Grid Initiative will partner several European countries including Denmark, France, UK, Ireland, Germany, Norway, Sweden, Belgium, the Netherlands and Luxembourg.

Minister Ryan commented on the memorandum of understanding saying "This is the best policy decision taken in the EU since the 20-20-20 renewable energy and energy efficiency targets.

"Ireland has been driving this agenda since the beginning. We have the best wind and wave resources in Europe, and political will to match.

"This infrastructural project is set to be one of the biggest transnational power structures worldwide. It will ultimately connect offshore wind farms in Northern Europe allowing countries with surplus energy, to export to those with higher demand."

European Commissioner for Research, Innovation and Science, Máire Geoghegan-Quinn, said, ‘Developing world-class research infrastructure in Europe, by pooling resources at EU level, is an important objective of the Innovation Union.

‘These facilities will enable ground-breaking research and innovation and ultimately they could help to secure the EU's future energy supply. We need to bring research, technology, industry and market implementation closer together and that is the purpose of the European SET Plan.

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New UK Head of Emirates Appointed

Mon, 06 Dec 2010 10:49:00 +0000

Emirates Airline has announced the appointment of Laurie Berryman as the award-winning carrier's new Vice President for UK and Ireland.

Mr Berryman is promoted from his current position of Area Manager - UK North, and replaces Conrad Clifford.

The move is a highlight of a 20 year career with Emirates for Mr Berryman, 59, who joined the airline in 1990 ahead of Emirates' inaugural Manchester-Dubai service.

Since then Emirates has grown from operating just from Manchester and London Gatwick, to the country's largest non-UK long haul operator with 98 flights a week from six gateways. Mr Berryman has overseen subsequent launches from Birmingham, Glasgow and Newcastle.

Richard Vaughan, Emirates' Divisional Senior Vice President, Commercial Operations, Worldwide, said: "Laurie has been a driving force in developing Emirates' hugely successful operations in the UK regions.

"Our services to and from Manchester, Glasgow, Birmingham and Newcastle are a cornerstone of the Emirates growth story in the UK and Laurie has done much to bring the airline to a whole new audience - he has a wealth of knowledge and experience in the UK market.

"The UK remains Emirates' largest market outside of Dubai and Laurie is ideally placed to continue our growth in a fiercely competitive market."

As well as managing Emirates' regional services from the UK, he has overseen the growth of the airline's European Call Centre in Wilmslow which employs over 300 people. He will be relocating from Emirates' office in Wilmslow to the airline's UK head office in Cromwell Road, West London.

Mr Berryman said: "Behind our strong brand in the UK is also a great team of people dedicated to delivering excellent customer service - I will be immensely proud to lead them.

"Even through the toughest of times we have been able to grow our services and I look forward to continuing to build on that success."

Mr Berryman was previously with British Airways and British Caledonian Airways. He has a degree in economic history and politics from the University of Kent and is married with two sons.

About Emirates

Emirates operates 98 non-stop flights per week from the UK to Dubai and beyond to a global network of over 100 destinations across six continents. The airline flies five times a day from London Heathrow (two of the services operated with an A380), three times daily from London Gatwick, double daily from Birmingham and Manchester (with one of the services operated with an A380) and daily from Newcastle and Glasgow.

So far this year, Emirates has launched new services to Tokyo, Amsterdam, Prague, Madrid and Dakar in Senegal.

Since its launch in 1985, Emirates Airline has received more than 400 international awards in recognition of its efforts to provide unsurpassed levels of customer service. Onboard passengers can enjoy state-of-the-art in-flight entertainment, meals produced by leading chefs and some of the finest wines available. Advance seat selection is complimentary on all flights, and Emirates offers generous baggage allowances for First Class, Business Class and Economy Class passengers of 50kgs, 40kgs and 30kgs respectively.

For more information, visit www.emirates.com/uk

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Gaelectric Investing �22 Million in NI Wind Farm

Thu, 02 Dec 2010 11:16:00 +0000

The energy group Gaelectric plans to invest £22 million into a new wind farm after receiving planning permission for a 15 megawatt complex at initiative, near Pomeroy, in County Tyrone. The new farm will create 20 jobs.

The wind farm development will consist of six wind turbines, all of them will be 64 metres and a maximum blade diameter of 71 metres, and will be capable of generating enough renewable energy to meet the average annual electricity consumption of approximately 8,000 homes.

Gaelectric have invested heavily in Northern Ireland, and when the project is complete will have an a total output of 200 megawatts of power generation capacity.

Gaelectric secured full planning approval for two further wind energy developments, a 15 megawatts wind farm in Carn Hill, Newtownabbey, Co Antrim and a 12.5 Megawatts wind farm in Cregganconroe, Pomeroy, Co Tyrone earlier this year, giving the company 42.5 megawatts of consented projects in Northern Ireland. Construction of this £62 million pipeline will begin in early 2011.

"In these straitened times we do not have the luxury of behaving as if we live in an ideal world where every risk and threat can be perfectly balanced," Brendan McGrath, chief executive of Gaelectric said regarding the need for renewable energy even given the current financial climate.

"A focused and proactive approach to economic opportunities is needed to steer the economy - north and south - on a sustainable growth path.
"The Inishative approval is a further important demonstration of policy makers, planners and energy companies working together to harness renewable resources."

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Thousands Stranded as Arctic Weather Closes Gatwick Airport

Thu, 02 Dec 2010 10:14:00 +0000

Gatwick airport has ground to a halt due to heavy snowfall in Britain, bringing much of the southeast to a standstill. With efforts to clear the runway failed due to consistent snowfall, it is thought that the airport will remain closed until 6am tomorrow morning, with no flights in or out.

The decision to close the airport was made after 6in snow was predicted, and the cold spell is set to last until Friday. The runway has been closed since 10.30pm on Tuesday, and with 550 to 600 flights scheduled to have departed Gatwick before 6am on Thursday, the closure has affected thousands.

Passengers arriving at the airport are being advised to return home. For those stranded at the airport, Gatwick has offered blankets and refreshments and efforts are being made to help them find hotels or return home.

"Safety is obviously paramount," a Gatwick spokesperson explained, "and there's no way any plane will take off or land from the runway in current conditions." Passengers are advised to check with their airline for the latest information.

Transport across the country remains affected due to the adverse weather conditions, with a number of motorways countrywide experiencing major delays and dangerous driving conditions.

Train services are also disrupted, with London badly affected. Two commuter trains became stuck for hours in freezing conditions. Commuters on a train from London to Sussex were stuck on the train for more than five hours, and passengers on a train from London Bridge to Kent were stranded for six hours overnight.

Criticism of the transport industry in the UK to keep Britain moving during the cold weather increased as it emerged that failure to do so could cost the economy up to £1.2 billion a day.

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Smartphones Will be a Digital Wallet

Thu, 25 Nov 2010 14:35:00 +0000

Smartphones are slowly replacing traditional dial and text mobile phones, and as they do they gradually change the face of IT and telecoms infrastructure. Soon mobile phones could pose as not only a device to call a friend, but as a passport and credit card.

Morten Hother Sørensen, Vice President at TDC spoke at length at the Next Generation Telecoms Summit about advancements in mobile technology - detailing the future of smartphones arcing towards a complete payment service. Morten suggested that future smartphones would incorporate software to be utilised as a passport, cash, driver's license, public ID, health insurance, debit card and supermarket loyalty cards, among others.

As a mobile banking aid, smartphones could be used for information services, account balance and transfer, transaction history, and could be used as a payment service with P2P payments, tickets, parking, bill payments and used as a debit card, in a store.

The system of relying solely on a mobile phone as an ‘all-in-one' wallet has several advantages, according to the delegates at the summit. From a governmental perspective, removing cash from the system and utilizing mobile payments provide a better opportunity for governments to collect taxes and potentially improve perception of security.

Financially, mobile payments cut out the middle man - in this instance allowing the customer to forgo dealing with a checkout assistant and self-serve, and lower the cost of cash handling. Online transactions (in theory) limit the chances for human error, and with value-based payments and offers, should see increased loyalty from mobile customers.

Those challenges posed at the summit centre around infrastructure; getting the correct support development and increasing processing speeds to speed up point of sale transactions. Morten highlighted that traditional plastic cards would need to be replaced by chip-based UICC SIM, which would be slotted into the phone, and shop terminals would be updated with "NFC readers or made available through SMS or IP-addresses."

In fact, the future of mobile payments isn't very futuristic at all. Starbucks, the coffee giant, has already rolled out a mobile payment scheme which incorporates a ‘pay point' on site which reads a pre-sent Starbuck's card number off a customer's mobile phone.

At the Web 2.0 Summit in San Francisco, Google's CEO Eric Schmidt confirmed that he thought a Google Android-powered smartphone would eventually replace the credit card. "This could replace your credit card," Schmidt said. "The reason this NFC chip is so interesting is because the credit card industry thinks the loss rate is going to be much better, they're just more secure."

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A380 Engines Recalled by Rolls Royce, Problems for Qantas

Tue, 16 Nov 2010 10:51:00 +0000

Roll-Royce, the engine maker responsible for the Trent 900 engine has asked Airbus to return some engines from production lines in order to use them to replace faulty engines on airplanes currently in service.

The move comes in light of a number of high profile incidents involving A380s used by Qantas over the last 10 days. A Sydney-destined A380 was forced to land in Singapore after part of an engine disintegrated in midair. The incident caused Qantas to ground its fleet of six A380s, while engineers ascertained the cause of the explosion was limited exclusively limited to the Trent 900 engine.

Qantas, Singapore Airlines Ltd. and Deutsche Lufthansa AG may need to replace one component in each of the engines powering their Airbus SAS A380 fleets, Rolls-Royce, the world's second-largest maker of engines, said in an email.

"Over a period of time, it is likely we will replace the relevant module on all engines," Rolls-Royce said. "We seek to minimize disruptions and this program will enable our customers progressively to bring the whole fleet back into service."

A380s out of service

Singapore Air had pulled three A380s out of service last week to change one engine each aircraft - Nicholas Ionides, a spokesman for the airline, told Bloomberg that all three airplanes would be back in service today.

The disruption could have a knock-on-effect on further A380 production, with Rolls-Royce expected to deliver over a dozen A380s primarily to Singapore Airlines, Qantas and Lufthansa by the end of 2011.

"Until this problem is fully resolved I think the situation with the delivery of A380 to customers... will be in jeopardy," Standard & Poor's analyst Sukhor Yusof said.

But both Singapore Airlines and Qantas, with a combined 22 A380s still to be delivered, said on Tuesday they had not been informed of any delivery delays.

Qantas fell 2.5 percent to A$2.72 as of 1:44 p.m. in Sydney trading, while Singapore Air dropped 0.1 percent in Singapore. Rolls-Royce declined 2.3 percent in London yesterday, when Lufthansa gained 0.5 percent in Frankfurt.

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Ryanair Records 15% Profits Since March

Mon, 01 Nov 2010 13:19:00 +0000

Budget airline operator Ryanair has boasted half-year pre-tax profits of €482.50 million (£420 million) in the six months to 30 September, up from €419.40 million in 2009.

The increase of over €60 million equates to a 15 percent increase, due in part to raised prices and an increase in passenger numbers.

The news is a real success for Ryanair, especially in light of difficult economic conditions, something that has had a knock-on effect on other airline operators.

From March through September, Ryanair's passenger numbers totalled 40.1 million, a 10 percent increase from 2009, and its revenues increased 23 percent. Ryanair increased its ticket prices by an average 12 percent.

However, second-quarter net profit was €313 million, slightly below analysts' expectations.

"There's a little bit of disappointment, most people were (expecting) around €350 (million) for second-quarter net profit and they came in a bit behind that," said Ken Darmondy, analyst with Goodbody Stockbrokers.

"Other people might be a little bit disappointed that the upgrade that came wasn't bigger because all the airlines across Europe have had upgrades in the last two weeks."

"We continue to gain market share across Europe," Ryanair chief executive Michael O'Leary said in a statement. "We expect this trend to continue."

Shares in Ryanair were trading at €3.98 on the Irish Stock Exchange at 10.30am, down 3.6 per cent on the day.

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European CIOs Announce Latest Plans for Europe

Fri, 29 Oct 2010 15:46:00 +0100

Leading European CIOs met in Germany last week to discuss the future plans for the continent.

Representatives from ArcelorMittal - Patrick Vandenberghe, Group CIO, BP - Michael Terhorst, CIO Europe & Africa FVC, Citi Group - Steve Perry, SVP & Global Head of Application Security, FedEx - Michael Foster, VP IT, EMEA, Rolls-Royce - John Gibbs, Director - IT Operations and Infrastructure and Novartis - Matthias Trabandt, CIO met in Bremen to discuss the bonuses of moving to the Cloud and how best to implement change at the CIO EU summit (hosted by GDS International).

As organisations digest plans to drastically reduce the structural budget across industries in Europe, CIOs share their reactions to the announcements at the CIO IT leaders believe that the current climate presents opportunities to do things differently. Change isn't new, but the pace of change in the next ten years is going to be breathtaking. The balance of power is shifting; emerging markets are becoming leading markets. Boundaries are blurring; companies are relying more than ever on the expertise and resources of a global ecosystem. Technology that was hype is becoming business as usual, paying for IT 'as you go' is becoming the norm. The workforce is changing; new recruits are bringing new ideas, new ways of working and their own state-of-art devices with them.

Keeping the IT environment current has always been a challenge for Corporate IT. Commoditization of IT and the speed at which new things are developing in the consumer space has made this a much bigger issue. CIOs are being challenged to provide flexibility and simplicity at costs which are orders of magnitude lower.

"The current market means that we are all under pressure to do more with fewer resources. Join our interactive round table discussion with virtualisation specialists and learn how to take advantage of Windows and Open Source Linux interoperability to employ virtualisation, reduce systems overhead and save costs." Announced Sebastian Tischer - Strategic Partnerships, Microsoft, and Toni Bernal - Country Manager Switzerland, Novell they continued "Extend the monitoring capabilities within System Center Operations Manager R2 across Novell's SUSE Linux Enterprise Services using SUSE Linux Enterprise Advanced Management Pack. Customers can now monitor both their Linux and Windows system environments through one console. Costs associated with managing heterogeneous infrastructures are minimized. Training costs are reduced and staff resources optimized."

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Team London Bridge: A BID for Renewal

Tue, 19 Oct 2010 13:53:00 +0100

Businesses in London Bridge has been successfully managing their own business district for the past five years as part of Team London Bridge.

In November 2005, rate-paying organisations based in the London Bridge area voted to create a Business Improvement District (BID) and pay annual contributions towards a fund used for services, projects and events that benefit businesses and employees located locally.

Over the past five years the business-led board of Team London Bridge and executive team of five staff have delivered some key services. These include extra local Police patrols, a waste recycling scheme that saves businesses money, area promotion, a loyalty scheme to encourage use of local shops and services, a CSR/community grants scheme for youth projects, extra street cleaning and a packed events and networking programme.

The initial BID term ends in March 2011 so member businesses are now deciding if they wish to continue working together to achieve common goals by providing these additional services.

As these initiatives have proved hugely popular and successful, Team London Bridge launched its proposal for a second BID term, ‘A BID for Renewal 2011-2016', recently at City Hall. Guests from the business community including many SMEs as well as large organisations such as the Greater London Authority, PricewaterhouseCoopers, Norton Rose and Southwark Council heard how Team London Bridge plan to increase the projects delivered by their BID while continuing these existing activities.

From Team London Bridge's consultation with local business leaders, it is clear that forward thinking organisations no longer think that being a responsible business is purely about considering environmental issues. The emphasis of ‘A BID for Renewal' is on businesses empowering their own community to take responsibility for their neighbourhood and surroundings, bringing a degree of devolved power to a local level and having an impact both today and in the long-term.

Unique local priorities that have been identified include working with a variety of agencies to ensure the area has:

• A world-class transport interchange

• An increase in retail offer

• A pedestrian focused public realm

• A network of welcoming and attractive Victorian railway arches

These priorities will be integrated into the existing programme of services. Between 2008 and 2009, London Bridge Station was the fourth busiest station in Britain with almost 50,000,000 people travelling through it. These numbers are likely to increase due to the addition of the Shard London Bridge and the imminent launch of the 2012 Olympic Games.

All business rate paying organisations (with a rateable value of over £10,000) will have the chance to vote between 1st October and 4th November as to whether they wish to extend the London Bridge BID until 2016. If a majority ‘no' vote is returned all of these extra services - including additional Policing and cleaning - will cease to exist beyond 31st March 2011.

James Dinwiddie, Director of local architects Dinwiddie McLaren said, "It has given me great pleasure to be the Chair of Team London Bridge for the last five years. The team has grown with strong local relationships being formed in order for projects to be carried out successfully, and a real sense of community has now been attached to the London Bridge area."

Boris Johnson, Mayor of London, said of BIDs: "As you know, I fully recognise the excellent contribution that Business Improvement Districts (BIDs) make to the London economy, and their increasingly important function in the ‘place shaping' of local town centres and industrial estates. The extra safety measures that they provide, the cleaning and improving the environment, contributes a great deal towards achieving my vision of London as the best big city on earth."

Located in the north of the London Borough of Southwark, the London Bridge BID is home to the national headquarters of global firms, local and metropolitan government, hundreds of thriving SMEs, one of the capital's busiest railway stations, four performing arts venues, dozens of bars and restaurants, and what will soon be Europe's tallest skyscraper - the Shard London Bridge.

For further information please contact Lewis Stagnetto at The SPA Way on 020 7403 6900 begin_of_the_skype_highlighting 020 7403 6900 end_of_the_skype_highlighting or email lewis.stagnetto@thespaway.com

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TNK-BP Offers BP $1.8b for Assets

Tue, 19 Oct 2010 09:14:00 +0100

Russian oil company TNK-BP, which is half-owned by the British oil giant, has made a $1.8 billion for BP's Venezuelan and Vietnamese assets, a source familiar with the decision said.

The acquisitions will be financed entirely through the company's available resources and will not require additional capital from the shareholders of TNK-BP.

"They (the board) decided to make an offer, and then it will be a matter of negotiations," the source said, adding TNK-BP would make a combined offer for both assets.

The bid comes off the back of TNK-BP's continued effort to build a stronger global portfolio.

Breaking down the assets

So what is TNK-BP getting for $1.8 billion? In Venezuela, TNK-BP will acquire a 16.7 percent stake in the PetroMonagas SA extra heavy oil producer, a more substantial 40 percent stake in Petroperija SA which operates the DZO field, and a 26.7 percent stake in Boquerón SA. These assets are operated as joint ventures with PVDSA and have a combined capacity of 25 thousand barrels of oil equivalent per day.

In Vietnam, TNK-BP will acquire a 35 percent stakr in Block 06-1, an offshore gas production containing the Lan Tay and Lan Do gas condensate fields, a 32.7 percent stake in the Nam Con Son Pipeline and Terminal, and a 33.3 percent stake in the Phu My 3 power plant.

The combined assets of Venezuala and Vietnam should add an additional 290 million barrels to TNK-BP.

"The acquisitions in Venezuela and Vietnam mark a milestone in TNK-BP's strategic expansion in the global energy market," said Mikhail Fridman, Executive Chairman of TNK-BP Ltd. "Our company's ambitious yet highly focused and disciplined diversification provides TNK-BP with an excellent platform for further growth and profitability, while also helping develop new competencies that can be applied at home. Given Russia's strong relationships with Vietnam and Venezuela, we are sure that this transaction will create significant value both for TNK-BP and our local partners."

For TNK-BP Ltd, Lexicon Partners acted as financial advisor to the Board of Directors. Credit Suisse acted as financial advisor to TNK-BP management, while Goldman Sachs advised BP.

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Building a Super-Grid

Fri, 15 Oct 2010 11:36:00 +0100

With efforts underway to receive 20 percent of its energy from renewable sources by 2020, Europe is engaging in a number of alternative energy projects, one of the biggest of which is a plan to building a €400 billion super-grid to link both Europe and the Middle East, so the continents can benefit from their respective power sources.

Unsurprisingly states in the Middle East have been pursuing solar power projects with Qatar, Bahrain, the UAE and more recently Saudi Arabia, planning projects all around the Gulf.
In Europe, where the sun is less regular, alternative renewable sources are being funded; hydro-electric plants in Scandinavia and the European Alps, onshore and offshore wind farms in the Baltic and North Sea and marine energy and biomass power facilities.

Projects such as Desertec, which is being planned by a consortium of European governments, non-governmental organisations and industrial corporations, is the sort of scheme that if the grid goes ahead could power homes on both continents. Representatives such as Peter Buhler, CEO of AEW Energie, Wayne Johncock, Head of Strategic Planning & Enterprise of Centrica/British Gas, Ireneusz Kulka, VP of Energa, Andy Muhlheim, Head of Information & Communication Technology of Swissgrid and Christian Chapus, Senior Manager of EDF will also be attending a NG Utilities Summit EU (hosted by GDS International) to discuss the benefits of a mass European smart grid.

When it comes to integrating renewables into a super-grid, there are many issues to deal with. The problem with putting clean energy onto any existing grid, without it being adequately integrated with other forms of power or optimized as a reliable first-tier energy source, would act as 'grid congestion' and has been the main barrier to full utilization. On top of that, potential renewable variability could cause reliability challenges at relatively high levels of distribution.
However a new super or smart grid could change that. In fact, it has the potential and the aim of providing 15 percent or more of Europe and the Middle East's electricity needs with solar power by 2050.

With renewable energy projects sprouting up all over both continents, the chances of getting all our power needs from clean technology is becoming more and more likely and would ease concerns over current energy supplies.

Earlier in the year, a study from international consulting firm PricewaterhouseCoopers stated that Europe and North Africa could achieve "complete independence" from fossil fuels by 2050 and that all the technologies necessary were already in place. Only time will tell if a European smart grid will become a reality.

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Food Productivity Needs to Double By 2050

Thu, 14 Oct 2010 11:07:00 +0100

In 2050, the population will balloon to such an extent that farmers will be required to double food production. "We have 40 years in which to double agricultural output, but we have to do it in a sustainable fashion with the same amount of land, less water and reduced inputs," said Bill Lesher, executive director of Global Harvest Initiative, the consortium of major agricultural companies, including Archer Daniels Midland, Monsanto, DuPont and Deere & Co.

The comment was in relation to the agricultural productivity report, which was in conjunction with the Farm Foundation, NFP, a public policy group, and the U.S. department of Agriculture's Economics Research Service (ERS).

"We need to do more with less and we must start implementing measures and policies that increase productivity today," Lesher said.
And he's right. With current estimates, the global population in 2050 will be 9.2 billion, farmers and food production will need to get smarter with public and private investments in "science and technology" to boost agricultural productivity, according to the report.

The report said doubling agricultural output to meet global demand by 2050 will require an annual average growth of at least 1.75 percent in "total factor productivity" - defined as the increase in output per unit of total resources employed in production. Between 2000 and 2007, USDA's ERS estimates global agricultural total factor productivity growth averaged 1.4 percent per year.

"To close the gap without additional land and resources, we must increase the rate of productivity growth an average of 25 percent more per year over the next 40 years," said Neil Conklin, president of the Farm Foundation.

Currently cereals and root and tuber crops make up more than 60 percent of the global diet, but by 2050 the United Nations Food and Agriculture Organization expects those staples will make up only 54 percent of food consumption, while animal proteins like meat and dairy, and vegetable oils will rise to nearly 40 percent of the global diet from about one-third today.

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IP Network Loss More Damaging Than Web/Phone Outage

Wed, 13 Oct 2010 16:17:00 +0100

In the build-up to IP EXPO at Earls Court on 20-21 October, a survey of 130 of the UK's top IT managers shows that they would consider losing their IP network more damaging to their business than losing telephone or web presence. However, over half the respondents felt that their companies were not using their IP networks most effectively and lack the funds to do so.

The survey was carried out by IP EXPO 2010, the UK's largest end-to-end IT infrastructure event. Of the professionals surveyed, an overwhelming 65 percent said IP network outage would be most damaging to their business. This was some distance ahead of mobile or fixed phone outage, ranked second at 21 percent, while loss of web presence was third.

While this is a strong indicator of the importance of IP networks to the running of the modern day business, IT managers want to make them even more essential. Of the 130 respondents who will be attending the IP EXPO, 80 stated that they did not feel they were using IP networks to their full potential, and although the benefits of IP networks are well understood 78 expressed frustrations in obtaining funds.

Adam Malik, Content Director for Imago Techmedia commented: "Over the past few years we have been seeing a steady stream of services moving across to IP, from applications shared across organisations through to sophisticated communications services. The survey reflects this: IP networks are now mission-critical. Lose your IP at your peril."

About the Research

The survey was completed by 130 of IP EXPO's top attendees. These include key players and decision makers in management, IT strategy, implementation and infrastructures.

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Italian Smart City Powered Solely With Renewable Energy

Thu, 07 Oct 2010 13:27:00 +0100

Tocco is a miniature Smart City. It produces a surplus of electricity from four wind turbines, all erected within eye-shot of the 2,700 houses that reside amongst the idyllic mountainous olive fields.

Although its cobbled streets and well-maintained church may not look like a renewable hot-bed, looks, in this instance, can be deceiving. The four wind turbines generated $200,000 alone last year, which meant Tocco could scrap local taxes and garbage pickup fees, as well as triple its budget on street cleaners.

The savings are a welcome sight for Tocco residents, as Italy - and much of Europe - fights against rising electricity and power prices. Italy itself doesn't have any fossil fuels to rely on, which means energy prices are only set to increase further. Local residents of Tocco are taking this further: the local cemetery office is lit by solar panels - a saving of $2,000 a year.

"Normally when you think about energy you think about big plants, but here what's interesting is that local municipalities have been very active," said Edoardo Zanchini, in charge of Legambiente's energy division. "That this can happen in a place like Italy is really impressive."

Tocco is very different to the oft-criticized country it calls home; Italy has been repeatedly criticized by the European Union for failing to follow the bloc's environmental directives. In fact, only seven percent of the country's renewables come from renewable sources.

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Top 7 alternative renewable energy sources

Wed, 06 Oct 2010 16:41:00 +0100

When it comes to renewables, we've all heard of solar, wind and hydro. But what about the teams working away on the slightly more ‘bleeding edge' energy sources? Power & Energy charts the ones to watch.

1. Tornadoes
Their wild cousins may wreak havoc, but man-made tornadoes have potential as an energy source. An atmospheric vortex engine (AVE) produces a controlled vortex whose base remains firmly anchored in the centre of a circular structure. The heat needed to trigger the process can come from solar sources, or simply from naturally occurring warm, moist air.

Power & Energy probability rating: even

2. Algae
It may look like green goo to you, but algae is one of the more advance of the emerging alternative energy sources, with even big players like Exxon Mobil showing an interest. Algae are often considered an ideal renewable energy source because they may grow faster than land plants and can be grown in the sea or on marginal land that is not useful for food crop production.

Power & Energy probability rating: high

3. Kites
Kite energy attempts to exploit the flight of automatically controlled tethered airfoils, which are similar to power kites used in surfing and sailing. The kites operate between 500 and 1000 m above the ground, with electricity generated at ground level by converting the traction forces acting on the tethers into mechanical and electrical power.

Power & Energy probability rating: low

4. Waves
Energy can be captured directly from waves on the surface of the ocean, or from pressure fluctuations below the surface. A number of technologies have been proposed to capture the energy from waves, including terminator devices, an oscillating water column and a point absorber. Some of the more promising of these are currently undergoing commercial testing.

Power & Energy probability rating: high

5. Lightning
Anyone who's been caught in a thunder storm knows the awesome power of lightning. One of the main drawbacks is lightning's unpredictability: a lightning capturing power plant would only be worth building in regions of the world with frequent thunderstorms. Another potential hurdle is the need for infrastructure that could survive the powerful surges created by strikes.

Power & Energy probability rating: low

6. Biogas
Biogas is composed of 40 to 60 percent methane, with the remainder being mostly carbon dioxide. It is produced by anaerobic digestion or fermentation of biodegradable materials such as biomass, manure, sewage, municipal waste, green waste, plant material and energy crops. Methane and carbon monoxide can be combusted or oxidized with oxygen, allowing biogas to be used as a fuel.

Power & Energy probability rating: even

7. Sugar
In 2007, Sony unveiled a fuel cell powered by glucose that could achieve a 50 MW output. The latest version, demonstrated at the International Hydrogen & Fuel Cell Expo last year, can produce 70 MW on 28cc of sugar-filled cola. The battery uses enzymes to breakdown the energy from a glucose solution, and the only bi-product is water. However, its potential for larger scale use is currently unclear.

Power & Energy probability rating: even

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Top 10 most disastrous buildings

Mon, 04 Oct 2010 16:10:00 +0100

Every year new projects and billions of dollars are spent across the globe on innovative, bespoke and aesthetically pleasing buildings. However, despite the hours and technology involved in designing and constructing such majestic creations, there are occasional duds. Here are the top 10:

10. Ryugyong Hotel, North Korea
Sucking up nearly two percent of North Korea's GDP over the past two decades, construction started on the Ryugyong Hotel in 1987 and finished in 1992 and yet it still remains unopened, unoccupied and uncompleted. The 1083-feet giant, even its uncompleted state remains the 22 largest skyscraper in the world.

9. Mets Citi Field, New York, US
This field has countless problems from shorting electricity to water leaks and mould. $850 million was spent on the replacement for Shea Stadium, yet money keeps pouring in to mitigate the mountain of problems. Hunt-Bovis, the contractor that built the field, is being investigated by prosecutors over whether the company over-billed for work on the stadium.

8. Kangbashi District of Ordos City, China
In an effort to increase its GDP, the Chinese government decided to build the Kangbashi District of Ordos about 18 miles away from the original city, back in 2004. Built in just five years, $352 million was spent on roads alone. While a majority of the homes have been sold, most were bought as investment and as such the town intended to house 1 million residents remains empty and deserted.

7. Olympic Stadia, Athens, Greece
Athens spent $11 billion - about double the country's budget - on more than a dozen sports venues for the 2004 Olympics, including a baseball diamond, a man-made kayak course and a Tae Kwon Do and Handball Olympic stadium. Today, more than half the sites are vacant and have to be patrolled by private security guards.

6. Burj Khalifa, Dubai, UAE
The tallest building in the world was completed in January 2010. However, while it £1.5 billion to build, just one month after its grand opening, the building closed to the public due to electrical problems on the observation deck on the 124th floor. It was even forced to change name from the Burj Dubai to the Burj Khalifa after the economy's debt problems meant they were forced to take bailouts from neighboring Abu Dhabi - part of the loan agreement was that they re-mane the tower after the UAE President, Khalifa bin Zayed Al Nahyan.

5. The Millennium Dome, London, UK
Designed to house the Millennium Experience, the Millennium Dome cost $1.25 billion to build and $41 million was spent closing it down in December 2000. With only half the number of visitors that were expected actually visited the press largely reported it a flop, despite visitor feedback being extremely positive. The dome was publicly renames The O2 on 31 May, 2005 after a UK£600 million revamp and is now an entertainment district with indoor arena, music club, cinema and exhibition space.

4. Experience Music Project, Seattle, US
Intended to showcase rock memorabilia and offer interactive music exhibitions, The Seattle Music Project was founded in 2000 by Microsoft co-founder Paul Allen and designed by Frank Gehry. New York Times architecture critic Herbert Muschamp described it as: "something that crawled out of the sea, rolled over and died."

3. Dubai Aquarium, Dubai, UAE
Part of the $20 million Downtown Burj Dubai development project, the Dubai Aquarium is located in the world's largest shopping mall, the Dubai Mall. 60,000 tickets were sold in the first five days, but two years in disaster struck when on February 22, 2010, the central part of the mall had to be evacuated after water was found gushing out of a crack in the aquarium's glass. It took six divers to stop the leak.

2. Chelsea Waterside Park, New York, US
Chelsea Waterside Park caused quite a stir when it was renovated in 2000 and Manhattan parents got their first look at the phallic shapes. While some have called for the park to be remodelled, the children still enjoy frolicking here.

1. The Lotus Riverside Complex, Shanghai, China
Rushed and poor construction meant that one of the buildings at the Lotus Riverside complex in Shanghai collapsed on June 27, 2009, killing one worker. The 13-storey apartment building was one of 11 in the complex and was near completion when it toppled. Nine officials, including the real estate developer, contractor and the supervisor for the project were detained by authorities and put under the spotlight for being connected to the massive disaster.

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Fears eased as food spikes

Thu, 30 Sep 2010 11:51:00 +0100

Food prices have seen a large spike in 2010 - The Food and Agriculture Organization (FAO) said its food prices index had risen 25 percent since last year, although they haven't reached the highs of 2008 - and have led the UN's FAO to meet in Rome to discuss the price hike.

Grain prices have hit a two-year high, which has led to widespread concern. The FAO's top grain expert, Abdolreza Abbassian, said "there is always concern" about important food security crops such as wheat or rice.

"However, the spillover effects are nothing like we had in 2007-8, because a lot of other conditions that we had in 2007-8 which led to that sort of situation fortunately are not present."

Due to a particularly bad drought this year, Russia has been forced to ban all exports of grain, leading to continual fears that there could be a further global price spike on grain and similar commodities.

Widespread panic regarding a price spike could be premature however, as oil prices remain constant, easing the pressure to use more biofuels as a source of energy - something that would mean sturdy competition with crop growth due to limited green space.

The price spike affects the poorest nations substantially. Greg Barrow of the World Food Programme told the BBC that "Food might be there on the markets, but people don't have the resources to buy it because it is too expensive.

"What we have put in place to make things better for people in the poorest, least developed countries is a greater awareness that access to food is critical."

UN leaders have appealed that speculators should not gamble on the food price market have not been heeded, which can make the markets even more volatile and at risk of sharp movements, according to the BBC.

The overall harvest in 2010 could also be the third highest on record.

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