
Devon council to pay £250k to stop maintaining beach toilet
A small team of cleaners were struggling to keep the popular location's toilets maintained, according to the Local Democracy Reporting Service.The toilets needed a complete refurbishment after 23 years of heavy use which was estimated at a further £250,000, a report for councillors said.The authority had looked at installing a payment system at the toilets to mitigate some costs, but this was refused by the beach owners.Other lavatories owned and managed by beach owners are kept in much higher standard than those at Saunton beach car park, according to the council.Committee members were told that closing the toilets was not an option.
The council's director of resources Jon Triggs said when the lease was signed in 2002 it was "a different time" when the district council ran many more public conveniences than it did now.In the last couple of years it had made the decision to pass public loos to town and parish councils."This gives us an opportunity to escape from the lease," he said. "It's a financial consideration but will make significant savings moving forward." The council's lease will be surrendered in November.
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Reuters
17 minutes ago
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"We've moved from cautious optimism to cautious pessimism," said Stephanie Aliaga, global market strategist at J.P. Morgan Asset Management in New York. "Valuations have gotten even cheaper, but for a reason," she added, referring to intensifying U.S. policy risks. But some investors are starting to look past the Washington policy fog and at long-term positive drivers, such as aging populations, RNA-based therapeutics, and breakthroughs in weight-loss and diabetes drugs. Alberto Conca, CIO at Swiss wealth manager LFG+ZEST, has been adding exposure to pharma, biotech and medtech in recent weeks, drawn by strong cash-flow yields and the prospect of U.S. rate cuts boosting this rate-sensitive sector. Interest rate cuts typically support healthcare by lowering R&D funding costs and boosting the value of future cash flows. 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Over the past three years, U.S. healthcare (.SPXHC), opens new tab has underperformed the S&P 500 (.SPX), opens new tab by more than 60 percentage points, making it the worst sectoral performer on Wall Street. Its valuation has deepened to a near-record 27% discount, from parity to the S&P in 2023. "Markets don't like uncertainty, and that shows up in valuations," said Eddie Yoon, healthcare sector leader and portfolio manager at Fidelity Investments in Boston. "Being cheap isn't necessarily a reason to buy. You need a catalyst." For now, that catalyst is elusive. The policy uncertainty makes it difficult to forecast future earnings, he said, though he hopes for more clarity by year-end - potentially also paving the way for more M&A in the industry. Talks with the Trump administration have yet to clarify how and when drug prices will fall, executives from Eli Lilly (LLY.N), opens new tab and Merck (MRK.N), opens new tab said at a May industry conference. 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The Independent
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The Independent
19 minutes ago
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