Latest news with #GavinJones
Scotsman
26-06-2025
- General
- Scotsman
Transforming 17th century Edinburgh Old Town site into student housing provides ‘unique opportunity'
A corner of Edinburgh's Canongate, that was once the site a 17th century Magdalene Asylum, is being turned into new student housing. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The site at 179 Canongate, located within the Old Town Conservation Area and UNESCO World Heritage Site, will see a 76-unit student building completed by summer 2026. Between the 1790s and 1840s, the site was part of the Magdalene Asylum, a reformatory aimed at rehabilitating 'fallen women'. The buildings were demolished after the asylum was moved to the Gorgie area of the city in the 1840s. Advertisement Hide Ad Advertisement Hide Ad The buildings currently standing formed part of the city's New Street Gasworks complex which provided Edinburgh with fuel for cooking, heating and lighting until its closure in 1906. The buildings were then converted and used for offices in the late 20th century. The historic Canongate site has seen a rich evolution over centuries - from its origins as the Magdalene Asylum, through to gasworks and offices | Submitted Structural and conservation engineering firm, Will Rudd, have been tasked with maintaining the historic character of the area by helping to preserve key elements of the site's heritage, including the retention of historic boundary walls and a late 19th-century workshop building. Even Sorgjerd, director at Will Rudd, said: 'Retaining parts of the original structures has been essential, not just for planning, but to honour the site's history. It required an innovative combination of traditional conservation techniques and modern engineering.' Advertisement Hide Ad Advertisement Hide Ad 'With parts of the site designated as historically significant and an active sewer running beneath, the engineering solutions had to be both respectful and precise. A bespoke system of façade retention and underpinning was developed to preserve the structures during construction. These measures have allowed the steel frame of the new building to be constructed seamlessly around the retained elements.' Located close to Edinburgh's Canongate Kirk and Tolbooth, the new student building is expected to open by the summer 2026 | Submitted The project is being delivered for S Harrison Developments in collaboration with architect 3DReid and contractor Clark Contracts. Will Rudd is using cutting-edge 3D modelling and laser scanning technology to plan, verify and adjust works to prevent structural surprises and allow the construction to move forward efficiently. Gavin Jones, development director at S Harrison Developments Ltd, said: 'This project presented a unique opportunity to sensitively regenerate a historically rich site in the heart of Edinburgh's Old Town. Balancing the intricacies of conservation with the demands of high-quality, modern student living required a collaborative and carefully considered approach. 'Will Rudd's deep expertise in civil and conservation engineering has been instrumental in delivering solutions that protect and enhance the heritage of 179 Canongate, while enabling the creation of a purpose-built residence that contributes positively to the fabric of the city.'
BBC News
18-06-2025
- General
- BBC News
Footage shows progress on long-awaited A417 scheme
Ten beams - weighing 100 tonnes each - are being lifted into place to build the largest environmental bridge in the £460m A417 Missing Link Scheme in Gloucestershire will create a three-mile (4.8km) dual carriageway on the A417 between Gloucester and part of the project, 10 steel beams are being lifted to create the base of the Gloucestershire Way bridge at Shab crossing - which will be 197ft (60m) long and 121ft (37m) wide - will serve walkers, cyclists and horse riders, in addition to providing better connectivity for wildlife, National Highways said. Gavin Jones, Kier's project director for the scheme, said: "The green bridge is the centrepiece of the scheme, linking up habitats and the landscape on one side of the road to the other.""The focus is the ecology, the animals that are going to use it, but not forgetting the people - it's going to be a footpath as well."We're on budget, ahead of programme, and [have] a good safety record. I couldn't be prouder of the team," he added. As part of the project, 89ft (27m) of calcareous grassland and hedgerows will be planted on the Gloucestershire Way bridge to mirror the surrounding landscape. Deer, badgers, voles, insects and birds are hoped to be among the fauna to make use of Cotswolds' heritage will also be a part of the project, with each member of a stonemasonry team building about 8ft (2.5m) of traditional drystone wall each day to contribute to the eventual 4.3 miles (7km) finished product. Bernard McEnroe, manager of Master Stonemasons, said: "It's integrating the new with the old."You have a beautiful, brand new road - a fantastic thing. And then you look up and see what defines the Cotswolds: the dry stone wall."The scheme is due to be completed in 2027.
Time of India
04-06-2025
- Business
- Time of India
Italy Unemployment Rate: Italy April unemployment falls to 5.9%, with firm job growth in last 3 months, ETHRWorld
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App ROME: Italy's jobless rate fell to 5.9% in April from 6.1% in March, national statistics bureau ISTAT reported on Tuesday, with a stable number of people employed during the month and an increase in those leaving the labour market.A Reuters survey of seven analysts had forecast an April jobless rate of 6.1%.The youth unemployment rate, measuring job-seekers between 15 and 24 years old, fell to 19.2% in April from 20.4% in March, revised from an originally reported 19.0%.In the February-to-April period, total employment in the euro zone's third largest economy was up by 96,000, or 0.4%, compared with the previous three months, ISTAT April, the number of people in work was up by 282,000 or 1.2%, compared with April positively, in April the number of so-called "inactive" people neither working nor looking for work, increased by 39,000, or 0.3% from the month before, with the inactivity rate rising marginally to 33.2%.The employment rate, one of the lowest in the euro zone, slipped marginally to 62.7% from 62.8% the month long-running increase in employment has come against a backdrop of a near-stagnant economy and stagnant gross domestic product grew by just 0.7% in each of the last two years, and the government forecasts 0.6% growth this year.(Reporting by Antonella Cinelli, editing by Gavin Jones)
Mint
21-05-2025
- Business
- Mint
Italians and lo spread, an obsession whose time has passed
Italian BTP-Bund spread near 4-year low Italians fixated with yield gap since 2011 debt crisis Analysts say economic changes have reduced its relevance Reasons for spread fluctuations often external to Italy By Stefano Bernabei and Gavin Jones ROME, May 21 (Reuters) - A previously unused English word crept into the Italian language during the euro zone debt crisis of 2011 as the country's borrowing costs soared to unsustainable levels. Ever since then "lo spread", or the gap between the yield on Italian benchmark bonds and their German equivalents, has been brandished by politicians and the media alike as a symbol of national pride or shame, much like a sporting victory or defeat. After the BTP-Bund gap took a rare dip below one percentage point, or 100 basis points (bps), Prime Minister Giorgia Meloni told parliament last week "this means Italy's government bonds are considered safer than German ones." Her economy minister, aware the narrower spread in fact meant merely that Italian bonds were considered comparatively less unsafe than before, smiled and shook his head beside her. Fourteen years ago the attention on the spread was justified. Germany's economy was the European powerhouse and the surge in Italian yields meant Rome had to pay huge sums to service its debt and risked losing market access altogether. Times have changed, however, and many economists say that with German benchmark bond yields rising due to a planned spending splurge on defence and infrastructure, Italians' fixation with the BTP-Bund spread now makes far less sense. "What matters for us is the level of interest rates, not the spread with Germany," said economist Tito Boeri, a former head of Italy's state pensions agency. "If German yields rise that doesn't help Italy's public accounts." Rome spends some 90 billion euros ($101 billion) per year, or 4% of gross domestic product to service its 3 trillion euro public debt. With the yield on 10-year BTPs still above 3.5%, that implies a heavy burden on state coffers regardless of the narrow spread with Germany. At around 135% of GDP, Italy's debt is proportionally the second-largest in the euro zone after Greece's, and it is forecast by the government to rise through 2026. Analysts say Meloni's unambitious but relatively prudent economic policies have reassured markets, but the recent narrowing of the spread is mainly down to developments in Germany and the United States. Economist Lorenzo Bini Smaghi, a former European Central Bank board member, said investors' waning appetite for U.S. Treasuries had benefited European bonds and particularly high-yielding paper such as Italy's. "If I consider Europe as a safer bet, partly because I expect the dollar to fall, I'm going to invest in European bonds, especially those that offer higher returns," he said. Italian bond yields are still the highest of any euro zone country, reflecting the risk-premium demanded by investors, and Boeri warned that market volatility linked to U.S. economic policy meant Rome had no reason for complacency. Italy's 10-year yield of around 3.6% compares with 3.2% on equivalent Spanish bonds and 3.4% on Greek ones. "We need to be very, very careful because what is happening on international government bond markets shows us the slightest mistake (in economic policy) can be costly," he said. Italy could come unstuck even without a mistake. Spread fluctuations very often reflect "risk-on" or "risk-off" market sentiment driven by international events, not Italian ones. The BTP-Bund gap widened briefly but sharply, for example, after U.S. President Donald Trump announced swingeing trade tariffs on April 2, only to suspend many of them a week later. "The spread widens when we see a flight to safety because Italy is not considered 'safety'," said Roberto Perotti, economics professor at Milan's Bocconi university. A glance at the past shows the BTP-Bund spread has dipped below 100 bps under several Italian governments, sometimes surging shortly afterwards due to factors outside their control. For much of 2009 the spread hovered between 80 and 100 bps under Prime Minister Silvio Berlusconi, before widening out to a peak of more than 570 bps in 2011 during the euro zone debt crisis, despite Rome following a broadly stable fiscal policy. In 2021, under former ECB President Mario Draghi, it again narrowed to less than 100 bps only to widen to 250 the following year amid surging global inflation after the COVID-19 pandemic. Perotti said it was understandable that Meloni should point to the narrow spread as a political success. But with Germany no longer seen as a pillar of fiscal restraint and stability, its value as an indicator had diminished. "At the moment it doesn't have much meaning," he said. ($1 = 0.8890 euros) (Reporting by Stefano Bernabei and Gavin Jones; Editing by Hugh Lawson)
Yahoo
21-05-2025
- Business
- Yahoo
Analysis-Italians and 'lo spread', an obsession whose time has passed
By Stefano Bernabei and Gavin Jones ROME (Reuters) -A previously unused English word crept into the Italian language during the euro zone debt crisis of 2011 as the country's borrowing costs soared to unsustainable levels. Ever since then "lo spread", or the gap between the yield on Italian benchmark bonds and their German equivalents, has been brandished by politicians and the media alike as a symbol of national pride or shame, much like a sporting victory or defeat. After the BTP-Bund gap took a rare dip below one percentage point, or 100 basis points (bps), Prime Minister Giorgia Meloni told parliament last week "this means Italy's government bonds are considered safer than German ones." Her economy minister, aware the narrower spread in fact meant merely that Italian bonds were considered comparatively less unsafe than before, smiled and shook his head beside her. Fourteen years ago the attention on the spread was justified. Germany's economy was the European powerhouse and the surge in Italian yields meant Rome had to pay huge sums to service its debt and risked losing market access altogether. Times have changed, however, and many economists say that with German benchmark bond yields rising due to a planned spending splurge on defence and infrastructure, Italians' fixation with the BTP-Bund spread now makes far less sense. "What matters for us is the level of interest rates, not the spread with Germany," said economist Tito Boeri, a former head of Italy's state pensions agency. "If German yields rise that doesn't help Italy's public accounts." INTEREST BURDEN Rome spends some 90 billion euros ($101 billion) per year, or 4% of gross domestic product to service its 3 trillion euro public debt. With the yield on 10-year BTPs still above 3.5%, that implies a heavy burden on state coffers regardless of the narrow spread with Germany. At around 135% of GDP, Italy's debt is proportionally the second-largest in the euro zone after Greece's, and it is forecast by the government to rise through 2026. Analysts say Meloni's unambitious but relatively prudent economic policies have reassured markets, but the recent narrowing of the spread is mainly down to developments in Germany and the United States. Economist Lorenzo Bini Smaghi, a former European Central Bank board member, said investors' waning appetite for U.S. Treasuries had benefited European bonds and particularly high-yielding paper such as Italy's. "If I consider Europe as a safer bet, partly because I expect the dollar to fall, I'm going to invest in European bonds, especially those that offer higher returns," he said. Italian bond yields are still the highest of any euro zone country, reflecting the risk-premium demanded by investors, and Boeri warned that market volatility linked to U.S. economic policy meant Rome had no reason for complacency. Italy's 10-year yield of around 3.6% compares with 3.2% on equivalent Spanish bonds and 3.4% on Greek ones. "We need to be very, very careful because what is happening on international government bond markets shows us the slightest mistake (in economic policy) can be costly," he said. FLIGHT TO SAFETY Italy could come unstuck even without a mistake. Spread fluctuations very often reflect "risk-on" or "risk-off" market sentiment driven by international events, not Italian ones. The BTP-Bund gap widened briefly but sharply, for example, after U.S. President Donald Trump announced swingeing trade tariffs on April 2, only to suspend many of them a week later. "The spread widens when we see a flight to safety because Italy is not considered 'safety'," said Roberto Perotti, economics professor at Milan's Bocconi university. A glance at the past shows the BTP-Bund spread has dipped below 100 bps under several Italian governments, sometimes surging shortly afterwards due to factors outside their control. For much of 2009 the spread hovered between 80 and 100 bps under Prime Minister Silvio Berlusconi, before widening out to a peak of more than 570 bps in 2011 during the euro zone debt crisis, despite Rome following a broadly stable fiscal policy. In 2021, under former ECB President Mario Draghi, it again narrowed to less than 100 bps only to widen to 250 the following year amid surging global inflation after the COVID-19 pandemic. Perotti said it was understandable that Meloni should point to the narrow spread as a political success. But with Germany no longer seen as a pillar of fiscal restraint and stability, its value as an indicator had diminished. "At the moment it doesn't have much meaning," he said. ($1 = 0.8890 euros) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
