V&A buyers to invest more in SA

first_img16 February 2007The British- and Dubai-led consortium that bought Cape Town’s landmark Victoria & Alfred (V&A) Waterfront for US$1-billion has indicated that it will spend at least a further $1-billion on the development of “Africa’s Riviera” ahead of the 2010 Fifa World Cup.The V&A Waterfront, a world-class mixed-use development near the heart of Cape Town’s central business district, attracts up to 22-million visitors a year. Set against a backdrop of sea and mountain views, its mixes shopping and entertainment venues with offices, luxury hotels and exclusive apartments in a residential marina.In September, Istithmar, the private equity arm of government-owned Dubai World, partnered with UK-based London and Regional Properties and a local black empowerment grouping in a successful bid to buy the Waterfront.Only 45% of the 603 000 square metre property has been developed, and the consortium immediately announced plans to drive the further development of the V&A Waterfront as “a world-leading shopping, leisure, business and luxury waterfront destination”.2010 opportunityLondon and Regional Properties director Richard Livingston said in a statement following the sale that the most important thing the V&A Waterfront offered the consortium was “opportunity”.“It sits in a magnificent location with significant allowable development, giving us the chance to create a truly world-class resort, which can be a focal point for the Fifa World Cup 2010,” Livingston said.“The existing waterfront development consistently attracts a high volume of tourists annually, and our proposed enhancement of this exceptionally unique location will further the growth of Cape Town as a leading lifestyle destination.”James Wilson, CEO of Nakheel Hotels and Resorts – an Istithmar subsidiary company appointed, along with London and Regional, to manage the development – confirmed the link with the 2010 World Cup, saying in the same statement that they aimed to ensure that the Waterfront “links seamlessly” both to the central business district and the new stadium to be built for 2010.In a recent interview with Engineering News, Wilson said that Dubai World would spend at least $1-billion on developing the Waterfront ahead of the World Cup, and was considering the part funding and construction of a new boulevard between the Waterfront and the still-to-be-built Green Point Stadium.According to Engineering News, potential new developments at the V&A include a new yacht club and further marina development, a cruise ship terminal, a train station and improved connections to Cape Town International Airport.The consortium is also looking to build a number of new hotels, including a 250-bedroom luxury hotel and a resort hotel. “We have already had every top-ten hotel group in the world approach us over opportunities at the V&A,” Wilson told Engineering News.Other investment possibilitiesIn a separate interview with Business Day during a conference in Cape Town in November, Wilson said that Dubai World was looking at possible investments in a number of other sectors in South Africa.He said Dubai World disagreed with the high risk rating assigned to SA by international raging agencies. “There is a crime issue [in South Africa],” he said, “but employment will solve that.”South Africa, he told Business Day, had a sophisticated economy backed by a sound legal system and a banking system comparable to that of the US or UK. It also boasted some of the best tourism assets in the world – and offered excellent returns on investment.“The costs of entry are lower here than in the rest of the world,” Wilson said. “With the price of entry being low, obviously the investment return is higher for us.”SouthAfrica.info reporter Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more

Transport investment a must

first_imgMore investment and consistent attention to the condition of the continent’s transport network will result in economic growth.(Image: Prasa) Swaziland’s minister of transport, Ntuthuko Dlamini, was a guest at the event, and also participated in the ribbon-cutting ceremony. The China South Locomotive and Rolling Stock Corporation Limited, the world’s largest manufacturer of electric locomotives, was one of the exhibitors.(Images: Janine Erasmus)MEDIA CONTACTS • Mayihlome TshweteSpokesperson, Minister Malusi Gigaba+27 72 869 2477• Gugulethu ZuluMarketing executive, Terrapinn+27 11 516 4014 or +27 11 516 4000RELATED ARTICLES• R2.2bn upgrade for SA’s rail system• Gautrain’s Pretoria route rolls out• Japan assistance for Southern Africa• Grand opening for Port of Ngqura• Talks to launch African trade blocJanine ErasmusThe 2013 Africa Transport and Infrastructure Show brought rail, road, shipping and air experts together, to discuss ways of boosting the transport sector and its economic and social impact on the continent.The 16th edition of the show, which ran in Johannesburg from 24 to 27 June, featured presentations, panel discussions, workshops and an exhibition aimed at helping to solve the challenges involved in growing Africa’s transport network to a competitive level.This year’s event featured some 100 exhibitors from as far afield as China and India, and delegates from Botswana Railways, the Ghana Ports and Harbours Authority, Central East African Railways, Rift Valley Railways, Nigerian Ports Authority, and more.One of the event’s main goals, said organisers, was to empower attendees to be able to address “some of the most pertinent issues facing the industry in Africa today”, namely:Increasing skills development and a local engineering base to support what will one day become a first-world network;Creating bankable projects that are based on supply and demand and that will attract investors;Determining realistic time frames and support partners to best implement current and upcoming projects.The consensus was that investment and consistent attention to the condition of the continent’s transport network will reap the desired harvest of economic growth.Public enterprises minister Malusi Gigaba was named the Transport Personality of the Year at the event. He was recognised for his leadership and vision in debates on rail, transformation in the industry, promoting safety and ensuring that the highest standards are maintained.Gigaba thanked his department as well as the state-owned enterprises which fall under it, for their contributions.Poor infrastructure the stumbling blockAfrican industry is predicted to grow to trillion-dollar levels over the next decade, but the transport infrastructure must grow equally, or industry will suffer.“Africa is rich in minerals, but poor infrastructure lets us down,” said South Africa’s deputy minister of public enterprises, Bulelani Magwanishe. He was participating in the opening panel discussion, held under the theme Innovation, trends and opportunities – improving Africa’s transport sector and moderated by Pierre di Borgo, principal investment officer with the International Finance Corporation, a member of the World Bank Group.“Transport costs are generally high, which limits intra-African trade,” he said, adding that this problem should be tackled on a national as well as a regional and continental level. Since transport by road is more expensive than rail, the latter should be used whenever possible.Countries should work harder to promote intra-continental trade, he said, mentioning that South African president Jacob Zuma has been named the AU’s champion of the North-South development corridor – a trade and transport route that extends some 8 600 km from Dar es Salaam in Tanzania to Durban in South Africa, moving through eight countries in East and Southern Africa on the way.With regard to aviation, Magwanishe suggested that safety levels be improved to “counter the perception that African skies are unsafe”. Operating costs should also be lowered.“If we can successfully attend to these issues, we will awaken the African giant,” he stated.Swaziland’s minister of transport, Ntuthuko Dlamini, added his voice to the discussion, saying that transport is the catalyst for economic growth and development. He also advocated for more growth in aviation.“We need capacity building in all countries, as well as improved efficiency and service delivery especially in the airlines – this is key.”Dlamini said that air travel is vital for transporting high-value and perishable goods, while rail is better suited to bulky or hazardous goods. Land development around airports will generate additional revenue, he added.The use, whenever possible, of rail and air reduces congestion and accidents, and increases public safety on the roads.“Landlocked countries such as Swaziland depend on reliable transport channels to get our goods to export markets. If the SADC network is inefficient, we will lose out to other regions selling the same goods to global markets.”In 2012, he said, Swaziland signed a memorandum of understanding for the development of a main line linking the little country to Mpumalanga province in South Africa, and from there to Mozambique and Richards Bay, one of South Africa’s important ports. This will provide rail access for Swazi goods to major trade routes and centres.In terms of road transport, Dlamini noted that infrastructure development must be integrated. ”We need harmonisation of standards, for example, in the construction of flyover bridges, which may be of varying heights in different countries and may prevent a truck, which can go under bridges in its own country, from going under a bridge somewhere else.”Relaxing of the cross-border permit procedure will also be beneficial, and the facilitation of one-stop border permits.“Together Africa will prosper – divided we will fail,” Dlamini declared.Capacity in transport sector is insufficientJeff Nemeth, CEO of Ford Southern Africa, said that 75% of his company’s products are transported from Gauteng province to 148 different countries, and this, as well as imports, depends on efficient infrastructure and procedures.“Rail drove the American industrial revolution, and let’s not forget that the early transcontinental American railways were built by Chinese labourers,” he said, alluding to the fact that China is heavily involved in African infrastructure projects at the moment.Locally, Nemeth named lengthy border crossings as one of the challenges to be overcome. “We fitted one of our trucks with a camera that took a photo every 15 minutes, and sent it from Johannesburg to Nairobi. When we analysed the footage we found that 90% of the truck’s images were taken at border crossings. This is a huge waste of time.”If access to other markets is made easier with, for instance, quicker border procedures, he said, growth will accelerate. “The return on foreign investment in Africa is the highest of any continent. GDP growth as a whole is faster than that of Asia – the opportunities are endless.”It’s also important that governments recognise that logistics are key to economic growth, Nemeth added. “We send 4 000 trucks a month to the Durban port, and for this we need seven trains a week. In a good week we’ll get four, in a bad week two, so we send the rest by road, which is less efficient. There is not enough capacity in the rail system – it needs more investment.”Hamadou Sali, chairperson of Cameroon’s Camrail, which operates that country’s national railroad, said that rail is the greatest development tool for Africa. Since Camrail began operations in 1999, passenger volume has grown by 30% and passenger travelling distance by 66%. The amount of goods shifted has also increased, and the investment in freight and passenger capacity has also resulted in job creation.Piet Sebola of the Passenger Rail Agency of South Africa said that transport underpins economic growth, and that investment into the movement of people and goods is essential. He felt that this could be accelerated with more private-public partnerships.The dilapidated state of much of the continent’s transport infrastructure is a result of what he called the boom-bust approach, which saw a peak in investment and construction in the 1970s but had quietened by the 1990s.“Now we must recover that under-investment over the last few decades,” he stated. “The sector must evolve – the rail network, especially, has not changed much even since the arrival of democracy in 1994.”If there is inefficiency in one sector, manufacturers will turn to another sector, he said – “So what should not be on the roads, is now on the roads.”Technology must also evolve with the times – no country can rely on decades-old technology. “We saw this with the boom-bust approach – you can’t invest and then take a break for 20 years. It needs to be consistent.”With the help of aggressive investment from the private sector, he said, this is possible. “There is a huge economic benefit that comes with such investment. The reality is that the fiscus can’t sustain investments on its own.”Di Borgo mentioned that a recent McKinsey report revealed that private-public partnerships can generate, on average, about 10% of needed investment – therefore the government’s role remains critical.Sebola agreed with Dlamini that development around transport nodes will bring added revenue. “Along the line there will be development where the private sector can benefit.”last_img read more

Cowboys’ Spillman Faces Sex Assault

first_imgGRAPEVINE, Texas — Dallas Cowboys special teams player C.J. Spillman is under investigation but hasn’t been arrested or charged after a report of an alleged sexual assault at the team hotel last month.Grapevine police spokesman Sgt. Robert Eberling said that the alleged assault took place early Sept. 20 at the Gaylord Texan Resort and Convention Center.The team flew to St. Louis later that day, and Spillman played against the Rams the next day.He has played in all four games, including last weekend at home against New Orleans. His only tackle of the season came against the Rams. Spillman is listed as a safety but hasn’t played defense this season.Spillman’s agent, Ron Slavin, and attorney Bruce Ashworth declined to comment. The Cowboys didn’t immediately respond to an email seeking comment.Eberling said no other details were being released because the investigation is ongoing.The Cowboys signed the 28-year-old Spillman on Sept. 1, two days after the sixth-year player was among the final cuts by San Francisco. The former Louisville defensive back spent most of his first five seasons with the 49ers.The alleged assault came less than 24 hours after NFL Commissioner Roger Goodell held a news conference to address concerns about the way the league has handled domestic violence cases.“Obviously, we see what’s going on with the NFL, but these things are very sensitive in nature when it comes to the victim,” Eberling said. “We don’t release any details involving these type of crimes while they’re under investigation.”Goodell and the league were widely criticized over a two-game suspension for Baltimore running back Ray Rice after he knocked out his then-fiancee in a hotel elevator.The commissioner later acknowledged the punishment was too light and said future first offenses in domestic violence cases would result in six-game bans. When an explosive video surfaced showing Rice punching the woman, he was released by the Ravens and suspended indefinitely by the league.The NFL also has been rocked by a pair of assault cases last month that sidelined running backs Adrian Peterson in Minnesota and Jonathan Dwyer in Arizona.Peterson was indicted in Texas on felony child-abuse charges for using a tree branch, or “switch,” to discipline his 4-year-old son.Dwyer won’t play again this season after his arrest on aggravated assault charges. A law enforcement report says he head-butted his wife and broke her nose after she refused his sexual advances, and punched her in the face the next day.Peterson and Carolina defensive end Greg Hardy are on a paid leave through a special roster exemption granted by the league. Hardy is appealing his conviction in a domestic violence case involving an ex-girlfriend in North Carolina.San Francisco defensive lineman Ray McDonald is playing after he was arrested on suspicion of domestic violence at a home he shares with his fiancee. He hasn’t been charged.___TweetPinShare0 Shareslast_img read more

10 months agoMcAteer: McCarthy can convince West Ham youngster Rice

first_imgMcAteer: McCarthy can convince West Ham youngster Riceby Paul Vegas10 months agoSend to a friendShare the loveFormer Republic of Ireland international Jason McAteer believes new coach Mick McCarthy is capable of securing Declan Rice’s commitment.West Ham utility Rice also qualifies for England and is weighing up his commitment.McAteer told the Irish Independent: “Knowing Mick as I do, it wouldn’t surprise me if Declan Rice decided to represent Ireland now.”However, the way they’re moving, Declan possibly thinks England. Gareth Southgate is doing a really good job and he might want to be a part of that. England have a better chance of winning a World Cup. “But I don’t think he’d play a great deal of football for England. There are four of five midfielders that maybe come before him.”For Ireland, he’d be a key player. He could be a star for us.”Jason McAteer, speaking exclusively for bookmaker comparison platform your-promotional-code.co.uk TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

NHL Players Arent At The Olympics So Who Are These Guys

Germany1,429527 Many of these players have passed their prime, like Team USA stalwart Brian Gionta, who has more than 1,000 career NHL games on his resume. Others are simply out of NHL work: James Wisniewski, who last played significant NHL minutes in 2014-15, was released by the Tampa Bay Lightning in 2016 after failing to impress on a tryout contract. He’s playing abroad now — in the second tier of the German league.To be fair, much of the age disparity can be accounted for by the fact that those early rosters had to be comprised of amateurs, which largely meant college players.1The IOC changed the rule to allow professionals in 1988, although the NHL didn’t agree to stop its season and release players until 10 years later. And it’s not as though those kids were stiffs — the 1988 team alone boasted players like Brian Leetch, Chris Terreri, Kevin Stevens, Craig Janney, Tony Granato and Mike Richter. The 2018 team features some college players who have the potential to go on and have fruitful NHL careers — Harvard’s Ryan Donato, for example — but the majority of the roster is made up of guys who’ll never get another sniff (or never got a sniff at all).This trend is worldwide: Each team has at least one skater with NHL experience on its roster, and six teams (Canada, Czech Republic, Germany, Russia, Sweden and the United States) can count at least 1,000 combined NHL games played in their ranks. In total, the tournament boasts a combined 17,419 NHL games played. Czech Republic1,330649 You probably know this by now, but when the puck drops next week in Gangneung, South Korea, there will be no current NHL players on the ice. And whether it’s the NHL’s fault for being overly cautious and stingy or the International Olympic Committee’s fault for being stubborn — to be sure, it’s a mix of both — the fact remains the same: Pyeongchang 2018 will be the first Winter Olympics since Lillehammer ’94 not to feature a men’s ice hockey tournament stocked with players from the world’s best hockey league.The dearth of North American household names in the men’s tournament has a lot of people wondering if the games will even be worth watching. Every game will be contested while Americans and Canadians are about to go to sleep, are already asleep or are just waking from sleep. North Americans have been forced to ask themselves some important questions, such as: Is it really worth sacrificing sleep to watch a bunch of players you’ve never heard of battle it out for gold? And who are these guys anyway?This decision by the NHL, of course, makes Olympic hockey closer to what it was for decades when the league didn’t release its professionals. In 1980 in Lake Placid, the U.S. rallied behind a bunch of largely anonymous kids from the ranks of college hockey, and it became the country’s greatest Olympic moment. So maybe this is a good thing?A closer look at the rosters in South Korea this month will put a damper on such optimism. Teams are not exclusively bringing a collection of their brightest youngsters from the amateur ranks. They’re bringing something else: players plucked from the NHL scrap heap.You might think that the exclusion of the NHL would bring the average age of Team USA down from previous years, but the 2018 roster is older on average than those from Sochi in 2014 and Vancouver in 2010 — 29.4 versus 27 and 26.6, respectively. In fact, this is the third-oldest Team USA roster in the past 38 years. Canada5,4442,140 Switzerland67157 Olympic Athlete from Russia2,5651,955 Slovenia364 Total IN NHL No current NHLers, plenty of former NHLersOlympic rosters with the most NHL experience and points accumulated Norway14530 Source: NBC Olympics, Hockey-Reference.com TEAMGAMESPOINTS Total17,4197,379 Slovakia593377 United States3,0831,216 Finland48452 South Korea272 Sweden1,612370 Team Canada leads the way with 2,140 NHL points and 5,444 NHL games among their Olympians. Those numbers may seem impressive until you realize that the equivalent numbers from the Canadian team in Sochi — the one with Sidney Crosby and Co. — were 8,400 NHL points and 12,936 NHL games.2Through the 2013-14 season.The Olympic rosters are clearly lacking star power. The one exception is the roster for Team Russia — er, Team Olympic Athlete from Russia — which boasts two forwards who each played more than 800 NHL games and scored more than 800 career NHL points: Ilya Kovalchuk and Pavel Datsyuk.Kovalchuk is a former Maurice “Rocket” Richard Trophy winner, and Datsyuk won three consecutive Frank J. Selke Trophies between 2008 and 2010 as the league’s best two-way forward. Each Russian has some very good hockey left in his legs. They’re also the reason the Russians are the odds on favorites to win the tournament.Team Russia is also bringing Kontinental Hockey League star Sergei Mozyakin along to South Korea. Aside from current NHL sniper Alexander Radulov, no other player has won the KHL scoring title in the past decade. The KHL isn’t exactly the NHL, but it’s not exactly a beer league either: It’s the world’s second best hockey league, and 91 of the tournament’s 300 players currently play there. Russia’s games alone should be reason enough to tune in next week.As for the rest? Among the non-KHL cadre, 203 players play across 17 professional leagues spread throughout North America, Europe and Asia; five play NCAA Division 1 hockey; and one — Gionta — is currently not playing any competitive hockey at all. Some teams rewarded players who choose to play their professional hockey on home soil: Every Russian player plays in the KHL, every South Korean player plays in Asia League Ice Hockey, and every Swiss player plays in the National League.3A lot of NHL superstars — including Patrice Bergeron, Tyler Seguin and Joe Thornton, to name a few — skated in the National League during the lockout of 2012-13. They did so because it is a very good hockey league.But other teams seem to prefer a more well-rounded bunch: The U.S. roster features players from seven professional leagues and a handful of college studs.4And Gionta. And the Slovenian roster features players from 11 leagues across Europe — from the Alps Hockey League to the Czech Extraliga (they know how to score pretty in the Czech Extraliga) to all three divisions of professional German hockey.5This tournament may not feature the world’s top talent, but no one could argue it’s not well-traveled.The NHL’s absence dictates that this won’t be the deepest or most talented group of hockey men ever assembled at an Olympics, but those North Americans willing to stay up late or wake up early will get to see a lot of players they’d never otherwise get to see. read more