Latest news with #Lomond
Yahoo
3 days ago
- Business
- Yahoo
North Atlantic in talks to acquire second-largest oil refinery in France
A Newfoundland and Labrador-based company that's been on a steady trajectory of growth is poised to make a significant expansion into Europe, as North Atlantic Refining Limited aims to become a global player in the conventional and renewable energy sectors. North Atlantic, as it's known, made international business headlines on Wednesday with news that it's in talks with oil giant ExxonMobil to purchase the Port-Jerome-Gravenchon oil refinery in northern France. The facility is the second-largest oil refinery in France at roughly 230,000 barrels of crude per day, and is one the largest integrated chemical complexes in Western Europe. And there's already a connection with Newfoundland and Labrador because the facility refines crude from the offshore, and North Atlantic routinely purchases fuels from the refinery to supply its gas stations in the province. "It's a fantastic foothold for us in terms of our plans for expansion into Europe," Ted Lomond, North Atlantic's president and CEO, told CBC News during an interview from Paris. ExxonMobil has accepted North Atlantic's offer to acquire its 83 per cent stake in Esso Société Anonyme Française SA and 100 per cent of ExxonMobil Chemical France SAS. The deal comes with a price tag of nearly $700 million Cdn and is expected to close in the fourth quarter of 2025. Lomond is now in talks with union and government officials in France. "We need to work with them and make sure that they're comfortable with us as a player," Lomond explained, adding that the company plans to retain the current workforce. "Our goal is to have a global energy company headquartered in Newfoundland and Labrador." North Atlantic has created a new division called North Atlantic France to manage the refinery, with Lomond serving as president. This is not new territory for North Atlantic. The company owned and operated the Come By Chance oil refinery in Placentia Bay, which peaked at 130,000 barrels per day prior to its closure in early 2020. The refinery has since been converted into a renewable fuels facility by its new owners, but is currently idled because of challenging market conditions. North Atlantic operates a logistics hub at the Port of Come By Chance, where it imports roughly 60 per cent of the gasoline, diesel and jet fuel supply for the province. The company has also expanded its chain of Orange Stores into Nova Scotia and Prince Edward Island, recently established a trucking company and is proposing to establish a multi-billion-dollar wind-to-hydrogen facility in Come By Chance and Sunnyside. The company currently employs 360 workers. Lomond said the company will explore the possibility of using renewable energy from Newfoundland to energize the refinery in France, and use the site as a "launching point" to distribute green hydrogen throughout Europe. A news release from the company said "North Atlantic aims to develop Gravenchon into a green energy hub, leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power." Lomond said the province will benefit in other ways from the deal. For example, he said North Atlantic currently buys fuels on the spot market, but as the owner of a refinery, he said the company will have a secure supply of fuels for the province. He added that some "functions" of the facility may also be performed in the province, which could mean additional jobs in Newfoundland and Labrador. Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page.
The National
26-04-2025
- Business
- The National
Dubai reports rise in multi-year tenancy contracts as rents increase
Dubai is recording an increase in multi-year rental contracts as more tenants are planning to stay in the city for longer and seek to secure favourable lease terms, a new report has found. 'These tenants value the ability to lock-in their rent for better financial planning, while landlords benefit from reduced turnover and fewer vacancy periods,' said Rupert Simmons, directors of leasing at real estate company Betterhomes. 'Longer-term commitments are a positive indicator of a maturing rental market.' One- and two-cheque payments increased by 10 per cent and 11 per cent, respectively, on a quarterly basis in the first three months of 2025, the data found. This trend is potentially driven by tenants aiming to secure more favourable lease terms in a competitive environment and indicates a growing presence of higher-income demographics entering the market, according to the Betterhomes report. While multiple cheque payments remain a common practice, tenants with higher budgets tend to show greater flexibility in their payment terms, the research revealed. Renewal contracts continued to dominate rental activity, with 64 per cent of all leases in the first quarter being renewals, the highest proportion in the past year. This shows that tenants choose to remain under the protection of the rental price index as they see better value by staying put, rather than re-entering the market, the report said. Dubai Marina, Jumeirah Lakes Towers and Downtown Dubai were the top leasing communities for apartments, while family-friendly communities such as The Springs, Dubai Hills Estate and Tilal Al Ghaf were most popular for leasing townhouses, Betterhomes revealed. 'The strongest increase in demand was seen in the townhouse segment, pointing to increased interest in this housing type,' the report said. A growing number of long-term tenants are choosing to purchase property, driven by relatively lower mortgage payments compared to rental costs. 'In today's market, the gap between renting and owning has never been narrower. With mortgage rates stabilising and property values on the rise, buyers are seizing the opportunity to turn monthly payments into long-term equity. Ownership in Dubai is a strategic financial move,' said Jeffrey De Souza, head of mortgages at Lomond, a mortgage service provider. To put this into perspective, consider a two-bedroom property in The Springs, typically priced at around Dh3 million ($816,882). The annual range for such a property ranges between Dh150,000 and Dh200,000, according to the Real Estate Regulatory Agency's rental index calculator, the Betterhomes report explained. A 25-year mortgage on a Dh3 million property at an interest rate of 3.99 per cent would result in monthly payments of approximately Dh12,655, or Dh151,860 annually, highlighting the financial advantage of buying over renting, the report said. Dubai's property market has been benefiting from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE's economy on diversification efforts. The city's real estate market recorded 42,422 sales transactions in the first quarter of 2025, a 23 per cent increase compared with the same period last year, according to the Dubai Land Department. However, transaction volumes declined by 10 per cent compared with the particularly active final quarter of 2024. The off-plan sector was a major contributor, accounting for 24,942 transactions, a 25 per cent increase annually, and representing 59 per cent of all deals. The overall value of real estate sales in Dubai recorded a 29 per cent year-on-year increase, touching Dh114 billion in the first quarter of this year, according to the DLD data. Apartment sales rose 14 per cent year-on-year to 32,237 transactions, with their total value up 12 per cent to Dh60.8 billion. Villa transactions jumped 65 per cent to 10,185, and value rose by 56 per cent to Dh53.4 billion. 'What's notable is the shift to more end-users and mortgage-backed buyers, indicating deeper confidence in Dubai as a place to live and invest long-term,' said Christopher Cina, director of sales at Betterhomes. While 7,848 units were handed over in the first quarter of 2025, a considerable volume of new properties is expected to be delivered in the coming years, according to data from Property Monitor. There is expected to be a notable peak in anticipated completions in 2026, with nearly 97,000 units forecasted. 'This substantial influx of new supply over the medium term will be a key factor to watch, alongside ongoing demand dynamics, as it may influence both property prices and rental rates,' the Betterhomes report said. Projected supply remains elevated through 2027 and 2028, before tapering off towards 2029, the report added.
BBC News
12-04-2025
- Business
- BBC News
Lomond boarding school to accept tuition fee payments in Bitcoin
A Scottish boarding school has announced it will accept payments of school fees in the cryptocurrency School in Helensburgh, Argyll and Bute - which charges up to £38,000 per year - said the move came after requests from some parents. Tuition payments will be accepted in Bitcoin from the autumn term this year, but these will initially be converted to UK pounds to "mitigate currency risk".The school said adopting Bitcoin aligned with its "ethos of independent thinking and innovation." No other cryptocurrencies will be accepted. Lomond Schools claim to be is the first private school in the UK to accept cryptocurrency fee teacher Claire Chisholm said: "For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers. "It's really no surprise then that the inventor of the television, John Logie Baird, is a former pupil."Lomond was founded in Helenburgh in 1977 in a merger between the historic Larchfield School and St Bride's School for accepts pupils from nursery age three until 18 years school said every Bitcoin transaction would be "secure, transparent, and lawful".It said these would meet UK financial regulations, including anti-money laundering and tax is a type of digital currency that is not controlled by centralised financial institutions. Its price climbed in value in 2024, but it is extremely volatile and can rise and fall in value at the whim of buyers and sellers.
Yahoo
12-04-2025
- Business
- Yahoo
Scottish boarding school to accept fees in Bitcoin
A Scottish boarding school has announced it will accept payments of school fees in the cryptocurrency Bitcoin. Lomond School in Helensburgh, Argyll and Bute - which charges up to £38,000 per year - said the move came after requests from some parents. Tuition payments will be accepted in Bitcoin from the autumn term this year, but these will initially be converted to UK pounds to "mitigate currency risk". The school said adopting Bitcoin aligned with its "ethos of independent thinking and innovation." No other cryptocurrencies will be accepted. More stories from Glasgow & West Scotland More stories from Scotland Lomond Schools claim to be is the first private school in the UK to accept cryptocurrency fee payments. Head teacher Claire Chisholm said: "For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers. "It's really no surprise then that the inventor of the television, John Logie Baird, is a former pupil." Lomond was founded in Helenburgh in 1977 in a merger between the historic Larchfield School and St Bride's School for Girls. It accepts pupils from nursery age three until 18 years old. The school said every Bitcoin transaction would be "secure, transparent, and lawful". It said these would meet UK financial regulations, including anti-money laundering and tax compliance. Bitcoin is a type of digital currency that is not controlled by centralised financial institutions. Its price climbed in value in 2024, but it is extremely volatile and can rise and fall in value at the whim of buyers and sellers. Crypto prices rally after Trump backs five coins for 'crypto reserve' Bitcoin in the bush - the crypto mine in remote Zambia What is Bitcoin? Key crypto terms and what they mean Sign in to access your portfolio
Khaleej Times
30-03-2025
- Business
- Khaleej Times
Mortgage landscape in Dubai remains resilient as Fed holds rates steady
The mortgage landscape in Dubai remains resilient as the US Federal Reserve held interest rates steady earlier this month at 4.25 per cent-4.50 per cent, a move that signals stability for global financial markets. Mortgage transactions at Lomond, an affiliate of Betterhomes, have increased by 4.39 per cent in 2024 compared to 2023. However, the overall value of mortgages decreased by 3 per cent during the same period. With Dubai's real estate sector continuing to attract investors and end-users alike, the mortgage market is experiencing sustained demand, driven by favourable lending conditions. 'We haven't seen any slowdown in buyer demand due to interest rates. In fact, March has seen a significant increase in buyer enquiries compared to last year. While a rate cut is always welcomed, Dubai's real estate market remains confident and not over-leveraged. It is also important to note that the market has experienced unprecedented price growth over the last four years, most of which was during an upward cycle in interest rates,' said Louis Harding, CEO at Betterhomes. According to the (DLD) Dubai Land Department's data, Dubai's mortgage activity continues to rise in 2025. Transactions were up 4.76 per cent from 2,919 in January to 3,058 in February. Total mortgage value increased 32.14 per cent from Dh10.86 billion (January) to Dh14.35 billion (February). As of March 19, 2,065 transactions were recorded with a total value of Dh10.26 billion, showing continued market strength. 'This sustained growth indicates strong buyer confidence and increased accessibility to home financing, with favourable loan-to-value (LTV) ratios offering up to 80 per cent financing for first-time buyers. Although the UAE Central Bank recently advised banks to stop adding associated fees financing to mortgages, the number of mortgage buyers remains largely unaffected,' said Jeffrey de Souza, Head of Mortgages at Lomond. With interest rates stabilising, buyers may consider securing fixed-rate mortgages to lock in predictable payments, Betterhomes said. 'While mortgage rates are stable for now, future shifts in global markets could impact lending conditions—making this a strategic time to explore financing options,' the brokerage added.
