Latest news with #MIM
Yahoo
4 days ago
- Business
- Yahoo
'Road from hell' to fully reopen after 23 years
It's been called the "road from hell" but after 23 years of roadworks and congestion, one of the UK's most expensive and complex road upgrade projects has finally fully opened. The last traffic cone and contraflow was removed from the A465 Heads of the Valleys road in south Wales on Friday night after a £2bn upgrade that started back in 2002. The 28-mile (45km) improvement is designed to bring prosperity to one of the UK's most deprived areas and cut journey times between west Wales and the Midlands. Welsh ministers have said the upgrade will boost the region but opponents have criticised how long it has taken and the "extortionate" price tag. Over 8,000 caught breaking 20mph limit on one road Concern as major change to Severn Bridge begins Drivers frustrated at new £336m road's 50mph plan Margaret Thatcher's Conservative UK government initially drew up the upgrade programme in 1990 because of frequent tailbacks and serious crashes on parts of the route. Work to turn the road into a full dual carriageway began when Tony Blair was prime minister in 2002. Now after enormous overspends, major delays, a global pandemic and hundreds of carriageway closures, drivers can travel direct between Swansea and Monmouthshire without passing through roadworks for the first time in 23 years. The A465 crosses the south Wales coalfields, a national park and in some parts, twists close to people's homes. Almost 70 structures - including more than 40 new bridges and a dozen new junctions - have been built as part of the upgrade. Workers have planted 285,000 trees to mitigate its significant environmental impact - offsetting more than seven million kilograms of CO2 a year - in a country which declared a climate emergency six years ago. Creatures including bats, dormice and great crested newts have also been moved. "In 50 years' time, experts will look back and say the single biggest thing the Welsh government has done to raise the prospects of Heads of the Valleys communities is building this road," Wales' Transport Secretary Ken Skates previously said. "This is about generating jobs, prosperity, opportunities and better connecting and benefiting communities across the region." The Heads of the Valleys upgrade had been split into six sections - done from the most to least dangerous for drivers. The final stages cost £590m to physically build the road but because of the way the project is funded, it will cost £1.4bn - and the Welsh government has not yet paid a penny. The final stretch between Dowlais Top in Merthyr Tydfil to Hirwaun in Rhondda Cynon Taf is being financed using something called the Mutual Investment Model (MIM) - which is a bit like getting a car on finance. Instead of paying it off in one lump sum, the Welsh government will pay more than £40m a year for 30 years in return for an 11-mile stretch of road that will be maintained by a private firm until it is brought back into public ownership in 2055. Plaid Cymru has called this way of funding a "waste of public money" and said private firms would "cream off" a "substantial amount of profit". The Welsh Conservatives have said the cost and delays "epitomises Labour's 25 years of failure in Wales" and added the final "gargantuan" cost would have almost covered the scrapped M4 relief road around Newport - where there is about four times more daily traffic. The Welsh government said without borrowing cash the way it has, it would not have been able to finish the final section. That is because the UK left the European Union in the middle of the entire scheme, meaning access to money that had helped on previous sections was no longer available. The entire cost of the whole 23-year, 28-mile scheme will be about £2bn when everything is included. The Labour Welsh government said it had learned lessons from the project, changing construction contracts and reviewing indicators of contractor performance. According to taxi driver Michael Gate from Aberdare, Rhondda Cynon Taf, it was a "nightmare" travelling between Aberdare and Merthyr Tydfil when the roadworks were taking place. "It was really dangerous because it was one lane over there and one lane back," said the 63-year-old who has owned his taxi company since 2005. He added: "Now it's fantastic, it's got to be the best road in Wales. It's money well spent." Meanwhile, Claire Urch, 50, said the work had made journeys shorter but the constantly changing road lay-outs were "very difficult" for her daughter while learning to drive. "I've seen cars driving thinking it's a one-way street because they haven't had any signposting there and it's almost caused an accident on at least two occasions that I've been on there," Ms Urch said, speaking about one diversion by Aberdare. Nikki Webb, 49, lives in Hirwaun which she said had been "stuck right in the middle of it all". She said the work caused "chaos all the time" with lorries coming into the village but felt the "hassle was definitely worth it". Ms Webb added: "You can get to Merthyr so much quicker, I don't find there's traffic like there used to be." Mike Moore, who works as an operation manager for a traffic management company, said dualing the road "only made sense" from a safety point of view. "It's been five years of probably frustration for the public but in reality it pays dividends in the long run," he said. "These things have got to be built." It has come a long way from the start of this year when one affected man from Merthyr Tydfil described the Heads of the Valleys as "like the road from hell". He added: "Not even Chris Rea (singer) would dare come here." "As a whole, the Heads of the Valleys project is one of the UK's biggest road upgrade projects for many years," said Keith Jones of the Institution of Civil Engineers. "And what's been so challenging is keeping the existing road operational while the work has gone on in some challenging and bleak terrain." By Gareth Lewis, BBC Wales political editor So Wales DOES build roads after all - albeit expensive ones that take a long time to complete. The scheme to upgrade the Heads of the Valleys road predates a Welsh government decision to scrap all new major road projects on environmental grounds back in 2023. But a change of transport secretary from Lee Waters to Ken Skates last year means similar schemes could now happen in the future, if they reflected the climate emergency and were at the forefront of design. Welsh Labour has realised that some of its transport policies including the 20mph speed limit have been unpopular. The economic potential for the road was not lost on one Labour MS who commissioned a report by a think tank into it back in 2021. And with a Senedd election next year, expect Labour to signal the scheme's completion for all they're worth as it loops its way through many of the party's traditional south Wales heartlands. Works on 'road from hell' to end after 23 years Heads of the Valleys road scheme 'extortionate' Director of failed firm monitors £1bn road project
North Wales Chronicle
26-05-2025
- General
- North Wales Chronicle
Council agree plans for new £66m Holyhead secondary school
Anglesey County Council's executive agreed a recommendation to relocate Ysgol Uwchradd Caergybi pupils to a brand new school building for 11–18-year-olds. It also authorised officers to undertake 'the necessary statutory consultation' over the plan when it met in Llangefni. The new 900 pupil school is anticipated for 2030, and would be developed in a five-year plan, which would see a six month statutory consultation period, the creation of business cases and plans over several years, and the building work. MORE NEWS: Work begins on 54 new social homes in 'beautiful location' on Anglesey What to do if your dog is bitten by a snake - symptoms, treatment and more Why police in North Wales arrested a man for having a wee People in North Wales lost over £2million to dating scams in just three years The proposed site of the new school, a council report noted, could be on 'land near Holyhead Leisure Centre 'contingent upon successful land acquisition.' The estimated cost is currently estimated at £65.9m, and would be partly funded by the Welsh Government and the council, through a MIM – Mutual Investment Model. The sale of Ysgol Uwchradd Caergybi site could also release some capital towards the cost, a report notes. Officers said they had considered 'reasonable alternatives' for secondary education provision in the Holyhead area, but that Ysgol Uwchradd Caergybi, built in 1949, was now 'coming to the end of its life. The meeting was told it had needed major repairs in the short to medium term and maintenance costs could run to £30m. The school was one of five in Wales caught up in the RAC – reinforced autoclaved aerated concrete – crisis several years ago. It had undergone major repairs after it was found that nearly 60% of the building had RAAC. With the RAAC and the school's age and condition – although it was strongly stressed throughout the meeting – that the building was 'safe' the best option' was considered to move pupils eventually, to a new school. It was also part of a 'commitment' to the Welsh language, education and community. 'It is an exciting opportunity to create a modern new building creating a positive effect on staff on learners and it addresses the issues with the state of the existing building,' Aaron C Evans, director of education, skills and young People said. A new school would ensure the 'current and long-term sustainability' of secondary education in Holyhead area, and 'sufficient' secondary places to meet current and future demand, his report said. Council leader, Cllr Gary Pritchard said: 'The existing school is totally safe, but there is an opportunity for us to invest in our young people and in Holyhead to build a new school for the most populated town on the island. Deputy leader, Cllr Robin Williams said: 'The new school will be part of Holyhead's regeneration, with the Freeport on its way, and the Prosperity Park, as they call it, just a stone's throw away from the site that we are looking at for the school. I see this is a golden opportunity. 'We have a building, it is safe at the moment, but the truth is it is coming to the end of its life. Rather than spend millions on trying to maintain an old building we should invest, it will be partly funded by the Welsh Government, and we should move on and build a new building 'We recognise other buildings on the island that will need to be addressed. The situation at Holyhead was heading towards an emergency, with nearly 60 percent of the building having RAAC, it only had a few years left. 'I know there are other buildings, but we don't have the resources to do that. I want people out there to know we won't forget about other buildings on the island, we will be looking at maintenance on those in time.' He welcomed the council pressing ahead 'as soon as possible' with the consultation. The council's chief executive Dylan J Williams encouraged people to take part in the process. 'This is the start of a lengthy and complex process…I would like to encourage stakeholders and the public to have their say, this is just the beginning of the journey. 'We don't have all the answers to a number of important questions locally, but that does not mean people can't register concerns or expectations.'
Wales Online
23-05-2025
- Business
- Wales Online
Relocating Anglesey secondary to a new £66m school site is a 'golden opportunity'
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info The first stage in an "exciting" and "golden" opportunity to build a new £66m modern school in Holyhead has been given the green light. Anglesey County Council's executive agreed a recommendation to relocate Ysgol Uwchradd Caergybi pupils to a brand new school building for 11–18-year-olds. It also authorised officers to undertake "the necessary statutory consultation" over the plan when it met in Llangefni today (Thursday, May 5). The new 900 pupil school is anticipated for 2030, and would be developed in a five-year plan, which would see a six month statutory consultation period, the creation of business cases and plans over several years, and the building work. The proposed site of the new school, a council report noted, could be on "land near Holyhead Leisure Centre "contingent upon successful land acquisition." Get the best island stories from our Anglesey newsletter - sent every Friday The estimated cost, of £65.9m, would be partly funded by the Welsh Government and the council, through a MIM - Mutual Investment Model. The sale of Ysgol Uwchradd Caergybi site could also release some capital towards the cost, a report notes. Officers said they had considered "reasonable alternatives" for secondary education provision in the Holyhead area, but that Ysgol Uwchradd Caergybi, built in 1949, was now "coming to the end of its life". The meeting was told it had needed major repairs in the short to medium term and maintenance costs could run to £30m. The school was one of five in Wales caught up in the RAC - reinforced autoclaved aerated concrete - crisis several years ago. It had undergone major repairs after it was found that nearly 60% of the building had RAAC. With the RAAC and the school's age and condition - although it was strongly stressed throughout the meeting - that the building was "safe" the best option" was considered to move pupils eventually, to a new school. It was also part of a "commitment" to the Welsh language, education and community. "It is an exciting opportunity to create a modern new building creating a positive effect on staff on learners and it addresses the issues with the state of the existing building" Aaron C. Evans, director of education, skills and young People, said. A new school would ensure the "current and long-term sustainability" of secondary education in Holyhead area, and "sufficient" secondary places to meet current and future demand, his report said. Council leader, Cllr Gary Pritchard said "the existing school is totally safe, but there is an opportunity for us to invest in our young people and in Holyhead to build a new school for the most populated town on the island. Deputy leader, Cllr Robin Williams, said "the new school will be part of Holyhead's regeneration, with the Freeport on its way, and the Prosperity Park, as they call it, just a stone's throw away from the site that we are looking at for the school. I see this is a golden opportunity. "We have a building, it is safe at the moment, but the truth is it is coming to the end of its life. Rather than spend millions on trying to maintain an old building we should invest, it will be partly funded by the Welsh Government, and should move on and build a new building "We recognise other buildings on the island that will need to be addressed. The situation at Holyhead was heading towards an emergency, with nearly 60 percent of the building having RAAC, it only had a few years left. "I know there are other buildings, but we don't have the resources to do that. I want people out there to know we won't forget about other buildings on the island, we will be looking at maintenance on those in time." He welcomed the council pressing ahead "as soon as possible" with the consultation. The council's chief executive Dylan J Williams encouraged people to take part in the process. "This is the start of a lengthy and complex process...I would like to encourage stakeholders and the public to have their say, this is just the beginning of the journey. "We don't have all the answers to a number of important questions locally, but that does not mean people can't register concerns or expectations."
North Wales Live
23-05-2025
- Business
- North Wales Live
Relocating Anglesey secondary to a new £66m school site is a 'golden opportunity'
The first stage in an "exciting" and "golden" opportunity to build a new £66m modern school in Holyhead has been given the green light. Anglesey County Council's executive agreed a recommendation to relocate Ysgol Uwchradd Caergybi pupils to a brand new school building for 11–18-year-olds. It also authorised officers to undertake "the necessary statutory consultation" over the plan when it met in Llangefni today (Thursday, May 5). The new 900 pupil school is anticipated for 2030, and would be developed in a five-year plan, which would see a six month statutory consultation period, the creation of business cases and plans over several years, and the building work. The proposed site of the new school, a council report noted, could be on "land near Holyhead Leisure Centre "contingent upon successful land acquisition." Get the best island stories from our Anglesey newsletter - sent every Friday The estimated cost, of £65.9m, would be partly funded by the Welsh Government and the council, through a MIM - Mutual Investment Model. The sale of Ysgol Uwchradd Caergybi site could also release some capital towards the cost, a report notes. Officers said they had considered "reasonable alternatives" for secondary education provision in the Holyhead area, but that Ysgol Uwchradd Caergybi, built in 1949, was now "coming to the end of its life". The meeting was told it had needed major repairs in the short to medium term and maintenance costs could run to £30m. The school was one of five in Wales caught up in the RAC - reinforced autoclaved aerated concrete - crisis several years ago. It had undergone major repairs after it was found that nearly 60% of the building had RAAC. With the RAAC and the school's age and condition - although it was strongly stressed throughout the meeting - that the building was "safe" the best option" was considered to move pupils eventually, to a new school. It was also part of a "commitment" to the Welsh language, education and community. "It is an exciting opportunity to create a modern new building creating a positive effect on staff on learners and it addresses the issues with the state of the existing building" Aaron C. Evans, director of education, skills and young People, said. A new school would ensure the "current and long-term sustainability" of secondary education in Holyhead area, and "sufficient" secondary places to meet current and future demand, his report said. Council leader, Cllr Gary Pritchard said "the existing school is totally safe, but there is an opportunity for us to invest in our young people and in Holyhead to build a new school for the most populated town on the island. Deputy leader, Cllr Robin Williams, said "the new school will be part of Holyhead's regeneration, with the Freeport on its way, and the Prosperity Park, as they call it, just a stone's throw away from the site that we are looking at for the school. I see this is a golden opportunity. "We have a building, it is safe at the moment, but the truth is it is coming to the end of its life. Rather than spend millions on trying to maintain an old building we should invest, it will be partly funded by the Welsh Government, and should move on and build a new building "We recognise other buildings on the island that will need to be addressed. The situation at Holyhead was heading towards an emergency, with nearly 60 percent of the building having RAAC, it only had a few years left. "I know there are other buildings, but we don't have the resources to do that. I want people out there to know we won't forget about other buildings on the island, we will be looking at maintenance on those in time." He welcomed the council pressing ahead "as soon as possible" with the consultation. The council's chief executive Dylan J Williams encouraged people to take part in the process. "This is the start of a lengthy and complex process...I would like to encourage stakeholders and the public to have their say, this is just the beginning of the journey. "We don't have all the answers to a number of important questions locally, but that does not mean people can't register concerns or expectations."
Business Wire
07-05-2025
- Business
- Business Wire
MetLife Investment Management Originates $21.6 Billion in Private Credit Transactions in 2024
WHIPPANY, N.J.--(BUSINESS WIRE)--MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced that it originated $21.6 billion in private credit transactions in 2024. MIM's private credit assets under management stood at $129.1 billion as of December 31, 2024. 1 MIM's origination was well diversified across the private credit platform with: $6.8 billion in residential credit $6.4 billion in corporate debt $5.6 billion in infrastructure debt $2.8 billion in asset-based finance transactions. 'MIM is a premier originator of private assets and our clients appreciate the quality and diversity of transactions that we participate in on their behalf,' said Brian Funk, interim president of MIM. MIM continued to find strong relative value in residential credit in 2024, deploying $6.8 billion in residential mortgages and single-family rental debt financing, primarily in the non-qualified residential mortgage space. MIM's $6.4 billion of corporate private placement origination was diversified across a range of industries. About $2.2 billion of MIM's corporate private placement origination was outside of the U.S., showcasing the firm's global footprint. MIM's infrastructure origination of $5.6 billion was driven by digital expansion and decarbonization of power generation. The firm's focus on infrastructure sponsor relationships resulted in bilateral and direct deals comprising 40% of total origination. Nearly half, or $2.4 billion, of MIM's infrastructure origination was outside the U.S. MIM's $2.8 billion of asset-based finance origination efforts were achieved primarily through the firm's direct sourcing channels and were diversified across both structure and sector including $1.7 billion of commercial and consumer asset transactions and approximately $880 million in alternate asset financing. 'With a long-term perspective and a focus on well-structured transactions, we expect to sustain our momentum and capitalize on emerging opportunities in essential services sectors such as housing, energy transition technologies and infrastructure modernization,' Funk said. MIM is a top 25 institutional investment manager globally by assets under management 2 and manages more private fixed income assets for third-party insurance general accounts than any other asset manager. 3 It is the largest infrastructure debt investment manager based on worldwide assets under management. 4 About MetLife Investment Management MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of March 31, 2025, had $616.9 billion in total assets under management. For more information, see the total assets under management fact sheet for the quarter ended March 31, 2025 available on MetLife's Investor Relations webpage ( About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ('MetLife'), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit Forward-Looking Statements The forward-looking statements in this news release, using words such as 'capitalize,' 'expect,' 'seek' and 'sustain' are based on assumptions and expectations that involve risks and uncertainties, including the 'Risk Factors' MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements. Endnotes 1 At estimated fair value. 2 Pensions & Investments Managers Ranked by Total Worldwide Institutional Assets Under Management as of December 31, 2023. 3 Clearwater Analytics Insurance Investment Outsourcing Report 2024 as of December 31, 2023. 4 IPE Research as of December 31, 2023.
