Latest news with #Reserve
The Age
2 days ago
- Business
- The Age
How to make the most of the interest rate cut? Get a room
Room bookings by leisure travellers surged nearly 15 per cent at one of the country's largest hotel chains after last week's interest rate cut by the Reserve Bank, a sign the cost-of-living crisis may be easing or at least taking a holiday. The desire for a break after years of mortgage pain and rising living costs was evident in a 14.8 per cent lift in leisure travel bookings, an indicator of domestic demand, across global operator Accor's Australian network of hotels in the week following the Reserve's 25 basis point cut. 'With the reduction of the cash rate in February and then just now in May, we've seen an immediate positive increase in forward bookings for leisure destinations,' Accor's Pacific chief operating officer, Adrian Williams, said. The group runs more than 400 hotels in Australia and New Zealand under the Sofitel, Pullman, Swissôtel, Mövenpick, Grand Mercure, Peppers, The Sebel and Mantra brands, among others. Leisure bookings typically make up about two-thirds of travellers staying in its hotel network. Loading Last week's rate cut was followed by this week's slightly higher-than-expected inflation figure of 2.4 per cent, although CreditorWatch chief economist Ivan Colhoun said the Reserve was still factoring in two more rate cuts, 'so further easing is still likely – though back-to-back cuts are now less probable due to inflation and global trade uncertainty.' Williams said the surge in leisure bookings was a sign of the hotel sector's recovery as the group recorded its strongest annual performance in Australia since 2019. That's despite a 21 per cent increase in new hotel rooms being built and added to Melbourne's accommodation market, where over a five-year period to January this year, 22 new hotels opened with more than 5000 rooms.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
How to make the most of the interest rate cut? Get a room
Room bookings by leisure travellers surged nearly 15 per cent at one of the country's largest hotel chains after last week's interest rate cut by the Reserve Bank, a sign the cost-of-living crisis may be easing or at least taking a holiday. The desire for a break after years of mortgage pain and rising living costs was evident in a 14.8 per cent lift in leisure travel bookings, an indicator of domestic demand, across global operator Accor's Australian network of hotels in the week following the Reserve's 25 basis point cut. 'With the reduction of the cash rate in February and then just now in May, we've seen an immediate positive increase in forward bookings for leisure destinations,' Accor's Pacific chief operating officer, Adrian Williams, said. The group runs more than 400 hotels in Australia and New Zealand under the Sofitel, Pullman, Swissôtel, Mövenpick, Grand Mercure, Peppers, The Sebel and Mantra brands, among others. Leisure bookings typically make up about two-thirds of travellers staying in its hotel network. Loading Last week's rate cut was followed by this week's slightly higher-than-expected inflation figure of 2.4 per cent, although CreditorWatch chief economist Ivan Colhoun said the Reserve was still factoring in two more rate cuts, 'so further easing is still likely – though back-to-back cuts are now less probable due to inflation and global trade uncertainty.' Williams said the surge in leisure bookings was a sign of the hotel sector's recovery as the group recorded its strongest annual performance in Australia since 2019. That's despite a 21 per cent increase in new hotel rooms being built and added to Melbourne's accommodation market, where over a five-year period to January this year, 22 new hotels opened with more than 5000 rooms.
The Irish Sun
2 days ago
- Entertainment
- The Irish Sun
Our lives will be ruined by billionaire's £30,000-a-night wedding venue in quiet village – it'll be a 24/7 party site
A 'LORD of the Manor' billionaire has infuriated villagers by launching a mega party centre which they claim threatens to destroy their peace and quiet. Many of the 150 locals say that hugely-wealthy Jon Hunt - who sold his estate agency Foxtons for millions - has turned his country estate in the heart of the Suffolk countryside into a giant retreat called Valley Farm where guests can drink and dance round the clock. Advertisement 9 The Wilderness Reserve which has been granted approval for its Blyth Barn wedding venue on the Valley Farm estate Credit: JOHN McLELLAN 9 A sign in the village saying 'Wilderness Reserve Not Welcome Here' Credit: JOHN McLELLAN 9 Villager Liz Forrester is against the new venue Credit: JOHN McLELLAN In the latest confrontation with villagers in Huntingfield near Halesworth, critics claim he is creating an unsuitable 24-hour-a-day venue – with booze on tap at all hours – that will ruin their tranquil lives. The latest addition to the sprawling 8,000 acre estate - an 18-bedroom wedding venue called Blyth Barn - is a string of converted linked buildings that can accommodate more than 200 guests and is just two minutes walk from the peaceful village green. In a meeting earlier this month, Huntingfield Parish Council's planning committee voted in favour of a motion to approve the part-retrospective application submitted by The Wilderness Reserve. However, there were conditions that limited the number of events with more than 180 people per year, and there will be no marquees outside the building area, reports Advertisement The plan related to the reconfiguration of three approved holiday lets into the single guest house. But locals are seriously worried that what they describe as a 'glorified holiday camp' they claim will ruin their rural peace and quiet. Local Helen Cannon told The Sun this week: "They know how to work the system – they apparently said it wasn't going to be a party place but that is exactly what every other property on the estate has been turned into. 'This new place will apparently have 18 rooms and be able to host hundreds of people – that will inevitably involve disruption and late-night disturbance for every local living here.' Advertisement Most read in The Sun The new 'party central' development – which also boasts a swimming pool , hot tub, sauna, gym and party room will be available for a reported £30,000 a night and have parking for more than 100 cars. It previously won permission from the district council to sell alcohol 24 hours a day, sparking more fears among some locals of round-the-clock noise and disturbance. Your kids are breaking law if they kick their ball over neighbour's fence, High Court rules after couple sued next door It is being advertised as 'grand-scale entertainment' and despite local objections, has been granted a licence for music until 1am. Villagers Lori Kingsley Adams and her daughter Nina Roe, 39, are among local objectors – they claim it has grown well beyond the 'rural retreat' originally pitched. Advertisement Ms Adams, 61, who has lived in Huntingfield since 2017, said: "We feel like we have been ignored and our views not considered – all in the name of money. "This is a very old village and a small farming community and we thought this development would be a good thing for the village. 'But we have already endured four years of construction disturbing the peace and calm of the village. "It has been distressing and Huntingfield has been ruined - Mr Hunt presents himself as a philanthropist but he's not. We feel our views have been ignored – all in the name of money.' Advertisement Ms Adams previously told the Another villager said: "No-one has thought about the effect on all our lives – the traffic, light-pollution noise and the effects on wildlife. "Some guests will arrive in helicopters – we have all been misled about the 'green' nature of this development." 9 Huntingfield Parish Council's planning committee voted in favour of a motion to approve the part-retrospective application Credit: JOHN McLELLAN Advertisement 9 The wedding venue contains 18 rooms Credit: JOHN McLELLAN 9 It's feared the tiny village will be further blighted by the latest approval Credit: JOHN McLELLAN Parish council chairman David Blackmore raised concerns at a recent meeting about 'the huge amount of traffic, noise and light pollution' caused by the guests. He said: 'We are not anti-development just anti the wrong development – and a huge wedding venue and party space has no place in our small village.' Advertisement And a report from a planning consultant said that the venue 'will inevitably cause a great deal of noise and disturbance to the local area with loud music and and a massive increase in traffic.' Adding a claim that 'the council failed to take any action or issue any enforcement notices for the current development not being in accordance to the approved plans.' But not everyone is against the new facility – furniture maker Chris Kerridge, who lives in the village, said: "I come from here and lots of my family live around here. "Mr Hunt is creating jobs, employing lots of local people and is saving the place in a traditional way. Advertisement 'He is restoring disused old buildings and putting them to good use – he has deep pockets and can afford to do that.' The Wilderness estate is described in its brochures as 'an eco-holiday resort for grand-scale entertainment' and famous guests who have already stayed there include Mr Hunt makes this year's recent 'Rich List' with a fortune of £1.427 billion pounds which means he is the 114 th richest person in the country. The planning committee also approved an application for an extension and modification Advertisement One bid is for the extension and modification of the car park which had received 40 objections from the public. It was heard in the meeting that the proposal includes 53 parking spaces and the overflow car park was removed from the application in response to objections. The other proposal was a part-retrospective application for a building to house management services and overflow accommodation. The committee voted in favour to approve both the applications. Advertisement Read more on the Irish Sun A spokesman for Wilderness said: "We have been part of the community around Huntingfield for many years, supporting local businesses and jobs as well creating new natural habitats for wildlife. "We look forward to continuing to work with the local community to deliver more of these benefits in the 9 Chris Kerridge is very much in favour of the site Credit: JOHN McLELLAN 9 Sue Brewer, pictured with her dog Elsie, is against the new plans Credit: JOHN McLELLAN Advertisement 9 Julie Collet stands proudly by the Huntingfield sign Credit: JOHN McLELLAN
Agriland
3 days ago
- Business
- Agriland
Charolais show and sale and dispersal set for Tullamore
The Irish Charolais Cattle Society is set to host a show and sale of pedigree bulls on Saturday, May 31, at GVM Tullamore Mart, Co. Offaly. Also taking place on the day will be the dispersal of the Prime Pedigree Charolais herd owned by the late Benny Keating from Templemore, Co. Tipperary. The society show will kick off at 10:00a.m. with 56 bulls catalogued and the sale is set to kick off at 12:30p.m. Auctioneer Tom Cox will be in the rostrum, with bidding available both online and through the LSL Auctions app. There are two championships in the show, the Senior Championship and Reserve and the Junior Championship and Reserve. The dispersal sale will run after the lots are sold in the society sale. Prime Charolais herd dispersal The family of the late Benny Keating are offering the Prime Charolais herd for sale after the society event on Saturday. Included in this sale are seven females, two young bulls, and three embryos. The herd has won numerous awards and championships, with progeny from the herd well-known amongst Charolais breeders in showrings across the country over the years. The Prime pedigree herd was established in 1996 by the late Benny Keating. In 1997, he purchased a pregnancy from well-known Charolais breeder Jim Ryall from Co. Cork who was bred out of Knockane Cynthia, who herself won 58 championships. This heifer was named Prime Noelle and set the ball rolling in winning many championships along the way for the Prime herd. Prime Noelle went unbeaten in the show ring in 1999 and went on to win the Overall Heifer Champion at the National Charolais Show that year. She also went on to capture the Supreme Champion and interbreed Champion at the Tullamore National Livestock Show. Noelle's progeny included the artificial insemination (AI) bull Prime Roberto (PBT) who stood at Dovea AI Station in Co. Tipperary. Her daughter Prime Ruby was the 2003 Senior and Supreme Charolais Heifer Champion at the National Charolais Show. Riversdale Anchor bred by Kevin Maguire, who was Supreme Male Champion at the 2007 National Charolais Show was another son. Prime Champion, who won the best Irish-Bred Male at the 2008 Beef Expo competition at just 10 months old was also bred of Noelle. Prime Usher, a son of Prime Ruby was the 2006 Senior Male Champion at the National Charolais Show, shown by the then owner Christy Comerford. Prime Sue also from the herd being dispersed bred progeny including Prime Fatcha and she won heifer of the year and the Champion of Champions award in 2012. Prime Louise won heifer of the year in 2017, in addition to winning the Senior Pairs with Prime Lucy. This heifer was Senior Female Champion at the National Charolais Show. Sue is also a grand-dam of Knockmahon Hyacinth, heifer of the year in 2014 and Supreme Charolais Champion at the Tullamore National Livestock Show that year, bred by Christy Comerford. Ahead of the dispersal, a statement from the family said: 'While we are very saddened that this is the end of the Prime Pedigree Herd, we hope that you enjoy the stock as much as Benny did and they bring you great success.'
The Print
3 days ago
- Business
- The Print
Why RBI's dividend to Centre is at a record high in FY25 & a volatile history of its surplus transfers
The ECF governs how much capital the RBI should maintain to cover its various risks and how much of its surplus income can be transferred to the government. The Reserve Bank of India Act, 1934, gives the RBI paid up equity capital of Rs 5 crore. However, under the provisions of Section 47 of the Act, the RBI created discretionary reserves and revaluation accounts to account for fluctuations on its assets side as well as unforeseeable expenses. The announcement of surplus transfer followed a review of the Economic Capital Framework (ECF), which is used to determine provisioning for various kinds of risks the central bank is subjected to and surplus distribution by the central bank. Last week, the Reserve Bank of India (RBI) announced a record Rs 2.69 lakh crore annual dividend to the central government for FY 25. The record transfer is in spite of the RBI raising the Contingency Risk Buffer (CRB) to 7.5 percent of the balance-sheet from its previous level of 6.5 percent in 2023-24. There are five major reserves operated by the RBI that have quasi-equity like functions. They are Contingency Fund (CF), Asset Development Fund (ADF), Currency and Gold Revaluation Account (CGRA), Investment Revaluation Account (IRA) and Foreign Exchange Forward Contracts Valuation Account (FCVA). The CF represents the amounts added on a year-to-year basis for meeting unexpected and unforeseen contingencies. The ADF was created to make investments in subsidiaries and associated institutions. The Currency and Gold Revaluation Account (CGRA) reflects the unrealised gain/losses on revaluation of Foreign Currency Assets and Gold which are credited/debited to this account. The Investment Revaluation Account-Foreign Securities (IRA-FS) and the Investment Revaluation Account-Rupee Securities (IRA-RS) account for unrealised gains/losses in foreign and rupee-dated securities, respectively. The unrealised gains/losses arising from forward contracts (marked to market revaluations) are accounted for in the FCVA. The RBI's total economic capital includes the realised equity (CF and ADF) plus the three revaluation balances. Also read: UK FTA is good news for India amid global turbulence. Domestic reforms must follow market access Risks These reserves are maintained to deal with risks. The determination of capital is based on the risk a central bank may face. Market risk captures the risk of losses arising from adverse movements in valuation of assets of the RBI, including foreign reserves, gold and government securities. Credit risk arises if a borrower fails to default on any type of debt. This is not a very prominent source of risk for a central bank. Operational risk may emerge from the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. For a central bank, the most important source of risk emerges from its monetary policy operations and financial stability mandate. Forex intervention (buying of dollar and sale of rupees) in the wake of capital inflows increases domestic liquidity. If sterilisation operations are conducted to absorb the excess liquidity, it changes the composition of the balance sheet by increasing the forex component. This not only increases the currency risk of the RBI, but also reduces its income as it replaces high yielding domestic securities with lower yield foreign securities. Revised ECF The revised ECF was introduced by RBI in May 2025, marking the first major update since the 2019 framework based on the recommendations of the Bimal Jalan Committee report. The changes aim to enhance flexibility, risk sensitivity, and financial resilience amid evolving macroeconomic challenges. Some of the key changes include the raising the CRB and the inclusion of off-balance sheet exposures in market risk assessment. CRB is a component of RBI's realised equity that accounts for operational, credit, and financial stability and monetary risks. Below is a comparison of the new framework with its predecessor: Stability risk buffer and distribution smoothing RBI noted that in the previous years the surplus transfers made to the government have been volatile. To solve this, the monetary and financial stability risk buffer range has been increased to 5 percent ± 1.5 percent, allowing provisioning between 3.5 percent to 6.5 percent. It was stated that the earlier range did not provide adequate flexibility to smoothen the transfer to the government. Therefore, the revised range is said to provide RBI with ample room to determine its buffer amount while also smoothening the transfers made to the government. Distribution smoothing is a model of remittance that reduces the volatility of the surplus transferred to the government. The volatility is typically reduced through clear rule-based methodology for transfers made by the central bank. For instance, the National Bank of Switzerland has entered into an agreement with the Department of Finance to determine the annual amount of transfer to the government for a 5-year period. This agreement aims to even out any medium-term volatility. Similarly, the Swedish central bank, Riksbank, smoothens its remittances by transferring a 5-year average of its net adjusted income to the government. These are explicit smoothing arrangements aimed at addressing the distribution asymmetry arising from income fluctuations for central banks. The adoption of the ECF added structure to RBI's surplus distribution policy, but the framework relies on broad principles when provisioning for monetary and financial stability risks. While increased flexibility allows for adaptability to changing risk environments, its use for smoothing of transfers, in the absence of a clear methodology, can give rise to unpredictability. The core issue here is not of flexibility but flexibility without clarity. The provision to be made each year appears to be based on the discretion of the central bank. This could mean that the increased buffer range may not necessarily solve the issue of erratic transfers. A clear rule-based framework for provisioning within the given range could provide more transparency and lead to less volatility in transfer of surplus to the government. Radhika Pandey is an associate professor and Nipuna Varman is a research fellow at the National Institute of Public Finance and Policy. Views are personal. Also read: Moody's US credit rating downgrade may usher in a new era—waning investor interest in US govt bonds
