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...SDS holds Signa’s portfolio of development assets: construction projects the company hoped to sell soon after completion. The company was the most cash-generative part of the Signa group....
...The businessman is the youngest son of the late Onsi Sawiris, who founded a construction company in the 1950s and built it over decades into a large multinational corporation now called Orascom Construction...
...Benko “had the reins in his hands”, said Signa Development’s biggest external investor, the Austrian construction tycoon Hans Peter Haselsteiner, in an interview last month....
...More than 23,000 homes have already started construction and expenditure is on track.”...
...Additional reporting by Peter Campbell and Claire Jones...
High Court upholds PDT’s claims across three parts of former steelworks site
...Biden aimed to reassure them by going after “shrinkflation” — in which companies sell new, smaller versions of products without changing the price — and pledging to make housing more affordable....
...The remaining six people were believed to be construction workers carrying out pothole repair work at the time of the collapse....
...Signa Prime and Signa Development own the majority of the Signa Group’s properties: a portfolio of inner-city construction projects and luxury addresses — from designer shopping precincts to 5-star hotels...
...Max Jones, director of infrastructure and construction at Lloyds Bank, said: “The mood music surrounding the sector has become more upbeat in recent weeks, with healthy infrastructure pipelines a common...
...And FT climate reporter Aime Williams has an item on investment opportunities in climate adaptation....
...Work on the Elbtower halted more than three months ago when Signa abruptly stopped making wage payments to the tower’s construction company....
...“Now you’ve got the ECB saying April is on the cards for a cut and if not definitely by June,” said William Vaughan, associate portfolio manager at Brandywine Global....
...Additional reporting by Sam Jones in Berlin...
...In the letter to shareholders, Grossnigg noted that new money was particularly needed to try to complete some projects, which in total could be worth billions less than anticipated if they are sold as construction...
...Another South Korean-owned company, Hanwha Qcells, will spend $2.3bn on a solar panel manufacturing factory....
...These concerns were underlined after the IG BAU union on Thursday announced a demand for a €500 per month wage increase for 930,000 German construction workers, which it said would lift pay for the lowest...
...In a statement on Tuesday, RBI said its Russian subsidiary would make the cash payment to Deripaska in exchange for his 28 per cent shareholding in Austria’s Strabag, one of the largest construction companies...
...At the time, the company had reported cumulative impairment losses of nearly $2bn on its digital assets since acquisition....
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