DOCSLIB.ORG

31 December 2011 $6.3Tn Wiped Off Markets in 2011

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
31 December 2011 $6.3Tn Wiped Off Markets in 2011 31 December 2011 $6.3tn wiped off markets in 2011 – Pg. 1 ‐ Almost $6.3tn was erased from global stock markets this year as the Eurozone financial crisis reverberated across the world in the latter half of 2011, calling into question the future of the world’s largest currency bloc ‐ Global stock market capitalization dropped 12.1% to $45.7tn …. ‐ The S&P 500 is flat this year while the FTSE 100 has only dropped 5.5% ‐ Asian equity markets were hit particularly hard with Japan’s Nikkei index losing 17.3% this year, Hong Kong’s Hang Seng index 20% and the Shanghai Composite 22% ‐ Some investors also fear that China’s economy could be facing a “hard landing” next years, posing yet another danger to the fragile global economy Spain warns off deficit overshoot – Pg. 2 ‐ …this year’s budget deficit is likely to reach 8% of GDP, much higher than expected and a full 2% above the target agreed with the EU ‐ Following the rescue of Greece, Ireland and Portugal by the EU and the IMF, Italy and Spain are under intense pressure in the sovereign bond markets to restore order to their public finances and make their economies more competitive Decline in Chinese output begins to abate – Pg. 4 ‐ Chinese manufacturing activity declined for the second consecutive month in December but showed tentative signs of stabilizing ‐ With inflation falling sharply and growth slowing in recent months, Beijing has cautiously started to relax its tight monetary policy settings. It trimmed banks’ required reserves at the end of November – its first such move in three years ‐ …. ‐ The stock market has provided another indication the slowing economy. The Shanghai Composite Index is down 22% this year – making it technically a bear market – and is near its lowest level since 2009 Forecasts for a future imperfect – Pg. 7 ‐ Will Barack Obama be re‐elected? Yes (Prof Note: The FT also predicted Hillary Clinton would win) Ten‐year low for euro on last trade day – Pg. 8 ‐ The euro has dipped to a 10‐year low against the Japanese Yen, underlining the yen’s enduring status as a haven amid this year’s global financial turmoil ‐ The euro also finished the year as the worst performing major currency against the dollar, falling 2.9% since the beginning of the year ‐ Various explanations have been offered for the euro’s strength. For much of the year, fixed‐ income investors moved from sovereign wealth bonds in the peripheral countries of Italy, Spain and Greece into those of France and Germany, sending German Bund yields to record lows but keeping the euro high ‐ Many believe the ECB will embark on some form of quantitative easing next year amid a worsening European economic outlook 30 December 2011 Chinese push to put man on moon – Pg. 1 ‐ China has declared its intention to land an astronaut on the moon… ‐ Chinese experts say after 2020…. ‐ The last time an astronaut set foot on the moon was in December 1972 as part of the Apollo 17 mission ‐ ….US without a vehicle of its own for manned space flights ‐ Beijing this week launched a trial of its own satellite navigation system… ‐ …hopes to complete construction of a permanent space laboratory by 2016 Sceptical investors race to safety of US money market funds – Pg. 1 ‐ The flight to safety has coincided with a mini‐recovery in the equity markets, with the S&P 500 rising 14.5% since October 3 ‐ Money market funds invest in highly liquid securities such as US Treasuries and short‐term debt issued by financial institutions ‐ The sector is used by institutional investors to park cash not invested elsewhere Optimism over US economy but dangers lurk in background – Pg. 3 ‐ GDP could well exceed 3% on an annualized basis in the fourth quarter ‐ …businesses have created more than 150,000 positions every month on average since September ‐ The biggest concern is that the Eurozone sovereign debt crisis could flare up again and inflict much more severe damage to the global financial system – including US banks and the supply of credit to US consumers and businesses – than it has so far ‐ …growth expected to be 1.5‐2.0% next year…. ‐ ….house prices are falling again – raising concerns that the collapse has not fully run its course Women on boards – Pg. 10 ‐ …more countries considering quotas ‐ Norway went first, requiring listed companies to reserve 40% of board seats for women from 2008 Gold falls to lowest level for six months – Pg. 11 ‐ Spot gold in London fell to $1,523 a troy ounce, the weakest since July and down almost $400 from a nominal record reached this year ‐ Gold has nevertheless climbed almost 8% in 2011, marking the 11th straight year of gains an d outperforming most other commodities and stock indices Banks learn the liquidity lessons from tough rules – Pg. 14 ‐ UK regulators have also proved more flexible than the industry had feared – rather than insisting that each bank maintain its buffer at all times, the FSA s as allowed banks to dip into their stocks to cover temporary funding squeezes, as long as the management has the credible plan to rebuild the base ‐ ….the UK requires banks to hold enough gilts and cash to cover expected outflows during both a short, sharp market shutdown and a less severe 90‐day stress scenario. The global version uses a 30‐day scenario and allows banks to include some high‐quality corporate and covered bonds in their buffers 29 December 2011 ‐ MISSING 28 December 2011 Sears’ shares fall on news of closures – Pg. 1 ‐ ..warned on weak sales of expensive electronic items and clothing would force it to close between 100 and 120 stores (Prof Note: Sears sells expensive electronics??? N o wonder they failed, news to me!) ‐ The news follows Gap saying in October that it will close one‐fifth of its Gap‐branded US stores in the next two years, and reflects a growing recognition that a weak economy and the rise of ecommerce has left the US with too many stores ‐ The fall in the shares takes them to levels last seen in 2004 ‐ The National Retail Federation has revised its holiday forecast upwards, predicting that seasonal sales would rise 3.8% this year to a record $469bn, but this is below last year’s 5.2% increase Financial history lessons urged to help prevent future bubbles – Pg. 1 ‐ Fund managers and financial advisers should be forced to reduce the likelihood of future market panics and crashes (Prof note: How about be required to have an degree in FINANCE? Further note: I lectured a financial crises class last year, it was incredibly enlightening!) ‐ CFA UK….argues that the study of financial history should form a major part of all compulsory education for retail and wholesale investment professionals ‐ (Prof Note: CPAs are only granted to accountants. Why are CFAs granted to non finance individuals?) Saudi Arabia unveils stimulus budget – Pg. 2 ‐ Saudi Arabia has approved a stimulus budget for next year after raising spending by one‐ quarter in 2011 as part of efforts to reduce the potential for social unrest in the region’s biggest economy ‐ On Monday, the Saudi authorities estimated 2012 budget expenditure at $184bn … ‐ In 2011, Saudi Arabia overspent the budgetary allocation by 39% ‐ raising real spending by about 25% ‐ The real GDP rate was 6.8% in 2011, the highest level since 2003, … ‐ An average price of $78 a barrel for Brent Crude would allow Saudi Arabia to meet expected real spending commitments in 2012… Obama strives for balance in Fed nominees – Pg. 3 ‐ President Barack Obama yesterday made a fresh attempt to fill vacant positions on the board of the US Federal Reserve,… Markets braced for Italy debt auction – Pg. 4 ‐ Italy’s benchmark borrowing costs have risen above the critical 7% level in a week that will see Rome auction up to 20bn (euro) of debt ‐ Italy, the world’s third largest bond market, is seen by many investors as the barometer for the eurozone debt crisis ‐ Italy’s borrowing costs have begun to diverge away from Spain’s in recent weeks China and Japan pact on currency ‘symbolic’ – Pg. 4 ‐ China and Japan will promote the use of their currencies for trade and investment, … ‐ The two asian economies said that they wanted to reduce costs and risks for their companies – an implicit call for less reliance on the dollar, which is at present their predominant medium of exchange ‐ Japan also confirmed a plan to buy Chinese government bonds – the first time it has added renminbi‐denominated debt to its foreign exchange reserves ‐ The key obstacle to promoting such trade has been China’s reluctance to relax controls on its capital account, meaning that foreign companies that receive its currency have nowhere to invest in apart from the offshore renminbi base of Hong Kong 24 December 2011 Obama handed political victory as Congress extends payroll tax cuts – Pg. 1 ‐ Congress yesterday approved a two‐month extension to payroll tax cuts, …. ‐ …the extension of a tax cut equivalent to $1,000 a year for the average family A time for forgiveness – Pg. 5 ‐ Most rich economies are bracing themselves for stagnation at best in 2012. The crisis has causes but they all have to do with credit and debt: too much of it ‐ From 2000 to 2007, the average mortgage debt of US households went from two‐thirds of disposable income to more than 100% ‐ British households raised their mortgage indebtedness from 83% to 138$ ‐ Debt itself is presumably as old as settled society: the earliest samples of writing that have been recovered are often debt records.
Load more

Recommended publications
  • New Code of Estimating Practice New Code of Estimating Practice
    New Code of Estimating Practice New Code of Estimating Practice The Chartered Institute of Building Roger Flanagan Carol Jewell This edition first published 2018 © 2018 John Wiley & Sons Ltd All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by law. Advice on how to obtain permission to reuse material from this title is available at http://www.wiley.com/go/permissions. The right of The Chartered Institute of Building to be identified as the authors of this work has been asserted in accordance with law. Registered Offices John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, USA John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK Editorial Office 9600 Garsington Road, Oxford, OX4 2DQ, UK For details of our global editorial offices, customer services, and more information about Wiley products visit us at www.wiley.com. Wiley also publishes its books in a variety of electronic formats and by print-on-demand. Some content that appears in standard print versions of this book may not be available in other formats. Limit of Liability/Disclaimer of Warranty While the publisher and authors have used their best efforts in preparing this work, they make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives, written sales materials or promotional statements for this work.
    [Show full text]
  • Procuring Innovation in Construction a Review of Models, Processes and Practices
    Procuring Innovation in Construction a review of models, processes and practices An initiative of the: A note from the BC Construction Association With the publication of this follow-up to the Construction Innovation Study (published in 2016), the BC Construction Association (BCCA) is pleased to continue its leadership role in the discussion of innovation in BC’s construction industry. As a trusted representative of the industrial, commercial, and institutional construction sector in our province, the BCCA has a policy to equally support the use of all building materials. We recognize that there is innovation in many assemblies and products, including wood, steel and concrete. Construction procurement is a major focus for public owners such as Ministries, school districts, and health authorities, as well as for private owners. As international competition for large projects intensifies, true innovation calls for a shift from a culture of “lowest bid” to a focus on quality and “whole life” value. “Procuring Innovation: a review of models, processes and practices” is a significant step forward in that shift. We hope you will find this paper informative and inspiring. © 2017. BC Construction Association. All rights reserved. i Authors This report was prepared by for the BC Construction Association by Brantwood Consulting. Lead author: Helen Goodland RIBA MBA Contributors: Jim Taggart FRAIC Kevin Hanvey MAIBC AAA MRAIC, Omicron Tyler Galbraith, Jenkins Marzban Logan, LLP Acknowledgements This report was made possible by funding from the BCCA Construction Association and Forestry Innovation Investment Ltd. The Vancouver Regional Construction Association hosted the best practices workshop (Appendix A). The authors also wish to thank representatives from the following organizations who provided input into this report.
    [Show full text]
  • Diversity and Contestability in the Public Service Economy Gary L
    Diversity and Contestability in the Public Service Economy Gary L. Sturgess Invigorating business Call 13 26 96 nswbusinesschamber.com.au NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS OLIVIER JOB INDEX NSW BUSINESS CHAMBER OLIVIER JOB INDEX NSW NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND PUBLIC SERVICE ECONOMY NSW BUSINESS CHAMBER DIVERSITY DIVERSITY AND CONTESTABILITY PUBLIC SERVICE ECONOMY NS NSW BUSINESS CHAMBER DIVERSITY AND CONTESTABILITY PUB AND Gary L. Sturgess is Adjunct Professor of Public Service Delivery at the Australian School PUBLICof SERVICE Business (University ECONOMY of NSW), based NSW at the Australia BUSINESS and New Zealand CHAMBER School of DIVERSITY Government. He also holds an Adjunct Professorship with the School of Government DIVERSITYand Public AND Policy CONTESTABILITY at Griffith University.
    [Show full text]
  • Introduction to Estimating for Construction
    Introduction to Estimating for Construction Students and professionals encountering estimating for the fi rst time need an approach- able introduction to its principles and techniques, which is up to date with current practice. This textbook explains both the traditional techniques and best practice in early contractor involvement situations, within the framework of modern construction procurement. As well as introducing different estimating techniques, it includes: • the nature of costs in construction from a cost of resources approach; • modern tendering procedures, and the stages of development of construction projects; • how to convert an estimate into a formal tender and then into a contract; • simple numerical examples of estimates; • estimating and cost analysis during the construction project; • summaries and discussion questions in every chapter. This is an easy-to-read introduction to building estimating for undergraduate students, or anyone working in a quantity surveying or construction commercial management role who needs a quick reference. Brian Greenhalgh FRICS FCIOB FQSi is a contract manager currently engaged by a major client organisation in the MENA region. He was formerly a principal lecturer in quantity surveying and construction project management at Liverpool John Moores University with responsibility for postgraduate programmes in quantity surveying and construction project management. Introduction to Estimating for Construction Brian Greenhalgh First published 2013 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Simultaneously published in the USA and Canada by Routledge 711 Third Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2013 Brian Greenhalgh The right of Brian Greenhalgh to be identifi ed as author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
    [Show full text]
  • Best Value Tendering for CDS Contracts 2010
    Best Value Tendering for CDS Contracts 2010 A Consultation Paper March 2009 Best Value Tendering for CDS Contracts 2010 A Consultation Paper March 2009 Summary information regarding this consultation Basic information To Anyone with an interest in the procurement of publicly funded criminal defence services in England and Wales. This includes legal firms, legal representative bodies, client interest groups and other organisations across the criminal justice system. Duration This consultation will be open for 12 weeks from 27 March 2009 to 19 June 2009 How to respond Online at: www.legalservices.gov.uk In writing to: Best Value Tendering (Crime) Team, Criminal Defence Service, 4 Abbey Orchard Street, London SW1P 2BS Or by email to: [email protected] Enquiries Kelly Aynsley at 020 7783 7481 Or by email to: [email protected] Additional ways In addition to this formal consultation, the Legal Services to become Commission (LSC) will organise a series of regional events where involved the proposals in this paper will be discussed. If you are interested in attending such an event, please contact your local regional office or view the events timetable at www.legalservices.gov.uk. Follow the links to >CDS >Crime Consultations and email us back at [email protected] Views can also be submitted through representative groups. After the The Commission will carefully consider all of the responses consultation received, in addition to the comments collated from the regional events. A response to this consultation exercise will be published in 2009 at www.legalservices.gov.uk. If you have registered to complete this consultation online you will be automatically notified of this.
    [Show full text]
  • Legal Aid Contracting
    Legal Aid Contracting Equality, Procurement and Competition FOREWORD We published research on legal aid contracting and international comparisons in July this year, to help members and others interested to find out more about the likely impact of contracting proposals. This, our second research paper, looks to build on that understanding by outlining the legal and economic context in which contracting for criminal legal aid might operate. This research paper does not outline any policy view around legal aid contracting. The aim is simply to indicate some of the issues that may arise should contracting be adopted. A Scottish Government consultation paper on criminal legal aid contracting is expected shortly and we will be surveying members for their views as part of our engagement on this issue. In the meantime, we are grateful for the feedback that we have already received on this work and this issue and welcome further views. Andrew Alexander Head of Access to Justice December 2013 2 TABLE OF CONTENTS FOREWORD ................................................................................................................................ 2 CHAPTER ONE – CONTRACTING AND EQUALITY ....................................................................... 7 THE EQUALITY ACT 2010 ........................................................................................................ 8 GENERAL EQUALITY DUTY ................................................................................................. 8 BROWN PRINCIPLES ..........................................................................................................
    [Show full text]
  • Modelling Contractor's Bidding Decision
    Engineering Management in Production and Services Volume 9 • Issue 1 • 2017 received: 1 September 2016 accepted: 20 January 2017 Modelling contractor’s pages: 64-73 bidding decision Sławomir Biruk, Piotr Jaśkowski, Agata Czarnigowska A B S T R A C T The authors aim to provide a set of tools to facilitate the main stages of the competitive bidding process for construction contractors. These involve 1) deciding whether to bid, 2) calculating the total price, and 3) breaking down the total price into the items of the bill of quantities or the schedule of payments to optimise contractor cash flows. To define factors that affect the decision to bid, the authors rely upon literature on the subject and put forward that multi-criteria methods are applied to calculate a single measure of contract attractiveness (utility value). An attractive contract implies that the contractor is likely to offer a lower price to increase chances of winning the competition. The total bid price is thus to be interpolated between the lowest acceptable and the highest justifiable price based on the contract attractiveness. With Corresponding author: the total bid price established, the next step is to split it between the items of the schedule of payments. A linear programming model is proposed for this purpose. Sławomir Biruk The application of the models is illustrated with a numerical example. The model produces an economically justified bid price together with its breakdown, Lublin University of Technology, Faculty maintaining the logical proportion between unit prices of particular items of the of Civil Engineering and Architecture, Department of Construction Methods schedule of payment.
    [Show full text]
  • Modelling Contractor's Bidding Decision
    Engineering Management in Production and Services Volume 9 • Issue 1 • 2017 received: 1 September 2016 accepted: 20 January 2017 Modelling contractor’s pages: 64-73 bidding decision Sławomir Biruk, Piotr Jaśkowski, Agata Czarnigowska A B S T R A C T The authors aim to provide a set of tools to facilitate the main stages of the competitive bidding process for construction contractors. These involve 1) deciding whether to bid, 2) calculating the total price, and 3) breaking down the total price into the items of the bill of quantities or the schedule of payments to optimise contractor cash flows. To definefactors that affect the decision to bid, the authors rely upon literature on the subject and put forward that multi-criteria methods are applied to calculate a single measure of contract attractiveness (utility value). An attractive contract implies that the contractor is likely to offer a lower price to increase chances of winning the competition. The total bid price is thus to be interpolated between the lowest acceptable and the highest justifiable price based on the contract attractiveness. With Corresponding author: the total bid price established, the next step is to split it between the items of the schedule of payments. A linear programming model is proposed for this purpose. Sławomir Biruk The application of the models is illustrated with a numerical example. The model produces an economically justified bid price together with its breakdown, Lublin University of Technology, Faculty maintaining the logical proportion between unit prices of particular items of the of Civil Engineering and Architecture, Department of Construction Methods schedule of payment.
    [Show full text]
  • Master's Degree Thesis
    Master’s degree thesis LOG950 Logistics Tendering in the Norwegian Petroleum Industry Author: Mariami Suarishvili Number of pages including this page: 150 Molde, 24.05.2016 Mandatory statement Each student is responsible for complying with rules and regulations that relate to examinations and to academic work in general. The purpose of the mandatory statement is to make students aware of their responsibility and the consequences of cheating. Failure to complete the statement does not excuse students from their responsibility. Please complete the mandatory statement by placing a mark in each box for statements 1-6 below. 1. I/we hereby declare that my/our paper/assignment is my/our own work, and that I/we have not used other sources or received other help than mentioned in the paper/assignment. 2. I/we hereby declare that this paper Mark each 1. Has not been used in any other exam at another box: department/university/university college 1. 2. Is not referring to the work of others without acknowledgement 2. 3. Is not referring to my/our previous work without acknowledgement 3. 4. Has acknowledged all sources of literature in the text and in the list of references 4. 5. Is not a copy, duplicate or transcript of other work 5. I am/we are aware that any breach of the above will be considered as cheating, and may result in annulment of the 3. examination and exclusion from all universities and university colleges in Norway for up to one year, according to the Act relating to Norwegian Universities and University Colleges, section 4-7 and 4-8 and Examination regulations section 14 and 15.
    [Show full text]
  • Combinatorial Reverse Auctions in Construction Procurement
    Combinatorial Reverse Auctions in Construction Procurement Salim Al Shaqsi Bachelor of Science, Mechanical Engineering, Queen’s University, 2009 SUBMITTED TO THE PROGRAM IN SUPPLY CHAIN MANAGEMENT IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF APPLIED SCIENCE IN SUPPLY CHAIN MANAGEMENT AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY JUNE 2018 © 2018 Salim S. Al Shaqsi. All rights reserved. The authors hereby grant to MIT permission to reproduce and to distribute publicly paper and electronic copies of this capstone document in whole or in part in any medium now known or hereafter created. Signature of Author………………………………………………………………………………… Salim Al Shaqsi Master of Applied Science in Supply Chain Management Program May 11, 2018 Certified by………………………………………………………………………………………… Dr. Tugba Efendigil Research Scientist, Center for Transportation and Logistics Capstone Advisor Accepted by………………………………………………………………………………………... Dr. Yossi Sheffi Director, Center for Transportation and Logistics Elisha Gray II Professor of Engineering Systems Professor, Civil and Environmental Engineering Combinatorial Reverse Auctions in Construction Procurement By Salim Al Shaqsi Submitted to the Program in Supply Chain Management on May 11, 2018 in Partial Fulfillment of the Requirements for the Degree of Master of Applied Science in Supply Chain Management Abstract Construction procurement often involves negotiations between many parties over multitudes of components. The process of allocating contracts to suppliers is generally a complex process involving multiple decision makers processing large amounts of information. Minimizing project costs while meeting stringent specification and schedule requirements is especially difficult. In most cases, procurement processes do not consider combinatorial (or package) bids from suppliers. Allowing combinatorial bidding in the procurement process has been shown to reduce costs in other industries.
    [Show full text]
  • Review of Scottish Public Sector Procurement in Construction
    Review of Scottish Public Sector Procurement in Construction October 2013 Review of Scottish Public Sector Procurement in Construction October 2013 The Scottish Government, Edinburgh 2013 © Crown copyright 2013 You may re-use this information (excluding logos and images) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit http://www.nationalarchives.gov.uk/doc/open-government-licence/ or e-mail: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This document is available from our website at www.scotland.gov.uk. ISBN: 978-1-78256-993-0 The Scottish Government St Andrew’s House Edinburgh EH1 3DG Produced for the Scottish Government by APS Group Scotland DPPAS14987 (10/13) Published by the Scottish Government, October 2013 Contents Foreword 3 1. Executive summary 5 2. Terms of reference and method 15 3. Construction in the public sector today 17 4. Governance, accountability and leadership 20 4.1 Overview 20 4.2 Strengthening construction procurement policy leadership 21 4.3 Responsibility for implementing recommendations 23 4.4 Chief Construction Adviser 23 4.5 Relationship to the wider procurement reform programme 25 4.6 Fitting the pieces together 27 5. Prioritisation and co-ordination of spending 29 5.1 Overview 29 5.2 Prioritisation of spend 29 5.3 Construction Pipeline 31 5.4 Co-ordination of projects and programmes 33 5.5 Regional strategic co-ordination 35 5.6 Social Housing 36 6. Approach to market 38 6.1 Overview 38 6.2 The importance of design 38 6.3 Framework agreements 49 6.4 hubCos 53 6.5 „Self-delivery‟ 56 6.6 „New models‟ of procurement 58 6.7 Contract selection, terms and conditions 59 6.8 Payment terms 63 6.9 Cash retentions and other project assurance tools 67 7.
    [Show full text]
  • Senate Commerce & Human Resources Committee
    AMENDED AGENDA #1 SENATE COMMERCE & HUMAN RESOURCES COMMITTEE 1:30 P.M. Room WW54 Thursday, January 14, 2016 SUBJECT DESCRIPTION PRESENTER RULES Assignments Vice-Chairman Fred REVIEW Martin RS24125 Relating to Manufactured Home Residency Act Representative Mike Moyle Jack Lyman, Idaho Housing Alliance If you have written testimony, please provide a copy of it along with the name of the person or organization responsible to the committee secretary to ensure accuracy of records. COMMITTEE MEMBERS COMMITTEE SECRETARY Chairman Patrick Sen Rice Linda Kambeitz Vice Chairman Martin Sen Thayn Room: WW46 Sen Lakey Sen Schmidt Phone: 332-1333 Sen Guthrie Sen Ward-Engelking email: [email protected] Sen Heider MINUTES SENATE COMMERCE & HUMAN RESOURCES COMMITTEE DATE: Thursday, January 14, 2016 TIME: 1:30 P.M. PLACE: Room WW54 MEMBERS Chairman Patrick, Vice Chairman Martin, Senators Lakey, Guthrie, Heider, Rice, PRESENT: Thayn, Schmidt and Ward-Engelking ABSENT/ None EXCUSED: NOTE: The sign-in sheet, testimonies and other related materials will be retained with the minutes in the committee's office until the end of the session and will then be located on file with the minutes in the Legislative Services Library. CONVENED: Chairman Patrick called the meeting to order at 1:32 p.m. and welcomed everyone to the first meeting of the Commerce and Human Resources Committee (Committee). INTRODUCTION: Chairman Patrick introduced the new page, Hayden Rogers, and asked him to tell the Committee about himself. Hayden Rogers said he attends Centennial High School in Boise, is a senior and is sponsored by Senator Martin. He said he is excited about being a page and learning how everything works at the Legislature.
    [Show full text]