Month: September 2022

Posted on

Madison Newbond Hotel Lending Platform Originates $20 Million Loan for the Balfour Hotel in Miami Beach

NEW YORK, Sept. 30, 2022 (GLOBE NEWSWIRE) — Madison Newbond, the institutional lending platform of Madison Realty Capital and Newbond Holdings that provides first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide, today announced that it has provided a $20 million loan to FullG Capital’s equity sponsorship group for the acquisition of the Balfour Hotel Miami Beach (the “Balfour”), an independent boutique hotel located at 350 Ocean Drive in Miami Beach, Florida.

Located within Miami’s famed South Beach Art Deco District and situated less than one block from the beach, the Balfour contains 82 guestrooms across two towers, as well as an upscale restaurant and bar, an outdoor plunge pool, complimentary beach services, and approximately 1,300 square feet of rooftop terrace space. The hotel is managed by Driftwood Hospitality Management under a third-party hotel management agreement.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Miami is no longer just a top destination for domestic and international leisure travel, but has rapidly become a growing hub for corporations and financial firms seeking to relocate their headquarters. We are pleased to provide a flexible financing solution to facilitate the acquisition of a superbly well-located hotel in one of the most liquid and dynamic hospitality markets in the country.”

Drew Coles, President of FullG Capital said, “Madison Realty Capital is a highly experienced lender in the Miami hospitality market with a reputation for certainty of execution. We are thrilled to leverage Madison Newbond’s attractive financing capabilities to complete the acquisition of the Balfour.”

Neil Luthra, Founding Partner at Newbond, added, “Madison and Newbond’s extensive operating experience enables us to efficiently underwrite hospitality lending opportunities and provide borrowers with a reliable financing partner in today’s choppy credit environment.  The Balfour perfectly exemplifies this, and we are excited to work with the FullG Capital team to bring their business plan to life.”

Madison Realty Capital has significant experience investing in hotel and luxury condominium developments in Miami and across South Florida. Notable transactions include an $85 million loan to The Related Group, BH Group, Teddy Sagi’s Globe Invest, and Wanxiang Group Corporation for the acquisition and pre-development of a luxury condominium project on Fisher Island in Miami Beach, a $76 million loan to The Related Group for the development of District 225, a 343-unit luxury condominium project in Miami, a $210 million loan to Fort Partners for the construction of the Four Seasons Hotel and Private Residences Fort Lauderdale, and a $105 million loan to Fort Partners for the acquisition and modernization of the Four Seasons Hotel Miami.

Madison Newbond launched in November 2021 with approximately $500 million of initial lending capacity and has plans to add scale in line with existing opportunities.

 

About Madison Realty Capital 

Madison Realty Capital is a vertically integrated real estate private equity firm that, as of August 31, 2022, manages approximately $9.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $21 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

About Newbond Holdings

Newbond Holdings, founded by Neil Luthra and Vann Avedisian in 2021, is a real estate investment and operating platform focused on debt and equity investments across multiple real estate product types with a hospitality focus as well as investments in related operating businesses and technology platforms. The partners at Newbond have completed over $15 billion of debt and equity transactions. As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations and the development of single and multiple asset brands.

Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
Posted on

Innovative agreement will have union workers processing critical minerals from seafloor nodules for production of electric car batteries

NEW YORK, Sept. 30, 2022 (GLOBE NEWSWIRE) — Today the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) and The Metals Company (TMC) announced that they have entered into a labor neutrality agreement to bolster the critical mineral supply chain and to lay the groundwork for sustainable production of electric car batteries while creating a path to more good union jobs in the United States.

TMC will process and eventually recycle key battery metals responsibly collected from polymetallic nodules that lay unattached on the seafloor in the Eastern Pacific off the coast of North America. Battery metals, many of which are included on the US critical mineral list, are an essential ingredient to decarbonization and without secure supply and processing capabilities, the American automotive industry and American jobs underpinning the clean energy transition remain vulnerable.

Building large-scale metals processing infrastructure and mineral supply chains in the United States will enhance national and economic security and help ensure TMC’s processing operations create good-paying U.S. jobs.

UAW President Ray Curry stated, “UAW members helped create America’s middle class by bargaining agreements that lifted not only their standard of living, but those in entire sectors of our economy.” He adds, “we have insisted that the transition to electric vehicles must not come at the expense of autoworkers, their families, and communities. We commend TMC for showing companies that the way forward should include respect for the rights of their future workforce to join together and collectively bargain for good wages, benefits, and working conditions.”

UAW believes that the transition to EVs demands the creation of a strong US supply chain not only for batteries but also the critical metals which power those batteries.

TMC Chairman and CEO Gerard Barron commented: “We are pleased to be working hand in hand with such a forward-thinking organization as the UAW to enable large-scale domestic metal processing and refining facilities in the United States. The UAW has nearly a century of collective bargaining experience in the automotive industry and has earned a reputation for protecting workers, protecting the environment, and fighting for justice. From making the very first contribution to set up Earth Day to its active position in the Civil Rights Movement, the UAW has an impressive record of leadership on social and environmental issues.”

Nasdaq-listed TMC is the only nodule exploration contract holder to have defined its metal resources per US SEC standards, identifying enough nickel, cobalt, copper, and manganese in situ in two of the Company’s three exploration areas to electrify 280 million electric vehicles, equivalent to the entire US passenger fleet. Mining.com has ranked TMC’s NORI and TOML contract areas as the #1 and #2 largest undeveloped nickel projects in the world, representing the largest potential alternative to the supply of nickel which is currently dominated by Russian- and Chinese-funded operations. Further, peer-reviewed studies suggest that the responsible collection of polymetallic nodules, which unlike other mineral extraction endeavors, requires no blasting, no drilling, no digging and no forced or child labor, can significantly compress the planetary impacts of metal production including a significant reduction in carbon impacts, solid waste, and the elimination of toxic tailings. The Company is aiming to locate a large-scale processing facility producing battery materials — nickel and cobalt sulfate and copper cathode — in the United States to support a localized battery supply chain.

For years UAW has highlighted the supply chain vulnerabilities for battery metals and semiconductors which severely affect the US auto industry. As metal refining, EV battery material and cell production, and recycling centers that will power the domestic electric automotive industry expand, the UAW maintains the work must be done by workers’ who collectively bargain.

UAW will help ensure that the highly skilled labor necessary to support this sustainable vision has an opportunity to express their voice in the workplace. TMC in turn acknowledges that future processing employees will have the freedom to choose union representation, and it embraces expeditious procedures to determine majority status.

About The Metals Company:

The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The Company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.

More Info 
Media | media@metals.co
Investors | investors@metals.co

Forward Looking Statements

Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements contained in this press release include, without limitation, statements regarding the location of any processing facilities, as well as the design, use and accuracy of any technology developed by TMC and its partners, agents and/or service providers to support its operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the Clarion Clipperton Zone and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collection, development and processing polymetallic nodules; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property and the validity, use and ownership of any new technology or intellectual property subsisting therein; and other risks and uncertainties indicated from time to time in the Company’s Form 10K, dated and filed with the U.S. Securities and Exchange Commission (SEC) on March 25, 2022 , including those under “Risk Factors” therein, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive. TMC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TMC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except as required by law.

Posted on

Yachting: 26th Captains’ Forum, The Industry Seen From Outer Space

A change of perspective on the yachting industry to link deep ocean and outer space

Yachting: 26th Captains’ Forum, The Industry Seen From Outer Space

Special guest was Scott E. Parazynski, former NASA astronaut who drew similarities between the two worlds.

MONACO, Sept. 30, 2022 (GLOBE NEWSWIRE) — Under the aegis of the collective Monaco Capital of Advanced Yachting brand and following the 2nd Monaco Smart and Sustainable Marina Rendezvous, Yacht Club de Monaco continues to give voice to luxury yachting players. The day after the traditional Owners Lunch, attended by 90 guests, it was the turn of superyacht captains attending the 26th Captains’ Forum, organised by the Captains’ Club, bringing together 150 captains holding a 3000 certificate, working on superyachts flying the YCM flag. Special guest was Scott E. Parazynski, former NASA astronaut who drew similarities between the two worlds.

“Monaco is the capital of yachting, just like Houston is for space missions,” said Parazynski. “There’s so many corollaries between deep sea yachting and space flight, it’s a very committing environment to be offshore with just the resources that you and your team have. Going to space requires a certain type of preparation. There has to be a balance. You have to be very calm while being extremely focused. It is the same for the captains when they go to sea. I feel some sort of kinship with them because they address many of the same type of problems we face in space,” he explained.

A more virtuous future and a more sustainable industry were some of the key topics being discussed. The only way to successfully go in one direction is to facilitate exchanges between clients, owners, shipyards, architects and designers so they work together on new innovative ideas. “The more people can understand our oceans, the more people we get to experience the oceans and understand the fragility of the ecosystem, the better the planet will be. So by getting young people involved, showing them the beauty, the majesty and the fragility of our planet through yachting, it’s something we need to endorse,” underlined Parazynski .

The change comes through the human factor and younger people. “The yachting industry,” said Craig Coker, captain on M/Y Skyfall (58m), “used to be a job for a lot of people but it’s now a career and we have to bring younger people up and show them what it can potentially be. People now are looking for somewhere to belong, somewhere where they can move up, somewhere where they can develop themselves as a career.” As many leave the industry without having persevered, “you have to give them the opportunity to grow,” Coker pointed out. All the captains agreed new generations need a goal, not just a process to follow: “We mustn’t forget that we are also training tomorrow’s managers,” concluded Dan Smith, M/Y Savannah (84m).

Over a hundred of these attended the event, organised in partnership with Jutheau Husson and Oceanco. MB92 Group wanted to join the latter two in the Captains’ Club, keen to strengthen its collaboration with YCM and its emphasis on networking as a link with these professionals who have a pivotal role to play in the yachting chain. This Captains’ Forum raised the debate bar high in thinking way outside the box.

For more information:

LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c45cd73-2364-4b3e-be5a-9c36bea916d7

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

Posted on

Philips shareholders appoint Roy Jakobs as next President and Chief Executive Officer

September 30, 2022

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) announced that today’s Extraordinary General Meeting of Shareholders (EGM) appointed Roy Jakobs as the company’s next President and Chief Executive Officer, effective October 15, 2022, succeeding current President and Chief Executive Officer Frans van Houten.

“I am very pleased that Roy Jakobs has been appointed today as the next CEO of Philips,” said Feike Sijbesma, Chairman of the Supervisory Board of Royal Philips. “On behalf of the entire Supervisory Board, I would like to thank Frans for successfully leading Philips’ transformation into a focused, global solutions leader in health technology. We are convinced that Roy is the right successor to lead Philips’ efforts to help improve the health and well-being of people globally, and further shape the company for increased value creation for shareholders and all other stakeholders.”

“I have enjoyed and feel deeply privileged for having been given the opportunity to shape Philips onto a path of future relevance as we embraced health and healthcare innovation as our company focus,” said Frans van Houten, CEO of Royal Philips. “Much has been achieved in the past 12 years and I want to thank the many passionate, talented colleagues who have made this possible. Nevertheless,  much remains to be done, and this will now be the task of the Executive Committee under the leadership of my successor. I wish Roy and the team much success.”

“I am honored to be appointed as the next CEO of Philips, and together with our Philips colleagues continue to help improve people’s health and well-being with meaningful innovations,“ said Roy Jakobs, incoming CEO of Royal Philips. “Philips is a unique company with a strong brand, more than 130 years of innovation power and a bright future as a leader in health technology solutions. I look forward to leading the company in a transparent way, empowering our people as we address the current challenges, while also shaping the next chapter of Philips.”

Additional information on the composition of Philips’ Board of Management and the Executive Committee can be found here.

For more information about the EGM, please click on this link.

For further information, please contact:

Elco van Groningen
Philips Global Press Office
Tel.: +31 6 8103 9584
E-mail: elco.van.groningen@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Attachments

Posted on

Floods: N.Sembilan JBPM ready to mobilise 1,200 staff, 326 volunteers

SEREMBAN, Sept 30 (Bernama) — The Negeri Sembilan Fire and Rescue Department (JBPM) is ready to mobilise 1,200 staff and 326 volunteers to deal with floods in the state during the Northeast Monsoon season this year.

Its director Hamdan Ali said 79 rescue assets are also ready to be deployed and a series of training was held as a preparation to face the disaster.

“Lesson learned from the past experience and we use it as a guide in dealing with similar situations in the future,” he told reporters after the Negeri Sembilan JPBM monthly assembly here today.

He said the department had identified 81 flood hotspots involving 25 areas in the Seremban district,  Port Dickson (15), Jelebu (11), Jempol (10), Rembau (10), Tampin (nine) and Kuala Pilah (one).

Residents in hotspot areas are advised to be prepared and always be aware of instructions issued by the authorities, he added.

In another development, Hamdan said the state JBPM recorded 4,506 distress calls from January to September this year, of which 1,117 were related to fire cases, rescue cases (2,917) and special assistance (472).

“The value of losses due to fire is estimated at over RM82 million while the salvaged property is worth RM951 million during the period,” he said.

Source: BERNAMA News Agency

Posted on

KPDNHEP studying recommendation on regulating beauty treatment centres – Nanta

PUTRAJAYA, Sept 30 (Bernama) — The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) is studying the recommendation on the need to regulate beauty treatment service centres in the country, says its Minister Datuk Seri Alexander Nanta Linggi.

He said his ministry always conducted engagement sessions with beauty industry players and the Ministry of Health (MOH) to find the best method to regulate the beauty industry in the country, where the market value is expected to be exceed USD999 million by 2026.

He said KPDNHEP also examined various aspects of the industry including consumer demand, value chain, use of technology in trending beauty treatments, and consumer safety.

“It is the ministry’s plan to regulate the beauty sector in Malaysia to ensure that the industry runs in an orderly and systematic manner for the sake of consumer safety,” he said in a statement today.

On Dec 9, Tuaran MP Datuk Seri Wilfred Madius Tangau proposed to the government to establish a supervisory body to monitor the beauty industry in this country to prevent aesthetic injuries.

Nanta said KPDNHEP recently held an engagement session with the Kingdom’s Vocational Training Charitable Trust (VTCT), a beauty training centre recognised by Ofqual, a United Kingdom (UK) government agency that reports directly to the UK Parliament for qualifications and legislation involving vocational training including beauty treatment training.

He said among the other aspects discussed was the registration of beauty centre operators and employees to ensure that they received training in beauty skills from a recognised body and to ensure that the machines and equipment used are registered.

Also discussed were the conducting of skill courses, modules and certification from recognised bodies, protecting users through insurance coverage and that the products used for treatment were certified safe by the Ministry of Health.

According to Nanta, the discussion was to see how it can be applied in Malaysia, in addition to fine-tuning the legislative and administrative regulatory requirements to ensure the beauty industry in Malaysia can provide confidence to consumers through safe treatment.

Source: BERNAMA News Agency

Posted on

HKL now offers robotic knee, hip replacement surgery

KUALA LUMPUR, Sept 30 (Bernama) — The Kuala Lumpur Hospital (HKL) has become the first government facility to provide robotic knee and hip replacement surgery services to osteoarthritis patients.

Its Joint Replacement Unit head, Dr G. Kunalan said the services have been available since July after receiving delivery of one unit of the Robotic Surgical Assistant (ROSA) from a private company in the United States.

He said the ROSA unit, on a one-year loan to HKL, had enabled a total of 21 joint replacement surgeries to be performed so far, including four complex cases that required the expertise of a computer navigation system.

“With the use of this robot, the precision of implant placement in the correct spot can achieve up to 98 per cent compared to about 94 per cent with the conventional method.

“This at once reduces the pain experienced by patients after surgery and enables them to recover faster, in addition to making the implants last for a long time,” he said after the first joint robotic surgery workshop at the hospital today.

Dr Kunalan said the use of the robot would also help surgeons to plan the operation using the patient’s pre-surgery data from CT scans and X-rays so that the procedure could be performed more safely.

“As the robot is only on loan to HKL and the cost for each robot is between RM3 million and RM6.5 million, we hope the Health Ministry will consider getting these robots for specialist use in the four hospitals that provide this sub-speciality service.

“The four hospitals are HKL, Sarawak General Hospital in Kuching, Raja Perempuan Zainab II Hospital (HRPZ II) in Kota Bharu (Kelantan) and Sultanah Bahiyah Hospital in Alor Setar (Kedah),” he said.

Meanwhile, Health Ministry arthroplasty sub-speciality head Dr Mohd Yusof Ibrahim said the evolution of robotic joint replacement surgery has proven to reduce the probability of revision surgery and use of manpower.

“Conventional surgical methods usually cause a high probability of revision surgery due to the inaccuracy of placing the implant in the correct place.

“In addition, the conventional method requires at least four specialists to be involved in the operation compared to only two or three if the robot is used,” he said.

Dr Mohd Yusof said an estimated 10 per cent of the adult population in Malaysia needs arthroplasty surgery due to a damaged knee or hip joint.

“… but for now, I feel the our society still lacks awareness about this surgery because only one to two per cent are willing to undergo this surgery compared to in Singapore and Thailand.

“For example, Singapore conducts more than 100 such surgeries a week, whereas here, for example, in HRPZ II, only 10 to 12 surgeries are carried out a week. So, the government’s support for the use of robotics is needed because it will be a plus point for the MOH,” he added.

Source: BERNAMA News Agency