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CITY VIEWS: COULD THE US CREDIT OUTLOOK DOWNGRADE TRIGGER ANOTHER CRISIS?

first_img ASHLEY KEET | CLARKSONS“No, I think the institutions are better prepared, but funding will be more expensive now. Obama is not taking the hard line like the UK has, but their recovery looks more stable.”MATTHEW PAIN | NEWLINE GROUP“Yes, I think there are many indicators of a possible double dip recession in the US. I’m surprised the UK didn’t get downgraded as well after posting its growth figures for 2011.”DANIEL MELTZER | PLEXUS LAW“Yes. It could, because it damages market confidence. And Obama has his share of responsibilities – his administration is not managing the day – it’s not taking tough decisions.” CITY VIEWS: COULD THE US CREDIT OUTLOOK DOWNGRADE TRIGGER ANOTHER CRISIS? KCS-content Monday 18 April 2011 8:45 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Share Tags: NULLcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition whatsapp Show Comments ▼ whatsapplast_img read more

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I looked into the balance sheet of Tullow Oil, and this is what I found

first_img I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Image source: Getty Images. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Enter Your Email Address Our 6 ‘Best Buys Now’ Shares Jonathan Smith and The Motley Fool UK have no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img I looked into the balance sheet of Tullow Oil, and this is what I found “This Stock Could Be Like Buying Amazon in 1997” It’s natural that we all tend to focus on the share price of a company. After all, it is the barometer with which we judge a successful investment. But there are many other ways of sizing up a company when deciding whether to invest or not.A falling share price can give the impression that a company is undervalued, but digging deeper into the financials can show an investor what they’re really buying into.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…To this end, the share price of Tullow Oil (LSE: TLW) has fallen from about 200p in November to just above 50p currently. Yet instead of just saying that the stock is cheap and therefore a buy, I decided to dig a little deeper into the balance sheet and found out some interesting things that deserved to be looked at.Debt levelsYou can clearly see the borrowings for any business by looking at the short-term and long-term liabilities. For Tullow, I’m using the latest balance sheet, which has first-half 2019 results. If we take short-term liabilities first, we can see that Tullow has outstanding debt of $1.62bn that is due to be repaid within the next 12 months. Given that current assets stand at $2.75bn, this does not worry me too much. It says that Tullow has the liquidity to meet its obligations in the short term. Tullow’s cash balances have remained steady and its inventories have grown from the previous year. From the perspective of investors, both cash and inventories are considered liquid assets, so this leads me to conclude that the risk of Tullow having financial problems from this part of the balance sheet is very limited, which should be taken as a positive.However, I do have worries about the long-term liabilities. Tullow’s borrowings stand at $3.285bn. To give you some kind of context, sales revenue in the first six months of 2019 stood at a mere $872m. The long-term debt dwarfs the size of the company. This becomes even more evident when you see that the market capitalization of the firm stands at just over $910m (£700m).Interest cover is a useful measure for assessing how serious the debt is. Interest cover is operating profit divided by interest charges. In other words, how many times can the company’s profit cover the costs of its debt? Obviously, anything below 1 is serious as it shows that profit alone cannot cover the charges. But really we would like to see a healthy company have a high value. For example, Auto Trader has interest cover of over 30 times.For Tullow, using operating profit of $387m and interest charges of $158m, the interest cover is 2.5. This does not fill me with much confidence for the longer-term future of the company.Overall, the Tullow Oil share price could be supported in the short term, because it has good current assets. However, I worry for the company’s health in the longer term, due to the amount of debt relative to the size of the firm. I would be inclined to stay away from the falling share price and look elsewhere, for example, at HSBC. Jonathan Smith | Thursday, 30th January, 2020 | More on: TLW Simply click below to discover how you can take advantage of this. See all posts by Jonathan Smithlast_img read more

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3 UK renewable energy shares I’d buy

first_img Enter Your Email Address 3 UK renewable energy shares I’d buy “This Stock Could Be Like Buying Amazon in 1997” Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I think UK renewable energy shares make a great long-term investment as part of a diversified portfolio. Economies are focusing on sustainability as well as net zero carbon emissions to drive the message of climate change.As my fellow Fool Edward Sheldon points out, the UK renewable energy market is set to grow at approximately 9% per year from now until 2026. To me, this sounds appealing.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…I think there are some great UK renewable energy investment trusts. Not only do these offer investors attractive dividend yields, but also exposure to a portfolio of clean energy assets. Here are three of my top picks.#1 – The Renewables Infrastructure GroupThe Renewables Infrastructure Group (LSE: TRIG) is a great way to get broad exposure to the sector. It has 77 investments across solar, both onshore and offshore wind, as well as battery storage. These are located across the UK and Europe.What I really like is that the trust offers investors a diversified portfolio of renewable energy assets. This way I’m spreading my risk as the concentration of each investment is reduced. The management team is also looking to expand the portfolio, which should reduce my risk even further. As an income addict, TRIG generates a dividend yield of over 5% that’s attractive to me.But the investment trust is trading at almost a 10% premium to its Net Asset Value (NAV). This means that it isn’t cheap and the UK renewable energy share comes at a cost that could maker buying it riskier.#2 – Greencoat UK WindGreencoat UK Wind (LSE: UKW) has wind farms across the UK. I guess this is fairly obvious from the trust’s name.The portfolio comprises 38 operational wind farms and one that is under construction. Approximately 70% of its assets are based onshore with the remaining 30% being offshore. While this investment trust is only focused on wind, it’s still diversified across various sites.I reckon this is a good way of getting sole exposure to wind energy. As an income investor, the dividend yield is also attractive too. It currently stands at over 5%.But just like TRIG, Greencoat UK Wind comes at a price. This renewable energy share is currently trading at a 6% premium versus its NAV.#3 – Bluefield Solar Income FundIf I only wanted exposure to solar energy, then I’d buy the Bluefield Solar Income Fund (LSE: BSIF). This stock also generates an attractive dividend yield of over 6%.The portfolio consists of over 100 operational solar assets across the UK. These include typically large agriculturally situated solar farms, as well as a number of small industrial and commercial sites.What I think is interesting is that BSIF shareholders voted last year to expand the investment mandate. It’s no longer restricted to investing in UK-based assets.The trust can also invest a minority amount of its money into other renewable energy such as onshore wind, hydro and storage. I guess the portfolio will expand over time but for now, it’s heavily invested in solar energy.As with the previous two stocks, BSIF is expensive. It trades at a premium of 9% versus its NAV. And I think this gap could widen, especially now that the investment mandate has become broader. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Image source: Getty Images I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement.center_img Our 6 ‘Best Buys Now’ Shares Simply click below to discover how you can take advantage of this. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Nadia Yaqub | Tuesday, 18th May, 2021 | More on: BSIF TRIG UKW Nadia Yaqub has no position in any of the shares mentioned. The Motley Fool UK has recommended Greencoat UK Wind. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. See all posts by Nadia Yaqublast_img read more

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Rugby Explained: When to kick and when to run

first_img Ireland wing James Lowe kicks the ball (Getty Images) Rugby Explained: When to kick and when to runIn any one elite-level rugby match, a team can expect to receive the ball via a kick between 15 and 20 times. To put this in context, a team will get between three and five scrum put-ins per match.The decision-making and strategy of the receiving team is, therefore, a key factor in getting themselves into scoring positions. This is particularly important in those situations where a catcher has enough time to decide whether to set off on a counter-attacking run or whether to kick. But how are these decisions made? Let’s take a look.There’s no doubt that during the Six Nations, watching a full-back catch the ball and then set off on a side-stepping and offloading mission up the field is wonderful. The realities of professional rugby make this spectacle challenging on most occasions. There are a large number of variables that could influence the decision – however, we can break these down into four common principles.France’s Brice Dulin makes a decision to kick (Getty Images)Whether the catcher is alone in the backfield and how close their support is.What type of player is in the backfield. A No 8 will have a different set of skills to a scrum-half, which will influence their decision.The organisation of the chase line. Highly organised chase lines make it difficult to break through.The teams pre-determined kick strategy. We are all familiar with the trend of kick exchanges involving multiple kicks from each team. The hope is to force an error from an opponent, perhaps by using one of those clever spiral bombs where the kicker fires a corkscrew kick high into the air.Take Stuart Hogg’s famed spiral kick in the 2021 Calcutta Cup match at Twickenham as an example. When he received a kick from England’s Elliot Daly, he was positioned near the middle of the field, giving him a good angle to kick for touch. There was also a large space on the left side of the field to kick into, his 14 teammates were in front of him, and England had a well organised chase line. Fig 1: Box-kick chase and receipt set-up. Wales v Ireland, 2021Note also both George North (13) and Hallam Amos (11) positioned on the blindside. Their objective will be to make a quick and effective tackle forcing Ireland to play from within their own half. However, Ireland are preparing for the Welsh chase and as highlighted in the yellow circles in Figure 2, the Irish forwards have created an opportunity for Stander to run.This is known as an escort team and is a deliberate ploy to both protect the catcher and to create breaks in the defensive line that act as holes for an attacker to run into. Stander catches and immediately run straight for his own teammates who need only to step aside to allow him through. This scenario results in an Irish ruck on the Welsh 10m line, a positive outcome.Fig 2: Box-kick receipt, escort teams and creating holes. Wales v Ireland, 2021Where players get really excited is when they receive a kick from a team who have either just turned the ball over and have kicked immediately, or have been forced to kick under pressure. The field in this example, as demonstrated in figure 3, is now significantly more disorganised than in the previous examples, which affords exciting opportunities for wingers and full-backs in particular.In the example below, Scarlets fly half Dan Jones has been forced to kick after a stray pass forced him backwards with the majority of his team in front and out of attack shape. Ospreys speedsters Dan Evans (15) and Mat Protheroe (11) are presented with a perfect running opportunity where the worst-case scenario would be a tackle on half way, close enough to the retreating forward to set a play-off nine and to regain shape.However, the positioning of Scott Williams presents a chance to gain some protection. So without hesitation Evans runs immediately for Williams who cleverly steps aside towards the touchline opening a path for Evans to run through. Scarlets centre Jonathan Davies (13) is able to make a covering tackle giving the Ospreys a ruck on the 22m line, a net gain of 40m from where the ball was caught.Fig 3: Kick receipt and attacking disorganised defence. Ospreys v Scarlets, Pro14.The decision as to whether to run or kick is, therefore, a complex one. The best players and teams make it look easy. A key focus for players is to ensure  they are scanning the field for opportunities before they receive the ball, a skill that enables them to make quick and effective decisions when their opportunity comes.This piece was written by Geraint Davies – part of the Bajad8a collective. This scenario in addition to his desire to push England deep into their 22m, and his ability to kick the ball long all combine to help him make a quick and effective decision. Of course, he could have run, but the chances of him running the ball into the 22m were slim in comparison to kicking the ball.Most kicks are made as part of a well-planned chase and kick return strategy. The best example of this is the box-kick, which I’ve illustrated in Figure 1 below.Wales have organised their chase line ready for a box-kick from their nine, Tomos Williams. Ireland have kept back Hugo Keenan (15) and CJ Stander (8) inside the 15m line as this is the most likely place for the box-kick to be targeted. Johnny Sexton (10) and James Lowe (11) are holding open, which gives Ireland the choice of moving the ball across the field to target the outside spaces. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Geraint Davies and the team at Bajad8a break down the building blocks of elite rugby. Here they look at a key decision: to run or to kick? Can’t get to the shops? You can download the digital edition of Rugby World straight to your tablet or subscribe to the print edition to get the magazine delivered to your door.Follow Rugby World on Facebook, Instagram and Twitter.last_img read more

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FTSE 100 companies poor at making Web sites accessible

first_img Howard Lake | 15 March 2004 | News Nomensa recently surveyed the top 100 UK universities’ Web sites and found a similarly poor situation, with 43% of them failing the same tests set for the FTSE 100 companies.Often accessibility is not related to a large Web budget: much of it is common sense. So the poor record of top UK companies is not an excuse for UK charities to ignore the issue of Web accessibility. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis FTSE 100 companies poor at making Web sites accessible Tagged with: Digital Research / statisticscenter_img Some of the UK’s top companies, with large marketing and online publishing budgets, are failing to make their sites accessible to those using assistive devices, according to research from Nomensa.Nomensa’s survey of FTSE 100 companies’ Web sites found that only 10% of them demonstrated good layout and structure. An appallingly high 79% of these Web sites did not provide alternate text for images, and 77% did not allow font sizes to be rescaled by users.Only one site had valid HTML, and only one other site had defined access keys for quicker keyboard navigation. Advertisement  18 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

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Council issues flood evacuation warning

first_imgEmail Twitter LIMERICK County Council has advised customers living close to flood prone areas along the Lower River Shannon to familiarise themselves with evacuation procedures. Sign up for the weekly Limerick Post newsletter Sign Up The Local Authority has warned of further flooding along the lower River Shannon owing to increasing levels of water in the Shannon system.  It said unprecedented rainfall levels and resultant record flooding along the River Shannon necessitated an increase in the amount of water that had to be released at Parteen Weir by the ESB.   The discharge levels at the ESB weir had been growing in recent days and resulted in the unavoidable release of higher volumes of water downstream this afternoon.Limerick County Council is advising customers from Montpelier downstream to Limerick City to familiarise themselves with a number of actions, as outlined on www.flooding.ie.  The actions that can be undertaken immediately prior to a flood to reduce damages and protect you and your family include:Advance Preparations:.    Be prepared to evacuate your home or business. Protect yourself, your family and others that need your help..    Have warm clothing and wellingtons ready. .    Have medication to hand (if needed)..    Put sandbags at any openings where the water could gain access..    Move your car to high ground if possible..    Have your mobile phone charged.    Listen to all public alerts issued by the Local Authority or emergency servicesActions to take if being evacuated:.    Turn off gas and electricity..    Disconnect cookers, washing machines, dishwashers, etc., connected by rigid pipes to prevent damaging the machine and the pipes..    Store any electrical items upstairs or above flood level..    Co-operate with emergency services and local authorities. You may be evacuated to emergency centres.     Close off the flow valves on propane tanks, oil drums, or other fuel containers that supply your home through pipes and fittings..    Move valuables and other items to safety. Place them above the flood level or upstairs. (It may be preferable to routinely store such items safely upstairs or on high shelves)..    Roll up carpets and rugs and place them out of harms way..    Empty furniture that cannot be moved and put the contents upstairs. .    Raise furniture that cannot be moved elsewhere on bricks or blocks. Move these pieces away from walls to assist the drying later. If pieces are too difficult to lift weigh   them down with a heavy object to prevent them floating and causing damage to windows, etc..    Remove curtains if there is time, if not tie them over the curtain rail..    Remove cabinet doors and internal doors if time allows, if not leave them open..    Unplug any exterior electrical connections such as outdoor lighting, pond pumps and filters. Advertisement Linkedin WhatsAppcenter_img Facebook Print NewsLocal NewsCouncil issues flood evacuation warningBy admin – November 24, 2009 509 Previous articleShoebar and transponder key cutting servicesNext articleSport vs reality TV adminlast_img read more

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Mc Brearty says his non-attendance at HSE meetings has saved taxpayer €7,000

first_img Twitter Pinterest Google+ 365 additional cases of Covid-19 in Republic WhatsApp Frank McBrearty JnrA Donegal councillor who has not attended HSE Regional Forum meetings for over a year and a half says he has saved the tax payer around €7,000.Cllr Frank Mc Brearty says he was going to Galway to ask questions that can best be answered over the phone and via e-mail by people in Donegal.Her says this is money which could be better spent on the health service, and calls into question the government’s commitment to streamline quangos.Cllr Mc Brearty says one particular HSE Forum meeting in Limerick proved the last straw for him……..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/04/fmbhseforum.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook RELATED ARTICLESMORE FROM AUTHOR Pinterest Previous articleMan rescued from Mount Errigal after fallNext articleFuneral of East Derry MLA taking place today News Highland Main Evening News, Sport and Obituaries Tuesday May 25th Newscenter_img Google+ Twitter Facebook Mc Brearty says his non-attendance at HSE meetings has saved taxpayer €7,000 Man arrested on suspicion of drugs and criminal property offences in Derry WhatsApp By News Highland – April 22, 2014 Further drop in people receiving PUP in Donegal 75 positive cases of Covid confirmed in North Gardai continue to investigate Kilmacrennan firelast_img read more

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Rhode Island school district to serve students who owe lunch money cold sandwiches instead of hot meal

first_imgDebbiSmirnoff/iStock(WARWICK, R.I.) — A Rhode Island school district will begin serving students who owe lunch money cold sandwiches rather than a hot meal.Warwick Public Schools announced on Facebook over the weekend that if money is owed on a paid, free or reduced lunch account, the student will be given a “sun butter and jelly sandwich” every day until the balance is paid in full or a payment plan is set up through the food service office.The policy is effective starting Monday. The Facebook post received hundreds of comments from angry parents criticizing the new policy.The school district offers the option for families to apply to receive free and reduced lunches, according to its website. Warwick Public Schools did not immediately respond to ABC News’ request for comment.Copyright © 2019, ABC Radio. All rights reserved.last_img read more

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Thermoluminescence and optically stimulated luminescence measured in marine sediments indicate precipitation changes over northeastern Brazil

first_imgMarine sediment cores offer a great number of proxies for reconstructions of past environmental conditions, such as ocean temperature, salinity, primary productivity, stratification of the upper water column and continental precipitation. Up to date, continental precipitation archived in marine sediment cores is reconstructed based mainly on the hydrogen isotopic composition of plant‐wax compounds (i.e., n‐alkane δD) or on the ratio between terrigenous and marine sediments expressed as elemental ratios (e.g., ln (Fe/Ca)). Although these proxies provide reliable precipitation reconstructions, there are some inherent limitations, as plant‐wax δD application depends on the availability of n‐alkanes in marine sediments and elemental ratios can be influenced by other factors like the relative sea‐level, primary productivity and post‐depositional processes. Here we introduce new precipitation proxies based on optically stimulated luminescence and thermoluminescence signals of quartz and feldspar. The rationale is that when precipitation changes over the catchment through time, different sediment sources regarding weathering intensity and parent rock types are drained, supplying sediments with varying signals of luminescence to the ocean. We compared our new proxy records with records of well‐established proxies, for the same (ln (Fe/Ca)) and neighboring (n‐alkane δD) marine sediment cores. The comparison among all proxies as well as with a state‐of‐art transient climate model run (TraCE‐21ka) demonstrates that the new proxies accurately constrain precipitation changes over northeastern Brazil for the last 30,000 years. The main advantage of these new proxies relies on their fast response to precipitation changes over the continent. Furthermore, they are straightforward to measure and not expensive.last_img read more

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Letting agents to pay £16,000 following cannabis factory damage

first_imgHome » News » Agencies & People » Letting agents to pay £16,000 following cannabis factory damage previous nextAgencies & PeopleLetting agents to pay £16,000 following cannabis factory damageScottish First Tier Tribunal finds in favour of landlord after agents’ activities were found to be unregistered and their company in breach of code.Nigel Lewis17th February 202102,572 Views Two Scottish letting agents and their agency are to pay a former landlord client compensation of £16,000 after their activities were found to have been unregistered and that they broke the country’s Lettings Code of Practice.The award was handed down by the First Tier Tribunal in Glasgow, which heard how agents Allan Bate and Kevin Valentine had found a tenant for a rural property near Kilmarnock on behalf of its owner and first-time landlord John Brown.Brown, who is a local builder, had initially met Bate when he was branch manager at the local Martin & Co office.The estate agency had not been able to find tenants for Brown’s six-bedroom home, which he was hoping to rent out while on a year-long holiday in Australia.Bate then left Martin & Co and became a referring agent initially for Glasgow agency Pacitti Jones but later set up as Stirling Property Shop (SPS) with a Martin & Co colleague, Kevin Valentine.A tenant was subsequently found who paid a deposit which was lodged with an authorised service, and who paid his first few month’s rent.Cannabis factoryBut Brown then became concerned that the property was not being looked after and suspected it had been converted into a cannabis factory.Police were called, raided the property and discovered it had been significantly modified to grow cannabis plants. Brown has subsequently said the damage totalled £65,000.Personal items and stock for his business were stolen from a ‘safe room’ totalling several thousand pounds.To recoup some of these costs, Brown took the agents and their company SPS to the tribunal. After hearing evidence from both sides, it found that Bate and Valentine had carried out letting work whilst unregistered in terms of the Housing (Scotland) Act 2014 and awarded Brown £10,000 in compensation.In additional, he received a further £6,000 from SPS for its breaches of Lettings Code of Practice in relation to the late return of the deposit and the management of the property.Read more about cannabis farms.Read the Tribunal judgement in full.First Tier Tribunal cannabis farm Martin & Co Pacitti Jones cannabis farms February 17, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

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