Tag Archives: australia
Malaysia says jet crashed in sea; bad weather halts search
Malaysia says jet crashed in sea; bad weather halts search (Reuters) / 25 March 2014 Theories range from a hijacking to sabotage or a possible suicide by one of the pilots, but investigators have not ruled out technical problems. Bad weather and rough seas on Tuesday forced the suspension of the search for any wreckage of a missing Malaysian jetliner that officials are now sure crashed in the remote Indian Ocean with the loss of all 239 people on board. Citing groundbreaking satellite-data analysis by British firm Inmarsat, Malaysian Prime Minister Najib Razak said on Monday that Malaysia Airlines Flight MH370, which vanished more than two weeks ago while flying to Beijing from Kuala Lumpur, had crashed thousands of miles away in the southern Indian Ocean. Recovery of wreckage of the Boeing 777 could unlock clues about why the plane had diverted so far off course. Theories range from a hijacking to sabotage or a possible suicide by one of the pilots, but investigators have not ruled out technical problems. An international air and sea search in the area on Monday spotted several floating objects that might be parts of the plane and an Australian navy ship was close to finding possible debris, Australian Prime Minister Tony Abbott said.( Click here for full text of official statement from Malaysia Airlines ) But the Australian Maritime Safety Authority (AMSA) said gale-force winds, heavy rain and low cloud meant planes could not fly safely to the zone on Tuesday, and waves of 6 metres (20ft) or more forced the navy ship from the area. “AMSA has consulted with the Bureau of Meteorology and weather conditions are expected to improve in the search area in the evening and over the next few days. Search operations are expected to resume tomorrow, if weather conditions permit,” AMSA said in a statement. The search site is far from commercial flight paths about 2,500 km (1,550 miles) southwest of Perth, a region of deep, frigid seas known as the Roaring 40s where storm-force winds and huge waves are commonplace. “This is a remote location, far from any possible landing sites,” Malaysia’s Najib said. “It is therefore, with deep sadness and regret, that I must inform you that, according to this new data, Flight MH370 ended in the southern Indian Ocean.” SMS TEXT Some relatives of those on board first received the news that the search for survivors was over in a Malaysia Airlines SMS message which said: “We have to assume beyond all reasonable doubt that MH370 has been lost and none of those on board survived.” There were hysterical scenes at the Beijing hotel where many of the relatives of those on board were staying. Most of the passengers on the flight, from Kuala Lumpur to Beijing, were Chinese. A group reportedly representing families issued a statement describing the Malaysian airline, government and military as “executioners” who constantly tried to delay and deceive them. “We will take every possible means to pursue the unforgivable crimes and responsibility of all three,” said the statement on the microblog of the Malaysia Airlines MH370 Family Committee. Malaysia Airlines said in a statement that it would make arrangements to fly relatives to Australia once it had approval from the investigating authorities. Abbott said he expected the families to travel to Australia soon. “They will find a welcoming country that is more than willing to embrace them in this difficult time,” he told reporters. COSTLY DIFFICULT INVESTIGATION Najib’s announcement opens the way for what will be one of the most costly and difficult air crash investigations ever. Normally, an official investigation can only begin once a crash site has been identified. That would give Malaysia power to coordinate and sift evidence. Malaysia has faced heavy criticism over the progress of the search and its informal investigation, especially from China which had more than 150 citizens on board the plane. Chinese Deputy Foreign Minister Xie Hangsheng immediately demanded Malaysia hand over all relevant satellite-data analysis showing how Malaysia had reached its conclusion about the fate of the jet. Australia’s Deputy Prime Minister Warren Truss said the Malaysian statement moved the search to a new phase. “It moves it to a stage where we are now investigating an accident, a loss of an aircraft and some new decisions will have to be taken now about the direction of future operations,” Truss told reporters. “Malaysia needs to take control under the Chicago convention of those investigations.” The United States said it was sending an undersea Navy drone to Australia, in addition to a high-tech black box detector, to help in the search. A vendor stands next to newspapers carrying headlines of the missing Malaysia Airlines, flight MH370, as he waits for customers in Shah Alam, outside Kuala Lumpur, Malaysia on Tuesday, March 25, 2014. – AP The so-called black boxes – the cockpit voice recorder and flight data recorder – record what happens during flight. Black boxes carry locator beacons but they fade out after 30 days. Flight MH370 vanished from civilian radar screens less than an hour after taking off on March 8. No confirmed debris from the plane has been found since. Investigators believe someone on the flight may have shut off the plane’s communications systems. Partial military radar tracking showed it turning west and re-crossing the Malay Peninsula, apparently under the control of a skilled pilot. Najib said Inmarsat had been performing further calculations on data gleaned from faint pings picked up by satellite that initially only narrowed the search area to two massive arcs. The Inmarsat analysis had narrowed the search area “but it’s still a big area that they have to search”, said Stephen Wood, CEO of All Source Analysis, a satellite analytic firm. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Property value growth in Australian capital cities slows, latest monthly index shows
Residential property value growth in capital cities in Australia didn’t really move last month with the market pausing for a breather, according to the latest RP Data Rismark home value index. The combined capital cities index recorded no change overall during February with Sydney, Hobart and Darwin the only capital cities to record a slight lift in dwelling values. The index recorded zero month on month growth. This follows eight successive monthly increases where dwelling values rose by 10% and values are up 13.2% since June 2012. Also, recent growth has taken capital city dwelling values to 4.8% higher than their previous peak in October 2010. ‘The February market results are in stark contrast to earlier readings where capital city dwelling values moved 2.6% higher over the past three months. The likelihood is that the weak reading for February is an adjustment from the strong readings in December and January rather than the beginning of a flat to negative growth phase across the macro level housing market,’ said TP Data research director Tim Lawless. Additional metrics tracked by RP Data show that buyer demand remained very strong in February with RP Data’s valuation platforms recording a record month for average daily levels of mortgage related activity. Also, auction clearance rates remained strong and with little slippage in vendor discounting levels or average selling times. However, Lawless said there will need to be further months of flat to negative movements before it can be said confidently that the housing market is slowing. ‘Our view is that housing market conditions will start to wind down later this year as affordability constraints and low rental yields dampen market conditions. Additionally, with a belief that mortgage rates are likely to start tightening later this year, it may help to quell some of the exuberance we have been seeing,’ he explained. Rismark International chief executive officer Ben Skilbeck, pointed out that Sydney continued to be the standout performer. ‘When looking at individual capital cities, the Sydney market has had a surprising run of nine successive month end increases totalling 14.1%. In keeping with what other capital cities have experienced, we would have expected some dips along the growth trajectory over a nine month period,’ he said. ‘Despite the recent strong Sydney capital gains, over the past decade Sydney values have compounded at just 2.9% per annum. Arguably this market is playing catch up before settling into a more sustainable rate of growth,’ he added. The February results show that the premium end of the housing market continued to gather pace while at the more affordable end of the market, capital gains have been slowing. Dwelling values across the most expensive quarter of capital city housing markets are up 3.8% over the three months to February 2013, and 6.8% over the past six months while homes at the most affordable end of the market have seen values remain flat over the past three… Continue reading
Insight Investment Hires Farmland Boss
by Dylan Lobo on Oct 24, 2013 Insight Investment has backed its conviction in farmland by hiring a new head for the asset class. David Beca (pictured) joins from HZ Farming Systems Uruguay, where he implemented pasture-based dairy production systems across the South American country and oversaw its dairy investments in Russia. He has 30 years’ experience in the sector spanning a broad spectrum of international agribusinesses and has hands-on experience as the owner of beef, sheep and dairy farms in Australia and New Zealand. He will join Insight’s seven-strong farmland team, reporting to head of farmland investments Martin Davies. ‘We believe farmland is becoming an increasingly attractive asset class. The scale of investment into farmland is expected to double or even triple by the end of 2015 more than $50 billion,’ Davies said. Beca added: ‘The development of an institutional market for farmland is the most significant development in the agricultural industry for a generation. The investment case for farmland is compelling. ‘With its first fund, Insight has built a great reputation as an innovator and creator of value in farmland investments.’ Continue reading
