Tag Archives: conservative
International demand for prime central London property remains strong
While much has been written about the UK 2015 general election causing uncertainty in the central London prime property market, international demand remains strong, it is claimed. Independent property buying agency Black Brick says it has completed on a dozen separate transactions for investment clients in recent weeks, all with budgets below £2 million and in the past month it has also signed new clients from Brazil, Egypt, and Qatar with budgets from £2 million to £4 million. ‘We continue to see interest from a range of buyers, including both investors and owner occupiers. Other developments of note include a significant rise in Russian interest across both the rental and sales markets in recent weeks,’ said Camilla Dell, Black Brick managing partner. ‘The return of the Russians comes despite the collapse of the rouble against the pound. And while the sharp drop in the price of oil clearly has its own implications for net wealth in the Middle East, West Africa and Russia, the strength of the dollar does at least offer some compensation for potential buyers of prime central London property with US dollar assets,’ she explained. She also pointed out that Sterling's 9% drop against the so called 'greenback' and a fall of similar magnitude against the Chinese yuan since the middle of the year is giving buyers in these increasingly significant asset pools a welcome currency discount. ‘We expect Chinese buyers in particular to dominate the high end of the prime property market in central London in 2015. We also expect political concerns to continue to be a driver of overseas demand in 2015 and beyond,’ she added. However, for the domestic market, 2015 is likely to be a year of two very clearly defined halves split by the general election. ‘Should the Conservative party win the May 2015 election, we expect an extremely active London property market and the opportunity to drive a hard bargain with vendors will be significantly reduced if not lost all together. We believe the period between now and the general election may prove an attractive entry point to this property sector over the long term,’ said Dell. She does not expect a Labour victory to have a dramatic impact on London house prices, though some short term weakness in prices is likely. Hot spots for 2015 include Marylebone with its mix of high quality independent retailers and restaurants. Dell said that Marylebone has one of the best high streets in London and is conveniently located with elegant period housing stock and new developments. For investors the firm is tipping Maida Vale as one of the best areas in London to focus on in 2015. Overlooked by buyers in favour of neighbouring St John's Wood, Maida Vale looks extremely good value compared to its more expensive neighbours, according to Dell. She also pointed out that prices are still well below £1,500 per square foot and this is rare for an area with such excellent shops and transport links to central… Continue reading
The Dubai Dilemma
The Dubai Dilemma Marie Nammour (mary@khaleejtimes.com) / 8 October 2013 Dubai, a cosmopolitan city where people from around 180 to 200 different nationalities converge, reflects an interesting image of a modern city that lives up to the expectation of any western tourist. At the same time the country has succeeded in keeping its conservative and traditional beliefs very much alive and takes pride in them. However, in the past few years Dubai has been the scene of several criminal cases related to sex and alcohol abuse, involving European, American and other foreign expatriates who have found themselves caught in the web of legal trouble. This is mainly due to the lack of knowledge about the laws and the fine line between a luxurious lifestyle and the violation of laws due to abuse of personal liberties. And, these foreigners would most probably continue to face the same trouble unless certain misconceptions are corrected. Counsel Hani Hammouda believes the culture of every society takes decades and even centuries to become firmly rooted. It is like a huge tree that needs space of its own to grow and flourish so that it can provide a shadow that covers everyone who lives in it. For Hammouda, who works for Kefah Al Zaabi Firm for Advocacy and Legal Consultancy, the solution would start by distributing leaflets at airports and by airline companies to newcomers to Dubai, introducing them to the basic facts and principles about life and code of conduct in Dubai. That would help tourists and visitors seeking jobs keep out of legal trouble. “Embassies and consulates can play a key role in guiding their community here and foreigners could make use of the advisory information and abide by them fully realising that the laws could be different from their own country. For example, the use of drugs is strictly prohibited in the UAE while it could be allowed in some European countries. The installation of information boards in malls and public places could also prove beneficial. Holding seminars and lectures are also necessary to raise the foreigners’ awareness about the traditions and norms. “While it is said that ‘when in Rome do as the Romans do’, learning about the host country’s laws and rules upon arrival is a basic need as the ignorance about laws is no excuse to spare law violators the legal accountability,” Hammouda stressed. Misconceptions about cultures This intriguing mosaic of the 180 to 200 nationalities certainly needs a clear set of rules which should be made available to foreigners. The culture of any society takes hundreds of years to be rooted and instilled in generations. However, even if this culture as a whole cannot reach all outsiders, at least the basic minimum components of that culture should be respected, stressed Hammouda. “A simple example of this is that some European countries banned the veil and subjected every woman, who was spotted wearing a veil in public, to fines simply because it did not go well with the cultures of those countries. However, here we still see expats walking along the streets in shorts and in other outfits which could quite hurt the feelings of the conservative local Arab and Muslim families,” said Hammouda. Scantily dressed women and men are often seen walking in malls he said and wondered why every mall does not have information boards with the dress code placed at the entrance itself. “The mall’s owner must be strolling around very often so why doesn’t he pay attention to the excesses of taste and value? At the end of the day, a certain culture would shape up from this combination of cultures. How would we expect it to be? “There is no room here for a reverse thinking that the society here is open to all cultures and that it would be wrong to interfere in other’s liberties. Even in European and American states, one would be punished for an indecent and obscene public act.” According to Adel Awad Jr, a lawyer with over 18 years of experience in law and practising in New York, the image about Dubai abroad is deceiving. “The media projects Dubai as a modern city, which is a fact. But according to that image, there is an unlimited exercise of freedom with no restrictions. So to begin with, westerners head to Dubai with a different picture,” he pointed out. Referring to Dalelv’s case (Norwegian Marte Deborah Dalelv, who was accused of illicit consensual sex after reporting rape), Awad Jr. said: “It is her fault. Even in Europe, a woman should be careful not to stay in the same room with a stranger at night. The alcohol was also a circumstantial element. She lost her sobriety and will.” Proving that a woman was raped is complicated. “Injury marks resulting from struggle with the rapist should be there. If there are no such marks then she would be thought of as a consenting party. If it is proven that she was drunk at the incident time then she will be thought of as an unwilling party and that the sex was forced upon her.” Awad Jr suggested that an introductory code of conduct be enclosed to the employment contract when sent to an expatriate. That way, he (she) would be advised on what would await him in the country he would become a resident of. “Tourists could as well make use of the same information so it would be recommendable that airline and travel agencies enclose it to the travel package they offer to their customers. This code of conduct will give a list of the Dos and the Don’ts in the host country. This code of conduct will help reduce the crimes as it will clear everything out all along.” In July this year, Norwegian Marte Deborah Dalelv who was jailed for having illicit sex and giving false reports to the authorities about being raped, was granted pardon. The 42-year-old Dalelv, who works as an interior design executive, was at first sentenced by the Court of Misdemeanours to 16 months in jail, followed by deportation, for falsely reporting a rape, having sex-out-of-wedlock and consuming alcohol. She claimed to the police and prosecutors that her Sudanese boss raped her in his hotel room in Bur Dubai in March, taking advantage of the fact that she was under the influence of alcohol. The man was sentenced to 13 months in jail and deportation. She was on a business trip with him when the incident happened. Marte’s case created media frenzy in the west after she told her story to the press recounting her ordeal and shock over being held in custody for reporting a rape. She claimed that during the interrogation, she changed her testimony and falsely confessed she had consensual sex in a desperate bid to get a reduced sentence. In February, the Court of Appeals reduced the jail terms of an expatriate couple (an Irish man and a British woman, who had sex mary@khaleejtimes.com Continue reading
Emissions Trading Reforms Raise Price Of Pollution Permits
Policymakers say a higher price is essential to encourage more greenhouse gas reductions across Europe’s industry Damian Carrington guardian.co.uk , Wednesday 3 July 2013 The EU emissions trading scheme, the largest in the world and now being replicated in China, is intended to tackle climate change by reducing CO2 emissions across Europe’s industry. Photograph: Ina Fassbender/Reuters[/color] Critical reforms to Europe ‘s flagship scheme for cutting carbon emissions were passed for the first time on Wednesday in the European parliament. The move immediately caused the price of pollution permits, currently near rock bottom, to rise. Policymakers believe a higher price is essential to encourage more greenhouse gas reductions. The EU emissions trading scheme, the largest in the world and now being replicated in China, is intended to tackle climate change by reducing CO2 emissions across Europe’s industry. But a huge oversupply of permits, owing to the economic crisis causing production to drop, and because of lobbying by industry, caused the price paid to emit a tonne of carbon to crash in recent years . The short-term fix approved on Wednesday will delay the release of permits for 900m tonnes of carbon, cutting the oversupply, and member states will now decide how to implement the plan. German MEP, Matthias Groote, who steered the reforms through the parliament, said: “We shall not let the ETS be the victim of short-term concerns. Structural reform of our emissions trading system will follow to ensure it remains the cornerstone of EU’s climate policy.” “The symbolic nature of this vote cannot be underestimated,” Rob Elsworth, from carbon trading thinktank Sandbag. “The parliament has shown that it sides with climate ambition and has silenced those looking to kill the EU carbon market.” EU commissioner for Climate Action Connie Hedegaard also welcomed the vote. “We must have a well-functioning carbon market to boost innovative low-carbon technologies in Europe,” he said. Ed Davey, the UK’s energy and climate change secretary, said the vote was an important step forward. “We need a stable carbon market so we get a more certainty for investors so emissions reductions can be achieved at the lowest cost possible.” Analysts suggest that only the cancellation of permits, not merely a delay, will be sufficient to drive up carbon prices to the level that ensures industry acts to cut emissions. But amid intense industry lobbying it has been politically difficult to make any reforms: a proposal to delay – or backload – permits was defeated in the European parliament in April , causing the carbon permit price to fall by almost half on the day. On Wednesday, the vote was carried by 344 to 311 votes. However, energy intensive industry groups said they were disappointed at “interference” in the market. Ian Rodgers, director of UK Steel, said: “The parliament not only took the wrong decision on backloading, but also rejected an amendment which would have provided much needed [financial] support for industries that face significant barriers to reduce emissions.” Rhian Kelly, CBI Director for business environment, said: “British business is committed to the ETS as the cornerstone of EU energy and climate change policies [but] the commission must also improve support for those businesses most at risk from any future reforms.” MEPs rejected a number of proposals intended as compromises to industry. BNEF carbon analyst Konrad Hanschmidt said: “This was more bullish than the market had anticipated.” Nick Robins, at HSBC bank, said: “This will provide a modest – but temporary – boost to the market. More importantly, we expect that this will provide positive momentum for [future] structural reform of the ETS.” The carbon price rose 10% to €4.75 by mid-afternoon on Wednesday but remained about 50% down on its 12-month high of €9. The EU’s four biggest nations – UK, France, Germany and Italy – and at least eight other member states are in favour of strengthening the EU emissions trading scheme , as are dozens of major companies including Shell, E.ON, SSE, ENEL, Unilever and Ikea. David Hone, Shell’s chief climate change adviser, said: “The ETS is the most cost-effective approach to meeting Europe’s energy needs and reducing emissions over time. It is in urgent need of reform and backloading is an important first step.” The reform was also opposed by MEPs in the Conservative EPP grouping, including all but one Conservative MEP who defied David Cameron to vote against the backloading. Cameron wanted an even more ambitious backloading, of 1,200m permits. The UKLibDem’s European environmental spokesman and MEP Chris Davies said: “Conservative MEPs have turned their back on the future and shown their contempt both for the needs of British industry and the policies of the coalition government.” The ETS was launched in 2005, to allow the buying and selling of permits and ensure carbon was cut where it was cheapest to do so. Prices crashed during the first trading period to near zero in 2007, because of the over-allocation of permits. But traders dismiss that collapse, blaming it on early errors in the experimental phase of the market. The carbon price hit a peak of €32 in April 2006 and traded above €30 in 2008. Wednesday’s reforms will mean backloading can only happen once before 2020. Analysts believe the backloading of 900m permits could raise carbon prices to €15, but say prices above €20 are needed to give utilities sufficient incentive to make serious switches to lower carbon energy generation. Greenpeace’s Joris den Blanken said: “The Parliament unexpectedly rejected a further weakening of the plan, but there is still not too much to celebrate. As soon as the suspended allowances are allowed to re-enter the system, the carbon market will be back to square one.” He said 2.2bn allowances must be cancelled before 2020 to restore the credibility of the ETS.[/font][/color] Continue reading
