Tag Archives: economy
UK average asking prices up 3.3% month on month, latest index shows
New sellers have helped push up property prices in the UK, with the average asking price seeing a rise of 3.3% or £8,103 last month, according to the latest data from Rightmove. The average property coming to the market is now priced at £251,964, some 6.9% or £16,223 more than a year ago which is the highest annual rate for over six years. The real estate website also reports that new listing numbers jumped by 18% compared to a year ago, but the supply shortage continues as they fail to keep pace with numbers coming off the market. It says that buyers with a property ‘yet to sell’ are the losers as the market heats up, with agents reporting buyers able to proceed with speed are winning the property battle. Also market momentum continues to build with all of Rightmove’s 10 busiest ever days being in January this year, breaking 50 million pages in a day for the first time. ‘The market rebound continues. While February is historically a positive month for prices of property coming to market, this is the second highest February rise since our index began in September 2001,’ said Miles Shipside, Rightmove director and housing market analyst. ‘New sellers are now asking over £16,000 more than those who came to market a year ago, a rate of increase not seen since before the credit crunch took hold in 2008. Those contemplating trading up, down or out may well be encouraged to come to market as they see their equity grow as prices rise,’ he pointed out. The data also shows weekly new listings averaged 27,768 over the last four weeks compared to 23,607 over the same period a year ago, an increase of 18%. While the sizeable year on year uplift is partly explained by a sprinkling of snow around this time last winter, this is the highest weekly run rate at this time of year since 2008. New supply is scarcest in the south where increased demand is greatest. London at 15%, the South East at 13% and the South West at 10% are all below the national average of 18%. Furthermore, even this significant boost in property coming to market is exceeded by the number of properties coming off the market, suggesting that the extra supply is being soaked up by buyer demand, an early indicator that transaction volumes will be considerably higher in 2014 than 2013. As a result there was a slight fall in the average available stock per estate agency branch, from 58 properties to 57. If increased listing levels are maintained, the firm points out, and they start to outstrip buyer demand, upwards price pressure will ease. It will take more than one month of improvements in new listing numbers to bring the market back into balance however, indeed some local market hotspots have not seen any uplift at all. ‘The housing market can only help to support a wider economic recovery if there is… Continue reading
Ukraine points west as US warns Russia against force
Ukraine points west as US warns Russia against force (Reuters) / 24 February 2014 US, Britain warn Russia against military intervention; acting president says European integration a top priority. Ukraine’s new interim president pledged to put the country back on course for European integration now Moscow-backed Viktor Yanukovich had been ousted, while the United States warned Russia against sending in its forces. Ukrainian opposition leader Yulia Tymoshenko (C) meets with US ambassador to Ukraine Geoffrey Pyatt (L) and head of the EU Delegation to Ukraine Jan Tombinski in Kiev. -Reuters As rival neighbours east and west of the former Soviet republic said a power vacuum in Kiev must not lead to the country breaking apart, acting president Oleksander Turchinov said on Sunday that Ukraine’s new leadership wanted relations with Russia on a “new, equal and good-neighbourly footing that recognises and takes into account Ukraine’s European choice”. A day after Yanukovich fled to the Russian-speaking east following dozens of deaths during street protests aimed at toppling him, parliament named new speaker Turchinov as interim head of state. An ally of the ousted leader’s long jailed rival Yulia Tymoshenko, he aims to swear in a government by Tuesday that can provide authority until a presidential election on May 25. With battle-hardened, pro-Western protesters in control of central Kiev and determined to hold their leaders to account, lawmakers rushed through decisions to cement their power, display their rejection of rampant corruption and bring to book officials who ordered police to fire on Independence Square. But whoever takes charge as interim prime minister faces a huge challenge to satisfy popular expectations and will find an economy in deep crisis, even if the EU makes good on new offers of aid that may help make up for loans that Russia has frozen. Scuffles in Russian-speaking Crimea and some eastern cities between supporters of the new, pro-EU order in Kiev and those anxious to stay close to Moscow revived fears of separatism that a week earlier were focused on the west, where Ukrainian nationalists had disowned Yanukovich and proclaimed self-rule. President Barack Obama’s national security adviser, Susan Rice, was asked on US television about the possibility of Russia sending troops to Ukraine, which President Vladimir Putin had hoped Yanukovich would keep closely allied to Moscow. “That would be a grave mistake,” Rice said. “It’s not in the interests of Ukraine or of Russia or of Europe or the United States to see a country split. It’s in nobody’s interest to see violence return and the situation escalate.” Yanukovich’s flight into hiding left Putin’s Ukraine policy in tatters, on a day he had hoped eyes would be on the grand finale to the Sochi Olympics. The Kremlin leader spoke on Sunday with German Chancellor Angela Merkel, whose foreign minister had brokered a short-lived truce in Kiev on Friday. They agreed Ukraine’s “territorial integrity” must be maintained, Merkel’s spokesman said in a statement. British Foreign Secretary William Hague was asked if Russia might “send in the tanks” to defend its interests among ethnic Russians in the east and on the Crimea peninsula, where Moscow bases its Black Sea Fleet: “It would really not be in the interests of Russia to do any such thing,” he told the BBC. Earlier this month, a Kremlin aide warned that Moscow could intervene and accused Washington of breaching their 1994 treaty under which Russia removed Soviet nuclear weapons from Ukraine. It is unlikely the United States and its allies in Nato would risk an outright military confrontation with Russia but such rhetoric, laden with echoes of the Cold War, underlines the high stakes in Ukraine, whose 46 million people and sprawling territory are caught in a geopolitical tug of war. EU officials offered financial aid to a new government and to revive a trade deal that Yanukovich spurned under Russian pressure in November, sparking the protests that drove him from office after 82 deaths last week, many from police sniper fire. EU foreign policy chief Catherine Ashton will travel to Ukraine on Monday to discuss economic help, the EU said. The United States has also promised help. But budgets are tight in the EU and Washington, and international creditors like the IMF may remain wary of Yanukovich’s opponents, whose years in government before him were no economic success story. However, concern about instability and a popular desire to be seen backing what looks to Western voters like a democratic movement threatened by Russian diktat may loosen purse strings – at least to tide Ukraine over until after the elections. In Russia, where Putin hoped to count on Ukraine as a key element in a union of ex-Soviet states and might also fear the Kiev uprising could inspire his own opponents, the finance minister said the next tranche of a $15-billion loan package agreed in December would not be paid, at least before a new government is formed. Russian Foreign Minister Sergei Lavrov, according to his office, told US Secretary of State John Kerry the opposition had “seized power” by force by ignoring the EU-brokered truce on Friday that left Yanukovich in office for the time being. Lavrov said that power-sharing agreement should be revived. However, even lawmakers from Yanukovich’s own party voted for his removal on Saturday and issued a statement blaming him and his entourage for the crisis. Business “oligarchs” – rich from control of ex-Soviet assets – also distanced themselves from a man long seen as their representative in the presidency. In a mark of passions dividing Ukrainians along a historic faultline between Russian and Ukrainian cultures, local television in Kerch, in eastern Crimea, showed a crowd hauling down the blue-and-yellow Ukrainian flag in front of the town hall and hoisting the white, blue and red Russian tricolour. Yanukovich, whose whereabouts remain unclear but who may be in his home city of Donetsk near the Russian border, accused opponents of a Nazi-style coup and said he remained in power. In a hectic round of voting in parliament, lawmakers rushed in some crowd-pleasing measures against the ousted administration, conscious that those still occupying Independence Square – or the Maidan – remain deeply suspicious of the political class. They stripped Yanukovich of his abandoned country home near Kiev. Its brash opulence, complete with ostrich farm and hot tubs, was put on display within hours and fuelled demands that the rough-hewn former petty criminal from the eastern coalfields be held to account for stealing taxpayer billions. Several officials and ministers were singled out for being removed from office, among them an education minister accused of promoting a Russian view of Ukrainian history. Parliament-appointed security officials announced legal moves against members of the ousted administration and those responsible for police attacks on the Maidan last week. Newly appointed speaker Oleksander Turchinov, now acting president, said a government should be in place by Tuesday. His ally, Tymoshenko, defeated by Yanukovich in a 2010 presidential election and later jailed for corruption, ruled herself out as interim premier. Freed from a prison hospital on Saturday after more than two years in jail, she may want time to recover and build support before running for the presidency. As prime minister following the largely peaceful Orange Revolution of 2004-05, which overturned a first presidential victory by Yanukovich, Tymoshenko disappointed many in Ukraine who had hoped for an end to the corruption and failed economic policies that marked the aftermath of Soviet communism. “In these days the most important thing is to form a functioning government,” said Vitaly Klitschko, a former world boxing champion and also a possible presidential contender. “We have to take very important steps in order to ensure the survival of the economy, which is in a very bad shape,” he told a news conference. He denied there had been a coup. “Parliament is the last legal official institution in Ukraine,” he said. “Nobody knows where the president of Ukraine is. We tried to find him all day yesterday. His location is unknown. He left the country without a president.” For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
World’s First Refinery Turning Farm Waste to Bioethanol Opens
CRESCENTINO, Italy, October 14, 2013 (ENS) – The world’s first commercial-scale refinery to produce bioethanol from agricultural residues and energy crops has opened in northern Italy. When fully implemented, the system will provide 75 million liters of bioethanol annually for the European market. Present at the opening Wednesday were Italy’s Economic Development Minister Flavio Zanonato, local and regional officials and representatives from the European Commission, as well as more than 500 stakeholders from around the world. Beta Renewables new cullulosic ethanol plant in northern Italy (Photo courtesy Novozymes) Situated in fields outside the city of Crescentino, the plant uses wheat straw, rice straw and arundo donax, a high-yielding energy crop grown on marginal land to produce cellulosic ethanol, using enzymes to convert the plant material into fuel. The facility is the result of a collaboration between Beta Renewables, a cellulosic biofuels company based in Tortona, Italy, and Novozymes, the world’s largest producer of industrial enzymes, headquartered in Denmark. The two companies formed a strategic partnership in October 2012, making Novozymes the preferred enzyme supplier for Beta Renewables’ current and future cellulosic biofuel projects. “The advanced biofuels market presents transformational economic, environmental and social opportunities, and with the opening, we pave the way for a green revolution in the chemical sector,” said Beta Renewables Chairman and CEO Guido Ghisolfi. “We will continue to commercially expand Beta Renewables’ core technology throughout the world, and we are very confident at this stage given the demand we see around the globe.” “The opening today presents a leap forward and is truly the beginning of a new era for advanced biofuels,” said Novozymes CEO Peder Holk Nielsen. “Here, at this plant, enabled by Novozymes’ enzymatic technology, we will turn agricultural waste into millions of liters of low-emission green fuel, proving that cellulosic ethanol is no longer a distant dream. It is here, it is happening, and it is ready for large-scale commercialization.” Lignin, a polymer extracted from biomass during the ethanol production process, fuels an attached power plant, which generates enough power to meet the facility’s energy needs. Any excess green electricity will be sold to the local grid. Since 2011, more than US$200 million has been invested in research and development of the technology used to produce cellulosic ethanol at the Crescentino facility with financing from the Texas Pacific Group. Beta Rewables new biorefinery uses waste straw to make bioethanol. (Photo courtesy Novozymes) Beta Renewables says its Proesa™ engineering and production technology used with Novozymes’ Cellic® enzymes represent “the most cost-competitive advanced biofuels platform in existence today.” Proesa belongs to the so-called “second-generation” technologies which allow the use of the sugars present in lignocellulosic biomass to obtain fuel and other chemicals with lower greenhouse gas emissions and at competitive costs compared to fossil fuels such as oil and natural gas. “Investors interested in cellulosic ethanol often ask when the technology will be ready at commercial scale,” said Ghisolfi. “PROESA enables customers to produce advanced biofuel at a cost-competitive price relative to conventional biofuels – at large-scale and today.” “Our complete offering makes cellulosic biofuel projects bankable and replicable,” Ghisolfi said. “With the world’s first commercial plant up and running here in northern Italy, I very much look forward to an exciting journey of establishing an entirely new, and very promising, industry.” A recent study by Bloomberg New Energy Finance concludes that transforming agricultural residues into advanced biofuels could create millions of jobs worldwide, economic growth, reduction of greenhouse gas emissions, and energy security by 2030. But before this can occur, Ghisolfi and Nielsen say government support is necessary to accelerate the deployment of next-generation biorefineries. “Policy makers now need to send clear signals to encourage the necessary investments in advanced biofuels,” said Nielsen. “Stable and predictable blending mandates, incentives for the collection of agricultural residues, and investment support for the first large-scale plants will help move the world substantially in terms of reducing greenhouse gases, stimulating economies, and providing energy security. Continued reliance on fossil fuels is not viable.” Italy’s government is hearing this message. Zanonato and Environment Minister Andrea Orlando responded on the facility’s opening day with a decree that promotes the creation of new biorefineries. The decree simplifies the procedures for authorizing biorefineries, with the dual purpose of promoting them in Italy and facilitating investments in the industry. “The use of this type of biofuel,” said Orlando, “is the solution to get to reach the target of 10 percent to 2020 European directive. The government is working to implement the plan, approved in recent months by the CIPE [the Interministerial Committee for Economic Planning], the decarbonization of the economy and the reduction of CO2 emissions, encouraging measures to promote renewable energy and energy efficiency, low-emission mobility, green chemistry and 2nd generation biofuels.” Continue reading