Tag Archives: industry
EU Biofuel Regulations Set To Be Delayed Until 2015
Advanced biofuels producers criticise “bad day for industry and investors” as Environment Committee vote pushes back debate on new rules By Will Nichols 18 Oct 2013 EU lawmakers have effectively postponed the creation of a stable policy regime for biofuels until 2015 in a move that is “bad news for industry and investors”, companies across the sector said yesterday. The Environment (ENVI) Committee of the European Parliament yesterday voted against allowing negotiations with member states on a draft law to cap the use of food crop-based biofuels and measure indirect emissions arising from biofuels production from 2020. The European Parliament approved revising the current biofuels regulations last month. But the motion to start negotiations with the European Council, made up of ministers from member states, was only passed by one vote, which meant it required a second reading before a final vote. MEP Corinne Lepage, rapporteur of the biofuels draft law, was bidding to start a fast-tracked second-reading procedure, arguing the overwhelming majority of industry stakeholders want “a quick result” that could deliver policy certainty prior to next year’s European elections. The proposal split the biofuels industry. Earlier this month, Danish company Novozymes, BA, DONG Energy, WWF and Transport & Environment were among 15 companies and NGOs to call on the EU to start early second-reading negotiations in the hope of delivering a “sustainable, lasting, and stable policy framework for the biofuels industry” before the elections in May 2014. But fast-tracked negotiations were strongly opposed by conventional biofuel producer groups, who would be most affected by new rules requiring firms to calculate indirect land use change (iLUC) emissions arising from deforestation, draining of peatlands and other land clearance for biofuels. In a letter sent this week, six industry bodies argued the science underpinning iLUC calculations is too imprecise to be used to underpin legislation and urged Council representatives to reject a second reading, arguing “no hasty decisions” should be made because of time pressure before May 2014 and that EU institutions needed time for “a healthy debate … before reaching definitive conclusions”. The move to fast track a decision was subsequently quashed by ENVI yesterday, so it is now unlikely that a decision on new biofuels regulations will be taken before 2015. The move was welcomed by Raffaello Garofalo, secretary general of the European Biodiesel Board (EBB). “After the publication of up to date authoritative studies on ILUC a widening range of decision makers supports a more prudent and open-minded approach,” he said in a statement. “Even MEPs close to Ms Lepage realised that early second reading would not have provided sufficient time to assess the relevance of science used in policy.” But campaign groups warned EBB and the rest of conventional biofuels lobby was simply engaging in stalling tactics because the status quo benefits them. Nusa Urbancic, clean fuels manager at campaign group Transport & Environment (T&E), said: “This is an unfortunate case of vested interests winning out over innovators willing and able to produce more sustainable biofuels.” The decision also drew criticism from Kåre Riis Nielsen, director of European affairs at Novozymes, who said the ENVI decision was “bad news for industry and investors who need clarity”. “Once again policy-makers are delaying decision-making on iLUC,” he added. “Ongoing regulatory uncertainty is jeopardising all the parallel EU efforts to attract much needed investments in innovative renewable energy technologies, including in advanced biofuels. “Despite the absence of mandate, we are urging Member States to continue the negotiations on the iLUC proposal and finalise their 1st reading position before the end of the Lithuanian Presidency.” Continue reading
UK Property Market Fragmentation Creates Room For Nimbler Investors
http://www.ft.com/cms/s/0/bf00a9dc-2ab4-11e3-8fb8-00144feab7de.html#ixzz2iRwPOhUv October 16, 2013 UK property market fragmentation creates room for nimbler investors By Ed Hammond The war of words being played out by politicians and economists over the UK housing market offers a concise explanation of the biggest issue facing the country’s commercial property market. For those looking at London, the country is in an unsustainable housing bubble, fuelled by the deep cash reserves of overseas investors. For everyone else, the market is as placid as it has been for the past five years. In the office, industrial and retail property markets, which form the backbone of many institutional investment funds, the trend is identical. London has pulled away from the rest of the country in terms of value and rental demand. So much so, that trying to analyse the national market with London at its head increasingly obscures, more than clarifies, the reality. Statistics do not always provide a clear indication of fact. Yet there is one fact that highlights the predominance of London’s property market: last year foreign investors spent more money on the city’s real estate than they did in any other European country – and more than three times the amount invested in the UK excluding London. But just as the economic slowdown caused by the financial crisis created a stark divide between London and the rest of the country, so the story of the rebound is one of increasing fragmentation. “The game has changed – the success now is coming from choosing the right [properties] in the right places, rather than taking some sort of broad investment philosophy and trying to deploy a large amount of capital,” says a principal at a leading private equity fund. The argument has been underscored by the recovery of certain sectors, such as warehouse property, which have been coveted by investors for the prospect of high rental yields. Similarly, demand has returned for out-of-town shopping centres, reflecting expectations that consumer trends will be geared more towards large malls and away from high streets. Overall, however, the picture is still bleak for most commercial property located outside London, the southeast of England and a few larger city centres. During the past 18 months, rental growth across the UK commercial property market has been flat, according to CBRE, the property consultancy. Meanwhile, capital values have declined moderately during the same period. Hans Vrensen, global head of research at DTZ, the property consultancy, says: “It is not any more a question of London and everywhere else: there are opportunities emerging in different parts of the UK, but it is very asset- and location-specific. Arguably the largest single structural change to the UK commercial property market during the past decade has been changes in the debt market “There are pockets of demand, especially from those investors for whom London has become too competitive, but they tend to be focused on single assets or small portfolio deals. A lot of parts of the country are still seeing very little interest in terms of new investment.” The fragmented market has presented opportunities to the more nimble investors, who can deploy small amounts of capital and take on more risk than the institutional investors, such as pension funds, which have traditionally dominated the property market. Private equity funds, in particular, have taken advantage of some of the opportunities outside London. For example, Blackstone of the US has been among the most active investors in the industrial sub-sector, creating a specialist logistics and warehouse property business. Arguably the largest single structural change to the UK commercial property market during the past decade has been changes in the debt market. Banks, traditionally the main sources of capital for the industry, have been pulling back their lending to property companies. The resulting gap has drawn in new debt providers, including some of Europe’s largest life assurers. The likes of Legal & General, Axa and Generali have all increased their lending to property business as a way of getting exposure to the asset class. Perhaps the worst affected area of the UK property market has been the high street. A string of high-profile retailer failures and continuing low levels of consumer confidence has wrought destruction on town centre shopping districts. One of the main issues facing the high street is that the properties tend to be owned by multiple landlords, impeding the route to a single solution. “Property owners range from major institutions, to private equity groups with multiple investors in their finite-life funds, to families, charities and private individuals,” says Stephen Barter, head of property at KPMG, the consultancy. “Each has a different ownership and investment rationale, different time horizons, different ways of making decisions, and different management behaviours.” Continue reading
Movies a passion for Emirati filmmaker Majid Abdulrazak
Movies a passion for Emirati filmmaker Majid Abdulrazak Dhanusha Gokulan / 17 October 2013 Majid Abdulrazak has written, directed, acted in and produced three movies since his first film, Eqaab Bitten by the movie bug For Emirati filmmaker Majid Abdulrazak, the turning point in his life was when he read The Count of Monte Cristo, the 1844 novel by French novelist Alexandre Dumas. “Everyone has a turning point in their life, mine was when I finished The Count of Monte Cristo. I read the comic version for the first time when I was 13 and since then, I have always kept a copy of it near me. Even now I have about 15 copies at home,” said Majid. Another turning point in Majid’s life was when he met British author Wilfred Thesiger, popularly known as Mubarak bin London among bedouins. Majid’s wife brought Thesiger to their house when he was visiting the country. “It was in the 80s. I was sleeping at home and he walked into our house. I felt I was dreaming and it took me a while to understand that he was really there. Back then, I did not even dream that I would be making a movie based on his travels,” said Majid. He got candid with Khaleej Times about his passion for cinema, his early inspirations, his chance meeting with Thesiger, the challenges he has had to face as a filmmaker, and his latest movie Bani Adam. He is the first Emirati to have made two full-length feature films, spending millions of dirhams on his movies. “I used to run a successful business making furniture in the 80s. But I was not happy doing that. I understood that my true calling was being a filmmaker,” said Majid. A self-professed loner and traveller, Majid takes time off and travels for over a month while conceptualising a movie. “Pre-production and post-production can be done at leisure, but shooting is when your time is most precious,” he said. The Emirati filmmaker has written, directed, acted in and produced three movies since his first film Eqaab, based on The Count of Monte Cristo, which released in 2006. The bug for a career in the film industry bit him at a very young age. However he forayed into the industry only recently. “Cinema is still young here. I come from a very orthodox family and I still face severe criticism from my family for being a filmmaker. In their eyes, being in this industry equals being an entertainer. My family does watch my movies, but they do not discuss or talk about it, and it is considered a taboo subject,” said Majid. However, he continued to pursue his dreams and went on to fulfill his biggest dream of being a moviemaker. A love triangle Bani Adam will be released in cinemas in the GCC on November 7. The film depicts the realities of life in the Gulf and portrays a dramatic love triangle. Sultan, a rich man, suffers from childhood guilt; Salem is from a low-income family; and Khalil, Sultan’s treasurer, ishes for his daughter Maitha to marry Sultan, who’s in love with Maha. To further complicate matters, Maha and Maitha are both in love with Salem. An interesting plot, Bani Adam promises to be a good watch, according to Majid. “The film has commercial elements and is also an intelligent movie. My only request to local people is that they take time and watch the movie. Only if there is support from the local public will movie makers like me be able to make more movies,” said Majid. Since Eqaab, he has made two other movies — The Arabian Sands, based on Thesiger’s travels across the Empty Quarter; and Bani Adams, which is a tragic love story. Eqaab, according to the director, was an ambitious project. Shot simultaneously in three different languages, it was to have been released in Urdu, Arabic, and Persian. “Finally we released the movie in Arabic and Urdu. I think it was due to lack of good publicity, that the movie did not do well,” he said. Majid believes that there is no dearth of talent in the country; however, there is a shortage of interest amongst local people. “People here still prefer watching Hollywood or Bollywood movies,” he said. “Bollywood movies today are not like how they used to be. I happened to see the new Hindi release Besharam, and I walked out of the theatre after 10 minutes. I grew up watching Hindi movies made in the 40s and 50s. I am still a very big fan of veteran actor Dilip Kumar. At that time, those were the only movies we had access to.” The uniqueness in Majid’s approach to filmmaking is that he understands the artistic value and hard work behind making good cinema. However, he said that pleasing the local audiences remains the biggest challenge for filmmakers because people prefer commercial cinema from Bollywood and Hollywood to cinema by local filmmakers. — dhanusha@khaleejtimes.com Continue reading
