Tag Archives: political
Egypt army chief says new clashes won’t be tolerated
Egypt army chief says new clashes won’t be tolerated 19 August 2013 Egypt’s military leader vowed on Sunday that the army will not tolerate further political violence after nationwide clashes that left hundreds dead, as security forces detained Muslim Brotherhood members in raids aimed at disrupting planned rallies. Defence Minister Gen Abdel Fatah El Sissi, who led the July 3 coup that toppled President Mohammed Mursi, again said the army has no intention of seizing power in the Arab world’s most populous country. El Sissi removed Mursi after four days of mass rallies by millions of Egyptians who demanded the president step down. “We will not stand by silently watching the destruction of the country and the people or the torching the nation and terrorising the citizens,” he said in a speech aired on state television. The general said that the military didn’t seek power but instead “have the honour to protect the people’s will — which is much dearer (than) ruling Egypt.” El Sissi also said Islamists must be included in the country’s politics moving forward. A military timetable calls for the nation’s constitution to be amended and for presidential and parliamentary elections to be held in 2014. “We have given many chances … to end the crisis peacefully and call for the followers of the former regime to participate in rebuilding the democratic track and integrate in the political process and the future map instead of confrontations and destroying the Egyptian state,” he told a gathering of top military commanders and police chiefs. El Sissi’s remarks come ahead of an anticipated harsher stance by the military-backed government toward the Brotherhood. The Cabinet held an emergency meeting on Sunday to discuss potentially banning the group, a long-outlawed organisation that swept to power in the country’s first democratic elections a year ago. A possible ban — which authorities say would be implemented over the group’s use of violence — would be a repeat of the decades-long struggle between the state and the Brotherhood. It also would drain the group’s financial resources and allow for mass arrests of its members. That likely would diminish the chances of a negotiated solution to the crisis and push it again underground. The Brotherhood, however, has shown no signs of backing down. Under the banner of an anti-coup alliance, the group said it will hold a demonstration in front of the Supreme Constitutional Court in southern Cairo later Sunday. Authorities already stationed armoured vehicles and troops at the building, which could turn into another focal point of street violence. The Brotherhood faces increasing public criticism and blame over the ongoing violence in Egypt. Sheik Ahmed Al Tayyeb, the powerful head of Al Azhar mosque, issued an audio statement asking Brotherhood members to stop the violence. “The scenes of violence will not grant you any rights and the bloodshed nor chaos spreading across the country will give you no legitimacy,” Al Tayyeb said. The violence in Egypt also has sparked deep concerns worldwide. Egypt also lost one of the few doves in the country’s military-backed administration as Mohammed El Baradei, who resigned as vice-president in protest of the use of force against Mursi’s supporters, left Cairo for Vienna on Sunday. Continue reading
Should We Be Looking At The Latin American Property Market?
by MARK BENSON on AUGUST 18, 2013 Should we be looking at the Latin American property market? For many years the Latin American economy was seen as something of a basket case with the likes of Brazil, Argentina and an array of other economies struggling to survive. Indeed just prior to the turn-of-the-century Brazil was on the verge of collapse and required an IMF emergency loan to survive although incidentally this loan was repaid early as the Brazilian economy bounced quicker than many had expected. There is therefore an interesting opportunity in Latin America where property is now in great demand especially amongst the growing middle classes. If you take a look at Latin America through clear glasses with no stigma and no predetermined views, the economy in the region is exceptionally strong compared to the likes of Europe, the Far East and North America. Indeed while economic growth was recently downgraded slightly by HSBC it is still far and away above that expected in other areas of the world. So, should we be looking towards Latin America for property investment? The growing middle classes It is interesting to see that countries such as Brazil and Mexico tend to grab the lion’s share of the economic headlines relating to Latin America. While there is no doubt these two particular economies are very influential it is worth noting that Costa Rica, for one, is attracting more than its fair share of interest with a recent $10 million partnership announced to develop a range of middle income residential units. Quote from PropertyForum.com : “Can a foreigner own property in Costa Rica? The answer to the question is Yes. Anybody can own property in Costa Rica. You have the same right as a Costa Rican!” The investment by Paladin Realty Partners is just one of many in the region which have caught the eye of international investors. Indeed this particular investor now has exposure to 3 similar joint ventures to build in excess of 1700 housing units. These particular developments are focused upon the growing middle class of Costa Rica and the fact they now have more disposable income than ever before due to ongoing economic growth. Long-term economic growth Historically inflation has eaten away at much of the long-term economic growth we have seen in Latin America although inflation is now under control, the vast majority of economies are far outperforming their North American, European Far East and counterparts and the financial situation is more stable than it ever has been. If we also take a look at the political arena we will see that while there have been instances of unrest, most notably in Brazil over the last few weeks, on the whole the political situation across Latin America has improved. While it will be foolish to suggest that the political arena could not suddenly become more volatile the fact is that with overseas investment at record levels, unemployment falling and more disposable income for many in the region, there would be no benefit in rocking the economic boat. Conclusion Very often we tend to focus upon North America, Europe and the Far East with regards to long-term property investments when in fact the situation in Latin America certainly demands some attention. The region we see today is very different to that of 20 years ago and while often seen as something of a “financial basket case” in years gone by, we are now in a whole new era. You will still need to be selective about the countries, the areas and the type of properties you consider, many experts believe that this region of the world is set for sustained economic growth for some time to come. Continue reading
Carbon Market Slump Worries Policy Makers
Jul 10, 2013 From wire reports CLEAR SKIES: Emissions prices in the $72 billion cap-and-trade program have fallen more than 70 percent in the past 4 years. VILNIUS – The European Parliament approved a plan intended to reduce a record glut of permits and increase prices in the world’s biggest carbon market after they slumped to an all-time low, reports Bloomberg. European Union carbon allowances rose the most in two months after lawmakers in Strasbourg, France, endorsed a revised version of a plan known as backloading advanced by the European Commission, the region’s regulatory arm. That was the Parliament’s second verdict on the measure, which would delay the sale of some permits to support prices after it blocked the plan in April, triggering a 45 percent slump. “It’s a good signal that Parliament voted this through today,” Oeystein Loeseth, chief executive officer of Vattenfall, Europe’s biggest emitter after RWE, said by telephone. “When you take volumes out of the market, prices will increase.” Emissions prices in the $72 billion cap-and-trade program have lost more than 70 percent in the past four years. The euro area’s record-long recession reduced demand for pollution rights and worsened a glut that swelled to about 2 billion metric tons in 2012, according to the EU. That’s almost equal to the region’s annual limit imposed on 12,000 power plants and factories. The caps were set before the financial crisis. EU allowances for delivery in December gained 9.3 percent, the biggest jump since May 3, to close at 4.69 euros a ton on the ICE Futures Europe exchange, after falling on July 3 by as much as 24 percent before the vote. The contract slumped to a record 2.46 euros on April 17, the day after the Parliament blocked the emergency fix in its first plenary vote. Lawmakers endorsed the plan 344 to 311, with 46 abstentions, according to the voting result. “The backloading plan has passed its largest hurdle so far, but auction curbs are still far from certain and unlikely to start before mid-2014,” Itamar Orlandi, an analyst at Bloomberg New Energy Finance in London, said on July 3 by e-mail. “The focus will now shift from Strasbourg to Berlin, as Germany’s decision on the plan will determine whether it can go ahead.” Traders will now focus on positions of national governments, whose consent is also needed to enact the plan, according to Ingo Ramming, co-head of commodity solutions at Commerzbank in London. “Markets are hoping on a fast-track decision to regain confidence in the EU emissions trading scheme,” he said July 3 by e-mail. “We would expect that prices are capped in the mid-term around 6 euros on the back of uncertainties on the European economy, supply from industrials and auctioning.” Permits may rise to 5.20 euros after the approval, according to the median forecast of nine analysts and traders surveyed by Bloomberg News before the vote. The assembly rejected amendments seeking an earlier return of the delayed permits to the market and earmarking 600 million allowances for a special fund to promote low-emissions technology. It backed a proposal to cap backloading at 900 million permits and limit the planned intervention in the carbon market to an exceptional, one-time move. The delay in sales of permits may be enacted under the condition that it has “no significant impact” on companies prone to relocating production to regions without emission curbs, lawmakers decided. “This is more bullish than the market had anticipated,” Konrad Hanschmidt, an analyst at BNEF, said on July 3 by e-mail. The backloading strategy has divided policy makers and industry. Opponents of the fix, ranging from Poland to steelmaker ArcelorMittal, say it pushes up energy costs during an economic slump. The EU commission and companies including Royal Dutch Shell say intervention is needed to bolster prices that are too low to stimulate investment in clean technology. “Yes!” EU Climate Commissioner Connie Hedegaard said on her Twitter Inc. account. “Despite heavy-handed lobbying, and after very substantial debate, the European Parliament supports the backloading proposal.” The decision in favor of backloading on July 3 authorizes Matthias Groote, the lawmaker overseeing the measure in the Parliament, to start talks with representatives of national governments on the final wording of the legislation in a fast-track procedure. The outcome of the talks will need official approval by the Parliament and EU ministers. Lithuania, which holds the EU rotating presidency and will represent member states in the negotiations, is ready for a “constructive dialog” on the carbon fix, the Baltic country’s Environment Minister Valentinas Mazuronis said in an e-mailed statement. He said he was confident the measure can be dealt with “effectively and expeditiously.” The Parliament’s decision to block the faster return of permits to the market and the creation of the innovation fund will make talks with member states easier, Peter Liese, a German Christian Democrat member of the Parliament, said after the vote. “It’ll go very fast after the German elections,” he said in an interview. Member states may decide about their position by “early fall,” according to Arunas Vinciunas, Lithuania’s Deputy Permanent Representative to the EU. While most EU countries favor backloading, they are short of the qualified majority needed to approve the proposal because several nations, including Germany, remain undecided. Chancellor Angela Merkel said in May she hoped that Europe’s biggest economy would be able to tackle the plan soon after elections on Sept. 22. “It is crucial to get structural reforms quickly off the ground to ensure the emissions trading system will be sustainable and predictable,” Bernhard Guenther, chief financial officer of RWE, said on July 3 in an interview. “We need to know what the political framework for investments in 2020 and ahead will look like and which climate and reduction targets have to be achieved.” Continue reading
