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Everything posted by rollover

  1. Freebies and sweeteners galore as luxury London houses not selling Housebuilder throw in everything, even the kitchen sink to give buyers more for their money in the hope of winning new customers in the subdued post-referendum market . London’s luxury house developers are showering homebuyers with drastically more extravagant gifts in the wake of the Brexit vote. To boost sales and to coincide with the start of the Frieze Art Fair, it unveiled interiors dripping with works by artists including Andy Warhol, Salvador Dali and Marc Chagall. If a purchaser bought an apartment from us and liked a particular piece of art which is bespoke to the apartment, then — depending on price — the piece would either be gifted as a moving-in present or, if the art work was one of the rarer and more valuable pieces, we would liaise with the art gallery to help arrange a preferential price for our purchaser. But methods to boost sales are not limited to art one of his Saudi Arabian clients was told that £200,000 of furniture from a showroom apartment would be thrown in if he bought one of the £2.5 million-plus flats in a new zone one scheme on the river. “This is because the development has a large supply of high-value unsold flats and is nearing practical completion,” he explains. The sky has not fallen in since the Brexit vote but sales have certainly slowed down in a market which is oversupplied.
  2. Bellway in for ‘Marmite battle’ as foreign suppliers up costs Housebuilder Bellway is braced for its own version of the Marmite wars in the months ahead as foreign suppliers attempt to push prices higher. Around 90% of the builder’s materials are UK sourced but 10% — including white goods from Italy — are imported. That makes them vulnerable to suppliers pressing for increases to compensate for the weaker pound, as Marmite-maker Unilever tried with Tesco last week. “I’m sure we are going to have a few Unilever equivalents and we are going to have to bat them off as best we can,” Ayres said. Bellway also reported “some upward pressure” on labour costs, particularly in the London and the South-East, where trades such as ground workers, bricklayers and scaffolders are in short supply.
  3. Britain used to be one of the top five countries in the world to invest in. Then we voted for Brexit Britain has lost its place as one of the world’s top investment destinations in the wake of the Brexit vote, according to a survey of 1,700 leading business executives. The UK has fallen to seventh on the list, the first time it has failed to make the top five. “Brexit is a prominent example of the rise of geopolitical changes that are adding complexity to cross-border investments,” Steve Kouskos of EY said, adding that the volatility of exchange rates also dampened deals. The pound has lost almost a fifth of its value against the dollar since the June vote. The news comes as it was revealed today that the Government is considering paying billions to retain access to the single market for financial services.
  4. " Just five properties were sold for more than £10m in the three months to August 2016, according to an analysis of Land Registry data, compared with 35 in the same period a year earlier. Outside of London, not a single property was sold for more than £10m, compared with ten last year."
  5. Britain looks at paying into EU budget after Brexit to get market access Britain might continue to pay billions of pounds into the European Union's budget after Brexit to maintain single-market access for the City of London and other sectors under plans being discussed by government, the Financial Times reported. Prime Minister Theresa May's recent rhetoric has perturbed some investors who fear Britain could give up trying to remain in the EU's single market in order to impose controls on immigration from the other 27 EU member states. But the Financial Times said on Monday May had not ruled out making future payments to the EU to secure privileged access to the single market.
  6. "The decline is being led by higher-priced boroughs in central London, according to LSL. That analysis is echoed in forecasts by Savills Plc, which said last month that luxury homes in the city will slump 9 percent this year, the most since 2008, after Britain voted to leave the European Union."
  7. Boris Johnson makes light of 'semi-parodic' pro-EU column Boris Johnson has defended his writing of a pro-EU article days before he publicly backed Brexit, saying the article was "semi-parodic" and the UK's decision to leave was right. In a newspaper column drafted in February, he suggested staying in the EU would be a "boon for the world". Mr Johnson says he was "wrestling with the issue" at the time and was merely trying to make the "alternative case". Critics accused him of "duplicity". But in February's pro-Remain column, Mr Johnson backed membership of the free trade zone, describing it as "a market on our doorstep, ready for further exploitation by British firms". He added: "The membership fee seems rather small for all that access. Why are we so determined to turn our back on it?" In the article, Mr Johnson also warned Brexit could lead to an economic shock, Scottish independence and Russian aggression.
  8. Tactical Error On the BBC on Sunday, Clegg urged the government not to “throw the single-market baby out with the EU bathwater” and accused May of making a “fundamental tactical error” by pledging to trigger Article 50 by March. “She’s already, in doing so, lost about a quarter of her negotiating timetable because as anybody in Europe -- and I speak to many politicians across Europe -- will tell you, nothing is going to meaningfully happen until the end of next year after the German elections,” U.K. Prime Minister Theresa May is coming under mounting pressure to reveal her Brexit strategy before she triggers formal negotiations to leave the European Union. A cross-party group of legislators this weekend demanded that the government publish a “substantive outline” of its plans and submit it to a vote in Parliament before invoking Article 50 of the Lisbon Treaty, the formal mechanism for withdrawing from the EU. “The referendum was a mandate for Brexit, but there is no mandate from the referendum for a hard, destructive Brexit,” Miliband said in a comment for the Open Britain campaign. “This is not about overturning the result but giving Parliament a say in determining the terms of our departure from the EU.”
  9. Belgium snag for EU-Canada trade deal Ceta Ceta is the EU's most ambitious trade deal to date, lifting most barriers. A landmark EU-Canada free trade deal called Ceta has hit a serious snag after a Belgian region rejected it, threatening the signing this month. EU trade ministers are to decide on Ceta next Tuesday. If they all approve it, the deal can be signed with Canada on 27 October. The EU has agreed that parts of Ceta will be implemented before all national parliaments have voted on it. Opponents fear that Ceta will be used as a model to push through an even more controversial EU-US trade deal, called TTIP, much of which remains to be negotiated.
  10. Fears Hammond could quit Cabinet as pressure mounts on PM over 'hard' Brexit The Treasury last night moved to quash fears that Philip Hammond could be on the brink of quitting as Chancellor over the mounting Cabinet rift over Brexit. Friends of Mr Hammond claim he has been deliberately excluded from key No 10 meetings because of his outspoken criticism of Ministers who back the ‘hard’ Brexit option of the UK leaving the single market. The fears come as Theresa May faces a hostile reception at her first European Council in Brussels on Thursday where she will hold informal talks on her Brexit strategy with other EU leaders. The Prime Minister is also facing increasing pressure from opponents of a ‘hard’ Brexit.
  11. Boris Johnson's 'pro-EU' column revealed Boris Johnson said the UK remaining in the EU would be a "boon for the world and for Europe", a previously unpublished newspaper column reveals. He wrote the column in February, along with a pro-Brexit article that was later published in the Telegraph. The Sunday Times has published the pro-Remain column, which it says Mr Johnson wrote to clarify his thoughts. In it he warned that Brexit could lead to an economic shock, Scottish independence and Russian aggression. The Sunday Times says he first wrote an article arguing the case to leave the EU, then wrote the pro-Remain piece "as a way of clarifying his thoughts", before composing a final article for publication backing Brexit.
  12. Brexit tops list of farmers' concerns A rural sentiment survey carried out by Knight Frank has found Brexit is the number one concern of farmers. 33 per cent of all those consulted were ‘very concerned’ about the impact of leaving the EU, compared to 17 per cent who were ‘not at all concerned’. Respondents feared the Government will not prioritise agriculture in Brexit negotiations and felt Defra is not up to the challenge of administering a new system of farm support.
  13. It's been the week from hell for those trying to plot Britain's exit from the EU The U.K. economy sent new warning signs. EU officials drew a hardline. And the first major legal challenge was filed. The week's news made clear just how tricky it'll be for the U.K. government to deliver Brexit. The U.K. is the world's fifth biggest economy, the pound is a global currency, and thousands of foreign firms employ millions of Brits. The U.K. is still a member of the EU, and will be for at least another 30 months. But investors have dumped the currency since the Brexit vote in June because they expect Britain to be worse off when ties with its biggest trading partner are ruptured. But there's pain too. Britain buys much more from abroad than it sells, and the cost of those imports are rising. That pushes up the cost of everyday items. And then there's the big risk that the currency dive triggers a broader financial crisis, hitting stocks and bonds. "A switch from a necessary and ultimately helpful fall in sterling's value ... is threatening to become a more toxic move," said Kit Juckes, a strategist at Societe Generale. Dodging economic and political bullets is hard enough. Now the U.K. government is facing a legal onslaught. Potentially far more damaging is the threat that Brexit could lead to a break up of the U.K.
  14. Yes, because the irresponsible are the risk and will crash the economy again.
  15. Hundreds of oil tankers being held in the Atlantic ocean and Gulf of Mexico due to storage shortage worldwide Globally, more than 100 million barrels of crude oil and other fuel are being held on ships at sea causing port congestion and are causing traffic chaos in the waters. Experts say the amount of oil at sea has doubled since 2014 and the recent significant drop in oil cost is forcing traders to wait to sell for a better price.
  16. Life will ‘get difficult’ for the poor due to inflation says Mark Carney Life will “get difficult” for the most vulnerable people in Britain as inflation rises in the coming months due to the sharp depreciation of sterling in the wake of the Brexit vote, the Bank of England’s Governor Mark Carney has said. The Bank’s most recent inflation forecasts from August predicted consumer price inflation would hit 2 per cent in the third quarter of 2017 and rise to 2.4 per cent in the second half of 2018. Other economists expect prices to rise even more rapidly. The current rate of inflation is 0.6 per cent, but factory input prices are up 7.6 per cent year on year, thanks to the sharp increase in import prices due to the plunge in the pound and these are widely expected to translate into higher consumer prices in the coming months.
  17. Nissan boss meets PM over Sunderland plant fears Speaking at the Paris Motor Show in August, Mr Ghosn said that "important investment decisions will not be made in the dark". He said: "If I need to make an investment in the next few months and I can't wait until the end of Brexit, then I have to make a deal with the UK Government. "You can have commitments of compensation in case you have something negative. If there are tax barriers being established on cars, you have to have a commitment for car-makers who export to Europe that there is some kind of compensation." Chief executive Carlos Ghosn met prime minister Theresa May earlier amid fears over the future of its production plant in Sunderland. He has hinted investment at Sunderland could cease unless compensation is paid for any adverse impact after Brexit. Mr Ghosn said: "We want to ensure that this high-performing, high-employment factory remains competitive globally and continues to deliver for our business and for Britain. "Following our productive meeting, I am confident the government will continue to ensure the UK remains a competitive place to do business. I look forward to continued positive collaboration between Nissan and the UK Government."
  18. Pound to Euro Exchange Rate Parity Mooted as Foreign Inward Investment is Pressured It requires about £10BN a month in foreign investment to keep Sterling stable and the nature of recent political rhetoric has UniCredit's Erik Nielsen worried that it is becoming harder to attract these kind of flows. Prime Minister May seemed to suggest that monetary policy will be tightened to create positive interest earnings for pensioners and savers. “Of course, it’s still possible that May’s statement was simply poorly scripted, and we’ll see her back-pedal on this one,” says Nielsen. “Will the Sterling collapse and other market sell-off cause PM May and her government to reconsider their policy direction? I hear people arguing that she’ll have to do that.” “I hope so, but I’m less sure. Personally, I could see parity to the euro,” says Nielsen.
  19. Standard & Poor's warns on UK reserve currency status as Brexit hardens Britain is in danger of misreading the political landscape in Europe and faces the possible loss of its reserve currency status if it fails to secure full access to the European single market, Standard & Poor’s has warned. The powerful US rating agency said the British government is treading into hazardous waters in negotiations with the EU and is risks serious damage to economy’s future growth trajectory, with long-term implications for the debt profile and the country’s credit-worthiness.
  20. Standard & Poor's warns on UK reserve currency status as Brexit hardens Britain is in danger of misreading the political landscape in Europe and faces the possible loss of its reserve currency status if it fails to secure full access to the European single market, Standard & Poor’s has warned. The powerful US rating agency said the British government is treading into hazardous waters in negotiations with the EU and is risks serious damage to economy’s future growth trajectory, with long-term implications for the debt profile and the country’s credit-worthiness.
  21. Britain facing £18 billion Brexit 'divorce bill' More than £270 billion of shared payment liabilities will have to be settled in the EU negotiations. The Financial Times has calculated that 20 billion euro "upper estimate" was said to cover the UK's share of continuing multi-year liabilities. This includes £217 billion of unpaid budget appropriations, pension liabilities of £57.5 billion, and other commitments totalling around £29 billion. Some officials in Brussels warning that the final figure could be higher.
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