Central London Property Losing Haven Status as Bears Move In - Bloomberg Business:
"Landlords owning some of central London’s most valuable real estate, a haven for investors for the past five years as they sought to combat record-low interest rates, have fallen into the grip of the bears.
Land Securities Plc, Workspace Group Plc and British Land Plc, declined more than 24 percent in London trading since Oct. 28, when the FTSE 350 Real Estate Investment Trust Index reached its highest level since January 2008. That compares with an almost 14 percent decline for the broader FTSE 350 Index.
Slumping commodity prices, emerging-market turmoil and an increasing supply of office space are damping demand for property, even though asset values have yet to fall. The amount of cash sovereign wealth funds have available to spend on real estate investment and development in central London dropped by 2 billion pounds to 16 billion pounds from May through November, according to CBRE Group Inc."
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Friday, 12 February 2016
Tough time ahead for Dubai developer Damac as profit falls | The National
Tough time ahead for Dubai developer Damac as profit falls | The National:
"Damac warned that it was facing a “challenging competitive environment” after the Dubai developer posted an 8 per cent drop in fourth-quarter profit.
In its full-year results for 2015, Damac said that market conditions in Dubai had cooled significantly since the previous year as profit for the three months to the end of December fell to Dh842.8 million from Dh916.3m a year earlier.
Damac said that it had booked nearly Dh500m in penalties from customers who in the years since the global financial crisis had walked away from their off-plan home purchases – a more than 20-fold increase on a year earlier. Hussain Sajwani, Damac’s chairman, told investors that tough conditions create opportunities for developers."
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"Damac warned that it was facing a “challenging competitive environment” after the Dubai developer posted an 8 per cent drop in fourth-quarter profit.
In its full-year results for 2015, Damac said that market conditions in Dubai had cooled significantly since the previous year as profit for the three months to the end of December fell to Dh842.8 million from Dh916.3m a year earlier.
Damac said that it had booked nearly Dh500m in penalties from customers who in the years since the global financial crisis had walked away from their off-plan home purchases – a more than 20-fold increase on a year earlier. Hussain Sajwani, Damac’s chairman, told investors that tough conditions create opportunities for developers."
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Oil prices jump almost 5 percent, but oversupply still damps outlook | Reuters
Oil prices jump almost 5 percent, but oversupply still damps outlook | Reuters:
"Oil prices jumped almost 5 percent on Friday after comments by the energy minister of OPEC-member United Arab Emirates sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist.
International benchmark Brent crude was trading at $31.43 per barrel at 0619 GMT, up $1.37 or 4.56 percent from its last settlement.
Friday's jump in Brent came after the United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was willing to talk with other exporters about cutting output."
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"Oil prices jumped almost 5 percent on Friday after comments by the energy minister of OPEC-member United Arab Emirates sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist.
International benchmark Brent crude was trading at $31.43 per barrel at 0619 GMT, up $1.37 or 4.56 percent from its last settlement.
Friday's jump in Brent came after the United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was willing to talk with other exporters about cutting output."
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