Foxtons office-come-art gallery

A proud supporter of art and culture, Foxtons is delighted to have enjoyed the opportunity to showcase the works of London-based artist Christopher Farrell for over a decade now, originally commissioning him in 2002 to produce a series of unique paintings for each of our company's 44 innovative and distinctive offices across London and Surrey.

Farrell seeks to capture and process the constant evolution of the city with beautiful skylines, which can also be seen to signify Foxtons growing expansion throughout the capital. His work was chosen due to its London centric appeal, as well as its boldness - the use of large canvases, combined with big gestures and daring colour, all complementing the open cafй-style environment. Like our offices, his artwork has an unmistakable 'curb appeal', which made us stand out on the high streets of London.

Farrell will also be the focus of a new solo exhibition, ComplexCity at gallery@oxo in the Oxo Tower Wharf, his first public exhibition in seven years. The event, focusing on a modern interpretation of London through the exploration of painting, drawing and digital painting, will take place between 25th-29th September 2013 from 11am-6pm, so why not pop along.

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Why home-ownership causes unemployment

A strong correlation between high home-ownership levels and high unemployment rates is shown in a recent study co-authored by David Blanchflower and Andrew Oswald.

Using unemployment and home-ownership statistics from 1900 to 2010 for the states of the USA except Alaska and Hawaii along with data gathered from millions of randomly sampled Americans, the study found that rises in home-ownership in a state are followed by substantial increases in the unemployment rate after a lag of up to five years.

"It suggests that a doubling of home-ownership in a state would be associated in the steady state with more than a doubling of the unemployment rate," says the paper.

For example, the study shows that the five states that had the highest increase in home ownership (an average of +23% in Alabama, Georgia, Mississippi, South Carolina and West Virginia) since 1950 had a rise in the unemployment rate of 6.3% between 1950 and 2010. In contrast, the five states that had the lowest home ownership increase 1950-2000, saw unemployment rise just 3.5% over the 60 years from 1950-2010.

The study also found that high home-ownership leads to people staying put and commuting further and further to jobs, in turn creating cost and congestion for firms and other workers. It also precipitates zoning restrictions and other NIMBY (not in my back yard) activities where home owners block new businesses. It fosters ossification of mobility and reduces dynamism in the economy.

"We have been collecting data for decades now and it is appropriate to go public on the results," said Oswald:  "We find that a high rate of home-ownership slowly decimates the labour market. The USA makes a valuable 'laboratory' in which to study this issue, because the different states have a language, currency, and culture in common."

The authors say that while "the data used in this paper are almost wholly from the United States... our conclusions may have wider implications." They believe their ideas apply equally well to Europe where countries like Spain and Greece which have high home-ownership (80%+) also have high unemployment (20%+) and countries like Switzerland, Germany and Austria which have low home-ownership have correspondingly also low unemployment rates.

The release of the Blanchflower and Oswald study coincides with the release of a similar work in Finland, done independently by Jani-Petri Laamanen at the University of Tampere, which draws the same conclusions.

Countries which pursue policies to promote more home-ownership may unintentionally be adding to their unemployment problem. Providing incentives for investing in affordable rental property seems a good way to address the problem.

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UK and Ireland fuel tourism growth in Lanzarote

Lanzarote is a unique tourist destination, boasting surreal volcanic landscapes and breathtaking beaches.  Along with the other six Spanish owned islands in the Canaries chain it forms an archipelago that is sometimes referred to as the European Caribbean - as here sun starved holidaymakers from countries such as the UK and Germany can enjoy a beach break at any time of the year.  A factor that also makes the island a hot favourite with overseas investors, as owners of holiday villas and apartments on Lanzarote are able to enjoy a full twelve month rental season too.

The proximity of the Canaries to key markets such as the UK (which is just a four hour flight away), along with the ready availability of cheap flights from budget airlines such as Ryanair and easyJet makes Lanzarote both accessible and affordable to today's traveller.  And despite the recession in Europe the islandґs tourist industry has remained relatively buoyant as a result, with passenger arrivals pushing the 2 million mark in 2012 and further growth expected this year.

The UK is the key tourist market for Lanzarote, with British visitors accounting for around 45% of all passenger arrivals.  Now, thanks to the growing pace of recovery in Britain, consumers there are finding that they have more disposable income to spend on holidays abroad and this is translating itself into an increase in UK arrivals - with the number of tourist passengers climbing by 9% during September 2013 alone. 

The resurgence of the Irish market is even more impressive, as Eire is still undergoing painful economic corrections as their austerity programme continues to bite.  Yet despite this the number of holidaymakers visiting Lanzarote from the Republic has soared again in 2013 - up by 21% (source Frontur Canarias) across the first nine months of this year.

Property prices on the island have fallen since the onset of the crisis and are now close to their 2002 levels, with the average price per square metre now standing at Ђ1218.00 (source ISTAC, Canarian Institute of Statistics).  This is some way below price levels in other comparable sun spots such as the Balearics, yet rental yields are much higher thanks to the year round season,  making Lanzarote an attractive proposition for investors struggling to find returns on their capital from more traditional savings and investment options. 

Mortgages are also cheap in Spain, as the European Central Bank has recently dropped the Eurozone interest rate too just 0.25% in order to stimulate growth.  As a result we are now seeing an increase in demand for good quality rental properties amongst both traditional markets such as the UK as well as newer groups of investors, such as the Russians.

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Spain's buy-to-let market attracts distressed property investors

Foreign and domestic property investors are bulk-buying foreclosed homes in Spain, to rent out. On average, repossessed residential properties in Spain's major urban centres can be had at 71.6% below original value, according to Fitch Ratings.

Last year, legislation was passed making investing in rental properties more enticing. Under the new law, rental rates have been de-linked from inflation and may now be increased by the landlord more frequently. The new law also reduces the duration of leases, as well as the waiting time for evicting non-paying tenants.

Foreign owners renting out their property to working people under 30 years of age can even, under the new law, claim tax relief ranging from 60% to 100% on the rental income.

In contrast, tax breaks for individual home buyers have been set aside. Ordinary citizens, suffering from a shrinking disposable income and the credit squeeze,  are now finding it harder to enter the property ladder, leading to expectations that demand will dramatically rise for rental homes in coming years.

Spain's two-year old recession has ended. The country saw 0.1% growth in the third quarter, according to the National Statistics Institute. 

Major property investors like Blackstone Group and Goldman Sachs focus on mass purchases of foreclosed properties, particularly apartments that are already occupied, in Madrid and other urban centres where housing demand is high and tenants can generally afford to pay rent.

In July, Blackstone Group bought 18 apartment buildings from the city government of Madrid for 125.5 million euros ($173 million). In August, Goldman Sachs and Azora Capital bought 32 social-housing developments from the regional government. 

Madrid is offering another foreclosed property portfolio with 1,458 housing units and 1,588 garages in and around the capital. The minimum asking price is 67.2 million euros (US$90.25 million). Blackstone Group and Goldman Sachs are reportedly bidding. 

Sareb, the state's bad bank, must sell soured real estate assets worth 1.5 billion euros (US$2.0 billion) this year. To date, it has already disposed of properties worth 1.2 billion euros (US$1.6 billion). It is reportedly putting another package on the market which includes land ready for construction in the Madrid area worth 350 million euros ($477 million). 

Most bulk buyers bid on foreclosed homes sight unseen, especially when there is stiff competition from other investors. In Spain, this can lead to costly consequences. Spain has a big and growing problem of squatters. It can take three years to evict them, often entailing messy court battles. Meantime, the investor cannot resell or rent out the property.

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UAE Central Bank caps mortgage lending

The UAE Central Bank is limiting mortgage lending to prevent a repeat of the 2008 property market collapse.

The rules impose new mortgage restrictions on the 23 national banks and 28 foreign banking units in the country:
For homes worth more than Dh5 million (US$1.36 million), loans for first-time buyer expatriates should not exceed 65% of the property's value, while loans for Emiratis will be capped at 70%.
For second and subsequent property purchases, loans for expatriates should not exceed 60% of a property's value regardless of cost, while loans for Emiratis will be limited to 65%.
For off-plan property, the maximum loanable amount is 50% of the property's value regardless of purpose, value or nationality. 
The maximum mortgage period shall be 25 years and the maximum age at the time of the last repayment is 65 for expatriates and 70 for Emiratis. 
The total monthly repayments should not exceed 50% of a customer's monthly income regardless of nationality. 
The total loanable amount should not exceed seven years' annual income in the case of an expatriate and eight years' annual income for an Emirati.
The imposition of mortgage lending caps has been precipitated by the continued rise in home prices notwithstanding the doubling of the transaction tax from 2% to 4% by the Dubai Land Department recently.

Industry observers however note that the new mortgage restrictions may slow entry to the housing market by end-users but not investors or speculators, who mostly buy with cash. A study by consultancy firm Jones Lang LaSalle (JLLS) found that about 80% of Dubai home buyers now pay in cash. 

Dubai's safe haven status along with its world-class facilities and its strategic location make it a destination of choice for large-scale overseas real estate buyers. 

According to Dubai Land Department, this year Indians have already bought properties worth over Dh8 billion (US$2.18 billion), British nationals bought Dh4 billion (US$1.09 billion) while Pakistanis have invested more than Dh3 billion (US$0.82 billion). Funds are also flowing in from Central Asia, Russia and China. 

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Global intelligence: New York Times goes international

Get essential global news, business insights and cultural content from the new launch of International New York Times, complemented by apps and a special subscription offer. [Contributed by the INYT]

The International New York Times announces its launch in print and online as of October 15, 2013. Combining the journalism of The New York Times with dedicated newsrooms in Paris, London, Hong Kong and New York, it is even more tailored for a global audience. 

The International New York Times is an exciting new offering that delivers essential global news, business insights and cultural content. Reporting from every corner and hubs around the world, the International New York Times provides relevant and timely coverage 24/7, resulting in a truly global sensibility. To celebrate this special launch, the International New York Times is offering a special subscription deal of 99c (USD) for the first 12 weeks.
International New York Times: Global news

International Herald Tribune becomes International NY Times
International New York Times succeeds the International Herald Tribune, a publication based in Paris since 1887. Over the past 125 years the International Herald Tribune has committed to unbiased and unrivalled journalism from all around the world. This next chapter of the IHT becoming the International New York Times will bring investments to our Paris, London and Hong Kong newsrooms, to further strengthen the vibrant international journalism from all over the world.

The International New York Times' expanded international team will be able to create even more globally-focused content to ensure our unique global perspective is maintained and enhanced for readers across all print and digital formats.

The rebrand launch includes expansion of more international opinion contributors, new editorial staffs and an additional, third page in the INYT's weekend edition. The INYT Opinion Pages (INYT.com/Opinion) will be edited from Hong Kong, Paris, London and New York so it can be especially tailored for global audiences.

Advanced apps for worldwide access
In addition to the international editorial expansion, The New York Times iPhone and iPad news apps now allow the user to choose between an U.S. or International Edition. The new International Edition is available to users of the most current iOS apps, and replaces the IHT app. INYT.com will be available on all devices via the mobile Web. For more information, please go to INYT.com/ineurope
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International New York Times: Global news
Special launch offer from the International New York Times:
Subscribe for just 99c (USD) for your first 12 weeks to the world's finest journalism.
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Subscribe to fantastic new offer for a limited time and only 99c (USD) to get:
Full access to NYTimes.com, including the International edition (INYT.com);
Unlimited access to world's foremost 24/7 coverage, articles, videos, multimedia contents and more;
Award- winning journalism and opinions;
Unique and insightful stories and multimedia content you won't find anywhere else.

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The British School in the Netherlands hosts successful boys football division

The British School in the Netherlands (BSN) held a successful International Schools Sports Tournament (ISST) last week with teams from Germany, UK and the Netherlands. [Contributed by BSN]

One football International Schools Sports Tournament (ISST)
International Boys Football Division in the NetherlandsSeven international schools, from the Netherlands Germany and UK visited The Hague last week to compete in the Boys Division One Football International Schools Sports Tournament (ISST). The tournament was successfully hosted by The British School in The Netherlands (BSN) and involved teams of U18 players representing among others the BSN and The International School of The Hague (ISH), as well as ACS Cobham, who were many people's favourite going into the tournament having been crowned champions in the previous two years.

The three days of intensive football produced some highly entertaining games and a number of outstanding goals. The tournament also threw up some intriguing derby matches on the final day, none more so than the third and forth place playoff between local rivals BSN and ISH which looked to be heading towards extra time, and perhaps even the dreaded penalties, before ISH eventually ran out 2-0 winners after two late goals.

ACS Cobham lived up to their billing as pre-tournament favourites, winning each of their games as the tournament's top scorers on their way to the final, in which they faced TASIS, The American School in England, who also went into the final unbeaten. Nonetheless it was ACS Cobham who ultimately prevailed as worthy winners with a 2-0 victory to once again lift the Boys Division One Football ISST trophy for the third successive year.
International Boys Football Division in the Netherlands
In addition to the tremendous football on display on the pitch, the tournament proved to be a rousing success off the pitch as BSN Head of PE Faculty Lee Crook explained, "Hosting any ISST Tournament is a daunting task and its success requires many hours of preparation and hard work from a team of staff. Our thanks particularly go to the BSN staff members who worked tirelessly behind the scenes to make this event so special for both the players and spectators."

ACS Cobham Coach Peter Lee also commented on his team's remarkable achievement, "To win three championships on the run is very special, the boys were on their game throughout and were fully focused and it was a pleasure to be around them. Special thanks to the BSN for hosting a truly great tournament, one of the best in my 16 years of being involved with ISST."

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LEGO: ‘Let's Get Connected' to become an annual event

On Sunday 10 November the very first LEGO 'Let's Get Connected' event took place at The American International School of Rotterdam. [Contributed by AISR]

Hundreds of adults and children enjoyed this event which included challenging workshops and a LEGO building competition, and was held at the school campus in Hillegersberg, Rotterdam.
American International School of Rotterdam: Lego kids event in the Netherlands
This event is a result of an AISR initiative aimed at bringing expat and Dutch children together to allow them to get to know each other better through the enjoyment of LEGO.
American International School of Rotterdam: Lego kids event in the Netherlands

Parents encouraged their children while enjoying the snacks and beverages on offer in the school cafeteria, and the Little Gym was on hand to help keep the younger brothers and sisters entertained.

More than 120 children entered the LEGO building competition, with some fantastic creations as a result. Nine lucky winners were able to choose a LEGO prize to take home.
American International School of Rotterdam: Lego kids event in the Netherlands
AISR is extremely please with the first edition of this event and is planning to make this a yearly occurrence.

expatica

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Mother gives up $11m drug property

A woman who faced losing her home after letting her son keep a total of $11 million of alleged drug money in her lounge has abandoned the property to join him overseas.

But she left investigators a helpful message describing where the keys were hidden, paid all her utility bills, left the instructions for the washing machine and described several problems with the home that the new owner could fix.

Dianne Ashby, 70, described herself as the "jam in the sandwich" between the police and her son, Lee Vincent, after police traced boxes of cash allegedly from the profits of a designer drug ring to her Takapuna home.


The Court of Appeal has ruled the property be restrained under the Criminal Proceeds (Recovery) Act - the first step in seizing belongings shown to be the proceeds of crime.

The Weekend Herald can reveal that Mrs Ashby, described as "wilfully blind" by one judge, has left the property to join her son at his luxury apartment in Thailand.

Emails held on the court file show she forfeited her home of 30 years, which has now been sold to a neighbour at a market price, because Mr Vincent was no longer able to afford the mortgage payments.

However, Mrs Ashby sent a helpful email for the Official Assignee to help with the sale. She left detailed instructions for where she put the house keys, turned off the power and hot water, paid all the utility bills - including 10 weeks for lawnmowing - and left the washing machine manual.

Mrs Ashby also described problems with the home that needed to be fixed, such as doors that do not open, a leak, and new railing for the deck as "the nails are rusting out".

She was also apologetic that "due to my age and state of health" she was unable to cope with removing all the furniture and having the house cleaned.

Mrs Ashby is now living with her son in the Cove apartment complex in Pattaya, Thailand.

Mr Vincent is named in court documents alleging he organised the importing of powder that was pressed into pills by a designer drug syndicate in Auckland. In February last year police were granted restraining orders under the Criminal Proceeds (Recovery) Act to freeze assets belonging to Mr Vincent.

These included the proceeds from a property he sold in the North Shore, money held on his behalf in a company, two Thai bank accounts and an apartment in Thailand. It is understood the apartment is in The Cove beachside complex in Pattaya.

Mrs Ashby told the High Court last year that she had been reassured by her son that the money was from sales of legal party pills. She would be "gobsmacked" if the money kept at her house amounted to $11 million, but did not dispute that she was given $184,000.

The court heard evidence of wine carton-sized boxes filled with bundles of $20, $50 and $100 notes.

Police say the money came from the sale of pills containing a substance "substantially similar" to Ecstasy and were therefore Class B and C drugs. Lawyers for the drug-ring accused say the drugs were legal party pills.

The court was told that in the home of a wealthy businessman arrested in the investigation, detectives found a spreadsheet listing financial transactions. The detectives believed the paperwork showed $11 million in cash was delivered between September 2010 and November 2011 to the home of Mrs Ashby.

Taped shut, the boxes of money were stored behind a chair in Mrs Ashby's semi-detached home, police said. The money was collected by couriers who took it to Hong Kong, where it was banked, and the bank statements were sent back to Mrs Ashby.

"On occasions, one of the deliverers would open a carton and give Mrs Ashby bank notes in bundles," the court heard. The court was told she used the money for medical and pharmaceutical expenses - but it was her use of the money that led police to seek seizure of her home.

The court heard that she had worked as a bank teller and conceded under cross-examination that money from the pill sales was handled in a "weird and unconventional" manner. Justice John Priestley wrote in his judgment that Mrs Ashby was "wilfully blind".

"For 14 months, and on a regular basis, Mrs Ashby was content to allow cartons and boxes of bundled cash to be stored in her lounge," he wrote. "The same boxes were regularly collected and taken away by strangers ... She was a woman with a banking background. She well knew that it was highly unusual for any business to deal in this manner with its cash sales and revenue. Why not bank it? She never asked."

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Mudslide Stopped By Good Infrastructure on Chappies

The unpredictability of 'natural phenomena' and 'earthmoving' lay before our eyes after cycling to Houtbay via Chapman's Peak drive on Saturday morning.


Although torrential rain this weekend wreaked havoc across the Cape Peninsula, it was our second viewing of a mudslide on Chappies in two months. On this occasion, however we saw tons of earth which after being dislodged from mountain slopes high above, had landed diagonally across within metres of a fully occupied apartment block down below.

chappies (not the bubblegum)

Fortunately for the owners and occupants at No. 1 Chapman's Peak Drive, most of the massive mudslide came to rest on the road, while heavy water flow continued toward the entrance down a steep driveway. The majority of the fast moving earth and mountain debris had been interrupted by heavily enforced infrastructure which supported the exterior barrier walls that extend about a metre above road level. 


Good fortune brought an accidental meeting with Ryno du Rand, General of Tintswalo Atlantic next door, who confirmed that this five star guest lodge was lucky enough to have escaped harm. "This is possibly due to a much lower position closer to the ocean, as well as sound environmental management of this site in co-operation with SANPARKS." He said insurance measures which are in place against damage to property, also extends to liability cover for occupants, such as guests and staff. Unlike his neighbours, who are considered fortunate despite suffering damages arising from mudflow into the obscured entrance, and water which flooded apartments, Tintswalo got off lightly with only cancelling a guest event due to road closures.

    
Great relief on Sunday morning then, when the fully intact exterior barrier walls at No. 1 Chapman's Peak had become clearly visible. An army of front loaders and trucks still busy clearing away tons of earth, had revealed the relatively unscathed apartment block, which is built across several levels, with magnificent views of Sentinel Peak and Houtbay visible from outdoor decks and swimming pool areas. Fortunately for the inhabitants, owners and families, this property was surrounded by what is presumed to be heavily enforced concrete parameter walls just high enough above the road.


Although not exactly a welcome site to property owners at that time, was evidence of a newly created 'natural phenomenon' in the form of a fast flowing waterfall across the road, now diverted by emergency trenches into Houtbay. Little or no damage to property at number 1 Chapman's Peak drive resulted in some owners and agents in Gauteng remaining blissfully unaware, says Gauteng property agent Anne Williamson, who is marketing a R5.1m three bedroom apartment in this block.


Causes of damage to private property as the result of high rainfall across the Cape Peninsula this weekend, in insurance terms is referred to as 'natural phenomena', while 'earth movement' refers to land and mudslides. Professional evaluators assess coverage based on individual circumstances within specific geographic settings, such as the frequency and intensity of such events.


As residents on a high mountain slope ourselves, renewed realisation set in as to how 'acts of nature' impact on various properties. As advised by insurance specialists, who referred to our case in Simonstown as a house built on fossilised sand dunes - presumed to have been under water many millenniums ago - that heavy rainfall impacts differently on various types of soil compositions.


Depending on high or low risk geographical locations, there is no doubt that good construction protects properties on high slopes, while insurance protects against damage to property. For this very reason then that architects and engineers repeatedly stress sound infrastructure support, which may initially be costly but ensures solid foundations and reinforcement in high risk areas.


Insurance specialists say that although liability for damage caused by natural disasters varies, property owners have some control over obtaining good coverage against unexpected damage.

privateproperty

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Relax? Is There An App For That?

Modern living certainly has its advantages but there are days where I yearn for a simpler life and wonder what it was like to live before cellphones, the Internet, television, cars, corporations and the comments section on any news article. Wasn't life less stressful before things like social media came along, and told us how we should feel about issues that affect society? Who needs independent thought and opinion when Twitter has one for you?


Part of me quite likes the idea of living 300 years ago. But then I consider how indoor plumbing, cures for illnesses and Grumpy Cat have made my existence infinitely better. Despite our increasingly stressful lives we can all find ways to chill out. And being the suburbanites and city dwellers that we are, there are all sorts of gadgets, furniture and gizmos that can aid our quest to unwind.


The Hammock
Can you think of a better way to forget about your worries than a snooze in a hammock? There is quite a bit of choice here with thick cord, Mexican chair and lounger type hammocks available. You can buy a hammock on its own and fasten it between two trees or buy one that is fitted to a stand. If you failed to get a knot-tying badge in scouts I recommend the stand.


For the time pressed, a number of online retailers have products that they will deliver: Try www.hammockshop.co.za and dreamtimehammocks.co.za.


Wearable back-massager
I would love to have been in this product development meeting. Somewhere, in some cupboard, beneath a pile of notes, is a sketch of a pint-sized masseuse that gives massages while you piggyback him or her on your daily routine. Luckily, the VertaBrate has evolved since inception and is now a sleek device that you wear under your clothes. According to this article, it clings to the skin and then "begins a deep massage by embedding four vibrating nodes in the back."


USB Aromatherapy
If you're susceptible to placebos or just enjoy certain scents, this USB powered dispenser is perfect for those times at the office where you feel the need to pulverise your PC with a hammer. The odds are that if you don't buy into aromatherapy already, you won't see any benefit in this device. And if it's your USB drive that is making you upset, you'll have an extra level of frustration to deal with.


The Amber Elixir Of Wonderment
There is an elixir that is known throughout the worlds to make those who imbibe it relax. A word of warning though - imbibe too much and you may dance on tables or bore strangers with tales of that time you met a celebrity (who I can assure you tells no one of the time he met you).


You may struggle to find "The Amber Elixir Of Wonderment" online. Do a search for "beer".


That Frankie chap had the right idea all the way back in 1983. We all need to relax.
 privateproperty

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Expats ‘should use a letting agent

Northern Ireland's property market seems to be turning a corner. Prices remain around half what they were pre-recession, but latest signals suggest property values are beginning to rise.

In this environment, many expats and foreign investors might be looking at buying a property in Northern Ireland to rent out. This offers lots of opportunities, but it's important to make sure someone is on hand to look after your investment while you are thousands of miles away.

That's where letting agents come in. They are perhaps the most important person you will deal with - you will rely on them to make the investment successful and hassle-free.

It's wise to get advice from an agent affiliated to a professional organisation, as they will be trained, offer client money protection and there is a redress scheme in place if things go wrong.

You should also speak to them about tax, with HM Revenue and Customs earlier this year launching a new crackdown on expats who own rental property in Britain and Northern Ireland.

Eric Bowman, a British expat living in Estonia, is one example of how finding the right agent is crucial. Having spent lots of time and effort going it alone, he has now found a letting agent who can look after every aspect on his behalf.

"It requires a fair amount of trust, but my lettings agent deals with everything. I couldn't do it on my own," Mr Bowman told The Telegraph.

He pays a six per cent fee for full management, and does "absolutely nothing apart from answer their emails". It's an arrangement that works very well. Mr Bowman has only been back to the UK twice in nine years and didn't even visit his properties. 

Landlords based abroad can use a currency exchange specialist to set up regular payments to agents to manage their properties.

Currencies Direct could save you up to 4% on the purchase price of your property. If you are buying or selling your property abroad, Currencies Direct have the expertise to ensure you benefit from a maximum return.

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German business confidence improves as growth continues

German business confidence improved in November, a survey has indicated, amid rising optimism about the economy.

The closely-watched Ifo survey of business confidence revealed an above-expected rise in November, reaching its highest level since April 2012.

The index, based on a survey of 7,000 firms, rose to 109.3, compared with 107.4 in October.

The news comes as official figures confirmed that the German economy grew by 0.3% in the third quarter.

Strong domestic demand for goods helped to drive growth. A healthy labour market, moderate inflation and wage increases boosted household spending and contributed to a 0.7% increase in domestic demand, the Federal Statistics Office said.

The Bundesbank, Germany's central bank, believes the country's steady growth will be maintained as domestic demand strengthens and the global economic environment improves.

Some analysts are expecting 0.5% growth in the final quarter.

Angela Merkel's government has forecast growth of 0.5% overall for 2013, and 1.7% growth in 2014.

Rebalancing
The rise in business confidence reflects a 3% rise in capital investment in the third quarter, particularly in construction.

While weakening demand from eurozone partners has slowed Germany's traditionally export-led economy, Berlin hopes improved domestic demand will make up the difference.

The European Commission is investigating Germany's persistently high current account surplus amid criticism that it relies too heavily on exports.

"With today's data the latest criticism on the German growth model looks a bit like crying over spilled milk," said Carsten Brzeski, senior economist at ING.

"The often called for rebalancing of the economy is already taking place."

The news comes a day after Markit's preliminary composite Purchasing Managers' Index, which tracks growth in the manufacturing and services sectors, rose to 54.3 in November, up from 53.2 the previous month.

This figure was also higher than expected, and adds weight to the positive German growth story.

bbc

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Online gambling in New Jersey signals US expansion

Online gambling has been launched in the state of New Jersey, a sign that the US may slowly be opening up to the multibillion-dollar industry.

Unlike in many countries, online gambling remains prohibited by the US government because of legislation passed in 1961.

Individual states may allow online gambling if it does not cross borders.

A test is under way in New Jersey to make sure only people within the state can play.

Until now, only two of the country's 50 states, Nevada and Delaware, allowed online gambling and heavy restrictions are in place.

Gamblers with chips
Online gambling companies want federal laws first set in 1961 to be relaxed
Geolocation technology, which checks where a person is logging on, is typically used to lock out gamblers from further afield.

In New Jersey, people taking part in the test have suggested the restrictions have been overbearing.

One user told the Associated Press news agency that he drove 30 miles further into the state to log on, but was still getting locked out because the system failed to recognise he was within New Jersey.

Despite these troubles, gambling in the state is expected to launch in full next week, with 14 websites on offer.

State-to-state
Although the US gave the world the glitz of Las Vegas and the bright lights of Atlantic City, the federal government has for the most part rejected the online gambling industry.

Continue reading the main story
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Start Quote

The estimates for the New Jersey [gambling market] alone run somewhere between $250m and $1.2bn"

Mark Jordan
PricewaterhouseCoopers
The 1961 Wire Act means a state can decide to allow online gambling, but only if sites and players are based within its borders.

The gambling industry is pressing for the federal government to greatly relax its stance, bringing it into line with other markets, such as the UK.

"A federal law, should it come in the future, would allow for a customer in California to play poker against a citizen in New Jersey," said Mark Jordan, a director at accountancy firm PricewaterhouseCoopers, who has researched the online gaming market extensively.

"At the moment you cannot do that. That's prohibited. What a lot of the operators are hoping is that as the states prove this can be done, and that it's safe, that the federal laws will change to allow state-to-state gaming."

Massive potential
The UK's online gambling industry is far less restricted, Mr Jordan told the BBC, and is envied by those looking to expand into the US.

"The UK gaming industry is one of the market leaders in the world," he said. "We are very well serviced here."

Party Poker screenshot
Online gambling is already big business in the UK because of more relaxed regulations
The value of the UK industry is put at around the $2bn (Ј1.2bn) mark. The US offers staggering possibilities in comparison.

"The estimates for New Jersey alone run somewhere between $250m and $1.2bn," Mr Jordan said.

"That market has got a huge broad range - it all depends on customer uptake and the quality of the product."

Illegal sites
Despite the illegality, some websites operating offshore have been able to offer gambling to people in the US.

Technology-savvy users have got around location restrictions by using proxy servers, which can fabricate a user's location.

But difficulties in receiving winnings have meant online gambling with offshore sites is too troublesome for all but a few determined users.

Furthermore, major innovations to create more sophisticated and life-like gaming environments are mostly the preserve of the major companies that do business in the UK.

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Merrill Lynch intern died from epilepsy, inquest hears

An intern at Bank of America Merrill Lynch in the UK died of epilepsy, which could have been triggered by "working so hard", an inquest has heard.

German-born Moritz Erhardt, 21, was found dead at his student residence in London in August, a week before completing his internship.

He had reportedly worked all night several times in the period before his death, which sparked a debate about student working conditions.

He was taking medication for epilepsy.

But he had not told anyone at the bank about his condition, an inquest at Poplar Coroner's Court in east London heard.

Coroner Mary Hassell said: "One of the triggers for epilepsy is exhaustion and it may be that because Moritz had been working so hard, his fatigue was a trigger for the seizure that killed him."

She said it was "only a possibility" and she did not want his family to "go away with the thought that it was something that Moritz did" that caused his death.

Ms Hassell added: "He was a young man living life to the full and he was clearly enjoying his time in London and, whilst it's possible that fatigue brought about the fatal seizure, it is also possible that it just happened.

"And it is something that does just happen."

'Unpredictable' condition
Pathologist Professor Pete Vanezis said the intern had a history of epilepsy and was always at risk, even when taking medication.

When asked how he could have had a fit, despite taking his medication, Prof Vanezis said: "I am afraid it does happen. Epilepsy is a very unpredictable condition.

"Unfortunately, in many cases, we don't even know why people have seizures."

Prof Vanezis said the seizure could have been due to tiredness, but added: "It's unpredictable, there might be a trigger, there might not be."

The intern's father, Dr Hans-Georg Dieterle, said: "He was enthusiastic, he really enjoyed it [the internship]. He never complained, but especially my wife noticed in the last week that he just didn't get enough sleep."

Dr Dieterle told the court he and the young man's mother noticed from the time his emails were sent, sometimes at 05:00 or 06:00, that he had worked through the night.

He said: "It's just from the times his emails were sent my wife noticed that he couldn't have enough sleep and this might be a risk in terms of his epilepsy."

His death prompted Bank of America Merrill Lynch to launch a review.

His development officer at Merrill Lynch, Juergen Schroeder, described him as "very motivated, very confident", but also "very humble, very down-to-earth".

Culture change
At the time, Merrill Lynch said it was "deeply shocked and saddened".

"Our thoughts are with his family," a spokesperson for the bank said.

A spokesperson for Finance Interns, which provides support for young people entering the world of finance, said: "Following the verdict at today's inquest into Mr Erhardt's death, the spotlight is firmly on the pressures, whether self-imposed or from employers, faced by young people in today's unprecedentedly challenging employment landscape."

The organisation called for an independent body to represent the interests of interns and other young people working in the finance sector.

Workers and interns in the banking sector tend to opt out of the European Working Time Directive, which limits employees to a maximum 48-hour week.

The Chartered Institute of Personnel and Development (CIPD), which produces guidelines for HR professionals, said there was urgent need for a change of culture in the financial services industry regarding working hours and conditions.

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Foreign investors hit by anti-speculation measures in Malaysia's 2014 budget

Malaysia's booming property market is expected to slow, once new taxes in the 2014 budget take effect next year.

Beginning January 1, real property gains tax (RPGT) will double from the current 15% rate. For disposals within the first three years, the new RPGT will be 30%. 

For citizens, RPGT will be 20% for disposal in the 4th year, 15% for disposal in the 5th year.  No tax is levied on disposals after the 5th year. For non-citizens and business firms, RPGT will be 30% within a 5-year holding period, and 5% in any subsequent year. 

The minimum price of property that can be purchased by foreigners will increase from RM 500,000 (US$157,282) to RM 1,000,000 (US$314,564).

Property developers and financial institutions will be banned from using the Developer Interest Bearing Scheme (DIBS), whereby the developer absorbs the home loan interest of the buyer during the period of construction of the property. Projects with DIBS features are favoured by investors who flip properties as soon as construction is completed.

These changes should not discourage long-haul investors, or end-users. Prices in Malaysia remain much cheaper than in Singapore or Hong Kong.. And unlike those two countries, Malaysia will not impose any additional stamp duty.

The sale, purchase and rental of residential properties will be exempted from the 6% goods and sales tax (GST) that takes effect on April 1, 2015. However, there is no similar exemption for the sale and purchase of goods and services used in residential construction.

Meanwhile, the government is upping spending on housing projects for low- and middle-income earners.

RM 578 million (US$181.82 million) is allocated for 16,473 new residential units to be built by the National Housing Department (NHD) under the People's Housing Programme (PHP). Another RM 146 million (US$45.93 million) is earmarked for construction of 600 new units for rent by NHD. Houses under the PHP are priced at between RM 30,000 (UD$9,436) and RM 35,000 (US$11,009) per unit in the peninsula, and RM 40,500 (US$12,739) per unit in Sabah and Sarawak.  And RM 1 billion (US$314.56 million) will be earmarked for 80,000 more housing units under the 1 Malaysia's People Housing Programme (PR1MA), priced 20% below market price.

The government is also introducing a new Private Affordable Ownership Housing Scheme, "MyHome," with RM 300 million (US$94.37 million) given to developers building low- and medium-cost houses, with a RM 30,000 (US$9,436) subsidy per unit. 

The budget also provides for the creation of a National Housing Council, a one-stop agency that will be responsible for overall planning, policy and strategy formulation, coordination and monitoring of issues and developments affecting the country's housing sector. Its members will be drawn from federal agencies, state governments, the NHD, PR1MA, SPNB and the private sector. 

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The Government’s Help to Buy Mortgage Guarantee scheme launched early

If you want to get on or move up the housing ladder but find the large deposit required with current mortgages a struggle, this scheme could make buying more accessible for you.

You can start applying for a mortgage under the Help to Buy scheme from the week commencing 7th October. Under the scheme, you can move with as a little as a 5% deposit to any property under Ј600,000 - be it a new build OR pre-loved home.

What is the Mortgage Guarantee scheme? 
The Government will be supporting lenders to offer up to 95% mortgages, helping buyers with smaller deposits to get on the property ladder, trade up or move to a another property.

Below is a quick checklist on what is involved in the scheme:

Available to both existing home-owners and first time buyers
Buyers need a minimum of a 5% deposit
Available on all previously owned and new build properties up to the value of Ј600,000
Must be your only residence and you can't rent the property out
Available in the UK
Want to know more? 
Full details of the scheme have not been released publically yet, but register with us and we'll send you more information on the scheme.

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Skyline Welcome A New Era In Property

Lighting up Bangors' busy Main Street is Skyline Real Estate, recently launched alongside Mortgage IQ to offer a comprehensive one-stop solution to those seeking to buy, sell and rent their home.  

Founder and director Chris Ferguson, who trained as a Chartered Surveyor in London before returning home to take up a managerial role with PropertyHop Estate Agents says, "The dark cloud that has been hanging over the housing market for the last 5 years has finally lifted in 2013 and so it felt the natural time to launch Skyline; a new feel-good agent for a new feel-good market.  

Our aim is simple, to provide a premiuim service at a competitive fee. Our experienced and professionally qualified staff ensure that every customer receives the attention to detail and level of customer service which you should expect when entrusting us with your largest asset." 

For a free professional valuation, give Skyline a call today and take advantage of half price registration fees in 2013.

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Firefighters free man following Hibbert Road crash

A Ford Focus had to be cut open to free its driver following a crash on Hibbert Road in Bray last night.
Firefighters from Windsor and Maidenhead were called to the road at about midnight and used hydraulic equipment to cut the roof of the car.
The male driver, who was in his late 20s or early 30s, had suffered injuries to his back and knee and was taken to Wexham Park Hospital by paramedics.
Police also attended.
Initial reports suggested the car had been involved in a collision with a bike but firefighters arrived to find it was the only vehicle involved.
The impact was to the front of the car and Maidenhead delta crew manager Greg Pearson said it is believed the car had hit trees before spinning so it was side-on with the road.
The cause of the crash is unknown.
Both crews were at the scene for about an hour-and-a-half.

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Foxtons scoops another eight awards!

At the glamorous event held at the Grosvenor House Hotel, Park Lane, Foxtons was named:

Best Real Estate Agency, UK
Best Real Estate Agency, London
Best Real Estate Agency, Surrey
Best Lettings Agency, Surrey
Best Real Estate Website, UK
Best Real Estate Website, London
Highly Commended Lettings Agency, London
Highly Commended Real Estate Marketing
The UK's finest estate agents and property consultants gathered to attend the glittering black tie gala and to hear the long-anticipated results of the International Property Awards. These awards celebrate the highest levels of achievement by companies operating in all sectors of the property and real estate industry and an International Property Award is a world-renowned mark of excellence.

Nic Budden, Chief Operating Officer at Foxtons says "It is great to be recognised for the fantastic service we provide and to win such prestigious awards is a wonderful achievement that we are incredibly proud of".

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