2013Expatica's "i am not a tourist" Expat Fair hits record 10 years

Expatica's 10th "i am not a tourist" Expat Fair yesterday was a success with record exhibitors and lively salsa performances, stand-up comedy and numerous prize giveaways.

Expatica celebrated its milestone tenth anniversary of the "i am not a tourist" Expat Fair on Sunday 3 November, with a record 109 exhibitions alongside a colourful range of performances and prize giveaways and a lively crowd of diverse nationalities.
Expatica's "i am not a tourist" expat fair 
Held in the Beurs van Berlage in the heart of Amsterdam, a mixture of expat-focused service providers, international schools, social facilities, network groups and government organisations introduced several thousand visitors to a range of services that help expats settle and build their life in the Netherlands.

Expatica's "i am not a tourist" expat fair Visitors also had the opportunity to visit the Expatica stand and seek one-on-one help from experts on education, Dutch immigration law, job hunting and housing, in addition to the advice offered by professional exhibitors around the fair.

Chocolate, genever-tasting, and cheese workshops added a cultural touch to the mix, but it was the salsa dancing, stand-up comedy shows and raffle prizes held on the main stage throughout the day that livened the atmosphere.

Looking back on the fair's 10 years, the presentations and workshops have become an integral part of the "i am not a tourist" event. The first fair started with only 7 presentations, but on Sunday a total of 36 presentations instructed visitors on a diverse range of practical topics from learning Dutch to culturally-appropriate CVs and interviews, with additional feature presentations on blogging, Dutch culture, and expat identity.

Creating a fair with both instructive and interactive elements was the very idea that led Expatica's managing partner Antoine van Veldhuizen to create the first "i am not a tourist" Expat Fair in 2004.

"From the start, we wanted our Expat Fair to be an infotainment event, combining experts in expat services with a fun and informative programme. It is an emotional achievement for me to see this vision still evolving after so many years. It has come a long way," said Antoine.
Expatica's "i am not a tourist" expat fair 
One of Expatica's first "i am not a tourist" fairs

Expatica event manager Daniлlle de Groot said this year's fair had an even better balance of the technical and lifestyle aspects for building a new life in the Netherlands than previous years.

"This year, we saw an increased number of international food exhibitors and family services, while still retaining necessities like banking, employment and housing providers. Most important for us, however, was that it was a fun day with a lively vibe," said Daniлlle.

Looking back on 10 years 
Visitor numbers have doubled since the first "i am not a tourist" Expat Fair 10 years ago, with pre-registration numbers in 2013 representing an almost 400 percent increase over 2004 figures. What has not changed, however, is the incredible mix of nationalities that visit the fair and the support of exhibitors every year.
Expatica's "i am not a tourist" expat fair 
Expatica has continued to use the fair over 10 years as a way to reach out to the expat community in the Netherlands. 

"For the Expatica team, "i am not a tourist" is a great opportunity to meet our readers in real life," said Daniлlle de Groot. "It is an important way for us to strengthen the connection and get a feel for what our readers need and how we can contribute to their lives abroad."

The high quality of entrants for Expatica's Cute Kids photo award and expat blogging competition also reinforced the growing status of the event among the Netherlands' expat community. 
"I am not a tourist" blogging competition "I am not a tourist" bakfiet photo competition
Blog finalists / Cute Kids winner
Positive response
Exhibitors and particpants alike had positive responses to the fair.
"Congrats on another very successful event yesterday! Buzz was good, hope you too are all pleased!" -Deborah Valentine, ACCESS (exhibitor)
"The whole fair ran like clockwork and we had a great response to our service." -Hannah Ward, British Corner Shop (exhibitor)
"Mail and Female had such a wonderful time, positive feedback and overall a great experience. We appreciate your time and effort to make everything an success." -Lindsay van Clief, Mail and Female (exhibitor)
"Congratulations for yesterday, I must say for me it was the most interactive fair I've been to in the last three years since living in Amsterdam." -Bogdan Manta, Toastmasters (participant)
"Was a great event, thanks for your enthusiasm!" -Navbike Amsterdam (visitor)

About Expatica
Expatica Communications is a leading online provider of news and information for the international English-speaking expat community since 2000. Expatica.com receives an average 1.5 million hits each month.


Upcoming Expatica events:
International Job Fair: Spring and Fall 2014.
Expatica's International Job Fair, organised in close co-operation with Together Abroad, brings together a range of potential employers and recruiters to the one place to aid expats looking for international careers.

Expatica SpeedDate in Amsterdam: Saturday, 23 November
Looking for love? Interested in making new friends? Meet some of the most eligible internationals in Amsterdam - true love can be found abroad, too!

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'Legitimate' Bitcoin's value soars after Senate hearing

The US Senate will hear that Bitcoin has the same benefits and risks as other online-payment methods
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Related Stories

Bitcoin 'at risk' of network attack
Bitcoin falls after Silk Road arrest
The value of virtual currency Bitcoin has soared to over $900 (Ј559), after a US Senate committee hearing.

The committee was told that virtual currencies were a "legitimate financial service" with the same benefits and risks as other online payment systems.

The Homeland Security and Governmental Affairs Committee is exploring the "promises and risks" of Bitcoin for "government and society at large".

The currency has more than trebled in value since October.

Fear and confusion
The US Senate hearing was prompted by the closure of the Silk Road website in October. The site, which sold drugs and other illegal goods, was shut down by the FBI.

Users of the site were required to pay for their transactions using bitcoins.

Representatives from the Department of Justice and financial regulator the Securities and Exchange Commission have been asked to provide their views about virtual currencies to the committee and submissions have been received from the FBI and the US Federal Reserve.

US Senate building
The US Senate committee will hear from the Department of Justice and Securities and Exchange Commission
"Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us," the chair of the committee, Senator Thomas Carper, said in opening remarks.

The FBI, in a letter to the committee released on Sunday, said that it recognised virtual currencies offered "legitimate financial services" but they could be "exploited by malicious actors".

Mythili Raman, the head of the Justice Department's Criminal Division, told the committee: "We have seen increasing use of such currencies by drug dealers, traffickers of child pornography, and perpetrators of large-scale fraud schemes."

Mainstream acceptance
Jerry Brito, senior research fellow at George Mason University told Bloomberg: ''Two years ago it was alarm when Silk Road first came on the scene.

''Since then, Congress has been educating itself and understands that there are great potential benefits, and like any new technology there are going to be some challenges. But they see there is a balance to be struck here and they are generally positive on the technology," he said.

Continue reading the main story
HOW BITCOINS WORK

Bitcoin is often referred to as a new kind of currency.

But it may be best to think of its units being virtual tokens rather than physical coins or notes.

However, like all currencies its value is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called "mining" must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins.

This provides an incentive for people to provide computer processing power to solve the problems.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.

There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual postbox to and from which the bitcoins are sent.

Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets which are used to manage savings.

They operate like privately run bank accounts - with the proviso that if the data is lost, so are the bitcoins owned.

Trade in Bitcoin is small compared with that in countries' official currencies. But since its creation in 2008, Bitcoin has become a popular way to pay for things online. There are currently more than 12 million bitcoins in existence according to Bitcoincharts, a website that provides financial information about the currency.

On one exchange site, Mt. Gox, the value of the currency rose to $900 (Ј559) on Monday before falling back to $727 (Ј452). This compares with a price of $200 (Ј124) in late October.

The closing down of Silk Road and hearings in front of US government committees have led some to believe that prices are increasing as investors think Bitcoin will gain more mainstream acceptance.

"Lots of factors are driving the price action in Bitcoin, including pure speculation," said Garrick Hileman, an economic historian at the London School of Economics.

"Regulatory interest in Bitcoin also traditionally has a positive effect on the price of Bitcoin," he added.

Jan Lambregts, head of financial market research at Rabobank, which does not trade in Bitcoin, said regulators were right to get involved.

"Looking at it from a distance, it very much looks like it could be a speculative bubble. It's a small market, with a lot of interest in it, which is inflating and distorting the price," he said.

"But you can see the concerns for governments - this is a currency outside their normal domain and which is not influenced by central banks.

"It may all be relatively small-scale now, but decisions taken now could have wider repercussions were such virtual currency experiments to be expanded in the future," he added.

Some have questioned whether trading in Bitcoin is insufficiently transparent and therefore easier to use for illegitimate means. Patrick Murck, from the Bitcoin Foundation, which promotes the use of the currency, told the BBC that the network was very open and everybody could see every transaction that happened.

"I would challenge that it's for illegitimate use or bad actions. What we're finding is not that it's a haven for illegitimate activities but that there are many legitimate uses," he said.

Whatever people are using Bitcoin for, Mr Brito thinks it's here to stay.

"These hearings mean Bitcoin is finally coming into its own," he said.

"It's a real thing and it's not going anywhere and these hearings highlight that."

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Commercial Development Activity

The Total Commercial Development Activity Index - a net balance monitoring the overall performance of the UK commercial property sector - rose from +5.8% in May to +18.9% in June.
The latest reading indicated a sharp expansion, and one that was the fastest in six years.
Private commercial work rose for the tenth successive month, while an increase in public sector projects was the first since February.
All three monitored UK regions registered sharp rises in commercial work.
Growth of activity was generally linked by panellists to new contract wins, improved weather conditions and easier access to borrowing funds.

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In retrial, Apple and Samsung make final pitches to jury

(Reuters) - Apple Inc tried to persuade U.S. jurors to keep intact a historic verdict it won against Samsung Electronics Co Ltd last year, while the Korean company argued that Apple has overstated its injuries from patent violations.

At closing arguments on Tuesday in a San Jose, California federal court, Apple attorney Harold McElhinny told jurors that their verdict would be important for protecting American companies and maintaining Silicon Valley's innovation economy.

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However, Samsung attorney William Price said Apple grossly overstated how integral the five patents at trial actually are to the iPhone's value.

Apple is engaged in global patent litigation against rivals like Samsung, a courtroom battle launched by Apple's iconic cofounder Steve Jobs before his death. The courtroom fight mirrors competition between leaders in the smartphone and tablet markets.

Last year, Apple was awarded over $1 billion after it convinced a jury that Samsung copied various iPhone features - like using your fingers to pinch and zoom on the screen - along with design touches like the phone's flat, black glass screen.

That verdict was a high point in Apple's legal war on Google's Android operating system, which Samsung uses on its phones.

U.S. District Judge Lucy Koh subsequently rejected Apple's bid for a permanent sales ban against several Samsung products, but in a win for Apple, a U.S. appeals court this week ordered Koh to reconsider that ruling.

When it came to damages, Koh upheld about $600 million of last year's verdict but ordered a retrial on the rest, ruling that the previous jury had made some errors in its calculations.

During the retrial, which has been unfolding over the past week, Apple asked the jury to award $379.8 million, while Samsung argued that it should have to pay $52.7 million.

In court on Tuesday, Apple attorneys William Lee and McElhinny urged the six-woman, two-man jury to focus on internal Samsung documents, especially since no senior Samsung executives appeared on the witness stand.

"Witnesses forget, or in the case of Samsung here, witnesses don't appear," Lee said.

McElhinny added that Samsung was trying to pay a tiny fraction of the $3.5 billion in U.S. revenue it made from infringing products. "That's unbelievable," he said.

Samsung's Price said Samsung is willing to pay what the law demands. But Samsung should not be forced to overcompensate Apple for design touches that any competitor should be allowed to incorporate, he said.

"Apple doesn't own beautiful and sexy," Price said, adding: "What they're saying is, in the market, justice is just us."

The jury is scheduled to begin deliberating later on Tuesday.

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Sharp may get OEM deal with Hewlett-Packard in copiers: source

(Reuters) - Japan's Sharp Corp may get an original equipment manufacturing (OEM) deal to make copy machines under the Hewlett-Packard brand, a source familiar with the matter said on Wednesday.

Supply of copiers to the U.S. company could begin as early as the second half of the current business year that ends in March 2014, he said, declining to be identified because a formal deal had yet to be signed.

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European student accommodation now a ‘buy’ for investors

A supply-demand imbalance and strong yields makes the European student accommodation market an attractive real estate investment option, but investor decisions should be made on a city by city basis and not at a national level, according to international real estate advisor, Savills, in its first pan-European report on the sector. 
In Spotlight on European Student Housing 2013, the firm analyses the investment risk of 119 cities that are home to Europe's top tier universities*, identifying an investor 'sweet spot' of cities which combine strong, high quality universities, low supply of purpose built accommodation, strong demand and potentially higher returns.  The report identifies opportunities right across the ten European countries studied.
Student housing has been a major beneficiary of the flight to quality among property investors in the last five years. The volume of transactions in Europe increased by almost 81 per cent per annum.  In the first half of 2012, investment volumes in the sector reached Ђ1 billion, double that of the same period a year earlier, according to latest data from Real Capital Analytics.
"Opportunities exist right across Europe, with gross yields for primary accommodation ranging from 7.0 per cent in Spain and Italy to 5.5 per cent in France, Germany and the UK, " says Yolande Barnes, Savills director of World Research. 
"But investors need to look beyond headline supply-demand and yield indicators to fully understand market strength. The strength of individual institutions is key, in particular the ability to attract growing numbers of high achieving, internationally-mobile students. 
Top European city investor opportunities - by student population table  
The UK is Europe's most established destination for student housing investment, attracting the highest number of international students within Europe, and accounts for 28 per cent of cities within the  top European city investor opportunities.  However, Savills cautions that  increased fees, high rents and visa restrictions could pose risks, particularly as other European institutions begin to increase the number of courses offered in English to attract growing numbers of transient global students.
Meanwhile, growing investor opportunities are opening up across Europe, which look more attractive if land and build costs are taken into account.   Paris, Milan, Barcelona and Amsterdam pose standout opportunities on the basis of large student populations, while London, Oxford and Edinburgh will continue to offer strong investment opportunities for those able to find entry points. 
Amongst smaller student locations, the academic reputation of institutions in Lausanne and Zurich and low levels of student housing suggest lower-risk investment opportunities. 
"Yield compression in  mainstream property assets is boosting the appeal of student housing particularly for commercial investors looking to spread their exposure into residential," says Barnes.  "It offers relatively high yields and low voids, producing a secure income stream on a single operational lease.  In this way it could be considered a stepping stone to 'build to let' or purpose-built mainstream rental blocks in the open market rental sector.
"Rising incomes, improving standards of living and a rapid growth in international students mean a significant group of students have higher expectations of their accommodation.  Europe and North America together account for almost six out of ten internationally mobile students at present. 
"Leading European universities need to ensure they offer high quality and well-managed accommodation in order to continue as destinations of choice for the rapidly growing pool of academically ambitious, global students,"

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OECD revises down global economic growth forecasts

Global growth for 2013 and 2014 has been downgraded "significantly" after weak prospects in emerging markets, says the Organisation for Economic Co-operation and Development.

Global GDP this year is now expected to grow by 2.7%, down from 3.1% forecast in May.

But it said global economic growth would speed up by 2015.

However, the OECD said the UK would grow by 1.4% this year, an upgrade from its forecast in May of 0.8%.

Continue reading the main story
Analysis

image of Andrew Walker
Andrew Walker
BBC World Service Economics correspondent
It is achingly slow, but what this report points to is a protracted process of economic repair after the damage done by the financial crisis - and remember we are now five years on from its most intense phase.

The language is often downbeat: a "modest acceleration" in growth; unemployment to remain "stubbornly high" in several countries.

There is also something between a warning and plea to the United States to steer clear of a "potentially catastrophic crisis" over the government's borrowing limit, after a near miss in October.

There are elements in this outlook that are sunnier than the OECD's previous forecast. The UK economy is one example. It is said to have gathered momentum. But the global forecast has been lowered. It will grow if these predictions are right, but no real celebrations for a while yet.

UK growth would accelerate to 2.4% in 2014, above economists' expectations of 2.2%, it said.

It said signs of improvement were "particularly apparent" in the UK, and monetary policy was likely to remain "appropriate" for some time.

The OECD also revised down its global growth forecast for 2014, which it now estimates at 3.6%. In May, it had forecast 4%.

In a first estimate for 2015, it predicts growth of 3.9%.

Key risks
The OECD said "weakness" in the banking system was a "major drag" on growth in the euro area.

The "potentially catastrophic crisis" over the debt ceiling in the US and "strong" market reaction to its suggestion of tapering had also unsettled confidence, it said.

OECD chief economist Pier Carlo Padoan said: "Brinkmanship over fiscal policy in the United States remains a key risk and uncertainty."

Mr Padoan said hitting the debt ceiling could "knock the US and the global recovery off course".

He called for monetary policy in the US to "remain accommodative for some time".

The global economy would act as an "amplifier" for negative shocks from a "stronger slowdown" in emerging markets, Mr Padoan said.

He cited population trends in emerging economies, and the narrowing gap with advanced economies, as behind the "fragility".

Complacency fears
"Downside risks dominate and policy must address them," said Mr Padoan.

He said high levels of public debt in Japan created risks, but commended its export growth, rising consumer spending and rebound in business investment.

Mr Padoan warned governments about the risks of complacency as recovery gained momentum.

He said: "Policy inaction or mistakes could have much more severe consequences than the turbulence seen to date and jeopardise growth for years to come."

The OECD said the UK's projected growth would be supported by an upturn in gross fixed investments and exports, adding it had seen a "turnaround in private sector confidence".

A spokesperson for the UK Treasury said the upgrade provided "more evidence the UK's hard work is paying off" and the country was "on the path to prosperity".

They said: "Today's report also highlights the risks that remain to the recovery and urges the UK to stick to the government's plan that is growing the economy, lowering the deficit and inflation, and creating jobs."

Shadow treasury minister Chris Leslie said: "After three damaging years of flat-lining, this OECD forecast for the UK is welcome, but for millions of families this is still no recovery at all."

He said the OECD was right to highlight the need to boost housing supply in the UK.

Mr Leslie added: "We need a recovery that's built to last, so we must also bring forward infrastructure investment now to build thousands of affordable homes."

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Chile's property market heating up

The real estate market in Chile has been one of the best performing sectors in the region over the last several years and even though large gains have already been seen, current market conditions just keep pushing them higher.

Between 2003 and 2009, for example, the average price of agricultural land in many parts of Chile's 7th region increased by right around 9% a year but from 2009 to 2013, has been increasing by over 12% a year.

Prices for apartments and single family homes in many of Santiago's neighborhoods have gone up by around 9% a year over the last decade and rural development land around growing cities like Puente Alto (Santiago), Machali (Rancagua), and Punta de Lobos (Pichilemu) have increased by 30% or more in the last couple of years alone (portalinmobiliario.com).

The boom has been happening all across the board but there are definitely some areas where prices move even faster than the norm.

Most of the demand driving prices these days is from the local market, Chileans with more disposable income, looking for their first apartment or home, or upgrading over the years although there are some areas where foreigners have already begun buying.

In Chile's southern regions, foreigners have been involved in the market for touristic properties for many years. More recently, foreigners have started entering the agricultural property market in the country's central regions and it looks like this trend might be just getting started.

Despite the distance from Europe and North America, the country's solid balance sheet is starting to draw more attention from both individual investors and institutional fund manager from abroad. Chile maintains an extremely low debt and has amassed a $21 billion USD "rainy day" stabilization/reserve fund that will help smooth out any bumps the global economy might see.

With vast mineral reserves, a relatively small population, very low unemployment, and technological and entrepreneurial sectors that are just starting to gain traction, it doesn't look like this property boom here will be ending anytime soon.

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Directors' pay jumps 14% in year thanks to share incentives

Incomes Data Services ((IDS) said this took the average pay for a director of a FTSE 100 firm to ?3.3m.

IDS said basic pay rises were "relatively restrained" at 4% higher, while annual bonuses fell 8.8%.

But total pay rose thanks to a 58% rise in share-based long-term incentives.

And over the past ten years, the median total earnings of a FTSE 100 chief executive has gone up by 243%, Steve Tatton, editor of IDS's directors' pay report, told the BBC.

Mr Tatton said the survey illustrated the "complex make-up of boardroom remuneration".

"With nearly two-thirds of FTSE directors benefiting from an LTIP [long-term incentive plan] award in the latest year, the higher share-based payouts clearly made up for any ground lost in lower annual bonuses," he added.

A director is typically awarded a proportion of their salary in shares, which pay out only if the director hits their performance targets.


Earnings campaigner Luke Hildyard says: "The super rich are taking a bigger share of the UK's total wealth"
Mr Tatton told the BBC that the long-term incentive plans were generally awarded three years in advance, with the results from this survey reflecting decisions made in the 2009-2010 financial year when share prices were much lower.

He said the reverse was now likely to be happening, "with directors being granted fewer shares under that type of formula."

TUC general secretary Frances O'Grady said the survey's findings meant that top bosses' pay was growing 20 times faster than that of the average worker.

"It's one thing replacing bonuses with long-term incentive plans, but FTSE 100 companies are simply exploiting this change to make their fat cats even fatter," she said.

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The Glamour of Italian Fashion 1945 - 2014: About the Exhibition

This major exhibition is a glamorous, comprehensive look at Italian Fashion from the end of the Second World War to the present day. The story is explored through the key individuals and organisations that have contributed to its reputation for quality and style. It includes both womens and menswear to highlight the exceptional quality of techniques, materials and expertise for which Italy has become renowned. 

The exhibition examines Italy's dramatic transition from post-war ruins to the luxury paraded in the landmark 'Sala Bianca' catwalk shows held in Florence in the 1950s, which propelled Italian fashion onto the world stage.  During the 1950s and '60s the many Hollywood films that were shot on location in Italy had an enormous impact on fashion as stars like Audrey Hepburn and Elizabeth Taylor became style ambassadors for Italian fashion, fuelling a keen international appetite for luxurious clothing made in Italy. On display are around 90 ensembles and accessories by leading Italian fashion houses including Simonetta, Pucci, Sorelle Fontana, Valentino, Gucci, Missoni, Giorgio Armani, Dolce & Gabbana, Prada and Versace, through to the next generation of fashion talent. 

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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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McMillan 10 year anniversary

This March McMillan Estate Agents will be celebrating ten years of business and ten years of giving back to the community which has helped make them such a success.

Founded by Jim McMillan in 2002, McMillan Estate Agents has grown over the past decade to become one of south-east Antrim's leading estate agents. Jim already had 19 years experience in the industry in Newtownabbey but wanted to establish a company which filled a gap that he felt existed at the time. Honesty, integrity and respect aren't often words associated with estate agency and Jim believed that there was room in the market for a company which offered these qualities combined with a professional yet personal service. Ten years in business and sales have validated his vision as the company continues to thrive and expand in its Glengormley premises despite a prolonged period of difficult economic conditions.

Over the years Jim has invested heavily in his company in order to provide a professional service and keep up with changes in technology. Jim's commitment to his staff is exemplified by the low staff turnover and friendly, upbeat mood when you enter the office. This commitment was recognised in 2010 when McMillan Estate Agents gained Investors in People accreditation. Another area which has benefitted greatly from investment is technology: the world has moved on considerably since 2002 and the hefty books detailing offers, sales and viewings have been replaced with state of the art software which allows information to be recorded, stored and shared among staff leading to a smoother, more consistent service. The office walls are lined with high-gloss brochures and recent investment in the website has created a smart, user-friendly interface ideal for the modern market. McMillan's commitment to professional service and high standards is recognised and regulated by The Property Ombudsman and they are also proud to be members of the Royal Institution of Chartered Surveyors.

McMillan Estate Agents are acutely aware that the success of the business is down to continued support from the Newtownabbey community and Jim is always keen to show his appreciation by giving back to the local community. McMillan contribute money from each sale to their designated charities - Salvation Army, NI Hospice, St Vincent de Paul and the Simon Community - as well supporting local schools, churches, community groups and individuals. Over the past 10 years the company has donated in excess of ?50,000 to local charities. McMillan are members of the Glengormley Chamber of Commerce and Newtownabbey Business Network, and Jim is also keen to help young people starting out in their careers by offering work placements to school and college students so that they can become the business leaders of tomorrow.

These are challenging times for companies, particularly those in the housing industry, but one of McMillan's strengths is its ability to evolve and adapt to survive in a changing market. In 2008 they opened a rental department which has grown rapidly and continues to expand. Then in 2011, against the current market trend, Jim formed McMillan Blair Chartered Surveyors with Richard Blair in order to expand the range of current services available. As the 10 year anniversary approaches McMillan are looking forward to what the next decade will bring.

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New look for new Alpine development in Les Deux Alpes

Fifty years after building its first ski properties for sale in the French Alps, Alpine developer MGM is still identifying new locations in which to provide holiday homes of the type demanded by 21st-century skiers.

The latest, increasingly known by the text-speak name L2A, is the resort of Les Deux Alpes, a one-hour drive from Grenoble Airport in the Isere departement of the country.

The largest ski resort in the Dauphine area and the second oldest in France after Chamonix in Haute-Savoie, the lively village of Les Deux Alpes enjoys a reputation for being a snow-sure, lift-efficient resort with a great social life and plenty of scope for winter and summer sports.In the spring of next year, MGM expects to start construction work in the resort to create its Chalet Kayla development of 29 apartments. They will range in size from a one-bedroom property with a floor area of 40m2 priced at €240,000 to a 105m2 three-bedroom home on offer at €500,000. All the properties are available to buy off-plan and outright (ie: not leaseback).

NEW LOOK

The new apartments are among the first to feature the brand new look MGM plans to roll out across all its new developments. Its traditionally rustic-style interiors are being replaced with contemporary styling which, according to research, has greater appeal to today's buyers. Featuring a blend of traditional materials like wood, stone and granite with contemporary modern finishes, some internal walls are clad in wood or have bright white finishes; floors are in a mix of stone and larch parquet, and timber kitchens have given way to contemporary fitted models with granite worktops.

"These changes, combined with greater use of spotlights, create a 21st-century feel within our traditionally-styled exteriors of local timber and stone," says Richard Deans who heads the company's London-based UK sales office.

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Chalet Kayla, located just 100 metres from the nearest ski lift, shops, restaurants and ice rink, includes an indoor pool for use by residents.

LES DEUX ALPES

A special attraction of Les Deux Alpes, whose 200 km of pistes on south-facing slopes attract skiers and snowboarders at all levels of ability, is that it boasts the biggest skiable glacier in Europe. The resort is located at an altitude of 1,650 metres and its ski lifts rise to 3,600 metres. Les Deux Alpes (The Two Alps) takes its name from the neighbouring mountain villages of Venosc and Mont de Lans, originally quiet pastoral communities in an area once worked by sheep and goat farmers and frequented by crystal diggers and Chamois hunters.

The original ski resort was founded in 1925 when the first access road was completed. In 1946 the first ski school was formed and 10 years later the opening of the Diable Gondola, followed by the launch one of the first ski passes, led to recognition of Les Deux Alpes as a ski resort.

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Central Southampton Restaurant is brought to the market

Savills, on behalf of a private client, has brought to the market the former Poppadom Express restaurant in Southampton.  The property is offered with vacant possession at a guide price of ?650,000 for the long leasehold or at an annual rent of ?60,000.

Totalling 5,427 sq ft (505 sq m) across the ground and basement floors, the property is arranged as an open plan restaurant at street level with a trade kitchen, cold storage and WC facilities below. Positioned on a prominent corner, the Grade II listed property benefits from dual frontage on Oxford Street and Queens Terrace.

Nearby occupiers include Prezzo and Pizza Express, as well as a number of independent retailers, estate agents and hair and beauty salons.

Richard Acton, at Savills Southampton, comments: "Located in Southampton's prime restaurant area, this is an attractive building with excellent visibility, and an ideal opportunity for an upmarket brand looking to benefit from its A3 planning consent."

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New school to open up in Richmond

Parents in the London borough of Richmond upon Thames have been invited to give their views on a new secondary school that is opening up in the area.

While the views of parents are being sought, the final proposals for the school must be signed off by the Department of Education. If it goes ahead, the school will take in 150 pupils a year and will operate as a non-selective, co-educational, non-faith secondary school.

Earlier in the year, Richmond Council announced that Richmond upon Thames College, along with the Haymarket Media Group would explore the possibility of creating a new campus of education and enterprise on Egerton Road, located in the area.

This would contain new facilities for the college, as well a new built-for-purpose home for Clarendon School, in the borough.

In addition, the development would include  a new UK headquarters for Haymarket, plus a 'free school' which would open in 2017.

Local parents have been invited to register their support for the school and on November 12th, the council launched a new website which contained more information regarding the partnership and plans for the school. 


It also included a short survey for residents to register their interest.

Commenting on the developments, Lord True, leader of Richmond Council, said: "We all share a strong common commitment to quality, innovation and enterprise. Providing our young people with the skills and knowledge required to set them in good stead for the future.

"This new school would provide high quality education, with a curriculum designed in discussion with all the partners and other local schools - but will have the added benefit of guidance, advice and opportunities from one of the UK's largest privately owned media companies.

"I hope that local parents agree that this is an unique opportunity, one that should be considered for the future of their children."

Richmond is home to Richmond University, which is also known as Richmond, the American International University in London.
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How to invest in Britain’s hottest high street

Britain's service sector - the most important part of the economy - is rebounding rapidly. A recent survey shows activity in the sector at 16-year highs.

Rising house prices - fuelled by the government's efforts to reflate the bubble - have boosted consumer confidence, and are in turn leading people to spend more.

As we've said before, this cyclical recovery could well run into trouble after the election. But in the meantime, you can take advantage.

Retailers are one option. But it's hard to find any obvious bargains in the sector. There's another area that's benefiting from the rally on the high street - commercial property.

And one part of London in particular looks well-placed to profit…


Reports of the high street's death have been somewhat exaggerated

My colleague Ed Bowsher recently looked at ways to profit from the UK rebound by investing in the retail sector.

Another option is to look at the companies who own the shops that retailers sell out of.

This may seem a risky bet. The "death of the high street" has been proclaimed across the land. A combination of high taxes and bills, sluggish sales and competition from the internet is destroying traditional retailers.

Soon the high street will host little more than cafes and restaurants, while the remaining shops will be reduced to collection points, where people can pick up goods they bought online. These don't need much space. So that means lots of vacant lots. Which in turn, means lower rents and lower property prices.

There is no doubt that variations on this scenario are playing out in some parts of the country. Some town's high streets face long-term decline. But often this is due to specific local problems.

On a UK-wide basis, the outlook is actually more positive than you might think. There are signs that retail chains are going back into expansion mode. Property group IPD reckons that the proportion of vacant retail spaces has fallen from a peak of 7.4% in the spring to 6.8% in August. It also thinks that rents and capital values for the UK as a whole are starting to rise again.

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Private selling

In France some 30% of property transactions are estimated to be made privately (this rises even higher when you take just French buyers/sellers into account), and websites like www.pap.fr or www.entreparticuliers.com are widely used. But is this a good route for British buyers and vendors?

BUYERS

The most common reason people buy a property privately is to avoid estate agency fees, which generally amount to around 5% of the sale price but can be higher or lower. Clearly this can represent a considerable saving; on a property of Ђ200,000, it would save you Ђ10,000 (at 5%), for example.

For this reason, buying privately can be an appealing route to take but it's important that you understand the French property market. After all, you won't be able to turn to an agent for advice on prices or the process.

Most French agents take the time to get to know their clients, and select properties that will meet their needs. They almost always accompany buyers on viewings, which can involve a considerable amount of driving around, and advise on all manner of things to do with buying a property in France, from getting the price right to the legal process.

They often provide an after-sales service ?too, advising on everything from utilities to sourcing artisans for building work. So although their fees are higher than we are ?used to in the UK, a good French agent does generally earn them.

Then there's the issue of language. If your French is sufficiently fluent it's not a problem, but when undertaking something as important as buying a property, you really need to understand everything that's going on! That may not be an issue if you're buying from a British property owner, but would you be able to ask a French vendor all the right questions - and understand the answers?

VENDORS

Although the buyer generally pays the agency fees, it is still a factor for vendors, as being able to offer your property for sale without these costs will naturally appeal to buyers.

If you have the time, energy and skills, you may also feel that you can market your property more effectively than an agent - after all, who knows your home better than you, and therefore who could 'sell' it better? Your property won't be one of many, and you can dedicate as much time as possible to promoting it. Dealing directly with purchasers can also ease the flow of information.

What does this mean though? For starters you need to decide how you will market your property. Where will you advertise it? On or within dedicated private sales websites and publications, in France and the UK? Will you take out adverts in Francophile magazines, such as French Property News, or on associated websites or at exhibitions? Will you create your very own website, as a virtual 'shop window' for your property alone?

There's clearly a lot to think about, and if you decide to go your own way, with your own website, you need to consider various matters including how far up the page it will come in Google searches. You could have the best website in the world but it would be worthless if buyers can't find it.


There are also, of course, costs involved with advertising your own property so research this from the outset, and also do your homework on how effective the various websites and publications are, with attention paid to how many people they can reach, and if these are the right kind of buyers for your property.

Going without an agent also means having to show potential buyers around your home - you will be able to communicate to them the advantages of your property, but agents know how to sell property generally, even if they don't know your property personally, and have also spent time getting to know the buyers and know what will appeal to them.

Showing people around can be time-consuming and stressful too - it's difficult not to be offended if you find they don't like your home as much as you do!

When selling privately, note that you need to arrange for the statutory surveys to be carried out, and ensure that the energy rating of the property is included in any adverts.

AGENTS AND NOTAIRES

Of course, you can both market your home privately and use an agent/s. Make sure you have a 'mandat simple' and not a 'mandat exclusif' with the agent though, otherwise you'll be obliged to pay them a fee if you sell privately.

In France estate agents are strictly regulated by the government, and must be qualified, licensed and insured. You can ask to see their carte professionnelle (renewed annually) and certificat d'assurance.

When choosing an agent, compare fees, ask what they will do to promote your property, if they have any English-speaking staff, and how long the mandate ties you in for.

Remember too that whichever route you decide to take, you still need to work within the French system. A notaire must be involved and their fees must be paid (buyer and seller can share a notaire or each appoint their own, in which case they share the fees).

It may also be wise for buyers to employ a bilingual solicitor to advise on matters such as how to structure the purchase, as this can have an effect on taxes and to whom you will be able to bequeath your property.

Once an offer has been accepted, buyer and seller sign a contract - usually the compromis de vente - which legally binds them to the transaction (following a seven-day cooling-off period for the buyer). The notaire handles the conveyancing, which generally takes about three months, after which the buyer/s,

seller/s, and agent and translator if used, gather together at the notaire's office to sign the acte de vente (completion).

Another thing to consider is currency exchange. Even small changes in exchange rates can have a significant effect on the actual price you pay for a property, so make sure you secure the best rate possible.

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What you need to know 5:30 AM Saturday N

It is important for investors to understand the difference between passive, relative and absolute funds, particularly in light of the increasing popularity of KiwiSaver and portfolio investment entities (PIEs).

An appreciation of these three investment styles will also assist in understanding how the sharemarket works and why there can be exaggerated share price movements, including Xero in recent months.

A passive or index fund is where a manager invests in companies in exact proportion to the weighting of companies in a designated index.

For example, Fletcher Building has a weighting of 11.9 per cent in the benchmark NZX 50 Gross Index and our largest listed company will have exactly the same weighting in a passive or index fund that tracks this index.

Passive funds have relatively low fees because the manager makes no investment decisions, the investment process is mechanical.


Fund inflows are used to purchase shares in the exact proportion of the weighting of companies in an index.

The world's largest investment fund is the US$273 billion Vanguard Total Stock Market Index Fund, which is designed to provide investors with an exposure to the entire US equity market, including large and small cap companies.

The fund is managed by a computer and has an expense ratio of 0.17 per cent.

The positive features of passive funds are their relatively low fees and the ability to fully participate in sharemarket rises.

However, the main negative is that they will decline in line with the market when the market falls. These computer-driven funds have no ability to protect wealth when the targeted index suffers a sharp fall.

The following is a brief description of the NZX's major indices, the NZX 50 Index and the NZX 50 Portfolio Index.

The NZX 50 Index includes 50 of the largest and most liquid securities traded on the New Zealand sharemarket. Companies are weighted according to their free float capitalisation whereby shares owned by major shareholders - including the Crown in Air New Zealand and Origin Energy in Contact Energy - are excluded from a firm's capitalisation.

The NZX 50 Portfolio Index contains the same companies as the NZX 50 Index but has a weighting cap of 5 per cent.

Once a security has been capped, its actual index weight is allowed to fluctuate between 2.5 per cent and 7 per cent, as the price of that security and other securities in the index moves.

Although the two indices have the same companies their weighting is materially different, with Fletcher Building representing 11.9 per cent of the NZX 50 Index but only 3.4 per cent of the NZX 50 Portfolio Index while Xero has a 5 per cent weighting in the former and 6.3 per cent in the latter.

In the past 12 months Xero's NZX 50 Portfolio Index weighting has surged from 1.3 per cent to 6.3 per cent while Chorus has fallen from 4.1 per cent to 1.7 per cent.

Xero has the largest weighting in the NZX 50 Portfolio Index and this has been a contributing factor to the superior performance of this index, compared with the NZX 50 Index, in recent months.

New inflows into a passive NZX 50 Portfolio Index fund will be invested 6.3 per cent in Xero and 1.7 per cent in Chorus even though some investors may believe that the former is overvalued and the latter undervalued.

The second form of investing is the relative approach whereby the objective of a fund is to outperform a specific sharemarket index. A relative fund has an active manager compared with a passive fund, which is computer driven.

Relative funds have traditionally been far more popular in New Zealand than passive or absolute funds.

A relative fund manager, who is benchmarked against the NZX 50 Portfolio Index, will take positive or negative positions relative to the stock weightings of this index.

For example, if the manager has 7 per cent of the portfolio in Fletcher Building then he or she is "over weight" that company compared with the NZX 50 Portfolio Index. If 5.3 per cent is in Ryman Healthcare then the fund is "market weight" the retirement village operator and if it has 1 per cent in Mighty River Power the fund is "under weight" the electricity generator.

The performance of relative funds, compared with their benchmark indices, is highly dependent on a manager's ability to identify the correct "over weight", "market weight" and "under weight" positions.

An exceptionally good New Zealand relative manager can outperform a benchmark index by 4 to 8 percentage points a year over an extended period.

Xero has created a huge problem for relative New Zealand equities managers because many of them do not own the stock or are substantially "under weight".

If Xero's share price rise continues then "under weight" relative managers will either have to capitulate and buy Xero shares or accept that it will be extremely difficult to outperform their benchmark index.

One of the challenges for relative managers is to anticipate index changes and purchase or sell shares in companies that will enter or exit their benchmark index.

In the past 12 months A2 Corporation, Fonterra Shareholders' Fund, Mighty River Power and Z Energy have joined the two NZX 50 indices while New Zealand Refining, PGG Wrightson, Pumpkin Patch and Telstra have been dropped.

Meridian Energy is expected to join the NZX 50 indices next month with Hallenstein Glasson the number one candidate to be ditched.

New index inclusions usually outperform companies that are dumped.

A2 Corporation, the only non-IPO stock to be added in the past 12 months, has had a total return of 25.8 per cent over this period while NZ Refining has fallen 17.1 per cent and Pumpkin Patch has had a negative 25 per cent return since mid-November 2012.

PGG Wrightson is an exception to this rule with a positive return of 27.3 per cent over the past 12 months.

The absolute fund approach is widely used in the United States but is relatively new in this country.

The main objective of an absolute fund is to achieve a set return per year, usually between 7 per cent and 10 per cent, regardless of market conditions. Most absolute funds are index agnostic, meaning they have no requirement to replicate or beat a sharemarket index.

They also have the ability to move out of shares, and into cash, when the manager has a pessimistic view of sharemarket prospects.

By comparison, passive funds are always fully invested in the sharemarket while relative funds are usually 80 per cent or more invested, regardless of market conditions.

The best way to look at these three fund types is in terms of anticipated performances.

If a sharemarket achieves an annualised return of 20 per cent a year over a number of years then a passive fund will achieve the same return; an exceptionally good relative manager will achieve between 24 per cent and 28 per cent a year; and an absolute fund up to 20 per cent.

By contrast, if sharemarkets fall by 20 per cent a year over a number of years then a passive fund will be down by the same amount; a well-managed relative fund will fall by 12 per cent to 16 per cent a year while an absolute fund will be hoping to achieve a small positive return.

Passive funds have lower fees but greater sharemarket risks while relative funds have some defensive qualities. Absolute funds should be able to protect investors from sharp sharemarket falls but will not fully participate in strong bull markets.
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