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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US could tip world back into recession, warns OECD as it downgrades forecasts for the global economy

The United States was yesterday told it poses a major threat to the global recovery amid anxiety over Washington's handling of the world's largest economy. 
The Organisation for Economic Cooperation and Development said the row over the US debt ceiling and fears over the winding down of central bank support for the economy have already hit growth. 
It said a US debt default would wreak havoc in the financial markets and could prove 'as catastrophic and costly' as the collapse of Lehman Brothers five years ago - plunging the world back into recession. 
Changing picture: The OECD's latest forecasts show how the global outlook has altered since May
Changing picture: The OECD's latest forecasts show how the global outlook has altered since May
The warning came as the OECD downgraded its growth forecasts for the global economy from 3.1 per cent to 2.7 per cent for this year and from 4 per cent to 3.6 per cent for 2014.
It cut its growth forecast for the US for 2013 and for the eurozone for 2014 and warned that the global recovery remains 'modest and uneven'. 

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World shares climb towards five-year highs as investors look forward to more cheap money from the US
Youth unemployment 'could spark social unrest', warns World Economic Forum
UK economy growing faster than global rivals as world markets remain buoyant
However, the Paris-based group upgraded the prospects for the UK for this year and next by more than any other major economy amid signs the recovery is picking up pace. 
But it said the global economy could contract by more than 2 per cent next year if the US defaults on its debts - with American output plunging nearly 7 per cent.
OECD secretary general Angel Gurria said: 'The recovery is real but at a slow speed and there may be turbulence on the horizon. There is a risk of another bout of brinkmanship in the US, and there is also a risk that tapering of asset purchases by the US Federal Reserve could bring a renewed bout of instability.'
The OECD said global growth forecasts have been 'revised down significantly' since May 'in large part due to weaker prospects in many emerging market economies'. 
But Pier Carlo Padoan, the group's chief economist, also blamed the 'surprisingly strong' reaction to Fed uncertainty and the crisis over the US borrowing limit. 
A debt default was averted with a last ditch deal in October which extended the $16.7trillion (Ј10.4trillion) borrowing limit to February 7 - paving the way for a fresh row early next year.
'Hitting the debt ceiling could knock the US and the global recovery off course,' said Padoan. 'The debt ceiling needs to be scrapped and replaced by a credible long-term budgetary consolidation plan with solid political support.' 
The OECD called on central banks around the world to stand behind their economies, urging the Fed not to raise rates until early 2015 and the Bank of England until late 2015. It also called on the European Central Bank to start a programme of QE in the eurozone to stave off a devastating bout of deflation.

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New community centre opens up in Hertsmere

A new community centre has opened up in Borehamwood, it has been announced.

Described as the 'vibrant heart of the village', the centre contains a library, Elstree and Borehamwood Museum, Youth Connexions, a hall and meeting rooms.

Hundreds of people attended the opening of the centre on November 18th, to witness all that it had to offer.

It has already been a big hit among the public, who initially feared that it would look out of place in the town centre.

According to a report published by the Borehamwood and Elstree Times, the new development provides facilities which have been needed for a long time.

One member of the public told the newspaper: "I am proud of this new building. The staff is kind and helpful. We have needed something like this for many years."

The building is managed by Hertsmere Leisure and came about as a result of the combined work of Hertfordshire County Council, Hertsmere Borough Council, Elstree and Borehamwood Town Council and All Saints Church.

A spokesperson for Hertfordshire County Council said she was "pleased" at how the development has come along, while Reverend Tim Warr of All Saints Church told the newspaper that it has brought together people from all walks of life, in what is a central "community hub".

He added: "We designed the building to be neutral so that everyone felt welcome and willing to use it no matter what their background. It encapsulates what it might mean to be a community in the 21st century.

"The old hall on this site fitted the needs of the 1960s. This one is a place where things happen for the next generation of Borehamwood residents. Designing it gave us the opportunity to reflect and encapsulate their needs."

But it seems that the community centre is not the only contribution to the satisfaction felt by residents in the area.

Just last month, the Office for National Statistics rated Hertsmere as one of the 'happiest boroughs to live'.

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JP Morgan in record $13bn settlement with US authorities

US bank JP Morgan Chase has agreed to a record $13bn (Ј8bn) settlement with US authorities for misleading investors during the housing crisis.

It is the largest settlement ever between the US government and a corporation.

The bank acknowledged it made "serious misrepresentations to the public", but said it did not violate US laws.

"We are pleased to have concluded this extensive agreement," said JP Morgan boss Jamie Dimon in a statement.

About $4bn of the settlement is to go to homeowners hurt by JP Morgan's practices. This will be targeted at "keeping people in their homes", chief financial officer Marianne Lake said in a conference call.

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Recent JP Morgan fines

19 November - $13bn fine with US regulators; includes previously announced $4bn fine with the Federal Housing Finance Agency (FHFA)
15 November - $4.5bn settlement with investors over mortgage-backed security losses
25 October - $1.1bn settlement for home loans paid to US mortgage giants Fannie Mae & Freddie Mac (part of FHFA settlement)
19 September - $920m paid over "London whale" loss to US & UK regulators; an additional $100m fine was paid to the Commodity Futures Trading Commission on 16 October
Another $7bn will be paid to settle federal and state civil claims relating to misleading mortgage securities sold by the bank, Some of that will be given to investors who lost money.

The bank confirmed that this tranche of the settlement would be tax-deductible.

The remaining $2bn will be paid to the US government as a fine and will not be tax-deductible.

"The conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown," said Attorney General Eric Holder in a statement.

Although the settlement effectively concludes the US government's civil investigation into the bank, a criminal investigation by the Department of Justice is continuing.

Faulty mortgages

JP Morgan has worked hard to put the mortgage crisis of 2006-2007 behind it.

Continue reading the main story
"
Start Quote

There are a lot of banks that are actually pretty well managed - J.P. Morgan being a good example"

US President Barack Obama
2009
The bank has been under investigation for selling low-quality mortgage-backed securities to investors who were unaware that the securities often contained faulty mortgage products.

According to the statement from the Department of Justice: "JP Morgan employees knew that the loans in question did not comply with those guidelines and were not otherwise appropriate for securitization, but they allowed the loans to be securitized - and those securities to be sold - without disclosing this information to investors."

A large portion of the mortgages under investigation by authorities were bought by JP Morgan when it acquired banks Bear Stearns and Washington Mutual at the height of the financial crisis of 2008-2009.

"Today's settlement covers a very significant portion of legacy mortgage-backed securities-related issues for JP Morgan Chase, as well as Bear Stearns and Washington Mutual," said Mr Dimon.

Ms Lake said that 80% of the bad loans at the centre of the fine can be attributed to Bear Stearns and Washington Mutual.

NY AG Schneiderman signing papers
New York Attorney Eric Schneiderman tweeted a picture of him signing the agreement
Sharp fall
The fine represents a sharp fall for JP Morgan, known for its so-called "fortress balance sheet" and traditionally strong reputation on Wall Street.

Mr Dimon was also a favourite with politicians in Washington, even being praised by US President Barack Obama.

Mr Obama told ABC News in 2009 at the height of the financial crisis: "There are a lot of banks that are actually pretty well managed - JP Morgan being a good example - I don't think Jamie should be punished for doing a pretty good job managing an enormous portfolio."

But that all seems to have changed in recent months.

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JP Morgan Chase & Co.
LAST UPDATED AT 19 NOV 2013, 21:01 GMT
JP Morgan Chase & Co. twelve month chart
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Last month, the bank agreed to pay more than $1bn to help it end various investigations into its 2012 "London whale" trading debacle, which cost the bank more than $6bn and raised questions about its oversight procedures.

The firm also reported a rare loss last quarter, having set aside an additional $9bn to help it deal with its mounting legal troubles.

JP Morgan says it has set aside a total of $23bn to help it work through its many investigations by regulators in the US and abroad.

Worst behind them
Nonetheless, many investors seem to continue to think that the bank will emerge relatively unscathed from the fines.

"The share price is bumping up against a ten year high," Duff McDonald, author of a book on JP Morgan, told the BBC.

"While no one likes a fine especially of this magnitude, I think shareholders are responding positively to it because it's resolving some uncertainty around the company."

While the settlement with the US Justice Department does mean that the bank has put the worst of its expected fines behind it, there are still nine ongoing investigations by regulators into practices at the bank.

These investigations include that bank's hiring practices in China, as well as accusations that bankers at JP Morgan manipulated the Libor benchmark interest rate.

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Las Vegas property prices are still rising, causing investors to lose interest

At the height of the Global Financial Crisis, Las Vegas was ground zero for the U.S. housing bust. Wealthy foreign and out-of-state investors then started buying cheap houses as much and as fast as they could, often in cash and with sight unseen, to convert into rentals. This bulk-buying spree led to a turnaround in the state economy. 

Now however the value of Las Vegas homes is outpacing the rest of the country.  And most investors have begun to look elsewhere. 

Las Vegas median home value as of August was $156,600, according to Zillow, up 2.8% from July, and up 30.6% from August 2012. In contrast national home values in the U.S. rose by only 0.4% from July, and by 6.6% from August last year. 

Stan Humphries, Zillow's chief economist, notes, "We are already beginning to see moderation in the monthly pace of home value appreciation, which will be good for the market overall and in the long term."

Aside from rising house prices, the Las Vegas rental market has been tapering off due to increasing inventory. According to Zillow, while the average national rent increased 0.5% from July to August, the month-on-month increase for Las Vegas rents was only 0.3%.  The national average rent went up 1.9% year-on-year, while the average rent in Las Vegas rose only 0.9%.

Reportedly, many rental homes in the valley are still vacant.

A year ago at least 50 institutional investors were buying houses in Las Vegas, says Steve Hawks, an agent for Platinum Real Estate. Now, he says, there are only three main buyers in the area.

That however will not mean that the big investors will entirely forget Las Vegas. Hawks added, "As soon as the prices drop again, they'll start buying again."

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New regeneration work taking place in Enfield

A number of improvements have been made to the London borough of Enfield, it has been revealed. Brand new Christmas lights have been installed in shopping centres across the borough, while hanging baskets have been put up throughout the area. The refurbishments are part of a Ј200,000 drive to improve the area, according to Enfield Council. It announced that the move is part of an initiative to boost the appearance of Enfield and to make it easier for pedestrians in some areas, while improving vehicle access. The scheme is a joint collaboration between Enfield Business Retailers Association and Enfield Council. Areas which will be affected by the overhaul include Palmers Green, Enfield Town, Green Lanes, Edmonton and Lavender Hill. This particular project will also see new seating installed at Palmers Green Triangle and the removal of hedges, in addition to the planting of shrubs around Enfield Town Library. Councillor Chris Bond, cabinet member for environment, said Enfield Council is always looking for new ways to regenerate the area. He added: "This money forms part of our regular maintenance plan which helps us keep the borough moving smoothly and enables us to improve parts of the borough in need of a bit of tender loving care. "These relatively small scale schemes mean we can improve shoppers' experiences when they come to this borough and therefore give our businesses a boost as well." Enfield has always been a popular place to live among Londoners and is served by strong transport links which connect the borough to the Piccadilly line, plus North and Eastern Railway. There are several underground stations in the area and buses which allow for easy travel to different parts of London. There are also several museums in the area, plus a number of educational establishments, including Oak Hill Theological College, an associate college of Middlesex University.
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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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How the boat got behind NZ

We may not have gained the America's Cup but there have been benefits from San Francisco, writes Bill Bennett.

Each extra day sailing in the America's Cup meant more opportunities to put Auckland's business case in San Francisco. Photo / Brett Phibbs EXPAND
Each extra day sailing in the America's Cup meant more opportunities to put Auckland's business case in San Francisco. Photo / Brett Phibbs
It was possibly the most spectacular match-sailing series the world has ever seen. Aucklanders were so gripped by the races that road traffic and mobile data patterns changed noticeably during the last 10 days or so of the America's Cup.

Emirates Team New Zealand may have failed to bring home the Cup, but there was more at stake during the race series than a sporting trophy: a valuable economic legacy. Ironically, the way the series finished, with Oracle Team USA catching up day-by-day, helped.

Grant Jenkins, head of strategic initiatives at the council-owned Auckland Tourism, Events and Economic Development Limited (Ateed) says because the contest dragged out his organisation got much more value from its San Francisco investment.

Each extra's day sailing meant more opportunities to put Auckland's business case in front of key people. During those last days Ateed hosted Google, Microsoft and other multinationals along with entrepreneurs and investors.

Though Jenkins says the New Zealanders in San Francisco shed a patriotic tear over the result, from Ateed's point of voice, the entire campaign was about the business opportunity, not the racing.


Ateed spent almost $850,000 during the cup campaign promoting local companies. By a happy coincidence the race took place in just the right place - San Francisco and nearby Silicon Valley are important targets for Auckland-based technology companies wanting to expand into global markets. That area is also home to many firms Ateed would like to set up shop in Auckland.

A venue on the San Francisco waterfront was used to showcase technology firms and Auckland marine industry. Other sectors featured were food and beverage, health tech, conference hosting and luxury tourism. Auckland Council showed off its purpose-built ICT and digital media hub: the Wynyard Quarter Innovation Precinct.

Jenkins says Ateed had specific objectives for its San Francisco campaign. It wants to get at least one new multinational to signal interest in locating or investing in Auckland. There was also a goal to get US-based entrepreneurs to visit and consider early-stage investment in local technology start-ups. On the tourism front the aim was to form a joint venture partnership with a premium US travel company as part of a bigger plan to increase the number of high-yield visitors coming to Auckland.

It's too early to put a value on the investment. Jenkins says: "The cash registers don't ring the next day."

But as it turned out, one of them did. When Ateed showcased the Auckland made Sealegs amphibious boats in San Francisco the company came away at the end of the day with an order worth $150,000.

Jenkins says the early indications are promising. "If we can get just one multinational to locate in Auckland, our $850,000 investment will quickly pay off in rates income alone and that doesn't include all the other benefits."

Jenkins says: "Our boat, AC72 Aotearoa, was a poster child for New Zealand innovation, but in truth so was Oracle, mainly the work of Warkworth-based Core Builders Composite."

New Zealand Marine Industry Association executive director Peter Busfield says it's too soon to put accurate numbers on the benefits of the recent campaign although i the marine industry did well from it. About 50 companies were involved over what was a six-year exercise.

Like Jenkins, Busfield says it doesn't take many orders to make the America's Cup exercise worthwhile. Southern Spars, which was behind some of the technology in AC72 Aotearoa, can earn millions from a single order for a super yacht mast.

Providing Team New Zealand with data centre services helped Vocus Communications polish its credentials. Vocus acquired Maxnet in 2012; at the time the company was mainly known as an ISP, but had been building a data centre business.

Matt Hollis, Vocus GM of marketing and sales says Team New Zealand needed many times more power than any other customer - up to 20kW loads at times. This pushed Vocus' capacity to the limit, but by showing it was possible, drove the company to pick up more intense business as a result. Hollis says the connection with the Team New Zealand has transformed the brand.

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Have You Got It Covered?

Although natural disasters and extreme weather conditions are not always in the foreground of the average South African homeowner's mind, the fact that so many have occurred around the planet in the last decade - the most recent being the disastrous tornado that hit Oklahoma in the US - should be a reminder to homeowners that they need to be prepared for any eventuality that could affect them, says Adrian Goslett, CEO of RE/MAX of Southern Africa.


While for the most part the large majority of South Africans have been relatively unaffected by climate change, natural phenomenon such as floods, lightning strikes, ground movement and fires do occur, which makes it vital for homeowners to ensure that their household insurance covers these occurrences along with their household contents. "It is always important to read through any insurance contract carefully to be sure of exactly what is covered by insurance and what isn't, so that adjustments can be made to make certain that the homeowner is adequately protected should anything happen. Although it is impossible to know when and what kind of disaster could occur, it is essential to ensure that whatever policies are in place cover both the property itself as well as the contents against natural disasters," says Goslett.


He notes that so often insurance policies are the first item to be cut back when a homeowner is trying to find ways to save on monthly expenses. "The problem with cutting back on insurance and not being sufficiently covered is that while it may save money in the short term, the long term affects could be financially devastating should anything happen. This was seen during the St Francis Bay fires in December last year when over 76 homes were burnt to the ground. Unfortunately the fact is that household insurance is not an indulgence - it's a necessity. The question is not whether a homeowner can afford to be insured, but rather if they can afford not to be," says Goslett.


He adds that even if homeowners are covered and have insurance policies in place, it is advisable that they relook the policies on an annual basis in order to ensure that the cover meets their current circumstances. "Often homeowners accumulate additional assets or upgrade items in their home, which will have an impact on how much insurance they require to replace these goods. It is also important to remember that the property will also increase in value over time, which will also have an impact on the replacement value of the home. The insurance value on the property should be based on the amount it would take to replace the home, not necessarily the current market value. Insurance companies consider it the homeowner's responsibility to inform them of any changes that may occur. In some cases it may be cheaper to buy an existing home than rebuild one, which makes it vital for homeowners to look at rebuilding costs rather than what they paid for the property," explains Goslett.


To assess how much cover is needed, Goslett says that homeowners should check the cost of rebuilding one square metre in their area and then multiplying that value the home's total square meterage. A professional real estate agent will be able to assist with the square metre value and a local builder can provide the homeowner with the current cost of rebuilding a property. He notes that additional features such as swimming pools and lapas should also be considered in the valuation process. "Once these figures have been worked out, as a rule of thumb, homeowners should add an additional 15% to receive the amount of cover required to replace the property," says Goslett. "Very often homeowners under insure their property and are unable to replace what they had. This is why it is important for homeowners to insure their property at the correct value and thereby not deal with the harsh emotional reality of not being able to replace their home or valuables."


Goslett notes homeowners can have a professional independent assessor come to the property to give them an accurate evaluation. Making sure that the home is insured at the correct value will ensure that the homeowner is paying the correct premium. The homeowner will essentially only be paying for what they need.


"It is possible for disaster to strike at any moment and while it is not human nature to think about the worst-case scenario, when it comes having enough household insurance, this is exactly what homeowners need to do," Goslett concludes.

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EU and US to resume trade deal talks

Talks on the Transatlantic Trade and Investment Partnership (TTIP) had been set for October, but were postponed because of the US government shutdown.

Relations have become strained after claims that the US listened to German leader Angela Merkel's mobile calls.

US Secretary of State John Kerry last week urged European leaders not to allow the row to disrupt the talks.

Together the US and EU account for about $30 trillion (Ј18.7tn) of annual output - almost half the world's total.

The EU says a deal could bring annual benefits of 119bn euros ($159bn; Ј99bn) for its 28 member states.

It is hoped that an agreement could be reached by the end of 2014.

Holger Schmieding, chief economist at Berenberg Bank, told the BBC Radio 4 Today programme that it would be "very good news for economic growth in years to come".

Mr Schmieding said one area where agreed standards could help bring down costs was in the automotive trade, if the US and Europe could decide on agreed standards for cars.

However, he says that potential stumbling blocks include the areas of personal data protection and GM foods.

Others have said a deal could weaken existing strong consumer laws on both sides of the Atlantic.

A third round of talks is scheduled for 16-20 December in Washington.

This week's talks cover services, investment, energy and raw materials.

EU negotiator Ignacio Garcia Bercero and US counterpart Dan Mullaney will give an update on talks later this week.

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Southwark: Recognised for its contributions to regeneration and diversity

Southwark has been hitting the headlines lately as a series of new developments have taken place in the borough.

The area has always been popular among Londoners, and is known for its good transport links which make it easier to travel from one end of London to the other.

Southwark has seen a lot of regeneration take place over the years, which has attracted a great deal of businesses and investment into the city.

In Canada Water for example, it was recently announced that over 1,000 new homes are going to be built, after receiving planning permission from Southwark Council's planning committee.

Some 1,030 new flats will be developed, 231 of which will be affordable. The developments are part of a drive to create a destination around the Canada Water basin - for the purposes of shopping, civic, education and leisure uses.

Councillor Fiona Colley, cabinet member for regeneration and planning, said: ""The new homes, with their bold and exciting architecture will replace the lifeless, out-of town, retail-park look the area is associated with. 

"The new Decathlon store will be retained as an anchor to the town centre we're beginning to see emerge. This approval will help to realise the vision of the area action plan to create a new heart for Rotherhithe."

Southwark has also recently become the first local authority in London to be accredited by the Housing Diversity Network (HDN) for its work to promote equality and opportunity within its housing service.

The accreditation was created to recognise the work that local authorities do on diversity issues.

Clifton Robinson, HDN chief executive, welcomed the achievements made by Southwark Council.

He said: "It is a very stiff process and a huge undertaking, but Southwark was singled out by its inspector for its commitment to actively seeking excellence in all aspects of its service delivery and actively seeking to put the user at the heart of its service. We were also impressed with the exceptional levels of leadership, drive and determination to improve equality levels."

The council was also recently awarded Ј285,000 of funding from Transport for London to deliver the Cycling to School Partnership in Dulwich and Herne Hill.

Southwark Council said that the money will go towards improving the East Dulwich Grove and Townley Road junction. It will also go towards encouraging the schools to promote cycling. -
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Last US Blockbuster video rental stores to close

The last 300 Blockbuster Video film rental stores in the US are closing in the face of unrelenting competition from online digital video, corporate parent company Dish Network has said.

About 2,800 people are expected to lose their jobs by early January.

The once-dominant chain filed for bankruptcy, pummelled by Netflix's DVD-by-post and online streaming services.

Dish Network, a satellite television provider, will also end Blockbuster's own DVD-by-post service in December.

About 50 US stores that are operated as independent franchises will remain open.

"This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment," said Joseph Clayton, Dish president and chief executive officer, in a statement.

"Despite our closing of the physical distribution elements of the business, we continue to see value in the Blockbuster brand, and we expect to leverage that brand as we continue to expand our digital offerings."

The firm's UK division was sold to private equity firm Gordon Brothers Europe in March, two months after it went into administration.

But Blockbuster UK went back into administration in late October, as Gordon Brothers said it was unable to broker a licensing deal with Dish to start a new digital platform for the brand.

The BBC has learned that Blockbuster's UK online subscription service has been suspended.

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Liberal de Blasio wins New York City back for Democrats

De Blasio, the city's public advocate, was leading Republican rival Joe Lhota 73 percent to 24 percent after a campaign in which he railed against economic inequality in America's most populous city, with 56 percent of precincts reporting.

"My fellow New Yorkers: today, you spoke out loudly and clearly for a new direction in our city, united by a belief that our city should leave no New Yorker behind," de Blasio told a gathering of about 2,000 revelers on Tuesday night in Brooklyn. "The growing inequality we see, the crisis of affordability we face, it has been decades in the making. But its slow creep upon this city cannot weaken our resolve."

After promising to close the gap between the rich and poor, he now faces the challenge of high expectations - keeping crime at historic lows and reaching a long-overdue wage deal with the city workers' unions.

The 6-foot-5-inch (1.96-meter) tall de Blasio won a hotly contested Democratic primary in September by focusing on the controversial "stop-and-frisk" police tactic endorsed by Bloomberg and by criticizing the billionaire mayor for presiding over "two New Yorks" - one rich, one poor.

He also promoted expanding access to pre-kindergarten, proposing a tax on the city's highest earners to pay for it, and said he would fight to save community hospitals from closing.

But it was de Blasio's charismatic, biracial family that offered perhaps the biggest boost.

A campaign ad featuring de Blasio's teenage son, Dante, who sports a tall Afro, argued that the police department's stop-and-frisk policy unfairly targets young, black men and was easily the most discussed ad of the campaign, transforming Dante into a local celebrity.

"He's the first candidate for mayor in a long time that I'm actually excited about, excited about him helping to bring the city together and deal with issues of poverty," voter Russell Neufeld, 66, a lawyer, said at his polling site in Brooklyn.

'THE ASPIRATIONAL MAYOR'

Alan Siege, an adjunct professor who teaches entrepreneurship at the City University of New York, said he voted for de Blasio because of the candidate's message for equality.

"I think it's good to be a manager," Siege said, speaking of Lhota's experience. "But you have to have a vision too, and I think de Blasio has that."

Lhota, who was a deputy mayor under Rudolph Giuliani and later headed the Metropolitan Transportation Authority, derided de Blasio as a "socialist" and insisted his opponent would lead New York back to its dark days of high crime and poor fiscal management.

In conceding the race on Tuesday night, Lhota congratulated de Blasio but said the campaign had been a "fight worth having."

"Despite what you might have heard, we are one city," Lhota said.

Democrats have been locked out of City Hall for two decades despite holding a 6-to-1 registration advantage over Republicans.

Despite his decisive win on Tuesday, de Blasio, who grew up in Boston and served two terms in the City Council, has his work cut out for him.

The city is forecasting a budget gap of $2.2 billion in the next financial year and is facing demands for retroactive pay increases from public sector unions that the current administration estimates could cost the city $4 billion to $8 billion.

"Bill de Blasio is the aspirational mayor and it is always hard to measure aspirations," said long-time Democratic consultant Hank Sheinkopf. "He is the vessel for both the positive desires and resentments of a large portion of the city."

"The expectations on him will be very high," Sheinkopf said.

(Additional reporting by Elizabeth Dilts, Curtis Skinner, Edward Upright, Ed Krudy, Hilary Russ and Carlyn Kolker; Editing by Dina Kyriakidou and Lisa Shumaker)

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Broadband blow-up: Six burning questions

What has the Commerce Commission decided today?

The price of what telco lines company Chorus charges internet companies like Vodafone or Orcon each month to access lines on the old copper phone network, which most of New Zealanders use for their broadband.
The commission today announced price cuts of 23 per cent, which would apply from December next year.

How does it affect consumers?

The commission's decision is about wholesale prices but at least some internet companies, like Slingshot, say they will pass "savings onto consumers" - which would mean cheaper broadband prices for you at home.

How has Chorus reacted to the decision?

Chorus says this will hit earnings by $142 million a year. Its shares plunged this morning. The company says it will have much less cash and won't be able to borrow the money it needs to invest $3 billion in building the Ultra Fast Broadband (UFB) network.

What will happen next?

The Government has proposed to intervene in how prices are set and override the commission but hasn't confirmed that it will.


Chorus is pushing for the Government to intervene but also has the ability to appeal the Commission's decision.

Will it impact the timeline for the ultra-fast broadband network rollout?

If the Government doesn't intervene and Chorus can't borrow enough money to build the network then the whole project could come to a halt.

Why is this hard for the Government?

The Government has to juggle the interests of consumers and Chorus, its investors and the national interest of getting the UFB network built by 2020. Whether or not to intervene is a big call and they can't please everyone. It also has to weigh how this will play with voters as the opposition looks to make capital.

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Savills appointed to let Biffa building at Trafford Park

International real estate advisor Savills has recently been appointed by Biffa to sub-lease its warehouse unit at Fraser Place, Trafford Park in Manchester.
Comprising 208,000 sq ft (19.323 sq m) of modern industrial / warehouse space, the unit is available on either an assignment or sub-lease. The current passing rent is Ј4.75 per sq ft. 
Stuart Murray, industrial director at Savills, comments: "The space at Fraser Place offers a unique opportunity for occupiers to snap up the only modern building of this size and quality in the Manchester area currently available. Located in the heart of Trafford Park the site is fully self contained and is currently under full refurbishment by Biffa."
Nick Barsby, property manager at Biffa, adds: "After a review of our recycling capacity requirements in the North West we have decided to close operations at Biffa's Trafford Park MRF recycling plant, with services transferred to similar facilities at Aldridge, Edmonton and new smaller facility at Irlam. Employees at Trafford will be re-deployed locally where possible and new jobs are being created at the other sites as a result of the decision."

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This Weekend: Witness the fitness

Relax, the race is full so we're too late to actually, you know, run in this thing. Dubbed now as "not just a run...an experience" (forgive us, we're just quoting, we didn't write the slogan). There's nothing like heading yourself down to Victoria Park to watch the finishers to make you think "I could do that next year". Inspiring, euphoric - and that's just the feeling of running over the Harbour Bridge. Dust off your trainers, join a club or grab a pal, and get ready for next year, when it will be just you and 16,500 other people.

Details: Auckland marathon is on Sunday, kicking off at Devonport at 6am. Visit the website here for more info.

Big cats tackling the ocean

Nope, not the America's Cup revisited, but those big, fat noisy inflatables battling out to become the King Of The Harbour or show off in the surf.

On Saturday morning, catch the thundercats as they race from Takapuna beach to Coromandel Township at speeds close to 100 kph (leaving approximately 11am, back around 12.30pm). On Sunday the beach is full of bronzed bodies and the scent of petrol for the surf-cross event at the beach (at more modest 90kph).

Details: Thundercat Racing Association Takapuna Beach Summer Series. Saturday and Sunday. Visit theirwebsite.

Cycle Challenge

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Shave your legs, pack up the Pinarello and hit the meanest mountains of the Coromandel for Cranleigh K2, known as the toughest one day cycle challenge in the Southern Hemisphere. Sure the terrain is pretty - bush, Pacific coastlines, farmland and the pohutakawas of the Hauraki Gulf - but this year's K2, starting in Whitianga and heading through Coromandel, Thames, Tairua and back to Whitianga is mostly pain. Watch the elite men complete all 192 km in less than 6 hours or try smaller courses of 149km, 96 or 43km. This is the closest we get to the Tour de France. Sorta.

Details: Visit the website.

Or just eat and be damned

Details: Saturday November 2 to Sunday November 10. Tickets still available from the website.Forget the exercise. The greedy amongst us are heading to Hawkes Bay for the second annual Food and Wine Classic (or FAWC!, geddit?). With novel dining from deco-style Pimms parties on the Parade, Martin Bosley's pop up oyster bar or Argentinian barbecue to fine dining at Cape Kidnappers or Craggy Range's Terroir, cooking classes, producer tours, winery trails...this showcases the best of our best foodie province.

Check out this weekend's weather:

Video

Find out the best bits from Life & Style this week:

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Whether for holidays or investment: Home in on abroad

Eurozone toxicity and civil unrest made for a dramatic year in 2012, but it also gave rise to opportunities for foreign buyers. With the UK's property market still in the doldrums and a strong currency, more UK buyers are looking to invest in bricks and mortar abroad. The question is, where should you start looking and what do you need to watch out for?

Spain

Spain is still top of the list for many Brits looking for a holiday home in the sunshine and prices came tumbling down - repossessed property prices fell by 65 per cent in 2012 - amid the economic turmoil. There are still bargains to be had, although tax breaks introduced by the Spanish government are due to end in January when the VAT rate for new property will rise from 4 per cent to 10 per cent.

If you're buying a repossessed property, you need to be prepared for a more complicated, lengthy process and if the property needs work you'll need an expert to assess it for potentially costly structural problems. Above all, be careful where you buy - repossessions are often in areas where properties struggle to maintain their value.

"While property price declines continued in 2012, signs were that quality properties, in decent locations and not flooded with other 'me-too' properties nearby, were becoming more price-resilient. This will continue in 2013," says Louise Reynolds, a director of Property Venture.

If you want somewhere that will hold its value, Ms Reynolds suggests areas near to new infrastructure improvements such as the new high-speed AVE rail network and the €1bn Paramount Theme Park in Murcia due to open in 2015, which will boost the local economy and housing market.

France

If you don't want to gamble on Spain, the record low interest rates make France an appealing prospect. Recent property tax hikes under the newly elected government are a blow, but will not be enough to deter most buyers looking across the Channel.

"Out of our entire international network, France was our big seller last year ," says Tim Brown, the head of international sales at Chesterton Humberts, which has a mixture of properties along the French Riviera, chalets in French Alps and homes in Paris and Normandy.

The weather, lifestyle and proximity to the UK make France a continued favourite, but with sterling going so much further, 2013 could be a great time to buy. And, if you can find a bank to borrow from, you get the best of both worlds by paying in sterling and borrowing in euros.

"While the euro is currently appreciating due to year-end repatriation flows and central bank reserve purchases, we expect euro weakness to re-emerge in the new year," says Philip Hanson, from currency specialists Travelex.

Italy

Italy is an easy sell with its climate, history and beaches, not to mention the food and wine. Its sluggish economy has also meant that sellers are finally willing to soften prices. Italy hasn't been tarnished by overdevelopment in the same way as Spain and demand remains strong from Americans, Russians and Brits. "The Italian lakes remain a strong favourite with British buyers, with Lake Como remaining by far the most popular upmarket destination for second-home ownership," says Paul Belcher from Italian buying agent Ultissimo. "We expect prices on the Italian lakes to continue to rise gently through 2013. Economic hardship may bring to the market some desirable Italian family homes, and will help the British buyer to enjoy better value while they are in Italy."

If you need finance, mortgages are readily available but typically capped at 70 per cent of the purchase price. The process can be expensive, with agent's fee of at least 3 per cent, legal costs of around 2 per cent and on top of this a substantial purchase tax, which can be a full 10 per cent.

The Caribbean

Winter sun in the Caribbean is the dream for many buyers and as a former British colony, a tolerable eight hours from the UK, Barbados is still the most popular island.

"There are no taxes when buying and no inheritance, or capital gains tax. There are also no restrictions to foreign buyers and property is owned freehold. Our laws in Barbados are primarily based on UK law so it makes the process very simple," says Kieran Kelly of Chesterton Barbados.

Many of the islands do cater for the rich and famous, but prices may not be as steep as you think - Savills is advertising a two-bedroom, two-bathroom apartment in St James, Barbados for ?185,190.

Overall the Caribbean market was relatively unscathed after the crash and Richard Way, editor of OverseasGuidesCompany.com, explains that Antigua (and Barbuda) has plans to introduce a citizenship scheme for vetted applicants investing US$400,000 (?246,000) in eligible real estate. "Elsewhere, while some developments in St Lucia, including The Landings and Sugar Beach, offer financial investment perks such as tax exemptions, life on the island has just got more expensive with the introduction of VAT," he says.

Each island has different legal requirements so wherever you're looking at property there will be an independent set of laws to chew over but a decent estate agent will help you. For example, many British buyers looking in St Lucia end up setting up a company for tax purposes.

Florida

The market in Florida is on an upward trend so it may be a case of buy before it is too late. Many of the dirt-cheap foreclosures and short sales have been snapped up, but it's still an affordable place to buy a holiday home.

Average prices across the state increased by 9 per cent in September to $145,000 for single-family homes and by 20 per cent to $107,000 for condominiums, according to Florida Realtors Industry Data.

Picking the right location and the right management is crucial, so do your homework and use reputable agents. Short-term risks associated with the US dollar and a third round of quantitative easing shouldn't be ignored, but as a long-term investment these should be ironed out and rental opportunities are attractive.

"Miami's strong rental market clearly reflects the demand for local housing that is attracting both US and foreign investors," says Patricia Delinois, the residential president of the Miami Association of Realtors.

"Many local residents who defaulted on loans during the market downturn are not able to purchase homes again, thus generating demand for rental properties that should persist for a few years and should continue to boost market performance," she adds.

The rising stars

For adventurous buyers looking to move away from the traditional destinations, Poland, Turkey and Montenegro are proving popular.

Poland has enjoyed stable growth through the recession and was pushed into the limelight as co-host of Euro 2102 football championships. Poland also ranks as the sixth-most attractive country for foreign investment, according to the United Nations Conference on Trade and Development, ahead of all other European Union countries.

Turkey too has a growing economy and experts are expecting good things for 2013. Property is substantially cheaper than in other major European counterparts and rules around non-Turkish nationals buying property were relaxed in 2012, which should spur sales and drive prices up.

"Istanbul contributes 55 per cent of Turkey's trade and hosts 16 per cent of the country's population. A youthful population and lots of migrant workers are attracted to the city. They will all need somewhere to live and this offers the chance of a profitable buy-to-let in 2013," says Ms Reynolds.

Montenegro has caught investors' attention, as it is predicted to have the fastest-growing tourism sector in the world over the next 10 years, according to the World Travel & Tourism Council.

With a coast along the Adriatic Sea, the country has long been favoured by the rich, but the market is still young and demand is strong, particularly from Russian buyers.

Prices are lower than that of its neighbour Croatia and as part of the eurozone, Britons can also make the most of the weakened euro.

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