NEWS
CPO futures expected in RM1,960-RM2,040 range next week
KUALA LUMPUR, Aug 15 — Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are likely to trade softer next week, with prices ranging between RM1,960 and RM2,040 a tonne.
Interband Group of Companies senior palm oil trader, Jim…
read moreLocal money market to stay stable next week
KUALA LUMPUR, Aug 15 — The Malaysian money market is expected to remain steady next week with more stabilised rates as Bank Negara Malaysia (BNM) is expected to continue to manage excess liquidity.
The liquidity would come mostly from money…
read moreAccused US ‘flash crash’ trader freed on bail in London
LONDON, Aug 15 — Navinder Sarao, the London-based day-trader accused by the United States of a market manipulation that contributed to a Wall Street “flash crash” in 2010, was freed on bail yesterday after spending four months in prison.
Sarao,…
read moreEuro ministers agree to Greek bailout, woo IMF on debt
BRUSSELS, Aug 15 — Euro zone finance ministers agreed yesterday to lend Greece up to €86 billion (RM389 billion) after Greek lawmakers accepted their stiff conditions despite a revolt by supporters of leftist Prime Minister Alexis Tsipras….
read moreUS stocks up on upbeat data, Greek bailout agreement
NEW YORK, Aug 15 — US stocks ended a volatile week higher yesterday after upbeat US economic data and as euro zone finance ministers agreed to launch a third bailout programme for Greece.
All three major indexes also ended the week with slight…
read moreGreece is in depression; ‘animal spirit’ is negative
NEW YORK, Aug 14 — How to measure the “animal spirit” of Greece?
By all accounts, the 11 million strong of the Hellenic Republic have endured their collective depression. But what could be considered a measure of how they are doing?
Many…
read moreSingapore keeping an eye on housing market amid ‘correction’
SINGAPORE, Aug 14 — Singapore is closely watching the domestic housing market that’s in a correction phase amid the longest decline in 13 years, according to Finance Minister Tharman Shanmugaratnam.
The government has sought to temper the market…
read moreEU says ‘entirely feasible’ eurozone will endorse Greek bailout deal
BRUSSELS, Aug 14 — The EU said it is “entirely feasible” that eurozone finance ministers meeting in Brussels later today will endorse a multi-billion euro bailout deal approved by the Greek parliament.
“We are encouraged by the strong vote…
read morePetronas says to draw on reserves to meet dividend commitments
KUALA LUMPUR, Aug 14 — Malaysia‘s Petroliam Nasional Bhd (Petronas) today said cash from operations will cover neither capital expenses nor committed dividends for 2015, forcing the state-owned oil firm to draw on reserves and further cost…
read moreOil set for longest weekly slump since January
MELBOURNE, Aug 14 — Oil headed for the longest run of weekly declines since January amid signs the global glut that’s driven prices to the lowest in six years will be prolonged.
Futures dropped 0.6 per cent in New York today, bringing the…
read moreMalaysian stock index hits near three-year low; oil shares fall
BANGKOK, Aug 14 — Most Southeast Asian stock markets fell today, with the Malaysian stock index hitting a near 3-year low as a weakening ringgit and tumbling global oil prices prompted investors to cut holdings in regional energy shares.
The…
read moreBursa ends week on subdued note
KUALA LUMPUR, Aug 14 — Bursa Malaysia, which closed in the red today, ended the week on a subdued note on the back of volatility in the Chinese yuan, falling oil prices and softer ringgit, dealers said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM…
read moreBiggest plunge for ringgit since 1998 as global funds sell stocks, bonds
KUALA LUMPUR, Aug 14 — Malaysia’s ringgit plunged the most since 1998 on concern the nation is running out of ammunition to defend its currency amid a political scandal, a yuan devaluation and slumping oil prices. Stocks and bonds tumbled.
The…
read moreGlobal automakers scramble to assess damage from Tianjin blasts
BEIJING, Aug 14 — Global automakers including Volkswagen AG and Toyota Motor Corp scrambled today to assess damage to cars and facilities after two massive explosions in the port city of Tianjin, China‘s largest auto import hub.
The blasts that…
read moreChina stocks complete best week in two months
SHANGHAI, Aug 14 — China’s benchmark stock index capped its biggest weekly gain in two months, led by commodity companies, amid speculation that the weaker yuan will help to shore up the world’s second-biggest economy.
The Shanghai Composite…
read moreRecord Growth for Monaco Real Estate Market
Monaco is the richest and most glamourous country in the world, known for its high average income and individual wealth and for being the location of one of the most dramatic Formula 1 Grand Prix circuits in the sport.
Homes in the tiny Principality have long been beyond the reach of buyers without bottomless pockets and yet its property market is accelerating at a greater pace than Nico Rosberg’s F1 Mercedes when he won Monaco’s 2015 Grand Prix in May.
Monaco saw record property sales in 2014 and looks set to do the same this year, according to global real estate advisor Savills. The Principality’s status as a tax haven makes it an attractive place to establish residence for wealthy people from all over the world. A significant number of residents are from a variety of nationalities and many are celebrities, making Monaco synonymous with wealth, power, fame and prestige the world over.
Material symbols of wealth such as luxury goods, expensive cars and exclusive shops are visible everywhere, while Monaco’s coastal position makes it a popular port for luxury yachts. Long-established as a safe haven for European and international investors, Monaco nonetheless took a hit during the global recession with cumulative value of resales plummeting 53.9% down to €495.8m, according to a study by Ismee Monaco statistics.
Monaco’s real estate market stopped and started through to 2010 and began to recover the following year when sales rose to €980.5m. Since then, transactions volumes have increased by a massive 159%, with most growth being recorded in 2014, when sales soared to 555, 21% higher than at market peak in 2007 and aggregate values broke the €2bn mark for the first time ever.
With property prices in the region of €60,000/m2, Monaco remains one of the world’s most expensive real estate markets, yet in dollar terms it has slipped to second place behind Hong Kong as a result of euro weakness. The Principality’s property market is driven by demand for small homes in its resale sector, with properties having up to three rooms accounting for 80% of transactions and 50% of the total value in 2014.
The new development market is tiny and exclusive and since the global economic downturn, developers in Monaco have shifted their focus to the global ultra-prime segment, developing larger units at higher price points. This has pushed new build sales volumes to €345m, two-and-a-half times the volume recorded in 2013 and 13 times that of 2008.
Paul Tostevin, associate director of Savills World Research said: ” The unique offering of Monaco’s global appeal and it’s extremely limited land supply will all combine to keep its real estate prices with few or no mechanisms for them to fall. Prices are at, or near, a high plateau and will be for some time to come “.
There is every expectation that prices in Monaco will remain solid in 2015 because supply is extremely short – the pipeline of new development currently being built in the Principality will hit the market in a few years, while demand is very strong. Savills found that for the global super-rich, Monaco is part of a network of city property holdings that also includes London, New York and Moscow.
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreMah Sing cancels Seremban land acquisition, wants RM35m deposit returned
KUALA LUMPUR, Aug 14 — Mah Sing Bhd’s wholly-owned subsidiary, Grand Prestige Development Sdn Bhd, today rescinded its proposed acquisition of a piece of prime freehold land located in Rantau, Seremban for RM359.56 million.
In a filing to Bursa…
read moreUS dollar struggles in Asia after lift from retail sales
TOKYO, Aug 14 — The dollar dipped against the yen and euro today after getting a lift from a solid US retail sales report that boosted expectations for a Federal Reserve rate hike as early as next month.
In Tokyo, the greenback changed hands at…
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