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Cushman & Wakefield: The Impact of COVID-19 on Swiss Real Estate | Instant News


The COVID-19 case count was out of control so the Federal Government decided to take further action. The number of customers per square meter in shops has been reduced, there is a two-household rule for private meetings and restaurant visits, and now there are various restrictions for ski resorts. In addition, the Federal Government continues to advocate working from home.

Housing

Net yields for Swiss residential properties have remained stable during the COVID-19 pandemic. Vacancy rates in major cities such as Zurich and Geneva remain very low with stable average rental prices of CHF / sq m 330 in Zurich and CHF / sq m 370 in Geneva. Interest rates are expected to remain low until at least the end of 2021, which makes residential properties in sought after locations still a profitable investment for pension funds, other institutional investors, and wealthy private investors.

Office

The office markets in Zurich, Geneva and Basel remained stable during 2020. Prices fell slightly in the middle of 2020 but jumped again towards the end of the year. The vacancy rate in Geneva remained the same (5%), office space in Basel increased slightly from 1.8% to 2.2% and in Zurich the vacancy rate fell from 1.4% to 1.1%. The median rent per square meter is CHF 360 in Zurich, CHF 240 in Basel and CHF 470 in Geneva. In suburban locations and locations with weaker infrastructure, the impact of COVID-19 is visible. Economic prospects as well as the increasing demand for a modern work environment make this location less desirable. Potential tenants at peripheral locations are very price sensitive, which causes prices to drop.

Retail

The rental price for retail space on the Zurich highways increased to CHF / m2 440 from CHF / m2 400 at the start of the year. Retail properties in the cities of Basel, Lausanne, Berne and Geneva also saw a slight increase in rental prices. Non-food retail spaces that are located within walking distance of the highway and on the outskirts are experiencing a decrease in demand resulting in lower prices.

In short, the demand for real estate with stable cash flow in a good location remains high among Swiss investors. Net yields for residential, CBD offices and highway retail properties were almost unchanged. The results for offices and retail in secondary locations have increased markedly.

October 29

The number of new COVID-19 cases has increased almost exponentially over the past few weeks, and to date, the federal government in Switzerland has decided on some additional measures that will have a drastic impact on everyday life.

Meetings in public spaces and private events are now limited to 15 and 10 people, respectively, and masks have to be worn almost everywhere.

Sports and cultural activities are limited to some extent which makes them largely impossible. Nightclubs must be closed and there is a curfew from 23.00 to 6.00, universities should switch to distance learning, and working from home is strongly recommended.

The appetite for real estate investing remainshigher, also driven by Swiss pension funds and insurance companies whose cash surpluses increased during the first lockdown.

We’ve seen a lot of traction on transactions related to property types including:

  • residence;

  • mixed use; and

  • commercial / industrial including development.

Investors still look at the core office, but currently there are only smaller properties on the market. We expect most of the ongoing deals to close before the end of the year – now that being used to the pandemic situation most investors have experience on how to deal with it.

The demand for office space from occupants fluctuates, with some companies still securing large spaces for the foreseeable future, while others are now focusing on more flexibility.

August 19

The pandemic COVID-19 outbreak caused the most serious decline in economic activity in Switzerland in more than four decades. Although there are signs of easing in the business situation, there is still a measurable drop in demand.

Swiss economic development will continue to depend on the pandemic. In the updated scenario, the leading Swiss Institute of Economics predicts that output will shrink by 4.9% this year, based on the assumption that the possible increase in new infections in the winter months can be contained.

However, the Swiss economy weathered the crisis relatively well compared to other European countries, with the GDP growth rate for 2021 estimated at 4.1%. Residential real estate and certain core products are crystallizing as safe havens for investors, and the importance of new asset classes such as Data Center be elevated.

August 5

Switzerland has had very few new COVID-19 cases since mid-May, so by June most of the restrictions had been lifted. As the number of cases increased slightly in July, it is mandatory to wear masks on public transport and self-quarantine for ten days after entering Switzerland from high-risk areas. Business continues as usual.

The corporate invaders are bringing people back to their offices (with and without social distancing) and there is debate as to whether they will try to reduce their existing footprint. While we have several examples of companies placing excess space in the market, this appears to be related to the difficult economic situation and decreased business turnover compared to implementing alternative workplace strategies.

Office and retail activities are on the rise again as tenants with expired leases are looking for attractive opportunities. Even with slightly less than usual demand, due to low supply, the main German-speaking Swiss centers show a paradoxical increase in market rents in certain sub-markets (eg Zurich CBD). However, the disparity in office vacancy rates and market rental rates is expected to widen between city and suburban locations.

The funding situation of Swiss institutional investors has not changed, and they are still looking to invest in both core and core + real estate with a home bias. The big deal that started before COVID is now continuing, with the sale of the 53,000 square meter Glatt Center in Zurich and other significant deals having been announced recently.

23 April

Last Thursday, the Federal Council announced plans for a ‘way back’ to a ‘new normal’:

  • April 27: some shops can be reopened, such as: hairdresser, DIY / garden center, flower shop

  • May 11: all retail stores can be reopened, schools too

  • June 8: the university will reopen, as well as a museum and zoo

The borders are still more or less closed, people are still told to stay at home and work from home. There is no set date for reopening the restaurant, bar, coffee shop and sports facilities. This says about 75% of Swiss companies are still working normally.

The commercial real estate market began to react to the economic slowdown. Landlords with restaurants and shops in their portfolios face a lot of pressure to reduce rents or even waive rents. We see that the retail real estate sector and the hospitality and leisure industry are temporarily near ‘dead’. In the office market, we see transactions go further as if nothing has changed and others are delayed or even stopped. In the investment market we see that the transaction process has not started, some are postponed, some transactions are still closed.

April 16th

Since last week, lock entry Switzerland has extended to 26 April. Schools, universities, shops (grocery store, gas station still open) and restaurants remain closed.

April 9th

In Switzerland, the lockdown was announced on March 13. Schools, universities, shops (grocery store, gas station remain open) and restaurants are closed at least until April 19. People were told to stay at home. Offices, construction sites and factories are still functioning – although everyone is asked to work from home whenever possible.


The authorities have developed several packages to try to help those affected by the actions being taken by the Federal Council (Bundesrat). As:

  • Loan

  • short working time for all sectors

The commercial real estate market began to react to the economic slowdown. Landlords with restaurants and shops in their portfolios face pressure to reduce rents or even waive rents – at least until the end of the closure.

Although some landlords are already facing difficulties obtaining leases for commercial space, the real estate industry has not reacted so far.

There is no clear vision for the future, but the retail sector appears to be ‘dead’ for now, especially as all shops are closed now.

There is also uncertainty in the office market. Some transactions are running as normal while others have been postponed or even stopped completely.

In the investment market we see transaction processing not starting, some being delayed, some being closed. The pricing still looks quite high and unchanged.

Denial

Cushman & Wakefield plc publish this content on January 14, 2021 and take full responsibility for the information contained therein. Distributed by the Public, unedited and unaltered, at 14 January 2021 20:37:02 UTC

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Goldie’s painting stolen during the Waikato heist was worth ‘over $ 1 million’ | Instant News


New Zealand artist CF Goldie’s Sleep ’tis a Gentle Thing’ was stolen along with many other unique works of art and antiques. Photo / NZ Police

A major seller of Goldie’s paintings in the country said a piece depicting a late Māori rangatira reportedly stolen today would be worth more than a million dollars.

The Waikato police are looking for information regarding the robbery, including a painting titled Sleep ’tis a Gentle Thing, by Ngāti Maru and chief Ngāti Paoa Hori Pokai, by New Zealand artist Charles Frederick Goldie.

Police believe it occurred in the Hamilton East area between 27 December 2020 and 3 January 2021.

Other artwork and antiques were stolen, including Koch & Bergfeld’s tableware.

Goldie’s most expensive piece, A Noble Relic of a Noble Race, from chief Ngāti Manawa Wharekauri Tahuna, sold for $ 1,337,687 at an International Arts Center auction in Auckland in 2016.

Director Richard Thomson said he sold another version of the stolen painting in 2008 for a record price of $ 454,000.

“So that’s a million dollars plus artwork that’s on the market today. I’ve sold dozens of Goldies, and it’s a really good example of his work, it has all the advantages.

“I’m quite annoyed [the burglary]. This is a very important national treasure. The owner is the keeper, but the country owns it, really. “

The stolen painting was most likely done between 1933 and 1938, when Goldie was in his sixties.

While Goldie’s previous work tends to fetch the highest price, Thomson says the 2016 record was set in 1941.

Despite his high ratings, Thomson said he thought it would be “worthless” in the hands of the thief.

“There is absolutely no market for it now in the wrong hands. It’s a stupid thing to do and all they’ll get is bad karma.

“My advice is to come back as quickly and safely as possible.”

Webb auction house art chief Charles Ninow said another version of the painting was sold, at a different auction house, in 2012 for $ 280,000.

He believes in today’s market it will be worth “easily over $ 500,000”.

“I remember selling it at a higher than average price, but the market has since been wild for Goldie. His art is just one of those things whose value goes up every year.”

New Zealand artist CF Goldie's Sleep 'tis a Gentle Thing' was stolen along with many other unique works of art and antiques.  Photo / NZ Police
New Zealand artist CF Goldie’s Sleep ’tis a Gentle Thing’ was stolen along with many other unique works of art and antiques. Photo / NZ Police

Ninow said he thought it would be rated a little lower than the previous work because of Goldie’s age at the time.

“When he was younger in his career he was in a better mental state, and did this very detailed painting. As they get older they become a little more poetic, looser, and that can affect grades.”

Having such a painting stolen would be of great concern not only to the owner, but also to Māori, who regarded the depiction of tūpuna, the ancestor, as “embodying vairua, soul, nurturer”.

“So, stealing it and not knowing it exists is a huge loss for Aotearoa, for our culture and our nation.”

The painting is entitled "The Woman in the Red Hat" also stolen from Hamilton's address.  Photo / NZ Police
A painting entitled “Lady With Red Hat” was also stolen from Hamilton’s address. Photo / NZ Police

Ninow said the thieves likely knew what they were doing.

“His works were instantly recognizable, he was very famous, like Colin McCahon. Everyone knows them, and very much sought after. If you’ve seen him in person, it’s very different to you.”

But Ninow believes that it is “impossible” to sell underground.

“The New Zealand art market is bigger than most people think, but it’s still small, and unlikely to be sold through traditional channels. Once it is known that a work has dubious origins, no one will touch it.

“With the stolen works, we often never know what happened to them. They move through these underground channels and we never see them again, but I really hope that doesn’t happen and we can see them again.”

Another painting was stolen.  Photo / NZ Police
Another painting was stolen. Photo / NZ Police

The police asked members of the public for information or possible sightings of the stolen items.

“This is definitely a very special legacy and we want to return it to its owner as quickly as possible,” said Constable Ben Monk of Hamilton’s Tactical Crime Unit.

“If you have information, please call the police on 105 and excerpt file 210103/2961.

“Alternatively, you can call Crime Stoppers on 0800 555 111.”

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MIN HEALTH, BRAZIL OFFICIALLY SAYS THAT HELP HAS NOT HANDBED THE RESULTS OF THE PHASE 3 SINOVAC TEST | Instant News


MIN HEALTH, BRAZIL OFFICIALLY SAYS THAT HELP HAS NOT HANDBED THE RESULTS OF THE PHASE 3 SINOVAC TEST

Reuters 2020

All news about EURO / BRAZILIAN REAL (EUR / BRL)

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Euro / Brazilian Real (EUR / BRL) Technical Analysis Chart |  MarketScreener

EURO / BRAZILIAN REAL (EUR / BRL) technical analysis trend

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Air New Zealand criticized and ordered to pay $ 40,000 for violating NZX rules | Instant News


Business

Air New Zealand chief executive Greg Foran released details of the 800-day plan on June 5. Photo / Michael Craig

Cash-strapped Air New Zealand had to pay $ 40,000 for a “ serious ” breach of NZX rules that included disclosing material information.

The NZ Market Discipline Court has found airlines earlier this year did not release market sensitive information when it became aware of it and published the information before notifying NZX.

In its decision, the court detailed information released about the impact of Covid-19 on airlines towards the afternoon of 5 June when Air NZ chief executive Greg Foran informed staff, Airpoints members and “ selected media ” about the three phases. plan for the next 800 days.

The three phases are labeled Survive, Revive, and Thrive, as previously reported by the Herald. One of the key aspects of the Survive phase is Air New Zealand’s plans to reduce labor costs (in addition to the estimated $ 150 million announced on May 26, including implementing reduced hours of work, unpaid leave, job sharing, voluntary exit, and possible termination. work.

This release was not announced via the NZX market announcement platform (MAP).

Instead, it was released sequentially to staff, to select media outlets, and to New Zealand-based Airpoints members between 12:46 p.m. and 3:26 p.m. on the afternoon of June 5.

After being contacted by NZX, an announcement materially similar to Foran’s message was released via MAP at 8.30am on Monday, June 8th.

NZX launched an investigation into whether the release of the CEO’s message mattered.

After investigations, NZX concluded that the labor cost reduction target mentioned in the message was material information, so the airline had breached its obligations by not releasing it immediately and by releasing this information through means other than MAP.

The court noted that airlines have frequently provided market updates regarding the impact of the pandemic on its business and operations.

“ The violation occurred in the context of the unique and tremendous pressure on businesses due to the Covid-19 pandemic. The uncertainty around the duration, scale and impact of the pandemic, and the swift changes required to respond to the Government’s evolving measures, is having a very significant impact on the aviation industry. ”

The airlines accept that they have breached their obligations.

The court ruling said the offense related to continuing disclosure was a violation of a fundamental obligation.

“ Compliance with the Rules by this Issuer is very important in maintaining market integrity and investor confidence. ”

The plane is parked at Auckland Airport.  NZX courts accept the uncertainty surrounding Covid.  Photo / Brett Phibbs
The plane is parked at Auckland Airport. NZX courts accept the uncertainty surrounding Covid. Photo / Brett Phibbs

The breach was serious and could result in a $ 500,000 fine.

The court considered that there were aggravating factors in this case:

• Air New Zealand did not comply with its own continuous disclosure policy when it concluded the June 5 communication, nor did it refer the communication to its disclosure committee. NZX considers that if internal policies are followed, these violations will be prevented.
• NZX has published specific guidance with respect to disclosures regarding the COVID-19 pandemic not long before the breach occurred, so AIR is aware of the potential materiality of the labor cost reduction operating cost decision. Furthermore, AIR has released previous updates via MAP to reduce labor costs.
• NZX informed that 2,520 AIR stock trades took place on the afternoon of 5 June 2020 while there was information asymmetry in the market. Airline share prices rose significantly on June 8, although NZX assessed that the pattern of the surge in prices in the global aviation industry from June 5 to June 8 contributed, in part, to this move.

Mitigating factors include:

• Air NZ itself does not benefit financially from the breach.
• Once a problem is identified, it is resolved immediately. Total duration of information asymmetry is short (4 hours 44 minutes).
• NZX considers that there is no evidence of financial gain or financial loss due to asymmetric trading on the afternoon of 5 June.
• The violations appear to be unintentional, even though the airline does not follow its own continuous disclosure policy.

The court has considered in its decision to agree to a settlement that the violations occurred during a period of significant uncertainty, especially for those in the aviation industry, arising from the Covid-19 pandemic. ”

Taking into account both aggravating and mitigating factors, the court considered that while the offense warranted a sentence at the lower end of the available range, along with public condemnation.

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Bulgarian Industrial: IHB subsidiary agreement in accordance with Art. 114, 3 from POSA | Instant News


06 Dec 2020 | 16:02

On 4 December 2020 ‘KARVUNA Ltd.’, Republic of the Marshall Islands, whose company is wholly owned by ‘Privat engineering’ EAD, a 100% subsidiary of ‘Industrial Holding Bulgaria’ PLC, to secure the obligations of IHB Shipping Co. EAD or related local and foreign companies operating by ships, under the Framework Agreement signed with the Allianz Bulgaria AD ban on the provision of credit limits, have set the first priority maritime mortgages in the interests of banks for their tangible assets – motor boats (m / v) KARVUNA, flies with IMO № 9468619, registered at the port of Valletta, Malta.

The subsidiary has obtained permission for the formation of a mortgage from the Managing Board of Industrial Holding Bulgaria PLC in accordance with the requirements of Art. 114, 3 and Art. 114a, 3 of the Securities Public Offering.

The Financial Supervisory Commission was informed on 21.10.2020 in accordance with the requirements of Art. 114a, 3 from POSA.

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Rejection

Industrial Holding Bulgaria AD publish this content on 06 December 2020 and take full responsibility for the information contained therein. Distributed by the Public, unedited and unaltered, at December 07 2020 07:22:08 UTC

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