Case, Roma più cara di Londra e New York

Solo a Montecarlo il mattone è più caro che nella capitale. Per chi vuole investire in immobili al top ci sono Bangalore e la Lettonia
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MILANO – Il Principato di Monaco è il mercato immobiliare dai prezzi più stellari. Niente di stupefacente, vien da dire, considerando, più che il fascino glamour dello staterello monegasco, la scarsissima disponibilità di suolo edificabile di fronte alle continue richieste provenienti da magnati, Vip e sportivi di tutto il mondo. Che Roma segua a ruota, battendo Parigi e annichilendo New York e Londra, fa riflettere di più. Ε queste riflessioni le stimola la nuova classifica stilata dalla rivista americana Forbes, intitolata «I mercati immobiliari più sopravvalutati del mondo».
I CRITERI – Primo il Principato, seconda Roma, terza Parigi; città carissime come Londra, New York e Tokio lasciate invece alla distanza. Per capire quest’apparente contraddizione, occorre spiegare che la classifica di Forbes non è semplicemente una graduatoria dei più alti prezzi al metro quadrato. Il criterio è maggiormente ponderato e nelle 50 città esaminate tiene presenti, per esempio, i costi di transazione, quelli di manutenzione, l’inflazione, le commissioni di agenzia, le tasse sulla casa, l’apprezzamento degli immobili. In sostanza, una città che svetta ai primi posti di questa speciale classifica non ha certo il mattone a buon prezzo, ma oltre a ciò è caratterizzata anche dalle scarse prospettive di crescita del valore immobiliare. Investire nel mattone in una città della top ten, quindi, rende meno che farlo in una città dove magari il metro quadro è persino più caro, ma al contempo più redditizio.
CHI C’E’ – Il Principato di Monaco svetta (con un indice di 74,07) per vari motivi, su tutti gli alti costi di transazione che pesano su chi vende o acquista immobili (livelli non certo da paradiso fiscale) e la scarsità di prospettive future di investimenti in mattoni, perché il suolo edificabile è in sostanza esaurito, in attesa della costruzione di isole artificiali di fronte al celebre litorale. Segue Roma, dove comprar casa, specie nel centro storico, è carissimo, ma rende poco, complici tasse, costi di gestione e transazioni e la lenta crescita dell’economia italiana negli ultimi anni. Seguono Parigi, Los Angeles (l’unica grande metropoli americana dove gli investimenti immobiliari rendono poco e lentamente), Vancouver, Vienna, Auckland, Zurigo e Oslo, che ha già scontato una crescita sorprendente (+149,54% in dieci anni) dei prezzi delle case, grazie al recente boom dell’economia norvegese.
CHI NON C’E’ – Il fatto che città dall’altissimo costo della vita (■ Guarda la classifica) e in alcuni casi molto gettonate dal jet set (come Londra e New York) non compaiano ai piani alti della classifica non vuol dire che siano a buon mercato, anzi, ma comporta il fatto che investirvi in mattone resta un ottimo affare. Da questo punto di vista, per esempio, comprar casa a Bangalore (India) è un un mezzo terno al lotto: gli immobili si rivalutano del 9,3% annuo. E per chi vuole investire in Europa, Forbes consiglia la Lettonia: poche tasse, pochi incartamenti e costi per le transazioni pressoché nulli (il 3% per chi vende

India's Tata eyes UK car legends

The chairman of India's Tata Group has confirmed that he is interested in acquiring Jaguar and Land Rover from their parent, Ford.Speaking to Indian TV, Ratan Tata lifted his previous refusal to speculate on a possible Tata bid for the legendary British brands.He said Tata's interest in Jaguar and Land Rover stemmed from a desire to expand its global presence.Ford has said there is a more than 50% chance it will sell the carmakers.Tata Motors relies on the Indian market for more than 90% of its sales.Expanding frontiersMr Tata explained that any thoughts of taking over Jaguar and Land Rover were dictated by the need to change this concentration on one market."It is to give ourselves scale, to give ourselves global reach," he said of the potential bid.Ford says it has already received a number of offers for the two UK divisions.Analysts have been expecting a private equity buyer to emerge as a successful suitor for Jaguar and Land Rover.Market tremorsEarlier this week, Ford chief executive Alan Mulally said the current turbulence on global stock markets had affected the disposal of Jaguar and Land Rover.Stock market upsets were "absolutely an issue", the Ford boss said.Market turmoil has caused a sharp slowdown in general takeover activity.Mr Mulally said no announcement would be made over the sale of Jaguar and Land Rover until late this year or early 2008.

Le "Charles-de-Gaulle" a pris ses quartiers d’hiver à Toulon

L’entretien du porte-avions durera dix-huit mois et représente un budget de 300 millions d’euros.

«C’EST LE plus grand chantier industriel de la région», se félicite le capitaine de vaisseau Stéphane Boivin, le nouveau pacha du porte-avions Charles-de-Gaulle. Le fleuron de la Marine nationale est en cale sèche dans le grand bassin de la zone Vauban, à Toulon, depuis le 30 juillet. Depuis sa mise en service il y a six ans, c’est sa première indisponibilité programmée pour entretien et réparations, «Iper» dans le jargon de la Marine. Le chantier, qui démarre le 1er septembre, a été confié à DCN Service Toulon
pour lequel c’est la plus grosse opération de « maintien en condition opérationnelle » jamais réalisée. Compte tenu du caractère stratégique du bâtiment, la France ne disposant que d’un seul porte-avions, la Marine a imposé un rythme accéléré: les travaux ne doivent durer que 15 mois au lieu de 30 pour les porte-avions américains ou 22 mois pour les sous-marins nucléaires français. Pour réaliser cette performance, trois ans de préparation ont été nécessaires. Ce chantier de très grande ampleur est en effet très com¬plexe. Et coûteux. Il représente un budget total de 300 millions d’euros dont 230 millions pour l’Iper elle-même et 70 millions pour la modernisation et l’adaptation.
Pas moins de 16500 interventions sont programmées d’ici au 31 octobre 2008 et trois sont particulièrement importantes. Il y a tout d’abord le rechargement des deux cœurs nucléaires du porte-avions, dont le combustible est épuisé. Ensuite, c’est le changement des deux hélices qui lors de la mise en service du Charles-de-Gaulle avaient dû être remplacées en urgence par des pièces en provenance du Clemenceau ou du Foch. Enfin, la troisième grande intervention sera la réfection des installations aéronautiques pour préparer l’arrivée des nouveaux avions de combat.
Mille hommes d’équipage
Pour accueillir ce navire de 261,50 mètres de long et de 64 mètres de large, la Marine a investi 40 millions d’euros dans la rénovation de la zone Vauban dans le port de Toulon: changer des grues, refaire la station de pompage ainsi que les sols du bassin, acquérir un bateau-porte (utilisé pour fermer la forme de radoub et mettre le navire hors d’eau) et implanter autour du bassin un véritable village industriel avec son propre restaurant, capable d’accueillir les 1600 personnes qui travailleront sur le site.
Pour l’heure, mille hommes d’équipage préparent le bateau. Ils devraient fournir 1,2 million d’heures de travail. Et 1,2 million d’heures supplémentaires seront effectuées par 600 salariés de DCNS et d’une cinquantaine d’entreprises sous-traitantes en charge de 40% des travaux. Parmi elles, des poids lourds comme Areva TA (ex-Technicatome), Cegelec, Snef, mais également des entreprises régionales de chaudronnerie, d’électricité ou de mécanique comme le Chantier naval des Baux ou la société Eiffel de Fos-sur-Mer qui a réalisé le bateau-porte de 1200 tonnes.
Depuis son changement de statut en 2003, DCNS est devenue une entreprise autonome. Cela signifie qu’elle doit être rentable tout en pratiquant des prix 20% inférieurs à ce qu’elle facturait quand elle était un service de l’État. Pour cela, DCNS sous-traite une grande partie du travail et se concentre sur la maîtrise d’œuvre, l’ingénierie, les activités les plus spécifiques, les plus risquées et à plus forte valeur ajoutée

This Week's Economic Roundup

Despite turmoil on Wall Street, shoppers have kept spending this summer, amid a more positive outlook on the economy for the months ahead. Here's a look at this week's economic developments and how they may affect your business.
Leading Indicators Rebound
Following declines in June, the index of leading economic indicators rose 0.4 percent last month, led by gains in consumer expectations and vendor performance, the Conference Board reported Monday.
Six of 10 index components improved in July, including a drop in new jobless claims and more orders for consumer goods and materials, according to the New York-based private research group. On the downturn were building permits, new orders for non-defense capital goods, and interest rate spread, while average manufacturing hours held steady.
The index has shown gains in three of the last six months, rising by 0.1 percent in the six months ending July.
Over the same period, the coincident index, a gauge of current economic conditions, rose by 1.1 percent, led by strengths in industrial production and employment.
Retail Sales Up
Same-store sales rose by 0.2 percent last week, the first gains in over three weeks, the International Council of Shopping Centers and UBS Securities reported Tuesday.
The gains, which are based on sales data at 60 retail chains nationwide, were driven by lower temperatures and sales-tax exemptions, according to Michael Niemira, the New York-based trade group's chief economist.
According to the National Retail Federation, the growing turmoil within the subprime mortgage and private equity markets has not kept shoppers from spending this summer.
In a survey of 1,000 consumers released this week, roughly half said the troubles on Walls Street hadn't changed their spending habits, while about 25 percent said they didn't even follow the stock market. Only 13 percent said the crisis had them thinking twice about major and nonessential purchases, the survey found.
Business Bankruptcies Jump
Following sharp declines last year, the number of businesses filing for bankruptcy rose to 6,705 in the second quarter, a 7 percent increase from the start of the year, Euler Hermes ACI reported Tuesday.
Business bankruptcies over the first two quarters combined are now up by 45 percent over last year when changes to federal bankruptcy laws prompted a 50 percent decline in corporate insolvencies, according to the Owing Mills, Md.-based credit insurance firm.
Rising energy costs, tighter monetary policy, and declines in the housing market were cited as causes of the gains. The firm is forecasting 30,000 business bankruptcies by the end of the year.
Gas Prices Back on the Rise
Average gas prices rose by 1.4 cents last week to $2.785 per gallon, the first increase in four weeks, the Energy Information Agency reported Wednesday.
As of Aug. 20, average gas prices were 13.9 cents lower than the same period last year. The modest gains were driven by soaring price hikes in the Midwest, where average prices pumps jumped by 10.2 cents to $2.87.1, the highest prices in the country. By contrast, prices in most regions dropped, including a 6.6 cent decline in California to $2.862 per gallon.

Ryanair's Eurostar claim banned

Ryanair has been banned from claiming its flight from London to Brussels is faster and cheaper than making the journey by Eurostar.The claim was misleading because it ignored time taken travelling from city centres to airports, the Advertising Standards Authority (ASA) said.Ryanair's advert compared its 70-minute flight with a 131-minute train journey.But travelling from the heart of London and Brussels would add one hour and 45 minutes to the journey, the ASA said.And costs for those journeys to and from airports at both ends of the journey meant that claims Ryanair's service was cheaper were also misleading.Punctuality claimsRyanair defended its position, saying that time and costs involved in getting to an airport or railway station were "irrelevant" as they applied to both modes of transport.In a statement, the airline added that "no stupid ruling" from the ASA could hide the success of the airline."Only the very rich or the very slow waste their time on Eurostar," it said.Ryanair's main London base, Stansted airport, is about 25 miles outside the centre of the capital while Charleroi airport is some 28.5 miles outside of Brussels."We considered that many readers would not be aware of the locations of the airports and additional costs incurred," the ASA said.Ryanair was also found to have made inaccurate claims when it said that Ryanair's flights on the route were more punctual than Eurostar's service.The budget airline was told by the ASA to remove all the claims from its adverts.In July the ASA ordered Ryanair not to repeat an advertisement that played down the impact of aviation on the environment.In a press campaign the airline claimed the airline industry "accounts for just 2% of carbon dioxide emissions".The ASA ruled it breached rules on truthfulness by not explaining the figure was based on global rather than UK emissions.
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HBOS bails out own fund as effect of credit crisis spreads

The credit crisis inched closer to the heart of the British financial system yesterday as HBOS, the banking group, disclosed that it was bailing out a vast in-house fund that has been struggling to finance itself.HBOS, which owns Halifax and Bank of Scotland, said that it would extend credit to Grampian, a $37 billion (£19 billion) Jersey-registered debt- financed fund, until market conditions improved.The move came as the Bank of England disclosed that it had provided £314 million of emergency funding to a financial institution that it did not name, but which is understood to be Barclays.Grampian, a so-called conduit or credit arbitrage fund, holds asset- backed securities and normally finances its investments by issuing short-term commercial paper. However, demand for commercial paper has dried up as banks and investors shun all but the most risk-free of assets in a flight to ultra-safe government bonds.function pictureGalleryPopup(pubUrl,articleId) {var newWin = window.open(pubUrl+'template/2.0-0/element/pictureGalleryPopup.jsp?id='+articleId+'&&offset=0&§ionName=IndustrySectorsBankingFinance','mywindow','menubar=0,resizable=0,width=615,height=655');}HBOS’s decision to finance Grampian from its own resources means that it may have to raise £19 billion within six months — and most of that within weeks unless credit conditions improve. The average maturity of the Grampian commercial paper is just 55 days.HBOS said: “Grampian will use facilities provided by HBOS to repay maturing asset-backed commercial paper until such time as market pricing improves to a level acceptable to HBOS.” The group said that the action would “have no material adverse impacts on HBOS” and added that it had liquidity lines sufficient to repay the entire £19 billion. Grampian’s assets are held on the HBOS balance sheet, but do not have to be marked to market, enabling HBOS to ride out the storm without having to make big writedowns, according to one well-placed source. The fund is thought to have only about $300 million in securities backed by American sub-prime mortgages.Many banks have built up conduits in recent years, but Grampian is the biggest in the world, equivalent to 57 per cent of HBOS’s £33 billion stock market value. Until recently conduits have been able to borrow short term at low rates and invest proceeds in higher-yielding longer-maturity securities.Sources described Barclays’s use of the Bank’s emergency facility, which is priced at a punitive 1 per cent above base rate, as an operational issue and not related to fears over liquidity. It is the first time that the facility has been used since the credit market soured.

Quiebra la segunda compañía estadounidense de créditos hipotecarios

La compañía First Magnus Financial, la segunda mayor empresa de financiación hipotecaria de Estados Unidos, ha declarado su bancarrota y se suma así a la lista de entidades y fondos afectados por la crisis crediticia. La entidad norteamericana suma deudas que ascienden a 813 millones de dólares. Con ella ya son más de 90 las entidades afectadas en EE UU por la crisis crediticia. Ayer mismo, Capital One anunciaba el cierre de su filial hipotecaria GreenPoint.
La empresa, con sede en Tucson, se registró ayer como empresa en quiebra en el Estado de Arizona con deudas que ascienden a 813 millones de dólares. Según ha informado, tiene entre 25.000 y 50.000 acreedores tanto en Estados Unidos como en el extranjero, pero no los ha identificado públicamente.
First Magnus ya despidió a 6.000 trabajadores la semana pasada y cerró 300 de sus oficinas. En su página web, justifica la quiebra debido al colapso del mercado secundario de hipotecas.
La compañía se situó en el primer semestre en el puesto 16 del ránking de prestamistas hipotecarios de Estados Unidos. Fundada en 1996, operaba en 50 estados del país.