Asia Chart Alert: China: The largest hike in the rail freight tariff since 2003
It reinforces our view that CPI inflation will rise above 3.5% in H2 and lead to two interest rate hikes.
 |
| Fig. 1: Rail freight tariff and its growth |
Thursday, February 21, 2013
Asia Chart Alert: China: The largest hike in the rail freight tariff since 2003
20 February 2013
Asia Chart Alert: China: The largest hike in the rail freight tariff since 2003
It reinforces our view that CPI inflation will rise above 3.5% in H2 and lead to two interest rate hikes.
Asia Chart Alert: China: The largest hike in the rail freight tariff since 2003
It reinforces our view that CPI inflation will rise above 3.5% in H2 and lead to two interest rate hikes.
Wednesday, February 20, 2013
2012: reserved growth with strong fundamentals - February 2013
http://www.realestate.bnpparibas.com/bnppre/en/market-research/overview/2012-reserved-growth-strong-fundamentals-february-2013-p_1567281.html
20/02/2013
Western Europe | Hotels
Property Report H2 2012
2012: reserved growth with strong fundamentals - February 2013
At € 6 billion invested during 2012, the hotel investment volume in France, Germany, Italy, Spain and the United Kingdom suffered a 5% drop compared to the previous year.
20/02/2013
Western Europe | Hotels
Property Report H2 2012
2012: reserved growth with strong fundamentals - February 2013
At € 6 billion invested during 2012, the hotel investment volume in France, Germany, Italy, Spain and the United Kingdom suffered a 5% drop compared to the previous year.
London Regains World's Most Expensive Office Market Crown
LONDON REGAINS WORLD’S MOST EXPENSIVE OFFICE MARKET CROWN
19 Feb, 2013, London
- London leapfrogs Hong Kong to take top spot for first time since 2008
- Rio de Janeiro soars from 8th to 3rd with a rental uplift of 43% on previous year
- Global office rents increase by 3%
http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=GB&Language=EN&repId=c58100005p
19 Feb, 2013, London
- London leapfrogs Hong Kong to take top spot for first time since 2008
- Rio de Janeiro soars from 8th to 3rd with a rental uplift of 43% on previous year
- Global office rents increase by 3%
http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=GB&Language=EN&repId=c58100005p
U.S. LNG Exports: Increasingly A Reality
U.S. LNG Exports: Increasingly A Reality
February 19, 2013 |
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
The past two months have been marked by a whole series of significant announcements in the U.S. LNG sector indicating that large-scale natural gas exports from the U.S. and Canada are firmly on track to become a reality. The headlines included three major long-term LNG supply agreements and the decisions by Chevron and Royal Dutch Shell to take equity stakes in LNG export projects. The announcements have several important implications and suggest that the LNG exports will not only have material consequences for the North American natural gas market but are already impacting pricing mechanisms of the entire international LNG trade.
http://seekingalpha.com/article/1202741-u-s-lng-exports-increasingly-a-reality
February 19, 2013 |
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
The past two months have been marked by a whole series of significant announcements in the U.S. LNG sector indicating that large-scale natural gas exports from the U.S. and Canada are firmly on track to become a reality. The headlines included three major long-term LNG supply agreements and the decisions by Chevron and Royal Dutch Shell to take equity stakes in LNG export projects. The announcements have several important implications and suggest that the LNG exports will not only have material consequences for the North American natural gas market but are already impacting pricing mechanisms of the entire international LNG trade.
http://seekingalpha.com/article/1202741-u-s-lng-exports-increasingly-a-reality
Tuesday, February 19, 2013
Chelsea Harbour
Chelsea Harbour
Chelsea Harbour is a mixed-use development in Central London, situated on the north bank of the River Thames, in the Sands End area. It lies within the eastern boundary of the London Borough of Hammersmith and Fulham and on the southwestern boundary of the Royal Borough of Kensington and Chelsea. It contains luxury apartments, a luxury hotel named Wyndham Grand, and offices and showrooms, surrounding a small marina. The development was designed by Architects Moxley, Jenner & Partners, - and built by P & O & Globe Investment Trust, through their subsidiary, Chelsea Harbour Ltd. The project management contractors were Bovis Homes Group and the development is now owned by Compco Holdings Ltd. The showrooms were originally named "Chelsea Garden Market", and are now known as the "Chelsea Harbour Design Centre". They consist of almost 66,000 sq.ft gross internal space with three large glazed domes over a galleria. The offices are in two buildings known as "Harbour Yard" and "The Design Centre East". They are marketed by Frost Meadowcroft and Edward Charles & Partners; occupiers including Guess.[1]
History
"Chelsea Harbour" was built on the site of an ex-British Rail Coal Yard and Victorian-era railway coaling dock on the River Thames. The 20-acre site lies between the Thames and Counter's Creek and is bounded to the west by an "active" railway line on an embankment. Chelsea Harbour was the biggest single construction project in the United Kingdom for decades. The original design was for 16 buildings covering some 14 acres. Only 12 buildings were completed due to a downturn in the UK economy during the construction period.
Construction
Remediation
When planning permission was granted on April 15th 1986 the whole site, including the lock, was derelict. Both the Coal Dock and the lock had been infilled with contaminated materials, which the had to excavated and disposed of. The design required the contractor to reduce the size of the Dock by 1/3rd from the north end, to form the 75-berth Marina; and to re-construct the lock chamber, lock-gates, and cill. Work on-site began in early May, 1986, and within twelve months the contractor had excavated the dock, constructed a new north wall, re-puddled the dock floor and renovated the Lock. The site was equipped with 14 tower cranes, and had approximately 1500 personnel onsite during most of the build phase. In April, 1987 a "commissioning Champagne Party" was held on two pontoons in the newly-flooded "marina" for all the staff directly involved.
Achievements
Between April 1986 and April 1987, the construction team clocked-up some impressive figures:
- 2,000 piles had been sunk over 30 metres down to the London clay without problems, despite some being within two metres of both a London Underground main electrical supply cable and of a huge Victorian-built storm sewer.
- 250,000 cu.Metres of earth had been excavated and removed from the site;
- 55 acres of floor space were built, using 70,000 cubic metres of concrete and 8,000 tons of steel; one continuous concrete pour on Chelsea Garden Market's foundations totalled over 400 cu.Metres, with mixer trucks queueing-up for several hundred yards along Townmead Road. To ensure an uninterrupted cement supply for the concrete, 5,000 tons of cement were stockpiled in a hulk moored in the London Docks; and a concrete supply company was bought outright, to devote priority of supply to project:
- the reinforced structural concrete frame of "Chelsea Crescent" (which contained 64 apartments as originally designed) was built in just eight weeks;
- three new bridges had been completed onsite, including the largest "thrust bore tunnel" in Europe (over Townmead Road), which was hydraulically-jacked into position under an operating rail line in a single weekend;
- two buildings had been completed to "shell & core" status, and the interior spaces were already being occupied by the contractors of incoming tenants;
- a further eight buildings were under construction including "Chambers" and "Chelsea Garden Market";
- The 18-storey "Belvedere" tower was "topped-out" within six months of the start of work. The constructors managed to pour a new floor every four days, with pre-fabricated sub-sections of Rebar built on the ground using "go; no-go"Jigs, using a quick-curing high-strength concrete. Flat soffits with no "downstand beams", and pre-fabricated, steel, wheeled jack-up Forms were placed-, removed-, and re-positioned by the building's tower crane (with the aid of temporary-support platforms cantilevered off the side of the structure), erected in what would become one of the Belvedere's lift shafts.
Contracts
All the buildings - save for the Hotel - were built as "shell & core" contracts, with tenants leasing their spaces from Chelsea Harbour Ltd. through their letting agents, Town & City Properties (Development), and Savills. Once each building was wind and weather-tight, and connected to the external services, tenents commissioned their own contractors for the internal finishings. Bovis project-managed the construction of the Hotel from piling-level to roadway-level, and the remainder of the structure above-ground was completed by a client who had concluded a long lease with Chelsea Harbour Ltd.
Marina
The marina itself is not used commercially but contains luxury yachts and speedboats, and can be accessed from the Thames at high tide. The Lock availability was indicated by a huge hollow sphere rising-&-dropping on a mast topping The "Belvedere", visible for a long way both upstream and down, and connected to a tide gauge by the Lock Gate giving into the Thames. Judging from the present Google Earth view in November, 2012, the Development's Owners have apparently decided to reduce the number of available berths from the 1986-planned 75-, to around 50 places
Residents
Chelsea Harbour is close to Kings Road, Chelsea and it is reputed to be the residence of a number of UK and international celebrities. The nearby Harbour Club is a fitness and tennis club which owes much fame to its patronage by Diana, Princess of Wales.
Lots Road power station
An adjoining, large scale development is being planned on the site of Lots Road power station.
Racehorse
A racehorse named Chelsea Harbour (after the development) competed in the 2008 and 2009 Grand Nationals.
Imperial Wharf
The immediate vicinity has been enhanced by Imperial Wharf, a riverside development by St George PLC. The development contains a new London Overground station, Imperial Wharf, which opened on the 27th September 2009, providing direct rail links with Clapham Junction and Willesden Junction, as well as Southern services to Milton Keynes Central and East Croydon.
River bus services
River bus services are provided at peak hours by London River Services from Chelsea Harbour Pier, and offer transport to Putney and Blackfriars Millennium Pier.[2]
References
[1]^ http://www.frostmeadowcroft.com/property/10386/Chelsea-Harbour-Chelsea-Harbour-Drive-London-SW10-0XF
[2]^ "Boats from Chelsea Harbour Pier". Transport for London. Spring 2009. Retrieved 2009-09-29.
External links
* Official web site
* property/10386/Chelsea-Harbour-Chelsea-Harbour-Drive-London-SW10-0XF
* [1]
* http://en.wikipedia.org/wiki/Chelsea_Harbour
* http://www.dcch.co.uk/
Housing in London | Buildings and structures in London | Redevelopment projects in London | Redeveloped ports and waterfronts in the United Kingdom | Buildings and structures in Hammersmith and Fulham | Marinas in England |
Chelsea Harbour is a mixed-use development in Central London, situated on the north bank of the River Thames, in the Sands End area. It lies within the eastern boundary of the London Borough of Hammersmith and Fulham and on the southwestern boundary of the Royal Borough of Kensington and Chelsea. It contains luxury apartments, a luxury hotel named Wyndham Grand, and offices and showrooms, surrounding a small marina. The development was designed by Architects Moxley, Jenner & Partners, - and built by P & O & Globe Investment Trust, through their subsidiary, Chelsea Harbour Ltd. The project management contractors were Bovis Homes Group and the development is now owned by Compco Holdings Ltd. The showrooms were originally named "Chelsea Garden Market", and are now known as the "Chelsea Harbour Design Centre". They consist of almost 66,000 sq.ft gross internal space with three large glazed domes over a galleria. The offices are in two buildings known as "Harbour Yard" and "The Design Centre East". They are marketed by Frost Meadowcroft and Edward Charles & Partners; occupiers including Guess.[1]
History
"Chelsea Harbour" was built on the site of an ex-British Rail Coal Yard and Victorian-era railway coaling dock on the River Thames. The 20-acre site lies between the Thames and Counter's Creek and is bounded to the west by an "active" railway line on an embankment. Chelsea Harbour was the biggest single construction project in the United Kingdom for decades. The original design was for 16 buildings covering some 14 acres. Only 12 buildings were completed due to a downturn in the UK economy during the construction period.
Construction
Remediation
When planning permission was granted on April 15th 1986 the whole site, including the lock, was derelict. Both the Coal Dock and the lock had been infilled with contaminated materials, which the had to excavated and disposed of. The design required the contractor to reduce the size of the Dock by 1/3rd from the north end, to form the 75-berth Marina; and to re-construct the lock chamber, lock-gates, and cill. Work on-site began in early May, 1986, and within twelve months the contractor had excavated the dock, constructed a new north wall, re-puddled the dock floor and renovated the Lock. The site was equipped with 14 tower cranes, and had approximately 1500 personnel onsite during most of the build phase. In April, 1987 a "commissioning Champagne Party" was held on two pontoons in the newly-flooded "marina" for all the staff directly involved.
 |
| Chelsea Harbour Design Centre |
Achievements
Between April 1986 and April 1987, the construction team clocked-up some impressive figures:
- 2,000 piles had been sunk over 30 metres down to the London clay without problems, despite some being within two metres of both a London Underground main electrical supply cable and of a huge Victorian-built storm sewer.
- 250,000 cu.Metres of earth had been excavated and removed from the site;
- 55 acres of floor space were built, using 70,000 cubic metres of concrete and 8,000 tons of steel; one continuous concrete pour on Chelsea Garden Market's foundations totalled over 400 cu.Metres, with mixer trucks queueing-up for several hundred yards along Townmead Road. To ensure an uninterrupted cement supply for the concrete, 5,000 tons of cement were stockpiled in a hulk moored in the London Docks; and a concrete supply company was bought outright, to devote priority of supply to project:
- the reinforced structural concrete frame of "Chelsea Crescent" (which contained 64 apartments as originally designed) was built in just eight weeks;
- three new bridges had been completed onsite, including the largest "thrust bore tunnel" in Europe (over Townmead Road), which was hydraulically-jacked into position under an operating rail line in a single weekend;
- two buildings had been completed to "shell & core" status, and the interior spaces were already being occupied by the contractors of incoming tenants;
- a further eight buildings were under construction including "Chambers" and "Chelsea Garden Market";
- The 18-storey "Belvedere" tower was "topped-out" within six months of the start of work. The constructors managed to pour a new floor every four days, with pre-fabricated sub-sections of Rebar built on the ground using "go; no-go"Jigs, using a quick-curing high-strength concrete. Flat soffits with no "downstand beams", and pre-fabricated, steel, wheeled jack-up Forms were placed-, removed-, and re-positioned by the building's tower crane (with the aid of temporary-support platforms cantilevered off the side of the structure), erected in what would become one of the Belvedere's lift shafts.
Contracts
All the buildings - save for the Hotel - were built as "shell & core" contracts, with tenants leasing their spaces from Chelsea Harbour Ltd. through their letting agents, Town & City Properties (Development), and Savills. Once each building was wind and weather-tight, and connected to the external services, tenents commissioned their own contractors for the internal finishings. Bovis project-managed the construction of the Hotel from piling-level to roadway-level, and the remainder of the structure above-ground was completed by a client who had concluded a long lease with Chelsea Harbour Ltd.
Marina
The marina itself is not used commercially but contains luxury yachts and speedboats, and can be accessed from the Thames at high tide. The Lock availability was indicated by a huge hollow sphere rising-&-dropping on a mast topping The "Belvedere", visible for a long way both upstream and down, and connected to a tide gauge by the Lock Gate giving into the Thames. Judging from the present Google Earth view in November, 2012, the Development's Owners have apparently decided to reduce the number of available berths from the 1986-planned 75-, to around 50 places
Residents
Chelsea Harbour is close to Kings Road, Chelsea and it is reputed to be the residence of a number of UK and international celebrities. The nearby Harbour Club is a fitness and tennis club which owes much fame to its patronage by Diana, Princess of Wales.
Lots Road power station
An adjoining, large scale development is being planned on the site of Lots Road power station.
Racehorse
A racehorse named Chelsea Harbour (after the development) competed in the 2008 and 2009 Grand Nationals.
Imperial Wharf
The immediate vicinity has been enhanced by Imperial Wharf, a riverside development by St George PLC. The development contains a new London Overground station, Imperial Wharf, which opened on the 27th September 2009, providing direct rail links with Clapham Junction and Willesden Junction, as well as Southern services to Milton Keynes Central and East Croydon.
River bus services
River bus services are provided at peak hours by London River Services from Chelsea Harbour Pier, and offer transport to Putney and Blackfriars Millennium Pier.[2]
References
[1]^ http://www.frostmeadowcroft.com/property/10386/Chelsea-Harbour-Chelsea-Harbour-Drive-London-SW10-0XF
[2]^ "Boats from Chelsea Harbour Pier". Transport for London. Spring 2009. Retrieved 2009-09-29.
External links
* Official web site
* property/10386/Chelsea-Harbour-Chelsea-Harbour-Drive-London-SW10-0XF
* [1]
* http://en.wikipedia.org/wiki/Chelsea_Harbour
* http://www.dcch.co.uk/
Housing in London | Buildings and structures in London | Redevelopment projects in London | Redeveloped ports and waterfronts in the United Kingdom | Buildings and structures in Hammersmith and Fulham | Marinas in England |
London regains crown as most expensive market for office space -report
London regains crown as most expensive market for office space -report
By Ilaina Jonas
NEW YORK | Tue Feb 19, 2013 9:19 pm GMT
(Reuters) - London elbowed its way past Hong Kong to regain the title as the world's most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield.
http://uk.reuters.com/article/2013/02/19/uk-globalproperty-officerents-idUKBRE91I17N20130219
By Ilaina Jonas
NEW YORK | Tue Feb 19, 2013 9:19 pm GMT
(Reuters) - London elbowed its way past Hong Kong to regain the title as the world's most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield.
http://uk.reuters.com/article/2013/02/19/uk-globalproperty-officerents-idUKBRE91I17N20130219
Saturday, February 16, 2013
Biggest Buyers Stampede From Junk Bonds on Loss: Credit Markets
Biggest Buyers Retreat from Junk Bonds
(Source: Bloomberg, February 15, 2013)
According to Bloomberg, major institutional investors pulled back from junk bonds as exchange-traded funds (ETFs) experienced record withdrawals, marking the first losses in eight months. The combined value of the five largest junk-debt funds fell 7% from January highs, with State Street’s $11.9 billion fund alone seeing nearly $1 billion in withdrawals over 12 days.
Analysts noted that institutions such as hedge funds and banks are shifting away from broad indexes, instead targeting specific bonds. Junk bond ETFs, which attracted $8 billion in 2012 amid strong returns, are now facing outflows as strategists forecast weaker performance in 2013. Prices have declined from record highs, with concerns that valuations are stretched after years of double-digit returns.
Prominent investors including Dan Fuss of Loomis Sayles and Howard Marks of Oaktree Capital warned that the market is “overbought” and called for caution. Bank of America strategists described the pullback as evidence of instability at current valuations.
Meanwhile, credit-default swap costs rose slightly, signaling deteriorating confidence, while Heinz Co. bonds became the most actively traded following news of its $23 billion buyout by Berkshire Hathaway and 3G Capital.
Overall, junk bond ETFs are losing institutional support, with investors increasingly wary of inflated valuations and shifting toward selective opportunities rather than broad exposure.
정크본드 시장에서 대규모 투자자 이탈
(출처: Bloomberg, 2013년 2월 15일)
Bloomberg 보도에 따르면, 정크본드 시장의 주요 기관 투자자들이 빠져나가면서 ETF(상장지수펀드)에서 사상 최대 규모의 자금 유출이 발생했습니다. 이는 8개월 만의 첫 손실로, 상위 5개 정크본드 펀드의 총 가치가 1월 고점 대비 7% 하락했습니다. 특히 State Street의 119억 달러 규모 펀드는 12일 동안 약 9억 8,800만 달러가 빠져나갔습니다.
전문가들은 헤지펀드와 은행 같은 기관들이 광범위한 지수 투자에서 벗어나 특정 채권에 집중하고 있다고 분석했습니다. 2012년 156%의 수익률로 80억 달러가 유입됐던 정크본드 ETF는 2013년에는 약세 전망으로 인해 자금이 빠져나가고 있습니다. 금리 상승과 과도한 밸류에이션 우려로 가격은 고점에서 하락세를 보이고 있습니다.
Loomis Sayles의 Dan Fuss와 Oaktree Capital의 Howard Marks는 시장이 “과매수 상태”라며 신중한 접근을 강조했습니다. Bank of America는 최근의 자금 유출이 현재 밸류에이션에서 시장 불안정을 보여주는 신호라고 평가했습니다.
한편, 신용부도스왑(CDS) 비용은 소폭 상승해 투자심리 악화를 반영했으며, Heinz의 230억 달러 인수 소식으로 해당 회사 채권이 가장 활발히 거래되었습니다.
결론적으로, 정크본드 ETF는 기관 투자자들의 지지를 잃고 있으며, 투자자들은 광범위한 시장 노출보다 개별 채권 중심의 선택적 투자로 이동하고 있습니다.
Are High Yield Corporate Bond ETFs Worth The Risk?
Are High Yield Corporate Bond ETFs Worth The Risk?
by Daniela Pylypczak on February 15, 2013
Though equity markets may have started out 2013 with a bang as the Dow and S&P both hit multi-year highs, the fixed income space remains rather uncertain. With interest rates expected to stay at near-zero levels for the foreseeable future, investors have found it challenging to find meaningful yields. This task, however, is certainly not impossible as there are dozens of exchange-traded products that offer the potential for some big payouts [see 101 High Yielding ETFs For Every Dividend Investor].
http://etfdb.com/2013/are-high-yield-corporate-bond-etfs-worth-the-risk/
by Daniela Pylypczak on February 15, 2013
Though equity markets may have started out 2013 with a bang as the Dow and S&P both hit multi-year highs, the fixed income space remains rather uncertain. With interest rates expected to stay at near-zero levels for the foreseeable future, investors have found it challenging to find meaningful yields. This task, however, is certainly not impossible as there are dozens of exchange-traded products that offer the potential for some big payouts [see 101 High Yielding ETFs For Every Dividend Investor].
http://etfdb.com/2013/are-high-yield-corporate-bond-etfs-worth-the-risk/
Thursday, February 14, 2013
Junk Bond ETFs: Are 5% Yields Worth the Risk?
Junk Bond ETFs: Are 5% Yields Worth the Risk?
February 14th at 6:18am by John Spence
High-yield corporate bond ETFs have been immensely popular but yields have been pushed so low that newcomers may not be getting adequately compensated for the risk of investing in speculative-grade debt.
http://www.etftrends.com/2013/02/junk-bond-etfs-are-5-yields-worth-the-risk/
February 14th at 6:18am by John Spence
High-yield corporate bond ETFs have been immensely popular but yields have been pushed so low that newcomers may not be getting adequately compensated for the risk of investing in speculative-grade debt.
http://www.etftrends.com/2013/02/junk-bond-etfs-are-5-yields-worth-the-risk/
Lend Lease drives office wedge in Docklands
Lend Lease drives office wedge in Docklands
Date
February 13, 2013
Read later
Simon Johanson
Property Editor for The Age
LEND Lease is set to launch a nine-level commercial building into a tight office market in Melbourne's Docklands after gaining planning approval on Tuesday.
http://www.smh.com.au/business/property/lend-lease-drives-office-wedge-in-docklands-20130212-2eazj.html
Date
February 13, 2013
Read later
Simon Johanson
Property Editor for The Age
LEND Lease is set to launch a nine-level commercial building into a tight office market in Melbourne's Docklands after gaining planning approval on Tuesday.
http://www.smh.com.au/business/property/lend-lease-drives-office-wedge-in-docklands-20130212-2eazj.html
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