Dubai launches world's first 3D-printed electric abra
Author : PNT Bureau
Dubai continues to innovate in transportation with the world's first 3D-printed electric abra, revolutionising traditional rides on Dubai Creek. Over 14 million annual passengers will benefit from this eco-friendly, 20-passenger vessel, developed in collaboration with the private sector. The abra reduces manufacturing time by 90% and costs by 30%, featuring two 10-kilowatt electric motors and lithium batteries. At 11 metres long, it's the longest 3D-printed monocoque structure. Trial operations are underway, with Dubai's RTA also upgrading abra stations to improve safety, accessibility, and aesthetics, enhancing the overall passenger experience and promoting sustainability in maritime transport....
UK housing market sees slight dip amid anticipation of BoE rate cut
Author : PNT Bureau
There's a wait-and-see approach in the UK housing market, with a slight dip in asking prices for homes. According to Rightmove, the average asking price for homes listed between June 9th and July 6th was GBP 373,493 (around USD 485,000), marking a 0.4% decrease from the previous month. This year's July decline exceeded the typical 0.2% drop observed in previous Julys. Despite this, asking prices are still 0.4% higher compared to July 2023. Potential buyers are holding off on purchases, anticipating a potential Bank of England interest rate cut, which could improve affordability and market stability....
China's housing market faces largest price drop in nine years
Author : PNT Bureau
China's housing market struggles continue, with new home prices experiencing their steepest decline in nine years. Official data shows a 4.5% year-on-year drop in June, the lowest since June 2015, and a deeper fall than May's 3.9%. Month-on-month prices also dipped by 0.7%. Despite government efforts to stabilise the USD 18 trillion sector, including reducing home buying costs and converting unsold apartments into affordable housing, challenges persist. Property investment fell 10.1% in the first half of 2024, with home sales by floor area dropping 19%. Analysts remain sceptical about the effectiveness of current policies, predicting continued market difficulties....
Barratt Developments, one of the UK's largest homebuilders, expects its homebuilding targets for fiscal 2025 to decrease by up to 7% due to high mortgage rates and economic concerns. The company forecasts constructing 13,000-13,500 homes by June 2025, down from 14,004 homes built last year. Forward sales have also dropped to 7,239 homes from 8,995 a year ago. Despite these challenges, Barratt anticipates profit slightly above expectations for the 2024 fiscal year. In February, Barratt agreed to acquire Redrow in an all-stock deal worth GBP 2.52 billion. The housing sector remains hopeful for policy changes under the new Labour government....
A new midyear Luxury Outlook report from Sotheby's International Realty reveals that while global elections might temporarily slow luxury home buying, rising interest rates pose a more significant concern. Buyers often delay purchases during elections due to uncertainty, but high interest rates are discouraging transactions more persistently. Despite this, luxury home prices are expected to remain stable as aging homeowners opt to "age in place" rather than downsizing. With limited supply and potential increased demand when rates eventually fall, competition could intensify. The report suggests now may be an opportune time for buyers before competition heats up....
China's Ministry of Finance to increase scrutiny of audit firms
Author : PNT Bureau
China's Ministry of Finance has intensified its scrutiny of the Big Four auditing firms-Deloitte, EY, PwC, and KPMG-focusing on audits of financial and highly leveraged companies. This follows a regulatory probe into intermediaries for the defaulted China Evergrande Group, which inflated its revenue by USD 78 billion. Increased checks are aimed at small lenders, asset management companies, and leveraged state-owned enterprises. PwC faces a potential fine of USD 138 million for its failings, while Deloitte was previously fined USD 30.8 million. This scrutiny aims to address financial vulnerabilities and restore investor confidence amidst the real estate crisis....
PwC cleared by Hong Kong regulators amid Evergrande audit controversy
Author : PNT Bureau
Hong Kong regulators have partially cleared PwC of accusations related to its audit of China's troubled Evergrande Group. Once a real estate giant, Evergrande defaulted on debts exceeding USD 78 billion in 2021, prompting scrutiny into PwC's auditing practices following whistleblower concerns. While PwC has been exonerated of some allegations, details of the investigation remain undisclosed, raising transparency concerns. Evergrande's financial missteps, including allegations of overstated revenue and substantial fines for fraud, underscore the critical role of reliable audits in investor decision-making. The saga underscores the need for auditors to uphold rigorous standards to safeguard investor trust and maintain financial system integrity....
Tax policy shifts cast shadow on Britain's luxury property market
Author : PNT Bureau
Britain's luxury property market, buoyant until recently, faces a potential slowdown. Winkworth's report indicates a 19% overall sales increase in H1 2024, yet highlights a decline in high-end property transactions. Experts attribute this shift to recent tax policy changes, including the removal of tax benefits for non-domiciled residents and proposed VAT on private school fees. The Labour government's plans to close inheritance tax loopholes further complicate the landscape. While aimed at boosting public finances, these reforms may deter wealthy residents and impact property demand. Investors are advised to monitor these developments closely amidst uncertainty over the market's future trajectory....
Australia's home prices increased by 0.7% in June 2024
Author : PNT Bureau
Australian home prices rose for the seventeenth consecutive month in June, driven by a tight supply of homes despite high interest rates, rising living costs, and strict lending conditions. CoreLogic reported a 0.7% increase in June, with an annual rise of 8.0%. The limited supply continues to push prices up, especially in Perth, Adelaide, and Brisbane, while Melbourne saw a slight decrease. Despite inflationary pressures and potential rate hikes, the market shows resilience. Policymakers must address the housing supply to mitigate price increases and ensure affordability, maintaining balance for a stable housing market amid economic challenges....
Kuwait's real estate sector experiences 7% growth during the first half of 2024
Author : PNT Bureau
In the first half of 2024, the real estate market grew by 7% compared to the second half of 2023, with contracts totalling approximately KWD 1.619 billion. Despite this overall growth, specific sectors like private property and commercial contracts saw declines. Warehouse contracts increased by 55.5%, reflecting a strong demand for logistics spaces. Conversely, investment and commercial contracts declined by 8% and 11.5%, respectively. The market shift suggests a growing focus on niche areas such as warehouses and exhibitions, while broader economic factors influenced the reduction in other transaction types, indicating evolving priorities within the real estate sector....
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