The Reserve Bank of India (RBI) on August 18, directed banks to allow individual home loan borrowers paying EMIs (equated monthly installments) under the flexi interest dispensation to opt for from a bouquet of options namely (1) fixed interest rate system or (2) increasing the loan amount or (3) extension of loan tenure —a move aimed at preventing loanees from falling into the trap of negative amortisation, in wake of rising interest rate as has been happening of late much to the chagrin of such borrowers. It has mandated banks and home loan companies to implement this diktat by December 31, 2023.
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Negative amortisation refers to the piquant situation when your EMI is insufficient to even pay off the interest due. Banks, like the usurers, are more keen on interest so that the principal remains undiminished. When negative amortisation stares at borrowers they have no choice but to acquiesce in the act i.e., willy-nilly settle for elongation of the loan tenure or settle for heightened EMI. Truly, a devil’s alternative.
Now the RBI wants banks to rub it in further — banks should allow the third option as well i.e., migrate to the fixed interest rate regime. And how? By signing their own death warrant, as it were. Because banks and home loan companies now offer home loans at fixed interest rate ranging from 14 percent to 17 percent depending upon the credit rating of the borrower, tenure and other relevant factors. In 1988 yours sincerely took a princely home loan of Rs 90K at a fixed rate of 14 percent on a tenure of 15 years. The clock seems to have come full circle. In those days flexi interest regime had not made its mark.
The millennials perhaps haven’t heard of the fixed interest regime. Even if they have, they would rather cling onto the flexi regime in the fond hope that interest rates would head south sooner or later so that they could savour the upside of the dwindling interest rates. At any rate, 14 percent to 17 percent fixed rate is shocking and avaricious vis-à-vis the floating rate of 8.5 percent which was only a couple of years ago hovering around 6 percent till the Corona pandemic and Ukraine-Russia war combined to wreak havoc. It is strange that the RBI has been a mute spectator to this collective show of unreasonableness and cupidity by banks and home loan companies.
Truth be told, the RBI has been responsible for obsessively and robotically hiking the interest rates by a full 250 basis points over the last two years taking a leaf from its US counterpart the Federal Reserve without achieving its objective of cooling down the inflation which the latter seems to be achieving in the US. For, the two economies are different.
The Keynesian theory that too much money chasing too few goods and services is responsible for inflation resonates in the US context but not in the Indian. India is characterised by supply side constraints especially seasonal which is largely responsible for the raging food inflation. RBI is guilty of prescribing the US medicine for the uniquely Indian disease and thus has been guilty of missing the wood for the trees. It has heated up the interest market without any concomitant benefit to be seen on the ground. Now it is mocking the home loan borrowers by presenting them with a Hobson’s choice.
At best, at every reset, the borrowers would become conscious of what is in store for them when they get to know from January 1, 2024 what is in store for them. The option to migrate to the fixed interest rate regime would be pressed only by the most pessimistic. Millennials are hardly pessimistic. So, they would soldier on with the flexi rate regime in the fond hope that there is after all light at the end of the tunnel. If they are sufficiently young, they may agree for tinkering with the loan tenure and if they have deep enough pockets on the back of double income, they may grin and bear the heightened EMI. But they wouldn’t touch the fixed rate option even with a barge pole. So, the RBI hasn’t done anything new really.
—The author, S Murlidharan, is a CA by qualification, and writes on economic issues, fiscal and commercial laws. The views expressed are personal.
Hundreds of Wells Fargo customers reported issues with the bank’s systems Thursday, with problems ranging from transferring funds to declining ATM cards. This is the second major technical issue to impact the bank this month after some customers a few weeks ago noticed their direct deposits had disappeared from their accounts.
Here’s what else you need to know to Get Up to Speed and On with Your Day.
1. Trump
Donald Trump became the first former US president to have a mug shot taken when he was placed under arrest at the Fulton County jail on Thursday. He was booked as inmate No. P01135809 after surrendering on more than a dozen charges stemming from his alleged efforts to overturn Georgia’s 2020 election results. Sources tell CNN that the former president wanted to appear defiant in the mug shot, and purposefully chose not to smile. After he was released on a $200,000 bond, Trump slammed the case as “a travesty of justice,” and told reporters, “I did nothing wrong.” His surrender in Georgia marked the fourth time this year the former president has turned himself in to local or federal officials after criminal charges were brought against him — episodes that had never been seen in US history until 2023.
2. Maui
Officials in Maui County, Hawaii, have released a list of nearly 400 people who remain unaccounted for following the devastating wildfires this month. The “validated list” was put together by the FBI, a news release from the county said on Thursday. “We’re releasing this list of names today because we know that it will help with the investigation,” Police Chief John Pelletier said in the release. “We also know that once those names come out, it can and will cause pain for folks whose loved ones are listed,” he added. The list of 388 names marks a drop from the more than 1,000 people previously believed to be unaccounted for. But that figure could change as the grim search continues, officials said. At least 115 people have already been confirmed dead, making it the deadliest wildfire disaster in the US in more than 100 years.
<div data-uri="cms.cnn.com/_components/video-resource/instances/cllqg7epd000e3b6ic8oco5w2@published" data-component-name="video-resource" data-editable="settings" class="video-resource" data-video-id="us/2023/08/24/exp-hawaii-fires-governor-intv-082401pseg2-cnni-us.cnn" data-live data-analytics-aggregate-events="true" data-custom-experience data-asset-type="hlsTs" data-medium-env="prod" data-autostart="unmuted" data-show-ads="true" data-source="CNN" data-featured-video="true" data-headline=""We had essentially a fire hurricane": The Governor of Hawaii on the inferno that has left hundreds still missing." data-description="Hawaii Governor Josh Green joins CNN's Paula Newton to discuss the effects of climate change, and the powerful natural disasters that combined to cause mass devastation in Maui. ” data-duration=”04:41″ data-source-html=” – Source:
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3. Power outages
Nearly 700,000 homes and businesses were without power early today across Michigan and Ohio following a forceful round of thunderstorms and a large tornado. The “extremely dangerous” tornado was confirmed near Williamston, Michigan, Thursday night around 9:30 p.m. local time, according to the National Weather Service. In addition to heavy rain of up to 8 inches in some areas, the storms brought powerful winds gusting up to 85 mph and hail up to 1.5 inches in diameter. Approximately 400,000 people were without power in southern Michigan and nearly 300,000 were in the dark in northern Ohio overnight, according to tracker PowerOutage.us. Crews are expected to survey the damage today as the storms track further south.
4. Mortgage rates
Mortgage rates soared to 7.23% this week — their highest level since 2001. For comparison, the 30-year fixed-rate a year ago was 5.55%. Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign, sending home affordability to the worst levels since 1984. Buying a home is more expensive now than renting because of the added cost of financing a mortgage and rising home prices. Hopeful house hunters also face historically low inventory, increasing competition for properties. According to an analysis by Moody’s Investors Service, US homebuying costs will remain elevated at least through 2024.
5. Russia
Russian President Vladimir Putin made his first public comments Thursday on the plane crash believed to have killed Wagner chief Yevgeny Prigozhin, saying he was “talented” but made “serious mistakes in life.” The crash Wednesday took place northwest of Moscow and killed all on board, according to Russian officials. There is no concrete evidence that points to Kremlin involvement and an investigation is underway to determine the cause of the crash. However, it is known that Prigozhin recently joined a growing list of high-profile Russians who have fallen from the good graces of Putin and died under mysterious circumstances. Ukrainian President Volodymyr Zelensky said Kyiv had nothing to do with the crash, adding “but I think everyone realizes who has.” President Joe Biden similarly suggested Putin may have been behind the incident.
<div data-uri="cms.cnn.com/_components/video-resource/instances/cllqigat7000m3b6itb0tr9i6@published" data-component-name="video-resource" data-editable="settings" class="video-resource" data-video-id="world/2023/08/24/putin-comment-condolences-wagner-plane-crash-vpx.cnn" data-live data-analytics-aggregate-events="true" data-custom-experience data-asset-type="hlsTs" data-medium-env="prod" data-autostart="unmuted" data-show-ads="true" data-source="CNN" data-featured-video="true" data-headline="Putin makes first public comments since plane crash" data-description="Russian President Vladimir Putin made his first public remarks since a plane crash north of Moscow is believed to have killed Wagner chief Yevgeny Prigozhin, sending his condolences to families of the "Wagner Group employees" on board. CNN's Paula Newton has the details." data-duration="00:51" data-source-html=" – Source:
CNN
BREAKFAST BROWSE
It’s not pumpkin you’re tasting in your pumpkin spice latte Pumpkin spice blend is actually a simple combination of cinnamon, ginger, nutmeg, allspice and cloves. Check out these fall-favorite dishes that call for real pumpkin.
Selena Gomez, Miley Cyrus, Ariana Grande all released new music on the same day It’s been a big week for pop music. You’ll probably hear these songs on summer playlists and the radio soon.
A ‘forgotten’ Winnie the Pooh sketch sat in a drawer for years. Now it could be worth thousands An original drawing of the Disney character which languished for decades in a drawer could fetch nearly $40,000 at auction next month.
Comedian Kevin Hart ends up in wheelchair after racing his friend Trying to do “young stuff” has temporarily landed Kevin Hart in a wheelchair.
Dollar Tree may start locking up items The discount store known for $1 price points is seeing a rise in theft issues. The company said it may take drastic measures to prevent robberies.
QUIZ TIME
Which country successfully landed a spacecraft on the moon this week? A. Italy B. India C. Russia D. Canada Take CNN’s weekly news quiz to see if you’re correct!
TODAY’S NUMBER
7 That’s how many astronauts are currently aboard the International Space Station. A SpaceX and NASA mission was set to send four additional astronauts to the orbiting lab today, but the launch was abruptly called off for “additional analysis.”
TODAY’S QUOTE
“We don’t believe it rises to the level of a recallable safety defect.”
— Ford, responding to complaints about an “ear piercing” noise from speakers in its F-150 trucks. The automaker said it has to come up with a software fix to address the annoying noise that sounds like static, or glass shattering, and which cannot be shut off. Around 100 drivers have submitted complaints, Ford said, but the company does not yet plan to issue a full recall.
TODAY’S WEATHER
Check your local forecast here>>>
AND FINALLY …
Watch this video to see how homemade rockets are helping a Thai community uphold its traditions.
It’s not uncommon for banks and mortgage lenders to offer special perks to customers who take out mortgages.
After all, a mortgage is somewhat of a commodity, despite there being many different types of loans and lenders out there, and varying levels of service.
For this reason, lenders are constantly looking for ways to separate themselves from the crowd.
Examples include the 1% cash back Chase offers to its mortgage holders, or Quicken’s Rate Drop Advantage, which protects borrowers if interest rates fall.
Many banks also offer on-time closing guarantees, which puts some money in the pockets of borrowers if the closing doesn’t happen on schedule.
But those all pale in comparison to what a Russian bank is offering.
Free Cats with Your Mortgage!
It’s a little hard to follow, given the fact that I don’t read or speak Russian. But the takeaway using Google Translate is that Sberbank is offering up “housewarming cats” to the first 30 customers who receive a mortgage approval with the bank.
The offer appears to be going on from August 18th until December 14th, and there are 10 cats to choose from.
You can see the cats on the website – they’re all named and vary in appearance, with Russian monikers like Sonia, Timothy, and Fedor. There’s even a hairless breed named Kuzma.
But here’s the strangest part. You don’t actually get to the keep the cat. It is simply brought to your new home or apartment for a short period of time before being returned back to headquarters.
Apparently the Russians are superstitious about new homes and it’s good luck if a cat enters the property first. So a delivery guy will show up and send the cat in to check things out before you step foot into the place.
Sberbank’s claim is that after the “trained cat” visits your property, you can be assured of happiness in your new home. It’s a play on a tradition their “wise forefathers” came up with that the bank says it has not forgotten.
Russia seems to be enjoying a bit of a mortgage boom at the moment, with lending up nearly 36% compared to a year earlier.
This gimmick aims to take advantage of that, and should prove to get a lot of free press, if my post is any indication.
Real estate data from Homes.com revealed Turkey and Greece as two of the most economical markets for owning a 2nd home. Analysts scoured variables from 36 developed (OECD) countries calculating the best places to get a choice home for the least money. I found the analyst’s data to be a bit deceiving. Here’s another look at what we perceive as value and affordability.
The data showed Turkey as the most affordable country for 2nd home buyers, with an average cost of $69 per square foot. Mexico placed second for affordability, with $90.10 per square foot. Russia and Latvia placed 3rd and 4th, and Greece came in 5th with an average cost per square foot of $149 dollars. Naturally, Switzerland was the costliest place for a 2nd home, with an average cost of $967 dollars per square foot.
In order to demonstrate the affordability of world properties, Homes.com factored in the cost per square foot of homes with median annual household income in each, and then applying a 3x salary multiplier to determine affordability. However, this formula is a bit overbalanced since living in places like Turkey or Greece is far cheaper than in the United States or Central European countries. Homes.com seems to have used local average incomes to determine affordability, rather than factoring in the average American’s income.
To make my point, let’s say the average income is $60,000 annually. In Greece, for instance, the average adjusted income is only about $17,000 per annum. Depending on what your idea of the perfect 2nd home is, and how long you intend to stay in the home, Greece represents a substantial value compared to anywhere in the U.S. The Homes.com report leans toward the “value” of home ownership in America, but affordability wise somebody making on a U.S. pension from a good company is better off staying in Greece, for several reasons. Factoring in relative security, Greece is a far better choice than either Latvia, Russia, or Turkey, and this is especially true here on Crete where I live. But let’s just look at income, cost of living, and the media cost of a sample property.
Let’s say your idea of a retirement or vacation home is a village house a few kilometers from the sea. The average cost of such a home across Greece is in between $57,000 and $230,000 dollars U.S. To prove my point, however, I can do a property search from here in Heraklion and find your perfect 2nd home for half of what the same home would cost in America. Let’s begin.
I assumed anyone moving to the land of the Minoans would want something a tad rustic but with all the conveniences. So, within 2 minutes on Rightmove I found this wonderful property in an area I actually am familiar with. I let the reader pan over the landscaping and the views of amazing Crete, and focus on the village Gavalohori.
Located at Cape Drapan in the Vamos municipality of the Apokoronas region, this quint village is named after the Gavalas family who lived here during the reign of the Venetians. It sits in a kind of lofty paradise within a couple of minutes of at least two of Europe’s best beaches, and just outside famous Chania. The village has about 350 full-time residents, and the history of the place is amazing. The list of the house shown is $137,500 (€120,000 euro) for about 645 square feet situated on about a tenth of an acre.
Next, I tried to find a comparable area in the United States, and I chose Yorktown, VA since I had lived there in the past. In all honesty, I could not find a comparable property at all using Homes.com. The closest thing was a little cracker box, mostly garage, in a cul-de-sac for $204,000. So, I decided to look for other areas where there might be a comparable listing. Next, I tried James Island outside of my hometown of Charleston, SC. Opps! One house on Trulia with 2 bedrooms there is $200,000 dollars. I did find a foreclosure with a muddy swamp for a front yard for $124,000 though. Sorry, I am being real here, the image is above. Moving on, I finally found something comparable. Well, at least interesting in the same way. In Fairhope, Alabama waterfront living comes at a premium, even if water moccasins roam free there. For $169,000 somebody interested in modular living with a boat slip on a canal can buy a two bedroom near Weeks Bay.
Of course, my methods here are not as scientific as the Homes.com analysis. I guess my point is that there are exceptions to all these analyses. Anyone looking for economy in a 1st or 2nd home is well advised to burn a few hours of research. I spent 20 minutes, 15 of which was in trying to find a match to an overseas property, which should tell you something. In my opinion, American homebuyers are now “conditioned” to appreciate a different visual and a separate value. Most of the homes I looked at, now that I’ve lived in Europe for some time, seem like stick houses for the three little pigs. Our housing situation in America is about curb-appeal and square footage. We want 4 bathrooms in a 2 bedroom house and a garage big enough to park two Hum Vs. If you’re looking for affordability to match your 2nd home fantasy, energy efficiency, and the fact coffee is delivered everywhere on Crete might matter.
Average rent in an exclusive area: U.S. – $3000 Greece $750 mo.
Average utilities for one person: U.S. $150 – Greece $108
Public transport (monthly pass): U.S. $70 – Greece $35
A kilogram of fresh tomatoes: U.S. $3.98 – Greece $1.64
Overall, the cost of living in the United States is 23.01% higher than in Greece. Rent, as a prime indicator, is 259.77% higher in American than in Greece (average data for all cities). In fairness, I should point out that some commodities are higher in Greece. For instance, a liter of fresh milk is about $1.64 in Greece compared to $84 cents in America. But, here on Crete, a slight alteration of lifestyle can turn a social security pension into a windfall. I know, because most of my income is from my SS.
Analysis is always tilted by the perspective of the scientists performing it. If you are looking for a 2nd home in America, you can certainly rationalize your way into that dream. But if you truly want that affordable vision of vacation paradise living, I sincerely recommend looking at markets like Costa Rica, Belize, Greece, and other relatively safe destinations where economics make sense.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices, a move that could push U.S. gas prices higher.
The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year.
The national average for U.S. gas prices stood at about $3.82 a gallon on Tuesday — about 30 cents higher than a month ago, according to motor club AAA. While today’s prices at the pump remain far lower than they were last year, when energy costs soared worldwide in the months following Russia’s invasion of Ukraine, experts say such a jump is unusual.
The kingdom announced the extension in a statement on the state-run Saudi Press Agency, quoting an anonymous official in the Energy Ministry. The official added that the cut “can be extended or deepened” if the need arises.
Mortgage rates tick higher
The average long-term U.S. mortgage rate rose again this week, bad news for Americans seeking to upgrade or buy their first home.
The average rate on the 30-year home mortgage rate ticked up to 6.90% this week from 6.81% a week ago. A year ago, the benchmark home loan rate stood at 4.99%, mortgage buyer Freddie Mac reported Thursday.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, climbed to 6.25% from 6.11% last week. A year ago, it was 4.26%.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already overpriced for many Americans.
High inflation has driven the Federal Reserve to raise its benchmark interest rate 11 times since March 2022. Its fed funds rate has hit the highest level in 22 years.
The growth of megamansions in Bel-Air and other hillside L.A. neighborhoods sparked new city rules over the last decade aimed at stopping overdevelopment.
Now, the city is poised to crack down again on home-building in the hills, this time in the name of preserving wildlife habitats.
A proposed ordinance targets the Santa Monica Mountains between the 405 and 101 freeways, an iconic area crowded with celebrity compounds, modest ranches, public parks and curving roads.
The rules would make it harder to build mansions and additions, as well as bigger homes on steep hillsides. It would add regulations to limit development near open space, protect soil and trees, and consider the pathways of wildlife, such as deer, bobcats or mountain lions.
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Supporters include Councilmembers Nithya Raman and Katy Yaroslavsky, who represent hillside areas; several neighborhood groups and environmental advocates.
Backers cite changing climate, the loss of animal species and the degradation of the hillsides. Wildfires and the recent landslide in Rolling Hills Estates are examples of why the city needs more scrutiny of hillside development, supporters say.
Opponents, who include real estate agents and some homeowners, predict the rules will hurt property values and argue that the hillsides are already built out. Actor and wellness executive Gwyneth Paltrow signed a form letter to the planning department last fall that said the ordinance “burdens homeowners with unnecessary development regulations.”
At the same time, some environmental advocates say the final version of the ordinance was watered down. An earlier requirement for wildlife-friendly fencing so deer could move between lots was scrapped, for instance, after homeowners complained about security.
The proposed law —called the wildlife ordinance — would apply to new homes, additions and major remodels. It passed a key City Hall committee last month and could be taken up by the full City Council before the end of the year.
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Paul Edelman, deputy director of natural resources and planning at the Santa Monica Mountains Conservancy, described the ordinance as a compromise between the competing interests of homeowners, environmentalists and politicians. The conservancy consulted on the law.
It’s significant that wildlife and habitat would be considered by the planning department, Edelman said. “Before, the city had a blind eye to all of this,” he said.
Then-Councilmember Paul Koretz proposed the ordinance in 2014, envisioning rules that would allow a stretch of land on the side of a home for animals to pass.
The number of deer, in particular, has diminished in some hillside areas, pushed out by construction and traffic, according to environmental groups. A video showing L.A. firefighters helping a deer wedged in a fence illustrates the hazards faced by wildlife.
Other recent high-profile wildlife initiatives include a bridge for animals on the 101 Freeway in Agoura Hills and wildlife corridor rules in Ventura County that seek to concentrate development away from the habitat areas.
As Koretz’s ordinance evolved — it is now in its third version — the proposal incorporated other hillside construction elements being debated at the city’s planning department.
Under the proposed law, a new residence that is 6,000 square feet or larger would require additional review by the city’s planning department. Today, homes that are 17,500 square feet or larger spark such a review.
Planned development within 25 of open space would also need additional review.
The goal is for builders to work with city planners to site their homes, pools and garages in a way that is less harmful to the environment and animals.
The ordinance would also close loopholes in existing hillside construction regulations for single-family homes passed in recent years. It would no longer exempt, for instance, basement space toward the square footage of a property as part of an effort to limit hillside grading. The exemption prompted some homeowners to build massive basements, according to the city.
The proposed ordinance also states that no more than 50% of a lot can be covered by a building or other type of structure. The law counts tennis courts, pools and patios towards lot coverage. Exempt from that rule are R1- or R2-zoned lots.
In Laurel Canyon, the noise of machinery scraping the earth could be heard on a recent afternoon near Woodstock Road, where nightclub mogul and film producer Victor Drai is putting up a mansion.
Larger homes are now commonplace: The median new primary structure size in 2020 in the proposed wildlife ordinance area was 8,854 square feet, according to the city.
“We’re getting gigantic homes that displace habitat for wildlife,” said Jamie Hall, president of the Laurel Canyon Land Trust, who supports the ordinance. “There is really no regulation on the books that comprehensibly addresses wildlife and habitat.”
The area targeted for the wildlife ordinance totals about 23,000 acres. About 98% of the land parcels in the area are zoned for low-density residential uses, making up 21,000 acres of residential land, according to the planning department.
Environmentalists failed to win some protections for habitat in the ordinance. They wanted smaller homes — of 3,000 square foot or more — to trigger the planning review. Also, a provision to ban development near rivers, streams, lakes and wetlands was scrapped in the final version.
At a hearing last year on the ordinance, city environmental affairs officer Amanda Amaral urged city planning commissioners to add back in some of the wildlife-friendly provisions.
She told the commissioners that scientists estimate that 1 million species will go extinct in the next few decades.
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The city’s “biodiversity team believes that the revised ordinance has been diluted from its original draft as a result of the weakened requirements,” Amaral said.
At another hearing, an opponent of the proposal called council members “communists” and accused them of penalizing taxpayers. “Go work in Russia!” he said.
Alison MacCracken, a real estate agent, said the ordinance would hurt the property values of even modest-sized homes. She owns such a home in upper Bel-Air, she said, but the ordinance would limit how big an addition she could add because her lot is on a slope.
“These are very constrictive regulations on top of other development regulations,” said MacCracken.
Attorney Ben Reznik, who represents some opponents, including MacCracken, sent a letter last month to Planning, Land Use and Management Committee chair Councilmember Marqueece Harris-Dawson and other city representatives that asked for a formal environmental analysis of the wildlife ordinance.
“The reality is, the city has been using wildlife as a mascot for a stricter hillside regulation ordinance, doing so by making it seem as if the ordinance regulates wildlife, when it does not,” Reznik wrote. “This is both misleading to the public, and a clear due process violation.”
Meanwhile, the ordinance is being closely watched in other parts of the city by those who see it as a tool to regulate hillside development.
Elva Yañez,board president of the preservation group Save Elephant Hill on the city’s Eastside, wants the ordinance expanded to all wildlife-rich areas.
“Given where we are at with the climate emergency,” Yañez said, “we should expand these types of policies when we can.”
The comprehensive analytical research report, titled “Global Home Decor Market – by Player, Region, Type, Application, Forecast 2023-2030,” offers a thorough examination of the worldwide Home Decor market. The report goes beyond presenting current trends and future predictions, providing a careful assessment of prime investment areas. It furnishes in-depth details on emerging growth prospects, drivers, challenges, and global market dynamics.
Moreover, the report places a strong emphasis on the competitive landscape by highlighting a roster of well-established companies operating in various regions. This inclusion aids in comprehending the level of competition prevailing in the market.
The research report incorporates a comprehensive analysis of key players and manufacturers in the industry. These entities have undergone thorough examination, and their profiles, encompassing business overviews, product portfolios, financial performance, and strategic initiatives, are detailed within the report. This information on key players and manufacturers offers valuable insights into the competitive landscape of the market and facilitates a better understanding of market dynamics and the strategies implemented by leading companies.
Major Companies Examined in the Research Analysis:
IKEA
Kimball International
Herman Miller
Hanssem Corporation
Philips
Conair Corporation
Suofeiya Home Collection
Springs Window Fashions
Siemens
Zepter
Samson
Oneida
OSRAM
GE Lighting
Panasonic
Acuity Brands
Hubbell Lighting
Ashley Furniture
American Textile Systems
Mohawak Flooring
Shaw Industries Group
Mannington Mills
Armstrong Flooring
Crane & Canopy
Get sample report at: https://courant.biz/request-sample/?id=97448
Here are some of the important questions addressed in the Home Decor market research report:
What are the financial aspects, including cost, profit, production value, and capacity, of the global Home Decor market?
What are the projected production value and capacity of the global Home Decor market?
How does the market chain analysis encompass downstream industries and upstream raw materials?
What are the marketing channels, economic impact countermeasures, and entry strategies employed by key players?
What is the current economic impact on the global Home Decor market?
Which manufacturing technology is utilized for the production of this product?
Which application segment dominates the global Home Decor market?
Can you provide a list of key players in the global Home Decor market?
Which strategies do market participants adopt to gain a competitive edge against their rivals?
Please check scope of report in-detail: https://courant.biz/report/comprehensive-study-of-home-decor-market/97448/
Furthermore, our research report goes beyond the aforementioned aspects by dedicating a chapter specifically to segmentation. This division is based on product type, end user, application, sales channels, region, and their respective countries. Such segmentation enables a more comprehensive analysis of the market, offering valuable insights into various aspects of the industry in a detailed manner.
Moreover, our report includes a comprehensive section dedicated to geographic assessment. Within this section, we provide extensive information about each region, including specific countries within those regions. This detailed regional analysis aids stakeholders in obtaining a deeper understanding of investment opportunities and potential areas for growth within specific geographic locations. By presenting in-depth information about regions and countries, our aim is to facilitate informed decision-making for our readers and stakeholders, enabling them to make well-informed choices.
Global Home Decor Market Segments by Product Type:
Furniture
Textile
Flooring
Lighting
Others
Global Home Decor Market Segments by Application Type:
Online Sales
Offline Sales
Global Home Decor Market Segments by Sales Channels:
Direct Channel
Distribution Channel
Regional Segments:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America (Brazil, Argentina and Colombia etc.)
Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)
Additionally, our report incorporates a distinctive chapter that explores the influence of political and economic factors on the global market. In order to gather information, we utilized a combination of primary and secondary research methods. This involved leveraging paid databases, journals, data sheets, and business magazines. To ensure the accuracy of the data, we conducted interviews with renowned companies operating in the industry. By employing these comprehensive research techniques, we aim to provide reliable and well-rounded insights for our readers.
Global Home Decor market Report Scope:
Previous / Historical Analysis: 2017-2022
Considered Base Year: 2022
Forecast Analysis: 2023-2030
Measurement metrics” Revenue in USD Million and CAGR from 2023 to 2030
Segments Analyzed Types, Applications, Sales Channels and more
Coverage of the Report Market Revenue Forecast, Players/Companies Ranking, Factors Driving Growth, Competitive Landscape, and Trends
Geographical Coverage: North America, Europe, Asia-Pacific, South America & Middle East & Africa
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Research and Markets stated that the global real estate software market will grow significantly in 2023, from $10.07 billion in 2022 to $11.24 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. This growth is a direct result of the increasing demand for automation and efficiency in real estate companies. Research and Markets also forecasted the commercial real estate software market will reach $16.41 billion by 2027, growing at a CAGR of 9.9%.
Per the Real Estate Software Market Global Market Report 2023, the main types of real estate software include:
customer relationship management (CRM) – with a global market projected to reach US$79.40bn in 2023.
content management – with global revenue projected to reach US$20.95bn in 2023;
financial management;
real estate contracts, and others.
The extensive adoption of these tech solutions is driven by artificial intelligence (AI) and machine learning (ML) used to develop applications that help real estate companies with marketing campaigns, managing property portfolios, leasing, accounting, operations, etc.
The report also details the COVID-19 impact on the real estate software market. Moreover, the Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, impacting the global real estate software market, too.
The Real Estate Software Market Global Market Report 2023 will help real estate professionals and industry analysts:
Gain an in-depth perspective into the global state of the commercial real estate software market.
Understand the COVID-19 impact on the real estate market.
Assess the Russia – Ukraine war’s impact on agriculture, energy, and mineral commodity supply and its direct and indirect effects on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies based on local data and analysis. The report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
The real estate software market presents ample growth opportunities, driven by the commercial and residential real estate activities surge. Leading real estate companies increasingly adopt software solutions to streamline operations, reduce errors, improve task allocation for large-scale projects, enhance communication, and optimize financial management.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
Editor’s note: This is a recurring post, regularly updated with new information.
Viking is unusual among major cruise lines in that it operates both ocean ships and river ships. Despite this, it has one of the easiest-to-understand fleets.
The vast majority of Viking’s river ships — at last count, there were 80 — feature the same design. If you’ve seen one of them, you’ve seen them all.
Ditto for the line’s ocean ships. Nine of Viking’s 11 ocean ships are nearly identical. The two exceptions are the recently unveiled Viking ocean vessels specifically designed for expedition cruising — a type of cruising that involves traveling to remote, hard-to-reach places on hardy vessels that carry their own landing craft.
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As a result, the bulk of Viking’s vessels falls into one of just three groups; all the ships in each group sport nearly identical designs.
An introduction to Viking cruise ships
Viking has expanded enormously in recent years with the addition of dozens of new river and ocean ships.
Founded in 1997 with four river vessels, the company operated just 29 ships as recently as 2012. Now, there are more than 90 ships in its fleet.
The vast majority of these ships are river ships — the company’s sole focus for its first 18 years in business. The company dominates the market for river cruises aimed at North Americans, accounting for about 50% of all such trips.
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Starting in 2015, Viking began rolling out ocean cruise ships, too.
In early 2023, as noted above, Viking had 80 river ships in its fleet — almost all of which have the same basic design. The exceptions are a few vessels that Viking operates on rivers in Egypt and Asia (more on these ships below). The line also recently began offering cruises on the Mississippi River and its tributaries using a new type of vessel.
Related: The ultimate guide to Viking ships and itineraries
Viking’s ocean ships fall into two distinct groups: a series of 930-passenger traditional ocean ships that began debuting in 2015, and a series of 378-passenger expedition ships that began debuting in 2022.
Unlike most cruise lines, Viking doesn’t use the term “classes” to define different sets of ships in its fleet. Instead, it refers to its series of traditional ocean ships as the “Viking ocean ships” and its series of expedition ships as the “Viking expedition ships.” We’ve followed the same breakdown of the line’s ocean and river fleet below.
Viking ocean ships
Ships: Viking Saturn (2023), Viking Neptune (2022), Viking Mars (2022), Viking Venus (2021), Viking Jupiter (2019), Viking Orion (2018), Zhao Shang Yi Dun (2017), Viking Sky (2017), Viking Sea (2016) and Viking Star (2015).
Size: 47,800 tons.
For years, Viking only operated river ships, and some cruisers still think of the brand primarily as a river cruise company. However, since 2015, Viking has been rapidly rolling out a series of upscale ocean vessels; these new additions are increasingly dominating the world of higher-end ocean cruising.
As of June 2023, Viking has nine ships sailing the world’s oceans, each with a capacity for 930 passengers. That gives Viking 8,370 berths in the upscale ocean cruise market — more than competitors Oceania Cruises and Azamara combined.
The series is far from finished. Six more of the vessels are on order from Italian shipbuilder Fincantieri for delivery between 2024 and 2028, and the company also has options with Fincantieri for four more of the ships to debut in 2029 and 2030. Assuming they are all built, Viking’s ocean division will soon be bigger than Oceania, Azamara, Seabourn and Silversea Cruises combined.
The first thing to know about the ships in this series is that they all are pretty much identical. When sailing on any one of them, you will be hard-pressed to tell what is different.
They’re also quite upscale. While Viking doesn’t market itself as a luxury line, some still consider it so. The vessels are full of luxury touches, from sumptuous bedding in cabins to heated floors in cabin bathrooms.
Related: The complete guide to Viking cabins and suites
Each of the ships in this series has a stylish, Scandinavian-influenced design that is a Viking trademark, and the cabins are large by cruise ship standards. Even the smallest cabins on each of the vessels have 270 square feet of space — a generous amount. Many cabins are significantly bigger than that, with 14 two-room suites on each of the vessels ranging in size from 757 to 1,448 square feet. Many of these bigger suites offer sweeping views from wrap-around private balconies.
Each of the ships’ interior spaces is built around an elegant, three-deck-high atrium filled with comfortable seating areas that have a living room-like feel. Each also has a bar and guest relations desk. At the top of the ships, you’ll find two-deck-high, glass-walled lounges that offer stunning views over the bow. Other interior spaces include a fitness center and a stylish spa with a thermal suite area that is open to all passengers at no extra charge (something that is not common on cruise vessels).
Multiple restaurants on board each of the vessels include Italian eatery Manfredi’s (named after former Silversea owner Manfredi Lefebvre d’Ovidio, a friend of Viking founder Torstein Hagen) and The Chef’s Table. The latter features rotating themed menus.
The centerpiece of the top deck of each of the ships is the main pool area, which features a glass magrodome that can close during inclement weather. The main pool area on each of the ships sits next to a lovely, glass-topped lounge with comfortable seating called the Wintergarden, which is home to afternoon tea. A den of serenity, it’s one of our favorite places on these vessels.
A secondary pool area with an infinity pool is at the back of each of the ships.
While all of the ships in this series are essentially identical, you will find small differences on a few of them. Most notably, two of the vessels in the series — Viking Orion and Viking Jupiter — have a small planetarium built into the top level of the two-level lounge at their fronts (known as the Explorers’ Lounge). Some of the later ships in the series have slightly larger fitness centers and slightly smaller hair salons.
Note that in addition to the nine Viking ocean ships officially in the Viking fleet, a 10th ship from the same series, Zhao Shang Yi Dun, caters exclusively to the China market as part of a joint venture between Viking and a Chinese company. When it debuted in 2017, the ship originally catered to the North American market and was called Viking Sun.
Viking river ships
Ships: Viking Fjorgyn (2022), Viking Kari (2022), Viking Radgrid (2022), Viking Skaga (2022) and more than 60 other Longships built since 2012, as well as additional river vessels.
Size: 4,000 to 5,000 tons.
River ships originally put Viking on the map, and they’re still at the core of the brand.
As noted above, the line has 80 river ships in its fleet. The vast majority of them have the same basic design and are known as Longships — a reference to the historic vessels used by Vikings in the Middle Ages.
Unveiled in 2012 and designed specifically to fit into the locks used across many of Europe’s rivers, the Longships broke new ground in river ship design in multiple ways.
For starters, they have a configuration that includes some of the largest suites ever for river ships in Europe. They also have a significant number of cabins with balconies — which is made possible by an innovative cabin area layout that offsets main corridors. (In other words, the corridors don’t run down the middle of the ship, creating a wider side with space for balconies and a narrower side with cabins turned sideways to also create room for verandas.)
Related: The ultimate guide to Viking’s cruise loyalty program
Other innovations include a squared-off bow that allows for eight more cabins than similarly sized ships operated by competitors. Also, quieter engines allow for more cabins at the rear. An enormous amount of groundbreaking engineering went into redesigning the bow areas of the ships, in particular, to enable extra cabins while still leaving room for needed machinery.
As a result of such innovations, the Viking Longships can carry more passengers than similarly sized ships operated by competitors. This has allowed Viking to offer lower prices than other river cruise lines and still bring in a similar amount of revenue per ship — a fact that has contributed greatly to the company’s rapid growth.
Like many river ships, each of the Viking Longships has one main restaurant where most passengers eat their meals as well as one main interior lounge with a bar. There’s also a secondary, casual dining area at the front of each vessel with indoor and outdoor seating. (The outdoor portion, called the Aquavit Terrace, also serves as a forward-facing outdoor lounge during off hours.) Unlike many river ships, the vessels have no spas or fitness centers.
As is typical for river ships, the top of every Viking Longship is covered with an expansive lounge area. There’s also a walking track and an herb garden — the latter used by the kitchen staff to grow herbs used during the preparation of onboard meals.
Most Viking Longships are 443 feet long — the perfect length to fit into the locks on many of Europe’s rivers. Viking also built slightly smaller versions of the Longships, measuring 361 feet or 410 feet in length, specifically to sail on rivers where lock sizes or other navigational factors require smaller vessels. The 410-foot-long versions of the vessels, for instance, were specifically built to sail into the heart of Paris on the Seine River.
Related: Fast-growing Viking unveils four new ships for the Seine
While the Longships come in several different lengths, they are essentially identical in their offerings and decor. The only notable difference is that the smaller versions of the ships have fewer cabins and thus hold fewer people. The 443-foot-long versions of the ship are designed for 190 passengers, for example, whereas the 410-foot-long versions of the vessels hold 168 passengers (since they have 11 fewer cabins).
While most Viking river ships are Longships, there are a few exceptions in the Viking river fleet. Viking operates several smaller, purpose-built vessels on the Nile River in Egypt. It also has several older river vessels that predate the Longships and traditionally have operated on rivers in Russia and Ukraine. (For now, river cruise itineraries in both countries are on hold due to the war in Ukraine.)
Viking also recently began sailings on the Mississippi River with a new ship specifically designed for the river and its tributaries.
As of May 2023, Viking had another 14 river ships either under construction or on order via provisional contracts.
Related: First look at Viking’s stylish new Nile River ship
Viking expedition ships
Ships: Viking Polaris (2022) and Viking Octantis (2022).
Size: 30,150 tons.
Designed to hold just 378 passengers, the Viking expedition ships are specifically designed to take travelers to the most off-the-beaten-path parts of the world, including Antarctica and the Arctic.
As of now, Viking operates just two ships in the series, Viking Octantis and Viking Polaris, both of which debuted in 2022. No more are currently on order.
As is typical for expedition ships, these are tough vessels with reinforced bows that let them bump through ice in polar regions; the ships also have extra tanks for fuel and food.
Each of these vessels has its own landing craft on board to bring people ashore in remote locations, as well as kayaks and even submarines for exploring. (The latter is the hot new thing for expedition ships — upscale cruise brands Scenic Luxury Cruises & Tours and Seabourn have been adding submarines to expedition ships, too.)
Like other expedition ships, both Viking Octantis and Viking Polaris are designed to operate with a large and seasoned “expedition team” that includes biologists, botanists, geologists, glaciologists and ornithologists who lecture regularly.
Related: The 5 best destinations you can visit on a Viking ship
Each of the vessels has several new and unusual features, too. Most notable is The Hangar: an enclosed marina that allows passengers to transfer to a 12-seat excursion craft while still in the protected interior of the ship. It’s a first for an expedition cruise ship.
In another first for a polar expedition cruise vessel, every cabin has floor-to-ceiling glass walls that slide partially open from the top to create a balcony-like feel.
Both Viking Octantis and Viking Polaris are designed to be upscale. Like all Viking’s vessels, they boast elegant Scandinavian designs. The restaurants on both vessels include a version of Viking’s signature Italian spot, Manfredi’s and the Scandinavian-inspired Mamsen’s outlet.
Another feature of both ships that will be familiar to regular Viking customers is a top-of-the-ship, glass-walled Explorers’ Lounge offering stunning views of passing scenery.
In case you’re curious, Viking Octantis is named after Sigma Octantis, the current “south star” that hovers over the South Pole (also known as Polaris Australis). Polaris is named after the current “north star” that hovers over the North Pole. The names are a nod to the polar regions where these expedition ships will likely spend much of their time.
Bottom line
Viking operates more cruise vessels than any other major cruise company catering to North Americans. This is in part because it’s involved in both the ocean cruise and river cruise businesses. Despite its large size, its fleet of vessels is relatively easy to understand. The vast majority of both its ocean ships and river ships are almost identical in their designs.
It’s true that power is a slippery commodity, hard to measure precisely, because it comes in so many different forms. That makes identifying the most influential individuals in the world a daunting task. Metrics and standards can range from political to economic, cultural, or social influence. Nevertheless, we have compiled a list of some individuals who are widely considered to be among the most powerful people in the world.
1. Mohammed Bin Salman
Mohammed bin Salman, also known as MBS, is the Crown Prince of Saudi Arabia and has been a key player in the Middle East in recent years. He became the country’s defense minister in 2015 and has since led efforts to modernize and diversify the Saudi economy, as well as promote social liberalization. MBS has been responsible for implementing economic initiatives such as the “Vision 2030” plan, aimed at reducing the country’s dependence on oil. However, he has faced criticism for his handling of certain issues, such as the conflict in Yemen and his alleged involvement in the murder of journalist Jamal Khashoggi. Despite these controversies, MBS remains a powerful figure in Saudi Arabia and the region; and his leadership shapes the future of the country and the wider Middle East.
2. Pope Francis
Pope Francis, also known as Jorge Mario Bergoglio, is the leader of the Vatican City State and the Leader of the Catholic Church. He was elected as the 266th Pope in March 2013 and is renowned for his liberal perspectives on social problems like immigration, poverty, and climate change. Pope Francis has stressed the significance of supporting interfaith discourse, assisting the poor and marginalized, and addressing the problem of sexual abuse within the Catholic Church. Additionally, he has been a strong supporter of natural preservation and has traveled to several nations on historic occasions as a pope. He continues to enjoy widespread regard and influence both inside the Church and internationally, despite criticism from some conservative Church factions.
3. Mark Zuckerberg
Mark Zuckerberg, a renowned American entrepreneur and the co-founder of Facebook, has been at the helm of the company’s meteoric rise into a multi-billion dollar platform with billions of users worldwide. Despite being acknowledged as one of the most influential people globally, Zuckerberg has also faced criticism for his involvement in various controversies, including the infamous Cambridge Analytica scandal. In recent years, he has dedicated himself to philanthropic endeavors through the Chan Zuckerberg Initiative, which seeks to advance human potential and foster equality.
4. Bill Gates
Bill Gates, an American entrepreneur and philanthropist, co-founded Microsoft, one of the world’s largest software companies with his childhood friend, Paul Allen, in 1975. As CEO of Microsoft he played a vital role in shaping the personal computer industry, which made him one of the wealthiest people globally. However, Gates has since shifted his focus to philanthropy through the Bill and Melinda Gates Foundation, which is among the world’s largest philanthropic organizations that support global health, education, and climate change initiatives. Gates has received numerous awards for his philanthropic work and is recognized as one of the world’s most influential people. Despite his success, he has faced criticism for his business practices and views on intellectual property rights and technology’s role in society. Nevertheless, his impact on the technology industry and philanthropic efforts have established him as one of the most significant figures of the modern era.
5. Elon Musk
Elon Musk, an entrepreneur born in South Africa and based in the United States, has played a pivotal role in a number of cutting-edge companies, including PayPal, Tesla, SpaceX, Neuralink, Twitter, and the Boring Company. By spearheading these ventures, Musk has spurred transformative advances in areas such as transportation, space exploration, social media, and renewable energy. Though he has faced criticism for his management style and controversial social media commentary, Musk’s forward-thinking mindset has earned him recognition as one of the most influential figures in the world. Along with his dedication to technology and innovation, Musk has demonstrated a commitment to philanthropy by contributing to charitable initiatives, such as COVID-19 relief efforts and renewable energy research. As the most followed individual on Twitter, Musk’s funny yet controversial comments have garnered widespread attention. Nevertheless, his steadfast focus on building a sustainable future remains unwavering.
6. Jeff Bezos
Jeff Bezos is an American entrepreneur and founder of Amazon, the world’s largest online retailer. He has expanded Amazon’s offerings beyond books to include a vast range of products and services. Bezos also founded Blue Origin, a space exploration company, and owns The Washington Post. Despite his success, Bezos has faced criticism for Amazon’s impact on workers, competition, and the environment. In 2021, he stepped down as Amazon’s CEO but remains involved with the company as its executive chairman. He has also engaged in philanthropic efforts, including the Bezos Day One Fund that supports education and homelessness initiatives.
7. Angela Merkel
Angela Merkel is a German politician who served as the Chancellor of Germany for 16 years, making her the longest-serving democratically elected head of government in the European Union. She is known for her pragmatic approach to governance and commitment to European integration and international cooperation. Merkel played a key role in shaping Germany’s response to the global financial crisis, the European migrant crisis, and the Covid19 pandemic. She has been recognized for her leadership on issues such as climate change and gender equality. She stepped down in 2021, leaving a significant legacy as a leader in Germany and the European Union.
8. Vladimir Putin
Vladimir Putin is a former intelligence officer and Russian politician who has served as the President of Russia twice, from 1999 to 2008; he took on the presidency again in 2012 and is still serving. He has also held the position of Prime Minister of Russia twice. Putin has been credited with stabilizing the Russian economy and expanding its global influence but criticized for his authoritarian style of governance, suppression of opposition, and handling of conflicts such as the Chechen war, annexation of Crimea, and currently the Ukrainian war. Putin is known for his strongman image, sports interest, and promotion of traditional Russian values, and remains a controversial figure both domestically and internationally.
9. Joe Biden
As the President of the United States, Joe Biden holds a position of significant global influence and is widely considered to be one of the most powerful people in the world. His decisions and policies have far-reaching implications not just for the United States, but for other nations as well. As the overseer of the world’s largest economy and military, He addresses pressing global issues such as climate change, trade, and international relations. Therefore, it is safe to say that Joe Biden’s actions and decisions have had and will continue to have a major impact on the course of world events as long as his president.
10. XiJinping
Xi Jinping is one of the most powerful men in the world, having consolidated his power and reshaped China’s political and economic landscape since becoming General Secretary of the Communist Party of China in 2012. He has centralized power and cracked down on corruption, while also taking a more assertive stance on the global stage with his “Chinese Dream” policy. His leadership style, emphasizing nationalism and loyalty to the Communist Party, has made him popular with many Chinese citizens but has raised concerns about human rights abuses and political repression. Despite these concerns, Xi’s power remains strong, with no sign of weakness since the Chinese Communist Party abolished term limits in 2018.
These individuals are just a few among the many who hold significant influence over the world today. Their actions and decisions shape politics, economics, culture, and society, and their impact will continue to be felt for years to come.
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