Month: October, 2007

Canada: August Employment and Earnings Details

30 October, 2007 | Canada | No comments

canada flagIn August, the Canadian average weekly earnings of payroll employees increased $1.13 (£ 0.57) from July to $772.59 (£392.18). The year-to-date growth, calculated as the average of the first eight months of 2007 compared with the average of the same eight months in 2006, was 3.1 percent.

In Canada’s largest industrial sectors, earnings grew for the first eight months of 2007 in manufacturing (+3.6%), health and social assistance (+3.4%), educational services (+0.9%), and retail trade (+0.2%).

Nationally, the number of occupied payroll jobs climbed 16,100 to 14,336,400 in August. Growth among the provinces varied, with Newfoundland, Labrador and Alberta recording the strongest gains.

The industrial sectors showing the strongest employment growth in August were mining, oil and gas extraction, real estate and rental and leasing (+1.5%).

Since December 2006, the biggest gain in payroll jobs has been in construction (+5.2%). Overall, payroll employment has grown 118,700 payroll jobs since the beginning of the year (+0.8%).

The average Canadian hourly earnings for hourly-paid employees was virtually unchanged in August at $19.01 (£9.65). The average Canadian weekly hours for hourly-paid employees was unchanged at 31.2 hours.


Airbus A380 Makes its First Flight

27 October, 2007 | Australia, Other News | No comments

The world’s biggest passenger plane loomed large over Sydney yesterday as the Airbus A380 made its first commercial flight. Carrying more than 470 passengers and crew, the plane air traffic controllers call “the big fella” touched down in Sydney from Singapore on 25th October at 5.24pm according to a report from The Melbourne Age.

Amid much fanfare, 471 people representing 35 nationalities became part of aviation history when they boarded Singapore Airlines flight SQ380 at Changi Airport.

Hailed as a revolution in air travel, the double-decker A380 ends the nearly 37-year reign of the Boeing 747 jumbo jet as the most spacious passenger plane.

It is as tall as a seven-storey building, measures 73 metres in length and has enough room on each of its wings to park 72 medium-sized cars.

It is capable of carrying 853 passengers in an all-economy configuration, compared with the 747’s 500.

Airbus claims its jet is the most fuel efficient and quietest passenger aircraft in the world.

Top accommodation in the jet are the suites, enclosed by sliding doors and fitted with a 58-centimetre flat-screen television and laptop connections.

Suite passengers on the inaugural flight were offered Dom Perignon Rose 1996, caviar and a menu including duck breast and fish noodles.



Retirement Woes for Britons Abroad

26 October, 2007 | Spain | No comments

spanish harbourAccording to the British Foreign office, thousands of British citizens who retired abroad end up living in poverty and poor health because they made inadequate provisions for their new life. Data from the Office of National Statistics shows that one million Britons choose to move overseas on retirement, with Spain being a popular choice. In the last 10 years over 75,000 British pensioners moved here. While Spain may be cheaper than the UK in many ways, it is still one of the “more expensive” countries to retire to.

The dream of a new life in the sun can be very alluring. Tales of people who’ve already made the move and TV programmes making it look easy encourage others to follow suit. Unfortunately, as a report by Overseas Property Professional (OPP) explained, “bad financial planning means that many of these retirees find themselves in dire straits. With people now living a lot longer, especially in healthier climes, impoverished retirees are finding it hard to maintain their dream lifestyle.”

A spokesman for the Foreign Office said “It is astonishing how many fit and healthy retirees make no plans or provisions of any kind for their future health and wellbeing when they retire abroad… We are not trying to warn people off retiring overseas – we just want to advise people to make sensible precautions in order to enjoy their retirement abroad.”

To give an example about the situation in Spain, Bruce McIntyre, British Consul in Malaga, has commented: “Sadly now we spend much of our time dealing with elderly British nationals who moved out here ten or fifteen years ago and now cannot manage alone. Sometimes a partner has died and the other is too old or infirm to go out and buy food; sometimes people have made bad property investments or have not budgeted their pensions sufficiently and are living in extreme poverty.”

The OPP report included comments from Spanish property lawyer Mark Wilkins who pointed out that many people buying property in Spain do not fully consider how they will fund their retirement. Even those people who now consider themselves wealthy because their UK property has increased in value considerably don’t do their sums correctly:

“With a growing number of property millionaires in the UK, who may be able to realise the full value of the property when they retire, how much would someone need to fund their retirement - £1 million, £2 million, more? Based on the equation that you need to multiply your required income by 25, £1 million would give you £40,000. Amazingly, many experts suggest that a retired couple will need at least £2 million (€2.9 million) in the bank to give themselves a pre-tax income of £80,000 - and that’s without the costs of acquiring the retirement apartment or villa in the sun.”

The cost of living in Spain may still compare favourably with the UK, but it is rising and therefore eating into one’s retirement pot. As one estate company, Sol Andalusi, admitted, “for early retirees in Spain, inflation is definitely taking its toll”


USA: Mortgage Worries Still Hampering Home Sales

24 October, 2007 | United States | No comments

HousePending sales of existing homes activity will be dampened short-term as mortgage disruptions continue to impact the housing market, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator, fell 6.5 percent to a reading of 85.5 from an upwardly revised 91.4 in July, based on contracts signed in August. It was 21.5 percent below the August 2006 index of 108.9.

Lawrence Yun, NAR senior economist, said the mortgage market impact is quantifiable. “Fewer contracts were being written because of mortgage availability issues, and a separate internal survey of our members shows more than 10 percent of sales contracts fell through at the last moment in August, primarily the result of cancelled loan commitments,” he said. “The volume of activity we’re seeing today is below sustainable market fundamentals because some creditworthy people are trying to buy homes but can’t because of the credit crunch.

“The impact was greater in high-cost markets that are more dependent on jumbo mortgages. In some areas, as much as 30 percent of signed contracts were falling through in August when the credit crunch problem peaked,” Yun said. “The problem has since become less severe, though jumbo loan rates are still higher than they would be under normal conditions. Therefore, sales activity in late fall will better reflect market fundamentals.”

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalised within one or two months of signing.

Annual changes in the index are more closely related to actual market performance than are month-to-month comparisons. As the relatively new index matures and seasonal adjustment factors are refined, the month-to-month comparisons will become more meaningful.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

The PHSI in the West was down 2.7 percent in August to 80.3 and was 27.1 percent below a year ago.

In the Midwest, the index fell 2.9 percent from July to 78.1 and is 18.0 percent lower than August 2006.

The index in the Northeast fell 8.3 percent in August to 77.3 and was 18.3 percent below a year ago.

In the South, the index dropped 9.5 percent in August to 97.8 and was 21.3 percent below August 2006.


Canada: Q3 Quarterly Economic Summary

23 October, 2007 | Canada | No comments

Bay Roberts, Newfoundland The Canadian dollar capped its five-year appreciation against the US dollar by achieving parity late in September. The increase accompanied higher commodity prices, notably record prices for oil and wheat, and a cut in US interest rates. The latter was motivated by the turmoil in financial markets that began in mid-August, and renewed weakness in the US housing market.

In Canada, however, there were few signs that the disruption in some financial markets was affecting the real economy. Figures from Statistics Canada show employment jumped 0.3 percent in September, helping to send the unemployment rate to a 31-year low of 5.9 percent. Higher commodity and stock market prices in September also pointed to the underlying strength of the economy. Short-term business credit growth was steady, as more bank loans made up for a drop in commercial paper.

The Consumer Price Index fell 0.1 percent between July and August, largely due to lower gasoline prices. As a result, the annual inflation rate slowed substantially to 1.7 percent from the 2.2 percent posted in each of the previous four months.

Much of the drop in gasoline prices reflects an easing in the cost of crude oil over the summer (before surging to new record highs in September). But part of the drop also reflects the stronger Canadian dollar: gasoline prices in Canada fell 7.7 percent, more than the 4.9 percent drop in the US. This continues a trend that began when the loonie began its appreciation in 2003: since then, gasoline prices have risen 42 percent in Canada, while US drivers have seen prices jump 90 percent. While Canada imports little gasoline directly from the US, the North American market is fully integrated, ensuring that any savings from the exchange rate are passed on to drivers in Canada. Most studies of the impact of the exchange rate on import prices ignore this effect, which has saved Canadians $10.2 billion, or $823 per household on average, over the last five years.

Quebec
Household demand in Quebec softened over the summer, after pay equity settlements had fuelled strong gains in the spring. Housing starts fell steadily over the summer, while retail sales in June and July gave back all of their 5 percent gain in May. The underlying determinants of growth remained strong. Employment grew 0.4 percent in the third quarter, and unemployment remained at its lowest level on record. Manufacturing sales dipped early in the summer due to temporary declines in oil and metals prices. Since these industries represent 25 percent of its sales of manufactured goods, Quebec remains well positioned to profit from the recent rebound in their prices.

British Columbia
British Columbia’s resource sector continued to hamper growth. In particular, its forestry products, which account for one-third of its shipments, were hit by a province-wide strike late in July. This was the latest blow to the lumber industry, which has seen shipments tumble 22 percent in a little over a year. Still, British Columbia’s overall employment growth of 2.9 percent in the past year remained the third highest among the provinces, led by construction. This helped buoy housing starts and retail sales over the summer.

Ontario
Ontario also continued to shift away from its traditional manufacturing base. It has shed 60,000 factory jobs in the past year. Nevertheless, employment growth has remained close to the national average due to services. Business services led the way with gains of nearly 10 percent. Education and accommodation and food have also seen employment grow at double-digit rates. Housing starts remained steady into August, but Ontario retail sales in July were the weakest in Canada.


Canada: Environmental Indicators Below Targets

19 October, 2007 | Canada | No comments

A park in TorontoCanada’s environment continues to face challenges with respect to air and water quality and greenhouse gas emissions, according to the third annual report of environmental indicators from Statistics Canada.

Exposure to some components of smog increasing over the long term

The air quality indicators track measures of Canadians’ exposure to ground-level ozone and fine particulate matter during the warm season (April 1 to September 30). These pollutants are key components of smog and can lead to adverse health effects even at low concentrations in the air.

The report shows that the ozone exposure indicator increased by an average of 0.8% a year between 1990 and 2005. This is equivalent to an overall increase of about 12% between 1990 and 2005.

Regionally, the ozone exposure indicator increased in southern Ontario and in southern Quebec over the period. The indicator level was unchanged in other regions.

The exposure indicator for fine particulate matter did not show any significant increase or decrease between 2000 and 2005, the only period for which consistent data are available.

Transportation, electricity generation, wood burning and the use of chemical products such as paint and solvents can increase levels of ozone and fine particulate matter in the air.

Greenhouse gas emissions up sharply since 1990, despite decline in intensity

In 2005, Canada’s greenhouse gas emissions were estimated at 747 million tonnes of carbon dioxide equivalent, up 25% from 1990. These emissions were 33% above the target set by the Kyoto Protocol.

Greenhouse gas emissions increased significantly between 1990 and 2005, despite the fact that 17.8% less greenhouse gas was emitted per unit of economic activity in 2005 compared with 1990. Increases in overall economic activity resulted in increases in both energy use and greenhouse gas emissions.

Contrary to the general trend since 1990, greenhouse gas emissions were nearly stable between 2003 and 2005. This change was due primarily to a reduction in emissions from electricity production (reduced coal-fired generation and increased hydro and nuclear generation), reduced demand for home heating fuels due to warm winters and a reduced rate of increase in fossil fuel production.

Freshwater quality: Phosphorous a concern for aquatic life

This indicator assesses surface freshwater quality with respect to the protection of fish, aquatic invertebrates and plants. It does not assess the quality of water for human consumption and use. The indicator is based on information gathered from 2003 to 2005.

Water monitoring results throughout southern Canada show that guidelines for protecting aquatic life were not met, at least occasionally, at many sites.

Tests at 359 river and lake monitoring sites in southern Canada found that freshwater quality was rated as “good” or “excellent” at 44% of the sites, “fair” at 33%, and “marginal” or “poor” at 23%.

The report found that phosphorus was a major concern for surface freshwater quality in Canada. Phosphorus levels in southern Canada did not meet the water quality guidelines for aquatic life over half the time at 127 of 344 monitoring sites.

Most phosphorus in water comes from sewage, agricultural runoff and industrial wastewater.

An oversupply of phosphorous in water can result in excessive growth of aquatic plants such as algae and reduce the amount of dissolved oxygen available for fish and other aquatic animals. Some algal blooms can be toxic, threatening livestock and human health.

Challenges for the Growing Canadian Economy

The indicator results are partly due to the growing Canadian population and economy. Between 1990 and 2005, Canada’s population increased by 17%, to 32.3 million. This increase, coupled with economic growth, led to greater resource use and waste production, increased greenhouse gas emissions and, in certain cases, more air and water pollution.


USA: Renters move Four Times More Than Homeowners do

18 October, 2007 | United States | No comments

American homeThe U.S. Census Bureau has released a series of tables on the 40 million Americans who moved between 2005 and 2006, including characteristics of movers by type of move. Published annually at the national and regional levels, these tables reveal trends about migration in the United States.

Some of this year’s findings include the following:

In 2006, 39.8 million United States residents moved within the previous one-year period.

The moving rate remained statistically unchanged from 2005 at 14 percent.

Nearly half of the reasons given for moving were housing related, such as wanting a bigger or smaller house.

The West had the highest moving rate (16 percent), followed by the South (15 percent), the Midwest (13 percent) and the Northeast (10 percent).

Hispanics had the highest moving rate (18 percent), followed by blacks (17 percent), Asians (14 percent) and non-Hispanic whites (12 percent).

In 2006, nearly one-third of all people living in renter-occupied housing units lived elsewhere a year earlier. The moving rate for people living in owner-occupied housing units was 7 percent.

For the population 16 and older, 24 percent of those who were unemployed in 2006 lived in a different place a year earlier. This compares with 14 percent of those who were employed in 2006 and 10 percent for those not in the labour force.

Most movers stayed within the same county (62 percent), while 20 percent moved from a different county within the same state; 14 percent moved from a different state and 3 percent moved from abroad.


Britons Still dreaming of a Place in the Sun

17 October, 2007 | Spain | No comments

spanish beachThis summer’s bad weather has led to almost half of Britain considering buying a place in the sun, new research has found. A survey conducted for Yorkshire Bank found that 43 per cent of people were thinking about purchasing a property abroad. The poll of 1,000 people found the biggest draw for buying an overseas home was the prospect of guaranteed sunny weather, cited by 66 per cent of respondents.

A further 55 per cent said the dream of a more relaxed pace of life enticed them to buy a foreign pad.

Spain was found to be the most popular destination for prospective overseas property buyers, with 45 per cent of respondents saying that they would invest in a holiday home there.

An additional 31 per cent of people said that they would buy a property in the country as part of their retirement plans, while 32 per cent of those questioned said they would buy a property abroad as a long-term investment.

Meanwhile 15 per cent said they would consider buying a home abroad as their best option to get a foot on the property ladder.

However 44 per cent of Britons said they feared they could be ripped off as they did not understand the buying process abroad and 35 per cent said they thought they would find it stressful trying to recruit the necessary professionals, such as estate agents and solicitors.

A further 34 per cent said they were concerned about how they would negotiate a sale in a foreign language.

Commenting on the results of the survey, Yorkshire Bank’s director of retail banking Steve Reid said: “Buying a house, let alone buying one in a foreign country, can be a challenging business.

“Despite this, Britons are still convinced that owning property in Spain is a financial decision worth pursuing.”


Portugal: Expat family commutes to Britain

16 October, 2007 | Other Countries | No comments

PortugalA British family has spoken of their lifestyle decision to move to Portugal but remain employed in the UK. Jo Wheeler and Richard Edwards said they felt life was becoming more stressful in the UK, prompting them to consider purchasing an overseas property and moving abroad.

The family decided to opt for their favourite holiday spot Portugal, as the country offered good weather, environment and a cheaper cost of living.

However, they also chose to stay in their original jobs back home, as they had both commuted between Cheshire and London anyway.

Ms Wheeler said in an interview to the Telegraph that they both realised that flying out from Portugal to the UK took roughly the same amount of time as their UK commute, leading them to consider this as a viable move. Initially they rented in Portugal until finding ‘a huge wreck’ with land and a pool in Luz near Lagos for less than the amount for which they had sold their Cheshire home. The children, reluctant at first to leave England, settled in quickly. The local school they found was tiny with just 70 pupils, and several expat children, so it made them very welcome.

She said: “We are now international people and our children have far more physical freedom and fun in the environment than at home.”

According to a study by Yorkshire Bank, 43 per cent of Britons are considering buying a place in the sun, mainly because of this year’s wet summer in the UK.


Spain: Monarch Cancels Gatwick to Granada flights

15 October, 2007 | Spain | No comments

aeroplaneRegular users of Monarch’s Gatwick - Granada (Spain) route are unhappy about the low-cost airline’s decision to cancel the service according to a report from uk-airport-news.info. Many British homeowners in the area cannot understand the decision, claiming flights between the two airports were always full. The airline claims 62,000 passengers used its Gatwick - Granada route between September 2006-2007, accounting for 5% of the passengers at the Spanish airport.

However, the figures were not enough to persuade the airline to keep the route, and from November 4, the flights will cease. Visitors to Granada will face a four-hour round trip commute as Malaga becomes the airline’s sole south of Spain destination from Gatwick.

A Monarch spokesman said that the route was not cost effective.


Australian Job Ads Ease in September

12 October, 2007 | Australia | No comments

construction siteThe total number of jobs advertised in Australian newspapers and on the internet fell marginally by 0.4 percent in September to an average of 247,853 per week. This is a continuation of the consolidation in job advertisements that began in June following May’s robust 10.3 percent rise in total advertisements. The total number of advertisements in September was 33.1 percent higher than 12 months ago.

The number of job advertisements in newspapers declined by 0.7 percent in September to an average of 20,115 per week. This fall follows a 1.5 percent increase in August. Newspaper advertisements are now 1.8 percent higher than in September 2006. The fall in newspaper job advertisements in August was driven by declines in South Australia, New South Wales and Western Australia. These declines were partially offset by job advertising rises in Tasmania, Victoria, Queensland, the ACT and the Northern Territory.

The number of internet job advertisements fell slightly by 0.3 percent in September to an average of 227,738 per week. In trend terms, internet job advertisements are still growing solidly, with annual growth running at 37.7 percent, up from a rate of 25.9 percent ten months ago.

“Total job advertisements remain at high levels, but the monthly trend rate of increase is easing. This suggests some steadying in the demand for labour after a period when it has been rising very strongly,” ANZ Head of Australian Economics Tony Pearson said. “The monthly trend rate of increase in employment has also been easing. The forward nature of the relationship between the Job Advertisements series and employment suggests that employment growth will continue to slow over coming months, although it will remain positive. We view this as a consolidation in the labour market rather than a change in direction. With economic growth continuing to show considerable strength, demand for labour will remain robust and the labour market will remain very tight.”

“Looking at job advertisements by state, it is in the largest states – New South Wales, Victoria, and Queensland - where demand for workers appears to be stabilising. In Western Australia, job advertisements are now actually trending down after five years of exceptionally strong growth. This has been associated with a gentle rise in the rate of unemployment through 2007 and suggests the strong population growth in that state may now be overwhelming the demand for labour. In contrast, in the smaller states and territories – South Australia, Tasmania, Australian Capital Territory and the Northern Territory – job advertisements are showing a marked upturn, pointing to an acceleration in the demand for workers. In South Australia and Tasmania this would seem to be associated in part with specific large investment projects,” Mr Pearson said.


Holiday homes abroad lose their shine

11 October, 2007 | Spain | No comments

spanish houseThe value of British holiday homes abroad has fallen by as much as 15 per cent in the past three months according to an investigation by The Daily Telegraph. A series of second home hot spots across the Continent has had thousands of euros wiped off the value of holiday villas, particularly those along the Mediterranean.

Almost a quarter of a million Britons have bought homes abroad in the past decade, doubling the holiday home ownership numbers and with the majority buying properties as an investment.

The average prices of a two-bedroom apartment in Majorca has fallen from £225,000 to £203,000, a three-bedroom villa in Lanzarote has dropped from £248,000 to £228,000. Prices in parts of Bulgaria, after having shot up in value by 40 per cent last year, have stagnated.

Property experts say that those who will be hardest hit are people who have invested within the past year - especially into new developments - and those who need a quick sale.

This week it emerged that the French property market has fallen in value for the first time since the 1990s, with overall house prices dropping by one per cent in the three months to September.

Last week the Valencia property developer Llanera collapsed, with £520 million of debts, hit by the credit crunch and higher borrowing costs. It also suffered from the oversupply of properties in Spain, which has an estimated 300,000 flats lying empty after a construction boom.


Canada: September Unemployment Rate 5.9 Percent

10 October, 2007 | Canada | No comments

canada flagThe Canadian unemployment rate dipped 0.1 percentage points to 5.9 percent in September, the first time since November 1974 that the rate has been below 6.0 percent. Employment rose by an estimated 51,000, with gains concentrated in full-time employment.

In September, core-age workers—that is, persons aged 25 to 54—experienced their first significant gain in employment (+40,000) since the start of the year.

Older workers (aged 55 and over) also showed employment strength with an increase of 23,000 in September.

Employment increased by an estimated 30,000 in Ontario, all full-time work. Despite this increase, employment growth in the province over the first nine months of the year remains below the national average of 1.7 percent.

The largest employment increases in September were in educational services, followed by public administration; professional, scientific and technical services; and agriculture. There were declines, however, in retail trade.

Employees, on average, earned 4.2 percent more per hour in September than they did in September 2006, while the most recent year-over-year increase in the Consumer Price Index was 1.7 percent. This is the largest estimated year-over-year increase in average hourly wages since the Labour Force Survey began collecting this information in 1997.

Ontario
Ontario’s overall employment picture improved in September. Employment in the province increased by an estimated 30,000, the first significant gain this year, pushing the unemployment rate down 0.2 percentage points to 6.2 percent.

In September, the largest increases in employment in Ontario were in educational services as well as in information, culture and recreation. There were also gains in public administration, mostly at the local, municipal and provincial levels. Some of this gain was likely the result of the hiring of additional workers for the provincial election. Manufacturing, however, continued to slump, with 44,000 fewer workers over the first nine months of this year.

Saskatchewan
The employment picture also improved in Saskatchewan in September, with an estimated increase of 7,000, all in the service-producing sector. This increase, however, only brings employment in the province back to the same level as at the end of 2006. September’s employment increase pushed the unemployment rate down 1.1 percentage points to 3.8 percent, the second lowest in the country after Alberta.

Alberta
The strongest employment growth over the first nine months of 2007 occurred in Alberta, up 3.4 percent, with gains across a number of industries. The unemployment rate, at 3.6 percent in September, remained the lowest in the country.

New Brunswick
New Brunswick had the second-strongest employment growth (+2.5 percent) in the country so far this year. However, the unemployment rate rose by 0.5 percentage points to 8.2 percent in September, the result of more people looking for work.

British Columbia
British Columbia ranks third in employment growth so far this year (+2.2 percent), with the largest gains in retail trade as well as construction. With no employment change in September and an increase in the number of people entering the labour force in search of work, the unemployment rate rose 0.3 percentage points to 4.3 percent.

Quebec
Quebec’s employment growth so far this year (+2.0 percent) has also been above the national average, with gains in part-time employment (+8.0 percent) outpacing those of full-time work (+0.7 percent). Increases for the year have been in accommodation and food services; trade; and construction and utilities. Similar to Ontario, Quebec’s manufacturing sector employment has also declined in 2007. In September, the unemployment rate returned to its 33-year low of 6.9 percent, and the employment rate remained at its record high of 61.1 percent for the fourth consecutive month.

Manitoba
Manitoba’s employment growth so far this year, at 1.9 percent, was led by gains in professional, scientific and technical services as well as construction. The proportion of working-age Manitobans with a job reached 66.5 percent in September, an all-time high.


New Zealand: September Property Values up 13.2%

8 October, 2007 | New Zealand | No comments

Quotable Value has released September’s figures for New Zealand’s housing market. The average price of a house in New Zealand has risen to £150,779 ($404,089) from August’s £147,163 ($394,397). New Zealand’s average house prices are not directly comparable with the UK’s because, unlike the UK, the average home in New Zealand is a detached bungalow.

QV spokesperson Blue Hancock said:

“2007 has seen the value of NZ properties increase at a higher and higher rate, but our September figures show a marginal drop. Although it’s only a very minor slowdown, this is the first time since January 2007 that our statistics have shown the rate of growth in values to be slowing.”

House Prices in New Zealand
Three Months Ending September 2007

Location Average House Price (NZ$) Average House Price (£) Comments
Auckland Region $512,964 £191,404 Property values in the Auckland region grew by 13.3% over the past year up from 13.1% reported last month. The Auckland region continued to see a trend of steady growth in property values. Annual growth rates in all the main urban centres were up slightly from last month with the exception of Rodney where growth eased to 14%.
Hamilton $365,515 £136,386 Hamilton’s property values increased by 14.4% over the past year. Expectations are that sales activity will decline as the interest rate increases impact. However, the general feeling is that sale prices are likely to remain fairly static rather than decrease.
Wellington Region $447,243 £166,881 Property values in the Wellington region increased by 16.3% over the past year. The time delay between a change in the market and the subsequent change in property values creates opportunity for sellers and risk for buyers. The Wellington market is not showing normal spring activity, with a lower volume of sales.
Christchurch $364,357 £135,954 The Property values in Christchurch increased by 13.1% over the past year, down from 14.1% reported last month. The lower end of the market continues to have the largest volume of sales. First home buyers and investors are still active in the lower price brackets while the upper end of the market is more cautious.
Dunedin $270,254 £100,841 Dunedin’s residential property values increased by 10.4% over the past year. Different patterns of increases in property values are seen across the city. The central/northern part of the city is growing at 6.7%, a slower rate than last month at 7.3%. While Taieri at 12.6% and the southern part of the city at 12% have rebounded somewhat.
Tauranga $438,703 £163,695 Property values in Tauranga increased by 8.2% over the past year.The growth rate was higher to that reported last month (7%).

* Assumed exchange rate is £1 = NZ$2.68


British Behaviour Abroad Report

5 October, 2007 | Other News | No comments

baggageThe Foreign & Commonwealth Office (FCO) have released the first ever British Behaviour Abroad report. The report, which releases incident figures for the first time, highlights the key problems that Britons experience in the most popular destinations. According to the most accurate figures available, the period April 04–March 05 saw 1,663 Britons arrested in Spain, 1,370 lose their passports in the USA and 841 hospitalised in Greece.

The FCO believes many of these problems could be prevented and by releasing these figures, it hopes to encourage travellers to be more prepared for their trip and more aware of their environment whilst abroad.

Foreign & Commonwealth Office Minister, Lord Triesman, said: ‘Falling sick, being a victim of crime or dealing with a misfortune affecting your self or your family can be traumatic enough under any circumstances. When they happen abroad they can be even more difficult, complicated and expensive to resolve. As this report shows although some of the incidents people face are unavoidable, many can be prevented with a little planning and careful preparation’.

Passports

Spain has the highest number of reported lost or stolen passports per year (4,774 in this period).
Each emergency or temporary passport application without photocopied details and a police report will take significantly longer to process.

  • 62% of those surveyed had never taken a photocopy of their passport before going on holiday
  • 61% have never taken the contact details for their nearest Embassy with them when they travel

FCO advice to prevent the loss of your passport abroad:

  • Before you travel, make two photocopies of the page with your details on. Leave one with friends or family at home and take one with you when you travel
  • Take the number of the British Embassy that will be nearest to you (find out which it is at British Embassies, High Commissions or Consulates or 0845 8502829
  • Once abroad, keep your passport in a safe place (e.g. hotel safe). If you need to carry ID when you’re out and about, use the photocopy
  • If you lose your passport or it is stolen, report the loss immediately to the nearest local police station and obtain a police report before contacting the nearest Embassy. Have your photocopy handy

Arrests

  • Spain had the highest number of arrests in this period with 1,663, followed by the USA with 1,460
  • Almost one third (32%) of Brits admit to never checking out the laws and customs of their destination before they travel
    41% admit to drinking ‘much more’ on holiday than they would at home

FCO advice to prevent unwittingly getting into problems with the law abroad:

  • Before you travel, check out the local laws and customs of your destination – what might be perfectly appropriate behaviour or dress in one country might be completely different in another. Get a good guidebook or check out Travel advice by country that contains the latest travel information by country
  • Many arrests are due to behaviour caused by excessive drinking. Know your limit and try not to drink more than you usually would at home
  • Avoid areas where you might be unwittingly caught up in trouble e.g. rallies, marches or protests

Drugs

  • The USA had the highest number of Britons arrested for drugs offences (259 in this period), followed by Spain (194) and Thailand (111)
  • 63% didn’t know that some medication in the UK e.g. alcohol based prescription drugs and painkillers such as Codeine are illegal in some countries. In Japan for instance, the Vicks inhaler and Sudafed are illegal

FCO advice to prevent getting arrested on drugs offences:

  • Know the drugs laws of your destination; they are more severe in some countries than others
  • Some medicines that are perfectly legal in the UK are illegal in other countries - check out Travel advice by country and always carry your prescription with you
  • Don’t be tempted to get involved with drugs – either taking them or carrying them for other people

Hospitalisations

In this period, Spain had the highest number of hospitalisations, with 1,137 UK citizens being admitted to hospital, followed by Greece with 841 and Thailand with 200. Failing to take travel insurance can cost a lot more than you think. If you suffer a broken leg in Europe it can cost you up to £7000, while an air ambulance from the USA can cost up to £35,000. Even a simple bout of gastro-enteritis in the Mediterranean will set you back £600.

35% of us admit to not always taking out full travel insurance when we go abroad and more than one in ten of us admit to worrying less about our personal safety while on holiday.

FCO advice to prevent yourself becoming ill or injured whilst on holiday:

  • Find out about vaccinations or medication for the country or region you are going to well enough in advance for any preventative medication to take effect
  • Always stick to local health and safety guidelines, such as sticking within your level of experience on ski slopes and not diving into water of unknown depth
  • Always take out full travel insurance and ensure it covers you for everything you intend to do – otherwise you risk hefty medical bills if you become ill or injured
  • If you’re going to be driving, familiarise yourself with the rules of the road, the condition of the roads and whether the general style of driving is different to the UK – and if you’re hiring a car always do so from a reputable company

Deaths

Spain experienced the highest number of British deaths in this period (including British residents) with 1,243, followed by France with 294 and Thailand with 274. Despite the headlines, most deaths abroad are due to natural causes.

FCO advice around death abroad:

  • Ensure all members of your party have declared all medical conditions to their travel insurer – if an uninsured person dies whilst abroad any treatment they have received and their repatriation to the UK will not be covered
  • All deaths must be registered in the country in which the death occurs. If a person in your party dies, whatever the circumstances, report the incident to the local authorities immediately
  • There is no obligation to contact the British Consul / Embassy but they can offer support and practical advice at this distressing time



Spain: Infoline service for Brits over 50

4 October, 2007 | Spain | No comments

spanish houseBritish residents over the age of 50 can call the Infoline 902 003 838 for information on living in Spain. Age Concern is launching an Infoline for British nationals living and on holiday in Spain who are over the age of 50. The telephone service (902 033 838) provides information on social services, medical assistance, obtaining benefits from the UK or how to collect their pensions in Spain.

“The telephone line offers support and a guide to the eldest members of our community who are not sure how to access local social services. It will be a great help for those who are making the transition to Spain from the UK,” said Age Concern board member Sue Mari.

The project is a joint co-operation between the British Consulate and Age Concern. With this initiative they hope to be able to meet the demands of the growing number of British tourists and residents in Spain. British Consulate Bruce McIntyre says it is estimated that there are over one million British expatriates living in Spain. Every year over two million British tourists come to Málaga and 350,000 Britons are believed to live along Spain’s Costa del Sol and Costa Blanca alone.

“This is an exciting development for the expanding British Community in Spain.” McIntyre said. “We hope people take advantage of our services as we further close the information gap


Australia: Mining Industry Seeks 27,000 Recruits

3 October, 2007 | Australia | No comments

construction siteThe Australian minerals industry has begun a recruitment drive for 27,000 skilled tradespeople in the southern Australian industrial hubs according to a report from The Melbourne Age. The total numbers sought comprise the estimated extra skilled workforce needed for mining over the next eight years.

The Now Hiring campaign is targeting skilled tradespeople in Geelong, Adelaide and Wollongong as the rapidly expanding industry seeks to meet its skills shortfall.

Set up as a pilot program targeting skilled trades people, the campaign is part of the Minerals Council of Australia’s (MCA) broader national strategy to promote career opportunities in the minerals industry and meet the estimated 70,000 additional workers needed in the industry by 2015.

MCA chief executive Mitchell Hooke said the minerals industry was at present experiencing a global supercycle of growth.

“We must attract skilled tradespeople if the industry and, indeed, Australia, is to fully capitalise on the opportunities of the strongest global market growth in a generation,” he said in a statement.

“We are not only offering well paid jobs, we are offering exciting career prospects.

“The minerals industry is at present experiencing double the wages growth of the all-industry average and has the most substantial on-the-job training expenditure per employee of any industry.”

Mr Hooke said specific tradespeople being sought were boilermakers/welders, metal fitters - mechanical, diesel and plant, mechanical engineering - diesel, heavy and light plant, and electrical trades.


Immigration earns New Zealand over £1.2 billion

2 October, 2007 | New Zealand | No comments

DunedinNew migrants boosted New Zealand’s coffers to the tune of $3.3 billion (£1.2 billion) in the year to 30 June 2006, the New Zealand Government has announced. The figures are from a report, The Fiscal impacts of Immigration. Migrants contributed $8.1 billion (£3 billion) in income tax, GST and excise duties, far outweighing the $4.8 billion (£1.8 billion) New Zealand spent on education, health and welfare for the new migrants.

“Immigration ensures that our employers can access the much-needed skills they need for economic growth, and migrants also bring in links to export markets, investment, ideas and diversity” said Immigration Minister Mr Cunliffe.

The research report showed that the positive impact from migrants has grown about 80% from previous research done in 2003 which showed a net fiscal impact of $1.7 billion (£600,000).

The report used the latest census data which showed New Zealand had a migrant population of almost one million. Economically, Auckland got the biggest boost because 45 per cent of migrants lived there.

“The net fiscal impact per head for recent migrants rose nearly 35% from 2002 to 2006, which is evidence that our migrants are making a strong contribution to our economy, and that our immigration policies are attracting exactly the migrants we want,” said Mr Cunliffe.

“We are building up a picture of just how much immigration contributes to the wellbeing of all New Zealanders,” said the Minister. “We know that in general employers are impressed with the performance of their migrant staff, and we know that most migrants are happy to be here, and say they would recommend New Zealand to friends and family overseas.”

The research is part of a three-year series of work by the Department of Labour into the economic impacts of immigration.



Canada: July Wage Data Released

1 October, 2007 | Canada | No comments

TorontoIn July, the average weekly earnings of payroll employees increased $3.41 (£1.68) from June to $773.32 (£381.25) according to Statistics Canada. The year-to-date growth, calculated as the average of the first seven months of 2007 compared with the average of the same seven months in 2006, was 3.2 percent.

In Canada’s largest industrial sectors, earnings grew for the first seven months of 2007 in manufacturing, in health and social assistance, and in educational services, and were little changed in retail trade.

Nationally, the number of occupied payroll jobs edged up 21,800 to 14,303,300 in July. Growth among the provinces varied, with Manitoba and British Columbia showing the strongest increase.

The industrial sectors showing the strongest employment growth in July were mining, oil and gas extraction, and transportation and warehousing.

The number of payroll jobs has grown 85,600 since the beginning of 2007.

The average hourly earnings for hourly-paid employees edged up in July to $19.09 (£9.41).

Canadian Average Weekly Earnings
July 2007

Province
Earnings $ (£)
Newfoundland and Labrador 721 (355)
Prince Edward Island 629 (310)
Nova Scotia 668 (329)
New Brunswick 706 (348)
Quebec 726 (358)
Ontario 805 (397)
Manitoba 703 (347)
Saskatchewan 727 (358)
Alberta 845 (417)
British Columbia 765 (377)

exchange rate £1 = $2.03 CAN