Most expensive real estate markets in 2009

Most expensive real estate markets in 2009
(Source) Global Property Guide

Last Updated: Feb 15, 2009
No surprise - Monte Carlo is No 1 in the Global Property Guide's list of World's Most Expensive Residential Real Estate Markets 2009, more than twice as expensive, at US$45,000 per square metre, as the runner up.
Battling for the number 2 position are prime central Moscow and London. Prime central Moscow's US$20,853 per square metre price tag slightly outpaces core Prime London's US$20,756 per square metre, though it is fairer to say the two cities are neck-and-neck.
London residential property prices have fallen for much of 2008, while Moscow property price declines only started in the last quarter, allowing Moscow to catch up with London. Both countries have experienced strong currency declines.
Tokyo and Hong Kong come in fourth and fifth, respectively.
New York, the only US city included in the survey , is 6th, with an average price of US$15,000 per sq. m.
Completing the top ten most expensive real estate markets are two European cities (Paris at 7th and Rome at 9th) and two other Asian cities (Singapore at 8th and Mumbai at 10th). Average prices range from US$9,000 per sq. m. to US$12,000 per sq. m.
The figures are based on the average price of a 120 sq. m., good-condition high-end used apartment in the city centres of more than 110 cities around the world, typically the economic centres where most foreigners are likely to buy.

http://www.globalpropertyguide.com/investment-analysis/Most-expensive-real-estate-markets-in-2009

Meredith Whitney starts her own business; Meredith Whitney LLC.

Meredith Whitney: A league of her own
In an exclusive interview with Fortune, the influential banking analyst talks about why it was time to go independent.

NEW YORK (Fortune) -- Meredith Whitney, the Oppenheimer & Co. banking analyst who called Wall Street's meltdown, is leaving to start her own business. And she says Fortune had a hand in her decision.
"It was the incredible women I met at the Fortune Most Powerful Women's summit that gave me the final push and confidence to go for it," says Whitney. "I am overwhelmed with support from incredibly inspiring people, many of whom I met at that conference." (Conference organizer, senior editor Pattie Sellers, shares her own thoughts about Whitney's move.)
But even before the summit, she was already laying the foundation of her new business, to be called Meredith Whitney LLC. To keep her shop truly independent, she rebuffed interested investors and put up all of the capital herself. (Read More about Meridith Whitney's new business...)

http://money.cnn.com/2009/02/19/news/economy/meredith_whitney.fortune/index.htm?postversion=2009021913

By the way: " Have you seen Stanford lately?"

FBI finds Allen Stanford in Virginia
Thu Feb 19, 2009


Stanford whereabouts unknown after charges: SEC

WASHINGTON (Reuters) - Federal regulators said on Wednesday they do not know the whereabouts of billionaire Texas banker Allen Stanford, charged with "massive" international financial fraud, federal regulators said on Wednesday.
"We are unaware of his whereabouts," SEC spokeswoman Kimberly Garber said from Texas. Asked if Stanford may be outside the United States, she said, "Certainly that's a possibility but we don't know.

(Source Reuters) Stanford whereabouts unknown after charges: SEC
U.S. marshals assisting the SEC have been unable to serve Stanford with court orders freezing assets and appointing a receiver to run his Stanford Financial Group companies since a raid on his Houston headquarters Tuesday, Garber said.
The FBI is in communication with the SEC regarding the Stanford case, FBI spokeswoman Shauna Dunlap said. She gave no more details. "The FBI is certainly aware of the SEC investigation, and we have been in contact with the SEC," Dunlap said.
The SEC said in court papers disclosed Tuesday that Stanford had failed to appear in recent weeks for testimony ordered by subpoena.
CNBC reported that he had tried to hire a private jet to fly one-way to Antigua from Houston, but the jet lessor refused to take his credit card.

Stanford Support for sports includes:

* Stanford's own private Twenty20 cricket competition in the Caribbean, including a $20 million game in November between England and his own team made up of West Indian players.

* Endorsement relationships with Fijian golfer Vijay Singh and England soccer player Michael Owen.

* Host sponsor of the 2009 Sony Ericsson Open tennis event in Biscayne, Florida on March 23-April 5.

* Sponsors venues at the Houston Polo Club and International Polo Club in Palm Beach, and sponsors the Stanford Charity Polo Day at the Royal Military Academy Sandhurst in the UK.

* In golf, it sponsors the PGA Tour's Stanford St. Jude Championship in Memphis, Tennessee.

* Sponsors the Stanford Antigua Sailing Week


Allen Stanford is accused of a fraud (not a Ponzi scheme), a fraud which could turn out to be from the same magnitude as the Madoff fraud.
Late news: unconfirmed rumours about Stanford International Bank being involved with money laundering in the Caribbean and for Mexican drug cartels.

Stanford clients swarm banks
(01:45) Report Reuters Video
Feb. 18 - From Mexico City to Caracas, hundreds of depositors lined up to pull money out of Stanford affiliated banks.

Regulators said they don't know where Stanford is. Fred Katayama reports.From South to North America, hundreds of anxious depositors lined up. They're rushing to pull out their money from banks affiliated with the Texas billionaire accused of fraud. This after U.S. regulators charged Allen Stanford with a "massive" $8 billion dollar fraud.In Houston, Texas, investor Romina Sumpter stood outside Stanford's U.S. headquarters.(SOUNDBITE)(English) Romina Sumpter, investor, saying:"I pray I don't lose everything I invested because it is my inheritance, and it only happens once in a lifetime, and I'm sad to see Mr. Stanford is doing this."Venezuelan bank regulators said Venezuelans had invested billions of dollars in Stanford's bank branch on the island of Antigua.In Antigua's capital, St. Johns, the line stretched around the corner of the Bank of Antigua. More than 600 people waited even though authorities said the bank had sufficient reserves and is separate from Stanford's affiliate that faces U.S. charges.In Mexico City, the dozens who lined up were mostly middle-aged and elderly. Karyna Kleinckwort, a widow, had invested all of her money there. She said, "We don't know what's going on. We are really worried and desperate."Regulators said they don't know where Stanford is. Using his Antiguan affiliate, Stanford International Bank, he's accused of fraudulently selling certificates of deposits that boasted higher than normal yields. But the Stanford case is a lot smaller than that of the 50 billion dollar fraud allegedly carried out by money manager Bernard Madoff. And so far, no criminal charges have been filed. Fred Katayama, Reuters.

General Motors (GM) Indicator

(From Investopedia) The General Motors (GM) Indicator

What does it Mean? An indicator based on the theory that the performance of U.S. automaker General Motors (GM) is a pre-cursor to the performance of the U.S. economy and stock market. The GM Indicator relies on the assumption that when people are confident and making money one of the first things they would do is buy a new car.
Investopedia Says... There is still some talk behind this strategy as there is a correlation between auto sales and the overall economic standing of individuals. But this theory had more weight in the 1970s-80s when GM was by far the largest carmaker in North America. Since then GM's importance to the U.S. economy has declined due to greater competition.

During the financial crisis of 2007/2008, GM saw sales decline due to a decrease in demand for their "less" fuel efficient vehicles, and a decrease in available funds for financing due to credit restrictions. Their stock price dropped over 70% compared with a general market decline of around 30%. Although a correlation exists, the overall market and economy relies less on the performance of one automaker than it did in the 1970s.
During the financial crisis of 2007/2008, GM saw sales decline due to a decrease in demand for their "less" fuel efficient vehicles, and a decrease in available funds for financing due to credit restrictions. Their stock price dropped over 70% compared with a general market decline of around 30%. Although a correlation exists, the overall market and economy relies less on the performance of one automaker than it did in the 1970s.

The Investopedia Website

PAN Amsterdam art and antiques fair in upbeat mood

PAN Amsterdam art and antiques fair in upbeat mood

(The paintings are from Ellen de Groot - http://www.helenadegroot.com
These are to be found at Galerie Mokum - http://www.galeriemokum.com )

Helvoirt, 23 October 2008 – These are stirring times. And that also goes for the art and antiques trade, which seems to have a degree of resilience to fluctuations in the economic climate. The higher segment in particular is proving to be a reliable alternative to many classic forms of investment, with an added advantage—enjoyment. It is true that the 128 exhibitors at the fair are looking forward to PAN Amsterdam with some trepidation, but also with their own infectious optimism. They will be doing everything in their power to make PAN Amsterdam—the art and antiques fair of today—an event that no art-lover or collector can miss. Top items include an excellent scene of Rotterdam harbour, a book once owned by William of Orange and a painting by Botero. The Geef om Cultuur Foundation will be launched during the fair. PAN Amsterdam runs from 23 to 30 November in the RAI Parkhal in Amsterdam.



Press Release PAN Amsterdam 2008 English (Download)
Pers Bericht Pan Amsterdam 2008 Nederlands (Download)

Tech Companies, Long Insulated, Now Feel Slump

Technology (Permalink from NewYork Times)
Tech Companies, Long Insulated, Now Feel Slump
By ASHLEE VANCE Published: November 15, 2008
In the span of a few weeks, orders for technology products have collapsed and workers have beenn laid off.

More Doom and Gloom. Prepare Yourself For Dow 5,000

Prepare Yourself For Dow 5,000
Michael E. Lewitt, Hegemony Capital, 11.13.08, 05:10 PM EST
The collapse in stocks over the past month has been spectacular, but the market could get cut in half.
The road map to hell was etched in the pitch books born by investment bankers on private jets across the ocean to Europe, the Middle East and Asia. Inside those shiny tomes, algorithms and computations purported to illustrate the magical powers of securitization, over-collateralization and correlation. Read more from Forbes...

Is this the end of 'laissez-faire' capitalism?

The end of 'laissez-faire' capitalism nearing?
Many (European) countries seek to end the deregulation era. Especially the Europeans come to the G20 meeting in Washington this weekend to gain international support to counter U.S. policies which many blame for this crisis.
But there is a difference of opinion, the U.S. does not want an endless, powerless, bureaucratic set of new regulations for the financial markets.
The Europeans, China and Russia are as much to blame themselves, they hugely profited from the boom as well.
While there is a need for more transparency and unifying accounting standards, there is certainly no need for an overpowering worldwide financial control authority, a kind of Über IMF.
In the first place the U.S. should control it's overwhelming and addictive appetite for cheap credit and overdependence on imported goods (Oil and Energy included).
And China should take it's responsibility for the low Yuan.
We are all in this together, the World Economy is an integrated and 'very complex whole system'.
If a prolonged recession is the result, this time the politicians are to blame, not the bankers.
No need for idiots who think to gain by exploiting the blame game.

Washington Memo
Meeting’s Key Decision May Be to Keep Talking
By MARK LANDLER and STEVEN LEE MYERS Published: November 15, 2008
With the global economy slipping into its most serious downturn in decades, the Group of 20 is said to seem likely to agree on a few modest measures.