Government of Antigua and Barbuda to support the establishment of a Centre of Excellence for Oceanography and the Blue Economy at the University of the West Indies Five Islands Campus

antigua and barbuda

Government of Antigua and Barbuda to support the establishment of a Centre of Excellence for Oceanography and the Blue Economy at the University of the West Indies Five Islands Campus.

The Government of Antigua and Barbuda will be supporting the establishment of a Centre of Excellence for Oceanography and the Blue Economy at the University of the West Indies Five Islands Campus. The centre aims to advance intellectual progress and strengthen institutional capacity in the areas of marine science and the blue economy while capitalising on the economic opportunities for the Caribbean within this emerging sector.

According to the Honourable Dean Jonas, Minister of Social Transformation and the Blue Economy, “Antigua and Barbuda is advantageously positioned to expand the offering of the University of the West Indies Five Islands Campus in this area”. Antigua and Barbuda is one the largest economies in the Eastern Caribbean, has the largest Exclusive Economic Zone in the subregion and its geographical location makes it ideally suited to serve as the home and hub of the region’s blue economy efforts.

Recently, the Ministry of the Blue Economy engaged in a Roundtable led by the Commonwealth Enterprise and Investment Council (CWEIC), the Association of Commonwealth Universities (ACU) and the Antigua and Barbuda High Commission with senior faculty from the University of the West Indies, the University of Dalhousie (Canada), University of Southampton (United Kingdom), James Cook University (Australia), University of Queensland (Australia) and trade experts from Trade and Investment Queensland. The Roundtable explored the feasibility and opportunities available to establish a Centre of Excellence for the blue economy in partnership with the entities present. The objective is to gather leading academic experts, along with industry, to develop an action plan which will lead to the creation of the Centre of Excellence.

Sir Hilary Beckles, Vice Chancellor of the UWI, noted: “Given the vital role of the blue economy to the sustainability and competitiveness of the Caribbean, The UWI welcomes this proposal of the Antigua and Barbuda government and would be pleased to harness its diverse expertise while working closely with the ACU, CWEIC and other partners across the globe, in support of this very important initiative”.

Dr Joanna Newman, MBE FRSA, Chief Executive and Secretary General of the ACU indicated her pleasure “to endorse and support the vision of the Government of Antigua and Barbuda and The University of The West Indies to establish a Centre of Excellence for the Blue Economy in Antigua and Barbuda, within the overall development of a road map to economic sustainability through the blue economy”. Chief Executive of the Commonwealth Enterprise and Investment Council, Samantha Cohen welcomed this initiative as an “important step in the diversification of the economy of Antigua and Barbuda and the development of its natural assets to create a secure and environmentally sustainable economic future.”

Antigua and Barbuda, as well as the Caribbean region, stand to benefit from an emerging industry worth USD$2.5 trillion through the diversification of the economy into areas such as aquaculture, marine renewable energy, biotechnology and sea vegetable farming.

These meetings continue the dialogue that the Ministry has been holding with several organisations including the Commonwealth Secretariat, the Commonwealth Marine Economies Programme (CMEP) and the Organisation for Economic Co-operation and Development on developing a blue economy action plan for Antigua and Barbuda.

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Peru Reopens Archaeological, Tourist Sites After COVID-19 Closures

Machu Picchu

Peru is now allowing visitors at 17 archaeological and tourist sites after closing them for several months to prevent the spread of the coronavirus.

Speaking at the Pachacamac archaeological site in Lima on Thursday, Peru Culture Minister Alejandro Neyra said visitors to the sites will have to follow protocols, including wearing face masks and keeping a safe distance apart.

Authorities say nine other sites will open by the end of month, and a gradual reopening of several more will begin in November.

It is unclear when Peru’s popular Inca citadel of Machu Picchu will reopen.

The reopening of the tourist attractions is expected to give Peru a needed economic boost because the South American country has been hard hit by the pandemic.

Peru is among the leaders in COVID-19 cases in Latin American, recording more than 859,000 cases and just over 33,500 deaths.

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Split US Congress Sets The Stage for Market Mayhem: SYZ Private Banking

us congress

By Adrien Pichoud, chief economist and senior portfolio manager at SYZ Private Banking

The world’s economies are struggling with the ravages of a year unlike any in living memory, and the US is experiencing a presidential election like no other. Yet, whoever sits in the White House in January 2021, Congress will determine whether the next president can implement his agenda. Facing weeks of market volatility, with cash and government bonds offering negative yields, we argue investors should stand ready to grab opportunities in equities.

The race for the White House matters less than the fight to control Congress and the legislative agenda. From an economic point of view, regardless of how the Covid-19 pandemic develops, the presidential race will not alter the need to focus on recovery. 

Despite the geopolitical tensions and stakes for US democracy, we do not see a scenario after 3 November that would significantly change the American economy’s underlying health, nor the global ‘Japanification’ picture of historically low interest rates and growth.

 

Congress is king

A clean sweep by one party of the presidency, the House of Representatives and the Senate would be the most market-disruptive outcome – giving the next administration a free hand in shaping the US legislative agenda. However, we anticipate a still-split Congress will limit the ambitions of either president. Under current polling, this congressional status quo is the most likely result and will be driven by disagreements over handling the pandemic.

Polls and bookmakers all point to Democrat nominee Joe Biden winning the presidency, the Democrats retaining control of the House of Representatives and Republicans maintaining their Senate majority. President Donald Trump began to lag in opinion polls around the arrival of the pandemic in the US, which has killed about 210,000 Americans.

Before March, Trump was happy to run a re-election campaign on the strengths of the American economy, and many investors anticipated a second Republican administration. Covid-19 has forced the president to switch tactics, stirring social and racial tensions, while disclosures about his tax returns suggest he cannot afford to lose. But Trump cannot now avoid the subject of Covid-19, having tested positive for the virus just one month before the vote.

After the election, the greatest political risk for investors would be a contested result. Trump has repeatedly cast doubt on the validity of the ballot and refused to commit to a peaceful handover. This sets the stage for legal challenges, social unrest and market volatility.

 

Covid-driven consensus

In the run up to the vote, investors should not be too distracted by the noise of the presidential campaign season. For all its polarised politics, the pandemic has created a broad consensus in the US around the need for the federal government to support businesses and wages.

With the Federal Reserve (Fed) committed to maintaining very low interest rates, whoever is elected president is likely to have fewer fiscal constraints than his predecessors. Therefore, the partisan differences are not about whether to compensate firms and employees for their loss of income, but how much to pay them. This means fiscal policy next year can be more proactive, with fewer constraints on government spending.

Importantly, both candidates’ agendas commit the US to lasting, significant public deficits. Even once a vaccine for Covid-19 is widely available, some economic sectors, such as tourism and entertainment, will need continued government support, else they will downsize or disappear. The airline industry, for example, is not expecting a return to pre-pandemic activity levels before 2023.

 

Contrasting agendas

Trump arrived in office in January 2017 with an aggressive tax cut and promises to undermine the existing multilateral order. During his term, equity indices reached new highs and interest rates hit new lows. A second Trump administration may target further tax cuts, roll over the trade tensions with China and Europe that dominated markets before the pandemic and provoke more social unrest.

The priority for either administration will remain the still-fragile economic recovery and, until this looks secure, a Biden presidency would have little incentive to rush toward higher taxes – especially as long as infrastructure spending remains cheap to finance under the Fed’s current monetary policy.

Recovery permitting, Biden wants to reverse a number of business-oriented policies, as well as improve the US’s international standing. He has campaigned for a programme of broad government spending on infrastructure, healthcare, clean energy and education, totalling $7trn. This would be partly financed by a combination of increased corporate and personal taxes and savings on prescription drug prices. Implemented in full, the programme would significantly raise public deficits and debt.

Some of Biden’s proposals, if and when eventually implemented, would therefore be negative for some stock market sectors. The prospect of raising the corporate tax rate from 21% to 28% – offsetting half of Trump’s 2017 cut – would trim S&P 500 earnings by as much as a high single digit. This could undermine those sectors that benefitted most from earlier tax cuts, such as financials and industrials. Democrat promises to reform the healthcare system – a higher priority than ever during the pandemic this year – are already reflected in pharmaceutical companies’ prices. This said, a Biden administration would also look to unleash an ambitious spending plan, supporting renewable energies and largescale infrastructure.

 

Capitalising on volatility

Faced with these uncertainties, it would be highly risky to position portfolios for a specific election outcome, especially if market volatility intensifies with a contested result.

Despite the political noise, we expect the currently favourable market environment that relies heavily on fiscal support and very accommodative monetary policies to persist. Therefore, we do not see a scenario in which it would make sense to resort to holding cash or move to zero-yielding government bonds.

We continue to invest in investment grade credit, which offers carry yield in this context, as it enjoys the Fed’s implicit backstop. Secondly, we believe it makes sense to hold diversifying assets, such as gold and long-term government bonds, or instruments that can benefit from the high volatility levels of coming weeks. We are keeping some exposure to equities, preferring quality companies with high levels of long-term free cash flow. Any period of intense volatility in the weeks ahead will offer opportunities to build or add exposure to such names.

This election’s vitriol – the danger of social unrest, uncertainties over the president’s Covid-19 infection and a Supreme Court appointment that threatens existing healthcare policies – will keep financial markets on alert in the coming weeks. So, while stock markets continue to benefit from very low rates and plentiful liquidity, they may react abruptly to the election outcome, depending largely on the make-up of Congress.

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High-Quality Cost Efficient Plasma COVID-19 Treatment Developed by Suriname

plasma

The Academic Medical Center (AZP) in Paramaribo, Suriname, successfully studied an efficient method to collect COVID-19 antibody-containing plasma from recovered Covid-19 patients to treat critically ill patients.

In contrast with prevailing plasma donation strategies, the Academic Medical Center collects plasma from recovered patients before hospital release. Early in the recovery process, the antibody titer is up to ten times higher than later in recovery. Preliminary data shows excellent results, both in patients where the condition is worsening to critical as for patients recently submitted to ventilator support.

The plasma donation and plasma preparation is supported by the innovative Dutch blood filter HemoClear. In a sterile, simple, and cost-effective procedure, this filter separates plasma from red blood cells. The plasma is processed to treatment for multiple COVID-19 patients while the red blood cells are or could be re-infused to the donor, not to hinder further recovery.

AZP anesthesiologist Dr. Rosita Bihariesingh states that ” the results are more than promising while the procedure costs and procedure efforts are way below available alternatives. We’re now awaiting approval to expand the patient group in our study “.

HemoClear’s CEO Vincent Franssen confirms growing interest in the Suriname method “Several study approval submissions are pending with the authorities of African and South American countries to use the Suriname method, HemoClear is proud to support these countries in their fight against COVID-19”.

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4 Tips for Increasing CapEx and Maximizing ROI

capex

Since 2011, capital expenditures (CapEx) have steadily increased in the hospitality industry. Hotels are routinely devoting more resources to enhancing the guest experience and developing their presence in the market. This is different from simply increasing operating expenses, which tend to be shorter-term, routine expenses that can be deducted from taxes. 

The increase in CapEx can be a sign of great things, but it’s still important to use it properly — hopefully in ways that will yield more returns for your business.

While everyone has their own way of doing things, recent patterns have shown that certain areas of spending and attention will help you get the most ROI on your CapEx.

 

1. Invest in Technology

Technology is often one of the best investments you can make to ensure guest satisfaction. Visitors rely on their connection to the outside world — from traveling for work to staying in touch with friends and family. That’s why getting a strong, high-speed Wi-Fi connection will keep people coming back time and time again, translating into a higher ROI. 

Other technological touches like smart TVs and electronic key card access also make great investments for convenience and entertainment.

 

2. Pay Attention to Common Spaces

On average, guests spend much more time in shared spaces than they used to — and less in their rooms. Therefore, these areas are some of the best places to invest in upgrades. Understanding the feeling and aesthetic you want to embody and running with it can work wonders. 

If you have a lounge you want to make more comfortable, consider cozier seating options. If luxury is what you’re going for, install new marble flooring or unique art. It’s all about understanding your guests and finding what they want in a space. That way, it feels unique, and your money goes to good use.

 

3. Design With the Future in Mind

Stretching your investment is one of the key factors in making it go far. That being said, designing with the future in mind is one of the best ways to save money and effort in the long run. While it would be great to only have to think about comfort and style, streamlining aesthetics, technology and quality for the long term can help you get the most out of your CapEx.

 

4. Consider Outdoor Space and Curb Appeal

Since guests spend more time in shared spaces, consider sprucing up your outdoor areas. Many hoteliers have already jumped on the trend of spending for curb appeal, and overall, it tends to work in their favor. The exterior is the first thing guests see, after all, so it’s important to make it count. Consider adding outdoor seating options or even a playground if you tend to draw a lot of families with young children.

 

Boost Your Hotel’s CapEx With These Tips

Even as CapEx increases, you can make the most of your budget by planning smarter investments. From the tech to the ambiance, your hotel can become a place guests will remember and want to return to.

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Dream Without Limits

dreamr

Dreamr’s mission is to provide a mobile platform with the tools and resources that empower people to practically pursue their dreams and aspirations from anywhere in the world. To put it simply, they are leveraging technology and global online connection to create an entirely new way to pursue your dreams. To date, there is no set of resources that makes pursuing your dreams and aspirations practical. We take a closer look at the firm to discover more about their innovative ways.

Using Dreamr is a very simple way of connecting yourself with other, like-minded people. The first step in using Dreamr is to declare your dream in text or video. This will enable you to make new like-minded connections using Dream Connect. Once you have used the app’s networking features to build a supporting community around your dream, you will be able to crowdfund around individual and shared dreams using the Dreamr’s planned integrated crowdfunding feature. Finally, you have the ability to monetize your skills by listing a service in our peer to peer marketplace.

Christopher Adams, the man behind the app, is a specialist in UX and UI design. Since leaving the University of Nevada, Las Vegas, he has been focused on developing digital products for the modern age with a focus on positivity and giving back. Dreamr is latest manifestation of these efforts.

Dreamr is a digital ecosystem of networking and financial tools designed to empower people to dream without limits. It has always been the Dreamr mission to give the world a platform that offers everyone the tools and support they need to pursue their dreams and inspire individuals to help others do the same. Naturally, it is only fitting that the team align themselves with people who bring the Dreamr mission into their daily lives.

Dreamr is offering a free platform for you to make connections with people who believe in your dreams and can offer support through all means necessary.

Dreamr is designed to function as a distinct alternative to the social media apps and sites that exist. Currently there is no platform; social, financial, educational or otherwise that exists to nurture the dreams and aspirations of upcoming generations. At the moment, social media is designed to consume user’s time and attention by introducing addictive behavior. In addition to this, it historically shown little regard for providing real value to the end user. Social media has made it easy for people to share false or exaggerated versions of themselves online. This makes it easy for many interactions that people face on social media to be superficial. Social media can, and should, be used as a force for good and Dreamr is determined to be a pioneer in this way for the industry. Dreamr is aiming to be a positive network, one where you can utilise your connections to motivate and collaborate towards whatever it is that will make your dream come true and provide real fulfilment in life.

The company has an application development team of 30 individuals working around the clock to make sure their video content is crystal clear and that there are no data storage issues. The company culture at Dreamr is worth noting. You don’t have to be in Nevada to work for Dreamr, as it is a distributed organization with contributors from all around the globe. They insist on a positive, collaborative work environment free of politics for their employees. Dreamr also takes an innovative approach to compensation through a “results oriented work environment”, where individuals and teams are paid on deliverables vs. expectations. The more the employees perform, the more they are rewarded. In addition to this, they also have incentivized performance, as well as providing the perks and benefits for all their employees.

They are ensuring that Dreamr is a place where video content will be king. With the launch of each new smartphone comes a better and more stable camera, and the ease and quality of which video content can be generated is improving constantly.

Looking ahead to what the future holds for the firm, Dreamr is expected to be launched in American and India first followed by Latin America in the next 12 months.

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Caribbean Development Bank Supports Local Government

carribbean

The Caribbean Development Bank (CDB) has agreed to provide capacity-building support for local government in the Caribbean.

 

Managing shrinking resources

The bank has recognised the need to develop the capacity in local government to manage limited shrinking resources, particularly in light of economic set-backs and resultant strain on finance and service delivery due to national responses to the Coronavirus Disease 2019 (COVID-19).

CLGF Caribbean will function as project and workshop facilitator for this CDB initiative which is designed along the concept of public financial management. 
 

Inclusive plannng and financial management

This project aims to build capacity at the local level in improved and inclusive municipal planning and financial management, consistent with the Sustainable Development Goals (SDGs). Capacity building for professionals responsible for municipal finances will enable municipal councils to better support more effective service delivery in the context of key national and local priorities, as well as relevant governance concepts. Seven (7) of CDB’s Borrowing Member Countries (BMCs) with active municipalities will be targeted, namely: The Bahamas, Belize, Dominica, Guyana, Jamaica, St Lucia and Trinidad and Tobago.

 

Developmental local government

The two-year project will involve consultations between the CDB and the Local Government sector in the seven countries. Owing to border closures, these consultations will be hosted virtually to discuss developmental local government at the ministry and municipal levels. Guided by the development priorities identified in the virtual consultations, the CDB will provide a week of training (next year) for each country to enhance the capacity of local government personnel in municipal planning, budgeting, and financial management. The CDB will also engage professional services to assist with the development of business plans for municipalities who need this support. 

CLGF Regional Programme Manager for the Caribbean, Ms Sandra Singh said: “This is an exciting and very welcome opportunity and we look forward to working closely with the Caribbean Development Bank.”

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Latin GRAMMY-Winning Singer/Songwriter Ricardo Montaner on His Motivation, His Mission and His Music

ricardo mon

Ricardo Montaner is one of the best-selling Latin singer/songwriters of all time. A versatile musician and preeminent romantic balladeer, Montaner has composed and edited over 300 hundred songs, released over 24 studio albums, sold over 65 million records worldwide, broken attendance records at arenas all over the globe, and boasts one of the most recognizable voices in the Spanish-speaking world. He was born in Argentina but moved to Venezuela as a small child, where he first got his start singing in a church music group. From there, music became his driving passion, a calling that has taken him to a level of artistic renown few can match.

Over the course of his illustrious career, Montaner has sent numerous singles to the top of the charts, including perennial favorites like “Me Va a Extrañar,” “Dejame Llorar,” “La Gloria de Dios,” “La Cima Del Cielo,” “Castillo Azul,” “Quisiera,” “Vasito de Agua” and many more. His song “Tan Enamorados” occupied the No.1 spot of Billboard ’s Hot Latin Songs chart for 47 weeks. In October 2011, the magazine cited him as one of the ten most outstanding Latin American artists in the last 25 years. Montaner continues to evolve as an artist, innovating with new styles and collaborating with contemporary hitmakers like Tainy, Farruko, and J Balvin. Along the way, Montaner’s picked up several prestigious accolades, including a Latin GRAMMY Lifetime Achievement Award in 2016.

Beyond his music, Montaner has always put an emphasis on giving back. A tireless advocate for children, Montaner’s philanthropic efforts have earned him Billboard’s Hope Award, a Global Ambassadorship for the Special Olympics, and the soon to be announced title of Ambassador for Peace on behalf of Peace Tech Lab, an international award-winning organization established by the United States Institute of Peace, dedicated to raising awareness about the need to use technology for social good.

As part of Hispanic Heritage Month, Broadcast Music caught up with this celebrated music creator to learn how he’s made it all work.

 

Since first starting your career in the 1980s, you’ve become one of the best-selling Latin artists of all time. How has your creative process evolved over the years?

I feel that the creative process mutates from the personal growth of the individual. We cannot forget that those of us who write develop stories based on our experiences. Therefore, I believe that it is a matter of evolution and with each year that passes, creativity gives you new elements with which to write a song.

 

After 24 albums, you’ve managed to stay current — what has been your secret?

There is no secret formula for staying relevant. I try to adapt to what is musically current without losing the legitimacy of my poetry. But, at the same time, those same life experiences that I spoke about earlier have a lot to do with keeping you aware of what’s happening — how things feel, how couples live, what they live for, how their relationships change according to what’s happening in the world.

Along with writing most of your own songs, you’ve collaborated with some incredible songwriters. What, in your experience, is the key to a successful collaboration?

I think a successful collaboration happens when you shake your egos off on the doormat. When you get the opportunity to write with someone, the secret for something wonderful to result from it is to check your ego at the door. You pick it back up when you leave the place. That’s the best way I can answer that question.

 

You have won countless accolades, including the Lifetime Achievement award at the Latin GRAMMY Awards in 2016. What accomplishment in your career are you most proud of?

I am most proud of the respect… of my fans, my colleagues, whom I respect with all my heart and conscience. There is no more beautiful prize for any human being than the respect of others.

 

You have managed to use your fame as a music creator as a powerful platform for your philanthropy via your two foundations, Hijos Del Sol and Ventana de Los Cielos, endeavors that earned you Billboard’s Spirit of Hope Award in 2010. How important to you is the concept of giving back?

We were designed to serve. When God brought us into the world, He brought us with the idea of ​​living in brotherhood and serving one another. In my family, we take this very seriously and, in many cases, it translates through our foundations. But it also translates into the personal satisfaction that comes from knowing that you have brought a smile to someone or that you have brought relief to someone. For me, philanthropy is like an immense title, but service is a title that I regard with greater pride and satisfaction.

 

Speak a little bit about your involvement with Peace Tech Lab? How did you get involved with that?

Peace Tech Lab is a non-profit organization whose mission is the construction of peace. Throughout my experience as a spokesperson and ambassador of different organizations such as UNICEF, the Pan American Health Organization (PAHO), and the Special Olympics, to name a few, one of my greatest satisfactions has been knowing that any advocacy work that one does echoes and manifests itself with an impact. Peace Tech Lab seeks that: to impact people’s lives around the world. I am very proud and happy to know there are results every time we run a campaign.

 

What does Hispanic Heritage Month mean to you?

I think Hispanic Heritage is nothing more than a reminder celebration of where we come from, of our dignified presence, and our achievements in this country.

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Multi Listing Services Could Help Estate Agents Achieve 12% Higher Sold Prices

MLS

One feature of the soon to launch OpenBrix property portal is their MLS function, or Multiple Listing Service, and it’s a benefit that Adam Pigott and his team are unashamedly pushing. 

Why? Well simply because it works to help all parties in the property market – not just the seller or the buyer or the agent – but all of them.

 

What is a Multi Listing Service?

An MLS is a database or network established by estate agents to re details on current property stock listed for sale or let. It essentially allows member estate agents to see what stock other estate agents have on their books with the wider goal of connecting buyers and sellers.

It has become the norm in the US and Canada and allows agents to offer properties that fit a buyer’s requirements that they may have otherwise been unable to do, with the agents involved choosing how to split the commission of the sale when working together.

 

Why should UK agents adopt an MLS platform? 

OpenBrix has researched MLS data for the Canadian property market, a market that’s similar in many respects to the UK, to ascertain whether agents that use and promote the MLS actually achieve higher prices for their clients. The answer is that they do – by 12%.

OpenBrix says that Canada residential real estate is a market worth $361billion USD in sales (2019). About half the size of the UK but nonetheless the 8th largest in the world (UK $745bn USD).

In July this year, data suggests that the average Canadian house sold at a value of $571,471 CAD. Whereas those that sold via the Canadian MLS system achieved $640,800 CAD – a difference of 12.1%. This analysis was across a sample size of 42,000 transactions.

If this were translated to the UK market it would suggest that agents could achieve £28,591 more for their sellers than the average UK house price of £235,673 (HM Land Reg). And if agents wanted to look at this purely selfishly, that could equate to earning almost £430 more per sale in fees at a typical 1.5%.

 

As validation of this, leading Canadian real-estate broker Irene Kaushansky of Kaushansky Brown in Toronto offers us this exclusive comment: 

“Having not lived in a real estate world without MLS I personally cannot imagine doing business without it. We have over 58,000 realtors in our Toronto Board but whether it’s that or 5000, or even 500, no matter how connected you are, there is no other way to know all agents and buyers. The more exposure there is for a property, the more buyers have an opportunity to see it and the greater the potential sale price for our sellers.”

“I’ll give you a very current example and it’s only because it happened this week.  A property was listed at $1.439m and after one week we had 47 private showing appointments.  On offer day, we received 5 offers. Here’s the thing – the top price from one local agent was $1.6m but the final sale price we achieved was actually $1.675m from one of two agents from outside the area that I didn’t even know. While this is just one example to illustrate the above, it gives you an idea of the power of MLS exposure in dollar terms.”

 

Adam Pigott, CEO of OpenBrix in an untypically brief comment on the matter ads “Using our MLS system on the OpenBrix portal could make agents and their clients more money. The data proves it and it’s plain for agents to see once they start to be open to the power of this concept. Don’t be left behind.”

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Decentralization, Decarbonization, Digitalization and The Emergence of New Business Models Will Shape the Global Power Sector

solar power

Frost & Sullivan’s recent analysis, Growth Opportunities from Decarbonization in the Global Power Market, 2019-2030, reveals that the 2020s will be crucial for all the participants in the power industry as the transition toward renewable energy is expected to increase, while coal takes a downturn in most developed markets.

Falling costs and renewable-friendly energy policies adopted by several countries in the six major geographies—North America, Latin America, Europe, the Middle East, China, and India—are prominent reasons why solar photovoltaic (PV) and wind capacity additions are expected to soar this decade. An estimated $3.40 trillion will be invested in renewable energy during the next decade, including $2.72 trillion in wind and solar. By 2030, 54.1% of installed capacity will be renewable (including hydropower), and 37.9% will be a combination of solar and wind.

“Decentralization, decarbonization, and digitalization are the three key pillars of the global energy transition,” said Vasanth Krishnan, Senior Research Analyst, Industrial Practice, Frost & Sullivan. “The power sector will witness strong growth in decentralization during the decade, with annual global investment increasing from $53.14 billion in 2019 to $92.54 billion in 2030. Pressure will continue to build for further decarbonization within the power system as the rate of adoption of digital technologies increases in both existing and future plants to boost operational performance.”

Krishnan added: “The surge in need for flexibility is the most significant trend observed across developed markets. System operators are coming under increasing pressure to manage the system with uncertain renewable output, declining coal output, and demand-side variability. As a result, technologies and solutions such as battery energy storage systems (BESS), gas engines, demand-side response (DSR), and virtual power plants (VPP) are witnessing unprecedented adoption rates amongst utilities, solution providers, and end consumers.”

Conventional power plant operators will require extreme physical and digital agility to compete with alternative power sources and stay profitable in the longer term. In this regard, digital solutions will enable conventional thermal power plants to increase operational efficiency and asset utilization to meet the present and future needs of a smart power grid. Growth opportunities for market participants will vary considerably, depending on the region:

  • North America: High energy costs drive strong market growth for energy service and performance contracting, which will more than double its size during the decade to be worth $19.14 billion in 2030.
  • Latin America: Population and GDP growth, coupled with increasing electrification and industrialization, are forecast to drive electricity demand by 3.15% per annum to 2030.
  • Europe: By 2030, $12.91 billion is expected to be invested annually in battery energy storage. Total installed capacity is expected to go up from 2.91 GW in 2019 to 70.02 GW by 2030.
  • India: Renewable energy will account for 72.04% of capacity additions in India during the next decade. Competitive solar PV and wind project costs will be key to future investment.
  • China: Adoption of energy storage will accelerate rapidly in China. The country accounts for 62% of global battery storage production capacity and is investing to boost capacity further. This will benefit the energy storage sector, as it should enable battery prices to decline.
  • Middle East: Bolstered by Saudi Arabia’s shift in energy policy, the solar power market in the Middle East will witness a surge in activity levels in the 2020s. Saudi Arabia, the UAE, Qatar, and Iran are expected to be major markets for solar PV.

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