Tracking renewables investors into the wild

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Renewable energy investing has been a booming business for the past five years with significant swathes of wind and solar generators now competing head on with heavyweight incumbents across the globe. We expect this trend to continue, however, the withdrawal of subsidies has prompted a change in investment style and direction to maintain attractive risk-adjusted […]

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Capacity Market freezes – whatever next?

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The Capacity Market (“CM”) auction and all payments due under the mechanism have been frozen following a ruling by the European Court of Justice (“ECJ”) revoking State Aid clearance. The implications for existing and new build projects relying on Capacity Market payments is significant and undermines a multitude of investment decisions made across the UK […]

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Two for the price of one: What to expect from Moscow property markets and What to expect from 2018 year end valuations

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I promised in my last blog (Decoding the Russian enigma) a further post dealing with my expectations for the Russian property markets. I have also been considering giving my thoughts on what to expect in general terms (i.e. they cannot be held against me in specific valuations!) for 2018 year end valuations. We are approaching […]

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Decoding the Russian enigma

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Russia seems to be hewing ever closer to Churchill’s aphorism: as a riddle, wrapped in a mystery, inside an enigma. It is increasingly difficult to predict what may happen next. A mixture of outside events and curious self-defeating actions, at least from an external perspective, have effects that are extremely uncertain. It may seem then […]

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Russia: New old challenges

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Russia’s nascent economic recovery from the 2014-2016 recession and recent stabilisation have been disrupted by fresh US sanctions. The April round has shifted the USD/RUB exchange rate by about 7% weaker, to c.62. The combined impact of the draft bill introduced by a number of US Senators led by Lindsey Graham on 1 August and […]

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More US sanctions on Russia

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The US continues to impose new sanctions on Russia to threaten additional ones. A bill introduced last week by US Senator Linsey Graham includes a ban on new Russian sovereign debt purchases by US individuals and banks and on Russian state banks. This week, the US has imposed a new set of sanctions against Russia […]

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Russia – separating noise from reality

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It is like 2014 all over again… I have written three draft opinions in recent days – only for them to be overtaken by events. In the deluge of news and volatility I have but one message: DON’T PANIC I believe markets have overshot and will correct. We are already seeing the Russian stock market […]

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How digitalisation change commercial real estate

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Digital technologies are everywhere around us. Using the Internet we read the news, check emails and update our calendars, review social networks and news feeds, and communicate with people via instant messengers. We visit banking branches less frequently, as we pay bills either online or through mobile applications. We order food and make purchases online. […]

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25 or nothing: recent central bank actions

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The global economy went through another round of central bank policy meetings. The US Federal Reserve (Fed) expectedly hiked its policy rate by 25bp to 1.5-1.75%, the European Central Bank (ECB) and the Bank of England (BoE) stayed on hold, while the Bank of Russia (CBR) cut its key rate, also by 25bp, to 7.25%. […]

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Russia: (Even) lower inflation, lower interest rates

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The Bank of Russia (CBR) has just announced the Board decision to cut its key rate by 25bp, from 7.75% to 7.50%. The move was broadly anticipated, although following the January inflation print, some market analysts had called for a 50bp rate cut. Inflation dropped to a new historical low of 2.2% YoY in January […]

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Workplace powered by Human Experience

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Office environments are changing – the way they look and how they are managed. Many organisations have long understood and appreciated the power of workplace in driving productivity, employee loyalty, and brand value. Workplace has become a critical component of what an organisation can offer to its current and prospective employees, shaping attitudes to work […]

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Bitcoin and the blockchain: the inevitable proptech revolution

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  Knowledge of the blockchain was once restricted to a select few members of IT crowd. Whilst the technicalities of the blockchain still remain a mystery to many, there is growing awareness of its implications. Industries of all types, from financial services to manufacturers, from retailers to healthcare, are waking up to its disruption potential. […]

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