January 19, 2017: The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, has launched IVS 2017, marking an important milestone towards harmonising valuation practice across the world.

The IVSC is an independent, not-for-profit organisation.

IVS 2017 will serve as the key guidance for valuation professionals globally and will underpin consistency, transparency and confidence in valuations, which are key to investment decisions as well as financial reporting.

The launch is the latest step in IVSC’s mission to raise standards of international valuation practice as a core part of the financial system, for the benefit of capital markets and the public interest.

The Standards have been created following an extensive consultation process from April to October 2016. More than 100 official comment letters on the initial drafts of IVS 2017 were received from a range of stakeholders, including valuation profession organisations, individual professionals and academics.

IVS 2017 comprises five General Standards and six Asset Standards. The General Standards set requirements for the conduct of all valuation assignments, including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting.

The Asset Standards include requirements related to specific types of assets, including background information on the characteristics of each asset type that influence value and additional asset-specific requirements regarding common valuation approaches and methods used.

The latest version of the Standards brings greater depth to IVS, as requested by members, including the major accountancy firms and other stakeholders.

Sir David Tweedie, Chairman of IVSC, said, “IVS 2017 represents the latest in IVSC’s continuing commitment to developing high-quality valuation standards. The valuation of assets, both tangible and intangible, plays an essential role in financial and real estate markets – and therefore the global economy. IVS 2017 will be instrumental in improving valuation practice and will bring greater efficiency to capital markets.”

Nick Talbot, CEO of IVSC, said, “We are very thankful to our many member organisations and other stakeholders for their input to improve the Standards. This input has ensured IVS 2017 is fit for purpose and that its adoption will boost the transparency of, and confidence in, valuations for the benefit of business and the public. IVS 2017 has been designed with the specific aim of allowing continued, targeted improvements to the standards from the new expanded Standards Board we are putting in place.”

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Australia showed another record year of new vehicle sales in 2016 with the market showing a distinct shift in preference for pickup trucks and sport utility vehicles while all the growth was driven by business demand.

Light commercial vehicles took 18.5 percent of the market in 2016, up from 17.2 percent the year before, a bullish sign for business investment.

Sales to businesses increased by 13 percent over the year while rental sales rose 6 percent. On the other hand, private sales fell by 5.8 percent and government sales by 1.4 percent.

For December alone, sales amounted to 98,763 vehicles, a dip of 0.9 percent on December 2015. Sales of light commercial vehicles jumped 8.5 percent compared to December 2015 while passenger vehicles and SUVs slipped.

The leading segments by volume were small cars (17.4 per cent share), medium SUVs (16.2 per cent), 4×4 utes (12.9 per cent share) and large SUVs (11.7 per cent).

The top brand was Toyota, followed by Mazda, Hyundai, Holden and Ford. Others in the market are Mercedes-Benz, Kia, Honda, Nissan, Mitsubishi and Volkswagen.

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In a leaked email, Rogers attacked the government’s approach to the negotiations accusing it of ‘ill-founded arguments and muddled thinking’ over leaving the EU.

Confirming his replacement, Downing Street said Barrow is a tough negotiator who will help the government make a success of Brexit. Barrow is a career diplomat who joined the Foreign Office in 1986. He has had two previous spells working as part of the UK’s Permanent Representation to the EU (UKRep).

“I am honoured to be appointed as the UK’s Permanent Representative to the EU at this crucial time. I look forward to joining the strong leadership team at the Department for Exiting the EU, and working with them and the talented staff at UKRep to ensure we get the right outcome for the United Kingdom as we leave the EU,” he said.

However, not many are happy with Barrow’s appointment. Some believe that the role should have been handed over to a committed Brexiteer.

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Instead, the automaker giant said it would build electric, hybrid and autonomous vehicles in its Michigan plant. President and Chief Executive Officer Mark Fields said the decision to cancel the Mexico plant was purely because of the sagging demand for small cars and not because of Trump being elected as the president.

He told Fox Business that the automaker would have made the same decision even if Trump had not been elected. “There was no quid pro quo because there was no negotiation” with Trump over the decision to cancel the plant, Fields said.

During his electoral campaign, Trump had been critical of Mexico and had said he would build a wall on the border. He had also repeatedly said during the campaign that if elected he would not allow Ford to open the new plant in Mexico, which he called an ‘absolute disgrace’.

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October 19, 2016: Nasdaq (Nasdaq: NDAQ) has officially announced that Shanghai Futures Exchange (SHFE), one of the world’s largest futures markets, has launched a new market surveillance platform powered by SMARTS, Nasdaq’s flagship surveillance solution.

“We are truly honoured to be working with Shanghai Futures Exchange on their market surveillance efforts and believe that our partnership underscores the exchange’s commitment to maintaining the integrity and transparency of their marketplace,” said Ulf Carlsson, Vice President and Regional Manager, North Asia and Japan, Nasdaq. “As the Chinese exchange continues to increase its footprint globally, it simultaneously needs market monitoring capabilities that are scalable and match this growth. Our technology is proven across the board to be a true leader in the surveillance space, and we look forward to a long relationship with SHFE and supporting them in their efforts.”

The new system processes significant volumes of market information in real-time for SHFE to detect anomalies and also includes tools that allow analysts to make sense of the vast amounts of data for investigative purposes.

“We’re excited to work with such a rapidly developing exchange as the Shanghai Futures Exchange,” said Tony Sio, Head of Exchange & Regulator Surveillance, Market Technology, Nasdaq. “Markets globally have become increasingly sophisticated, and we continuously develop new technology to allow exchanges to monitor this activity. By taking in vast quantities of market events at the lowest level of detail, the tools build advanced models of the overall market as well as each participant’s behavior. Collaborating closely with SHFE, we have been able to incorporate the unique characteristics of a Chinese exchange into the solution. Market integrity is core to effective marketplaces and it is a privilege to be able to assist SHFE as the exchange evolves and grows.”

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August 17, 2016: Big data analytics firm Hello Soda has cemented its international presence with the opening of a new US office.

Located in Austin, Texas, the new office will help Hello Soda service its growing US client base as well as providing a platform for further expansion. The downtown office, based in Austin’s financial district, will be headed up by international strategies director Ben Allott who has been part of Hello Soda since its conception three years ago.

As a big data analytics firm, Hello Soda’s unique proposition revolves around PROFILE, its unstructured data analytics platform which enables businesses across a range of sectors to gain meaningful insights from unstructured data, revolutionising the way they work. PROFILE is utilised to verify ID and detect fraud, asses risk and increase financial inclusion, and to personalise the user experience by delivering insights that traditional data doesn’t cover, helping brands to engage with consumers on a one-to-one level.

The new US office follows Hello Soda’s recent expansion in Manchester, UK, with recruitment already underway for multiple sales roles as well as a new office manager. With its international headquarters in Manchester and offices in Bangkok, the office launch firmly establishes Hello Soda as a global, 24-hour business.

Ben Allott, international strategies director, said: “There is substantial appetite for Hello Soda’s offering in the US where we’ve been doing business for some time. A total of 50% of our revenue is already being generated in the US and we’re forecasting treble digit growth over the next 18 months. It’s a very exciting time for Hello Soda and we look forward to embarking on this new chapter which will demonstrates our commitment to the US market.”

James Blake, founder and CEO of Hello Soda, added: “When we started up the business in 2013, we recognised the potential that big data analytics held and knew we could play a pivotal part in the FinTech revolution. Now, just three years on, our international presence has been fully cemented and we operate around the globe 24 hours a day.”

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Suparna Goswami Bhattacharya 

July 13, 2016: While many of us would like to believe that the UK is in a mess, thanks to Brexit, what we all tend to ignore is the upside opportunities that Britain will now have. There are legitimate reasons to believe that the UK will lose free access to the EU, its biggest market. Any trade deal with the EU in the coming years will have UK in the backseat and the country is likely to receive a punitive deal.

Today, nearly half of the United Kingdom’s exports go to the European Union, with Germany accounting for the biggest share, while imports from the EU account for 54% of the UK’s total imports.

However, amid the doom and gloom surrounding UK’s economic prospects, it will now have an opportunity to embrace more market-friendly policies, while increasing cooperation with more dynamic economies outside Europe. A report by BMI Research states that with the pound now trading at attractive valuations, UK is likely to attract major FDI.

Firstly, there is not going to be a major impact on jobs. Ryan Bourne, head of public policy at Institute of Economic Affairs, in his note states that EU membership is neither necessary nor sufficient for a healthy labour market. “Three of the four countries with highest employment rate — Switzerland, Iceland, and Norway — are not actually part of the European Union. In fact, Spain and Greece, who are EU members, have unemployment rates of over 20 per cent,” he says.

Secondly, a report by BMI research states that UK will continue to remain open for businesses. It has one of the most attractive business environments in the world. Also, it should be possible for the UK to hammer out a deal with the EU that allows some market access but without unlimited immigration.

Dirina Mancellari, Senior Economist at FocusEconomics, says, “The UK will use its links with the Commonwealth Nations to enhance trade with countries outside the EU. A solution for the UK would be a trade model that minimises the economic damage while also assuring political independence.” However, negotiating such a trade model that achieves the aforementioned objectives is not an easy task and compromises from both sides would be imperative, says Mancellari.

Additionally, Brexit should help reduce prices of consumer products. Protectionist measures implemented by the EU against imports from outside the bloc raise the prices that UK consumers pay for many agricultural and manufacturing goods. In the absence of trade barriers against inputs from outside the EU, large EU-focussed businesses are likely to lose out, but this would be more than offset by the benefits received by the rest of the economy, and in particular small businesses.

Though EU is the world’s biggest trade bloc, it is a rapidly diminishing one. Its share of global GDP has declined by roughly 12 percentage points over the past decade and currently stands at just 22%. Hence, Brexit can be seen as an opportunity for the UK to embrace trade with the rest of the world.

How fast UK recovers will largely depend on how quickly it is able to boost trade with non-EU countries, smaller countries and lesser regulation, among other things.

However, it cannot afford to have a blanket ban on immigration. It will still have to look at ways to attract foreign talent.

Tom Elliott, deVere Group’s International Investment Strategist, says, “The economy will do well if the aforementioned points are taken care of. But people voted for Brexit for precisely the opposite reasons: they do not want immigration, and don’t want the UK market flooded with tariff-free imported manufactured goods from China, and others. We are going to see a battle between the two sides within the government.”

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July 5, 2016: Global professional services consultancy Turner & Townsend has opened an office in Kenya as the country sees solid economic growth, with the outlook for continued investment in infrastructure and construction.

The company is currently involved in more than 40 projects across Africa, mainly in the telecoms, oil and gas, infrastructure, health, education, and hotel and leisure sectors. Much of this portfolio has been built from the consultancy’s offices in Johannesburg, South Africa and Kampala, Uganda.

The independent consultancy now looks to expand further into Kenya, the largest economy in the East African region, introducing new services and developing skill sets in the region.

Heading up the office is newly-appointed Daimon Keith who is the country manager for Kenya. Keith is a chartered surveyor with considerable international experience. Prior to his appointment, he was responsible for leading the rail sector in the UK for Turner & Townsend, working with Network Rail, London Underground and Transport for London.

His team is expected to quadruple in the next two years, supported by staff from other regions, who will transfer relevant skillsets and support the ambitious growth plans for Africa.

Daimon Keith, Country Manager for Turner & Townsend in Kenya, said: “Nairobi is our second East African office, joining Kampala, Uganda, set up in 2012. In Kenya, and other East African countries, the significant GDP growth rates mean that we will see multi-location property programmes and ambitious infrastructure plans, seeking inward investment that will require new skills. There are also substantial natural resource reserves in East Africa.

“The opportunities for us are significant across the sectors we support. Over and above traditional quantity surveying services, we offer project management, project controls and dispute resolution services.”

“Combined with our knowledge and understanding about the local market and its supply chain, our service portfolio gives us a differentiated and competitive proposition for companies in East Africa that need project support to secure greater capital efficiency and create more affordable assets.

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March 22, 2016: Apple Inc on Monday launched its new mid-ranged model – iPhone SE – at its Cupertino, California campus to counter the dominance of cheaper phones running Google’s Android system. This phone is like iPhone 5s with the same 4-inch display and same glass back. However, the camera setup is like the one in the 6s, including a 12 megapixel sensor and 4K video support. It comes in four colours. The SE will be available to order on March 24 and go on sale on March 31. Many hailed the launch as the much needed course correction, as not all are comfortable with a big screen size. At $400 for a 16GB version and $500 for the 64GB, it is a far better proposition than previous-low end iPhones. The 16GB version will be free with a 2-year contract or $17 a month over two years.

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David Drake

December 4,2014:We’ve seen life imitate art but rarely have we seen life imitate a board game. In  Hasbro’s popular board game, Monopoly, players often land in jail as well as own massive hotels on Park Place and other iconic locations. What you cannot do in Monopoly, however, is trade your hotel for bail money, but that’s exactly what Sahara Group chairman Subrata Roy has been trying to do for the past several months.

Roy has been incarcerated in India since late February of this year, when India’s Supreme Court decided to take action after a protracted battle between Roy and the Securities and Exchange Board of India. Roy is accused of defrauding investors through unsecured fundraising schemes and running afoul of a number of India’s financial regulations. He has fought, appealed and disobeyed a number of court orders over the past two years, but only recently sought permission to leave the country in order to “take care of his overseas business interests,” according to Yahoo! Finance.  He was arrested shortly thereafter.

Roy has enjoyed the fruits of financial success, rising from poverty to massive wealth through banking, airline and now real estate ventures, amassing a network of companies worth tens of billions of dollars and hobnobbing with the country’s movie stars and wealthy elite.

Iconic hotels for sale

As part of Roy’s ploy to raise over a billion and a half dollars in bail money, he’s offered to sell his stake in three hotels: The Plaza and The Dream in New York City, and the Grosvenor House in London.

The Plaza has been featured in multiple American films and remains a major tourist destination, as well as a hotspot for the wealthy and famous. Other former owners of The Plaza Hotel, which was designated a historic landmark in New York City in 1986, include Donald Trump and Conrad Hilton. Roy’s stake through the Sahara Group is valued at $592 million, according to The Financial Express

PLAZA HOTEL, NEW YORK

The Dream is a boutique hotel near New York’s Chelsea neighborhood and other nightlife and shopping hot spots. The Sahara Group’s interest in the hotel is valued at $252 million, according to The Financial Express.

DREAM DOWNTOWN HOTEL, NEW YORK

Roy’s biggest item, however, is the Grosvenor House, London’s biggest luxury hotel with a royal past. The Sahara Group’s stake in the famous building is worth a whopping $879 million, according to the Financial Express.

                                                GROSVENOR HOTEL, LONDON

Royal suitors

While Roy has been living the life of real estate royalty, it may in fact take a king to bail him out of jail.  According to Jon Rosenthal of Crillon Capital in Thousand Oaks, California, the polarizing Sultan of Brunei is “still considering buying the properties”.  In October, several websites carried news stories of a proposed $2.2 billion dollar deal in which the Sultan would purchase all of Roy’s interests in the three hotels.

Others have speculated that there are as many as five possible buyers, including a businessman from China and a royal family from the Middle East. Adar Poonawalla, son of Indian billionaire Cyrus Poonawalla, allegedly made an offer of more than $900 million for Roy’s stake in the Grosvenor Hotel.

David Drake is an early-stage equity expert and the founder and chairman of LDJ Capital, a New York City-based family office, and The Soho Loft Media Group, a global financial media company with divisions in Corporate Communications, Publications and Conferences.

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