Tuesday August 26 Housing and Economic stories

TOP STORIES:

China Home Glut May Worsen as Developers Avoid Price Drop - (www.bloomberg.com) The biggest immediate risk facingChina’s economy is about to get worse. A reluctance among some developers to sell units at prices lower than they could fetch just months ago threatens to cause a swelling in unsold properties. The worsening glut would extend a slide in construction that’s already put a drag on the world’s second-largest economy, and counter policy makers’ efforts to stimulate the real-estate industry with loosened rules. In Nanjing, eastern China, nine housing projects originally planned for sale in the first half of 2014 were held for later this year, consulting firm Everyday Network Co. says. The number of homes added to the market in July in 21 major cities dropped 25 percent from June, according to Centaline Group, parent of China’s biggest real-estate brokerage.

Putin Ban Hits Cold War Foes as Developing Nations Gain - (www.bloomberg.com) President Vladimir Putin countered U.S. and European sanctions over Ukraine with a ban on a range of food products, opening the door for developing nations such as Brazil to fill the $9.5 billion hole created by the curbs. The restrictions include all cheese, fish, beef, pork, fruit, vegetables and dairy products, Prime Minister Dmitry Medvedev told ministers today in Moscow, fulfilling a presidential decree issued yesterday. The curbs hit nations that have penalized or supported measures against Russia, including Canada, Australia and Norway. Russia may also introduce “supportive measures” for the car, shipping and aerospace industries, Medvedev said.

Robert Redford is an eco-hypocrite - (www.independent.co.uk) For years, they've preached green living while travelling the world in SUVs, limousines and private jets. But now Hollywood's foremost tree-huggers face the prospect of being exposed as eco-hypocrites – in the very medium that finances their extravagant carbon footprints in the first place…..Redford recently sold a dozen plots of land near to the Sundance ski resort in Utah, which he owns, to developers seeking to build luxury homes there. The revelation is especially contentious because each of the sites sits on an undeveloped ridge, in what was previously wilderness. Ironically, Redford recently stuck his head above the parapet to lobby against a similar project in California's Napa Valley, where he keeps a home. Mind you, the film points out, the nimby-ish actor did not stand to profit from the Napa development. The plots of land near Sundance, by contrast, fetched him around $2m each.

Germany's DAX Slumps Into "Correction" - Down 10.25% From Highs - (www.zerohedge.com) Germany's DAX stock index has plunged once again, to the same level as in October 2013 as European economic realities (coupled with sanctions retaliation fears) miss expectations drastically. The DAX is now in "correction", down 10.235% from its June record highs as it appears the more the US sanctions Russia, the more Europe crumbles...

James Cameron labelled climate change 'hypocrite' - (www.independent.co.uk)  It proceeds to quote a recent newspaper interview in which he discussed global warming, telling a reporter that "we are going to have to live with less". The camera then cuts to aerial footage of the three adjacent homes that Cameron inhabits in the hills of Malibu. Although they each have heated swimming pools, and together boast more than 24,000 sq ft of living space, the properties have not a single energy-saving solar panel or windmill between them. "He also owns a 100-acre ranch in Santa Barbara, a JetRanger helicopter, three Harleys, a Corvette, a Ducati, a Ford GT, a collection of dirt bikes, a yacht, a Humvee fire truck, and a fleet of submarines," continues the narrator. " And yet he demands WE live with less?

OTHER STORIES:

India’s Rajan Sees Risk of New Crisis on Loose Monetary Policies - (www.bloomberg.com)
Draghi Says Geopolitical Risks to Economy Increasing - (www.bloomberg.com)
Russia Bans Array of U.S., EU Foods in Retaliation Move - (www.bloomberg.com)

Shhhh! Feds still keep some Obamacare data secret - (www.cnbc.com)

Homeland Security contractor reports computer breach  - (www.cnbc.com)

Exxon evacuates Iraqi Kurdistan as tension escalates - (www.cnbc.com)

Americans Give Up Passports as Asset-Disclosure Rules Start - (www.bloomberg.com)

The 1% May Be Richer Than You Think, Research Shows - (www.bloomberg.com)

Putin Hits Tipping Point as Ukraine Tightens Rebel Noose - (www.bloomberg.com)