TPT-January-2015

Global Marketplace

In brief . . . A European Union resident visa that comes with the house? With its offer of a realty-based visa for property buyers from outside the European Union, Portugal evidently holds a strong attraction for Chinese investors. As noted by Bloomberg News , they are the major participants in Portugal’s “Golden Residence Permit” programme, which entitles the buyer of property worth at least $624,000 to live in Portugal and travel freely throughout the EU bloc. As China allows freer movement of funds into and out of the country, its citizens have been taking advantage of the greater ease of money transfer to pursue opportunities overseas. Even so, the allure of Portugal is remarkable. According to the Portuguese Real Estate Professionals and Brokers Association, Chinese buyers accounted for almost one in five foreign property purchases in Portugal during the first nine months of 2014. On the basis of money invested they already represented the biggest group of foreign buyers, Luis Lima, head of the association, told Bloomberg ’s Henrique Almeida in Lisbon (3 November).

Oil and gas Their savings on jet fuel from recent oil price drops are not being passed along by US airlines to the fare-paying customer According to FareCompare.com, several major US airlines raised fares on many domestic flights in the autumn. As reported by USA Today (21 October), United, American, US Airways and Delta confirmed to the comparison-shoppers site that they matched an industry-wide fare increase of $2 one way, $4 round trip. Even low-cost carrier Southwest said it had raised one-way fares by $2 on some domestic routes. When airlines boost fares they customarily blame higher fuel costs. But this most recent fare hike came at a time of steadily dropping oil prices – to $81.94 a barrel on 20 October. According to Rick Seaney of FareCompare.com, the fare increase was only the fifth successful such hike to that point in 2014, out of 20 fare-boost attempts by the airlines since January – three of these occurring in October. In 2013 there were a dozen attempts to raise fares. Only three were successful.

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J anuary 2015