The wholesale disruption of COVID-19 is taking a toll on the real estate market. A new survey suggests that offices will remain under capacity for months, retail and hospitality will continue to struggle, and, despite some increases in single-family home values, real estate across the board will see its value fall around 10% next year.

These are some of the main findings of “Emerging Trends in Real Estate 2021,” a new report from the Urban Land Institute and PwC. Based on a survey of more than 1,600 leading real estate industry experts and interviews with more than 1,300, this 42nd annual edition of the report finds that the pandemic is going to continue to drive major changes in the way property is bought, sold, and used. Overall, the impact of the pandemic is broadly, but not universally, negative, the report notes.

“The real problems are isolated at this point to

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LONDON, Oct 14 (Reuters)Zambia’s bonds fell heavily on Wednesday as a escalating row between the government and the country’s private sector creditors fed fears of a ugly default by one of the world’s largest copper producers.

One of the country’s international bonds due to pay a $42.5 million coupon payment on Wednesday slumped over 3 cents on the dollar ZM105638671=, its biggest drop since March when the government first signalled it wanted to delay debt payments.

Zambia’s finance ministry had issued a statement late on Tuesday repeating a request made to creditors last month for a number of its debt payments to be defered until April.

Creditors had rejected that request, however, saying the country had not laid out how it would get its debts under control again, or discussed the issues with them.

“Should Zambia fail to reach an agreement with its commercial creditors (including holders

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Strong sales during lockdown and fewer returns have helped profits surge at Asos (ASC.L).

The online fashion retailer said on Wednesday that pre-tax profit in the year to 31 August rose 329% to £142.1m ($182m).

Asos said the jump in profits — which was ahead of forecasts — was driven by improvements in the underlying efficiency of the business and a decline in returns, which offset rising costs due to COVID-19.

“Last year the company made heavy investment into IT and spent significant amounts sorting out operational problems at its warehouses, which ate into profits,” said Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown.

“But that spending meant the company was in a much better position to profit from the lockdown shopping surge.”

Revenue rose 19% in the period to £3.26bn. Asos recorded double digit percentage sales growth in all its markets and signed up 3.1m new

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LONDON (AP) — A leading international economic watchdog urged the British government to conclude a free trade agreement with the European Union in the coming days and weeks to support the recovery from the coronavirus pandemic.



Tower Bridge and the skyscrapers of the Canary Wharf financial district, left, are seen at sunrise in London, Monday, Oct. 12, 2020.(AP Photo/Matt Dunham)


© Provided by Associated Press
Tower Bridge and the skyscrapers of the Canary Wharf financial district, left, are seen at sunrise in London, Monday, Oct. 12, 2020.(AP Photo/Matt Dunham)

In its latest survey of the the British economy, the Paris-based Organization for Economic Cooperation and Development said Wednesday that a trade deal that ensures a close relationship will minimize the costs of Brexit.

The OECD, which monitors and advises its 37 member countries, said the British economy will likely end this year 10.1% smaller than it started following the spring slump when a national lockdown was imposed to suppress the coronavirus outbreak.

Though the British economy recovered around half the output lost during the

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(Bloomberg) —

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The makeup of a company’s board, believe it or not, can have a meaningful impact on a company’s performance.

For example, companies that have the same person serving as both chairman and chief executive typically report about an 80 basis-point lag in return on assets, according to an analysis by Bloomberg Intelligence. Additionally, companies that have directors with a range of tenure—from those recently appointed to long-serving board members—usually post the best share-price performance.

While correlation doesn’t always mean causation, facts like these arguably mean investors should pay special attention to corporate governance—the “G” factor in ESG (environmental, social and governance)—when deciding what stocks to buy.

Bloomberg Intelligence has introduced the “board composition score” to evaluate companies on four evenly-weighted issues: diversity (gender and age), independence (board leadership and director independence), refreshment (entrenchment and balance of tenures), and director roles (the potential “overboarding” of directors, chairmen

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LONDON (Reuters) – The European Union will have a “Plan B” that relocates clearing of euro-denominated derivatives from London to the bloc if it decides against long-term access for Britain, a top EU regulator said on Wednesday.

The London Stock Exchange’s

LCH unit has been given EU permission, known as equivalence, to continue clearing derivatives for customers in the bloc for 18 months after Dec. 31, when Britain’s Brexit transition arrangements expire. ICE

and the London Metal Exchange has similar permission.

LCH clears the vast majority of euro-denominated swaps, an activity core to London’s role as a global financial centre and which EU has long wanted to be in the bloc.

Long-term EU access for UK clearers would partly hinge on good relations between its regulator, the European Securites and Markets Authority (ESMA), and the Bank of England, the home regulator for LCH.

“Equivalence assumes good cooperation and we work

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By William Schomberg

LONDON, Oct 14 (Reuters)Britain should do more to help the unemployed find work, and fixing the huge hole in its public finances can wait until a recovery from the COVID-19 pandemic is well under way, the Organisation for Economic Co-operation and Development said.

The world’s sixth-biggest economy was at “a critical juncture” as the crisis threatens to worsen its productivity and inequality problems, and Brexit could also deal a major blow, the watchdog said in an annual report.

“Decisions made now about management of the COVID-19 crisis and future trade relationships will have a lasting impact on the country’s economic trajectory for the years to come,” it said.

Britain’s economy shrank by the most in the Group of Seven nations in the second quarter and the recovery lost momentum in August. Now the government is tightening its coronavirus restrictions, which will slow economy further

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Given all the construction it shouldn’t be a surprise, but Dallas-Fort Worth is the top market in the country for both warehouse construction and leasing.

With the pandemic fueling consumer demand for products and services, industrial development has boomed this year in North Texas while many other real estate sectors have floundered.

So far this year, net warehouse space leasing in D-FW has surpassed 21 million square feet, according to new reports from commercial property firm Cushman & Wakefield.

That’s well ahead of the other leading U.S. industrial markets in Pennsylvania and Southern California.

North Texas has also delivered more new industrial space than any other U.S. metro area – almost 23 million square feet through the first nine months of 2020.

“These positive numbers are another sign of industrial resiliency and shows that there is still demand for space in the industrial market, even in uncertain times,” Tray Anderson,

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With bank earnings, Apple’s iPhone event, and the start of Amazon Prime Day on the schedule, Tuesday promised fireworks for the stock market. Instead, they delivered yawns as investors wrestled with continued Covid headlines and no stimulus.

The

S&P 500

finished down 0.6%, while the

Dow Jones Industrial Average

declined 157.71 points, or 0.6%, and the

Nasdaq Composite

dipped 0.1%. Yes, it was a down day, but not a big one.

“Stocks remained remarkably stable in the face of the scary COVID headlines and the global risk selloff, and this relative strength is even more impressive due to the lack of a stimulus deal,” writes Gorilla Trades strategist Ken Berman.

The same can’t be said for the companies that were making news.

Apple,

for instance, dropped 2.7% after releasing the details of its new iPhones. They were nice, but not exciting enough for a stock that had

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Movie theater operators are looking for a Hollywood ending.

Slow to reopen amid the coronavirus pandemic, theater chains are reeling from low attendance and a lack of new films to lure moviegoers, as studios continue to push back premieres. Theaters are mostly or completely shut down in New York City, Los Angeles, and San Francisco—representing about a quarter of domestic box-office sales and the key markets that studios need to debut their big offerings.

“It’s a perfect storm,” says Rich Greenfield, a media analyst at research firm LightShed Partners, who says that theater operators are burning cash and may need to reorganize debt in bankruptcy if they can’t kick-start sales soon. “Consumer behavior was already shifting toward streaming and smaller screens. It’s the absolute worst possible time, crushing movie theaters.”

Some chains are raising funds as they try to survive the next few months, when a feared new wave of

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