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Boston, MA -- (SBWIRE) -- 01/14/2013 -- The Greece Real Estate report examines the commercial office, retail, industrial and construction segments alongside the construction sector in the context of the country's continuing economic struggles.
With a focus on the principal cities of Athens, Piraeus and Thessaloniki, the report covers the rental market performance in terms of rates and yields over the past 18 months and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the government led austerity on a long-stagnant market. Key complementary industry areas are also examined including the construction industry and business environment, key in analysing investor sentiment.
While the Greek government has overcome a number of obstacles, and the pace of contraction continues to ease in 2012, we stress that a return to sustainable growth is predicated not just on successful economic reforms but also on targeting policies at future growth industries and restoring confidence. The short-term outlook for the real estate sector is not likely to restore investor confidence any time soon: the pipeline is glacial, demand-destruction is endemic and oversupply is rife. The risks for the real estate sector as a whole are therefore firmly weighted to the downside, with a slight silver lining coming in the form of high-end space, particularly in the retail and office segments. Greece's construction industry is expected to remain in recession for the sixth consecutive year in 2012, and we do not expect a recovery until 2015.
View Full Report Details and Table of Contents
Key Points:
- The pace of economic contraction in Greece could finally start to ease, which would be supportive of our view that the depression will moderate in 2013. That is not to say, however, that the depression is coming to an end. We still see another down year in 2013 and expect growth to remain very subdued over the foreseeable future. Moreover, while we still believe that Greece leaving the eurozone is not a one way bet, we warn that should this scenario materialise, the economy would be facing a double-digit contraction as the banking system collapses and private sector wealth is destroyed.
- Ongoing economic pressures, investors' caution and government austerity drive will act as the main impediments for recovery in the Greek construction industry. Our core scenario envisages a sixth consecutive year of contraction in the industry in 2012 and little prospects for a recovery until 2015. However, there a handful of infrastructure projects - mainly coming from EU funding - that could offer some upside risks to our outlook.
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Unconfirmed reports suggests that Apple has cut in half its orders for iPhone 5 screens for the January to March quarter, and this caused shares in the company to fall below the $500 mark because of fears that demand for the handset is weak.
According to The Wall Street Journal orders for iPhone 5 screens for the current quarter have, according to sources, "dropped to roughly half of what the company had previously planned to order."
Should shareholders start to worry? I don't think so.
In a little over a week Apple will release its quarterly financial results for the lucrative December holiday quarter, where analysts expect the company to announce record sales of between 43 to 63 million iPhones. The last quarter only covered nine days of the iPhone 5 launch, so the bulk of the increased sales from the launch of this new handset will fall into the December quarter. Apple's best quarter to date was the quarter following the release of the iPhone 4S, where the company sold over 37 million handsets.
If Apple has sold around 50 million iPhones over the last quarter, then that's an incredible level of market penetration, taking total sales of the handset top over 300 million.
So far, there doesn't seem to be much to panic about.
But suggestions that Apple is ordering half the screens that it had initially planned to could be seen as signs that the shine has worn off Apple's flagship handset. Problem is, the rumor doesn't make sense, especially the bit about cutting orders by "roughly half."
What bothers me about the report is the total lack of numbers, just that the orders have been cut. But without context it is meaningless. Did Apple expect to sell another 50 million iPhones, or 40 million, or 30 million? Without this original figure, the report is virtually meaningless.
I think that there are a number of possible explanations for the cut:
As is always the case, we'll have to wait and see how this plays out, but if I were an Apple shareholder, this unattributed report wouldn't be enough to make me panic. My money would still be on Apple knowing its business better than any unnamed supply chain source.
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One week before he was set to start business classes at Baton Rouge Community College, 18-year-old Michael McCray was shot dead in a driveway near his St. Rose home Friday night, his family said. He was St. Charles Parish's first homicide victim of 2013, the St. Charles Parish Sheriff's Office said Saturday.
Sheriff's deputies, responding to gunfire around 10:30 p.m. outside a St. Rose house, found McCray slumped over the steering wheel of a bullet-riddled gold Toyota Camry. McCray's uncle, who helped raise him after his father died, had given him the Camry last year after McCray graduated from Destrehan High School.
"He had so many goals," said his grandmother, Bobbie McCray, who also helped raise him. "He was so full of life. They just took him."
Authorities said McCray, of 736 Mockingbird Lane, had parked his car Friday night at 644 Mockingbird. A high school friend, Leslie Reed, 19, sat beside him.
Three unidentified men, wearing black hooded sweatshirts, approached the car. One of the men fired several pistol shots at the car, authorities said. In an effort to escape, McCray put the car in reverse, but he was shot multiple times before he could flee. The three assailants ran away.
McCray was pronounced dead at St. Charles Parish Hospital in Luling.
Reed was unharmed. But after he confessed to smoking marijuana in the car, deputies booked him with possession of marijuana.
"He was in the wrong place at the wrong time," said McCray's aunt, Jayna McCray. "He was really a good child. ... I had a heart transplant, and he would just be like, 'Anything you need me to do?' He'd come clean my room, vacuum my floors, and his grandmother's. He'd run errands, no problem."
McCray enjoyed cooking; his specialty was banana pudding. He also loved singing, dancing and rapping.
"He would always say, 'I know I'm not promised to be a rapper. I'm gonna keep doing school, but if this works out, I can do both,'" said Jayna McCray.
McCray drove trucks for his uncle's demolition company, McCray Services. To help pay for his college classes in business administration, he was also planning to take welding classes and work at a plant,?family members said.
"He had a lot of things he wanted to do," said his?cousin, Juaniece Smith, 23. "He had many talents."
Authorities ask anyone with information?about this homicide to call detective Jody Fahrig at 985.783.1135 or Crimestoppers?at 877.903.7867.
Source: http://www.nola.com/crime/index.ssf/2013/01/st_rose_murder_victim_was_driv.html
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Jan. 11, 2013 ? NASA scientists at the agency's Jet Propulsion Laboratory in Pasadena, Calif., effectively have ruled out the possibility the asteroid Apophis will impact Earth during a close flyby in 2036. The scientists used updated information obtained by NASA-supported telescopes in 2011 and 2012, as well as new data from the time leading up to Apophis' distant Earth flyby Jan. 9, 2013.
Discovered in 2004, the asteroid, which is the size of three-and-a-half football fields, gathered the immediate attention of space scientists and the media when initial calculations of its orbit indicated a 2.7 percent possibility of an Earth impact during a close flyby in 2029. Data discovered during a search of old astronomical images provided the additional information required to rule out the 2029 impact scenario, but a remote possibility of one in 2036 remained -- until Wednesday.
"With the new data provided by the Magdalena Ridge [New Mexico Institute of Mining and Technology] and the Pan-STARRS [Univ. of Hawaii] optical observatories, along with very recent data provided by the Goldstone Solar System Radar, we have effectively ruled out the possibility of an Earth impact by Apophis in 2036," said Don Yeomans, manager of NASA's Near-Earth Object Program Office at JPL. "The impact odds as they stand now are less than one in a million, which makes us comfortable saying we can effectively rule out an Earth impact in 2036. Our interest in asteroid Apophis will essentially be for its scientific interest for the foreseeable future."
The April 13, 2029, flyby of asteroid Apophis will be one for the record books. On that date, Apophis will become the closest flyby of an asteroid of its size when it comes no closer than 19, 400 miles (31,300 kilometers) above Earth's surface.
"But much sooner, a closer approach by a lesser-known asteroid is going to occur in the middle of next month when a 40-meter-sized asteroid, 2012 DA14, flies safely past Earth's surface at about 17,200 miles," said Yeomans. "With new telescopes coming online, the upgrade of existing telescopes and the continued refinement of our orbital determination process, there's never a dull moment working on near-Earth objects."
NASA detects and tracks asteroids and comets passing close to Earth using both ground and space-based telescopes. The Near-Earth Object Observations Program, commonly called "Spaceguard," discovers these objects, characterizes a subset of them and plots their orbits to determine if any could be potentially hazardous to our planet.
The Near-Earth Object Program Office at JPL manages the technical and scientific activities for NASA's Near-Earth Object Program of the Science Mission Directorate in Washington. JPL is a division of the California Institute of Technology in Pasadena.
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Jan. 10, 2013 ? Type 1 and type 2 diabetes results when beta cells in the pancreas fail to produce enough insulin, the hormone that regulates blood sugar. One approach to treating diabetes is to stimulate regeneration of new beta cells.
There are currently two ways of generating endocrine cells (cell types, such as beta cells, that secrete hormones) from human embryonic stem cells, or hESCs: either generating the cells in vitro in culture or transplanting immature endocrine cell precursors into mice.
Researchers from the University of California, San Diego School of Medicine, collaborating with scientists from San Diego-based biotech company ViaCyte, Inc., looked at the differences and similarities between these two types of hESC-derived endocrine cell populations and primary human endocrine cells, with the longer-term goal of developing new stem cell therapies for diabetes.
The results of their study will be published on line January 10, in advance of the February 7 print edition of the journal Cell Stem Cell.
The scientists compared gene expression and chromatin architecture -- the structure of combined DNA and proteins that make up the nucleus of the cell, in which dynamic remodeling occurs at various stages of differentiation -- in both primary human endocrine cells and hESC-derived cells.
"We found that the endocrine cells retrieved from transplanted mice are remarkably similar to primary human endocrine cells," said principal investigator Maike Sander, MD, professor of pediatrics and cellular and molecular medicine, and director of UC San Diego's Pediatric Diabetes Research Center. "This shows that hESCs can differentiate into endocrine cells that are almost indistinguishable from their primary human counterparts."
However, the researchers observed that endocrine cells produced in vitro lack features of primary endocrine cells and fail to express the majority of genes that are critical for endocrine cell function. Consistent with this finding, these cells are not able to reverse diabetes in diabetic animal models.
Sander explained that one way to move forward with cell replacement therapies for diabetes is to transplant the endocrine precursor cells into humans and let the cells mature in the patient as they do in mice. "However, we don't currently know whether the maturation process will occur in humans in the same way."
She added that an alternative approach is to generate fully functional endocrine cells in the culture dish and to then transplant these cells into humans. While such a method of generating functional endocrine cells in the dish does not yet exist, this study provides hints about the steps currently missing in in vitro differentiation protocols.
Sander and colleagues identified a key mechanism for the induction of developmental regulators -removal of a family of proteins that can remodel chromatin called the Polycomb group (PcG). Reinstating PcG-dependent repression silenced the expression of genes that are only temporarily activated, and need to be turned off in order for cells to progress to their final differentiated endocrine state. When endocrine cells were produced in the culture dish, the researchers found that PcG-mediated repression was not fully eliminated, probably contributing to the cells' malfunction.
"This information will help devise protocols to generate functional insulin-producing beta cells in vitro," said Sander. "This will be important not only for cell therapies, but also for identifying disease mechanisms that underlie the pathogenesis of diabetes."
Additional contributors to the study include first author Ruiyu Xie, Nisha A. Patel and Allen Wang, UC San Diego; Logan J. Everett, Hee-Woong Lim, Jonathan Schug, Kyoung-Jae Won and Klaus H. Kaestner, Department of Genetics and Institute for Diabetes, Obesity and Metabolism, University of Pennsylvania; and Evert Kroon, Olivia G. Kelly, Kevin A. D'Amour and Allan J. Robins, ViaCyte Inc., San Diego.
This work was supported by National Institutes of Health grants U01-DK089567, R01-DK07243, U01-DK089529, R01-DK088383 and P30-DK19525.
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Source: http://feeds.sciencedaily.com/~r/sciencedaily/health_medicine/genes/~3/2-vynqYRVyI/130110121022.htm
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UN envoy Brahimi implied President Assad might not have a role in a future government, while Russia says only Syrians can make that call. Meanwhile, rebels said they took control of a key military base.
By Ariel Zirulnick,?Staff writer / January 11, 2013
In this photo, United Nations special envoy to Syria Lakhdar Brahimi (c.), with Russian Deputy Foreign Minister Mikhail Bogdanov (r.), and Deputy Secretary of State of the United States William Burns, pose during the meeting at furthering their discussions to arrive at a political solution to the crisis in Syria, at the European headquarters of the United Nations in Geneva, Switzerland, Jan. 11.
Jean-Marc Ferre/United Nations/AP
Enlarge? A daily summary of global reports on security issues.
Skip to next paragraph Ariel ZirulnickMiddle East Editor
Ariel Zirulnick is the Monitor's Middle East editor, overseeing regional coverage both for CSMonitor.com and the weekly magazine. She is also a contributor to the international desk's terrorism and security blog.?
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Syrian President Bashar al-Assad's fate has stalled the international community's attempts to agree on a peace plan to end nearly two years of violence in Syria.
United Nations special envoy to Syria Lakhdar Brahimi met today in Geneva with US and Russian representatives to discuss political transition in Syria. But with the United States and the Syrian opposition insisting that Mr. Assad not be a part of the next government, and Russia insisting that only the Syrian people can make that call, today's talks seem likely ? like those before them ? to hit an impasse.
The Syrian government compounded Mr. Brahimi's difficulties yesterday, saying?that he was "flagrantly biased"?after he implied in public comments that Assad would have to step down and not be a part of any future government, Reuters reports.?
"In Syria...what people are saying is that a family ruling for 40 years is a little bit too long," Brahimi told the BBC, referring to Assad, who inherited his post from his father Hafez al-Assad, who seized power in 1970 and ruled for 30 years.
"President Assad could take the lead in responding to the aspiration of his people rather than resisting it," the veteran Algerian diplomat said, hinting the Syrian leader should go.
The Foreign Ministry in Damascus said it was very surprised at Brahimi's comments, which showed "he is flagrantly biased for those who are conspiring against Syria and its people".
?
Syria's al-Watan newspaper said Brahimi had removed his "mask of impartiality" to reveal his true face as a "a tool for the implementation of the policy of some Western countries".
Brahimi's comments were a response to a defiant speech by Assad earlier this week that made clear he had no intention of making any concessions to the Syrian opposition or engaging in meaningful dialogue, as the Monitor's Dan Murphy noted.
According to The New York Times, the government's dismissal of Brahimi increases the chances that he could share the same fate as previous envoy Kofi Annan by becoming?"sidelined into irrelevance" ? although it did not explicitly say it would no longer work with him. Mr. Annan failed to make any substantive progress toward resolving the conflict during his time as mediator.
As Brahimi met with US and Russian representatives in Geneva, the Syrian rebels announced that they had taken over Taftanaz military base in Idlib Province ? a major victory if true. The base has been the site of fierce fighting for days.
According to rebels, Taftanaz has been a launchpad for bombing opposition positions throughout northern Syria, CNN reports. The rebels say they now control the buildings, ammunition, and military equipment located there, although one fighter told The New York Times that the government had destroyed their own planes to prevent them from falling into rebel hands.
The US is meanwhile taking steps to ensure that Syria's chemical weapons are secure when Assad leaves, Secretary of Defense Leon Panetta said yesterday, according to CNN.? He would not rule out the possibility of US troops on the ground.
"We're not talking about ground troops, but it depends on what ... happens in a transition," he said. "You always have to keep the possibility that, if there is a peaceful transition and international organizations get involved, that they might ask for assistance in that situation. But in a hostile situation, we're not planning to ask for that."
Chairman of the Joint Chiefs of Staff Gen. Martin Dempsey warned that it "would be almost unachievable" to stop the Syrian government from using its chemical weapons if it chose to do so.
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