Tag Archives: european

Tony Abbott Branded ‘Climate Denier’ After Carbon Trading Tirade

Last updated on 15 July 2013, 8:11 am A summary of today’s top climate and clean energy stories. Email the team on info@rtcc.org or get in touch via Twitter. Tony Abbott has branded emissions trading as dealing in an “invisible substance”, carbon dioxide. (Source: Liberal Party) Australia: Opposition leader Tony Abbott has branded emissions trading a “so-called market” that deals in an “invisible substance”, carbon dioxide, as the Coalition digs in politically ahead of Labor’s looming overhaul of its clean energy package. ( Guardian ) Poland: Poland’s shale gas business is facing a serious challenge after the EU’s highest court, European Court of Justice, ruled that Warsaw violated European law by allowing licences to be issued for the exploration and extraction of hydrocarbons, without fully open tenders. This affects around 100 shale gas exploration licences issued by Warsaw to firms believed to be in breach of the EU’s Hydrocarbon Directive. ( EurActiv ) UK: The government may be promoting the controversial practice of fracking for gas shale because figures from that industry hold senior advisory roles within the government, campaigners have warned. The former BP boss Lord Browne, Centrica chief executive Sam Laidlaw and BG Group director Baroness Hogg have all been accused of the potential for conflicts of interest. ( Independent ) Germany: The European Union is planning an investigation into Germany’s renewable energy law due to concerns that exemptions for some firms from charges levied on power users breaches competition rules. Lawyers in Brussels are rumoured to have been looking at the law which provides a framework for Germany’s push to renewable energy, and that Commissioner Joaquín Almunia had concluded it may breach EU rules. ( EurActiv ) China: China’s electricity consumption, used a barometer of economic activity, rose 6.3% year on year to 438.4 billion kilowatt hours in June, an official statement said Sunday. The National Energy Administration said that the growth rate was 2% higher than a year earlier and 1.3% points higher than in May. ( Xinhuanet ) China/Australia: A new research programme has been announced which will see Chinese and Australian researchers working together to confront the challenges of climate change policy. The $305,000 programme will be run by the Australian National University’s (ANU) and led by Associate Professor Frank Jotzo of the School’s Centre for Climate Economics and Policy. ( PS News ) Pakistan: Pakistani Prime Minister Muhammad Nawaz Sharif is scheduled to inaugurate Pakistan’s first private hydropower project in Mirpur, Azad Kashmir, on Monday to be registered with the United Nations’ Framework Convention on Climate as a clean mechanism development project. The 84MW project is expected to replace 135,000 tons of oil import valued in excess of $100 million per annum. ( News Tribe ) Czech Republic: A new unique station near Bystrice nad Pernstejnem will examine the impact that expected climate changes will have on wheat and barley. The station, built with the EU’s financial support, consists of 24 automatically controlled chambers similar to greenhouses that enable researchers to simulate different climate phenomena which experts expect to develop in the Czech Republic in the next hundred years. ( Prague Monitor ) – See more at: http://www.rtcc.org/…h.aCxubGOy.dpuf Continue reading →

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Expert View: How To Buy Property Abroad

Tax rules frequently change, as they have in France, so buyers need to be careful not to get caught , says Armando Rosselli, head of tax and wealth structuring at Coutts. Big Apple: buying in prime cities requires tax planning Photo: Alamy By Armando Rosselli 8:00AM BST 13 Jul 2013 For our clients – many of whom prefer European destinations, notably France and Spain – estate planning comes to the fore. Inheritance rules differ between countries. In France, for instance, Napoleonic succession laws mean that there is a compulsory obligation to leave a certain proportion of a property to children. Advice will often be required to structure the purchase of the property – this will normally include individual or joint ownership or more complex structures such as corporate or fiduciary vehicles. Furthermore, in many circumstances local estate taxes remain payable, even if property owners remain residents of the United Kingdom for tax purposes. Most UK residents, even if relocating, will retain their UK domicile and will still suffer UK inheritance tax as a result. Relief against local inheritance taxes will usually be available via a double tax treaty agreement between the UK and the country where the property is located – but it goes to show why advice in both jurisdictions is vital. When our clients buy a French property, we bring together a UK lawyer and a reciprocal lawyer in France to facilitate the transactions, discuss estate planning and to liaise with conveyancers, known as notaires. There’s another reason to have experts on hand – tax rules frequently change, as they have in France, so buyers need to be careful not to get caught out. Buyers also need to be aware that property taxes may be due. Florida, for example, tends to have higher property taxes than many overseas destinations. We find that for many an overseas buyer it is a trade-off between an emotional purchase and wanting to live in a certain jurisdiction, balanced against the tax and costs they have to pay to live there. Whichever location you choose, whether it’s Florida, France, Portugal or Spain, you will find different planning regulations, succession laws and costs. Like any other investment, get all your ducks in a row before you sign on the dotted line – or you could end up with property or land without clear ownership, or not paying the correct amount of tax. First, overseas property buyers need to consider if the time they will be spending at their new overseas property could constitute taxable presence, and check whether there are double tax treaties in place that could relieve this, or whether other aspects might affect their individual tax status. Second, there could be local property taxes or duties applying on purchase and on an ongoing basis, which should be taken into account while considering the investment. In some jurisdictions, residents might only be allowed to buy residential property. Naturally, when it comes to buying property overseas, one of the key questions is financing. Should a property buyer borrow in the currency of the property’s location – and what are the ramifications if you do? If this route is chosen, there will be a currency exchange risk. This risk can be accentuated if someone borrows in the local currency, say euros, but all or most of their income is in a different currency, say sterling. If sterling falls markedly against the euro, a consequence would likely be that your loan repayments would increase, causing cash-flow problems. Foreign currency loans and assets might also have UK capital gains tax implications. We have strict lending criteria on overseas mortgages – it is vital that clients understand what they are getting into. While our clients tend to opt for the traditional expat countries for long-term occupancy, we are seeing different trends for those looking at buying a second home. Barbados is fast becoming the holiday home destination of choice, although some of our younger clients are turning to Ibiza. Others are looking at alternative options. For example, we had a client looking to buy a villa but who ended up buying a yacht. He now has a “floating villa” and can holiday in Barbados, Italy, Spain and Portugal – enjoying a variety of quality restaurants, beaches and resorts. It’s a decent solution – although yachts can be expensive to run and consideration still has to be given to tax and ownership. Whether people opt for a farmhouse, a villa or even a yacht, it is important not to let your heart rule your head. Consider the implications and take advice – it will help you keep your house in order. Armando Rosselli is executive director, head of tax and wealth structuring at Coutts Continue reading →

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Dreamliner fire serious; no sign of battery issue

Dreamliner fire serious; no sign of battery issue (Reuters) / 14 July 2013 Investigators classified the fire that broke out on a Boeing 787 Dreamliner parked at London’s Heathrow airport as a “serious incident” but have found no evidence it was caused by the plane’s batteries, Britain’s Air Accidents Investigation Branch (AAIB) said on Saturday. The question of whether the fire was connected to the batteries is crucial because the entire global fleet of Dreamliners, Boeing’s groundbreaking new flagship jet, was grounded for three months this year due to battery-related problems. The AAIB designation fell just short of a full-blown “accident” on the scale it uses to describe investigations. The agency’s preliminary probe is expected to take several days, opening up Boeing to more questions about its top-selling plane. Despite the uncertainty surrounding the blaze, airlines around the world continued to operate the Dreamliner. Some 18 787s took to the skies Saturday afternoon, about the same as Friday. The fire broke out on the Ethiopian Airlines plane on Friday afternoon, and was discovered when smoke was seen on the plane eight hours after arriving from Addis Ababa. No one was injured. “There has been extensive heat damage in the upper portion of the rear fuselage, a complex part of the aircraft, and the initial investigation is likely to take several days,” the AAIB said in a statement. “However, it is clear that this heat damage is remote from the area in which the aircraft main and APU (Auxiliary Power Unit) batteries are located, and, at this stage, there is no evidence of a direct causal relationship.” The Financial Times on Saturday reported that airline staff had discovered a problem with the aircraft’s air conditioning system during a routine inspection and had seen sparks but no flames. The Times, quoting Mark Mangooni, Ethiopian Airlines’ senior manager in Britain, did not make clear when this had happened. Reuters could not reach Mangooni for comment. Separately, Britain’s Thomson Airways said one of its Dreamliners that turned back during a flight from Manchester to Sanford in Florida on Friday had suffered a “minor technical issue” and had now had a small number of components replaced. Thomson said the aircraft had been fully tested and was being taken back into service at once. The airline declined to specify which components had been replaced. Thomson Airways, owned by the world’s largest tour operator TUI Travel, has a total of three Dreamliners and all are now operating normally, the airline said. Britain’s Sky News television channel said it had learnt that some 100 Thomson passengers had called the airline’s cancellation line asking to know if they were booked to fly on a Dreamliner. Sky News did not give a source for the information and Thomson declined to comment. The Heathrow and Manchester incidents were a new blow for Boeing after the entire global fleet of Dreamliners had to be grounded for three months, ending in April, after one high-tech battery caught fire and another overheated. Boeing shares closed down 4.7 percent at $101.87 on Friday, knocking $3.8 billion off the company’s market capitalisation. “Smoke throughout fuselage” Several airlines said they were continuing to operate their Dreamliners, including United Continental, the Polish airline LOT, Japan Airlines and ANA, the world’s biggest operator of the 787. Heathrow briefly closed both its runways to deal with Friday’s fire, causing delays and cancellations, but was back to normal operations on Saturday. Footage from the scene of the fire showed apparent scorching on the fuselage near the tail. The Dreamliner’s two batteries are in compartments located low down near the front and middle of the plane. The Ethiopian Airlines Dreamliner has been moved to a hangar at Heathrow where it is under technical investigation, the AAIB said, adding that the initial witness and physical evidence showed there had been smoke throughout the fuselage. The AAIB said the US National Transportation Safety Board (NTSB), representing the state of design and manufacture, and the Civil Aviation Authority of Ethiopia, representing the state of registry and operator, had been invited to appoint accredited representatives to participate in the investigation. The AAIB also said it had also invited the U.S. Federal Aviation Administration, Boeing, Ethiopian Airlines, the European Aviation Safety Agency and Britain’s Civil Aviation Authority to participate as advisers to the investigation. Boeing will be keen to reassure airlines, travellers and investors over the cause of the fire as quickly as possible but under aviation rules it will be up to investigators to decide how much information to release and when. Ethiopian Airlines, one of Africa’s top five carriers, said it would continue to fly its Dreamliner fleet. It has ordered a total of 10 Dreamliners, of which four have been delivered. “After a normal flight from Addis to London, passengers disembarked in the morning and the aircraft was cleaned. It was towed to a remote parking area as usual and parked properly with all internal and external powers switched off,” said an official from the airline’s public relations department. Continue reading →

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