Saudi Arabia has rejected the US Senate’s conclusion that its crown prince was responsible for the murder of journalist Jamal Khashoggi.

US shipping company UPS dubbed ‘grinch’ after promising to shred letters to Santa

US stock markets have fallen sharply in a renewed sell-off as global share prices looked set for a grim end to the year.

UK Manufacturers will pick up the burden of paying for recycling under new government plans which hope to cut down on waste going to landfill.

Superdry co-founder Julian Dunkerton has said he fears for the future of the fashion brand unless it changes course – after its latest profit warning left the share price 80% below its peak earlier this year.

 

Coventry-based Economy Energy, gas and electricity supplier to nearly 250,000 homes is seeking a rescue fundraising to avoid becoming the tenth company to collapse amid the crisis which has engulfed the sector this year.

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Hong Kong will add artificial island with 1.1 million capacity to tackle housing crisis

Hong Kong Will add artificial island with 1.1 million capacity to tackle housing crisis

The country will add artificial islands to counter a runaway property market that’s made the city the least affordable for housing in the world

The government is aiming to reclaim 1,700 acres (688 hectares) off Lantau Island, stated the city’s Chief Executive Carrie Lam in a policy address on Wednesday. That compares with the 1,670 acres of extra land that a previous government report estimated the city needed through 2046.

“Finding land is the pressing problem that we need to tackle urgently,” Lam told the city’s legislators. “We must make bold decisions.”

Land reclamation in the notoriously crowded Hong Kong has long been a controversial option to boost the supply of homes due to environmental concerns. However, public outrage over a crisis in housing affordability is encouraging officials to act, even as the property market is showing signs of cooling after years of stratospheric gains.

To mitigate opposition to reclamation, Lam has stated that most of such land will be earmarked for subsidised housing. As many as 1.1 million people could live on the artificial islands, according to her. This is about 15% of Hong Kong’s current population. The first phase of reclamation work would start in 2025, with people being able to move in by 2021, said Lam.

Other measures would include: allocating about 70% of new land to public housing; moving faster to convert so-called brownfields sites, such as deserted rural land in the New Territories, to residential use; and setting up a land sharing pilot program that could turn land held by developers into projects that accommodate both public and private housing.

An almost 15-year bull run in prices prompted UBS Group AG to name Hong Kong as the the city which is most at risk of a housing bubble last month. Still, due to rising mortgage costs—the city’s prime rate was increased for the first time in more than a decade last month.

This has weakened valuations and banks are beginning to trim their property valuations.

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