Economy
Few takers of office space in first half of 2016: Study
There were few takers of office space in leading eight cities of India in the first half of 2016 owing to slow take-up of space by the IT and BFSI industry, though the second half of the year looks promising, a study said.
 
"The first half of the year has been a mixed bag for the key markets with large volume locations like Bangalore and Mumbai seeing a drop in net absorption owing to slower take-up of space by IT (Information Technology) and BFSI (Banking, Financial services and Insurance) sectors," said a report by real estate consultancy Cushman and Wakefield.
 
The net absorption of office space declined 18 per cent year-on-year across the top eight cities, including Chennai, Pune, Mumbai and Be ngaluru, in the first six months of 2016, it said.
 
"The first half of the year was marked by unavailability of quality space in many cities, while other cities saw prevalence of small-sized deals, which together led to a decline in overall net absorption," the report said.
 
"This, however, is going to be only temporary as the second half looks promising," it said.
 
"A large number of companies has committed space, foreseeing limited availability of upcoming quality stock in select markets which will push up absorption in the second half of the year. These pre-commitments are bound to steer net absorption, going forward," Anshul Jain, Managing Director (India) of Cushman and Wakefield, said. 
 
"India's economic growth story remains strong with additional fillip coming in from the government in the form of relaxation of FDI in a number of sectors. All this will help the office space market to remain positive with absorption levels remaining positive for the rest of the year," Jain added.
 
In the same period Hyderabad, Delhi-NCR, Ahmedabad and Kolkata recorded a rise in net absorption of office space, the report stated.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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China bans online media from publishing unverified content
Chinese internet regulators have banned online media from publishing unverified news reports and content from social media, the authorities said.
 
Every news item taken from social media must be verified before publishing.
 
Cyberspace Administration of China (CAC) issued a notice late Sunday stating that news websites must accredit sources, and were banned from fabricating stories or distorting facts, Xinhua news agency reported.
 
The CAC punished some major websites which fabricated stories this year, including sina.com, ifeng.com, 163.com and the site run by one of the country's biggest internet companies, Tencent.
 
In February, a journalist from the Caijing Magazine wrote a story based on fabricated online content describing a village in northeast China where villagers do not respect the elderly and women are promiscuous. The story went viral. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Deepak Narain

8 months ago

This is a welcome step by the Chinese authorities. Anybody writing untrue articles/comments must be held accountable and punished as necessary.

Asset managers retreat from London following Brexit
Asset managers have started their detachment from London following Britain’s historic vote to leave the European Union (EU), with fund companies finalising plans to reduce their reliance on the capital city.
 
M&G, Columbia Threadneedle, Legg Mason, Fidelity International and T Rowe Price have all outlined intentions to move staff out of London or set up fund ranges in neighbouring EU countries in fear of being locked out of European fundraising, the Financial Times reported on Sunday.
 
No asset manager has yet announced it will shift its headquarters away from the city but the retreat has prompted the Investment Association, the London-based trade body for Britain-based asset managers, to hold a special meeting with its members on Tuesday to tackle the fallout from the vote.
 
Investment companies based in the UK manage 5.5 trillion pounds of assets and employ 35,000 people. Another 25,000 staff work for related entities.
 
Fidelity International, which opened its office in London in 1973 and manages 190 billion pounds of assets, has announced it will move 100 staff to Ireland but said the shift was planned before the UK referendum result. It already employs 65 staff in Dublin.
 
“London has a lot to lose and although it is too early to properly assess what damage the Out vote might have on the city, it is clear people have started making plans to do business elsewhere. Rival centres are on high alert,” the chief executive of a large UK-based asset manager said.
 
On June 24, Britain voted to exit the EU in a historic referendum after being a member of the bloc since 1973.
 
It is the first nation to exit the now 27-member bloc.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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