Travel News
Houston Will Feel Like 106F as Millions Remain Without Power - BLOOMBERG
(Bloomberg) -- Houston is set for a dangerous bout of heat as more than 2 million homes and businesses remain without power in the area around the nation’s fourth-largest city after Hurricane Beryl’s battering.
The region is under a heat advisory, with heat index values — a measure of how hot it feels when humidity is factored in — forecast as high as 106F (41C), the US National Weather Service said, warning of the possibility of illness under the extreme conditions. Actual temperatures will exceed 90F.
While those temperatures aren’t unusual for Houston at this time of year, scorching weather and humidity combined with the lack of power will make for brutal conditions, as people won’t be able to turn on air conditioners for a break from the heat. The sweltering conditions and significant power outages are both expected to last for days.
“It can be pretty uncomfortable, especially without power,” said Bob Oravec, lead forecaster at the US Weather Prediction Center. Real temperatures will likely be in the mid 90s for the next few days, which is typical for this time of year. “It’s average hot, but that’s still pretty hot.”
As of Tuesday morning, about 2.3 million homes and businesses were still without power in eastern Texas, concentrated in the Houston area, according to PowerOutage.us. More than 75% of those without power are customers of CenterPoint Energy Inc., the Houston area’s main electric utility.
Beryl left the Houston metro area — home to roughly 7 million — a morass of flooded streets, downed trees, darkened traffic lights and power lines lying on the ground. At least three deaths were blamed on the storm. Beryl, a Category 1 hurricane when it struck Texas early Monday, already had killed 11 people in a week-long rampage across the Caribbean.
Based on current progress with damage assessment and initial restoration, CenterPoint expects to have power restored to 1 million impacted customers by the end of day on July 10, the company said in a statement late Monday.
The storm, now a tropical depression, is sweeping across the South, with heavy rainfall expected in the Mississippi Valley. Tornadoes are possible across Missouri, Tennessee, Kentucky, Illinois, Indiana and Ohio. Almost 35,000 homes and businesses are without power Tuesday in Louisiana and Arkansas.
Scorching weather is also set to bake western states this week, raising fire risks from Canada to Mexico. A million people are under an excessive heat warning in the US West, according to Bryan Jackson, a meteorologist at the Weather Prediction Center.
Las Vegas on Sunday hit an all-time high temperature of 120F (49C). Palm Springs and Redding in California have also set records. The high in Sacramento may reach 110F on Thursday, while Furnace Creek — the gateway to Death Valley — is poised to hit 128F.
--With assistance from Tope Alake.
These 2 airlines best-positioned for booming summer travel - YAHOO FINANCE
Air travel broke records over the 4th of July holiday weekend, with the TSA (Transportation Security Administration) screening over 3 million passengers on Sunday alone. The Points Guy founder Brian Kelly joins Wealth! to discuss the state of air travel as the summer vacation season kicks off.
Kelly notes that most airlines have increased their flights to Europe as consumer demand rises. Round-trip prices have also dropped, allowing more travelers to embark on their European vacations this summer. He attributes this travel boom to the increased accessibility of low-cost airline carriers and consumer spending. Kelly explains that consumers are "going on the deals, but they're not paying the top dollar" for these vacations.
He points to Delta Air Lines (DAL) and United Airlines (UAL) as well-positioned airlines as more travelers take to the skies: "Delta is going to consistently perform well as they pretty much always do, although they did revise their estimates down a little bit. United is the most global US airline, so I think they have the most upside to be had here."
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
This post was written by Melanie Riehl
Video Transcript
Well, high airfare costs and the threat of a hurricane didn't stop Americans from flying last weekend.
In fact, air travel broke records over the fourth of July weekend.
The Transportation Security Administration ts A as you know said, it screened over 3 million passengers on Sunday alone marking an historic peak in travel.
For more on this.
I'm joined by Brian Kelly, the points guy founder, Brian.
Great to see you here today.
Ok, so we gotta wrap our minds around this.
What does the travel demand profile more largely look like here and how are we seeing people kind of navigate through some of the travel options that remain at this juncture?
Well, you know, it's actually pretty positive for consumers.
Uh capacity is up and what trends I'm seeing is, you know, there's a lot more flights to Europe and internationally and there were some amazing domestic deals.
So travelers definitely still have that appetite for Europe.
Most airlines have boosted their, their flights to Europe.
I was checking for a friend yesterday who wanted to come home early before the storm and everything was sold out.
So I'm not shocked even with over 600 canceled flights on Sunday, we still cleared that 3 million passenger mark for TS A which was the historic record.
But guess what?
The, the, the fare prices are not that crazy.
I, I'm booking in August business class round trip fares to Europe nonstop on big carriers 2500 to $3000 last summer.
Those were double.
So it's interesting to see capacities up but airfares are not quite where uh I think they should be and I think we're gonna see that in the corporate results as they start coming in later this week.
Why, why do you think that is?
It's fascinating.
Uh You know, I think uh there are a lot of new low cost carriers.
I think consumers are now splurging um for premium economy, business class, you know, and, and of course, those traditional business travelers have not come back like they used to those, those pass, you know, the business class passengers paying $9000 last minute.
Uh It's shocking because even this week you can fly Air France flying blue, uh multiple dates from major us cities for 50,000 miles in business class.
I've never seen so many good deals in both cash and points.
Um And I, I guess consumers are, are traveling, they're, they're going on the deals but they're not paying the top dollar.
Ok. That's really interesting.
Especially as it's a consistent thread that we've heard from airline operators at least on the topic.
Quarter.
Over quarter and we're set to kick off some of those earnings this week here as well with Delta being in focus, you know, a lot of people out there as we were talking about and, and really looking at what could come forward for airline earnings here, who are you anticipating will continue to be perhaps the best positioned at this juncture?
You know, I think Delta is going to consistently perform well as they pretty much always do.
Although they did revise their estimates down a little bit.
I think United, you know, United is the most global US Airlines.
So I think they have the most upside to be had here, you know, last year, they had some pretty tough uh cancellations with the 737 max nine.
I think it's been a much smoother summer for them.
So, you know, I would say the underdog here would be United to kind of pull ahead a little bit in terms of profit.
I would look out the US carriers, you know, US domestic airfare is really low and uh you know, with the weather and the storm, I would put my bets on the United and Delta to really keep leading the pack in terms of profits for shareholders.
And you mentioned United's annexation and of course exposure to Boeing as many of the other airline operators do as well, especially here in the US is that deterring travelers at all, I don't think so.
You know, it certainly creates new cycles just like, you know, these extreme turbulence incidents, they go viral but people are still traveling and the fact of the matter is you don't really have any other options besides Boeing and Airbus and most consumers are going on price.
And that's what works the airlines know that, that's why they dropped prices.
They're filling planes, they may not make as high of a margin, but they'd still rather have full planes than, uh, than empty ones for sure.
Noted.
Indeed.
Queues spread as petrol hits N1,100/litre in Abuja, others - PUNCH
The queues for Premium Motor Spirit, popularly called petrol, persisted in Abuja and neighbouring states on Monday, as it also spread to Lagos and other regions across the country, with marketers stating that the situation might drag till the weekend.
As motorists spend hours in queues at the few filling stations that dispensed the product, black marketers used the opportunity to raise their prices to between N1,000 and N1,100/litre, while some retail outlets increased the pump price of petrol to N900/litre, particularly in Abuja, Nasarawa and Niger.
This came as the Nigerian National Petroleum Company Limited explained that the queues were due the recent thunderstorm and challenges of logistics that disrupted activities at fuel loading jetties.
It, however, stated that the company was working with stakeholders to resolve the situation and clear the queues.
Reacting to this, the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed that NNPC had assured marketers that the matter was being addressed.
He, however, explained that the queues may not disappear in the next couple of days, stressing locations far away from major depots would experience lengthier days of fuel queues.
“Once they start loading, it takes some days to clear the queues. And don’t forget that filling stations in Abuja get products from Lagos, Oghara, Warri, Port Harcourt or Calabar, and that takes more than three days turn-around time to accomplish,” he stated.
On whether the situation was being resolved as stated by NNPC, Gillis-Harry said, “Yes it is being addressed and we’ve had an in-depth review of the matter. They’ve given us assurance that they are working on it and so we should be able to get products in our retail outlets.
“We could see what their challenges were, but during our conversation we were able to know that NNPC is working hard to tackle this situation. So we are certain that in the coming days petroleum products should be available and circulate widely.”
Gillis-Harry, however, stated that marketers could not confirm the claim of thunderstorm disrupting the loading of products at jetties, as stated by NNPC.
“Rather, as far as we are concerned there is a supply glitch which is now being addressed by NNPC,” the PETROAN president stated.
Gillis-Harry stated that to get a lasting solution to fuel scarcity and queues in Nigeria, the government and NNPC must work with downstream oil sector operators.
“We had recommended that NNPC should have a clearly-defined council made up of all the grassroot knowledge of the business so that when we sit down and discuss we can always project what is likely going to be our problem based on empirical evidence. We should be data-driven by the design and plan that we put together,” he stated.
Inadequate supply
However, a major dealer in the downstream oil sector insisted that there was inadequate supply of PMS by NNPC and that this was due to shortage, adding that the queues had spread to Lagos.
“The product is not there. If the product is there people will lift it and there won’t be queues. So I don’t think the queues will disappear any time soon, it might drag till weekend.
“This is because even in Lagos, when I was coming to office today, I saw queues from the MRS station in Alakaa to around the Teslim Balogun Stadium, Surulere.
“So there are queues in Lagos too, not just in Abuja and states in that axis. The government and NNPC will keep assuring Nigerians, but it is until we see the product that you can say their assurances are true,” the dealer, who spoke anonymously due to lack of authorisation to speak on the matter, stated.
The marketer further noted that there was no guarantee that the queues would clear in the next few days, particularly in states far away from loading depots in Lagos, Port Harcourt, Warri and Calabar.
“I don’t think the queues will clear any time soon and not tomorrow because depots are not loading. I know the kind of pressure that came on me today, people pleading that I should just put them on programme.
“But why should I put you on programme when the product is not there? And again there have been demands to supply the limited products available to Abuja. So I can’t put you on programme until we are sure of the presence enough product,” the source stated.
NNPC blames thunderstorm
This came as NNPC explained on Monday that the queues in different parts of the country were due the recent thunderstorm and challenges of logistics that disrupted activities at fuel loading jetties.
NNPC’s spokesperson, Olufemi Soneye, disclosed this in a statement issued in Abuja on Monday, as the scarcity of petrol grew worse.
“The NNPC Ltd wishes to state that the fuel queues seen in the FCT (Federal Capital Territory) and some parts of the country, were as a result of disruption of ship-to-ship transfer of petrol between mother vessels and daughter vessels resulting from recent thunderstorm.
“The adverse weather condition has also affected berthing at jetties, truck load-outs and transportation of products to filling stations, causing a disruption in station supply logistics.
“The NNPC Ltd also states that due to the flammability of petroleum products and in compliance with the Nigerian Meteorological Agency regulations, it was impossible to load petrol during rainstorms and lightning,” the company stated.
It stressed that “adherence to these regulations is mandatory as any deviation could pose a severe danger to the trucks, filling stations and human lives.”
The national oil firm further stated that the development was compounded by consequential flooding of truck routes which had constrained the movement of PMS from the coastal corridors to the federal capital, Abuja.
“The NNPC Ltd is working with relevant stakeholders to resolve the logistics challenges and restore seamless supply of petrol to affected areas.
“Already, loading has commenced in areas where these challenges have subsided, and we are hoping the situation will continue to improve in the coming days and full normalcy will restored.
“The NNPC also calls on motorists to avoid panic buying and hoarding of petroleum products,” the company stated.
Situation in states
Residents of Ogun State bought PMS at between N700 and N750/litre in most of the independent filling stations in the state on Monday.
It was, however, observed that some of the filling stations did not sell the product to customers on Monday. The filling stations that had queues were the ones operated by NNPC and it was because they dispensed PMS at N580/litre.
But in Sokoto State, the fuel scarcity persisted on Monday, as residents decried the situation and the hike in the pump price of the commodity to between N900 and N950/litre.
Most independent marketers in Sokoto did not dispense petrol on Monday. A motorist, Salami Isa, who spoke with one of our correspondents, said most of the filling stations were selling at exorbitant prices.
“The fuel issue is getting out of hand now as things are just too expensive and we still have to pay through our nose to get fuel,” he stated.
PMS in Asaba, the Delta State capital and its environs was sold at between N730 and N790/litre.
Marketers such as Matrix, Northwest and RainOil sold petrol for as high as N730, while dispensed theirs at N765 in Asaba.
But in locations like Ibusa, Issele-Uku, Issele-Azagba, and Agbor, among other towns, fuel was sold at between N765 to N790/litre without queues.
However, long queues were observed at the NNPC mega filling station along Benin-Asaba Express which dispensed the product at N590/litre.
There were no queues at petrol stations in Ilorin, Kwara State, on Monday, while petrol was still sold at between N600 and N750/litre in the state.
Additional reports by Bankole Taiwo, Animasahun Salman, Matthew Ochei, Bola Bamigbola, and Tunde Oyekola
Nigerian govt threatens to sanction airlines over false departure schedules - NAN
"The NCAA regulation says no airline shall display deceitful passenger departure time at its counter, advert material or on its website."
The Nigeria Civil Aviation Authority (NCAA) has said it will sanction airlines that schedule departure times deceitfully.
The Acting Director-General of NCAA, Chris Najomo, made the assertion in a statement signed by the Director of Public Affairs/Consumer Protection, Michael Achimugu, on Tuesday.
The NCAA warned the airlines to desist from the infraction or face dire regulatory actions.
“The NCAA now runs a zero-tolerance approach to regulatory infractions.
“Ease of doing business is the crux of the D-G’s action plan for the NCAA. In line with that action plan, he has made processes for licensing easy for operators.
“The time to secure AOC is now shorter and less cumbersome than it used to be in the past. The NCAA, therefore, expects reciprocity from airlines. Chief of which is world-class services to passengers,” he said.
Mr Najomo was quoted as saying that if the NCAA was enabling a business-friendly environment for operators, then the operators must satisfy the passengers with superior services.
“It has come to our notice that some airlines are being reported for advertising deceitful departure times. The NCAA regulation says no airline shall display deceitful passenger departure time at its counter, advert material or on its website.
“We want to make it very clear that the D-GCA has directed monitoring and offenders will face serious regulatory actions,” Mr Najomo said.
He further stated that the authority believes in safety, discipline, and economic regulation, evident in the recent suspension of ten permits for Non Commercial Flights (PHCF) holders for failing to comply with the recertification advisory issued in April 2024.
Speaking about the ease of doing business environment at the NCAA, Mr Najomo said the ease of business is an area the agency would continue to improve.
“This is evident in our high score on the Presidential Enabling Business Council (PEBEC) ranking. Recently our sister agency scored 96 per cent but the NCAA scored 98.5 per cent which is an extremely high score.
“This is building from the commendable score of 71.04 per cent the NCAA scored during this year’s ICAO Security Audit.
“The numbers are improving and we will continue to do what we can to make the industry safer, and more secure for passengers and stakeholders,” he assured.
On the difficulty of airline refund processes, Mr Najomo said all airline refunds must be completed without undue delays and should conclude in 14 working days regardless of the mode of purchase of the tickets.
On the suspension of ten operators’ PHCF licenses, he explained that they had been advised to commence the recertification process since April 2024, but they refused to comply, leaving the agency with no option but to sanction them.
Mr Najomo also discussed a recent publication, among other accusations, alleging that the law surrounding the suspension of 10 PHCFs was not in vogue.
Describing the allegations, which he believed to be based on ignorance or mischief, as fluid and unfounded, Mr Najomo explained that his agency’s actions were guided by the Civil Aviation Act 2022.
He said that the NCAA’s action was part of its mandate to ensure compliance with the civil aviation law establishing it and the attendant regulations.
To sanitise the sector, the NCAA reaffirmed its stance to rid the industry of illegal charter operators who might have inspired the publication.
(NAN)
Federal Govt Subsidising 19 Airports In Nigeria – FAAN - LEADERSHIP
… Says only 3 profitable
Written by Yusuf Babalola
The Federal Airports Authority of Nigeria (FAAN), on Tuesday, disclosed that only three out of the nation’s 22 airports in Nigeria are viable and profitable.
Speaking as a guest on the Channels TV morning show, the managing director of FAAN, Olubunmi Kuku, disclosed that 19 of the nation’s airports are being subsidised as they do not get passenger traffic commensurate with their operational cost.
She, however, advised state governors building airports that rather than construct new airports, should focus on boosting manufacturing, trade, and tourism activities in their domains to increase passenger traffic and revenue.
Kuku also stated that the majority of the 22 airports managed by FAAN require maintenance and upgrade in critical infrastructure like the terminal areas, the landside as well as the airside.
“I would also say that we are actually cross-subsidising the other 19 airports today and in most instances, we will substitute or cross-subsidise for some of the airports that are coming on board as well.”
“Most of the runways at the airports in the country have exceeded the 20-year validity period and they are due for an upgrade,” says Kuku also noting that the airport authority would focus on some of these developmental goals this year.
According to her, economic activities in states where airports are built drive passenger traffic and not the construction of new airports.
“We have a number of states in the north as well as in the south-west that are coming up with new airports. I would say that based on the stats today, only three of the 22 airports are actually profitable and contribute largely to the sustenance of the airport companies that we run.
Kuku mentioned that FAAN allocates 50 per cent of its revenue to the federal coffers, which presents a significant challenge.
She noted that the authority is currently in talks with different branches of government to seek relief.
She explained that passenger traffic is influenced more by Gross Domestic Product growth and economic activities than by the construction of new airports.
Kuku emphasised the importance of focusing on key sectors like trade, manufacturing, and tourism to boost airport traffic.
“Rather than building new airports, we need to look at the bottom of the value chain to determine what activities can drive traffic into these airports,” Kuku said.
She added that FAAN is working closely with international organisations, such as the International Air Transport Association and the Federal Ministry of Aviation, to expand domestic and international routes.
Kuku mentioned that there are initiatives aimed at transforming Nigeria and certain airports within the country into transit hubs.
“What that means is that we start to build a network of airports where we can push our feeders to some of the other states or to some of the other locations and start to utilise our airports,” she said.
She highlighted that almost four million passengers travel internationally from Nigeria, stressing the importance of efficient infrastructure use for the upkeep and sustainability of these facilities.
He said that the airports, terminal areas, landslides and air sides as some of those things that require urgent improvements and the amount appropriated may not suffice.
Kuku emphasised that the aviation sector, particularly airports, is critical and requires substantial capital investment.
Air Peace economy class to London booked till August – COO - PUNCH
The Chief Operating Officer of Air Peace, Toyin Olajide, has disclosed that economy class ticket seats on the airline flight to London from Lagos were fully booked for the next 60 days, counting from July.
This is as Nigerian travellers on the Lagos-London route, including a travel agent company, have commended the airline for its decision to start flight services to European countries three months ago.
In an interview recently in Lagos, Olajide noted that the airline had faced numerous challenges on the route, but expressed delight that the carrier had provided Nigerians with a choice.
According to Air Peace’s COO, the airline’s Sunday flight on June 30, 2024, was fully booked in economy class seats, while 41 seats in its business class were equally occupied.
She, however, regretted that its system did not advertise its first-class seats, an error that had been corrected by the management.
Also, she explained that Nigerians flying from the United States to the United Kingdom book Air Peace to Lagos, taking advantage of the cheap US-Europe flights.
She stated that by doing so, the travellers on the US-UK-Nigeria routes saved a lot of money, which they would have spent on direct US-Nigeria flights.
She added that Chinese citizens residing in Nigeria, fly Air Peace to London and connect China Southern Airlines to China in a bid to reduce airfares.
She said: “But our system did not advertise our first-class seats, an error that has been corrected. So, what it means is that we recorded a very high load factor, only 12 seats in the first class and one business class seat; that is, 13 seats were empty out of the 274-seat capacity aircraft. We thank Nigerians. We appreciate the fact that they are happy with the airline.
“We recently upgraded two passengers who flew from the US to London and used our flight to Lagos. We upgraded them from economy class to business class in appreciation of their commitment and desire to patronise us. But they also take advantage of the cheap flights between Europe and the US, and our flights are also affordable. So, this enables them to save a lot of money.
“The entrance of Air Peace into this market has not only increased accessibility but also diversified the passenger base. Remarkably, the airline has attracted elderly passengers who previously could not afford high ticket prices post-pandemic, as well as students returning home for family events and reunions. This influx has resulted in a 5 per cent to 15 per cent increase in passengers.”
According to Olajide, Air Peace’s operations have also played a crucial role in positively positioning Nigerian brands.
She noted that products like farm fresh yoghurt, Gratia chin chin flakes, Olu Olu chips, and local long-grain Nigerian rice had gained exposure and expanded their reach.
“This ripple effect has benefited small businesses and local farmers who supply produce like tomatoes, peppers, and spinach, contributing to an economic expansion of over N2bn,” she added.
The Minister of Aviation and Aerospace Development, Festus Keyamo, recently said the Federal Government had commenced the process of empowering Nigerian airlines to have direct access to international routes to the United States and South American countries.
On March 20, Air Peace commenced its Lagos-London flight services.
Travellers laud govt as Abuja airport e-gates reduce delays - PUNCH
Travellers using the Nnamdi Azikiwe International Airport, Abuja, have commended the Federal Government over the newly installed e-gates, which have reduced delays and improved the travel process.
Our correspondent, who monitored the use of the electronic gates at the international departure, observed that travellers were smoothly using their boarding passes to go through two e-gates.
A passenger, Michael Simon, told The PUNCH, “I just experienced the new e-gates for the first time, and I must say is a good one. The process was incredibly smooth and efficient. The system made everything faster, and I was through in no time.
“It is a huge improvement, and it enhances the overall travel experience. Not like how it used to be before, where you had to open your passport and go through a long process when you had a flight to catch.”
Another passenger, Temitayo, also praised the new system, saying, “The e-gates at Nnamdi Azikiwe Airport are working perfectly today! I breezed through security in no time. It is such a relief to see things running smoothly.”
David George highlighted the benefit of the new e-gates, stating, “For me, the process is quick and efficient, with no unnecessary delays. The best part was the absence of extortion or any shady practices. Everything looks professional. Now we can at least say bye to the opening of the passport before entry. So, this is a big step forward for the airport, and it made my travel experience so much more pleasant.”
Recall that in April 2024, the Minister of Interior, Olubunmi Tunji-Ojo, led a test run of the newly installed electronic gates at the Nnamdi Azikiwe International Airport, Abuja.
The Federal Government said its decision to install electronic gates at all the nation’s international airports would help flag unwanted persons or persons of interest from entering Nigeria.
Tunji-Ojo stated that the gates would eliminate the inconveniences associated with clearance at the arrival lounge, noting that travellers arriving in the country would now spend a few seconds at the gates
An airport staff member explained the process of using it to our correspondent.
He said, “The e-gates mean that the boarding pass will be collected, then you place it on it, and it will scan it. It then opens, so you can enter. As soon as you enter, it closes. Staff that work here cannot pass through it. So, staff that need to attend to passengers pass beside the e-gate to enter.”
Another airport worker added, “Passengers will come with their boarding pass, and it will open for them automatically. Instead of the previous one that they normally come with their passport. This one makes it easier and is very fast. There is no extortion whatsoever because there is no personal contact with any staff member.”
Golden visas and how to get one – from Portugal to Dubai - YAHOO FINANCE
There is very little that money cannot buy – including a brand new passport, or the right to live in an overseas paradise visa-free.
Around the world there are more than 100 nations that would welcome you with open arms – in return for an investment in their national economy. Some are looking for entrepreneurs, start-up angels, philanthropic donors or big hitting business investors.
Others simply want you to buy a home.
Interest in these property-contingent golden visa schemes (also known as residence or citizenship by investment schemes) has skyrocketed in the post-Brexit world, as Britons look to continue travelling around Europe visa free.
Others are considering their options following Sir Keir Starmer’s Labour’s big general election victory. It is widely expected taxes will rise sooner rather than later, which is prompting growing numbers to think about a new life abroad.
Here, Telegraph Money takes you through what you need to know and how to get the best golden visas available now.
What is a golden visa?
Typically a golden visa (conferring residence) or a golden passport (conferring citizenship) gives the buyer of a property, plus their dependents, the right to live, work and study in that country.
In some cases the visas for European countries also confer the right to travel around the rest of the continent for extended periods without another visa (although not to settle there permanently). Passport holders can live anywhere in the union for as long as they like.
How do they work?
The world of golden visas is complex and fast-moving as countries open, close and alter the terms of their schemes, which offer a choice of either permanent citizenship or long term residency.
So far this year, for example, Greece has hiked the price of its golden visa while Australia has axed its scheme altogether. As of today, the following locations are your best options for a ticket to a new life in the sun.
Spain
Over Christmas Portugal killed off its golden visa by property investment scheme, complaining it caused house prices to soar beyond the reach of locals. That would have put Spain’s scheme into pole position in Europe, but for a sudden change in direction announced by the prime minister in April.
For now, in return for a property investment of at least €500,000 (£427,350) – which would buy you an apartment in Barcelona or three bedroom villa close to Malaga – you can follow in the footsteps of generations of second home owners and retirees and soak up the sun, full time.
The choice of lifestyles you can buy into is fantastic – indulge your passion for golf on the Costa del Sol, enjoy vibrant cities like Seville or Madrid, relax on your sun lounger on the Costa Brava, or get away from it all in the Catalonian countryside.
Spain’s practical appeal includes plentiful and cheap flights from the UK, a low cost of living, the fact that English is widely spoken, safety, and good schools for relocating families. And a Spanish golden visa gives you the right to travel across Europe, a privilege lost to Brits post Brexit.
“The scheme has garnered significant interest among UK nationals, particularly following Brexit, which has altered their residency status in Spain,” said Mary Dunne, Hamptons International representative in Marbella. “The primary motivation for seeking a golden visa is the desire for regular access to Spain, often because individuals own a second home there.”
But if you want to live, work, or study in Spain your window of opportunity looks to be narrowing. The Spanish prime minister signalled his country will follow in Portugal’s wake and remove the property investment route to a three-year visa.
Pedro Sanchez said the scheme would be scrapped to make access to affordable housing for Spaniards “a right instead of a speculative business”.
Greece
A Greek golden visa brings many benefits beyond the promise of chilling out on white beaches while the sun blazes overhead.
There is also visa-free travel within Europe’s Schengen area and no requirement to live in Greece full-time. Within around three months you can apply for a residence permit, followed by citizenship after seven years.
Until recently the offer was also appealingly affordable, with a minimum property spend of €250,000 in part of the country.
However, in late March the government announced those minimums would be increased to €800,000 on popular islands and to €400,000 elsewhere. Investors must purchase a property of at least 1,292 sq ft.
Pantelis Leptos, chairman of Leptos Estates, said demand from British buyers “seeking to secure their seamless access to the EU” had escalated post-Brexit. Other buyers simply want to spend time enjoying the Grecian lifestyle, and know they can offset the expense by renting their property out when they are not in situ.
Portugal
In December 2023, Portugal ended its ‘golden visa’ that proved popular with British retirees. The scheme allowed expats to take up residence for five years in exchange for property purchases of €500,000 (£432,000) or more. After that period you could then apply for permanent residency.
Launched in 2012 as a way to encourage investment into the country, Portugal’s scheme has been a success and attracted more than €6bn in investment. However, critics say it has pushed up prices and made housing unreachable for many Portuguese nationals. In popular areas, such as the Algarve, house prices have gone up by 15pc.
While the country has removed the home ownership route to residency, the investment options are still available. In order to qualify you need to invest €500,000 into a Portuguese investment or venture capital funds, into an existing company, or creating a new company that creates or maintains five permanent jobs for at least three years.
You could make an investment into a business that leads to the creation of 10 jobs. Other options include a €250,000 donation to a project for the maintenance or production of Portuguese national heritage.
The good news is that if you meet the conditions you will be entitled to the same five-year benefits as those who used the residential property route and the ability to travel within the Schengen zone.
You can also include a dependent in your application. This covers a spouse, children or parents. And you don’t even need to spend that long in the country if you choose not to – the requirement is just seven days a year.
Dubai/ United Arab Emirates:
The hottest of global property hotspots, Dubai’s modern apartments have seen prices jump 20pc last year alone.
And anyone prepared to spend AED 2m (around £430,000) in this futuristic holiday resort with guaranteed sunshine, through an investment fund or buying property, will get some substantial golden visa benefits and a low tax environment with no personal income, capital, net worth or withholding taxes.
From a lifestyle point of view, Dubai has pros and cons. Beaches aside, there are endless fancy bars, restaurants and boutiques to browse – and very good schools. There is also an opera house, contemporary art galleries, regular film and food festivals and major sporting events to enjoy.
On the other hand, over the summer months average temperatures exceed an insufferable 40°, the traffic is a nightmare and some find the ambience soulless.
Stuart Wakeling, managing partner at golden visa specialists Henley & Partners said some recent applicants have seen Dubai’s stellar price growth in recent years and simply want a piece of the action. “They can see themselves living there, setting up a business,” he said.
Peter Ferrigno, director of tax partners at Henley & Partners, said Dubai is particularly popular with people looking to cut their tax bill. “I have got a guy at the moment who has persuaded his employers it is better for him to be based there,” he said. “You get a break from the rain for a few years, and you can save a bit of cash.”
Malta
This peaceful Mediterranean paradise is often overlooked by tourists, second home owners and expats, who prefer southern Europe’s bigger, better-known destinations.
But if you like good food, white sandy beaches and history then Malta could be a winning option. Although it is not a budget friendly choice as the scheme was established to bring an influx of wealth to the island.
If you want a new passport Malta’s citizenship by investment programme is open to anyone able to spend €700,000 on a property. If you opt for permanent residency instead you must spend €350,000 on a home, plus around €70,000 in administration fees and contributions to the Maltese economy.
Either way, you get the right to travel in Europe’s Schengen area without a visa.
Jersey
You might love the idea of rubbing shoulders with the jet set on balmy Jersey, but you will need deep pockets to join this particular club.
In order to join the island’s residency-by-investment scheme you will need to buy a property priced at a minimum £1.75m. And, said Wakeling, you have to contribute tax of £250,000-per-year to qualify, which means you need annual earnings of around £1.25m.
“It is very restricted,” said Wakeling: “The government offers about 15 applications each year to high net worth individuals.”
The chosen few also have to meet moral criteria. Those who apply for a golden visa will be judged on their track record for voluntary work, any media coverage of their business or social life, awards and achievements, and cultural interests or skills.
Costa Rica
Fancy life in a tropical paradise?
Costa Rica is an astonishingly beautiful slice of Central America where you can hang out on unspoiled beaches and surf to your heart’s content. Its national slogan is pura vida – pure life – and it’s the place to be if you’re into wellness.
The minimum property investment is appealingly low - $150,000 (around £120,000), and participants in its residence-by-investment scheme get some great financial advantages, since they are only taxed on income earned within Costa Rica.
But now for the bad news. You will need a little bit of pioneering spirit because Costa Rica isn’t as developed as western nations, turnkey property is hard to find and there are half a dozen active volcanos to contend with.
The Foreign Office adds a sobering note of caution, warning of muggings, theft, drink spiking and car jackings, particularly on the Atlantic coast.
How Canada became a car theft capital of the world - BBC
BY Nadine Yousif
BBC News, Toronto
- Published 9 July 2024
Logan LaFreniere woke up one October morning in 2022 to an empty driveway.
His brand new Ram Rebel truck was missing.
His security camera captured two hooded men breaking into the pickup in the dead of night outside of his Milton, Ontario home, and driving it away with ease.
A few months later, that very same truck appeared on a website of vehicles for sale in Ghana, an ocean and some 8,500km away.
“The dead giveaway was the laptop holder that we had installed in the back of the driver’s seat for my son, and in it was garbage that he had put in there,” Mr LaFreniere told the BBC.
That same clutter was visible in photos of the car listing, he said.
“There was no doubt in my mind that it was my vehicle.”
Mr LaFreniere’s story is hardly unique. In 2022, more than 105,000 cars were stolen in Canada - about one car every five minutes. Among the victims was Canada’s very own federal justice minister, whose government-issued Toyota Highlander XLE was taken twice by thieves.
Early this summer, Interpol listed Canada among the top 10 worst countries, external for car thefts out of 137 in its database - a “remarkable” feat, said a spokesperson, considering the country only began integrating their data with the international police organisation in February.
Authorities say once these cars are stolen, they are either used to carry out other violent crimes, sold domestically to other unsuspecting Canadians, or shipped overseas to be resold.
Interpol says it has detected more than 1,500 cars around the world that have been stolen from Canada since February, and around 200 more continue to be identified each week, usually at ports in other countries.
Car theft is such an epidemic that it was declared a “national crisis” by the Insurance Bureau of Canada, which says insurers have had to pay out more than C$1.5bn ($1bn; £860m) in vehicle theft claims last year.
The problem has forced police jurisdictions across the country to issue public bulletins on how to protect vehicles from theft.
Meanwhile, some Canadians have taken matters into their own hands, doing everything from installing trackers on their cars to hiring private neighbourhood security.
Some who can afford it have even installed retractable bollards in their driveways - similar to those seen at banks and embassies - to try and deter thieves.
Nauman Khan, who lives in Mississauga, a city just outside Toronto, started a bollard-installation business after he and his brother were both victims of car thefts.
In one attempt, Mr Khan said the thieves broke into his home while his wife and young children were sleeping. They were looking for the keys to his Mercedes GLE parked out front, he said, but ran after he confronted them.
After that “traumatic” experience, they sold their cars except for two “humble” family vehicles.
Through his business, Mr Khan said he now hears similar stories from people throughout the region of Toronto.
“It’s been very busy,” he said. “We had one client whose street had so many home invasions that he’d hired a security guard every night outside his house because he just didn’t feel safe.”
The pervasiveness of car thefts in Canada is surprising given how small the country’s population is compared to the US and the UK - other countries with high rates of such crime, says Alexis Piquero, Director of the US Bureau of Justice Statistics.
“[Canada] also doesn’t have as many port cities as the US does,” said Mr Piquero.
While the US, Canada and the UK have all experienced a spike in car thefts since the Covid-19 pandemic, Canada’s rate of thefts (262.5 per 100,000 people) is higher than that of England and Wales (220 per 100,000 people), according to the latest available data from each country.
It is also fairly close to that of the US, which sits at around 300 vehicle thefts per 100,000 people, based on 2022 data.
The rise in recent years is partly due to a pandemic-driven global car shortage that has increased demand for both used and new vehicles.
There is also a growing market for certain car models internationally, making auto theft a top revenue generator for organised crime groups, said Elliott Silverstein, director of government relations at the Canadian Automobile Association.
But Mr Silverstein said the way that Canada’s ports operate make them more vulnerable to this type of theft than other countries.
“In the port system, there’s a greater focus on what is coming into the country than what is exiting the country,” he said, adding that once the vehicles are packed up in shipping containers at a port it becomes harder to get to them.
Police have managed to recover some stolen cars.
In October, the Toronto Police Service announced an 11-month investigation that recovered 1,080 vehicles worth around C$60m., external More than 550 charges were laid as a result.
And between mid-December and the end of March, border and police officers found nearly 600 stolen vehicles at the Port of Montreal after inspecting 400 shipping containers.
These types of operations, however, can be difficult to carry out given the volume of merchandise that moves through that port, experts have said., external Around 1.7 million containers moved through the Port of Montreal in 2023 alone.
Port staff also do not have the authority to inspect containers in most cases, and in customs-controlled areas only border officers can open a container without a warrant.
At the same time, the Canada Border Services Agency (CBSA) has been grappling with chronic understaffing, according to a report submitted by its union to the government in April., external
Outdated technology is also an issue.
Patrick Brown, the mayor of Brampton - another Ontario city hard-hit by car thefts - recently paid a visit to the Port Newark Container Terminal in New Jersey to compare inspection tactics between the US and Canada.
He told the National Post newspaper that US authorities have “got scanners. They measure density. They work closely with local law enforcement”.
“These are things that we don’t do in Canada,” he said.
In May, the Canadian government said it would invest millions to bolster the CBSA’s ability to search shipping containers. Police will also get additional money to combat auto theft in their communities.
But Mr Silverstein said he believes a missing puzzle piece is auto manufacturers themselves.
“Everyone is talking about trying to recover vehicles, and a lot of my focus has been on why we are not making the vehicles tougher to steal in the first place,” he said.
In the meantime, car owners like Mr LaFreniere are still grappling with what to do to keep their vehicles safe.
After his Ram Rebel truck was stolen, he replaced it with a Toyota Tundra - a vehicle that Mr LaFreniere described as his “dream truck”.
This time, he installed an engine immobiliser on it to prevent thieves from being able to easily start the car. He also equipped it with a tag tracker in case it did get stolen, and added a club on the steering wheel for good measure.
Thieves were undeterred. A pair came to Mr LaFreniere’s driveway, this time to steal the Tundra. They had a harder time, however, and resorted to shattering the back window to get inside.
The commotion woke Mr LaFreniere and he called 911. But the thieves managed to run away in the four minutes it took for police to arrive.
He paid to repair his brand new truck and then sold it.
The whole ordeal, he said, was nothing short of “disheartening”.
Greece defends new six-day working week legislation, says it’s an ‘exceptional measure’ - CNBC
KEY POINTS
- Greece has defended a new policy that could see some employees work six days a week.
- The country’s government has said it would be an “exceptional measure” that is only applied in “specific circumstances.”
- Greece has faced backlash from workers, labor unions and policy experts over the new regulation.
The Greek government has defended its new six-day working week policy, saying it is an “exceptional measure” that would only be applied in “specific circumstances.”
Greece introduced in early July new regulation that gives employees in some businesses the option of working an extra two hours each day, or adding another eight-hour shift to their schedule — meaning they could work 48 instead of the traditional 40 hours a week. The policy does not cover the food services and tourism businesses.
Outrage about the policy spread on social media as the regulation was met with backlash from labor unions and political observers criticizing the move. When the policy package containing the bill was first announced last September, thousands protested against the new policies.
Some critics have raised concerns about whether the policy could be extended to other sectors and businesses or mean employees would not be compensated fairly or be overworked.
“It is important to note that this new regulation does not in any way affect the established 5-day/40-hour working week mandated by Greek law, nor does it establish a new 6-day working week,” Greek Minister of Labour and Social Security Niki Kerameus told CNBC in emailed comments late last week.
“All it does is provide only in limited circumstances for the option of an additional working day, as an exceptional measure.”
Only two types of businesses fall under the regulation — namely those that operate 24 hours of the day, seven days a week with rotating shifts, and those that operate 24 hours a day for five or six days of the week, also using rotating shifts, Kerameus said.
Especially for businesses that are not operational every day, “the additional working day option is permissible only in the case of an increased workload,” Kerameus explained.
The minister said new regulations would protect employees from their work not being officially declared in the right way, which means they can now be compensated fairly. For example, workers could see their salaries rise due to the increase in hours, she added.
“Additionally, the law stipulates more measures to ensure the protection of workers, such as guaranteed days off, specific working hours, and safeguards against unfair dismissal,” she said.
Data from the Organization for Economic Cooperation and Development shows that on average, workers in Greece worked longer hours than those in the U.S., U.K. and across the European Union in 2022. Greek employees on average worked over 300 hours more a year than the EU-wide average.
Kerameus said many other countries have measures and stipulations in place that are similar to Greece’s new policy.
“Most countries in Europe have similar provisions for exceptional additional working days. So Greece is not doing anything different,” she said.