Good morning.
Climate risks will add $183bn (£132bn) to the cost of property insurance premiums(£) by 2040, according to Swiss Re. The reinsurer said that the changing climate was the “number one” risk to the global economy.
Goldman Sachs(£) is to list its alternative asset investor, Petershill Partners(£), valuing the business at more than $5bn.
Channel 4(£) has said that privatisation would threaten its plans to move out of London(£) and expand into the regions.
There are sure signs that Britain is returning to the workplace. Rush hour traffic(£), for one, which in London, the Midlands and Liverpool was back to 2019 levels(£). Transport for London said the Tube was the busiest it had been for 18 months. But other cities, including Manchester, Leeds, Bristol, Brighton and Belfast lagged far behind 2019 levels.
Housing association Stonewater(£) has issued a £250m bond to help deliver 6,250 homes in the next five years.
Shares in Watkins Jones hit an 18-month high yesterday, rising by 4% on the back of talk of its £1.7bn secured development pipeline.
Retail spending has started to slow(£) as people return from holidays at home.
And construction supply chain problems(£) are starting to drag down economic growth(£).
But inflation won’t spiral, says the Bank of England’s new rate-setter Catherine Mann(£).
An estate agent has been awarded £185,000(£) after her boss refused to let her leave work at 5pm.
More PBSA in Dublin(£) is being converted to short-term tourist lets.
Hong Kong’s developer families(£) will lose their grip on the island’s politics under reforms from Beijing.
Meanwhile, indebted developer China Evergrande(£) risks being made an example of in Beijing’s crackdown on the property sector.
And finally, can gimmicky attempts to lure people back to cities ever really work? That’s the question posed by The Guardian, and it is more than simply another opportunity to mock The Mound. Most metropolises have tried it – erecting a flashy folly to bring people back to the centres that they have been progressively priced out of. There is the Vessel in New York (which became popular with suicides), the light-up loos of Tokyo and, of course, London’s Tulip. This month the final decision will be made on the Tulip, a 305m Norman Foster-designed glass Q-tip, which could erupt from a site next to the Gherkin like architectural fungus. Some have criticised the design for looking less like a tulip and more like a… well, lots of other things. But then, at least it isn’t some scaffolding covered in mud.
