Business
Developing Rosebank oil field ‘pure climate vandalism’, Scottish Green insists
Scottish Greens will “call out the lies of big polluters”, co-leader Gillian Mackay said as she branded plans to develop the Rosebank oil field as “pure climate vandalism”.
Ms Mackay spoke out as demonstrators opposed to drilling the site gathered in London on Saturday.
Plans to develop the North Sea field – which is estimated to contain up to 300 million barrels of oil – have been submitted again by owners Equinor.
However, Ms Mackay told the Scottish Green Party conference in Edinburgh: “We have to be the party that calls out the lies of big polluters.”
Ms Mackay, who was elected co-leader with fellow MSP Ross Greer in August, told her fellow Scottish Greens: “Drilling for new oil and gas in fields like Rosebank will do nothing to lower energy bills or protect our planet.
“It is pure climate vandalism and we have to stop Rosebank.”
Development of the oil field, which lies 80 miles west of Shetland, had been approved by the Conservative government in 2023 but that decision was challenged in the courts in the wake of a Supreme Court ruling which said the emissions created from burning fossil fuels should be considered when granting permission for new drilling sites.
Her comments came as Zack Polanski, leader of the Green Party of England and Wales, insisted the UK is “one of the most nature depleted countries in the world”.
Addressing protesters in London, Mr Polanski said: “The very least this Government need to do is to stop making things worse.”
Ms Mackay also used her conference speech to hit out at the UK Government over the closure of Scotland’s only oil refinery in Grangemouth.
Hundreds of jobs were lost after owners Petroineos closed the refinery earlier this year, with Ms Mackay, who grew up in the area saying: “I’m sick of governments and corporations using tags like ‘just transition’ as a cheap slogan.
“What happened in Grangemouth is not a just transition.
“Our communities don’t need empty words, words don’t pay the bills, or put food on the table.
“They need real plans to provide real jobs and real opportunities.”
Ms Mackay insisted: “That site could have been saved. Labour promised to save it – they promised £200 million – and the message from the workers is clear: show us the money.”
She said that the Grangemouth plant “could have been nationalised”, adding: “We cannot leave the future of our communities in the hands of billionaires who are all too happy to abandon us when the money dries up.”
With the Scottish Greens having set the target of overtaking Labour in May’s Holyrood ballot, Ms Mackay said her party was “on the verge of a historic election” with the “chance to elect more green voices than ever before”.
She also told how the birth of her first child, Callan, in June meant she had “never felt more committed to building a greener Scotland”.
She joked that she was speaking at Saturday’s conference “in relatively one piece, without too much baby dribble on me” as she said the Green model, with two co-leaders at the helm, had allowed her to take on the challenge.
“In other parties there would have been a whole load of barriers to a new mum being elected to a leadership role,” Ms Mackay said.
“It is only because of our co-leadership model and the support of ordinary members, I have been afforded this opportunity.”
She continued: “The support I have had says something about our party and the values we stand for.
“When I think about the country I want us to be, it is one where we support each other, one where we lift each other up and one where we do things differently.”
Business
Apartment rents drop further, with vacancies at record high
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A slew of new supply is still making its way through the multifamily housing market. That, coupled with weakening demand, especially from the youngest workers, is pushing vacancies up and rents down.
The national median rent for apartments fell 1% in November from October, and now stands at $1,367, according to Apartment List. It was the fourth consecutive month-over-month decline. Apartment rents are down 1.1% from November 2024 and have fallen 5.2% from their 2022 peak.
“Earlier this year, it appeared that annual growth was on track to flip positive for the first time since mid-2023; however, that rebound stalled out and reversed course during a particularly slow summer,” according to Apartment List researchers.
After hitting a record high for this index, which dates back to 2017, in October, the national multifamily vacancy rate remained at 7.2% in November.
The historic surge in multifamily construction over the past few years is now pulling back, but a good supply of new units is still coming online at a time of much weaker demand.
The fall historically sees the biggest slowdown in multifamily rents, but this year it’s even more pronounced. CoStar reported the biggest monthly drops in median rent it had seen in 15 years of tracking. The primary reason is that more young people are struggling to form new households.
“That 18- to 34-year-old group … I think it’s up to 32.5% of those now are living with family, and that’s the highest it’s been in a while,” said Grant Montgomery, CoStar’s national director of multifamily analytics. “I think it reflects high rental costs that have risen over the years, as well as the tougher job market for young folks just coming out of college.”
“That is where a lot of demand traditionally comes from, the core renter demand is from that sort of younger base,” he said.
The weakness is showing up in stocks of the major public apartment REITs. Names like AvalonBay, Equity Residential and Camden Property Trust are all down year to date.
Some markets are seeing rents drop faster than others, due to local economic factors. Las Vegas, for example, is experiencing slower tourism, which in turn hits jobs there. Boston has seen a decline in federal funding for biotech as well as a drop in foreign students for its colleges and universities; both are impacting its rental sector hard. Austin, Texas, is seeing the biggest hit to rents, thanks to still more construction of multifamily units.
While rents are softening nationally, and landlords are boosting concessions, renters are increasingly searching in more affordable markets.
Cincinnati was the market most searched for, followed by Atlanta and Kansas City, Missouri, according to a Yardi report that looked at where apartment hunters were active last summer, the traditionally busiest time for new leasing. St. Louis saw the biggest quarterly jump in tenant interest, and Washington, D.C., dropped from the top spot to No. 4.
“The Midwest, in particular, drew more attention than ever, signaling that many of its ‘hidden gem’ markets are no longer a secret,” according to the report, which found 11 of the top 30 cities for renter demand were in the Midwest.
Yardi also revised its expectations for 2026 supply, saying that while new supply will decline through 2027, a larger-than-expected under-construction pipeline caused it to increase its previous quarterly estimates for 2025 and 2026 by 6.8% and 2.5%, respectively.
As construction continues to slow into next year, the overall market should stabilize somewhat, according to the Apartment List report.
“That said, the supply boom still has a bit of runway remaining, and the demand outlook has begun to appear weaker amid a shaky labor market,” researchers wrote.
Business
India-Russia ties: Moscow signals readiness to fix trade deficit; energy, defence and new payment architecture on agenda – The Times of India
Russia on Tuesday said it is ready to address India’s concerns over the widening trade deficit and proposed building a framework to shield bilateral commerce from pressure by third countries. Kremlin spokesperson Dmitry Peskov, speaking ahead of President Vladimir Putin’s visit to New Delhi, said Moscow is also working to stabilise crude supplies after a brief dip linked to Western sanctions, according to PTI.Peskov told reporters during a video-streamed news conference that Friday’s summit between Putin and Prime Minister Narendra Modi will focus on strengthening trade, energy cooperation, small modular nuclear reactors and additional defence projects. Putin is scheduled to arrive on Thursday for the annual meeting.Russia signals efforts to ease trade deficitPeskov acknowledged India’s concern over the large trade gap and said Russia is keen to increase its imports from India. “There is a real imbalance in our trade. We know our Indian friends are concerned about that. We are jointly looking at the possibilities of increasing imports from India. We want to buy more from India,” he said.India’s purchases of Russian goods and services amount to around $ 65 billion, while Russia’s imports from India are around $ 5 billion.He also said Moscow is taking steps to ensure crude supplies remain stable despite the impact of Western restrictions. India’s purchase of Russian oil, he said, may dip only for a “very brief period.”Push for alternative payment systems and sanctions-proof tradePeskov urged the creation of an “architecture” to insulate India-Russia trade from geopolitical pressure. “We should create an architecture of our relationship that must be free of any influence coming from any third country,” he said. He stressed that bilateral trade must be protected from external pressure and that Russia rejects the use of the dollar-denominated global payment system as a “political tool.”He indicated that settlement through national currencies may feature in the Modi-Putin talks. “We understand the pressure on India,” he said, referring to the US.The visit comes at a tense moment in India-US ties, with Washington imposing a 50% tariff on Indian goods and an additional 25% levy linked to New Delhi’s procurement of Russian crude.Defence, nuclear cooperation and technology sharingPeskov highlighted joint production of the BrahMos missile system as a model for high-technology collaboration and said discussions may cover potential supplies of Su-57 fighter jets and additional S-400 air defence systems. He also said cooperation in small and medium nuclear reactors is expected to be part of the talks. Russia has experience producing these systems and is prepared to share the technology with India.On China, Peskov said Russia’s “limitless” partnership with Beijing does not diminish its willingness to deepen ties with India. “We are ready to go as far as India is ready,” he said, adding that Moscow respects India-China relations and hopes both sides resolve their issues to preserve global stability.Ukraine conflict, counter-terrorism and Afghanistan tiesPeskov welcomed recent US mediation efforts in the Ukraine conflict, calling them “very effective” and expressing hope for progress. He said the Russia-Ukraine war will be an important part of the Modi-Putin agenda. “Russia is open for peaceful negotiation; we have to reach our goals. We appreciate the position of India,” he said.He added that Russia is ready to work with India “to combat terrorism,” and said Moscow is strengthening its engagement with Afghanistan. “We’ll continue to develop our relationship with Afghanistan,” he noted.On overall ties, Peskov said Russia is proud to stand “shoulder-to-shoulder” with India during its period of historic growth.
Business
Government to allow flat rate tourist tax
The Scottish Government will introduce a new Bill to allow councils to institute a flat rate visitor levy.
Local authorities currently have the power to implement a so-called tourist tax on visitors to the area, but can only do so as a percentage of the cost of stays in hotels and other forms of accommodation.
But public finance minister Ivan McKee announced on Tuesday a Bill would be lodged in the new year to allow for a flat fee to be introduced, in the hopes it would pass before the end of the parliamentary term in March.
In a statement, the minister said: “The visitor levy empowers councils by giving them a new way to raise money for investment in tourist services and facilities.
“Our aim has been to give councils the flexibility to design a levy that works for their areas, while ensuring businesses can easily understand what it means for them.
“The Act passed last year was an example of partnership working between the Scottish Government, local government and tourism businesses.
“Through regular discussions with our partners, it became clear that further flexibility would be welcomed.
“That is why we have decided to legislate next year, to ensure local visitor levies work effectively for everyone.”
Scottish Tory economy spokesman Murdo Fraser said that while it was a “relief” the Government had “finally listened” to calls for the flat rate, the levy would still hurt local economies.
“Whilst that is an improvement, this legislation is still going to impose enormous costs on, and damage to, a sector of the economy which is already struggling with too high a cost base,” he said.
“The introduction of the SNP’s visitor levy has been handled in the most cack-handed fashion, with no real assessment of its impact, no clarity about how it will be collected, and a series of farcical U-turns about what powers councils would have.
“This announcement finally confirms the flexibility to set a flat rate on the visitor levy, but it won’t alter the extra costs and red tape being imposed on businesses and travellers – including Scots moving around the country for work or family reasons – or provide any assurance that these funds will benefit local communities.”
Marc Crothall, the chief executive of the Scottish Tourism Alliance, said the move showed the Government’s willingness to “act on feedback from business” as he pushed for councils to pause their plans for a tourist tax.
“It will overall be easier and less costly for accommodation providers and local authorities to administer, and importantly more transparent for our visitors,” Mr Crothall said.
“We now look forward to working constructively in partnership with the Scottish Government to deliver meaningful reform of the visitor levy charging model, which we have championed from the very start.
“In the meantime, we urge all local authorities to consider pausing any plans for a visitor levy scheme as this plays out in the Scottish Parliament over the next few months. Change is coming just down the line.”
UKHospitality Scotland executive director Leon Thompson said the current legislation is “unworkable” and welcomed the Scottish Government’s “pragmatic” approach.
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