Plans to end gazumping with binding agreements in house sales shake-up

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Plans to end gazumping with binding agreements in house sales shake-up 1 day ago Share Save Add as preferred on Google Rachel Clun, Business reporter and Kevin Peachey, Cost of living correspondent Getty Images Home buyers and sellers can expect an end to "gazumping" in a major shake-up aimed at speeding up housing sales. Legally binding sales agreements will be introduced earlier to stop buyers or sellers walking away at a late stage in the process without a legitimate reason. In England and Wales, buyers can currently be outbid at a late stage of the sale and chains can fall apart months into the process, causing huge frustration for buyers as well as being expensive. Previous attempts to improve the system have had limited success and few of the latest proposed changes will happen immediately. The planned reforms, first announced in October last year , will be introduced at the end of this Parliament in 2029. The changes include home buyers receiving more information abou...
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OPEC+: Gradual Production Increase Deferred to December 1



Published: Thursday, September 5, 2024

The oil ministers of eight OPEC+ member countries have decided to postpone the gradual increase in oil production by two months, until December 1, 2024, according to a statement from the Ministry of Energy and Mines on Thursday.

The decision was made during a virtual conference in which the Minister of Energy and Mines, Mohamed Arkab, participated, the document notes.

The meeting brought together the oil ministers of eight OPEC+ countries (Algeria, Saudi Arabia, United Arab Emirates, Iraq, Kuwait, Kazakhstan, Oman, and Russia), which are implementing voluntary production cuts, according to the ministry.

During the meeting, the ministers discussed recent developments in the international oil market, as well as the compliance of OPEC+ countries with their production cut commitments.

The participants noted that excess production by some countries in previous months would be gradually compensated starting in September.

As a result, the ministers decided to defer the gradual production increase for the eight countries involved by two months, postponing it to December 1, 2024, the ministry announced.

This decision reflects the commitment of the eight OPEC+ countries to maintaining global oil market stability and supporting balanced and sustainable market conditions, the same source affirmed.




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