Latest News and Stories

Banks face double property crash - Reuters UK
The consumers are borrowed to the hilt and the banking sector is no longer able to provide the consumer with credit. Unless they want to see a major collapse in the financial sector, the government will have to fund the difference and borrow a lot more."

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OPEC's reserves put at 900 billion barrels
The new estimates on oil reserves for Opec puts the oil rich regions at a much better position to attract fresh investments from both local and global investors. The bulk of OPEC oil reserves is located in the Middle East, with Saudi Arabia, Iran and Iraq contributing 55 percent ...

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Former IMF Chief  Warns - Credit crunch may take out large US bank
Continued problems in financial sector, could trigger the failure of a large US bank within months, a respected former chief economist of the International Monetary Fund claimed today, fuelling another battering for banking shares.

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New Investors entering the market due to UK property downturn
The upper end of the market is suffering more. However, whilst the number of British investors is declining the Russians, Dutch and Scandinavians and Middle Eastern Investors have no such qualms. Many are buying on the French Riviera, in the south of Cyprus and the Costa del Sol ...

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IMF warns credit crunch will last and will hit commercial property
The International Monetary Fund (IMF) predicted today that potential losses from the credit crunch will reach $945bn (£472bn) or higher and said that losses were spreading to other sectors such as commercial property.

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Texas investors: Consider pre-pay options carefully
Instead of the standard one-payment-per-month schedule, some companies specializing in accelerated payoff programs solicit mortgage brokers with a custom option for their loan customers. The mortgage broker is offered an incentive, typically $300, to sell the program to his cust...

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Is Your Credit Score as High as You Think?
It is common to assume that paying bills on time automatically means having a high credit score. Unfortunately, that's not always the case. There are many misperceptions about how scores are calculated -- and yours could be lower than you might expect.

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Inflating Home Prices with Cash Back at Closing
In many housing markets across the country, property values are declining. In terms of the overall market, this is not necessarily a bad thing. It means the laws of supply and demand are at work. It makes housing more affordable, especially for first-time buyers. It may even resu...

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New Homes: All That Glitters Can Be Gold
With the housing crisis in full bloom, sometimes it's good to take comfort in ways builders and architects are defying the odds -- such as taking a 1930s Los Angeles theater district art-deco high rise building and turning it into loft condominiums.

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 First-time buyers looking abroad for property
British first-time buyers are increasingly looking to overseas property for their first home, according to trade magazine BuyAssociation. With prices rising in the UK market, property has become an unrealistic aspiration for some younger buyers, and this, coupled to falling affor...

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Other News

London Transport and Virgin Media have named first 80 busiest and major underground stations in London which are all set to receive Wi-Fi services for the Olympics season. Destinations including London Bridge, Oxford Circus, Leicester Square, Mile End, Tower Hill, Tufnell Park, Goodge Street, King’s Cross, Oval, Borough and Victoria are on the list to turn into accessible Wi-Fi hotspots.

The UK economy shrank for the last three months of 2011 - BCC predicts that growth will be flat this year , with one quarter of contraction, but says a full-blown recession is not inevitable if the government acts. It showed that in October, the service sector contracted by (a revised) 0.6%, while in November it grew by 0.6%.

Peacocks chief executive expected to lodge rescue offer for stricken fashion chain, while Past Times is closing 46 stores with the loss of 574 jobs. Peacock employs more than 400 at its Cardiff HQ and nearly 10,000 more across the UK.

Halifax index also shows a 0.9% decline in December 2011 and predicts a broadly stable 2012 … providing the UK can avoid the recession. The price of the average house in the UK is now just over £160,000, said the bank, thanks to a 0.9% fall in prices in December 2011 and a 1.3% drop over the whole of the year.

Europe’s worst financial crisis in generations is forging a new European Union, pushing Britain to the sidelines and creating a more integrated, fiscally disciplined core of nations under the auspices of a resurgent Germany.

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