International Property News

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HBOS has confirmed it is in advanced talks with Lloyds TSB about creating a UK retail banking giant worth £30bn.

According to the BBC the two firms are in "advanced talks" over a combination that would create a group with a market value of around £30bn and more than £300bn of deposits.  This deal - structured as a takeover by Lloyds - would end uncertainty about the health of HBOS, which has seen its share price plunge over the last three days amid concerns about its funding position.

BBC has added that the prime minister was involved in negotiating the deal, which has the blessing of UK authorities. A deal would end uncertainty about the strength of Halifax-Bank of Scotland after a run on its shares.

The advanced talks are being encouraged by both the Treasury and Financial Services Authority (FSA) as a deal will ease concerns about the health of the UK banking sector, our business editor added. Analysts have said HBOS needs to refinance more than £100bn of funding during the coming months, which could be more challenging after the blow to confidence from Lehman's demise

It is a fast moving landscape - but here are the top news that the credit crunch has wreaked havoc on some of the world's financial institutions in recent days.

Barclays Bank is to buy some Lehman Brothers assets after the fourth-largest US investment bank, filed for bankruptcy protection, dealing a blow to the fragile global financial system.

The US Treasury stepped in with an $85bn rescue package to bail out AIG amid fears the group, once the world's largest insurer, could face collapse.

Bank of America bought Merrill Lynch in a $50bn deal - making the Merrill the third top US investment banks to fall prey to the sub-prime crisis within six months.

In Russia, trading on the country's main stock exchanges was halted after steep falls this week.

Since the beginning of the current extreme difficulties in the financial markets, the Financial Services Authority has worked intensively with all major UK banks to ensure they have credible capital and liquidity plans.

Meanwhile, in the UK recent economic news has done little to lift the gloom, with unemployment rising once again as the number of job vacancies fell. There was a real concern that any run on HBOS shares would create enough fear among the bank's financiers - providers of wholesale credit who give the bank its money - for there to be a withdrawal of credit for HBOS.

 

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Greece's finance minister resigned on Monday due to ill health, throwing the government's drive to soften the terms of an international bailout into confusion less than a week after it took office. With the win of right wing leader of New Democracy Antonis Samaras, it is assured that Greece has made it to the Eurozone.

The recent World Bank report suggests developing nations to get prepared for a tough economic scene which is about to appear in near future. Fearing the financial crisis to spread to bigger regions such as Italy and Spain...

Spain warns euro can be finished in months – without banking and fiscal policies. The EU summit in Brussels should assure markets that euro is to be safe-guarded against all odds. As recent reports suggest, Spain was looking out for an immediate bailout of funds from the euro-zone.

t looks as my wishes came true as in the last minutes Countries agreed a deal today to push for a new climate treaty, salvaging the latest round of United Nations climate talks from the brink of collapse. After more than two weeks of intense talks, some 190 countries agreed to four main elements.

More good news for home owners with Europe as The European Central Bank has cut interest rates back to their historic low of 1%, as expected by markets. UK interest rates have been held at a record low of 0.5% by the Bank of England's Monetary Policy Committee.

Global housing markets under pressure and other than a few pickets of resistance in Uk and other traditionally strong markets, the world's housing markets were on balance weaker during the year ending in the second quarter of 2011

Dubai Property owners are facing legal limbo as developers prematurely withdraw their maintenance services in anticipation of owners taking over the building’s upkeep, a property lawyer said. Property "Owner associations" (OA) waiting for registration have been left unable to pay bills

The Eurozone crisis appears to have pushed more European tenants into the central London rental market since the beginning of the year, with European tenants taking 30.4% of all new lets between January to May 2011 compared to 25% during the same period in 2010. By Knight Frank

Property markets in the UK may be reaching a turning point, according to the latest property analysis snapshot from real estate consultants Colliers International. The phrases ‘risk curves’ and ‘quality secondary’ are increasingly heard in informal conversation suggesting that movement may be imminent, it says.

Western Canada has the reputation of being one of the most beautiful places in the world, and Whistler, where all our holidays depart, has won the reputation as North America’s finest resort (as rated by Snow Country Magazine for the past six years).

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