International Property News

Entries for October 2008

Bank voted unanimously on rate cut

Bank of England Rate Setting Committeevoted 9-0 to cut UK's rates. Governor Mervyn King briefed the other eight policymakers about the discussions of a coordinated move with other central banks including the U.S. Federal Reserve and European Central Bank and then invited them to decide on whether to join the action.

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UK Government borrowing hits record high

U.K. public sector net borrowing soared to a record level for the month of September, with spending outpacing receipts as the economy slowed, data from the Office for National Statistics showed Monday. Public sector net borrowing totaled GBP8.1 billion in September, up from GBP4.8 billion in September 2007 and the highest level for the month on record since 1993.

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Europe & UK Acts in Concert to Aid Banks With Fresh Capital

European nations and the United States unveiled a staggering and coordinated series of multi-billion dollar rescue packages.Royal Bank of Scotland, Lloyds TSB and HBOS will have a total of £37bn injected into them. In return for the investment, the government will get a say in how the banks are run, including controls over the bonuses paid to management.

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US stocks slide to five-year low - 40% of what it was a year ago

Dow Jones index tumbling to 8500 - Many think the bottom is at 7000 or 50% of Peack last year. Early gains in European shares faded, with the FTSE 100 ending down 1.2% and France's Cac 40 falling 1.55%. On Wall Street, the Dow Jones ended down 7.33%, or 678.91 points, to 8579.19 points.

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Central banks cut interest rates to buoy global economy

Six central banks, including the Bank of England, have cut interest rates by half a percentage point in an effort to steady the faltering global economy. No decision on UK rates had been expected until Thursday - and the move puts the interest rate at 4.5% from 5%.

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Dow's Black Tuesday - UK Government to unveil bank rescue

The UK government is poised to announce details of a £50bn rescue package. Last night The chief executives of Royal Bank of Scotland, Barclays, Lloyds TSB and HBOS last night met the chancellor, Alistair Darling, and other senior members of the Tripartite Authorities.

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Germany's finance ministry has agreed a 50bn euro plan to save one of the country's biggest banks.

The news is a fresh blow for the global financial system struggling to master an unprecedented crisis of confidence. Hypo Real Estate was the fifth German bank and the second largest mortgage lender in Germany, said the 35 billion euro (£27.3 billion) bail-out fell apart on Saturday.

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Property News

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).