Demand for new US homes sinks to its lowest level in over 40 years June 23, 2010 SALES of new US homes dropped a record 32.7 per cent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries over a slowing economic recovery. Single-family home sales tumbled to a 300,000 unit annual Rate, the lowest level since the series [...]
Retailers will cheer England win but things are about to get much worse June 23, 2010 EVERYONE will be thrilled that England has managed to scrape through the knock-out stages of the World Cup, but retailers are especially relieved. The near-term boost from the tournament will continue a little while longer. Those fans waiting to see if England could come up with the goods before buying a widescreen TV will splash [...]
D Bank equity co-head on leave June 23, 2010 Deutsche Bank said yesterday that Robert Karofsky, its co-head of equity sales and trading worldwide, is taking a leave of absence for personal reasons for an indefinite period of time. Garth Ritchie, the other co-head of equity sales and trading, will oversee the group during Karofsky’s leave, Deutsche Bank spokesman Ted Meyer said yesterday. Ritchie [...]
Tribune bankruptcy is delayed June 23, 2010 A court-appointed examiner has requested more time to investigate the Tribune Co leveraged buyout that some blame for its bankruptcy, likely delaying its stay in Chapter 11, according to court documents filed yesterday. Kenneth Klee, a law professor and partner of the Los Angeles law firm of Klee, Tuchin, Bogdanoff & Stern, said he needs [...]
Eurozone sees weak growth June 23, 2010 CONCERNS over a faltering Eurozone recovery were stoked yesterday when forward-looking surveys pointed towards slower economic growth in the second half of the year. The flash composite purchasing managers’ index (PMI) for the region, a closely-watched weathervane for wealth-creating activity, fell from 56.4 in May to 56 in June, its lowest level for three months. [...]
G20 leaders warn against complacency June 23, 2010 THE Group of 20 major economies will warn against complacency in tackling the global economic crisis and say sickly public accounts could hit long-term growth, according to a draft document. The draft version of the summit communiqué, obtained ahead of a G20 leaders meeting this weekend in Toronto, reflected the different views within the G20 [...]
NO NEED?FOR?HAIRCUTS June 23, 2010 GREECE will “absolutely” be able to get through its fiscal crisis without having to restructure its debts, finance minister George Papaconstantinou said yesterday. The minister told a German newspaper Athens still had a “credibility problem”, but insisted the country could survive without asking creditors to take a haircut to their positions. Greece is trying to [...]
Hungary to cut deficit below 3pc of GDP as part of financing deal June 23, 2010 Hungary’s new government hopes to cut next year’s budget deficit below three per cent of GDP as agreed with lenders and will seek IMF/EU backing for reforms to raise the country’s growth potential, the deputy prime minister said. Tibor Navracsics reiterated that the centre-right Fidesz government was firmly committed to this year’s 3.8 per cent [...]
New watchdog won’t scare City June 23, 2010 IT is only just over a year since Hector Sants, head of the Financial Services (FSA), told the City in no uncertain terms that he wanted business to be “very frightened” of his organisation. Central to that warning ran the theme of “credible deterrence” through increased criminal prosecution, particularly in relation to insider dealing. Despite [...]
Iceland eases bank rate while Norway holds firm June 23, 2010 ICELAND’S central bank further eased monetary policy as expected yesterday, trimming its key rate to eight per cent, and said it could be in a position to further lift capital controls. Iceland took a beating during the crisis in 2008 and its top banks collapsed under a weight of debt. Investors fled, the crown slid [...]
