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Thursday, 08 January 2009
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  • Interest rates hit all-time low

    The Bank of England cuts rates to 1.5%, the lowest level in its 315-year history, as it continues efforts to help the economy.

  • Madoff 'had cheques ready to go'

    Bernard Madoff had $173m in cheques in his office desk, ready to send out at the time of his arrest, US prosecutors say.

  • US firm in talks to buy Wedgwood

    A US private equity firm is in advanced talks to buy most of iconic china firm Waterford Wedgwood.

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Financial News and Property Trends this week

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  • ARA plans China, India, Japan property funds - Reuters India

    SINGAPORE (Reuters) - Singapore property fund manager ARA Asset Management said on Tuesday it plans to launch country-focused funds for China, India and Japan to take advantage of declining real estate prices that it expects will bottom in late 2009 ...

  • Singapore Q4 private home prices fall 5.7 pct qtr/qtr - FXStreet.com

    SINGAPORE, Jan 2 (Reuters) - Singapore private home prices fell for a second consecutive quarter in October-December according to advance government estimates, hurt by a drop in investor sentiment amid the global economic downturn. The Urban ...

  • Singapore Hot Stocks-Yanlord gains after Goldman Sachs upgrade - Reuters

    SINGAPORE, Jan 6 (Reuters) - Shares of Yanlord Land ( YNLG.SI ) rose as much as 8.8 percent on Tuesday after Goldman Sachs upgraded the property firm to "buy" from its previous "neutral" rating, citing a healthy financial position and attractive ...

  • Singapore Home Prices Post Steepest Drop in Decade (Update2) - Bloomberg

    Jan. 2 (Bloomberg) -- Singapore’s fourth-quarter private home prices declined 5.7 percent, the steepest drop in a decade, as the global financial crisis and an economic recession deterred buyers. The price index of private residential property fell ...

  • Make online content free - Straits Times

    Mr Keen, the keynote speaker at the Global Forum on Intellectual Property held at Raffles City Convention Centre yesterday, said the industry's current business model - selling physical media like CDs and books - is 'essentially dead' due to online ...

  • Citi backs measure to help avoid foreclosures (Reuters)

    People taking the Long Island Foreclosure Tour arrive at a foreclosed home for sale in New Hyde Park, New York in this May 17, 2008 file photo. Citigroup could soon agree to principles that would let troubled borrowers save their homes through bankruptcy, sources familiar with the talks said on Thursday, while industry groups are easing their opposition to the plan. (Shannon Stapleton/Reuters)Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.



  • Citi reaches deal with lawmakers on home loans (AP)

    AP - Democratic lawmakers have reached a deal with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures and urged other lenders to follow suit.

  • Citigroup agrees to let judges retool troubled mortgages (McClatchy Newspapers)

    McClatchy Newspapers - WASHINGTON — Key congressional Democrats on Thursday reached an agreement with financial giant Citigroup Inc. on a proposal to make it easier for bankruptcy judges to adjust the terms of home loans and possibly forestall many foreclosures.

  • Citigroup backs Congress plan on home loans: lawmakers (AFP)

    A man walks by a Citibank branch at the US bank Citigroup world headquarters on Park Avenue, in New York. Congressional leaders said Thursday they have reached agreement with Citigroup on legislation to provide relief to cash-strapped homeowners at risk of losing their homes.(AFP/File/Emmanuel Dunand)AFP - Congressional leaders said Thursday they have reached agreement with Citigroup on legislation to provide relief to cash-strapped homeowners at risk of losing their homes.



  • Citigroup Deal Opens Door to Action on Mortgage 'Cramdown' Compromise (CQPolitics.com)

    CQPolitics.com - Senior Democrats announced Thursday that they have reached a deal with Citigroup that they hope will pave the way for action on legislation allowing judges to alter the terms of mortgages in bankruptcy proceedings to avoid foreclosures.

  • Mortgage giants extend suspensions of foreclosures (AP)

    AP - Mortgage giants Fannie Mae and Freddie Mac said Thursday they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January.

  • Nearly 10 percent of Latinos lag on mortgages (AP)

    AP - Nearly one in 10 Latino homeowners fell behind in mortgage payments last year, and about 3 percent said they had received a foreclosure notice, a Hispanic research group reported Thursday.

  • UK builder Persimmon warns outlook challenging (AP)

    AP - British homebuilder Persimmon outlined a plan to conserve cash and reduce its debt Thursday, and warned that the short-term outlook for the British housing market was challenging.

  • GMAC says backs ResCap, without committing to it (Reuters)

    Reuters - Finance company GMAC LLC expressed support for its money-losing Residential Capital LLC mortgage unit on Thursday but stopped short of a commitment to keep the big home loan provider in business.

  • Citigroup, U.S. senators in mortgage legislation talks: report (Reuters)

    Senator Charles Schumer on Capitol Hill in a file photo. (Jason Reed/Reuters)Reuters - Citigroup Inc is leading other lenders in advanced talks with key U.S. senators on legislation that would allow judges to set new repayment terms for millions of mortgage holders who wind up in bankruptcy court, the Wall Street Journal said, citing people involved in the talks.



  • Homebuilders push housing aid plan (AP)

    AP - With lawmakers angling to pass an economic recovery package by the middle of next month, desperate homebuilders from around the country flew to Washington to spend Wednesday pushing a $150 billion plan to revive the housing market.

  • Obama says to unveil housing plan within 2 months (Reuters)

    Reuters - U.S. President-elect Barack Obama said on Wednesday he planned to unveil a plan to stem the mounting tide of home foreclosures in the next month or two.

  • Paulson says changes needed at Fannie, Freddie (AP)

    U.S. Treasury Secretary Henry Paulson addresses a meeting of the National Economists Club in Washington January 7, 2009. (Jim Young/Reuters)AP - Treasury Secretary Henry Paulson on Wednesday said the best option for the future of Fannie Mae and Freddie Mac could be for the mortgage giants to be run like public utilities.



  • Investors buy $558 million in mortgages from FDIC (AP)

    AP - A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the investors announced Wednesday.

  • (AP)

    AP - Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.

  • Subprime lender Cattles cuts jobs and costs (AP)

    AP - Subprime lender Cattles PLC said Wednesday it plans to cut 20 percent of its work force and reduce costs to preserve capital as uncertainty over its funding situation continues.

  • Trade Groups Seek Forgiven-Debt Tax Break Given to Homeowners (Bloomberg)

    Bloomberg - Jan. 7 (Bloomberg) -- Commercial real estate companies, the U.S. Chamber of Commerce and companies partly owned by private- equity firms are pushing Congress for a temporary tax break on forgiven debt similar to relief given in 2007 to homeowners facing foreclosure.

  • Bank of America sells shares in Chinese bank (AP)

    In this Nov. 25, 2008 file photo Pedestrians walk through New York's Times Square under a glowing Bank of America marquee. China Construction Bank said Wednesday Jan. 7, 2009 that Bank of America is selling part of its stake in the major Chinese lender. (AP Photo/Craig Ruttle, file)AP - Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion.



  • Bank of America sells China bank stake (Reuters)

    A building is reflected in the window of a Bank Of America branch in New York, October 6, 2008. (Lucas Jackson/Reuters)Reuters - Bank of America Corp , coping with tough economic conditions, raised $2.83 billion by selling part of its stake in China Construction Bank Corp (601939.SS), and Hong Kong's richest tycoon sold a $500 million stake in rival Bank of China (3988.HK).



  • IBD's Top 10 - Tuesday (Investor's Business Daily)

    Investor's Business Daily - 1 ISM's Dec. service-sector index rose to 40.6 from the series low of 37.3 in Nov. That's well below the neutral 50 level, but it is among a few recent reports suggesting a slightly slower rate of decline. But Nov.'s Pending Home Sales Index fell to its lowest level in the report's 7-year history. Factory orders fell 4.6% in Nov., the 4th straight big monthly drop.

  • BNP appoints Johnson Tan as SE Asia corp finance head - Forbes

    SINGAPORE, Jan 7 (Reuters) - BNP Paribas said on Wednesday it has appointed Johnson Tan as chief executive of BNP Paribas Capital (Singapore) and regional head of corporate finance for Southeast Asia. Tan was previously managing director of corporate ...

  • Retire at 62? Not these men - Straits Times

    The trio - Mr Lai Kay Pak, Mr Kuan Ting Chee and Mr Chiang Keng Hong - are part of a small but growing group of older folk who want to keep on working. Their unrelenting desire embodies the spirit highlighted by Prime Minister Lee Hsien Loong ...

  • Singapore's ARA buys China building for $230 mln - CNBC

    SINGAPORE, Jan 5 (Reuters) - ARA Asset Management said on Monday it bought a 51-storey office cum retail building in Nanjing, China, for about S$340 million ($232.9 million). The purchase of the 51-storey Nanjing International Finance Center was done ...

  • Citigroup Profits From Contango With Ship Off Orkney (Update2) - Bloomberg

    Jan. 8 (Bloomberg) -- Citigroup Inc. ’s commodities-trading unit followed BP Plc and Royal Dutch Shell Plc in anchoring a full oil tanker offshore northern Scotland to profit from higher prices later this year. Phibro LLC is keeping up to 1 million ...

  • Nick Leeson: how the original rogue trader at Barings Bank is thriving ... - Daily Telegraph

    The original rogue trader: Nick Leeson at the Galway United ground Photo: Bloomberg News As the financial crisis rolls on, at least one person is doing well – the original rogue trader, Nick Leeson. Not only has he launched a successful career as ...

  • Asia Currencies: Won, Singapore Dollar Fall on Slowdown Concern - Bloomberg

    Jan. 2 (Bloomberg) -- South Korea’s won and the Singapore dollar weakened in the first trading day of the year on concern a deepening global recession will hurt the region’s exports. The won, Asia’s worst performer last year, slumped the most ...

  • RP raises $ 1.5 B from global bond sale - Manila Bulleting Online

    SINGAPORE (Dow Jones) – The Philippines on Wednesday raised $ 1.5 billion in 10-year bonds, opening the international debt market for other Asian issuers, which have been unable to borrow in dollars since the global credit crisis deepened in ...

  • UNICEF gathering assesses how to protect children in face of global ... - UN News Centre

    7 January 2009 – A United Nations Children’s Fund ( UNICEF ) meeting in Singapore drew over 150 academics, policy advisors, finance ministers and other senior officials to discuss how to best protect children in the face of tightening budgets due ...

  • Children In Face Of Global Economic Woes - Scoop

    A United Nations Children’s Fund ( "http://www.unicef.org/media/media_47027.html" >UNICEF) meeting in Singapore drew over 150 academics, policy advisors, finance ministers and other senior officials to discuss how to best protect children in the ...

  • Survey shows most firms still hiring fresh graduates - Channel NewsAsia

    SINGAPORE: Thousands of fresh graduates are expected to enter the Singapore job market this year, flooding a labour pool that is seeing more retrenchments. Industries that are still hiring include accounting, engineering and sales. Josh Goh, senior ...

  • Recession more severe than thought: Fed's Rosengren (Reuters)

    Reuters - The U.S. recession looks to be longer and more severe than originally thought, but there are signs that the economy will improve in the second half of 2009, a top Federal Reserve official said on Thursday.

  • Lehman deal on private equity close: source (Reuters)

    The Lehman Brothers booth on the trading floor of the New York Stock Exchange, September 16, 2008. (Brendan McDermid/Reuters)Reuters - Lehman Brothers Holdings Inc has reached an agreement in principle to sell its merchant banking business, made up of two private equity funds, to management of the funds, a source familiar with the situation said on Thursday.



  • Chevron sees big drops in Q4 production and earnings (Reuters)

    A Chevron Corporation gasoline tank truck delivers gas to a Chevron service station in Redondo Beach, California August 10, 2005. (Fred Prouser/Reuters)Reuters - Chevron Corp expects its fourth-quarter earnings to be significantly lower than the previous quarter due to the impact of lower energy prices on its exploration and production business.



  • Citi backs measure to help avoid foreclosures (Reuters)

    People taking the Long Island Foreclosure Tour arrive at a foreclosed home for sale in New Hyde Park, New York in this May 17, 2008 file photo. Citigroup could soon agree to principles that would let troubled borrowers save their homes through bankruptcy, sources familiar with the talks said on Thursday, while industry groups are easing their opposition to the plan. (Shannon Stapleton/Reuters)Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.



  • Consumer credit posts record drop in November (Reuters)

    A shopper uses her credit card to pay for a purchase at a K-Mart store in Burbank, California November 28, 2008. (Fred Prouser/Reuters)Reuters - Consumer borrowing dropped by a record $7.94 billion in November, a Federal Reserve report showed on Thursday, the latest evidence that households were unwilling or unable to take on more credit.



  • London's FTSE 100 index down 2.14 at 4,505.37 (AP)

    AP - Share prices on the London Stock Exchange closed lower Thursday.

  • Citi reaches deal with lawmakers on home loans (AP)

    AP - Democratic lawmakers have reached a deal with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures and urged other lenders to follow suit.

  • Considering dumping a mutual fund? Think twice (AP)

    AP - Fiscal fitness is knocking weight loss off the top of many New Year's resolution lists, thanks to 2008's market drubbing. That often means casting off last year's worst-performing mutual funds for more promising alternatives.

  • Stores' dismal December means prices should fall (AP)

    Pedestrians walk past Generations Menswear on 8th Ave. in New York Wednesday, Jan. 7, 2009. Retailers are reporting dismal sales for December, confirming fears that the holiday season was the weakest in four decades. (AP Photo/Craig Ruttle)AP - Dismal sales figures for the holiday shopping season are probably a sign of worse to come for merchants in 2009 — not only more sharp discounts and cheaper groceries but probably fewer stores.





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