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Home Sales Unlikely to beat last year’s high – The Straits Times, 1 Nov 11

Summary Strong economy first 9 months but global economic uncertainty to take toll Sales of new private homes may come close to last year’s record high, but they are unlikely to surpass the figure with global economic uncertainty affecting demand, experts say. Homes sales for the first 9 months of this year came in at […]

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ECB expected to lower growth forecasts, not rates

It faces dilemma as a rate cut could aggravate euro zone’s high inflation FRANKFURT – THE European Central Bank (ECB) will make a cut of sorts this week – but with euro zone inflation stubbornly high, the cut will be in its growth estimates, not interest rates, said economists. ‘The ECB council will cut on […]

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MAS fears Asia will hurt if US engine seizes

A negative spiral can take hold, affecting even the real economy (SINGAPORE) A sharp and deep recession in the United States will hit Asian economies, warned Heng Swee Kiat, managing director, Monetary Authority of Singapore (MAS), yesterday. And in his first public comment on the global financial turmoil, Mr Heng said the credit crisis has […]

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2008 not necessarily like 2007: UBS

(ZURICH) UBS AG does not expect 2008 to be a year like 2007, when the Swiss bank wrote down US $18 billion in bad credits and posted the first loss since its creation, its chief executive was quoted as saying yesterday. ‘I view the environment as difficult due to great uncertainties related to the US […]

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IMPROVING OUTLOOK: UBS expects this year to be a better one

ZURICH – UBS does not expect this year to be like the last, when the Swiss bank wrote down US$18 billion (S$25.5 billion) in bad credits and posted the first loss since its creation, its chief executive officer (CEO) was quoted as saying yesterday. ‘I view the environment as difficult due to great uncertainties related […]

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British home repossessions at 8-year high

(LONDON) British home repossessions last year hit their highest level since 1999 and are likely to increase, the Council of Mortgage Lenders (CML) said last Friday. The trade group said that more than 27,000 homes were repossessed in 2007 and forecast that repossessions would rise to a total 45,000 in 2008 – still far fewer […]

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Write-downs from sub-prime problems could touch $568b

German minister sounds warning as officials await audits from banks THE bloodbath is not over yet. Sub-prime-related write- offs may hit US$400 billion (S$567.8 billion) – more than treble the US$130 billion losses that Wall Street banks and other financial institutions have revealed in recent weeks, according to the world’s top finance officials. Speaking on […]

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Investors withdraw £1.7b from UK funds

(LONDON) Almost £1.7 billion (S$4.74 billion) was withdrawn from UK property funds in the last three months of 2007, data from the Association of Real Estate Funds (AREF) showed yesterday. According to the survey of 64 funds with a combined value of £37 billion, the vast majority of investors continued to flee the sector after […]

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French economic reforms may spark new dynamism in Europe: S’pore

Story Print Friendly Page Republic’s interested in these reforms, says Lim Hng Kiang IN PARIS WITH global markets in a tailspin over fears of a US recession, the world clearly needs more growth engines. Hence Singapore’s interest in the progress of economic reforms in France, which, if successful, could spark new dynamism in Europe, says […]

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