Money
Sub-prime woes hit mortgage giant Countrywide Financial
Countrywide Financial, the biggest mortgage lender in the US, has reported a 41% fall in home loans in January. Last month, Countrywide funded mortgages totalling $21.9bn, compared with $37.1bn a year ago, while foreclosures reached record highs.
The booster American Credit has attracted the wrath of the market after publishing a deficit of $...
The Swiss financial giant, UBS, has unveiled a loss for the whole of 2007 after exposure to the...
The number of new mortgages granted to home buyers slumped to just 62,000 in December 2007,...
PROPERTY & MORTGAGES
Rival Bradford & Bingley eyes Northern Rock
The news came after the Treasury extended financial guarantees to Northern Rock at the lender's request. The government's aid package for the bank now amounts to about £57bn.
The Singapore Temasek Funds on the rescue of Merrill Lynch
The fund sovereign Singapore Temasek could refloat five billion dollars to Merrill Lynch investment bank, hardest hit by the crisis in the subprime.
INVESTMENTS
Goldman Sachs fears of new impairments at Citi, Merrill Lynch and JP Morgan
Goldman Sachs now anticipates 18.7 billion dollar depreciation in the fourth quarter for Citi against 11 billion previously. Similarly, the bank raised its forecast impairments at Merrill Lynch (11.5 billion to 6 billion) and...
JP Morgan advice to sell bonds to Merrill Lynch
The American bank JP Morgan called its clients to sell bonds to the bank Merrill Lynch, whose exhibition on products at risk securitization could reach 15 billion dollars and require additional provisions.
INSURANCE
Natural disasters : 25 billion dollars costs to insurers in 2007
Estimations of the first global reinsurer Swiss Re is that more than 20,000 people have died this year in natural disasters whose overall bill reached 61 billion dollars.
American reinsurer Aon sold subsidiaries for 2.75 billion
American reinsurer Aon, said it sold its Combined Insurance unit to ACE for $2.4 billion in cash and that Munich Re is buying its Sterling Life Insurance unit for $352 million.
PENSIONS
Inflation in Spain overflows pensions
The slippage in prices will convert the revaluation of pensions this year in the most expensive in history. The government should scratching 3,024 million euros extra to compensate pensioners for the diversion of inflation,...
Prudential Financial : State pension is not enough
A reliance on state pensions is not enough and people have been reckless with their retirement plans, an expert has suggested.About a quarter of people planning to retire next year will be wholly reliant upon a state pension.
LOANS
Greenspan wants government to help homeowners
The former chairman of the US central bank Alan Greenspan has called for government to give financial help for homeowners hit by the credit crunch and said that low inflation was a major contributor to economic growth and...
German Inflation - highest point since January 1994
According to German Data, the rise in prices reached 3.1% annual rate in November, its highest level since January 1994. According to the HICP, it is clear to 3.3% pace ever since January 1996.
BUSINESS NEWS
UBS bank lost 10 Billion in subprime crisis The real estate credit over 50 years Iran and China sign a giant oil contract US Subprime Losses May Reach $300 Billion Refinancing can be difficult to enjoy
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