t is essential to get the clear picture about the current market value of the property prior to making any real estate investment decision. Be it a condo investment or investment in commercial properties, taking decision without calculating the market price may land you in soup. You should always act under the assumption that the property is over priced and ... [full story]
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In a case of the pot calling the kettle black, the U.S. Federal Reserve, the European Central Bank and the Bank of England are telling their developing-country counterparts to get their respective economic houses in order and do something about growing inflationary pressures. ``In those countries where strong commodity demands are associated with rapid growth in aggregate demand that ... [full story]
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India’s largest private shipping company Great Eastern Shipping Co. Ltd, or GE Shipping, hived off its offshore business into a separate company, Great Offshore Ltd, in 2005. However, even after this business split, GE Shipping has been investing aggressively in offshore services through its wholly-owned subsidiary Greatship India Ltd. Greatship India Ltd is investing more than $830 million (Rs3,569 crore) ... [full story]
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Two of the top finance and banking institutions have emerged as a new entity in forming Acuity Partners, a joint venture of the HNB and DFCC banks that is certain to retain talent. "Apart from the synergistic effects of bringing the individual companies together, the merger would release valuable regulatory capital and enable savings in operational costs," HNB Managing ... [full story]
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U.S. Treasury Secretary Henry Paulson joined Federal Deposit Insurance Corp. Chairman Sheila Bair in seeking a clear procedure for shuttering a failing investment bank in the aftermath of the Bear Stearns Cos. crisis. The Federal Reserve and Securities and Exchange Commission are also close to an agreement on getting information about securities firms' capital and leverage in return for ... [full story]
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U.S. regulators are planning how to let investment banks retain access to Federal Reserve loans if the central bank shuts an emergency program in September, two government officials said. Federal Reserve Chairman Ben S. Bernanke, Treasury Secretary Henry Paulson and Securities and Exchange Commission Chairman Christopher Cox and their staffs are in almost daily discussions about the future of ... [full story]
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U.S. regulators are planning how to let investment banks retain access to Federal Reserve loans if the central bank shuts an emergency program in September, two government officials said. Federal Reserve Chairman Ben S. Bernanke, Treasury Secretary Henry Paulson and Securities and Exchange Commission Chairman Christopher Cox and their staffs are in almost daily discussions about the future of ... [full story]
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Bear Stearns is gone. Lehman Brothers (LEH) is fighting to stay afloat as an independent company. Merrill Lynch (MER) is right up there with the investment banking operations of Citigroup (C) as the domestic firms with the most bad mortgage exposure. Goldman Sachs (GS) is seen as the cream of the crop, but they surely are being dragged down with ... [full story]
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Indian banks have outperformed foreign competitors on home turf in the first five months of 2008, even as the subprime mortgage crisis that rocked the financial world last year continues to have an impact on the mergers and acquisitions (M&A) business, reducing deal flows globally. According to the league tables for Indian markets compiled by Thomson Reuters, three domestic banks—State ... [full story]
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The subprime crisis seems to have had its effect on investment banks in India. Fewer deals and a falling equity market have caused a 31.6% drop in i-banking fees in the country in the first six months. Except a few large local banks, most foreign i-banks and smaller domestic banks have shown a fall in fee income. Both inbound ... [full story]
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The Bovespa index gained the most this month as utilities, banks and retailers rallied on speculation Brazil may win an investment-grade rating from Fitch Ratings and Cia. Energetica de Sao Paulo jumped on a report the government may sell its stake in the electric company. Cesp, as the utility is known, rose the most in five months on an ... [full story]
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Federal Deposit Insurance Corp. Chairman Sheila Bair called for greater oversight of investment banks, including a formula for closing them in case of insolvency, in return for access to Federal Reserve loans. ``Congress should consider whether they need to set up a system whereby there is an orderly process to close a systemically significant investment bank,'' Bair said in ... [full story]
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Investment banks were the first organisations in Britain’s financial services industry to cut their intake of IT workers after the global credit crunch. Fourth quarter figures from ReThink Recruitment show that the number of IT jobs created by the banks fell to 13,351 last year, down 18% from 16,185 in 2006. As a result, the number of ads ... [full story]
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Deutsche Bank and other investment banks are working on strategy to develop a clearing house for the credit derivatives markets in an attempt to calm growing regulatory and investor fears about “counterparty risk”. Specifically, the banks are trying to develop a format that would only allow institutions with sturdy capital bases and credible trading histories to clear trades in ... [full story]
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A Texas judge has ruled that all 416 children removed from a polygamist sect compound in the largest custody hearing in US history be kept in protective custody for the time being, according to media reports. State District Judge Barbara Walther said late Friday the children taken last week from the compound run by the Fundamentalist Church of Jesus ... [full story]
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Ever wondereed how exactly the mortgage market got itself into the current situation? Robyn Hall provides a guide to residential backed securities and why the banks have stopped lending money. What is securitisation? Thirty years ago, if you were lucky enough to get a mortgage, it was very likely that the bank would keep the loan on its ... [full story]
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Ever wondereed how exactly the mortgage market got itself into the current situation? Robyn Hall provides a guide to residential backed securities and why the banks have stopped lending money. What is securitisation? Thirty years ago, if you were lucky enough to get a mortgage, it was very likely that the bank would keep the loan on its ... [full story]
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The biggest U.S. bank, Citigroup, lost $5.1 billion in the first three months of this year after making bad investments in securities backed by home loans. The losses reported Friday grew as more and more consumers also fell behind on car and credit-card loans. Citigroup's managers say they will cut costs sharply, focus on the most fundamental ... [full story]
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Mortgage lender Fremont General Corp. appeared to rescue itself from potential seizure by regulators, agreeing to sell most of its investment and loan bank to a commercial finance company. CapitalSource Inc., of Chevy Chase, Md., agreed to pay a maximum of $198 million to assume about $5.6 billion of deposits from Fremont's banking subsidiary, Fremont Investment & Loan. CapitalSource ... [full story]
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Stock markets across Asia rose Wednesday after the Federal Reserve's interest rate cut and forecast-beating results for US investment banks eased worries about the worsening global credit crisis. Banks across the region posted huge gains after Goldman Sachs (NYSE:GS) and Lehman Brothers (NYSE:LEH) reported quarterly profits that were above analyst expectations, comforting investors who feared that the credit turmoil ... [full story]
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The Federal Reserve said Tuesday that it would pump another $200billion into the banking system, joining with other central banks to try and ease a credit crunch that threatens to derail the global economy. Investors cheered the latest Fed action, though aggressive action so far hasn't been able to turn financial markets around. The central bank said it ... [full story]
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The reverberations of the US subprime lending crisis are being heard in Indian B-schools and they spell music for domestic investment banks. For long, their global peers have dominated hiring with superior pay packages, but this year the tide has changed. Lower offers from foreign banks and the opportunity to do high-profile work at fast-growing local firms has sent students ... [full story]
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Punk Ziegel analyst Richard Bove cut his 2008 earnings outlook for four top U.S. investment banks, which will report their first-quarter results next week, citing write-offs as hindrance to near-term performance. Bove said unless there was a dramatic turn-around in the markets, the writedowns will continue into the current quarter. "Thus, the hope for recovery in earnings for ... [full story]
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Korea Development Bank (KDB) Governor Kim Chang-lok will hold a series of meetings with heads of Japan's major investment banks and securities firms this week to discuss the bank's transition toward a private company. ``The meetings, scheduled for Thursday and Friday in Tokyo, will provide a crucial opportunity to share the experience of Japan's major financial firms in the ... [full story]
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An increasing number of City law firms are breaking one of the profession's greatest unwritten rules by positioning themselves to sue investment banks, confident that the first of an expected wave of lawsuits arising from the credit crunch will emerge in Britain within weeks. It is commonly held that commercial litigation increases during any period of financial instability, as ... [full story]
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Banks and securities firms are making all-out efforts to secure investment banking experts to develop the area into core growth engines in line with the government's steps to spur overseas investment by domestic firms. They have conducted reshuffles to reinforce investment banking bureaus and hired more staff to deal with securities and real estate investments, project financing and derivatives ... [full story]
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Bahrain-based Unicorn Investment Bank is setting up an Islamic banking unit in Malaysia after being the first foreign bank to be given a licence under a new initiative, newspapers reported yesterday. Unicorn obtained the licence from the central bank to establish an international Islamic banking subsidiary under the Malaysian International Islamic Financial Centre initiative, the papers said. Under ... [full story]
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An external audit of Agricultural Bank of China, the only one of the country's four biggest state-controlled banks without a stock market listing, will be completed before the end of March, a source with knowledge of the situation told XFN-Asia. The source said the bank has pushed accounting firm Deloitte Touche Tohmatsu International to complete the audit as soon ... [full story]
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In general, people are feeling that the move by the Financial Services Commission (FSC) and the stance taken by the two leading banks National Commercial Bank and Bank of Nova Scotia are unreasonable and unnecessary. People are saying that if the Bank of Jamaica took a negative view of the transaction passing through the commercial banks and had initiated the ... [full story]
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The international banking sector is grappling with a grave financial crisis at a time when, paradoxically, there is an abundance of ready cash available, notably from emerging market countries. Big banks since August have slashed the amount of credit they are prepared to offer each other, anxious to avoid lending money to any institution that could be liable to ... [full story]
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The Nordic Investment Bank (NIB) is to invest euro €15 million in a European Carbon Fund, which will invest in environmental projects involving buying up emissions rights generated from 2013 onwards, after the Kyoto Protocol expires. The fund is the brainchild of the European Investment Bank. NIB, Kreditanstalt für Wiederaufbau and Instituto de Crédito Oficial will be joined by ... [full story]
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HONG KONG, Dec 18 (Reuters) - Asia has proven a bright spot in dismal times for subprime-battered investment banks, but the festive season's cheer is tempered by gloomy global markets that will make it difficult to repeat a record-breaking 2007 for deal-making in the region. "It's so nice to be here in Asia where there are smiles on ... [full story]
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