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MBIA Rises After Agreeing to Reinsure Municipal Debt (Update1) - Bloomberg

Aug. 28 (Bloomberg) -- MBIA Inc. rose in Europe after the company agreed to reinsure $184 billion in municipal bonds for Financial Guaranty Insurance Co. , winning new business after losing its top AAA rating. MBIA, the largest bond insurer, jumped ...

Retail sales post record fall in August - International Herald Tribune

LONDON : Retail sales fell at their sharpest annual pace in at least a quarter of a century in August as the housing market contraction and wet weather hit retailers hard, a survey indicated on Thursday. The Confederation of British Industry's ...

Spanish house sales, mortgage borrowing plummet - Forbes

MADRID, Aug 28 (Reuters) - Spanish house sales dropped steeply in June, deepening a property crisis that dates back to the start of the year and analysts say is likely to worsen in 2009. House sales dived 29.6 percent in June from a year earlier ...

UPDATE 1-Bank of China Q2 profit up but subprime losses bite - Reuters

HONG KONG, Aug 28 (Reuters)- Bank of China (3988.HK: Quote , Profile , Research , Stock Buzz ), the country's flagship foreign exchange lender, posted a forecast-beating 15 percent rise in second-quarter profit, as rising fee income helped offset its ...

More Cattles UK borrowers struggle to pay - Guardian Unlimited

LONDON, Aug 28 (Reuters) - Consumer loans growth drove half year profits up 16.8 percent for Cattles Plc, which lends at the risky end of the UK market, but its shares fell after it said more customers were struggling to make repayments. Cattles ...

Write-down limits profit growth at Bank of China - International Herald Tribune

SHANGHAI : Bank of China posted the slowest profit growth among the nation's biggest lenders in the first half, weighed down by $405 million in second-quarter losses on U.S. subprime mortgage investments. Net income at the bank rose 43 percent to 42 ...

European stocks hit by oil rise - Reuters

LONDON (Reuters) - Weak UK housing data knocked sterling to a 12-year low on Thursday, weighing on European stocks already under pressure as oil prices edged up on supply concerns over a brewing tropical storm in the Gulf of Mexico. Rising fuel costs ...

One in ten making mortgage overpayments - MyFinances.co.uk

A tenth of homeowners are making overpayments on their mortgages, despite the soaring cost of living. Abbey – now the UK's largest provider of new mortgages – finds more than one in ten mortgage holders are planning to make an overpayment on ...

David Prosser's Outlook: The real victims of the housing market crisis ... - The Independent

His colleagues in the housebuilding industry won't thank him for his honesty, but Taylor Wimpey's chief executive, Pete Redfern, hit the nail on the head yesterday in admitting there is little the Government can do to fix the housing market. While ...

Staying sane in wild markets - CNN Money

(Money Magazine) -- It's ugly out there. As of late July, Standard & Poor's 500-stock index was down almost 13% for the preceding 12 months. With the housing market on the skids and energy prices soaring, the economy seems more vulnerable than it has ...

Housing slump: Savills feels the chill from London property slowdown - Guardian Unlimited

International estate agent Savills has seen pre-tax profits tumble by a hefty 41% as the global credit crunch and downturn in the City has dampened demand for its high-value properties. The London-listed consultancy, which specialises in upmarket ...

Fannie's Mudd Changes Management to Boost Confidence (Update1) - Bloomberg

Aug. 28 (Bloomberg) -- Fannie Mae Chief Executive Officer Daniel Mudd replaced three top deputies in an effort to restore investor confidence after record losses and a 90 percent drop in the shares. Chief Financial Officer Stephen Swad , 47, hired ...

Economy depresses Michigan well being - Detroit News

The economic depression that has fatigued many Michigan businesses in the past few years appears to be grinding on the mental well-being of area residents as they struggle to cope with job losses and tightening finances. Both private medical and ...

Fannie's Mudd Changes Management to Boost Confidence (Update1) - Bloomberg

Aug. 28 (Bloomberg) -- Fannie Mae Chief Executive Officer Daniel Mudd replaced three top deputies in an effort to restore investor confidence after record losses and a 90 percent drop in the shares. Chief Financial Officer Stephen Swad , 47, hired ...

Dept. of Revenue backs foreclosure on Nick & Joie’s - Ottumwa Courier

OTTUMWA — The state agency whose actions led to the closure of Nick & Joie’s says it does not oppose a bank’s foreclosure on the restaurant. The Iowa Department of Revenue is a defendant in U.S. Bank v. Nick & Joie’s, LLC et al, but that ...

Market Insider: Tuesday Look Ahead - CNBC

Inflation and housing data and retailers' earnings could contribute to Wall Street's early direction Tuesday. But the stock market will continue to fret over the financial sector and worry through every move in the oil markets. The July Producer ...

GLOBAL MARKETS-Sterling tumbles, stocks hit by oil rise - Guardian Unlimited

LONDON, Aug 28 (Reuters) - Weak UK housing data knocked sterling to a 12-year low on Thursday, weighing on European stocks already under pressure as oil prices edged up on supply concerns over a brewing tropical storm in the Gulf of Mexico. Rising ...

Lipizzan ranch faces foreclosure - Herald Tribune

A Southwest Florida landmark, the ranch where a group of the world-famous Lipizzan stallions are trained, could be in jeopardy as a bank moves to foreclose on part of the property. Whitney National Bank filed a foreclosure suit Friday against the ...

UPDATE 1-UK lender Cattles H1 profit up 16.8 percent - Forbes

LONDON, Aug 28 (Reuters) - British lender Cattles reported a 16.8 percent increase in its half-year profit, but said more customers were experiencing repayment difficulties in the face of weakening economic growth. Cattles, which lends to consumers ...

Credit Agricole Quarterly Net Drops 94% on Writedowns (Update3) - Bloomberg

Aug. 28 (Bloomberg) -- Credit Agricole SA , France's third- largest bank by market value, said second-quarter profit dropped 94 percent on writedowns tied to U.S. bond insurers. Net income fell to 76 million euros ($112 million) from 1.29 billion ...

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