Credit Suisse pumps $164 million into India unit

Credit Suisse (NYSE:CS) has invested 7.94 billion rupees ($164 million) into its Indian finance unit allowing it to lend to firms and fund purchases of shares in initial public offerings the bank said today

Switzerland second largest bank will compete with Motion Oswal Financial Services Ltd, Kotak Mahindra Bank Ltd and Indiabulls Financial Services Ltd to fund share purchases and companies when (read more…)

Category: Business News, Global Economy | January 6th, 2009 | Comments (0)

Citigroup: Britain is heading for a lengthy and deep recession

According to Citigroup (NYSE:C), UK house prices are to drop a further 15 percent in 2009, and UK companies will face a 45 percent drop in earnings as we head into a deep and lengthy recession.

With consumer spending in the UK tagged 80 percent to house prices over the last 25 years, compared (read more…)

Category: Europe, Global Economy | January 6th, 2009 | Comments (0)

Alistair Darling ponders on how to get the bank’s lending

The UK Government has said they are contemplating further plans to encourage UK banks to increase lending to businesses and households.

Alistair Darling, Chancellor said that injecting more taxpayers money into banks was not the “first port of call”. The Chancellor also added that they will be holding (read more…)

Category: Business News, Europe, Global Economy | January 5th, 2009 | Comments (0)

Homeowners stop borrowing against the equity in their properties

Between July and September of this year borrows increased the equity in their homes by £5.7 billion instead of withdrawing it by borrowing on the strength of the property value, this is the largest cash injection since 1970 when records began according to the Bank of England.

With the lack of funding and falling house prices it is now very difficult for a homeowner (read more…)

Category: Europe, Global Economy | December 29th, 2008 | Comments (0)

Close Brothers predict round two of bank bailouts

Britain’s banks could be forced into a second round of government bail outs as they are set collectively to lose up to £70 billion on loans they made on commercial property, according to reports out on Monday.

Investment bank Close Brothers (LON:CBG) have predicted that commercial property may fall sharply between 50 percent and 60 percent by the end of 2009 compared to its peak (read more…)

Category: Europe, Global Economy | December 29th, 2008 | Comments (0)

Britain to fall behind the US, Japan, Germany, France and Italy

According to Oxford Economics forecasting company Britain were better off than Italy, France, Japan, Germany and the United States when wealth per capita was measured in dollars in 2007.

With the Recession taking its first bite of the British Economy in 2008, Britain fell in fourth place behind America, Germany and France but it’s predicted that during 2009 we will also be worse off (read more…)

Category: Europe, Global Economy | December 29th, 2008 | Comments (0)

Bank of America & Citibank report rise in mortgage defaults

According to data compiled by Citibank, Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and other large US financial institutions, the amount of home mortgage borrowers that are defaulting after their mortgage loans are modified are continuing to rise, it’s also noted that there is no sign of the rising (read more…)

Category: Companies for Mortgages, Global Economy, Home Insurance, Mortgage News, Other, US | December 22nd, 2008 | Comments (0)

Senate to vote on Auto Bailout: Could lead to industry collapse

After the Automaker bailout for Ford Motor Co (NYSE:F), General Motor (NYSE:GM) and Chrysler LLC was passed by the House of Representatives it’s looking unlikely that the Senate will pass the bailout after supporters face an uphill struggle on Thursday.

The plan is to provide loans to the value of $15 billion to stop the possible collapse (read more…)

Category: Business News, Global Economy, US | December 11th, 2008 | Comments (0)

Citigroup and Nomura Holdings both announce 1,000 job cuts

The Japanese brokerage division of Citigroup Inc (NYSE:C) will lose 1,000 of its employees due to the troubled banking giant action plan to survive the financial crisis, according to reports on Wednesday.

The job losses will hit mainly the over 40 workers in the Nikko Cordial Securities Inc, these employees have accepted redundancy (read more…)

Category: Business News, Global Economy | December 10th, 2008 | Comments (0)

The UK Economy will shrink more than 1 percent in Q4

The UK Economy will decline at lightening speeds in the fourth quarter according to the National Institute of Economic and Social Research NIESR).

The reports show that the UK recession will be a deep one by the end of the fourth quarter and in the three months to November gross domestic product fell by 1 percent and after it dropped (read more…)

Category: Europe, Global Economy | December 10th, 2008 | Comments (0)